Samsonite Group S.A. — Interim / Quarterly Report 2000

Sep 26, 2000

Listed Company Information

OCEAN SHORES<0764> - Results Announcement Ocean Shores Group Limited announced on 26/9/2000: (stock code: 764) Year end date: 31/12/2000 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2000 from 1/1/1999 to 30/6/2000 to 30/6/1999 ('000) ('000) Turnover : 34,768 39,627 Profit/(Loss) from Operations : 11,247 11,802 Finance cost : (328) (1,446) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 9,302 8,717 % Change over Last Period : +6.7% EPS/(LPS)-Basic : 6.61 cents 7.75 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 9,302 8,717 Interim Dividend per Share : NIL N/A (Specify if with other options) : - - B/C Dates for Interim Dividend : - Payable Date : - B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A 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 six months ended 30th June 2000 and 30th June 1999 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 30th June 2000. All significant inter-company transactions and balances within the Group have been eliminated. (2) Taxation Hong Kong profits tax has been provided at the rate of 16% (1999: 16%) on the estimated assessable profit for the period. The amount of taxation charged represents: Six months ended 30th June 2000 1999 HK$'000 HK$'000 Hong Kong profits tax 1,437 1,229 Deferred taxation 180 410 ----- ----- 1,617 1,639 ===== ===== (3) Dividends The directors do not recommend the payment of an interim dividend for the six months ended 30th June 2000. The interim dividends of HK$54,575,000 paid during the six months ended 30th June 1999 was made 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 unaudited profit attributable to shareholders of HK$9,302,000 (1999: HK$8,717,000) and the weighted average of 140,728,000 (1999:112,500,000) ordinary shares of the Company throughout the period on the assumption that the group reconstruction set out in note 1 had been completed on 1st January 1999. 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 capitalization issue and the capitalization issue of 110,500,000 ordinary shares were outstanding throughout the periods presented and on the basis that the 37,500,000 ordinary shares issued pursuant to the initial public offering of the Company's shares were issued on 15th February 2000. Diluted earnings per share for each of the six months ended 30th June 2000 and 30th June 1999 respectively was the same as basic earnings per share because there were no dilutive potential ordinary shares.