Quarterly Results announcement form Name of listed company :GREENCOOL TECHNOLOGY HOLDINGS LIMITED Stock code :8056 Year end date :31/12/2002 This result announcement form only contains extracted information from and should be read in conjunction with the detailed results announcement of the issuer, which can be viewed on the GEM website at http://www.hkgem.com (Unaudited) (Unaudited) Last Quarterly Results Announcement Current Corresponding Period Period from 01/01/2002 from 01/01/2001 to 31/03/2002 to 31/03/2001 RMB'000 RMB'000 Turnover : 47,483 49,484 Profit/(Loss) from Operations : 16,841 32,537 Finance cost : -612 -502 Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : 15,181 29,770 % Change Over the Last Period : -49.01 % EPS / (LPS) - Basic : RMB1.52 cents RMB3.0 cents - Diluted : RMB1.52 cents RMB3.0 cents Extraordinary (ETD) Gain/(Loss) : 0 0 Profit (Loss) after ETD Items : 15,181 29,770 1st Q * Dividend per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for 1st Q* Dividend : N/A to N/A bdi. Payable Date : N/A B/C Dates for AGM/SGM : N/A to N/A bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A to N/A bdi. (bdi: both days inclusive) For and on behalf of Greencool Technology Holdings Limited Signature : Name :MOK HENRY WING KAI Title :COMPANY SECRETARY Responsibility statement The directors of the Company (the "Directors") as at the date hereof hereby collectively and individually accept full responsibility for the accuracy of the information contained in this results announcement form (the "Information") and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief the Information are accurate and complete in all material respects and not misleading and that there are no other matters the omission of which would make the Information herein inaccurate or misleading. The Directors acknowledge that the Stock Exchange has no responsibility whatsoever with regard to the Information and undertake to indemnify the Exchange against all liability incurred and all losses suffered by the Exchange in connection with or relating to the Information. Remarks: (1) Basis of Presentation The principal accounting policies adopted in preparing the unaudited consolidated results have been prepard in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. (2) Revenue Revenue comprised the following: Three months ended 31 March 2002 2001 RMB'000 RMB'000 Conversion engineering income 43,110 45,940 Sale of Greencool refrigerants 4,373 3,544 ------- ------- 47,483 49,484 ======= ======= (3) Earnings per share The calculation of basic earings per share for the three months ended 31 March 2002 is based on the unaudited consolidated net profit attributable to shareholders of approximately RMB15,181,000 (three months ended 31 March 2001: RMB29,770,000) and the weighted average number of 1,000,000,000 shares (three months ended 31 March 2001: 1,000,000,000 shares) in issue. Diluted earnings per share is computed by dividing the unaudited consolidated net profit for the three months ended 31 March 2002 attributable to ordinary shareholders of approximately RMB15,181,000 (three months ended 31 March 2001: RMB29,770,000) by the weighted average number of ordinary shares outstanding during the period adjusted for the effects of all dilutive potential by the issue of ordinary shares from exercise of share options. Reconciliation of number of ordinary shares for calculation of basic and diluted earnings per share: Three months ended 31 March 2002 2001 Weighted average number of ordinary shares used in calculating basic earnings per share 1,000,000,000 1,000,000,000 Deemed issue of ordinary shares for no consideration 355,000 3,371,000 -------------- ------------ Weighted average number of ordinary shares used in calculating diluted earnings per share 1,000,355,000 1,003,371,000 ============== ============= (4) Dividend The Board of Directors does not recommend the payment of any interim dividend for the three months ended 31 March 2002 (three months ended 31 March 2001: NIL)