PegBio Co., Ltd. — Earnings Release 2001

Jul 27, 2001

Listed Company Information

HUNG FUNG GROUP<1141> - Results Announcement (Summary) Hung Fung Group Holdings Limited announced on 26/7/2001: (stock codes: Ord:1141 & War:1099) The auditors' report on the financial statements which contain the following result is qualified by the Company's auditors. For more details, please refer to the press announcement issued by the Company on 27/7/2001. Year end date: 31/3/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 202,682 290,600 Profit/(Loss) from Operations : (269,994) 37,870 Finance cost : (13,695) (7,584) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (279,335) 26,195 % Change over Last Period : N/A EPS/(LPS)-Basic : (11.25 cents) 1.18 cents -Diluted : - 1.12 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (279,335) 26,195 Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : NIL B/C Dates for Other Distribution : N/A Remarks: 1. TURNOVER Turnover represents the invoiced value of goods sold, net of discounts and returns. 2. PROFIT/(LOSS) FROM OPERATION ACTIVITIES The Group's profit/(loss) from operating activities is arrived at after charging/(crediting): 2001 2000 HK$'000 HK$'000 Depreciations 17,973 17,953 ====== ====== Other Operating Expenses Provision for bad and doubtful debts 124,515 - Provision for impairment of fixed assets 54,981 - Provision against advances to a company 5,177 - Provisions against deposits made to certain suppliers 4,635 - Provisions for unrecoverable inventories held by a company 11,791 - Revaluation deficit on land and buildings 3,073 - Provisions for inventories 6,615 - Provisions for potential claim 18,000 - Loss on disposal of fixed assets 2,231 - --------------------- 231,018 - ===================== 3. TAX Hong Kong profits tax has not been provided because there were no assessable profits arising in Hong Kong during the year. For the year ended 31 March 2000, Hong Kong profits tax was provided at the rate of 16% on the estimated assessable profits arising in Hong Kong during that year. 2001 2000 HK$'000 HK$'000 Hong Kong Current year provision - 1,791 Overprovision in prior year (54) - Deferred tax (4,300) 2,300 ---------- -------- Tax charge/(credit) for the year (4,354) 4,091 ====== ===== 4. EARNINGS/(LOSS) PER SHARE The calculation of basic earnings/(loss) per share is based on the net loss from ordinary activities attributable to shareholders for the year of HK$279,335,000 (2000: Profit of HK$26,195,000) and the weighted average of 2,483,921,285 (2000: 2,212,655,670) ordinary shares in issue during the year. The prior year's weighted average number of shares has been adjusted to reflect the share subdivision, pursuant to a special resolution passed on 5 April 2000, of which each of the Company's existing issued and unissued ordinary shares of HK$0.10 each were subdivided into ten ordinary shares of HK$0.01 each (the "Shares Subdivision"). The diluted loss per share for the year has not been presented because any potential ordinary shares of the Group outstanding during the year had an anti-dilutive effect on the basic loss per share for the year. The calculation of diluted earnings per share for the year ended 31 March 2000 was based on the net profit from ordinary activities attributable to shareholders for the year of HK$26,195,000. The weighted average number of ordinary shares used in the calculation is 2,212,655,670 ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 133,658,529 ordinary shares assumed to have been issued at no consideration on the deemed exercise of all share options and warrants during the year adjusted to reflect the Shares Subdivision as detailed above. 5. Certain items in consolidated profit and loss account in prior year have been restated to confirm with the provisions of Statements of Standard Accounting Practice No. 2.101 (revised) "Presentation of Financial Statements" ("SSAP 1") and Statement of Standard Accounting Practice No. 2.102 (revised) "Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies" ("SSAP 2") issued by the Hong Kong Society of Accountants in May 1999. The adoptions of the revised SSAP 1 and SSAP 2 had no effect on the amounts of the Group's previously reported consolidated profit attributable to shareholders or the consolidated net asset worth. For more details, please refer to the press announcement today.