WeRide Inc. — Earnings Release 2000

Nov 24, 2000

Listed Company Information

FE PHARMA TECH<0399> - Results Announcement Far East Pharmaceutical Technology Company Limited announced on 24/11/2000: (stock code: 399) Year end date: 30/6/2000 (Pro Forma Currency: HK$ (Pro Forma Combined) Combined) (Audited) (Audited) Last Current Corresponding Period Period from 1/7/1999 from 1/7/1998 to 30/6/2000 to 30/6/1999 ('000) ('000) Turnover : 353,116 204,027 Profit/(Loss) from Operations : 93,117 51,770 Finance cost : (148) (337) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 81,661 47,433 % Change over Last Period : +72% EPS/(LPS)-Basic : 34.0 cents 19.8 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 81,661 47,433 Final Dividend per Share : Nil N/A (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 Annual General Meeting : 20/12/2000 to 27/12/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. The Company The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 24 May 2000 under the Companies Law (Revised) of the Cayman Islands. On incorporation, the Company had an authorised share capital of HK$100,000 divided into 1,000,000 shares of HK$0.10 each, one share of which was allotted, issued and fully paid on the same day. Apart from the foregoing, no other transactions were carried out by the Company during the period from 24 May 2000 (date of incorporation) to 30 June 2000. Accordingly, the Company has not recorded any profits or losses for the period. 2. Group Reorganisation Pursuant to a reorganisation scheme (the "Group Reorganisation") to rationalise the structure of the Group in preparation for the listing of its shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 23 August 2000, the Company became the holding company of the companies now comprising the Group on 26 July 2000. This was accomplished by acquiring the entire issued share capital of Far East Global Group Limited, which is, at the date of this report, the intermediate holding company of the other subsidiaries, in consideration of and in exchange for the allotment and issue of 999,999 shares of HK$0.10 each in the share capital of the Company credited as fully paid. 3. Basis of presentation The Group Reorganisation involved companies under common control. Because the Group Reorganisation took place on 26 July 2000, according to the Statement of Standard Accounting Practice No. 2.127, "Accounting for Group Reconstructions", the Company together with its subsidiaries should only be regarded and accounted for as a continuing group in the preparation of the Group's financial statements commencing the year ending 30 June 2001. Nevertheless, for the benefit of shareholders, pro forma combined financial statements for the current year and the related notes thereto have also been presented on the basis that the Company is treated as the holding company of its subsidiaries for the financial years presented rather than from the subsequent date of acquisition of the subsidiaries on 26 July 2000. The pro forma combined results of the Group for the years ended 30 June 1999 and 2000 include the results of the Company and its subsidiaries with effect from 1 July 1998 or since their respective dates of incorporation, where this is a shorter period. All significant transactions and balances among the companies comprising the Group have been eliminated on combination. Although the Group Reorganisation had not been completed and, accordingly, the Group did not legally exist until July 2000, in the opinion of the directors, the presentation of such pro forma combined financial statements prepared on the aforesaid basis is necessary to apprise the Company's shareholders of the Group's profit and its state of affairs as a whole. 4. Earnings per share The calculation of pro forma basic earnings per share is based on the pro forma combined net profit from ordinary activities attributable to shareholders for the year of HK$81,661,000 (1999: HK$47,433,000) and the pro forma weighted average of 240,000,000 shares (1999: 240,000,000 shares) deemed to be in issue throughout the year. There were no potential dilutive ordinary shares in existence for the two years ended 30 June 2000 and accordingly, no pro forma diluted earnings per share has been presented.