Suncorp Technologies Limited — Earnings Release 2000

Apr 26, 2001

Listed Company Information

DVN (HOLDINGS)<0500> - Results Announcement DVN (Holdings) Limited announced on 25/4/2001: (stock code: 500) Year end date: 31/12/2000 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2000 from 1/1/1999 to 31/12/2000 to 31/12/1999 ('000) ('000) Turnover : 43,715 280,763 Profit/(Loss) from Operations : (179,340) (300,424) Finance cost : (366) (2,074) Share of Profit/(Loss) of Associates : (15,032) (189,959) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (200,888) (496,084) % Change over Last Period : N/A EPS/(LPS)-Basic : ($0.76) ($2.67) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (200,888) (496,084) Final Dividend per Share : NIL NIL (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : - B/C Dates for Other Distribution : N/A Remarks: 1. Analysis of Turnover and Contribution to loss from operating activities Turnover Contribution to loss from operating activities 2000 1999 2000 1999 HK$'000 HK$'000 HK$'000 HK$'000 Continuing operations - Trading of digital broadcasting equipment and related products 27,936 - (51,306) - - Provision of international financial market information and selective consumer data 15,779 6,963 (4,020) 894 ---------------------------------------- 43,715 6,963 (55,326) 894 ======================================== Discontinued operations - Trading of computer monitors and related products - 273,800 - (26,354) ---------------------------------------- 43,715 280,763 (55,326) (25,460) ================ Reorganisation costs (Remark 2) (124,014) (274,964) ------------------------- LOSS FROM OPERATING ACTIVITIES (179,340) (300,424) ======================== 2. Reorganisation costs represent : 2000 1999 HK$'000 HK$'000 Goodwill written off (84,343) - Provision for accounts and other receivable (16,682) (55,141) Provision for amounts due from former associates (25,140) (60,490) Loss on disposal of short term investment (4,672) - Loss on disposal of subsidiaries (1,976) - Gain/ (Loss) on divestment of interests in associates 8,799 (66,035) Loss on reclassification of interests in associates to short term investments - (93,298) ------------------------ (124,014) (274,964) ========================= 3. 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$200,888,000 (1999: HK$496,084,000) and on the weighted average number of 265,226,992 (1999: 185,682,752) ordinary shares in issue during the year. No diluted loss per share is shown for the years ended December 31, 1999 and 2000 because the share options and convertible preference shares outstanding during these years had an anti-dilutive effect on the basic loss per share. 4. Hong Kong profits tax has not been provided (1999 : Nil) as the Group did not generate any assessable profits during the year. Overseas profits tax has not been provided (1999 : 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. No deferred tax has been provided for the Company and the Group as there were no significant timing differences at the balance sheet date. 5. 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 year ended December 31, 2000 amounted to HK$3,550,000 (1999 : HK$3,931,000). 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 (1999 : HK$4,663,000) was written back upon conversion of these preference shares during the year. Preference share dividends also include dividends in preference shares issued by a wholly owned subsidiary of the Company, DVN (Group) Limited, of HK$5,812,000 (1999 : HK$4,359,000). 6. Certain comparative amounts have been reclassified to conform to current year's presentation. For more details, please refer to the press announcement today.