Shanghai Able Digital Science&Tech Co., Ltd. — Earnings Release 2000

Sep 22, 2000

Listed Company Information

SE ASIA WOOD<1205> - Results Announcement South East Asia Wood Industries Holdings Limited announced on 22/9/2000: (stock code: 1205) Year end date: 31/12/2000 Currency: HK$ (Unaudited) (Unaudited) 6-month 6-month Period Period from 1/1/2000 from 1/10/1998 to 30/6/2000 to 31/3/1999 ('000) ('000) Turnover : 32,056 199,859 Profit/(Loss) from Operations : (13,043) (10,150) Finance cost : (72) (23,640) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (13,115) (36,575) % Change over Last Period : N/A EPS/(LPS)-Basic : (2.2 cents) (6.1 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (13,115) (36,575) Interim Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A 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) Turnover Turnover represents the aggregate of the net invoiced value of goods sold, after allowances for goods returned and trade discounts. (2) Tax No provision for Hong Kong taxation has been made as the Group had no assessable profits arising in Hong Kong for the period (six months ended 31 March 1999: Nil). Last year, Group companies operating in Laos are subject to Lao income tax at a rate of 35% in accordance with the tax law of Laos and a special discount tax rate of 10% is granted to certain Group companies operating in mountainous, isolated and remote areas of Laos. No provision for taxation has been made as these group companies did not generate any assessable profits arising in Laos during the six months ended 31 March 1999. A Group companies operating in the People's Republic of China (the "PRC") is exempt from income tax for two years starting from its first profitable year of operations and is entitled to 50% relief from income tax for the following three years under the Income Tax Law of the PRC. No provision for taxation has been made as this Group company did not generate any assessable profits arising in the PRC during the period. Deferred taxation has not been provided for as there were no significant timing differences. (3) Loss per share The calculation of loss per share is based on the unaudited net loss attributable to shareholders for the six months ended 30 June 2000 of approximately HK$13,115,000 (six months ended 31 March 1999: HK$36,575,000) and the weighted average of 600,000,000 shares (six months ended 31 March 1999: 600,000,000 shares) in issue during the period. Diluted loss per share is not shown because there is no dilution impact for the periods. (4) Comparative figures Certain of the 1999 comparative figures have been reclassified to conform to current year's presentation as a result of adopting the provision of the Statement of Standard Accounting Practice Number 1 "Presentation of Financial Statements" issued by the Hong Kong Society of Accountants. In addition, the comparative figures as at 31 March 1999 and for the six months ended have been restated to reflect the change in accounting policy of pre-operating expenditures, which has been detailed in the 1999 Annual Report of the Group. (5) Change of reporting currencies During the six months ended 30 June 2000, the Directors resolved that the financial statements of the Company should be expressed in Hong Kong dollars instead of United States dollars as most of the operations of the Company are conducted and denominated using the Hong Kong dollars and currencies closely linked with it. The comparative prior period amounts have been restated in Hong Kong dollars using an exchange rate of one United States dollar to 7.8 Hong Kong dollars (6) Change of Financial Year End Date On 14 September 1999, the financial year end date of the Company was changed from 30 September to 31 December effective for the period ended 31 December 1999.