MEDIANATION<08160> - Results Announcement (Final, 2003, Summary)
MediaNation Inc. announced on 22/03/2004:
(stock code: 08160 )
Year end date :31/12/2003
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
$'000 $'000
Turnover : 375,568 370,672
Profit/(Loss) from Operations : (158,018) (264,328)
Finance cost : (1,568) (8,853)
Share of Profit/(Loss) of Associates : 23,264 18,574
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (143,775) (252,783)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.1325) (HKD 0.4268)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (143,775) (252,783)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
MediaNation Inc.
Signature :
Name :Yuen Kam Sun
Title :Company Secretary
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remark:
1.Turnover analysis for continuing and discontinuing operations
Current period Last corresponding period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
HK$'000 HK$'000
Continuing operations 375,250 362,832
Discontinuing operations 318 7,840
------- -------
Total 375,568 370,672
======= =======
2.Profit/(loss)analysis for continuing and discontinuing operations
Current period Last corresponding period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
HK$'000 HK$'000
Continuing operations (157,722) (234,857)
Discontinuing operations (296) (29,471)
--------- ---------
Total (158,018) (264,328)
========= =========
3.Impairment of assets for continuing and discontinuing operations
Current period Last corresponding period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
HK$'000 HK$'000
Continuing operations (14,065) (28,798)
Discontinuing operations - (7,995)
-------- --------
Total impairment losses (14,065) (36,793)
======== ========
4.Provision for onerous contract
Current period Last corresponding period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
HK$'000 HK$'000
Provision for onerous
contract - (loss)/gain (13,760) -
======== =======
At 31st December 2003, the directors consider an advertising
contract of the Group in Hong Kong has become onerous when taking
into consideration the market demand for the advertising space in
respect of this contract, the anticipated future income from this
contract and the general economic climate in Hong Kong.
Accordingly, a provision for onerous contract in the amount of
approximately HK$13,760,000 has been made based on the excess of
the least net loss of terminating this contract over the expected
economic benefits to be derived therefrom in accordance with
SSAP 28 "Provisions, contingent liabilities and contingent assets".
The provision is anticipated to be utilised in 2004.
5.Loss per share
The calculation of basic loss per share is based on the Group's
net loss attributable to shareholders of approximately
HK$143,775,000 (2002:loss of HK$252,783,000) and the weighted
average of 1,085,387,435 ordinary shares in issue during the
year after an Open Offer (2002:weighted average of 592,311,526
ordinary shares after the Capitalisation Issue). The diluted
loss per share for the year ended 31st December 2003 is not
presented because the effect of the assumed conversion of all
potential dilutive securities is anti-dilutive.
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