Persistence Gold Group Ltd — Earnings Release 2002

Apr 7, 2003

Listed Company Information

SHANGHAI MER H<01104> - Results Announcement Shanghai Merchants Holdings Limited announced on 07/04/2003: (stock code: 01104 ) Year end date: 31/12/2002 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2002 from 01/01/2001 to 31/12/2002 to 31/12/2001 Note ('000 ) ('000 ) Turnover : 403,749 38,140 Profit/(Loss) from Operations : (49,748) (45,427) Finance cost : (582) (1,622) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (49,994) (45,558) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.2074) (0.2278) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (49,994) (45,558) 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 (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. LOSS PER SHARE The calculation of the loss per share is based on the loss for the year of HK$49,994,000 (2001: HK$45,558,000) and on a weighted average number of 241,014,247 (2001: 200,000,000) shares in issue during the year. No diluted loss per share for the year ended has been presented as the share options outstanding during the year would have an anti-dilutive effect on the basic loss per share for the year. 2. TURNOVER Turnover represents the amount received and receivable for goods sold to outside customers, less returns and allowances for the year, and is analysed as follows: 2002 2001 HK$'000 HK$'000 Continuing operations: Trading - base metals 346,072 - - fabric 52,567 13,540 Others 3,129 - _______ _______ 401,768 13,540 Discontinuing operations: Fabric processing 1,632 6,164 Manufacture and sale of snack food 349 18,436 _______ _______ 403,749 38,140 _______ _______ _______ _______ 3. BUSINESS AND GEOGRAPHICAL SEGMENTS Business segments For management purposes, the Group is currently organised into two operating divisions - trading of base metals and trading of fabric, trading of base metal being a new business line commenced during the year. These divisions are the basis on which the Group reports its primary segment information. Principal activities are as follows: Continuing operations: Trading of base metals - trading of base metals Trading of fabric - trading of fabric Discontinuing operations: Fabric processing - processing of raw fabric and the sale of finished fabric Snack food - manufacture and sale of potato chips Segment information about these businesses is presented below. 2002 Continuing operations Trading of Trading RESULTS base metals of fabric Others HK$'000 HK$'000 HK$'000 TURNOVER External sales 346,072 52,567 3,129 _______ _______ _______ _______ _______ _______ RESULTS Segment profit (loss) 4,505 (11,442) (2) _______ _______ _______ _______ _______ _______ BALANCE SHEET ASSETS Segment assets 51,744 4,056 1,069 _______ _______ _______ _______ _______ _______ LIABILITIES Segment liabilities 13,170 24 1,069 _______ _______ _______ _______ _______ _______ OTHER INFORMATION Capital additions 145 - 1,040 Depreciation and amortisation 23 - 54 Impairment loss recognised on respect of property, plant and equipment - - - Non-cash expenses - 12,371 926 _______ _______ _______ _______ _______ _______ 2002 Discontinuing operations RESULTS Processing of fabric Snack food Consolidated HK$'000 HK$'000 HK$'000 TURNOVER External sales 1,632 349 403,749 _______ _______ _______ _______ _______ _______ RESULTS Segment profit (loss) (36,095) (361) (43,395) _______ _______ _______ _______ Unallocated corporate expenses (6,353) Interest on bank borrowings wholly repayable within five years (582) Gain on disposal of subsidiaries 261 _______ Loss before taxation (50,069) Taxation (24) _______ Loss after taxation (50,093) _______ _______ BALANCE SHEET ASSETS Segment assets 24,803 - 81,672 _______ _______ ______ _______ Unallocated corporate assets 13,790 _______ Consolidated total assets 95,462 _______ _______ LIABILITIES Segment liabilities 10,562 - 24,825 _______ _______ _______ _______ Unallocated corporate liabilities 13,942 _______ Consolidated total liabilities 38,767 _______ _______ OTHER INFORMATION Capital additions - - 1,185 Depreciation and amortisation 3,991 697 4,765 Impairment loss recognised on respect of property, plant and equipment 29,623 - 29,623 Non-cash expenses 4,437 - 17,734 ______ _______ _______ _______ _______ _______ More than 90% of the assets and liabilities of the Group were located in the People's Republic of China ("PRC") and more than 90% of the Group's turnover and operating results were derived from the PRC. 2001 Continuing operation Trading RESULTS of fabric HK$'000 TURNOVER External sales 13,540 _______ _______ Segment loss (2,642) _______ _______ BALANCE SHEET ASSETS Segment assets 13,535 _______ LIABILITIES Segment liabilities 15,974 _______ _______ OTHER INFORMATION Capital additions - Depreciation and amortisation 184 Impairment loss recognised on intangible assets - Non-cash expenses 88 _______ _______ 2001 Discontinuing operations Processing RESULTS of fabric Snack food Consolidated HK$'000 HK$'000 HK$'000 TURNOVER External sales 6,164 18,436 38,140 _______ _______ _______ _______ _______ _______ Segment loss (19,505) (19,802) (41,949) _______ _______ _______ ______ Unallocated corporate expenses (3,478) Interest on bank borrowings wholly repayable within five years (1,622) _______ Loss before taxation (47,049) Taxation 52 _______ Loss after taxation (46,997) _______ _______ BALANCE SHEET ASSETS Segment assets 57,969 54,611 126,115 _______ _______ _______ _______ Unallocated corporate assets 5 _______ Consolidated total assets 126,120 _______ _______ LIABILITIES Segment liabilities 14,288 1,033 31,295 _______ ______ _______ _______ Unallocated corporate liabilities 23,814 _______ Consolidated total liabilities 55,109 _______ _______ OTHER INFORMATION Capital additions 10,094 3,096 13,190 Depreciation and amortisation 6,604 4,446 11,234 Impairment loss recognised on intangible assets - 1,188 1,188 Non-cash expenses 10,597 8,492 19,177 _______ _______ _______ _______ _______ _______ All the assets and liabilities of the Group were located in the People's Republic of China ("PRC") and more than 90% of the Group's turnover and operating results were derived from the PRC.