Shanghai Able Digital Science&Tech Co., Ltd. — Earnings Release 2001

Aug 31, 2001

Listed Company Information

SE ASIA WOOD<01205> - Results Announcement (Summary) South East Asia Wood Industries Holdings Limited announced on 31/8/2001: (stock code: 1205) Please refer to the press announcement for the details of the audit committee's review report on the interim financial statement, to be issued by the Company on 3/9/2001. Year end date: 31/12/2001 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 15,717 32,056 Profit/(Loss) from Operations : (1,818) (13,043) Finance cost : (1) (72) 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 : 6,732 (13,115) % Change over Last Period : N/A EPS/(LPS)-Basic : 0.34 cent (10.93 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 6,732 (13,115) 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. Accounting policies The condensed consolidated financial statements have been prepared under the historical cost convention and in accordance with HK Statement of Standard Accounting Practice ("SSAP") No.25 "Interim Financial Reporting", except that in the first year of implementation of SSAP No.25, as permitted by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, no comparative figures have been presented for the consolidated cash flow statement. The accounting policies adopted are consistent with those used in the Group's annual financial statements for the year ended 31 December 2000. 2. Segmental information An analysis of the Group's turnover and contribution to loss from operating activities by principal activities and geographical area of sales markets is as follows: Turnover Contribution to loss from operating activities Six months ended 30 June Six months ended 30 June 2001 2000 2001 2000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) HK$'000 HK$'000 HK$'000 HK$'000 By principal activity: Manufacture and sale of Plywood 10,890 4,724 (804) (1,922) Manufacture and sale of fancy plywood 4,827 27,332 (1,014) (11,121) --------------------------------------------------------- 15,717 32,056 (1,818) (13,043) ============ =========== =========== ========= By geographical area: PRC 15,512 31,184 (1,794) (12,688) Others 205 872 (24) (355) --------------------------------------------------------- 15,717 32,056 (1,818) (13,043) ============ =========== =========== =========== 3. Tax Six months ended 30 June 2001 2000 (Unaudited) (Audited) HK$'000 HK$'000 Overprovision in prior years 8,551 - ========== ============== No provision for Hong Kong profits tax has been made as the Group had no assessable profits arising in Hong Kong for the period (six months ended 30 June 2000: Nil). A group company operating in the PRC is exempt from income tax for two years starting from its first profitable year of operation 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 tax has been made as this group company did not generate any assessable profits arising in the PRC during the period. Deferred tax has not been provided for as there were no significant timing differences at the balance sheet date. 4. Earnings/(Loss) per share On 26 June 2001, every five issued and unissued shares of HK$0.01 each in the share capital of the Company has consolidated into one share of HK$0.05 each (the "Consolidated Shares"). The calculation of the basic earnings per share is based on the unaudited net profit attributable to shareholders for the six months ended 30 June 2001 of HK$6,732,000 (six months ended 30 June 2000: loss of HK$13,115,000) and the weighted average of 1,985,193,370 Consolidated Shares (six months ended 30 June 2000: 120,000,000 Consolidated Shares) in issue during the period. The diluted earnings per share are not shown because there is no dilution impact for the period (six months ended 30 June 2000: Nil).