ETC.L Regulatory News (ETC)

1 Oct 2007 07:01

Et-china.com International Holdings01 October 2007 For Immediate Release 1 October 2007 ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED ("Et-china" or "the Company") Interim Results for the period 29 May to 30 June 2007 Et-china, a leading travel services group in the fast growing region of SouthChina, announces its unaudited interim results for the period 29 May to 30 June2007. The Company was established on 29 May 2007 in order to facilitate the admissionof the Et-china group to trading on the AIM market of the London Stock Exchangeplc "AIM"). Admission to AIM occurred on 3 August 2007. The interim results forthe period from 29 May 2007 to 30 June 2007 are therefore only of Et-china.comInternational Holdings Limited and do not reflect the trading of the Company'ssubsidiaries, principally Et-china Limited and GZL International Travel ServiceLimited, which were acquired by the Company conditional on admission to AIMwhich occurred post the interim period end. As the Company was only establishedon 29 May 2007, there are no corresponding numbers for the period to 30 June2006. A full trading update on progress since admission to AIM of the Et-china groupand current trading will be made shortly. - Ends - Contact details for enquiries: Seymour Pierce, Nominated Adviser and Broker 0207 107 8000Mark Percy Weber Shandwick Financial 0207 067 0700Terry GarrettNick OborneStephanie BadjonatJohn Moriarty Et-china.com International Holdings Limited Pro Forma Profit and Loss AccountFor the period 29 May to 30 June 2007================================================================================ For the period ending 30 June 2007 (Unaudited) £================================================================================Profit and lossTurnoverLess: discount allowanceNet turnoverOperating costSales taxes and surchargesGross profitOther net loss / (income)Non-operating incomeDistribution costsAdministrative expenses 1,943Non-operating expensesProfit from operations (1,943)Finance costsProfit before taxation (1,943)TaxationProfit before minority interests (1,943)Minority interestsNet profit for the year (1,943)Add: retained earnings b/fRetained earnings c/f (1,943)Adjustment - prior yearDistributable reserve (1,943)Less: proposed dividendDistributable Retained earnings c/f (1,943)-------------------------------------------------------------------------------- Pro Forma Balance SheetFor the period 29 May to 30 June 2007================================================================================ As at 30 June 2007 (Unaudited) £================================================================================Balance sheetNon-current assetsProperty, plant and equipment - costLess: Accumulated depreciationLess: ImpairmentProperty, plant and equipment - NBVProject materialsFixed assets disposalConstruction in progressInvestment securities - other investmentInvestment securities - held to maturityIntangible assetsGoodwillInterest in associateLong-term deferred expensesDeferred assetsDeferred tax assetsTotal non-current assets 0Current assetsInventoriesInvestment securities - other investmentLong term debt investment - mature within 1 yearTrade receivablesOther receivablesAmount due from related companyAmount due from associatesAmount due from directorsRestricted bank depositsPledged bank depositBills receivablesDividend receivablesInterest receivablesDeferred expensesPrepaid TaxPrepaymentsBank balances and cash Total current assets 0Current liabilitiesBank borrowings - due within one yearBills payablesTrade payablesAdvance receiptsPayroll payablesWelfare payablesDividend payablesTaxation payablesOther creditors 1,943Other compulsory payablesAccrued expensesAccrued liabilitiesAmount due to directorsAmount due to shareholderAmount due to associateAmount due to related companyLong term liabilities - due within one yearOther current liabilitiesTotal non-current liabilities 1,943Net current assets 1,943Total assets less current liabilities 1,943Minority interestsOther long term liabilitiesTotal non-current liabilities 0Assets - liabilities 1,943Capital and reserves 0Paid-in capitalShare premium and revaluation reservesIPO fundsRetained earnings c/f (1,943)Total capital and reserves 0-------------------------------------------------------------------------------- Pro Forma Cash Flow StatementFor the period 29 May to 30 June 2007 ================================================================================ For the period ended 30 June 2007 (Unaudited) £================================================================================Cash flowsCash flows from operating activitiesProfit after tax (1,943)DepreciationAmortisation of Intangible assetsIncrease in net trade working capitalIncrease in net other working capital 1,943Net cash used in operating activities 0 Cash flows from investing activitiesAcquisition of fixed assets and intangibleassetsInvestment 0Cash flows from financing activitiesshort term loanLong-term loanLong-term loan from shareholdersCapital ContributionNet cash provided by financing activities 0 Net Increase in Cash 0 Cash at end of the period Reported Cash Balance 0 Cash at end of Last YEAR-------------------------------------------------------------------------------- Basis of PreparationThe financial statements are presented in Sterling. The financial statements ofEt-china.com International Holdings Limited have been prepared in accordancewith International Financial Reporting Standards as adopted by the EU ('adoptedIFRS'). The unaudited financial information presented in this document has been preparedon the basis of the expected accounting policies which the Et-china group willcomply with in the accounts to 31 December 2007 and on the basis of allInternational Financial Reporting Standards ('IFRS'), including InternationalAccounting Standards ('IAS') and interpretations issued by the InternationalAccounting Standards Board ('IASB') and its committees, as adopted by the EU.These are subject to ongoing amendment by the IASB and subsequent endorsement bythe European Commission and are therefore subject to possible change. As aresult, information contained within this release will require updating for anysubsequent amendment to IFRS required for first time adoption or those newstandards that the Et-china group may elect to adopt early. The financial statements have been prepared in accordance with applicableaccounting standards, and under the historical cost accounting rules. DividendNo interim dividend is proposed. This information is provided by RNS The company news service from the London Stock Exchange