PegBio Co., Ltd. — Earnings Release 2002

Jul 19, 2002

Listed Company Information

HUNG FUNG GROUP<01141> - Results Announcement (Summary) Hung Fung Group Holdings Limited announced on 19/7/2002: (stock code: 1141) Year end date: 31/3/2002 Currency: HKD Auditors' Report: Qualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2001 from 1/4/2000 to 31/3/2002 to 31/3/2001 ('000) ('000) Turnover : 47,408 202,682 Profit/(Loss) from Operations : (43,449) (269,994) Finance cost : (15,835) (13,695) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (59,284) (279,335) % Change over Last Period : N/A EPS/(LPS)-Basic : (2.30 cents) (10.84 cents) -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (59,284) (279,335) 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 : NIL Remarks: 1. Turnover Turnover represents the invoiced value of goods sold, net of discounts and returns. 2. Loss From Operating Activities The Group's loss from operating activities for the year is arrived at after charging: 2002 2001 HK$'000 HK$'000 Depreciation 14,750 17,973 Provision for bad and doubtful debts: Accounts receivables 690 117,781 Other receivables - 6,734 --------- -------- 690 124,515 --------- -------- Minimum lease payments under operating leases in respect of land and buildings 971 675 Auditors' remuneration 750 1,680 Staff costs (excluding directors' remuneration): Salaries and wages 12,028 15,086 Retirement benefits scheme contributions 137 41 Provision for impairment of fixed assets - 54,981 Provision for advances to a company - 5,177 Provision for deposits made to certain suppliers- 4,635 Provision for unrecoverable inventories held by a company - 11,791 Revaluation deficit on land and buildings 2,638 3,073 Provision for inventories - 6,615 Provision for potential claims - 18,000 Loss on disposal of fixed assets 39 2,231 ====== ====== 3. Tax No Hong Kong profits tax has been provided as the Group did not generate any assessable profits in Hong Kong during the year. Taxes on profit assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretations and practices in respect thereof. 2002 2001 HK$'000 HK$'000 Hong Kong: Overprovision in the prior year - 54 Deferred tax - 4,300 ------ ------- Tax credit for the year - (4,354) ====== ======= There was no unprovided deferred tax in respect of the year (2001: Nil) 4. Loss Per Share The calculation of basic loss per share is based on net loss from ordinary activities attributable to shareholders for the year of HK$59,284,000 (2001: HK$279,335,000) and the weighted average of 2,577,581,176 (2001: 2,577,565,117) ordinary shares in issue during the year, as adjusted to reflect the share offer with assured allotments of three offer shares for every two shares of HK$0.01 each in the Company held by the shareholders ("Open Offer"), and the Open Offer was completed on 27 May 2002. Diluted loss per share amounts for the years ended 31 March 2002 and 2001 have not been disclosed, as the potential ordinary shares of the Company outstanding during these years had an anti-dilutive effect on the basic loss per share for these years. 5. Basis Of Presentation The Group adopted the following Statements of standard Accounting Practice ("SSAPs") and related Interpretations issued and revised by the Hong Kong Society of Accountants for the first time in the preparation of financial statements for the current year. SSAP 9 (Revised): "Events after the balance sheet date" SSAP 14 (Revised): "Leases" SSAP 18 (Revised): "Revenue" SSAP 26: "Segment reporting" SSAP 28: "Provisions, contingent liabilities and contingent assets" SSAP 29: "Intangible assets" SSAP 30: "Business combinations" SSAP 31: "Impairment of assets" SSAP 32: "Consolidated financial statements and accounting for investment in Subsidiaries" Interpretation 12: "Business combinations-subsequent adjustment of fair values and goodwill initially reported" Interpretation 13: "Goodwill-continuing requirements for goodwill and negative goodwill previously eliminated against/credited to reserves"