THE PRELIMINARY PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME (“PCDRS”) OF SBGB AND ITS SUBSIDIARIES (COLLECTIVELY KNOWN AS THE SBGB GROUP”))
Notes RM’000
Shareholders’ funds as at 31 October 2011 213,423
Property, Plant & Equipment impairment 1 (98,005)
Goodwill impairment 2 (36,730)
Receivables impairment 3 (110,754)
Cash reduction 4 (6,442)
Inventory reduction 5 (5,232)
Payables adjustments 6 (25,302)
Increased borrowings 7 (14,212)
Others 8 (407)
------------
(297,084)
________
Shareholders’ funds as at 29 February 2012 (83,661)
=======
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/FCE47820DA0472AF482579ED004296E5/$File/Silver%20Brid%20Financial%20Position%20reconciliation.pdf
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/FCE47820DA0472AF482579ED004296E5?OpenDocument
NotesNotes RM’000
Shareholders’ funds as at 31 October 2011 213,423
Property, Plant & Equipment impairment 1 (98,005)
Goodwill impairment 2 (36,730)
Receivables impairment 3 (110,754)
Cash reduction 4 (6,442)
Inventory reduction 5 (5,232)
Payables adjustments 6 (25,302)
Increased borrowings 7 (14,212)
Others 8 (407)
------------
(297,084)
________
Shareholders’ funds as at 29 February 2012 (83,661)
=======
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/FCE47820DA0472AF482579ED004296E5/$File/Silver%20Brid%20Financial%20Position%20reconciliation.pdf
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/FCE47820DA0472AF482579ED004296E5?OpenDocument
1. Impairment to fair value, after taking into consideration additional depreciation since 31 October 2011, write down of assets that should have been expensed to profit & loss as opposed to being capitalized, movements in acquisitions and disposals, write-offs of assets that cannot be physically identified, write backs of assets that were not previously taken up, and possibly adjustments to assets that may have been suspected to be capitalized above fair market value arising partly from the preliminary forensic investigation.
2. In view of the net liabilities position of the Group, goodwill is impaired in totality.
3. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, provisions for doubtful debts and suspected financial irregularities arising from the preliminary findings of the forensic investigation.
4. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and after reconciling for transactions relating to suspected financial irregularities arising from the preliminary findings of the forensic investigation.
5. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and for obsolete inventories and inventories that cannot be physically identified.
6. Adjustments have been made for movements in the ordinary course of business between 31 October 2011 and 29 February 2012, and which may relate to the losses incurred during the said period, and for provisions relating to suspected financial irregularities arising from the preliminary findings of the forensic investigation.
7. Increased borrowings can be related to additional net borrowings of the Group between 31 October 2011 and 29 February 2012. Certain facilities, such as bonds, were paid off, whilst additional borrowings were drawn down, in particular bankers acceptances, during the period.
8. Others, relate to the write-off of investment in KPF Quality Foods Sdn Bhd, and increased deferred taxation provisions. The basis of arriving at the 29 February 2012 position is set out in the notes to the financial position.
