Great Eagle Holdings Limited — Earnings Release 2003

Mar 30, 2004

Listed Company Information

Listed Company Information
TIAN AN<00028> - Results Announcement (Summary) Tian An China Investments Company Limited announced on 30/3/2004: (stock code: 00028 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/1/2003 from 1/1/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) (as restated) Turnover : 1,904,212 1,080,332 Profit/(Loss) from Operations : 267,798 141,781 Finance cost : (75,083) (56,317) Share of Profit/(Loss) of Associates : 908 2,595 Share of Profit/(Loss) of Jointly Controlled Entities : 72,730 118,014 Profit/(Loss) after Tax & MI : 102,420 87,046 % Change over Last Period : +17.7 % EPS/(LPS)-Basic (in dollars) : 0.124 0.103 -Diluted (in dollars) : 0.124 0.103 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 102,420 87,046 Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: Note 1 : Turnover represents the aggregate of proceeds on the sale of property development, property investment, sales of construction materials and other operations. Note 2 : EARNINGS PER SHARE The calculation of the basic and diluted earnings per share for the year is based on the net profit for the year of HK$102,420,000 (2002: HK$87,046,000 as restated) and on the weighted average of 826,694,787 (2002: 849,070,447) ordinary shares which has been adjusted for the consolidation of the Company's ordinary shares subsequent to the balance sheet date. Pursuant to a special resolution passed by the shareholders of the Company at the extraordinary general meeting held on 16th February, 2004, every 10 shares of the Company of HK$0.20 each were consolidated into 1 share of HK$2.00 each and at the same time, the nominal value of each consolidated share of HK$2.00 was reduced to HK$0.20. The computation of diluted earnings per share for both years does not assume the exercise of the Company's outstanding warrants as the exercise price was higher than the average market price per share. The computation of diluted earnings per share for the year ended 31st December, 2003 does not assume the exercise of the outstanding share options of the subsidiary as the exercise price was higher than the average market price per share. The computation of diluted earnings per share for the year ended 31st December, 2002 does not assume the conversion of the Company's outstanding convertible loan notes since their exercise would result in an increase in earnings per share. The computation of diluted earnings per share for the year ended 31st December, 2002 does not assume the exercise of the Company's outstanding share options as the exercise price was higher than the average market price per share. Note 3 : In the current year, the Group has adopted Statement of Standard Accounting Practice ("SSAP") 12 (Revised) "Income Taxes" issued by the Hong Kong Society of Accountants. The principal effect of the implementation of SSAP 12 (Revised) is in relation to deferred tax. In previous years, partial provision was made for deferred tax using the income statement liability method, i.e. a liability was recognised in respect of timing differences arising, except where those timing differences were not expected to reverse in the foreseeable future. SSAP 12 (Revised) requires the adoption of a balance sheet liability method, whereby deferred tax is recognised in respect of all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, with limited exceptions. In the absence of any specific transitional requirements in SSAP 12 (Revised), the new accounting policy has been applied retrospectively. Comparative amounts for 2002 have been restated accordingly. The adoption of SSAP 12 (Revised) resulted in an increase in the profit for the year ended 31st December, 2003 of HK$3,234,000 (2002: decrease of HK$10,152,000).