Hang Lung Group Limited — Earnings Release 2000

Mar 28, 2001

Listed Company Information

PCCW<0008> - Results Announcement Pacific Century CyberWorks Limited announced on 28/3/2001: (stock codes: Ord: 8 & War: 587) Year end date: 31/12/2000 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2000 from 1/1/1999 to 31/12/2000 to 31/12/1999 ('Million) ('Million) Turnover : 7,291 152 Profit/(Loss) from Operations : (4,679) 281 Finance (cost)/income, net : (2,356) 56 Share of Profit/(Loss) of Associates & Unconsolidated subsidiaries : 727 (5) Share of Profit/(Loss) of Jointly Controlled Entities : (100) - Profit/(Loss) after Tax & MI : (6,907) 347 % Change over Last Period : N/A EPS/(LPS)-Basic : (47.54 cents) 9.99 cents -Diluted : N/A 7.05 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (6,907) 347 Final Dividend per Share : NIL NIL (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Basis of presentation As a result of the Company's acquisition of HKT, which became effective on August 17, 2000, the above consolidated income statement includes the operating results of the HKT Group for the period from August 17, 2000 to December 31, 2000. (2) Details of significant items (a) (Losses) / Gains on investments, net - (2000 (HK$4,887 million), 1999: HK$574 million) Losses on investments include (i) net unrealized losses on holdings of other investments in the amount of approximately HK$1,076 million (1999: gains of HK$537 million), (ii) net realized gains from disposal of certain other investments in the amount of approximately HK$50 million (1999: net gains of HK$37 million), (iii) net gains from disposals of certain investments in subsidiaries, a jointly controlled entity and associated companies in the amount of HK$181 million (1999: nil), and (iv) the provision for other than temporary decline in value of investment securities of approximately HK$3,911 million (1999: nil). (b) Provisions for impairment losses - (2000: HK$312 million, 1999: nil) Provisions for impairment losses include provisions for fixed asset impairments and provision for content costs that are unlikely to be recovered. (3) (Loss) / Earnings per share The calculation of basic loss per share is based on the loss attributable to shareholders for the year of approximately HK$6,907 million (1999: profit of HK$347 million). The basic loss per share is based on the weighted average of 14,528 million shares (1999: 3,472 million shares) in issue during the year. The diluted loss per share for the year ended December 31, 2000 is the same as the basic loss per share as all potential ordinary shares are anti-dilutive. The issue of rights shares in November 2000 has no impact for the year ended December 31, 1999 because there was no bonus element in the rights issue. The number of shares in issue at December 31, 2000 was 21,880,913,125.