Suncorp Technologies Limited — Earnings Release 2001

Sep 24, 2001

Listed Company Information

DVN (HOLDINGS)<00500> - Results Announcement (Summary) DVN (Holdings) Limited announced on 21/9/2001: (stock code: 500) Year end date: 31/12/2001 Currency: HKD (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 38,885 31,558 Profit/(Loss) from Operations : (12,267) (23,450) Finance cost : (336) (74) Share of Profit/(Loss) of Associates : NIL (8,818) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (10,972) (29,636) % Change over Last Period : N/A EPS/(LPS)-Basic : ($0.06) ($0.13) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : NIL NIL Profit/(Loss) after ETD Items : (10,972) (29,636) Interim Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Comparative figures Certain comparative figures have been reclassified to conform to current period's presentation. 2. Operating loss Operating loss is stated after crediting and charging the following: 6 months ended 30 June 2001 2000 HK$'000 HK$'000 Crediting Guaranteed profit 10,145 - ---------------------- Charging Cost of inventories sold 14,495 15,392 Depreciation: Owned fixed assets 3,365 779 Leased fixed assets 20 20 Amortisation of goodwill 200 2,181 Amortisation of deferred development costs and film rights 4,322 940 Loss on disposal of investment securities - 4,674 Impairment of goodwill 7,800 - -------------------- 3. Share of results of associates Investment in associates has been fully disposed of during 2000. Accordingly, the Group does not have any share of associates' results (2000 : Loss of HK$8,818,000). 4. Loss per share Calculation of the basic loss per share is based on the Group's net loss attributable to shareholders, after provision for preference share dividends, of HK$15,653,000 (2000: HK$33,238,000) and on the weighted average number of 271,186,431 (2000: 259,202,064) ordinary shares in issue during the year. No diluted loss per share is shown for the two six-month periods ended 30 June 2001 and 2000 because the share options and convertible preference shares outstanding had an anti-dilutive effect on the basic loss per share for both periods. 5. Taxation Hong Kong profits tax has not been provided (2000 : Nil) as the Group did not generate any assessable profits during the period. Overseas profits tax has not been provided (2000 : Nil) as the foreign subsidiaries did not generate any assessable profits attributable to their operations in their respective countries of operations during the period. No deferred tax has been provided for the Company and the Group as there were no significant timing differences at the balance sheet date. 6. Preference share dividends Pursuant to section 54 of the Companies Act 1981 of Bermuda ("Act"), a company incorporated 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. The preference shares dividends accrued at the fixed rate of 5% per annum pursuant to the terms of the preference shares for the period ended 30 June 2001 amounted to HK$1,775,000 (2000 : HK$1,775,000). The preference shares dividends will only be paid upon fulfilment of the aforementioned conditions of the Act. An amount of dividend of HK$1,079,000 was written back upon conversion of these preference shares during the 6 months ended 30 June 2000. Preference share dividends also include dividends in preference shares issued by a wholly owned subsidiary of the Company, DVN (Group) Limited, of HK$2,906,000 (2000 : HK$2,906,000). 7. Interim dividend No interim dividend has been declared during the period ended 30 June 2001. 8. Discontinued operation There is no turnover or profit/loss from any discontinued operation during the period. For more details, please refer to the press announcement today.