Medlive Technology Co., Ltd. — Earnings Release 2002

Mar 31, 2003

Listed Company Information

GUANGDONG KELON<00921> - Results Announcement Guangdong Kelon Electrical Holdings Company Limited announced on 31/3/2003: (stock code: 00921 ) Year end date: 31/12/2002 Currency: RMB Auditors' Report: Qualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/1/2002 from 1/1/2001 to 31/12/2002 to 31/12/2001 Note ($ ) ($ ) Turnover : 4,878,257,000 4,381,616,000 Profit/(Loss) from Operations : 281,597,000 (1,407,445,000) Finance cost : (90,637,000) (96,295,000) Share of Profit/(Loss) of Associates : (4,134,000) (611,000) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 184,184,000 (1,491,356,000) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : 0.19 (1.5) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 184,184,000 (1,491,356,000) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 18/4/2003 to 18/5/2003 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. PRIOR PERIOD ADJUSTMENTS The effect of correction of accounting errors accounted for as prior period adjustments is as follows: THE GROUP THE COMPANY 2002 2001 2002 2001 RMB'000 RMB'000 RMB'000 RMB'000 Error in recognising accrual for advertising expenses (note a) 79,681 - 79,681 - Excess loss of minority shareholders of subsidiaries taken by the Group (note b) - (158,116) - - -------- --------- --------- ------------ 79,681 (158,116) 79,681 - ======== ======== ======== =========== Notes: (a) Included in the other payables as at 31 December 2001 was an accrual for advertising fee amounting to approximately RMB80 million. However, no advertising services have been received by the Group further to this accrual. Accordingly, the present directors have concluded that there was no proper basis for recognising this accrual in 2001 and have made a prior period adjustment in respect of this amount. (b) As of 31 December 2000, accumulated losses attributable to the minority interest of one of the Group's subsidiaries exceeded the minority interest in the equity of that subsidiary ("excess loss") by approximately RMB158,116,000. The excess loss was charged to the minority interest in the consolidated financial statements for the year ended 31 December 2000 with the belief that the minority interest would agree to absorb the excess loss through additional funding. During year 2001, management considered that it was not probable that the minority shareholder would provide additional financial contribution to absorb the excess loss. Accordingly, the excess loss of RMB158,116,000 was considered as a correction of accounting error and was charged to the consolidated income statement for the year ended 31 December 2000. 2. BASIC EARNINGS (LOSS) PER SHARE The calculation of basic earnings (loss) per share for the year is based on the net profit for the year of RMB184,184,000 (2001: net loss for the year of RMB1,491,356,000) and on 992,006,563 shares (2001: 992,006,563 shares) outstanding during the year. No diluted earnings (loss) per share have been presented as these were no dilutive potential ordinary shares in issue in either 2002 and 2001.