KLN Logistics Group Limited — Earnings Release 2003

Jul 9, 2003

Listed Company Information

VITASOY INT'L<00345> - Results Announcement (Summary) Vitasoy International Holdings Limited announced on 9/7/2003: (stock code: 345) Year end date: 31/3/2003 Currency: HKD Auditors' Report: Unqualified (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2002 from 1/4/2001 to 31/3/2003 to 31/3/2002 ('000) ('000) Turnover : 2,228,227 2,192,156 Profit from Operations : 175,352 148,006 Finance cost : (9,617) (17,355) Share of (Loss) of Associates : (273) (3,308) Share of Profit/(Loss) of Jointly Controlled Entities : 0 0 Profit after Tax & MI : 139,378 86,516 % Change over Last Period : +61.10% EPS -Basic : 14.3 cents 8.9 cents -Diluted : 14.2 cents 8.9 cents Extraordinary (ETD) Gain/(Loss) : 0 0 Profit after ETD Items : 139,378 86,516 Final Dividend per Share : 5.7 cents 5.1 cents Special Dividend per share : 5.0 cents 0 B/C Dates for Final and Special Dividend : 28/8/2003 to 3/9/2003 bdi. Payable Date : 11/9/2003 B/C Dates for Annual General Meeting : 28/8/2003 to 3/9/2003 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: 1. Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to shareholders of HK$139,378,000 (2002 restated: HK$86,516,000) and the weighted average number of 974,236,000 ordinary shares (2002: 973,509,000 ordinary shares) in issue during the year. (b) Diluted earnings per share The calculation of diluted earnings per share is based on the profit attributable to shareholders of HK$139,378,000 (2002 restated: HK$86,516,000) and the weighted average number of 980,266,000 ordinary shares (2002: 975,459,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares. (c) Reconciliation 2003 2002 Number of Share Number of Shares '000 '000 Weighted average number of ordinary shares used in calculating basic earnings per share 974,236 973,509 Deemed issue of ordinary shares for no consideration arising from share options 6,030 1,950 Weighted average number of ordinary shares used in calculating diluted --------- -------- earnings per share 980,266 975,459 ======= ======= 2. Changes in accounting policies (a) Short-term employee benefits In prior years, the Group did not provide for the liabilities in respect of its employees' annual leave entitlement. With effect from 1st April, 2002, in order to comply with Statement of Standard Accounting Practice ("SSAP") 34 "Employee benefits" issued by the Hong Kong Society of Accountants ("HKSA"), the Group adopted a new policy for short-term employee benefits. As a result of this new accounting policy, the profit for the year has been decreased by HK$185,000 (2002: HK$415,000) and the Group's net assets as at the year end have been decreased by HK$8,814,000 (2002: HK$8,629,000). The new accounting policy has been adopted retrospectively, with the opening balance of retained profits and the comparative information adjusted for the amounts relating to prior periods. (b) Translation of financial statements of foreign subsidiaries In prior years, the results of foreign subsidiaries were translated into Hong Kong dollars at the rates of exchange ruling at the balance sheet date. With effect from 1st April, 2002, in order to comply with SSAP 11 (revised) "Foreign currency translation" issued by the HKSA, the Group translates the results of foreign subsidiaries at the average exchange rates for the year. The effect of this change in accounting policy is not material and, therefore, the opening balances have not been restated. (c) Consolidated statement of changes in equity In order to comply with the revised requirements of SSAP 1 (revised) "Presentation of financial statements", the Group adopts the new statement "Consolidated statement of changes in equity" which replaces the "Consolidated statement of recognised gains and losses" included in previous year's financial statements. The new statement reconciles the movement of key components of the shareholders' fund, including share capital, reserves and retained profits, from the beginning to end of a period. (d) Consolidated cash flow statement The format of the consolidated cash flow statement has been revised to follow the new requirements of SSAP 15 (revised) "Cash flow statements". 3. Comparative figures Certain comparative figures have been restated and reclassified based on the requirements of the new accounting standards adopted.