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G-VISION INTERNATIONAL (HOLDINGS) LIMITED

(Incorporated in Bermuda with limited liability)
(Stock Code: 657)
2007/08 INTERIM RESULTS ANNOUNCEMENT
The Board of Directors of G-Vision International (Holdings) Limited (the “Company”) is
pleased to announce the unaudited consolidated results of the Company and its subsidiaries
(the “Group”) for the six months ended 30 September 2007. The unaudited results have been
reviewed by Deloitte Touche Tohmatsu and the Company’s Audit Committee.
CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 September 2007
1.4.2007 1.4.2006

to to
30.9.2007 30.9.2006

Notes HK$’000 HK$’000
(unaudited) (unaudited)
Turnover 3 47,926 49,564
Cost of sales (19,051) (21,643)
Gross Profit 28,875 27,921
Other income 416 318
Restaurant operation expenses (26,577) (25,527)
Administrative expenses (4,257) (5,689)
Finance costs (447) (471)
Loss for the period 4 (1,990) (3,448)
Attributable to:
Equity holders of the parent (1,985) (3,443)
Minority interests (5) (5)
(1,990) (3,448)
Loss per share
Basic 6 (HK0.4 cent) (HK0.7 cent)


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CONDENSED CONSOLIDATED BALANCE SHEET

At 30 September 2007
30.9.2007 31.3.2007

Notes HK$’000 HK$’000
(unaudited) (audited)
Non-current assets
Property, plant and equipment 1,831 2,411
Investment properties 56,210 56,210
58,041 58,621

Current assets
Inventories 4,202 4,266
Trade and other receivables 7 6,600 7,054
Taxation recoverable 178 133
Pledged bank deposits 965 919
Bank balances and cash 13,876 14,128
25,821 26,500

Current liabilities
Trade and other payables 8 9,597 10,414
Amounts due to directors 11,475 10,200
Amounts due to minority shareholders 286 281
21,358 20,895

Net current assets 4,463 5,605
Total assets less current liabilities 62,504 64,226
Non-current liabilities
Loans from a related company 21,224 20,777
41,280 43,449

Capital and reserves
Share capital 48,485 48,485
Reserves (23,268) (21,104)
Equity attributable to equity holders of the parent 25,217 27,381
Minority interests 16,063 16,068
Total equity 41,280 43,449

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 September 2007
1. BASIS OF PREPARATION

The condensed consolidated financial statements have been prepared in accordance with the
applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities
on
2. PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared on the historical cost
basis, except for investment properties, which are measured at fair values.
The accounting policies adopted in the condensed consolidated financial statements are consistent
with those followed in the preparation of the Group’s annual audited financial statements for the
year ended 31 March 2007.
In the current interim period, the Group has applied, for the first time, a number of new Hong
Kong Financial Reporting Standard (“HKFRSs”), amendment of Hong Kong Accounting Standard
(“HKAS”) and Interpretations (“INTs”) (hereinafter collectively referred to as “new HKFRSs”)
issued by the HKICPA, which are effective for the Group’s financial year beginning 1 April
2007. The adoption of the new HKFRSs had no material effect on the results and financial
position for the current and prior accounting periods. Accordingly, no prior period adjustment is
required.
The Group has not early applied the following new standards, amendments or interpretations
that have been issued but are not yet effective:
HKAS 23 (Revised) Borrowing cost
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HKFRS 8 Operating segments
1
HK(IFRIC) – INT 12 Service concession arrangements
2
HK(IFRIC) – INT 13 Customer loyalty programmes
3
HK(IFRIC) – INT 14 HKAS 19 – The limit on a defined benefit asset, minimum funding
requirements and their interaction
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1
Effective for accounting periods beginning on or after 1 January 2009.
2
Effective for accounting periods beginning on or after 1 January 2008.
3
Effective for accounting periods beginning on or after 1 July 2008.
The directors of the Company anticipate that the application of these standards, amendments or
interpretations will have no material impact on the financial statements of the Group.

