New City Development Group Limited — Earnings Release 2001

Apr 24, 2002

Listed Company Information

CHINA EB INT'L<00257> - Results Announcement (Summary) China Everbright Internaitonal Limited announced on 24/4/2002: (stock code: 257) Year end date: 31/12/2001 Currency: HK$ Auditors' Report: Neither Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 31/12/2001 to 31/12/2000 ('000) ('000) Turnover : 296,358 469,692 Profit/(Loss) from Operations : (55,045) 32,591 Finance cost : (91,514) (114,430) Share of Profit/(Loss) of Associates : (14,845) (342,078) Share of Profit/(Loss) of Jointly Controlled Entities : 11,276 13,176 Profit/(Loss) after Tax & MI : 2,992 (947,386) % Change over Last Period : N/A EPS/(LPS)-Basic : 0.1 cent (37.2 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 2,992 (947,386) Final Dividend per Share : NIL NIL (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 27/5/2002 to 30/5/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Taxation Taxation in the consolidated profit and loss account represents: 2001 2000 HK$'000 HK$'000 Overprovision of Hong Kong Profits Tax in respect of prior years 5 - Provision for PRC income tax on the estimated taxable profits for the year (1,157) (1,022) ----------- ----------- (1,152) (1,022) Share of associates' taxation (9,561) 613 ----------- ----------- (10,713) (409) ====== ====== No provision for Hong Kong Profits Tax has been made in the financial statements as the Group sustained a loss for Hong Kong Profits Tax purposes during the year. Taxation for PRC operations is charged at the appropriate current rates of taxation ruling in the PRC. (2) Gain on disposal of associate/Write back of provision on interest in associate On 15 June 2001, the Group entered into a conditional sale and purchase agreement with an independent third party. Pursuant to the agreement, the Group agreed to dispose of its interest in 3,000,000 shares and 114,000,000 shares of its listed associate, Hong Kong Construction (Holdings) Limited ("HK Construction") to independent third parties. The disposal of 3,000,000 shares at a consideration of HK$3,570,000 (or HK$1.19 per share) was completed on 20 June 2001. The disposal of 114,000,000 shares at a consideration of HK$189,240,000 (or HK$1.66 per share) was completed on 6 July 2001. Gain from the above transactions amounted HK$123,028,000 has been included in the profit and loss account for the year. Following the completion of the above disposals, the Group's interest in HK Construction was reduced to approximately 10% and has been reclassified as other financial assets. Having regard to the circumstances and the estimated recoverable amount, a provision previously made in an amount of HK$36,927,000 has been written back to the profit and loss account for the year. (3) Earnings / (loss) per share (a) Basic earning/(loss) per share The calculation of basic earning/(loss) per share is based on the profit for the year of HK$2,992,000 (2000: loss of HK$947,386,000) and 2,548,311,700 ordinary shares (2000: 2,548,311,700 ordinary shares) in issue during the year. (b) Diluted earning/(loss) per share Diluted earning/(loss) per share is not shown as all the potential ordinary shares are anti-dilutive. (4) Dividend The Directors do not recommend the payment of final dividend for the year.