Suncorp Technologies Limited — Earnings Release 2004

Apr 18, 2005

Listed Company Information

Listed Company Information
DVN (HOLDINGS)<00500> - Results Announcement DVN (Holdings) Limited announced on 15/04/2005: (stock code: 00500 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ('000 ) ('000 ) Turnover : 169,236 73,252 Profit/(Loss) from Operations : (52,332) (135,673) Finance cost : (1,060) (1,087) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : (1,032) (1,340) Profit/(Loss) after Tax & MI : (53,922) (134,253) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.12) (0.35) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (53,922) (134,253) 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 charging the following: Group 2004 2003 HK$'000 HK$'000 Cost of inventories sold 116,650 48,218 Cost of provision of financial and consumer data 3,550 5,323 Depreciation 18,953 17,811 Auditors' remuneration 990 870 Staff costs (including directors' emoluments) (note 2) 29,059 24,150 Operating lease rentals on land and buildings 4,612 5,411 Other operating expenses including: Amortisation of deferred development costs 4,729 2,727 Amortisation of film rights - 2,534 Provision for impairment loss on investment securities - 20,280 Provision for impairment loss on long-term deposits - 18,692 Provision for impairment loss on intangible assets - 31,869 Provision against inventories 6,878 3,263 Provisions against deposits, and trade and other receivables 15,357 7,298 Write-off of deferred development costs - 14 Net loss on disposal of fixed assets 23 181 ======================== 2 Staff costs Group 2004 2003 HK$'000 HK$'000 Wages and salaries 36,416 37,209 Unutilised annual leave 68 207 Contribution to the defined contribution schemes 1,516 1,934 Termination benefits 12 417 Long service payment 1,237 - Less: costs capitalized (10,190) (15,617) ------------------------ 29,059 24,150 ======================== 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$59,734,000 (2003: HK$140,065, 000) and on the weighted average number of 485,992,615 (2003: 395,227,977) ordinary shares in issue during the year. No diluted loss per share is shown for the two years ended 31st December 2004 and 2003 as the share options and exchangeable preference shares outstanding had an anti-dilutive effect on the basic loss per share for both years. 4 Taxation No provision for Hong Kong and overseas profits tax has been made in the accounts as the Group did not have any assessable profit for the year ( 2003: Nil). The taxation on the Group's loss before taxation differs from the theoretical amount that would arise using the domestic taxation rate in each of the Group companies as follows: Group 2004 2003 HK$'000 HK$'000 Loss before taxation (54,424) (138,100) --------------------------------- Notional tax calculated at the rates applicable in the countries concerned (6,331) (15,353) Tax at preferential rate 2,088 6,268 Income not subject to taxation (18) (1) Expenses not deductible for taxation purposes 585 392 Temporary difference not recognised 2,213 4,816 Utilisation of previously unrecognised tax losses (1,997) (1,479) Tax losses not recognised 3,460 5,357 -------------------------------- Taxation charge - - =============================== 5 Preference dividends Group 2004 2003 HK$'000 HK$'000 Dividends on 5% exchangeable preference shares issued by DVN (Group) Limited, a wholly-owned subsidiary of the Company 5,812 5,812 ======== ======= 6 Final Dividend No final dividend has been declared during the year ended 31 December 2004 (2003: Nil).