Planetree International Development Limited — Earnings Release 2004

Mar 30, 2005

Listed Company Information

Listed Company Information
YUGANG INT'L<00613> - Results Announcement Yugang International Limited announced on 30/03/2005: (stock code: 00613 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: Unqualified (Restated) (Note 1) (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ('000 ) ('000 ) Turnover : 392,766 217,499 Profit/(Loss) from Operations : 213,859 107,945 Finance cost : (4,150) (5,313) Share of Profit/(Loss) of Associates : 54,001 22,934 Share of Profit/(Loss) of Jointly Controlled Entities : (725) 1,215 Profit/(Loss) after Tax & MI : 227,416 107,267 % Change over Last Period : +112 % EPS/(LPS)-Basic (in dollars) : 0.0269 0.0127 -Diluted (in dollars) : 0.0247 0.0119 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 227,416 107,267 Final Dividend : $0.003 $0.002 per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 27/04/2005 to 29/04/2005 bdi. Payable Date : 09/05/2005 B/C Dates for Annual General Meeting : 27/04/2005 to 29/04/2005 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Basis of presentation and comparative figures The Hong Kong Institute of Certified Public Accountants ("HKICPA", formerly the Hong Kong Society of Accountants) has issued a number of new and revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs") which are effective for accounting periods beginning on or after 1 January 2005. The Group has not early adopted these new HKFRSs in the accounts for the year ended 31 December 2004. The Group has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a significant impact on its results of operations and financial position. The financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (which include all applicable Statements of Standard Accounting Practice and Interpretations) issued by the HKICPA, accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. The financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The accounting policies and basis of preparation used in the preparation of these consolidated financial statements are consistent with those used in the audited financial statements for the year ended 31 December 2003 except that the trading of securities, interest income from securities investment and provision of financing services are reclassified under treasury investment as part of the principal activities of the Group. The directors are of the opinion that such reclassification is necessary to give a better understanding of the performance of the Group and the comparative amounts presented have been restated to conform to the changed classification. 2. The Group's profit/(loss) from operating activities is arrived at after (charging)/crediting: 2004 2003 HK$'000 HK$'000 Unrealized holding gain on other 128, 179 91,116 Investments Provision for impairment loss on (30,000) - unlisted investments Gain on partial disposal of a subsidiary 22,480 - ========== ========== 3. Earnings/(loss) per share The calculation of basic earnings per share for the year is based on the net profit from ordinary activities attributable to shareholders for the year of HK$227,416,000 (2003: HK$107,267,000) and the weighted average number of 8,453,321,700 (2003: 8,453,321,700) ordinary shares in issue during the year. The calculation of diluted earnings per share for the year is based on the net profit from ordinary activities attributable to shareholders for the year of HK$230,531,000(2003: HK$111,392,000) 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 the year used in the basic earnings per share calculation of 8,453,321,700, and the weighted average of 877,808, 219 (2003: 909,090,909) 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 the year.