09:19     PAN SINO INT'L<08260> - Yearly Results Announcement (2)             

    2. Listing Date                                                           
                                                                              
    The Company was listed on 2nd December 2003.                              
                                                                              
    3. Basis of Preparation                                                   
                                                                              
    The Group's financial statements have been prepared in accordance with    
    accounting principles generally accepted in Hong Kong and comply with     
    Statements of Standard Accounting Practice issued by the Hong Kong        
    Institute of Certified Public Accountants and are prepared under the      
    historical cost convention.                                               
                                                                              
    4. Earnings per share                                                     
                                                                              
    (a) The calculation of basic earnings per share for the year ended 31st   
    December, 2004 is based on the Group's profit attributable to             
    shareholders and 800,000,000 shares in issue during the                   
     year ended 31st December, 2004.                                          
                                                                              
    The calculation of basic earnings per share for the year ended            
    31st December, 2003 is based on the Group's profit attributable           
    to shareholders and the weighted average number of 582,356,164 shares     
    (comprising 560,000,000 shares, being 1 share issued on the               
    incorporation of the Company on 16th October, 2002, 99,999 shares as the  
    consideration for the acquisition of the entire issued share capital of   
    Dickinson Group Limited on 23rd June, 2003 and adjusting for the          
    capitalisation issue of 559,900,000 shares as referred to in the          
    prospectus of  the Company dated 25th November, 2003 and 22,356,164       
    shares, being the weighted average number of 240,000,000 shares           
    issued to the placees on 28th November, 2003) in issue during the         
     year ended 31st December, 2003.                                          
                                                                              
    (b) Diluted earnings per share for the year ended 31st December, 2004 is  
    based on the Group's profit attributable to shareholder and the           
    weighted average number of 854,193,548 shares in issue during the year.   
    The number of shares used in the calculation comprised 800,000,000        
    shares referred to in note 4(a) above and 54,193,548 shares assumed       
    to have been issued at no consideration on the deemed exercise of the     
    options under the Pre-IPO Share Option Scheme based on the fair value     
    per share of HK$0.31.                                                     
                                                                              
    Diluted earnings per share for the year ended 31st December, 2003         
    is based on the Group's profit attributable to shareholders and the       
    weighted average number of 636,709,105 shares in issue during the         
    year. The number of shares used in the calculation comprised              
    582,356,164 shares referred to in note 4(a) above and 54,352,941          
    shares assumed to have been issued at no consideration on the deemed      
    exercise of the options under the Pre-IPO Share Option Scheme based       
    on the fair value per share of HK$0.34.