Quarterly Results announcement form Name of listed company :International Capital Network Holdings Limited Stock code :8004 Year end date :31/7/2002 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 Currency: HK$ (Unaudited) (Unaudited) Quarterly Results Announcement Current Last Corresponding Period Period from 1/8/2001 from 1/8/2000 to 30/4/2002 to 30/4/2001 HK$ HK$ Turnover : 3,466,282 580,000 Profit/(Loss) from Operations : -2,981,474 -690,835 Finance cost : 0 0 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 : -2,981,474 -690,835 % Change Over the Last Period : N/A % EPS / (LPS) - Basic : (1.01) cents (0.26) cents - Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : -2,981,474 -690,835 3rd Q Dividend per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for 3rd 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 : NIL B/C Dates for Other Distribution : N/A to N/A bdi. (bdi: both days inclusive) For and on behalf of International Capital Network Holdings Limited Signature : Name : Hui Chuen Kin Title :Chairman and Manageing Director 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. Remark: 1. Basis of preparation The Company was incorporated and registered as an exempted company with limited liability in the Cayman Islands under the Companies Law of the Cayman Islands on 12th July, 2001. Pursuant to a group reorganisation (the "Reorganisation") in preparation for the listing of the Company's shares on the Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the ultimate holding company of the Group on 10th November, 2001. Further details of the Reorganisation are set out in the prospectus of the Company dated 20th November, 2001. The ordinary shares of HK$0.01 each of the Company (the "Shares") have been listed on the GEM of the Stock Exchange since 30th November, 2001. The Reorganisation has been reflected in the accounts by regarding the Group, which comprises the Company and its subsidiaries, as a continuing entity. Accordingly, the combined results of the Group for the period from, 1st August, 2001 to 30th April, 2002 and the comparative for the corresponding period ended 30th April, 2001 have been prepared on a merger basis, which are based on the unaudited results of the Group as if the current group structure of the Group had been in existence throughout the period from 1st August, 2001 to 30th April, 2002 and the corresponding period ended 30th April, 2001. All material intra-group transactions and balances have been eliminated on combination. 2. Loss per share The calculation of basic loss per share is based on the loss attributable to shareholders of approximately HK$2,387,190 and HK$2,981,474 loss for three months ended 30th April, 2002 and nine months ended 30th April, 2002 respectively (three months and nine months ended 30th April, 2001: HK$690,346 and HK$690,835 loss respectively) and on the weighted average of 320,000,000 Shares and 295,794,871 Shares in issue during three months ended 30th April, 2002 and nine months ended 30th April, 2002 respectively (three months and nine months ended 30th April, 2001: on an assumption that 264,000,000 Shares in issued). No diluted earnings per Share for three months ended 30th April, 2002 and nine months ended 30th April, 2002 (three months and nine months ended 30th April, 2001 : Nil) have been presented because there were no dilutive potential ordinary shares in existence during the periods.