LOULAN HOLDINGS<08039> - Results Announcement Loulan Holdings Limited announced on 08/11/2004: (stock code: 08039 ) Year end date: 31/12/2004 Currency: RMB Auditors' Report: N/A Interim report reviewed by: Audit Committee Important Note: This result announcement form only contain extracted information from and should be read in conjunction with the detailed results announcement of the issuer, which can be view on the GEM website at http://www.hkgem.com (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 30/09/2004 to 30/09/2003 Note ('000 ) ('000 ) Turnover : 39,594 96,650 Profit/(Loss) from Operations : (6,205) 2,588 Finance cost : (2,546) (2,435) 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 : (8,935) (209) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.022) (0.001) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (8,935) (209) 3rd Quarter Dividend : N/A N/A per Share (Specify if with other : N/A N/A options) B/C Dates for 3rd Quarter Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A For and on behalf of Loulan Holdings Limited Name : Pong Lai Kit, Tracy 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. Group reorganisation The Company was incorporated in the Cayman Islands on 29 August 2001 as an exempted company with limited liability and its shares have been listed on the GEM of the Stock Exchange since 12 August 2002. Pursuant to a group reorganisation ("the Reorganisation") to rationale the structure of the Group in preparation for the listing of the Company's shares on the GEM of the Stock Exchange, the Company became the holding company of the Group on 24 July 2002. Details of the Reorganisation are set out in the prospectus of the Company dated 31 July 2002 (the "Prospectus"). 2. Basis of preparation and principal accounting policies The unaudited consolidated results have been prepared in accordance with all applicable Statements of Standard Accounting Practice and Interpretations issued by the Hong Kong Institute of Certified Public Accountants, accounting principles generally accepted in Hong Kong, the applicable disclosure requirements of the Hong Kong Companies Ordinance and the applicable disclosure provisions of the GEM Listing Rules of the Stock Exchange of Hong Kong Limited. With effect from 1 January 2003, in order to complying with SSAP 12 (revised) issued by Hong Kong Institute of Certified Public Accountants, the Group adopted a new policy for deferred tax to the financial statements. The adoption of this accounting policy has been applied retrospectively, but has no material effect on the results for the current or prior accounting periods. Accordingly, no prior periods adjustment is necessary. The accounting policies adopted in preparing the unaudited condensed consolidated results for the period ended 30 September 2004, except for the vineyard development as explained below, are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2003. Vineyard development represents the costs incurred in preparing agricultural land for the planting of grapes. Cost comprises the direct costs of development during the period of development. Vineyard development costs are amortised over the estimated economic life of the commercial harvesting of the grapes, which is 20 years, on a straight-line basis, as from the 6th years which the agricultural land preparation is generally completed. 3. Loss per share The calculation of the Group's basic loss per share for the nine months ended 30 September 2004 is based on the unaudited loss attributable to shareholders of RMB8,935,000 (2003: RMB209,000) and the weighted average of 400,000,000 (2003: 400,000,000) shares in issue during the period. Diluted loss per share amounts for the nine months respectively ended 30 September 2004 and 2003 have not been disclosed as there were no dilutive potential shares during the periods. |