Kowloon Development Company Limited — Earnings Release 2002

Aug 1, 2002

Listed Company Information

BANK OF E ASIA<00023> - Results Announcement (Summary) The Bank of East Asia, Limited announced on 1/8/2002: (stock code: 23) Year end date: 31/12/2002 Currency: HK$ Auditors' Report: Neither Review of Interim Report by: Audit Committee (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2002 from 1/1/2001 to 30/6/2002 to 30/6/2001 Net interest income : 1,897,205,000 2,066,197,000 Profit/(Loss) from Operations : 952,571,000 1,264,119,000 Finance cost : - - Share of Profit/(Loss) of Associates : 7,525,000 (38,696,000) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 786,597,000 1,011,945,000 % Change over Last Period : -22.3% EPS -Basic : 0.55 0.71 -Diluted : 0.54 0.71 -Cash : 0.59 0.74 Extraordinary (ETD) Gain/(Loss) : - - Profit after ETD Items : 786,597,000 1,011,945,000 Interim Dividend per Share : 0.21 0.21 (Specify if with other options) : (with scrip (with scrip option) option) B/C Dates for Interim Dividend : 26/8/2002 to 29/8/2002 bdi. Payable Date : 19/9/2002 B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) In preparing the group accounts in respect of the periods prior to 2002, both balance sheet and profit and loss account of an overseas entity were translated at the closing rate. On adoption of the requirements of the revised Statement of Standard Accounting Practice 11 "Foreign Currency Translation", although the balance sheet of an overseas entity remains translated at the closing rate, the profit and loss account is translated at an average rate for the period. The difference between the profit and loss account translated at an average rate and at the closing rate is recorded as a movement on reserves. As the calculation of prior year adjustments is impractical, the change in policy is applied only to accounting periods beginning on or after 1st January, 2002. If the profit and loss of all overseas entities for the first half of 2002 was translated at the closing rate, the net profit for the period would have been increased by HK$1.72 million. (2) (a) The calculation of basic earnings per share is based on earnings of HK$786,597,000 (six months ended 30th June, 2001 restated : HK$1,011,945,000) and on the weighted average of 1,436,817,178 (six months ended 30th June, 2001 : 1,423,941,649) shares outstanding during the six months ended 30th June, 2002. (b) The calculation of diluted earnings per share is based on earnings of HK$789,233,000 (six months ended 30th June, 2001 restated : HK$1,011,945,000) and on 1,450,294,299 (six months ended 30th June, 2001 : 1,428,910,148) ordinary shares, being weighted average number of ordinary shares outstanding during the six months ended 30th June, 2002, adjusted for the effects of all dilutive potential shares. (c) The calculation of cash earnings per share is based on basic earnings per share adjusted for goodwill amortised. This supplementary information is considered a useful additional indication of performance. (3) Comparative figures for 2001 are restated to conform with the current year's presentation. The restatements for the consolidated profit and loss account, consolidated balance sheet, capital adequacy ratio and capital base are due to the accounting policy changes made in 2001 following the adoption of the equity method to account for the results of associates. The restatements for consolidated cash flow statement are due to the revision of the Statement of Standard Accounting Practice 15 "Cash Flow Statements".