S E A Holdings Limited — Earnings Release 2001

Apr 4, 2002

Listed Company Information

SEA HOLDINGS<00251> - Results Announcement (Summary) S E A Holdings Limited announced on 4/4/2002: (stock codes: Ord: 251 & War: 920) 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 : 656,501 775,734 Profit/(Loss) from Operations : 362,625 476,298 Finance cost : (272,427) (300,871) Share of Profit/(Loss) of Associates : (15,407) 12,202 Share of Profit/(Loss) of Jointly Controlled Entities : (427) 22 Profit/(Loss) after Tax & MI : 35,939 50,792 % Change over Last Period : -29.24% EPS/(LPS)-Basic : 7.0 cents 10.1 cents -Diluted : 6.6 cents 8.2 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 35,939 50,792 Final Dividend per Share : 10 cents 10 cents (Specify if with other options) : - - B/C Dates for Final Dividend : 21/5/2002 to 23/5/2002 bdi. Payable Date : 28/5/2002 B/C Dates for Annual General Meeting : 21/5/2002 to 23/5/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. The calculation of the basic and diluted earnings per share is based on the following data: Year ended 31st December, 2001 2000 HK$'000 HK$'000 Earnings Net profit for the year 35,939 50,792 ===== ====== Earnings for the purposes of basic earnings per share 35,939 50,792 Effect of dilutive potential ordinary shares: Adjustment to the share of results of subsidiaries/associates based on dilution of their earnings per share - (4,376) ------------------------------- Earnings for the purpose of diluted earnings per share 35,939 46,416 =============================== Number of shares Year ended 31st December, 2001 2000 Weighted average number of ordinary shares for the purposes of basic earnings per share 509,885,312 505,210,911 Effect of dilutive potential ordinary shares Options 5,600,000 4,571,434 Warrants 28,572,775 54,194,947 ---------------------------------- Weighted average number of ordinary shares for the purposes of diluted earnings per share 544,058,087 563,977,292 ================================== 2. In the current year, the Group has adopted for the first time a number of new and revised Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants, namely: SSAP 9 (Revised) Events after the Balance Sheet Date SSAP 14 (Revised) Leases SSAP 26 Segment Reporting SSAP 30 Business Combinations Adoption of these SSAPs has led to a number of changes in the Group's accounting policies. In addition, the new and revised SSAPs have introduced additional and revised disclosure requirements which have been adopted in these financial statements. Comparative amounts for the prior year have been restated in order to achieve a consistent presentation. The effect of these changes in accounting policies on the results for the current and prior year is as follows: Year ended 31st December, 2001 2000 HK$'000 HK$'000 Restatement as an asset of goodwill released upon liquidation of an associate with retrospective recognition of accumulated amortisation and past impairment losses - 16,197 Recognition of impairment loss in respect of goodwill - (80,396) Release of negative goodwill to income 12,266 12,266 ------------------------ 12,266 (51,933) ========================