PACIFIC PLYWOOD<00767> - Results Announcement
Pacific Plywood Holdings Limited announced on 07/04/2006:
(stock code: 00767 )
Year end date: 31/12/2005
Currency: USD
Auditors' Report: Modified
(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 : 136,144 149,522
Profit/(Loss) from Operations : (4,043) (4,035)
Finance cost : (4,100) (3,393)
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 : (7,904) (4,499)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 1 : (0.0014) (0.0008)
-Diluted (in dollars) 1 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,904) (4,499)
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 Group's
consolidated loss attributable to shareholders of approximately US$7,904,
000 (2004 - US$4,499,000) and on 5,580,897,243 shares (2004 - 5,580,897,
243 shares) in issue throughout the year.
No diluted loss per share for the year ended 31st December, 2005 and 31st
December, 2004 are presented as the potential dilutive 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 material uncertainty. The auditors, in
forming their without qualifying opinion, have drawn attention to the "
Going concern Basis of Accounting" (see below) concerning the adoption of
the going concern basis on which the accounts have been prepared. As
explained in the "Going concern Basis of Accounting", 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 material
uncertainty which may cast significant doubt about the Group's ability to
continue as a going concern are described in the "Going concern Basis of
Accounting".
3. GOING CONCERN BASIS OF ACCOUNTING
For the year ended 31st December, 2005, the Group had reported losses
attributable to shareholders of approximately US$7,904,000 (2004 - US$4,
499,000). As at 31st December, 2005, the Group had net current
liabilities of approximately US$7,954,000 (2004 - US$3,471,000) and
outstanding bank loans of approximately US$77,552,000 (2004 - US$75,212,
000) of which approximately US$20,474,000 (2004 - US$14,342,000) was due
for repayment and renewal within the next twelve months. These conditions
indicate the existence of a material uncertainty which may cast
significant doubt about the Group's ability to continue as a going
concern.
Subsequent to 31st December, 2005, the Group has successfully renewed some
of its banking facilities of approximately US$9,085,000 and obtained
additional facilities from its banks in the aggregate amount of
approximately US$4,970,000.
The Group will maintain its strong business relationship with its bankers
to gain their continuing support and is actively discussing with its
bankers for the renewal of short term banking facilities when they fall
due in 2006. The Directors are confident that the short term banking
facilities will be renewed. With the ongoing support from its bankers and
major customers, the Group should be able to 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 its financial obligations as and when they fall
due for the twelve months from 31st December, 2005. The Directors are
confident that the Group will continue to obtain the ongoing support from
its bankers, and accordingly, the Directors are of the opinion 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.
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