Wang On Group Limited — Earnings Release 2003

May 30, 2003

Listed Company Information

WANG ON GROUP<01222> - Results Announcement (Summary) Wang On Group Limited announced on 30/5/2003: (stock code: 1222) Year end date: 31/3/2003 Currency: HKD Auditors' Report: Unqualified (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2002 from 1/4/2001 to 31/3/2003 to 31/3/2002 ('000) ('000) Turnover : 292,156 320,047 Profit/(Loss) from Operations : 82,556 38,756 Finance cost : (2,552) (3,482) Share of Profit/(Loss) of Associates : (11,409) 3,331 Amortisation of Goodwill of Associates : (16,454) (4,482) Provision for impairment of Goodwill of an Associates : (7,000) - Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 41,293 27,700 % Change over Last Period : +49.07% EPS/(LPS)-Basic : $0.357 $1.809 -Diluted : N/A $1.801 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 41,293 27,700 Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A 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 : NIL B/C Dates for Other Distribution : N/A Remark: EARNINGS PER SHARE The calculation of basic earnings per share is based on the net profit attributable to shareholders for the year of HK$41,293,000 (2002: HK$27,700,000) and on the weighted average of 115,739,546 (2002: 15,315,520) ordinary shares in issue during the year, as adjusted to reflect the capital reorganisation during the year. A diluted earnings per share amount for the year ended 31 March 2003 has not been shown as the share options and warrants outstanding had no dilutive effect on the basic earnings per share during the year. The calculation of diluted earnings per share for the year ended 31 March 2002 is based on the net profit attributable to shareholders for the year of HK$27,700,000. The weighted average number of ordinary shares used in the calculation is the 15,315,520 ordinary shares in issue during the year as used in the basic earnings per share calculation, and the weighted average of 64,250 ordinary shares (as adjusted to reflect the capital reorganisation during the year ended 31 March 2003) assumed to have been issued at no consideration on the deemed exercise of all share options during the year ended 31 March 2002.