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3. SEGMENT INFORMATION

Business segments
For management purposes, the Group is currently organised into three main operating divisions
– restaurant operations, environmental friendly paper tableware and property investment. These
divisions are the basis on which the Group reports its primary segment information.
Environmental
Restaurant friendly paper Property
operations tableware investment Total
HK$’000 HK$’000 HK$’000 HK$’000
Six months ended 30 September 2007
TURNOVER

External 44,479 3,447 – 47,926
SEGMENT RESULT (1,467) (202) (19) (1,688)
Unallocated corporate expenses (35)
Interest income 180
Finance costs (447)
Loss for the period (1,990)
Environmental
Restaurant friendly paper Property
operations tableware investment Total
HK$’000 HK$’000 HK$’000 HK$’000
Six months ended 30 September 2006
TURNOVER

External 42,617 6,947 – 49,564
SEGMENT RESULT (1,711) (1,343) (13) (3,067)
Unallocated corporate expenses (47)
Interest income 137
Finance costs (471)
Loss for the period (3,448)

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4. LOSS FOR THE PERIOD
1.4.2007 1.4.2006

to to
30.9.2007 30.9.2006

HK$’000 HK$’000
Loss for the period has been arrived at after charging (crediting):
Depreciation 625 761
Interest income (180) (137)
5. TAXATION

No provision for Hong Kong Profits Tax has been made in the condensed consolidated financial
statements as the Company and its subsidiaries either did not have assessable profit for the
period or the assessable profit had been wholly absorbed by tax losses brought forward.
6. LOSS PER SHARE

The calculation of basic loss per share is based on the loss attributable to equity holders of the
parent for the period of HK$1,985,000 (six months ended 30 September 2006: HK$3,443,000)
and on the 484,853,527 shares (six months ended 30 September 2006: 484,853,527 shares) in
issue during the period.
No diluted loss per share is presented for both periods because the assumed exercise of the
Company’s share options would result in a decrease in loss per share.
7. TRADE AND OTHER RECEIVABLES

Most of the restaurant customers settle in cash and credit cards. The Group allows an average
credit period of 60 days to other trade customers.
The following is an aged analysis of trade receivables at the reporting date:
30.9.2007 31.3.2007

HK$’000 HK$’000
0 – 60 days 1,621 1,911
61 – 90 days 5 13
More than 90 days 26 26
1,652 1,950
8. TRADE AND OTHER PAYABLES

The following is an aged analysis of trade payables at the reporting date:
30.9.2007 31.3.2007

HK$’000 HK$’000
0 – 60 days 3,235 3,480
More than 60 days 1,122 1,136
4,357 4,616

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MANAGEMENT DISCUSSION AND ANALYSIS

Financial Results
For the six months ended 30 September 2007, the Group recorded a consolidated turnover of
approximately HK$47.9 million, representing a decrease of approximately HK$1.6 million or
3.3% compared to the last corresponding period. The decrease was mainly attributable to
decreased sales in the Group’s environmental friendly paper tableware business.
The net loss for the period under review was approximately HK$2.0 million, representing a
decrease of 42% as compared to the net loss of approximately HK$3.5 million of the last
corresponding period. The improvement in the overall results was mainly due to an
approximately HK$1.4 million decrease in administrative expenses.
Review of Operations
The Group’s restaurant operation in Hong Kong continues to provide a stable source of
revenue and remains the largest contributor to turnover, generating 93% of the Group’s turnover
for the period under review. The segment turnover related to the reporting period increased by
4.4% to HK$44.5 million, while the segment loss declined by 14% to HK$1.5 million. The
improvement in sales and profit margin was partly offset by a substantial increase in rental
expenditure of approximately HK$1.6 million.
The Group’s environmental friendly paper tableware segment recorded a turnover of
approximately HK$3.5 million which is below the last corresponding period’s turnover of
approximately HK$6.9 million. The decline in sales was mainly due to reduced orders from
our US customers. The segment loss however was HK$0.2 million, representing an improvement
of HK$1.1 million from the last corresponding period and was mainly attributable to lower
operating and administrative costs.
Liquidity and Financial Resources
The Group’s cash and bank balances (including pledged bank deposits) amounted to
approximately HK$14.8 million as at 30 September 2007. As the Group had no bank borrowings,
the Group’s gearing ratio was zero as at 30 September 2007 and 31 March 2007.
The Group has obtained loan facilities from a related company, Hover City Industrial Limited,
which bear interest at 3% below the best lending rate quoted by a bank in Hong Kong. As at
30 September 2007, the sum drawn down by the Group was approximately HK$18.8 million
(31 March 2007: HK$18.8 million), with accrued interests of approximately HK$2.4 million
(31 March 2007: HK$2.0 million). The loans are repayable in one lump sum (including
accrued interests) by 31 December 2008.
With the cash generated from the Group’s operation in its ordinary course of business and the
existing unutilised loan facilities, the directors consider that the Group has sufficient working
capital for its operation.
Foreign Exchange Exposure
As most of our sales, purchases, cash and bank balances were denominated in Hong Kong
dollars during the period, the Group was not exposed to material foreign exchange risks.

