Vongroup Limited — Earnings Release 2002

Dec 20, 2001

Listed Company Information

KAMBOAT<00318> - Results Announcement (Summary) Kamboat Group Company Limited announced on 20/12/2001: (stock code: 318) Year end date: 30/4/2002 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/5/2001 from 1/5/2000 to 31/10/2001 to 31/10/2000 ('000) ('000) Turnover : 172,025 146,047 Profit/(Loss) from Operations : 19,802 18,508 Finance cost : (373) (442) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 16,360 14,985 % Change over Last Period : +9.2% EPS/(LPS)-Basic : 4.52 cents 4.34 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 16,360 14,985 Interim Dividend per Share : 1 cent N/A (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : 28/1/2002 to 1/2/2002 bdi. Payable Date : 7/2/2002 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. Basis of Preparation The Company was incorporated as an exempted company with limited liability in the Cayman Islands on 26 June 2001 under the Companies Law (2001 Second Revision) of the Cayman Islands. Pursuant to a reorganisation scheme to rationalise the structure of the Group on 16 August 2001 (the "Reorganisation") in preparation of the public listing of the Company's shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the holding company of the companies now comprising the Group. As further described in the paragraph headed "Corporate reorganisation" in the section headed "Further information about the Company" in Appendix 4 to the Company's prospectus dated 25 September 2001, the ongoing business concerns relating to the restaurant operations (the "Restaurant Business") operated by Cambo Enterprises Limited ("Cambo"), a holding company of the Company, were transferred to Kamboat Chinese Cuisine Company Limited, a wholly-owned subsidiary of the Company, effective from 15 August 2001. The ongoing business concerns relating to the fast food operations (the "Fast Food Business") operated by Kamboat Bakery Limited, a wholly-owned subsidiary of the Company, were transferred to a non-Group company effective from 15 August 2001. Since then, Kamboat Bakery Limited discontinued its fast food operations. The unaudited condensed financial statements have been prepared based on the management accounts of the companies now comprising the Group and the management accounts of the Restaurant Business as if the Group structure had been in existence throughout the periods under review, or since the respective dates of their incorporation where this is a shorter period. In particular, the Restaurant Business has been included in these unaudited condensed financial statements as if it had been transferred to the Group from Cambo as at the beginning of the earliest period presented. The Fast Food Business has been excluded from these unaudited condensed financial statements as if it had been transferred from the Group as at the beginning of the earliest period presented. The Directors are responsible for the preparation of the Group's unaudited condensed consolidated interim financial statements. These unaudited condensed consolidated interim financial statements have not been audited by the Company's auditors but have been reviewed by the Company's Audit Committee. The Group has adopted the following new/revised Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants which are effective for accounting period commencing on or after 1 January 2001: SSAP 9 (revised) Events after the balance sheet date SSAP 14 (revised) Leases SSAP 28 Provisions, contingent liabilities and contingent assets SSAP 29 Intangible assets SSAP 30 Business combinations SSAP 31 Impairment of assets SSAP 32 Consolidated financial statements and accounting for investments in subsidiaries 2. Earnings Per Share The calculation of basic earnings per share is based on the net profit from ordinary activities attributable to shareholders for the period of HK$16,360,000 (2000: HK$14,985,000) on the weighted average of 362,250,000 (2000: 345,000,000) shares in issue during the period. Diluted earnings per share for the periods have not been calculated as no dilutive events existed during the respective periods. 3. Dividends Interim dividend declared after listing of HK$4,600,000 represents a dividend rate of HK1 cent per share (2000: not applicable). The interim and special dividend declared before listing of HK$8,100,000 (2000: HK$3,880,000) represents the dividends paid or declared by the Company's subsidiaries to their then shareholders during the periods. The dividend rates and the number of shares ranking for dividends are not presented as such information is not meaningful for the purpose of this report.