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INTERIMREPORT2005/06Lee&ManPaperManufacturingLimited*Foridentificationpurposesonly*Lee&ManPaperManufacturingLimited8thFloor,LivenHouse,61-63KingYipStreetKwunTong,Kowloon,HongKongTel:23199888Fax:2319966661-6382319988823199666(IncorporatedintheCaymanIslandswithlimitedliability)Lee&ManPaperManufacturingLimited01InterimReport2005/06CorporateInformation2InterimResults4BusinessReviewandOutlook21ManagementDiscussionandAnalysis22Otherinformation25CONTENTSCORPORATEINFORMATION022005/06BOARDOFDIRECTORSExecutivedirectorMrLeeWanKeungPatrick(Chairman)MrLeeManChunRaymond(Chiefexecutiveofficer)MrLeeManBunMrLiKingWaiRossMrTanSiakHimAlexanderNon-executivedirectorProfessorPoonChungKwongIndependentnon-executivedirectorMrWongKaiTungTonyMrHengKwooSengMsLawKarShuiElizabethCOMPANYSECRETARYMrCheungKwokKeungREGISTEREDOFFICECenturyYardCricketSquareHutchinsDriveP.O.Box2681GTGeorgeTownGrandCaymanBritishWestIndiesHEADOFFICEANDPRINCIPALPLACEOFBUSINESSINHONGKONG8thFloor,LivenHouse61-63KingYipStreetKwunTongKowloonHongKongCenturyYardCricketSquareHutchinsDriveP.O.Box2681GTGeorgeTownGrandCaymanBritishWestIndies61638Lee&ManPaperManufacturingLimited03CORPORATEINFORMATIONInterimReport2005/06PRINCIPALBANKERSInMacauandHongKong:HangSengBankLimitedStandardCharteredBank(HK)LtdCitibank,N.A.InthePRC:ChinaConstructionBankBankofChinaAgriculturalBankofChinaAUDITORSDeloitteToucheTohmatsuCertifiedPublicAccountantsPRINCIPALSHAREREGISTRARANDTRANSFEROFFICEBankofButterfieldInternational(Cayman)Ltd.ButterfieldHouse68FortStreetP.O.Box705GeorgeTownGrandCaymanCaymanIslandsHONGKONGBRANCHSHAREREGISTRARANDTRANSFEROFFICETricorInvestorServicesLimitedGroundFloor,BEAHarbourViewCentre56GloucesterRoadWanchaiHongKongWEBSITE(Cayman)Ltd.ButerfieldHouse68FortStreetP.O.Box705GeorgeTownGrandCaymanCaymanIslands56(the“Company”)ispleasedtoannouncetheunauditedcondensedconsolidatedresultsoftheCompanyanditssubsidiaries(the“Group”)forthesixmonthsended30September2005togetherwiththecomparativefiguresasfollows:CONDENSEDCONSOLIDATEDINCOMESTATEMENTForthesixmonthsended30September200520052004(unaudited)(unaudited)NotesHK$’000HK$’000Turnover21,869,3201,257,701Costofsales(1,489,600)(988,001)Grossprofit379,720269,700Otheroperatingincome43,1363,114Distributioncosts(29,153)(21,961)Administrativeexpenses(60,877)(49,699)Profitfromoperations3332,826201,154Interestonbankborrowingswhollyrepayablewithinfiveyears(19,321)(4,036)Profitbeforetaxation313,505197,118Taxation4(4,155)(2,830)Profitfortheperiod309,350194,288InterimDividend——Earningspershare5—Basic32.11cents20.31cents—Diluted31.99cents20.22centsLee&ManPaperManufacturingLimited05INTERIMRESULTSInterimReport2005/06CONDENSEDCONSOLIDATEDBALANCESHEETAt30September200530September31March20052005(unaudited)(audited)NotesHK$’000HK$’000NON-CURRENTASSETSProperty,plantandequipment62,754,5962,497,776Landuserights87,19686,517Depositspaidonacquisitionofproperty,plantandequipment554,577148,174Deferredtaxassets10,0338,8603,406,4022,741,327CURRENTASSETSInventories7512,378548,364Tradeandbillsreceivable8651,060504,649Notesreceivable—26,643Deposits,prepaymentsandotherreceivables174,138207,731Retirementbenefitassets1,3201,320Amountduefromarelatedcompany6,516612Taxationrecoverable—92Pledgedbankdeposits—1,055Bankbalancesandcash80,59181,6001,426,0031,372,066CURRENTLIABILITIESTradeandbillspayable9112,36197,762Accrualsandotherpayables150,648192,253Taxationpayable12,75312,730Unsecuredbankborrowings—duewithinoneyear1,239,693618,4741,515,455921,219NETCURRENT(LIABILITIES)ASSETS(89,452)450,847TOTALASSETSLESSCURRENTLIABILITIES3,316,9503,192,174INTERIMRESULTS062005/0630September31March20052005(unaudited)(audited)NotesHK$’000HK$’000NON-CURRENTLIABILITYUnsecuredbankborrowings—dueafteroneyear117,812150,7133,199,1383,041,461CAPITALANDRESERVESSharecapital1096,33896,338Reserves3,102,8002,945,1233,199,1383,041,461Lee&ManPaperManufacturingLimited07INTERIMRESULTSInterimReport2005/06CONDENSEDCONSOLIDATEDCASHFLOWSTATEMENTForthesixmonthsended30September200520052004(unaudited)(unaudited)HK$’000HK$’000Netcashgeneratedfromoperatingactivities220,04770,040Netcashusedininvestingactivities(635,965)(464,683)Netcashgeneratedfromfinancingactivities414,909104,518Netdecreaseincashandcashequivalents(1,009)(290,125)Cashandcashequivalentsbroughtforward81,600351,718Cashandcashequivalentscarriedforwardrepresentedbybankbalancesandcash80,59161,593INTERIMRESULTS082005/06CONDENSEDCONSOLIDATEDSTATEMENTOFCHANGESINEQUITYForthesixmonthsended30September2005ShareShareTranslationSpecialAccumulatedCapitalpremiumreservereserveprofitTotal(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited))HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000At1April200596,3381,846,62819,463(2,999)1,082,0313,041,461Exchangedifferencearisingfromtranslationoffinancialstatementsofoverseasoperations——21,736——21,736Profitfortheperiod————309,350309,350Dividendpaid————(173,409)(173,409)At30Se