PACIFIC PLYWOOD<0767> - Results Announcement
Pacific Plywood Holdings Limited announced on 18/4/2001:
(stock code: 767)
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 19/4/2001.
Year end date: 31/12/2000
Currency: US$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2000 from 1/1/1999
to 31/12/2000 to 31/12/1999
('000) ('000)
Turnover : 130,012 139,842
Profit/(Loss) from Operations : (1,737) 11,019
Finance cost : (8,248) (7,692)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (10,550) 3,435
% Change over Last Period : N/A
EPS/(LPS)-Basic : (US0.19 cent) US0.07 cent
-Diluted : N/A US0.07 cent
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (10,550) 3,435
Final Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 11/6/2001 to 18/6/2001 bdi.
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
1. (LOSS) EARNINGS PER SHARE
The calculation of basic (loss) earnings per share was based on the
consolidated loss attributable to shareholders of approximately
US$10,550,000 (1999 - profit of US$3,435,000) and on the weighted average
number of 5,580,897,243 shares (1999 - 4,961,341,573 shares) in issue
during the year.
No diluted loss per share for the year ended 31st December, 2000 was
presented as the dilutive potential ordinary shares were anti-dilutive.
The calculation of diluted earnings per share for the year ended 31st
December, 1999 was based on the consolidated profit attributable to
shareholders of approximately US$3,435,000 and the weighted average number
of 4,964,130,867 shares.
Reconciliation of the weighted average number of shares used in
calculating basic and diluted earnings per share for the year ended 31st
December, 1999:
Weighted average number of shares used in calculating basic
earnings per share 4,961,341,573
Adjustment for potential dilutive effect in respect
of share options 2,789,294
--------------
Weighted average number of shares in calculating diluted
earnings per share 4,964,130,867
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2. BASIS OF PRESENTATION
As at 31st December, 2000, the Group had a working capital deficiency of
approximately US$5,848,000 (1999 - US$17,504,000) and outstanding bank
borrowings of approximately US$78,600,000 (1999 - US$84,075,000).
Having regard to this background, in order to improve its financial
position, immediate liquidity, cash flows and operations, the Directors
have adopted various measures including the following:
a. The Directors have obtained agreement in principle to reschedule
the loan repayments of the bank loans within the Group companies. Under
the rescheduling arrangements, the bank loans will be repayable commencing
on 30th June, 2002. The final legal documentation and other details terms
of the bank loan restructuring, primarily relating to collateral, are
still to be finalized.
b. The Group has also started to reduce its cash outflows by
minimizing its capital expenditures and adopting other cost-cutting
measures.
In the opinion of the Directors, the Group's cash flow position and
results of operations will be improved in the coming year because of the
effects of the above measures and the Group will be able to adequately
finance its operations. Accordingly, the Directors are satisfied that it
is appropriate to prepare the financial statements on a going concern
basis.
3. COMPARATIVE FIGURES
Certain of the 1999 comparative figures have been reclassified to conform
to current year presentation as a result of adopting the provision of
Statement of Standard Accounting Practice Number 1 "Presentation of
Financial Statements" issued by the Hong Kong Society of Accountants.
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