WH Group Limited — Earnings Release 2002

Dec 27, 2001

Listed Company Information

PREMIUM LAND<00164> - Results Announcement (Summary) (Revised by PREMIUM LAND) Premium Land Limited announced on 24/12/2001: (stock code: 164) Year end date: 31/3/2002 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/4/2001 from 1/4/2000 to 30/9/2001 to 30/9/2000 ('000) ('000) Turnover : 40,920 375,575 Profit/(Loss) from Operations : (61,116) 129,923 Finance cost : (3,770) (47,444) Share of Profit/(Loss) of Associates : (5,952) (2,908) Share of Profit/(Loss) of Jointly Controlled Entities : Nil Nil Profit/(Loss) after Tax & MI : (66,192) 29,445 % Change over Last Period : N/A EPS/(LPS)-Basic : (20.40 cents) 9.41 cents -Diluted : N/A 9.03 cents Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : (66,192) 29,445 Interim Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Interim 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) Following the release of the interim results announcement on teletext on 24/12/2001, the Company subsequently notified the Exchange that due to typo error made by the Company, the revised figures are shown as follows: - the Share of Profit/(Loss) of Associates for the current period should be (HK$5,952,000) instead of "-"; - the Diluted EPS for the current period should be "N/A" instead of (20.40 cents); - the Weighted average number of ordinary shares for the purposes of basic and diluted (loss) earnings per share for the current period as mentioned in remark (3) should be 324,466,320 shares instead of 324,466,153 shares. (2) The accounting policies adopted are consistent with those followed in the preparation of the Group's financial statements for the year ended 31st March, 2001, except that in the current period, the Group has adopted for the first time, a number of new and revised SSAPs which has resulted in the adoption of SSAP 30 "Business Combinations" and the Group has elected not to restate goodwill (negative goodwill) previously eliminated against (credited to) reserves. Accordingly, goodwill arising on acquisitions prior to 1st April, 2001 is held in reserves and will be charged to the income statement at the time of disposal of the relevant subsidiary or associate, or at such time as the goodwill is determined to be impaired. Negative goodwill arising on acquisitions prior to 1st April, 2001 will be credited to income at the time of disposal of the relevant subsidiary or associate. (3) (Loss) Earnings per share The calculation of the basic and diluted (loss) earnings per share is based on the following data: Six months ended 30th September, 2001 2000 HK$'000 HK$'000 (Unaudited) (Unaudited) (Loss) Earnings for the purpose of basic (loss) earnings per share (66,192) 29,445 Effect of dilutive potential ordinary shares: - adjustment to the share of results of a former indirectly subsidiary of the Company, with its shares listed on the Stock Exchange, based on dilution of its (loss) earnings per share - (1,066) - adjustment to the share of result of a former associate, with its shares listed on Stock Exchange, based on dilution of its (loss) earnings per share - (122) ------- -------- Earnings for the purpose of diluted (loss) earnings per share (66,192) 28,257 ======== ====== 2001 2000 Number of shares Number of shares Weighted average number of ordinary shares for the purposes of basic and diluted (loss) earnings per share 324,466,320 312,947,194 =========== =========== For the six months ended 30th September, 2000, the computation of diluted (loss) earning per share does not assume the exercise of the Company's outstanding share options as the exercise price was higher than the average fair value per share. The computation also does not assume the conversion of the Company's outstanding convertible redeemable notes since their exercise would result in an increase in (loss) earnings per share from continuing ordinary operations. The weighted average number of the shares for the purpose of basic and diluted (loss) earnings per share for the six months ended 30th September, 2000 has been adjusted for the effect of the consolidation of the Company's shares in the capital reorganization carried out in April 2001. For more details, please refer to the press announcement today.