Wang On Group Limited — Earnings Release 2000

Aug 4, 2000

Listed Company Information

WANG ON GROUP<1222> - Results Announcement Wang On Group Limited announced on 4/8/2000: (stock code: 1222) Year end date: 31/3/2000 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/1999 from 1/4/1998 to 31/3/2000 to 31/3/1999 ('000) ('000) Turnover - Continuing : 342,646 882,882 - Discontinued : - - Operating Profit/(Loss) - Continuing : 21,056 (102,165) - Discontinued : - - Total Operating Profit/(Loss) : 21,056 (102,165) Share of Profit/(Loss) of Associated Companies : 5,595 4,002 Share of Profit/(Loss) of Jointly Controlled Entities : Nil - Profit/(Loss) after Tax & MI : 21,051 (116,113) % Change over Last Period : N/A EPS/(LPS)-Basic : 4.55 cents (30.0 cents) -Diluted : 4.39 cents N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 21,051 (116,113) Final Dividend per Share : 1 cent Nil (Specify if with other options) : (with scrip - option) B/C Dates for Final Dividend : 6/9/2000 to 11/9/2000 bdi. Payable Date : 4/10/2000 B/C Dates for Annual General Meeting : 6/9/2000 to 11/9/2000 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) EARNING/(LOSS) PER SHARE The calculation of basic profit/(loss) per share is based on the net profit attributable to shareholders for the year of HK$21,051,000 (1999: loss of HK$116,113,000) and on the weighted average number of 463,095,553 (1999: 387,393,914) ordinary shares in issue. The calculation of diluted earnings per share is based on the net profit attributable to shareholders for the year of HK$21,051,000. The weighted average number of ordinary shares used in the calculation is 463,095,553 ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 16,862,965 ordinary shares assumed to have been issued at no consideration on the deemed exercise of all share options during the year. Diluted loss per share for the year ended 31 March 1999 has not been shown as the options outstanding had an anti-dilutive effect on the basic loss per share for that year. (2) DIVIDENDS No interim dividend was paid during the year under review (1999: 1 cent per share). The directors have resolved to recommend the payment of a final dividend of 1 cent per share for the year (1999: Nil). Subject to the approval of the shareholders at the forthcoming Annual General Meeting, the final dividend will be sent by post on or about 4 October 2000 to shareholders whose names appear on the register of members of the Company as at the close of business on 11 September 2000 ("Record Date"). The board of directors has also resolved to recommend that shareholders be given the option to elect to receive an allotment and issue of shares of the Company credited as fully paid in lieu of cash in respect of part or all of the proposed final dividend ("Scrip Dividend Scheme"). The market value of the new shares to be issued under the Scrip Dividend Scheme will be fixed by reference to the average of the closing prices of the Company's shares on The Stock Exchange of Hong Kong Limited ("Stock Exchange") for the five consecutive trading days up to and including the Record Date less a discount of ten per cent, or the par value of the shares, whichever is the higher. The Scrip Dividend Scheme is conditional upon the Stock Exchange granting listing of, and permission to deal in, the new shares to be issued and the passing at the forthcoming Annual General Meeting of the ordinary resolution approving the payment of final dividend. Shareholders whose registered addresses are outside Hong Kong as shown in the register of members of the Company on the Record Date will not be permitted to participate in the Scrip Dividend Scheme and accordingly they will receive the final dividend wholly in cash. On the condition that the payment of the final dividend is approved by the shareholders at the forthcoming Annual General Meeting, a circular giving full details of the Scrip Dividend Scheme and a form of election will be sent to shareholders on or about 15 September 2000. (3) COMPARATIVE AMOUNTS Due to the adoption of new SSAPs during the current year, the presentation of the profit and loss account, the balance sheets and certain supporting notes have been revised to comply with the new requirements. Accordingly, certain comparative amounts have been reclassified to conform with the current year's presentation.