Planetree International Development Limited — Earnings Release 2002

Mar 28, 2003

Listed Company Information

YUGANG INT'L<00613> - Results Announcement Yugang International Limited announced on 28/03/2003: (stock code: 00613 ) 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 : 242,836 365,364 Profit/(Loss) from Operations : (121,375) 92,829 Finance cost : (12,199) (13,922) Share of Profit/(Loss) of Associates : 6,561 12,013 Share of Profit/(Loss) of Jointly Controlled Entities : (5,325) 142 Profit/(Loss) after Tax & MI : (151,420) 74,715 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0179) 0.0088 -Diluted (in dollars) : N/A 0.0081 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (151,420) 74,715 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. 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 1: (Revised): "Presentation of Financial Statements" SSAP 11: (Revised): "Foreign Currency Translation" SSAP 15: (Revised): "Cash Flow Statements" SSAP 34: "Employee Benefits" 2. The Group's profit/(loss) from operating activities is arrived at after crediting/(charging) the following: 2002 2001 HK$'000 HK$'000 Provision for doubtful debts, net (71,495) (13,819) Loss on deemed disposal of partial interest in a subsidiary (3,683) (1,201) Unrealized holding gains/(losses) on other investments (58,797) 78,045 ========= ======= 3. Earnings/(Loss) per share The calculation of basic earnings/(loss) per share for the year is based on the net loss from ordinary activities attributable to shareholders for the year of HK$151,420,000 (2001: net profit of HK$74,715,000), and the weighted average of 8,453,321,700 (2001: 8,453,321,700) ordinary shares in issue during the year. The diluted loss per share for the year ended 31 December 2002 has not been shown as the share options, warrants and convertible notes outstanding during the year has 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 December 2001 was based on the net profit from ordinary activities attributable to shareholders for that year of HK$85,715,000 as adjusted for the interest saving on the conversion of the convertible note into ordinary shares of the Company. The weighted average number of ordinary shares used in the calculation is the sum of the number of ordinary shares in issue during that year used in the basic earnings per share calculation of 8,453,321,700, and the weighted average of 2,111,917,808 ordinary shares assumed to have been issued at no consideration on the deemed conversion of all convertible notes into ordinary shares of the Company during that year. The share options and warrants outstanding during that year had no dilutive effect on the basic earnings per share for that year.