Sands China Ltd. — Earnings Release 2005

Apr 7, 2006

Listed Company Information

Listed Company Information
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.