Sun.King Technology Group Limited — Earnings Release 2001

Apr 15, 2002

Listed Company Information

MAANSHAN IRON<00323> - Results Announcement (Summary) Maanshan Iron & Steel Company Limited announced on 15/4/2002: (stock code: 323) Year end date: 31/12/2001 Currency: RMB Auditors' Report: Neither Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 31/12/2001 to 31/12/2000 ('000) ('000) (Restated) Turnover : 9,547,929 8,185,687 Profit/(Loss) from Operations : 391,778 324,714 Finance cost : (150,762) (203,494) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 152,281 100,164 % Change over Last Period : +52% EPS/(LPS)-Basic : RMB2.36 cents RMB1.55 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 152,281 100,164 Final Dividend per H Share : RMB2 cents RMB2 cents (Specify if with other options) : - - B/C Dates for Final Dividend : 17/5/2002 to 18/6/2002 bdi. Payable Date : 10/7/2002 B/C Dates for Annual General Meeting : 17/5/2002 to 18/6/2002 bdi. Other Distribution for Current Period : Nil B/C Dates for Other Distribution : N/A Remarks: (1) With the adoption of Hong Kong Statement of Standard Accounting Practice ("SSAP") 28, there were provisions for furnance relining costs, amounting to approximately RMB123,972,000 and RMB126,109,000, which were respectively recorded as liabilities as at 31 December 2000 and 1999, not qualifying for recognition as provisions under SSAP 28, due to the situations not fulfilling present obligation criteria set out in SSAP 28 as at those balance sheet dates. These liabilities have been retrospectively derecognised by a prior year adjustment, resulting in a decrease of approximately RMB2,137,000 in the Group's profit for the year ended 31 December 2000 and an increase in the Group's net assets of approximately RMB123,972,000 and RMB126,109,000, as at 31 December 2000 and 1999, respectively. Starting from 1 January 2001, furnance relining costs are recognised as and when incurred. (2) The calculation of basic earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year of approximately RMB152,281,000 (2000: net profit of approximately RMB100,164,000 as restated) and 6,455,300,000 (2000: 6,455,300,000) ordinary shares in issue during the year. No diluted earnings per share is presented as the Company does not have any dilutive potential ordinary shares.