PACIFIC PLYWOOD<00767> - Results Announcement
Pacific Plywood Holdings Limited announced on 19/04/2005:
(stock code: 00767 )
Year end date: 31/12/2004
Currency: USD
Auditors' Report: Modified
(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 : 149,522 136,589
Profit/(Loss) from Operations : (4,035) (3,868)
Finance cost : (3,393) (3,965)
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 : (4,499) (8,156)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 1 : (0.0008) (0.0015)
-Diluted (in dollars) 1 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (4,499) (8,156)
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. LOSS PER SHARE
The calculation of basic loss per share is based on the consolidated loss
attributable to shareholders of approximately US$4,499,000 (2003 - US$8,
156,000) and on the weighted average number of 5,580,897,243 shares (2003
- 5,580,897,243 shares) in issue during the year.
No diluted loss per share for the year ended 31st December, 2004 and 31st
December, 2003 are presented as the dilutive potential ordinary shares
were anti-dilutive.
2. DETAILS OF MODIFICATION TO AUDITORS' REPORT
The report of the auditors on the Group's accounts has been modified to
include the disclosures of a fundamental uncertainty. The auditors, in
forming their opinion, have considered the adequacy of the disclosures
made in the accounts concerning the adoption of the going concern basis on
which the accounts have been prepared. As explained in the "Basis of
Presentation" below, the Group is currently undertaking a number of
measures to relieve its current liquidity pressures and improve its
results of operations. The accounts have been prepared on a going concern
basis, the validity of which depends upon the ongoing support from the
Group's bankers and the ability to generate sufficient cash flows from
future operations to cover the Group's operating costs and to meet its
financing commitments. The accounts do not include any adjustments that
would result from the failure of such measures. Details of the
circumstances relating to this fundamental uncertainty are described in
the "Basis of Presentation" below. The auditors consider that appropriate
disclosures have been made in the accounts and their opinion is not
qualified in this respect.
3. BASIS OF PRESENTATION
For the year ended 31st December, 2004, the Group had reported losses
attributable to shareholders of approximately US$4,499,000 (2003 - US$8,
156,000). As at 31st December, 2004, the Group had net current liabilities
of approximately US$3,471,000 (2003 - US$14,178,000) and outstanding bank
loans of approximately US$75,212,000 (2003 - US$78,677,000) of which
approximately US$14,342,000 (2003 - US$24,067,000) was due for repayment
within the next twelve months.
During the year ended 31st December, 2004, the Group has successfully
rescheduled repayment of certain long-term bank loans granted to a wholly
owned subsidiary of US$59,211,000. As a result, the principal amount of
the long-term bank loans repayable in the year ended 31st December, 2004
have been reduced from approximately US$11,418,000 to US$3,177,000.
Subsequent to 31st December, 2004, the Group has successfully renewed
short-term bank loans of approximately US$2,350,000 for a further year to
the second quarter of 2006.
In addition, the Group continues its efforts to minimise capital
expenditures, rationalise costs and enhance operating results. In the
opinion of the directors, the measures have improved and will continue to
improve the Group's working capital and debt maturity profile.
Furthermore, the directors consider that the Group will be able to obtain
ongoing support from its bankers and generate sufficient cashflows from
future operations to cover its operating costs and to meet its financing
commitments. Therefore the directors are satisfied that the Group will be
able to meet in full its financial obligations as they fall due for the
twelve months from 31st December, 2004. Accordingly, assuming the
performance of the business is in line with the directors' expectations,
the directors are satisfied that it is appropriate to prepare the accounts
on a going concern basis. The accounts do not include any adjustments
relating to the carrying amount and reclassification of assets and
liabilities that might be necessary should the Group be unable to continue
as a going concern.
|