LOULAN HOLDINGS<08039> - Results Announcement (Final, 2004, Summary)
LOULAN HOLDINGS LIMITED announced on 09/06/2005:
(stock code: 08039 )
Year end date :31/12/2004
Currency :RMB
Auditors' report :Qualified
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(* Audited) (* Audited)
Current Last Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
$'000 $'000
Turnover : 41,362 183,533
Profit/(Loss) from Operations : (46,048) (2,887)
Finance cost : (3,399) (3,039)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (49,663) (6,853)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : RMB (0.124) RMB (0.017)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (49,663) (6,853)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
LOULAN HOLDINGS LIMITED
Signature :
Name : Mr. Peng Zhi Heng
Title : Company Secretary
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. Group reorganisation
The Company was incorporated in the Cayman Islands on
29 August 2001 as an exempted company with limited liability
and its shares have been listed on the GEM of the Stock
Exchange since 12 August 2002.
Pursuant to a group reorganisation ("the Reorganisation")
to rationalise the structure of the Group in preparation for
the listing of the Company's shares on the GEM of the Stock Exchange,
the Company became the holding company of the Group on
24 July 2002. Details of the Reorganisation are set out in
the prospectus of the Company dated 31 July 2002 (the "Prospectus").
2. Basis of preparation and principal accounting policies
The financial statements have been prepared in accordance with
the Statements of Standard Accounting Practice and Interpretations
issued by the Hong Kong Institute of Certified Public Accountants,
the disclosure requirements of the Hong Kong Companies
Ordinance and the applicable disclosure provisions of the GEM
Listing Rules of the Stock Exchange of Hong Kong Limited.
3. Basis of presentation and fundamental uncertainties
The Group reported a net loss attributable to shareholders of
RMB49,663,000 for the year ended 31 December 2004
and at that date, its current liabilities exceeded its current
assets by RMB51,314,000. Nevertheless, the financial
statements have been prepared on a going concern basis,
which the Directors believe to be appropriate because the
Directors believe that the Group will be able to obtain funds
from other banks to allow it to maintain as a going concern.
4. Contingent Liability
In January 2004, one of the Group's subsidiary, Xinjiang
Loulan initiated a lawsuit against a bank in respect of a
bank loan amounting to RMB8.17 million together with
bank loan interest of RMB2 million. The Directors consider that
Xinjiang Loulan is not liable to the bank loan as it had never
received such proceeds from the bank and the bank loan interest
has been paid under misrepresentation. In its judgment in
8 October 2004, the High Peopleˇ¦s Court of China, Xinjiang accepted
that the Company has no responsibility for RMB5 million
together with the interest of RMB1.2 million, but reject remain
litigation. Both the Bank and the Company disagree with the judgment.
The case was brought to the Supreme Peopleˇ¦s Court of
China and is still under processing.
5. Loss per share
The calculation of the loss per share for the year ended
31 December 2004 is based on the loss attributable to shareholders
of approximately RMB49,663,000 (2003: RMB6,853,000) and the
weighted average of 400,000,000 (2003: 400,000,000)
shares in issue during the year.
No diluted loss per share for the year ended 31 December 2004
and 2003 has been presented because there were no diluting
potential ordinary shares in existence during these years.
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