Samsonite Group S.A. — Earnings Release 2000

Apr 24, 2001

Listed Company Information

OCEAN SHORES<0764> - Results Announcement Ocean Shores Group Limited announced on 24/4/2001: (stock code: 764) Year end date: 31/12/2000 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2000 from 1/1/1999 to 31/12/2000 to 31/12/1999 ('000) ('000) Turnover : 144,565 161,934 Profit/(Loss) from Operations : 30,728 42,765 Finance cost : (363) (2,383) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 24,029 33,602 % Change over Last Period : -28.5% EPS/(LPS)-Basic : 16.53 cents 29.87 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 24,029 33,602 Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : - 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). 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. (b) The Group comprising the Company and its subsidiaries resulting from the group reconstruction has been regarded as a continuing entity. Accordingly, the results of the Group for each of the year ended 31st December 2000 and 31st December 1999 have been prepared on the basis of merger accounting as if the Company had always been the holding company of the Group. 2. Taxation Hong Kong profits tax has been provided at the rate of 16% (1999: 16%) on the estimated assessable profits for the year. The amount of taxation charged represents: Year ended 31st December 2000 1999 HK$'000 HK$'000 Hong Kong profits tax - current year 4,665 6,110 - overprovision in prior year (33) - Deferred taxation 1,704 670 -------- -------- 6,336 6,780 ====== ====== 3. Dividend No dividends have been paid or declared by the Company for the year. During the year ended 31st December 1999, interim dividends of HK$54,575,000 were paid by a subsidiary of the Company to its then shareholder prior to the group reconstruction. 4. Earnings per share The calculation of basic earnings per share is based on the Group's profit attributable to shareholders of HK$24,029,000 (1999: HK$33,602,000) and the weighted average of 145,389,344 (1999: 112,500,000) ordinary shares of the Company in issue during the year. The weighted average number of ordinary shares of the Company in issue has been calculated as if the 2,000,000 ordinary shares issued before the listing of the Company and the capitalization issue of 110,500,000 ordinary shares after the listing of the Company were deemed to have been in issue on 1st January 1999. No diluted earnings per share for each of the years ended 31st December 2000 and 1999 respectively is shown as there were no dilutive potential ordinary shares. 5. Different Presentation of the figures of Finance cost and Profit/(Loss) from Operations for the last corresponding period and the current period: In view of the different Presentation Form for the last corresponding period from 1 Jan 1999 to 31 Dec 1999, the figure of HKD40,382 representing the Loss from Opearations and Finance cost was grouped into one category. However, with the current Presentation Form for this current period from 1 Jan 2000 to 31 Dec 2000, the figures for Profit/(Loss) from Operations and Finance cost are split into the two figures under seperate category accordingly.