Tomson Group Limited — Earnings Release 2001

Apr 16, 2002

Listed Company Information

CHINA LAND GP<00149> - Results Announcement (Summary) China Land Group Limited announced on 16/4/2002: (stock code: 149) Year end date: 31/12/2001 Currency: HKD 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) Turnover : 114,948 69,694 Profit/(Loss) from Operations : (551,951) (696,969) Finance cost : (12,404) (6,501) Share of Profit/(Loss) of Associates : (1,501) - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (393,709) (582,836) % Change over Last Period : N/A EPS/(LPS)-Basic : (31.6 cents) (51.3 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (393,709) (582,836) Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final 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. Adoption of new and revised Statements of Standard Accounting Practice During the year, the Group has adopted for the first time a number of new and revised Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants. Adoption of these new and revised SSAPs had no significant effect on the financial statements for the current or prior year. The new and revised SSAPs have introduced additional and revised disclosure requirements which have been adopted in these financial statements. Comparative amounts for prior year have been restated in order to achieve a consistent presentation. 2. Turnover Turnover represents the net amounts received and receivable from outside customers during the year and is analysed as follows: 2001 2000 HK$'000 HK$'000 Hotel operation 50,518 50,018 Sales of properties 58,800 12,500 Property rental income 5,630 7,176 ------- ------- 114,948 69,694 ======= ====== An analysis of the Group's revenue and contribution to operating results by business segments is presented below: For the year ended 31st December, 2001 Toll Property highway sales and Property Hotel Other opera- development rental opera- opera- Elimination Consolidated tion tion tions -------------------------------------------------------------------------- HK'000 HK'000 HK'000 HK'000 HK'000 HK'000 HK'000 REVENUE External sales - 58,800 5,630 50,518 4,002 - 118,950 Inter-segment sales - - - - 1,685 (1,685) - -------------------------------------------------------------------------- Total revenue - 58,800 5,630 50,518 5,687 (1,685) 118,950 ========================================================================== Inter-segment sales are charged at prevailing market rate. RESULT Segment result (360,272) (119,974) (18,579) (18,125) (10,537) - (527,487) ============================================================ Unallocated corporate expenses (24,464) --------- Loss from operations (551,951) Gain on partial disposal of subsidiaries 14,453 Finance costs (12,404) Share of result of an associate (1,501) -------- Loss before taxation (551,403) Taxation 124 --------- Loss before minority interests (551,279) ========= For the year ended 31st December, 2000 Toll Property highway sales and Property Hotel Other opera- development rental opera- opera- Elimination Consolidated tion tion tions -------------------------------------------------------------------------- HK'000 HK'000 HK'000 HK'000 HK'000 HK'000 HK'000 REVENUE External sales - 12,500 7,176 50,018 2,654 - 72,348 Inter-segment sales - - - - 2,159 (2,159) - -------------------------------------------------------------------------- Total revenue - 12,500 7,176 50,018 4,813 (2,159) 72,348 ======================================================================== Inter-segment sales are charged at prevailing market rate. RESULT Segment result (272,210) (346,815) (40,280) (18,936) (2,246) - (680,487) =========================================================== Unallocated corporate expenses (16,482) --------- Loss from operations (696,969) Finance costs (6,501) --------- Loss before taxation (703,470) Taxation 1,213 ---------- Loss before minority interests (702,257) ========= An analysis of the Group's revenue and contribution to operating results by geographical location of its customers is presented below: Total revenue Contribution to operating results 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 People's Republic of China 78,750 67,987 (507,915) (675,450) Hong Kong 40,200 4,361 (12,060) (3,267) Others - - (7,512) (1,770) ------------------------------------------------------------------------- 118,950 72,348 (527,487) (680,487) ====================== Unallocated corporate expenses (24,464) (16,482) ---------------------------------- Loss from operations (551,951) (696,969) ================================= 3. Impairment and revaluation losses recognised in respect of properties Year ended 31st December 2001 2000 HK$'000 HK$'000 Impairment and revaluation losses recognised in respect of : - construction in progress 360,272 272,210 - properties under/held for development 28,793 155,732 - properties under construction 63,257 53,182 - investment properties 19,977 42,474 - properties held for sale 11,081 26,442 - hotel property 25,000 20,000 ----------------------- 508,380 570,040 ======================= 4. Taxation The taxation credit for both years represent overprovision for tax in other jurisdictions in previous years. No provision for Hong Kong Profits Tax has been made in the financial statements as the Company and its subsidiaries had no assessable profit in either year. Tax in other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. No provision for tax in other jurisdictions for the current year has been made in the financial statements as neither the Company nor any of its subsidiaries had any assessable profits subject to tax in other jurisdictions. 5. Loss per share The calculation of the basic loss per share is based on the net loss for the year of HK$393,709,000 (2000: HK$582,836,000) and on the weighted average number of 1,244,156,281 (2000: 1,135,203,448) ordinary shares in issue during the year. No diluted loss per share is presented for either year as there are no dilutive ordinary shares in issue.