Suncorp Technologies Limited — Earnings Release 2002

Apr 28, 2003

Listed Company Information

DVN (HOLDINGS)<00500> - Results Announcement DVN (Holdings) Limited announced on 25/4/2003: (stock code: 00500 ) Year end date: 31/12/2002 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2002 from 01/01/2001 to 31/12/2002 to 31/12/2001 Note ('000 ) ('000 ) Turnover : 49,879 65,048 Profit/(Loss) from Operations : (135,152) (33,202) Finance cost : (1,164) (1,311) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : (837) N/A Profit/(Loss) after Tax & MI : (136,210) (31,772) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.39) (0.15) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (136,210) (31,772) 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. Operating loss Operating loss is stated after crediting and charging the following: Group 2002 2001 HK$'000 HK$'000 Crediting Other operating income including: Compensation income - 11,912 Write-back of provision against doubtful debts 474 8,228 Net gain on disposal of fixed assets 155 - =============== Charging Cost of inventories sold 24,555 21,500 Cost of provision of international financial market information and selective consumer data 3,953 3,774 Depreciation 16,571 9,684 Auditors' remuneration 850 850 Staff costs 34,149 34,741 Operating lease rentals on land and buildings 6,323 7,453 Other operating expenses including: Amortisation of deferred development costs 3,082 2,967 goodwill - 200 film rights 3,641 5,985 Provision for impairment in investment securities 35,000 - Provision against inventories 3,623 950 Provisions against trade and other receivables 1,308 736 Write-off of trade receivables 33,110 - Impairment of goodwill - 7,800 Loss on disposal of fixed assets - 504 ============= 2. Staff costs Group 2002 2001 HK$'000 HK$'000 Wages and salaries 43,599 43,774 Unutilised annual leave 717 - Pension costs 2,882 3,834 Termination benefits 723 50 Less: costs capitalised (13,772) (12,917) ------------------------ 34,149 34,741 ======================== 3. Share of results of a jointly controlled entity On 18th April 2002, the Company established a joint venture ("JV") company in the PRC. Pursuant to the JV Agreement, each party holds a 50% interest and profit sharing. In the year of 2002, the Group shared the loss of JV amounting to HKD837,000 (2001: Nil). 4. Loss per share The calculation of the basic loss per share is based on the Group's loss attributable to ordinary shareholders of HK$142,299,000 (2001: HK$41,373,000) and on the weighted average number of 368,522,092 (2001: 280,028,323) ordinary shares in issue during the year. No diluted loss per share is shown for the two years ended 31st December 2002 and 2001 as the share options, convertible and exchangeable preference shares outstanding had an anti-dilutive effect on the basic loss per share for both years. 5. Taxation No provision for Hong Kong and overseas profits tax has been made in the accounts as the Group did not have any assessable profit for the year (2001: Nil). The potential deferred tax asset of HK$4,252,000 (2001: HK$3,606,000) relating to tax losses available for carry-forward as at 31st December 2002 has not been recognised as the crystallisation of the asset in the foreseeable future is uncertain. 6. Preference dividends 2002 2001 HK$'000 HK$'000 The Company Dividends on 5% redeemable, convertible 277 3,789 preference shares DVN (Group) Limited, a wholly owned subsidiary of the Company Dividends on 5% exchangeable preference shares 5,812 5,812 ------------- 6,089 9,601 ============= 7. Final Dividend No final dividend has been declared during the year ended 31 December 2002 (2001: Nil) 8. Comparative figures Due to the adoption of new/revised Statements of Standard Accounting Practice, certain comparative figures have been reclassified to conform to current year's presentation. For more details, please refer to the press announcement today.