Hephaestus Holdings Limited — Earnings Release 2003

Jun 25, 2003

GEM

PANORAMA INT'L<08173> - Results Announcement (Final, 2002/2003, Summary)

Panorama International Holdings Limited announced on 25/6/2003
(stock code: 08173 )

Year end date :31/03/2003
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                         (Audited)         (Audited)
                                       Current    Last Corresponding
                                            Period            Period
                                   from 01/04/2002   from 01/04/2001
                                     to 31/03/2003     to 31/03/2002
                                           HK$'000           HK$'000

Turnover : 61,862 65,275
Profit/(Loss) from Operations : 1,126 18,336
Finance cost : (584) (347)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 301 15,045
% Change Over the Last Period : -98.00%
EPS / (LPS)
Basic (in dollar) : HKD 0.0008 HKD 0.045
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 301 15,045
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

                                   For and on behalf of
                        Panorama International Holdings Limited
                        Signature :
                             Name :Ms. Lau Wai Ping
                            Title :Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remark:

1. GROUP REORGANSATION AND BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

The Company was incorporated as an exempted company with limited
liability in the Cayman Islands under the Companies Law
(2001 Second Revision) of the Cayman Islands on 17 October,2001.

Pursuant to a group reorganisation (the "Group Reorganisation") to
rationalise the group structure in preparation for the listing of
the Company's shares on the Growth Enterprise Market ("GEM") of The
Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the
Company became the holding company of the group (the "Group") on
23 April, 2002.

The Group resulting from the Group Reorganisation is regarded as
a continuing entity. Accordingly, the financial statements of the
Group are prepared on merger basis in accordance with the Statement
of Standard Accounting Practice No. 27" Accounting for Group
Reconstructions" issued by the Hong Kong Society of Accountants.

Details of the Group Reorganisation are set out in the prospectus
issued by the Company dated 30 April, 2002(the "Prospectus").

The shares of the Company were listed on the GEM on 9 May, 2002

The Group is principally engaged in the distribution of film rights
by different audio-visual programmes mainly in video compact disc
and digital video disc formats and sub-licensing.

1. TURNOVER

Turnover represents the net amounts received and receivable
for sales of goods by the Group to outside customers, less
returns and allowances, and revenue received and receivable from
sub-licensing of film rights and film exhibition, and is analysed
as follows:

                                           2003         2002
                                          HK$'000      HK$'000

Sales of goods 51,969 54,685
Sub-licensing of film rights 6,512 10,590
Film exhibition 3,381 -
------ ------
61,862 65,275
====== ======

1. TAXATION

                                          2003         2002
                                         HK$'000      HK$'000
   

   The charge comprises :

Hong Kong Profits Tax
Current year 90 2,922
Overprovision in prior years - (8)
----- -----
90 2,914
Taxation in other jurisdictions 151 30
----- -----
Taxation attributable to the Group 241 2,944
===== =====

Hong Kong Profits Tax is calculated at 16% (2002:16%) of the
estimated assessable profit for the year.

Taxation arising on other jurisdictions is calculated at the rates
prevailing in the relevant jurisdictions.

1. EARNINGS PER SHARE

The calculation of the basic earnings per share for the year is
based on the net profit for the year of approximately HK$301,000,
(2002: approximately HK$15,045,000) and the weighted average number
of approximately 393,055,890 shares (2002: 333,300,000 shares) in
issue during the year on the assumption that the Group Reorganisation
and the capitalisaton issue of 333,200,000 shares as set out in
Appendix V to the Prospectus had been effective on
on 1 April, 2001.

No diluted earnings per share has been presented because the
exercise price of the Company's options was higher than the average
market price for shares during the year.

1. RESERVES

               Share      Special  Translation   Retained
               premium    reserve  reserve       profits    Total
               HK$000     HK$000   HK$000        HK$000     HK$000
   

At 1 April, 2001 - 10,440 - 90 10,530
Exchange differences
arising from
translation of
operations outside
Hong Kong and
loss not recognised
in the consolidated
income statement - - (4) - (4)
Net profit for
the year - - - 15,045 15,045
----- ------ ----- ------ ------
At 1 April, 2002 - 10,440 (4) 15,135 25,571
Exchange differences
arising from
translation of
operations outside
Hong Kong and
loss not recognised
in the consolidated
income statement - - (4) - (4)
Issue of shares 21,344 - - - 21,344
Issue of shares by
capitalisation of
share premium
account (3,332) - - - (3,332)
Share issue
expenses (5,112) - - - (5,112)
Net profit for
the year - - - 301 301
----- ------ ----- ------ ------
At 31 March, 2003 12,900 10,440 (8) 15,436 38,768
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