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Employees and Remuneration Policies
At 30 September 2007, the Group had approximately 230 staff. Review of the employees’
remuneration packages is normally conducted annually and as required from time to time. The
salary and benefit levels of the Group’s employees are competitive and individual performance
is rewarded through the Group’s bonus scheme. Other benefits including medical coverage
and Mandatory Provident Fund Scheme are also provided to employees.
INTERIM DIVIDEND

The Board of Directors has resolved not to declare any interim dividend for the six months
ended 30 September 2007 (for the six months ended 30 September 2006: Nil).
PROSPECTS

The second half of the financial year is traditionally the peak season for the food and beverage
industry. The Group expects its restaurant business to achieve higher turnover and positive
results benefiting from the generally favourable economic environment, higher consumer
expenditure and increased number of tourists during the festive season. For the Group’s
environmental friendly paper tableware business, through our continuous effort to restructure
the plant operation and to explore new business opportunities, we aim to improve the overall
sales and results in the near future.
Management review has been conducted across all business segments of the Group with the
aim to better position the Group to meet the challenges ahead and to capture any business
opportunities as they arise.
PURCHASE, SALE OR REDEMPTION OF SHARES

There was no purchase, sale or redemption of the Company’s shares by the Company or any
of its subsidiaries during the period under review.
CODE ON CORPORATE GOVERNANCE PRACTICE

The Company has applied the principles and complied with the code provisions set out in the
Code on Corporate Governance Practices contained in Appendix 14 (the “Code”) of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the
“Listing Rules”) throughout the six months period ended 30 September 2007 except for Code
provision A.2.1 in respect of the role separation of the chairman and the chief executive
officer and Code provision A.4.1 in respect of the service term of non-executive directors.
Code provision A.2.1 sets out that the roles of the chairman and the chief executive officer
should be separate and should not be performed by the same individual. Currently, Mr. Cheng
Hop Fai assumes the role of both the Chairman and the Managing Director of the Company.
The Board considers that such arrangement will not result in undue concentration of power
and is, at this stage, conducive to the efficient formulation and implementation of the Group’s
strategies thus allowing the Group to develop its business more effectively.

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Code provision A.4.1 stipulates that non-executive directors should be appointed for a specific
term, subject to re-election. The independent non-executive directors (“INEDs”) of the Company
are not appointed for a specific term. This constitutes a deviation from Code provision A.4.1.
However, as all the INEDs of the Company are subject to retirement by rotation at the annual
general meetings of the Company in accordance with the Company’s Bye-laws, in the opinion
of the directors, this meets the objective of the Code.
AUDIT COMMITTEE

The members of the Audit Committee are Ms. Kan Lai Kuen, Alice (Chairman), Mr. Law Toe
Ming and Mr. Mark Yiu Tong, William, the INEDs of the Company. The Audit Committee has
reviewed with management the accounting principles and practices adopted by the Group and
discussed with the Board of Directors the internal control and financial reporting matters
including the unaudited interim financial statements for the six months ended 30 September
2007.
REMUNERATION COMMITTEE

Pursuant to Code provision B.1.1, the Company has established a Remuneration Committee
comprising the three INEDs, namely Mr. Law Toe Ming (Chairman), Ms. Kan Lai Kuen, Alice
and Mr. Mark Yiu Tong, William. The terms of reference of the Remuneration Committee are
consistent with the Code provisions. The principal function of the Remuneration Committee is
to make recommendation to the Board on the Group’s policy and structure for the remuneration
of directors and senior management.
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF THE
COMPANY

The Company has adopted the Model Code for Securities Transactions by Directors of Listed
Issuers (the “Model Code”) set out in Appendix 10 of the Listing Rules as its own code of
conduct regarding securities transactions by the directors. Following specific enquiry by the
Company, all the directors have confirmed that they have complied with the required standards
as set out in the Model Code during the six months period ended 30 September 2007.
PUBLICATION OF RESULTS ANNOUNCEMENT AND INTERIM REPORT

The interim results announcement is published on the websites of the Company (www.g-
vision.com.hk) and the Stock Exchange (www.hkex.com.hk). The Company’s Interim Report
2007/2008 will be despatched to the shareholders and posted on the said websites in due
course.
By Order of the Board
Cheng Hop Fai
Chairman
Hong Kong, 18 December 2007
As at the date of this announcement, the Board is composed of 7 Directors. The executive
Directors are Mr. Cheng Hop Fai (Chairman), Mrs. Cheng Kwok Kwan Yuk, Ms. Cheng Pak
Ming, Judy and Miss Cheng Pak Man, Anita, and the independent non-executive Directors are
Mr. Law Toe Ming, Mr. Mark Yiu Tong, William and Ms. Kan Lai Kuen, Alice.