Samsonite Group S.A. — Earnings Release 1999

May 15, 2000

Listed Company Information

OCEAN SHORES<0764> - Results Announcement Ocean Shores Group Limited announced on 15/5/2000: (stock code: Ord: 764) Year end date: 31/12/1999 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 (HK$'000) (HK$'000) Turnover - Continuing : 161,934 99,318 - Discontinued : - - Operating Profit/(Loss) - Continuing : 40,382 28,093 - Discontinued : - - Total Operating Profit/(Loss) : 40,382 28,093 Share of Profit/(Loss) of Associated Companies : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 33,602 23,880 % Change over Last Period : 40.71% EPS/(LPS)-Basic : HK Cents 29.87 HK Cents 21.23 -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 33,602 23,880 Final Dividend per Share : - - (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for Annual General Meeting : 12/6/2000 to 16/6/2000 bdi. Other Distribution for Current Period : NIL B/C Dates for Other Distribution : - Remarks: (1) Group reconstruction and basis of preparation (a) The Company was incorporated in Bermuda on 29th October 1999 as an exempted company with limited liability under the Companies Act 1981 of Bermuda (as amended). The Company remained inactive during the period from its date of incorporation (29th October 1999) to 31st December 1999. It had no results during the period and no assets or liabilities as at 31st December 1999 except for the 1,000,000 ordinary shares of HK$0.10 each issued nil paid on 5th November 1999. (b) Pursuant to a group reconstruction (the "group reconstruction") completed on 19th January 2000 to rationalise the group structure in preparation for the listing of the Company's shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the holding company of the Group. The Company's shares were listed on the Stock Exchange on 15th February 2000. (c) The Group comprising the Company and its subsidiaries resulting from the group reconstruction has been regarded as a continuing entity. Accordingly, the proforma combined results of the Group for the year ended 31st December 1999 and 1998 have been prepared on the basis of merger accounting as if the Company had always been the holding company of the Group. They include the results of the subsidiaries made up to 31st December 1999. All significant inter-company transactions and balances within the Group have been eliminated. In the opinion of the directors, the proforma combined accounts prepared on this basis give a true and fair view of the results of the Group. (2) Dividends No dividends have been paid or declared by the Company since its date of incorporation. Dividends paid by a subsidiary of the Company to its then shareholder prior to the group reconstruction were as follows: 1999 1998 HK$'000 HK$'000 Interim dividend paid 54,575 27,510 ====== ====== (3) Earnings per share The calculation of basic earnings per share is based on the proforma combined profit attributable to shareholders of HK$33,620,000 (1998: HK$23,880,000) and the 112,500,000 ordinary shares deemed to be in issue throughout the year ended 31st December 1999 and 1998 respectively on the assumption that the group reconstruction set out in note 1 had been completed on 1st January 1998. Diluted earnings per share for the year ended 31st December 1999 and 1998 respectively was the same as basic earnings per share because there were no dilutive potential ordinary share. (4) Closure of register of Members The Register of Members of the Company will be closed from Monday, 12th June 2000 to Friday, 16th June 2000, both days inclusive, during which period no transfer of shares can be registered.