Kerry Properties Limited — Earnings Release 2003

Mar 9, 2004

Listed Company Information

KERRY PPT<00683> - Results Announcement Kerry Properties Limited announced on 09/03/2004: (stock code: 00683 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2003 from 01/01/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 4,204,466 5,156,162 Profit/(Loss) from Operations : 611,202 896,026 Finance cost : (174,638) (217,130) Share of Profit/(Loss) of Associates : 135,758 108,838 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 394,741 599,671 % Change over Last Period : -34 % EPS/(LPS)-Basic (in dollars) : 0.3344 0.515 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 394,741 599,671 Final Dividend : 15 cents 12 cents per Share (Specify if with other : Scrip alternative Scrip alternative options) B/C Dates for Final Dividend : 16/04/2004 to 20/04/2004bdi. Payable Date : 28/05/2004 B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1) Profit attributable to the Group of approximately HK$395 million is after taking into account the following: (i) Deficits arising from revaluation of the Group's investment properties, hotel properties and other land and buildings amounting to HK$270 million. (ii) Additional provision of HK$55 million for the Constellation Cove project in Tai Po Kau, Hong Kong and HK$111 million for a decline in the carrying value of associated companies. (iii) Deferred tax credit of HK$7 million which arose from the adoption of the revised SSAP 12 on "Income Taxes" which is effective for accounting periods beginning on or after 1 January 2003. Excluding the above revaluation deficits, provisions and deferred tax credit, profit attributable to shareholders for the year ended 31 December 2003 amounted to approximately HK$824 million. 2) The adoption of the revised SSAP 12 represents a change in accounting policy, which has been applied retrospectively so that the comparatives presented have been restated to conform to the changed policy. The profit attributable to shareholders for the year ended 31 December 2002 has therefore been restated from approximately HK$660 million to approximately HK$600 million. 3) The calculation of earnings per share is based on the profit attributable to shareholders of HK$394,741,000 (2002: HK$599,671,000) and the weighted average number of 1,180,548,013 shares (2002: 1,164,439,012 shares) in issue during the year. There was no dilution arising from the outstanding share options granted by the Company in 1997, 1999 and 2001. The dilution from the outstanding share options granted by the Company in 2000 and 2002 were immaterial. Accordingly, diluted earnings per share had not been shown.