Shanghai Able Digital Science&Tech Co., Ltd. — Interim / Quarterly Report 2002

Aug 8, 2002

Listed Company Information

SE ASIA WOOD<01205> - Results Announcement (Summary) South East Asia Wood Industries Holdings Limited announced on 8/8/2002: (stock code: 1205) Year end date: 31/12/2002 Currency: HK$ Auditors' Report: N/A Review of Interim Report by: Audit Committee (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2002 from 1/1/2001 to 30/6/2002 to 30/6/2001 ('000) ('000) Turnover : 16,624 15,717 Profit/(Loss) from Operations : (10,910) (1,818) Finance cost : - (1) 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 : (10,910) 6,732 % Change over Last Period : N/A EPS/(LPS)-Basic : (0.50 cent) 0.34 cent -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (10,910) 6,732 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 These condensed consolidated financial statements have been prepared in accordance with Hong Kong Statements of Standard Accounting Practice ("SSAP") No.25 "Interim Financial Reporting" and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention. The accounting policies adopted are consistent with those used in the Group's annual financial statements for the year ended 31 December 2001, except for the adoption of the new SSAP 15 (Revised) "Cash Flow Statements" and SSAP 34 "Employee Benefits", the impact of which is summarised as follows: (a) SSAP 15 (Revised) "Cash Flow Statements" prescribes the provision of information about the historical changes in cash and cash equivalents. The condensed consolidated cash flow statement for the current interim period and the comparative figures are presented in accordance with the revised SSAP. (b) SSAP 34 "Employee Benefits" prescribes the accounting and disclosure for employee benefits. This SSAP has had no major impact on these financial statements. 2. Tax Six months ended 30 June 2002 2001 (Unaudited) (Unaudited) 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 2001: Nil). A Group company 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 tax has been made as this Group company did not generate any assessable profits arising in the PRC during the period. No provision has been made for taxes which would arise on the remittance to Hong Kong of retained profits of overseas companies as it is not anticipated that these amounts will be remitted in the near future. The Company had no unprovided deferred tax at the balance sheet date (2001: Nil). 3. Earnings/(Loss) per share The calculation of the basic loss per share is based on the unaudited net loss attributable to shareholders for the six months ended 30 June 2002 of HK$10,910,000 (six months ended 30 June 2001: net profit of HK$6,732,000) and the weighted average of 2,170,601,235 shares (six months ended 30 June 2001: 1,985,193,370 shares) in issue during the period. Diluted earnings/(loss) per share amounts for the six months ended 30 June 2002 and 2001 have not been shown because there were no dilutive events existing during these periods.