Novautek Technologies Group Limited — Earnings Release 1999

May 19, 2000

Listed Company Information

KONG SUN HOLD<0295> - Results Announcement Kong Sun Holdings Limited announced on 19/5/2000: (stock code: 295) Year end date: 31/12/1999 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 ('000) ('000) Turnover - Continuing : 18,792 20,901 - Discontinued : - - Operating Profit/(Loss) - Continuing : (4,084) (33,905) - Discontinued : - - Total Operating Profit/(Loss) : (4,084) (33,905) Share of Profit/(Loss) of Associated Companies : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (4,491) (33,944) % Change over Last Period : N/A EPS/(LPS)-Basic : (1.3 cents) (10.6 cents) -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (4,491) (33,944) Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for Annual General Meeting : 26/6/2000 to 28/6/2000 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) PRIOR YEAR ADJUSTMENT The Statement of Standard Accounting Practice No. 24 "Accounting for Investments in Securities" ("SSAP 24") has been adopted for the first time in the preparation of the current year's consolidated financial statements. The benchmark accounting treatment specified by SSAP 24 has been applied retrospectively. The full effects of the change in accounting policy on the restated profit and loss account for the year ended 31 December 1998 are represented by a decrease in the loss for the year of HK$5,539,000 and an increase in accumulated losses brought forward of HK$7,643,000. The effect of this change on the balance sheet as at 31 December 1998 is a reclassification of a long term investment of HK$3,857,000 to a short term investment and an additional provision for impairment in fair values of HK$2,104,000 made against its carrying value. (2) LOSS PER SHARE The calculation of basic loss per share is based on the net loss from ordinary activities attributable to shareholders for the year of HK$4,491,000 (1998 restated: HK$33,944,000) and on the weighted average of 345,670,000 (1998: 320,700,000) shares in issue during the year.