Suncorp Technologies Limited — Earnings Release 1999

May 4, 2000

Listed Company Information

DVB (HOLDINGS)<0500> - Results Announcement DVB (Holdings) Limited announced on 3/5/2000: (stock code: 500) Year end date: 31/12/1999 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 ('000) ('000) Turnover - Continuing : 280,763 879,022 - Discontinued : 0 0 Operating Profit/(Loss) - Continuing : (302,498) 3,574 - Discontinued : - - Total Operating Profit/(Loss) : (302,498) 3,574 Share of Profit/(Loss) of Associated Companies : (189,959) (57,517) Share of Profit/(Loss) of Jointly Controlled Entities : - - Accrued Preference Dividends : (3,627) (6,233) Minority Interests : 0 (37) Profit/(Loss) after Tax & MI : (496,084) (60,213) % Change over Last Period : N/A EPS/(LPS)-Basic : ($2.67) ($0.36) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (496,084) (60,213) Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : - Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Prior Year Adjustments - In prior year, a former associate adopted an accounting policy of capitalizing pre-operating expenses. However, in 1999, the Group has adopted the revised Statement of Standard Accounting Practice ("SSAP") 1 and Interpretation 9 "Accounting for pre-operating expenses" issued by the Hong Kong Society of Accountants. As a result, the Group has written off the balance of the former associate's pre-operating expenses against the accumulated losses and restated the previous years' financial statements, as if the pre-operating expenses had never been capitalized as assets. In restating the Group's results for prior years on the basis of the new policy, the net loss attributable to shareholders of the Group for the year ended 31 December 1998 has decreased by HK$5,599,000, comprising decreases in the Group's share of result of associates and loss on partial divestment of interests in associates of HK$5,033,000 and HK$566,000 respectively. The retained profits brought forward as at 1 January 1998 has decreased by HK$10,278,000. 2. Operating loss for the year is arrived at after including loss on divestment of associates and reclassification of interests in associates to short term investment of HK$159,333,000, provision for amounts due from former associates of HK$60,490,000 and provision for accounts and other receivables of HK$55,141,000. 3. Hong Kong profits tax has not been provided (1998: nil) as the Group did not generate any assessable profits during the year. Overseas profit tax has not been provided (1998: nil) as the foreign subsidiaries and associates did not generate any assessable profits attributable to their operations in their respective countries of operation during the year. 4. Pursuant to section 54 of the Companies Act 1981 of Bermuda ("Act"), a company incoporated in Bermuda is not permitted to pay dividends while there are reasonable grounds for believing that the Company is, or would after the payment be, unable to pay its liabilities as they become due; or the realisable value of the Company's assets would thereby be less than the aggregate of its liabilities and its issued share capital and share premium account. Preference Shares Dividends accrued at the fixed rate 5% per annum pursuant to the terms of the Preference Share for the year ended 31 December, 1999 amounted to HK$3,931,000 (1998: HK$6,233,000). The preference shares dividend will only be paid upon fulfillment of the aforementioned conditions of the Act. An amount of HK$4,663,000 dividends was written backs upon conversion of these preference shares during the year. Preference dividends also include dividends in preference shares issued by a wholly-owned subsidiary of the Group, DVB (Group) Limited, of HK$4,359,000. 5. The calculation of the basic loss per share is calculated on the Group's net loss attributable to shareholders after provision for preference share dividends of HK$496,084,000 (1998: HK$60,213,000) and on the weighted average number of 185,682,752 (1998: 166,637,508) ordinary shares during the year. No diluted loss per share is shown for the year ended 31 December 1998 because the Company does not have any dilutive potential ordinary shares. No diluted loss per share is shown for the year ended 31 December 1999 because the share options and convertible preference shares outstanding during the year had an anti-dilutive effect on the basic loss per share. For more details, please refer to the press announcement today.