Suncorp Technologies Limited — Earnings Release 2003

Apr 27, 2004

Listed Company Information

Listed Company Information
DVN (HOLDINGS)<00500> - Results Announcement (Summary) DVN (Holdings) Limited announced on 27/04/2004: (stock code: 00500 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2003 from 01/01/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover - continuing operation : 73,252 49,879 Profit/(Loss) from Operations : (135,673) (135,152) Finance cost : (1,087) (1,164) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : (1,340) (837) Profit/(Loss) after Tax & MI : (134,253) (136,210) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.35) (0.39) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (134,253) (136,210) 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 2003 2002 HK$'000 HK$'000 Crediting Other operating income including: Write-back of provision against doubtful debts - 474 Net gain on disposal of fixed assets - 155 ====== ======= Charging Cost of inventories sold 48,218 24,555 Cost of provision of financial and consumer data 5,323 3,953 Depreciation 17,811 16,571 Auditors' remuneration 870 850 Staff costs (including directors' emoluments) (note 2) 24,150 34,149 Operating lease rentals on land and buildings 5,411 6,323 Other operating expenses including: Amortisation of deferred development costs 2,727 3,082 Amortisation of film rights 2,534 3,641 Provision for impairment loss on investment securities 20,280 35,000 Provision for impairment loss on long-term deposits 18,692 - Provision for impairment loss on intangible assets 31,869 - Provision against inventories 3,263 3,623 Provisions against trade and other receivables 4,774 1,308 Write-off of trade receivables 2,524 33,110 Write-off of deferred development costs 14 74 Net loss on disposal of fixed assets 181 - ====== ======= 2 Staff costs Group 2003 2002 HK$'000 HK$'000 Wages and salaries 37,209 43,599 Unutilised annual leave 207 717 Contribution to the defined contribution schemes 1,934 2,882 Termination benefits 417 723 Less: costs capitalised (15,617) (13,772) ------- ---------- 24,150 34,149 ======= ========== 3 Loss per share The calculation of the basic loss per share is based on the Group's loss attributable to ordinary shareholders of HK$140,065,000 (2002: HK$142,299,000) and on the weighted average number of 395,227,977 (2002:368,522,092) ordinary shares in issue during the year. No diluted loss per share is shown for the two years ended 31st December 2003 and 2002 as the share options and exchangeable preference shares outstanding had an anti-dilutive effect on the basic loss per share for both years. 4 Taxation No provision for Hong Kong and overseas profits tax has been made in the accounts as the Group did not have any assessable profit for the year (2002: Nil). In 2003, the government enacted a change in the profits tax rate from 16% to 17.5% for the fiscal year 2003/2004. The taxation on the Company's profit before taxation differs from the theoretical amount that would arise using the taxation rate of the home country of the Company as follows: 2003 2002 HK$'000 HK$'000 Loss before taxation (138,100)(137,153) -------- --------- Notional tax calculated at the rates applicable in the countries concerned (15,353) (16,000) Tax at preferential rate 6,268 3,071 Income not subject to taxation (1) (558) Expenses not deductible for taxation purposes 392 472 Temporary difference not recognised 4,816 7,710 Utilisation of previously unrecognised tax losses (1,479) (237) Tax losses not recognised 5,357 5,542 -------- ------- Taxation charge - - ======== ======= 5 Preference dividends 2003 2002 HK$'000 HK$'000 The Company Dividends on 5% redeemable, convertible preference shares - 277 DVN (Group) Limited, a wholly-owned subsidiary of the Company Dividends on 5% exchangeable preference shares 5,812 5,812 ------------- 5,812 6,089 ============= 6 Final Dividend No final dividend has been declared during the year ended 31 December 2003 (2002: Nil). 7 Comparative figures Due to the adoption of SSAP 12 "Income Tax" issued by the Hong Kong Society of Accountants, certain comparative figures have been reclassified to conform to current year's presentation.