Listed Companies information PIONEER GLOBAL<00224> - Results Announcement Pioneer Global Group Limited announced on 22/12/2003: (stock code: 00224 ) Year end date: 31/03/2004 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/4/2003 from 1/4/2002 to 30/9/2003 to 30/9/2002 Note ('000 ) ('000 ) Turnover : 19,913 21,815 Profit/(Loss) from Operations : 9,889 6,715 Finance cost : (1,328) (1,233) Share of Profit/(Loss) of Associates : 1,189 (3,176) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 8,741 1,972 % Change over Last Period : +343.26 % EPS/(LPS)-Basic (in dollars) : 0.0117 0.0026 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 8,741 1,972 Interim Dividend : Nil Nil per Share (Specify if with other : N/A N/A options) B/C Dates for Interim 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 Remarks: 1) BASIS OF PRESENTATION AND ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Statements of Standard Accounting Practice (SSAP25) "Interim Financial Reporting". The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 March 2003 , except that the Group has adopted the following new and revised SSAP which became effective on 1 April 2003. SSAP12 (Revised) : Income taxes Under SSAP12 (Revised) , deferred tax liabilities and assets are recognised in respect of all "temporary difference" whereas, "temporary differences" are those differences between the carrying value of an asset or liability in the entity's balance sheet, and the "tax base" of that asset or liability; and the "tax base" of an asset or liability is the amount attributed to that asset or liability for tax purpose. Deferred tax liabilities and assets are calculated by applying the appropriate tax rate to "temporary differences" and unused tax losses and tax credits. The adoption of SSAP 12 (Revised), represents a change of accounting policy, which has been applied retrospectively and the comparative figures have been restated accordingly. This change in accounting policy has resulted in prior period adjustment to the opening balance of equity as at 1 April 2003 which has been restated and decreased by HK$2,395,000 (1 April 2002 : 1,773,000). Certain comparative figures have been reclassified to conform to the current period presentation. 2) SEGMENT INFORMATION Segment information is presented on a primary reporting basis by business segment Property Investments 2003 2002 2003 2002 HK$'000 HK$'000 HK$'000 HK$'000 Segment turnover 12,913 13,769 3,485 3,034 Segment result 5,490 5,403* 3,407 2,920 Unallocated corporate expenses Operating profit Share of results of associates - Listed - - 1,310 3,365 - Unlisted (121) (6,541) - - Information Technology consolidated 2003 2002 2003 2002 HK$'000 HK$'000 HK$'000 HK$'000 Segment turnover 3,515 5,012 19,913 21,815 Segment result 276 (2,449) * 9,173 5,874 * Unallocated corporate expenses (864) (530) * -------------------------------------------------- Operating profit 8,309 5,344 Share of results of associates - Listed - - 1,310 3,365 - Unlisted - - (121) (6,541) Finance costs (1,328) (1,233) Net profit on disposal of assets less impairment provisions 1,580 1,371 Taxation (672) (1,260) Minority interests (337) 926 ------------------------------------------------- Net profit 8,741 1,972 ========================= * Segment results and unallocated corporate expenses for the six months ended 30 September 2002 have been reclassified to confirm with the current years' presentation following an internal review of allocation of overheads. 3) TAXATION 2003 Current Deferred taxation taxation Total HK$'000 HK$'000 HK$'000 Hong Kong Subsidiary companies 316 219 535 Overseas Subsidiary companies 6 - 6 Listed associate 28 103 131 ------------------------------------ 350 322 672 ==================================== 2002 Current Deferred taxation taxation Total HK$'000 HK$'000 HK$'000 Hong Kong Subsidiary companies 265 60 325 Overseas Subsidiary companies 25 - 25 Listed associate 665 245 910 ----------------------------------------- 955 305 1,260 ========================================= Hong Kong profits tax has been provided at the rate of 17.50% (2002 : 16%) on the estimated Hong Kong source assessable profits for the period. Overseas tax in respect of the Group and the listed associate has been provided at the applicable rates in the countries in which the tax is levied. The change in accounting policy in accordance with the SSAP12 (Revised) "Income taxes" to account for deferred taxation has been applied retrospectively and the comparative figures at 30 September 2002 has been restated and increased by HK$305,000. 4) EARNINGS PER SHARE Earnings per share is calculated on profit attributable to shareholders amounting to HK$8,741,000 (2002: Profit of HK$1,972,000) and on 748,984,917 shares in issue during the period (2002 : on weighted average number 749,088,742 shares in issue during the period). No diluted earnings per share have been presented for the period ended 30 September 2003 and 30 September 2002 as the exercised prices of the share options granted by the Company were higher than the fair value per share at the balance sheet date.