SUN INNOVATION<00547> - Results Announcement
Sun Innovation Holdings Limited announced on 18/04/2006:
(stock code: 00547 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 94,241 48,266
Profit/(Loss) from Operations : (1,044) (99,544)
Finance cost : (5,978) (2,350)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (7,565) (97,175)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.11) (2.01)
-Diluted (in dollars) : (0.11) (2.01)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,565) (97,175)
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 Annual
General Meeting : 19/05/2006 to 25/05/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1) Basis of preparation and accounting policies
The consolidated financial statements of Sun Innovation Holdings
Limited and its subsidiaries as at and for the year ended 31 December 2005
have been prepared in accordance with Hong Kong Financial Reporting
Standards ("HKFRSs"), which collectively includes all applicable
individual Hong Kong Financial Reporting Standards, Hong Kong Accounting
Standards ("HKASs") and Interpretations issued by the Hong Kong Institute
of Certified Public Accountants ("HKICPA"), accounting principles
generally accepted in Hong Kong and the disclosure requirements of the
Hong Kong Companies Ordinance. These financial statements also comply
with the applicable disclosure provisions of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the "
Listing Rules").
The consolidated financial statements have been prepared on the
historical cost convention as modified for investment properties and
certain financial instruments, which are carried at fair values, as
appropriate.
The accounting policies and method of computation used in the
preparation of the consolidated financial statements are consistent with
those used in the financial statements as at and for the year ended 31
December 2004 except that the Group has changed certain of its accounting
policies following its adoption of new/revised HKFRSs and HKASs. Due to
the new adoption of such HKFRSs and HKASs, certain comparative figures
previously reported have been restated to comply with the new
requirements.
2) The effects of the changes in accounting policies on 2004 figures
The adoption of new/revised HKFRSs and HKASs results in the
decrease of amortisation of prepaid lease payment for the year ended 31
December 2004 by HK$949,000 which is attributable to equity holders of the
parent.
3) Turnover and segment information
2005 2004
HK$'000 HK$'000
Turnover (net of inter-segment sales)
Continuing operations
- Entertainment Media 72,094 31,665
- Property investment 3,006 2,743
- Financial services 14,566 -
- Telecommunication 4,575 4,434
Discontinuing operations
- Fire protection and suppression - 9,424
------------------------------
94,241 48,266
======= =======
4) LOSS FROM OPERATING ACTIVITIES
2005 2004
HK$'000 HK$'000
Continuing Operations
- Entertainment Media 12,105 (71,586)
- Property investment 7,615 (518)
- Financial services 14,278 -
- Telecommunication (6,544) (10,765)
Discontinued operations
- Fire protection and suppression - (1,313)
------------------------------
27,454 (84,182)
Unallocated revenues 469 397
Unallocated costs (24,648) (14,753)
Loss on disposal of subsidiaries (4,319) -
Loss on disposal of subsidiaries
engaged in discontinuing operations - (1,006)
------------------------------
(1,044) (99,544)
======= =======
5) Loss per share
The calculation of basic and diluted loss per share is based on
the following data:
2005 2004
HK$'000 HK$'000
(As Restated)
Loss for the purpose of basic and
diluted loss per share - Net loss for the year
(7,565) (97,175)
------------------------
Number of shares
2005 2004
Weighted average number of New Ordinary Shares for the purpose of basic
and diluted loss per share 65,989,410 48,297,294
------------------------
The computation of diluted loss per share does not assume the conversion
of convertible preference shares and share options since their exercise
would result in a decrease in the loss per share.
The Company had consolidated every 100 issued ordinary shares of HK$0.01
each into one new issued ordinary share of HK$1 each ("New Ordinary
Shares") on 13 December 2005. The weighted average number of ordinary
shares for year 2005 and 2004 are adjusted accordingly.
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