G-Resources Group Limited — Earnings Release 2001

Oct 26, 2001

Listed Company Information

PALADIN<00495> - Results Announcement (Summary) Paladin Limited announced on 26/10/2001: (stock code: 495) The auditors' report on the financial statements which contain the following result is modified by the Company's auditors. For more details, please refer to the press announcement to be issued by the Company on 29/10/2001. Year end date: 30/6/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/7/2000 from 1/7/1999 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 2,193 23,296 Profit/(Loss) from Operations : (55,684) (55,639) Finance cost : (73,310) (69,728) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (128,994) (125,367) % Change over Last Period : N/A EPS/(LPS)-Basic : (24.4 cents) (23.7 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (128,994) (125,367) Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 11/12/2001 to 14/12/2001 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. BASIS OF PREPARATION In preparing the financial statements, the directors have given careful consideration to the future liquidity of the Group in the light of its net current liabilities of HK$152,767,000 as at 30 June, 2001. The Group is dependent upon the financial support of its bankers and other lenders. The Group has reached agreement with its bankers for the extension of repayment of certain of its secured bank loans (including accrued interest) amounting to approximately HK$668 million as at 30 June, 2001, up to April 2002 when it is estimated that the properties held under development will be complete and ready for sale or pre-sale, the unused facilities available to the Group as at 30 June, 2001 of approximately HK$162 million will be used to finance the completion of the development. Taking into account the estimated proceeds from the disposal of the properties held under development, the directors consider that, with the continuing support of the Group's bankers and other lenders, the Group will be able to meet in full its financial obligations as they fall due for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. 2. TURNOVER Turnover represents the aggregate of the amounts received and receivable for goods sold and services rendered and the income from restaurant operations during the year. An analysis of turnover is as follows: 2001 2000 HK$'000 HK$'000 Continuing operations - Service fee 2,193 - - Sales of goods - 21,992 ------- ------ 2,193 21,992 Discontinued operations - Restaurant operations - 1,304 ------- ------ 2,193 23,296 ======= ====== 3. TAXATION No provision for Hong Kong Profits Tax has been made in the financial statements as the Company and its subsidiaries had no assessable profit the both years. No provision for deferred taxation has been made in the financial statements as there were no significant timing differences arising during the year or at the balance sheet date. No provision for deferred taxation has been made for the surplus arising in previous years on the revaluation of certain of the Company's existing properties as profit arising on the disposal of these assets would not be subject to taxation. Accordingly, the revaluation surplus does not constitute a timing difference for tax purposes. 4. BASIC LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the year of HK$128,994,000 (2000:HK$125,367,000) and on 528,271,615 (2000:528,271,615) ordinary shares in issue during the year.