PALADIN<0495> - Results Announcement
Paladin Limited announced on 27/11/2000:
(stock code: 495)
The auditors' report on the financial statements which contain the
following result is modified by the Company's auditors. For more details,
please refer to the press announcement to be issued by the Company on
28/11/2000.
Year end date: 30/6/2000
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/7/1999 from 1/7/1998
to 30/6/2000 to 30/6/1999
('000) ('000)
Turnover : 23,296 49,021
Profit/(Loss) from Operations : (55,639) (150,345)
Finance cost : (69,728) (65,815)
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 : (125,367) (216,160)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (23.7 cents) (40.9 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (125,367) (216,160)
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 27/12/2000 to 29/12/2000 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Basis of preparation
In preparing the financial statements, the directors have given careful
consideration to the future liquidity of the Group in the light of its net
current liabilities of HK$797,836,000 as at 30 June 2000. The Group is
currently unable to meet the repayment schedule of its bank loans, such
that these borrowings have become technically repayable on demand.
Accordingly, these bank loans have been classified as current liabilities.
As a result, the Group is currently dependent upon the continued support
of its banker.
The Group is currently in negotiation with the banker to restructure the
Group's bank loans, however, no agreement have been reached up to the date
when the financial statements were approved by the Board of Directors.
Provided that the Group's banker continues to support the Group, the
directors consider that the Group will be able to meet in full its
financial obligations as they fall due for the foreseeable future.
Accordingly, the financial statements have been prepared on a going
concern basis.
(2) Turnover
Turnover represents the total amounts received and receivable for goods
sold and the income from restaurant operations during the year. An
analysis of turnover is as follows:
2000 1999
HK$'000 HK$'000
Continuing operations - sales of goods 21,992 45,767
Discontinued operations -
restaurant operations 1,304 3,254
---------- ----------
23,296 49,021
======== ========
(3) Taxation
No provision for Hong Kong Profits Tax has been made in the financial
statements as the Company and its subsidiaries had no assessable profit
for both years.
No provision for deferred taxation has been made in the financial
statements as there were no significant timing differences arising during
the year or at the balance sheet date.
No provision for deferred taxation has been made for the surplus arising
in previous years on the revaluation of certain of the Company's existing
properties as profit arising on the disposal of these assets would not be
subject to taxation. Accordingly, the revaluation surplus does not
constitute a timing difference for tax purposes.
(4) Basic Loss Per Share
The calculation of the basic loss per share is based on the net loss for
the year of approximately HK$125,367,000 (1999: HK$216,160,000) and on
528,271,615 (1999: 528,271,615) ordinary shares in issued during the year.
(5) Adoption of New Statements of Standard Accounting Practice
In the current year, the Group has adopted, for the first time, the
Statements of Standard Accounting Practice ("SSAP"s) issued by the Hong
Kong Society of Accountants.
The presentation in the current year's financial statements has been
modified in order to conform with the requirements of these standards.
Comparative amounts have been restated in order to achieve a consistent
presentation.
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