Glorious Sun Enterprises Limited — Earnings Release 2001

Apr 17, 2002

Listed Company Information

SHENYIN WANGUO<00218> - Results Announcement (Summary) Shenyin Wanguo (H.K.) Limited announced on 17/4/2002: (stock code: 218) Year end date: 31/12/2001 Currency: HKD Auditors' Report: Qualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 31/12/2001 to 31/12/2000 Turnover : 368,685,498 509,203,763 Profit/(Loss) from Operations : 4,935,291 10,986,003 Finance cost : (922,853) (4,918,544) Share of Profit/(Loss) of Associates : 23,894 N/A Share of Profit/(Loss) of Jointly Controlled Entities : 17,123,750 19,303,405 Profit/(Loss) after Tax & MI : 18,043,716 25,511,172 % Change over Last Period : -29.3% EPS/(LPS)-Basic : 3.47 cents 4.91 cents -Diluted : 3.44 cents 4.91 cents Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : 18,043,716 25,511,172 Final Dividend per Share : $0.01 Nil (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : 23/5/2002 to 29/5/2002 bdi. Payable Date : 5/6/2002 B/C Dates for Annual General Meeting : 23/5/2002 to 29/5/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. TURNOVER Turnover represents the aggregate of sales proceeds of securities and futures contracts trading, gross interest income from margin financing and direct loan operations, commission and brokerage income less rebates and fees for the rendering of services and dividend income. Revenue from the following activities has been included in turnover: Group 2001 2000 HK$ HK$ Financial services: Sales proceeds from securities and futures contracts trading 235,117,740 344,519,243 Interest income from margin financing and direct loan operations 41,465,898 74,323,987 Commission and brokerage income72,957,435 67,706,220 Rendering of services 7,950,715 6,550,722 ----------- ----------- 357,491,788 493,100,172 ----------- ----------- Others: Bank interest income 2,094,339 4,887,679 Dividend income from - Listed equity investments 847,306 718,698 - Unlisted equity investment - an unconsolidated subsidiary 7,086,492 7,610,544 Others 1,165,573 2,886,670 ---------- ---------- 11,193,710 16,103,591 ---------- ---------- 368,685,498 509,203,763 ============ =========== 2. PROFIT BEFORE TAXATION The Group's profit before taxation is arrived at after charging/(crediting): Group 2001 2000 HK$ HK$ Write-back of prior years' accrued interest expenses on settlement of other loans (51,795,688) - Impairment provisions on long term investments 56,401,830 - Depreciation and amortisation expenses 12,018,368 8,467,533 Interest expenses for financial services operations - on bank loans and overdrafts 8,451,083 26,697,725 - on other loans wholly repayable within five years 11,011,137 45,957,133 Net realised loss/(gain) on trading of listed equity investments 11,052,557 (1,630,946) Net unrealised loss/(gain) on listed equity investments (3,135,403) 27,707,025 =========== =========== 3. EARNINGS PER SHARE (a) Basic earnings per share The calculation of basic earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year of HK$18,043,716 (2000: HK$25,511,172) and the weighted average of 519,696,660 (2000: 519,339,454) ordinary shares in issue during the year. (b) Diluted earnings per share The calculation of diluted earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year of HK$18,043,716 (2000: HK$25,511,172). The weighted average number of ordinary shares used in the calculation comprises the 519,696,660 (2000: 519,339,454) ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 4,242,910 (2000: 457,271) ordinary shares assumed to have been issued at no consideration on the deemed exercise of all options outstanding during the year. 4. DISCLOSURE UNDER PRACTICE NOTE 19 At 31 December 2001, the Group had amounts receivable from Century City International Holdings Limited ("CCIH") and its subsidiaries (collectively the "CC Group") in the aggregate amount of HK$292,767,388 (2000: HK$292,767,388), representing approximately 46% (2000: 47%) of the Group's net assets at the balance sheet date. The aggregate balance comprises receivables arising from securities and options trading, a claim under an indemnity in relation to the acquisition of the interests in jointly-controlled entities and accrued interest income. Apart from a balance of HK$6.8 million (2000: HK$6.8 million) arising from securities trading and accrued interest income which is adequately secured by marketable securities and classified as a current asset, all of the remaining balance of HK$286 million is guaranteed by CCIH and due for repayment. The amounts receivable from the CC Group bear interest ranging from prime rate plus 3.05% to 4% per annum.