WH Group Limited — Earnings Release 2001

Jul 20, 2001

Listed Company Information

SING PAO MEDIA<0164> - Results Announcement (Summary) Sing Pao Media Group Limited announced on 20/7/2001: (stock code: 164) Year end date: 31/3/2001 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 514,658 693,899 Profit/(Loss) from Operations : (851,697) 87,879 Finance cost : (85,469) (103,101) Share of Profit/(Loss) of Associates : (35,215) 86,503 Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (1,025,297) 18,533 % Change over Last Period : N/A EPS/(LPS)-Basic : ($3.276) $0.059 -Diluted : ($3.281) $0.046 Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (1,025,297) 18,533 Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : Nil B/C Dates for Other Distribution : N/A Remarks: 1. Certain figures in the last corresponding period have been changed. In particular, "finance cost" has been separately disclosed to conform with current year requirement and the EPS figures have been adjusted for the effect of share consolidation approved on 2nd April, 2001. 2. Turnover and profit/(loss) from operations Turnover Profit/(loss) from operations 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 Property development and investment 412,513 527,820 140,755 (5,946) Property rental 72,487 92,913 67,587 87,420 Publishing of newspaper and magazines and advertising income 24,560 - (12,890) - Securities trading and investments 5,098 73,166 (6,889) 46,252 Software development - - (12,573) - -------------------------------------------------------- 514,658 693,899 175,990 127,726 ======================= Other revenue 12,588 14,103 Administrative expenses (78,587) (51,875) Other operating expenses (6,792) - Loss on disposal of subsidiaries (864,078) (2,075) Unrealised holding loss on other investment reclassified after disposal of a former associate (42,166) - Write-off of goodwill (46,855) - Loss on deemed disposal of interest in an associate (1,797) - ---------------------- Profit/(loss) from operations (851,697) 87,879 ======================= 3. (Loss) earnings per share The calculation of the basic and diluted (loss) earnings per share for the year is based on the following data: 2001 2000 HK'000 HK'000 (Loss) earnings for the purposes of basic (loss) earnings per share (1,025,297) 18,533 Effect of dilutive potential ordinary shares: - adjustment to the share of results of a former subsidiary based on dilution of its earnings per share (1,230) (3,604) - adjustment to the share of results of a former associate based on dilution of its (loss) earnings per share (158) (618) ---------------------- (Loss) earnings for the purposes of diluted (loss) earnings per share (1,026,685) 14,311 ======================= 2001 2000 Number of Number of shares shares Weighted average number of ordinary shares for the purposes of basic (loss) earnings per share 312,947,194 312,947,194 Effect of dilutive potential ordinary shares in respect of share options - 397,812 ------------------------- Weighted average number of ordinary shares for the purposes of diluted (loss) earnings per share 312,947,194 313,345,006 ========================== The weighted average number of ordinary shares for the purpose of basic and diluted (loss) earnings per share for 2001 and 2000 has been adjusted for the effect of share consolidation approved on 2nd April, 2001. For the year ended 31st March, 2001, the computation of diluted loss per share did not assume the conversion of the Company's convertible redeemable notes and share options which were surrendered in February 2001 as the Group incurred a loss for the year. For the year ended 31st March, 2000, the computation of diluted earnings per share did not assume the conversion of the Group's convertible guaranteed bonds which were fully redeemed in February 2000 and the Company's outstanding convertible redeemable notes since their exercise would result in an increase in earnings per share from continuing ordinary operations. Also, the computation of diluted earnings per share did not assume the conversion of the Company's share options which lapsed in October 1999 as the exercise price was higher than the average fair value per share.