Planetree International Development Limited — Earnings Release 2001

Apr 12, 2002

Listed Company Information

YUGANG INT'L<00613> - Results Announcement (Summary) Yugang International Limited announced on 12/4/2002: (stock codes: Ord: 613 & War: 556) Year end date: 31/12/2001 Currency: HKD 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 : 365,364 771,827 Profit/(Loss) from Operations : 92,829 (35,782) Finance cost : (13,922) (5,576) Share of Profit/(Loss) of Associates : 12,013 5,651 Share of Profit/(Loss) of Jointly Controlled Entities : 142 - Profit/(Loss) after Tax & MI : 74,715 (63,867) % Change over Last Period : N/A EPS/(LPS)-Basic : 0.88 cent (0.78 cent) -Diluted : 0.81 cent N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 74,715 (63,867) 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 : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Basis of presentation and comparative figures The Group has adopted the following new and revised Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants for the first time in the preparation of the 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 investments in subsidiaries" Certain comparative figures for the prior year have therefore been restated in order to achieve a consistent presentation. 2. Prior year adjustments The Group has adopted the transitional provision of SSAP 30 which permits negative goodwill in respect of previous acquisitions of subsidiaries and associates to be restated to the non-current assets section of the balance sheet. The prior year adjustment so arising has resulted in negative goodwill previously credited to the capital reserve being restated as the cost of the negative goodwill and recognized as income in the consolidated profit and loss account on a systematic basis over the remaining average useful life of the acquired depreciable/amortizable assets. Negative goodwill recognized as income in 2000 adjusted retrospectively amounting to HK$8,312,000. 3. The Group's profit/(loss) from operating activities is arrived at aftercrediting/(charging) the following: 2001 2000 HK$'000 HK$'000 (Restated) Negative goodwill recognized as income 6,879 8,312 Warrant subscription reserve recognized upon expiry of warrants 8,364 - provision for impairment in value of convertible debentures and notes (10,000) (11,700) Write-back of provision/(provision) for doubtful debts, net (13,819) 18,700 Unrealized holding gains/(losses) on other investments 78,045 (138,111) ======== ========= 4. Earnings/(Loss) per share The calculation of basic and diluted earnings/(loss) per share is based on: 2001 2000 HK$'000 HK$'000 (Restated) Net profit / (loss) attributable to shareholders for the purpose of basic earnings per share 74,715 (63,867) Interest saving on the exercise of convertible note 11,000 - -------------------------- Net profit / (loss) attributable to shareholders for the purpose of diluted earnings per share 85,715 (63,867) ========================== Weighted average number of ordinary shares for the purpose of basic earnings per share 8,453,321,700 8,216,203,949 Effect of dilutive convertible notes 2,111,917,808 - ------------------------------ Weighted average number of ordinary shares for the purpose of diluted earnings per share 10,565,239,508 8,216,203,949 ============================== The share options and warrants outstanding during the year had an anti-dilutive effect on the basic earnings per share for 2001. The diluted loss per share for the year ended 31 December 2000 has not been shown as the share options, warrants and convertible notes outstanding during that year had an anti-dilutive effect on the basic loss per share for that year.