CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LIMITED — Earnings Release 2003

Apr 27, 2004

Listed Company Information

Listed Company Information
UNIVERSAL HOLD<00419> - Results Announcement Universal Holdings Limited announced on 27/4/2004: (stock code: 00419 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/1/2003 from 1/1/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 30,011 51,791 Profit/(Loss) from Operations : (27,706) (154,256) Finance cost : (4,634) (3,979) Share of Profit/(Loss) of Associates : (37,511) (11,393) Share of Profit/(Loss) of Jointly Controlled Entities : N/A (1,727) Profit/(Loss) after Tax & MI : (70,046) (95,103) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.024) (0.034) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (70,046) (95,103) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final 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 preparation These accounts have been prepared in accordance with accounting principles generally accepted in Hong Kong and comply with accounting standards issued by the Hong Kong Society of Accountants ("HKSA"). They have been prepared under the historical cost convention, except for short-term investments are stated at fair value. In the current year, the Group adopted Statement of Standard Accounting Practice ("SSAP") 12 (revised) "Income Taxes" issued by the HKSA which is effective for accounting periods commencing on or after 1st January 2003. The adoption of SSAP 12 (revised) resulted in a change in accounting policy. However, no prior year adjustment has been made as the effect of this change is not material on the results for the current and prior accounting periods. (2) Continuing operation / Discontinued operation All the turnover and loss of the Group are derived from Continuing Operation. The Group did not discontinue any of its operation in year 2003 and 2002. (3) Dividends The directors do not recommend the payment of a dividend in respect of the year ended 31st December 2003. (4) Operating loss Operating loss is stated after crediting and charging the following: Group 2003 2002 HK$'000 HK$'000 Crediting Net other operating expenses including: Net gain on dilution of interests in associated companies/subsidiaries 11,503 23,684 Net gain on disposal of subsidiaries - 11,549 Net gain on disposal of fixed assets 26 621 Write-back of provision for legal fees - 12,418 Write-back of provision for bad and doubtful debts 21,036 - Gain on redemption of preferred shares5,793 - ======= ========== Charging Cost of inventories sold 17,013 25,445 Cost of services provided 3,966 6,070 Depreciation 3,457 19,474 Auditors' remuneration 450 1,535 Staff costs (excluding directors' remuneration: Wages and salaries 1,502 50,638 Unutilised annual leave - 687 Termination benefits - 1,253 Contributions to defined contribution Mandatory Provident Fund 71 2,921 Less: costs capitalised - (13,198) --------- ------------ 1,573 42,301 --------- --------- Operating lease rentals: Land and buildings 1,324 8,451 Equipment 416 354 -------- --------- 1,740 8,805 -------- ------- Net other operating expenses including: Amortisation of intangibles: Film rights - 3,489 Goodwill 104 2,024 Development costs 368 3,908 Write-off of development costs 92 - Write-off of inventories - 625 Provision for inventories - 4,531 Provision for bad and doubtful debts 298 6,108 Write-off of bad and doubtful debts 870 33,855 Net unrealised loss of short-term investments 3,946 6,692 Provision for settlement of legal dispute 13,852 - Exchange losses, net - 55 --------------------------- (5) Loss per share The calculation of the basic loss per share is based on the Group's loss attributable to ordinary shareholders of HK$70,046,000 (2002: HK$95,103,000) and on the weighted average number of 2,922,238,205 (2002: 2,774,293,000) ordinary shares in issue during the year. No diluted loss per share is shown for the two years ended 31st December 2003 and 2002 as the convertible preference shares outstanding had an anti-dilutive effect on the basic loss per share for both years.