Last checked at 29 Aug 2012 11:12
Worldsec Limited
Interim Report for the six months ended 30 June 2012
The Directors submit the interim report on Worldsec Limited (the "Company") and its subsidiaries (collectively known as the "Group") for the six months ended 30 June 2012.
For the six months ended 30 June 2012, the Group incurred a net loss of US$94,000. This is comparable with the net loss of US$140,000 for the corresponding period in the previous year. At the end of 30 June 2012, Group shareholders' funds stood at US$0.84 million as compared to US$0.94 million at the end of December 2011.
The Board continues to explore opportunities in the financial services and other new suitable business, and in the meantime we have engaged a financial adviser and legal adviser in the U.K. to advise us on the reactivation of the Company. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
29 August 2012
CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2012
Unaudited | Audited | |||||
Six months ended | Year ended | |||||
Notes | 30.6.2012 | 30.6.2011 | 31.12.2011 | |||
US$'000 | US$'000 | US$'000 | ||||
Other income and gain | 5 | - | 3 | 13 | ||
Staff costs | (8) | (8) | (15) | |||
Other expenses | (86) | (135) | (274) | |||
Loss before tax | (94) | (140) | (276) | |||
Income tax expense | 6 | - | - | - | ||
Loss for the period/year | (94) | (140) | (276) | |||
| ||||||
Other comprehensive income, net of | ||||||
income tax | ||||||
Exchange differences on translating foreign | ||||||
operations | (1) | - | (5) | |||
Other comprehensive income for the year, | ||||||
net of income tax | (1) | - | (5) | |||
Total comprehensive income for the year | (95) | (140) | (281) | |||
Loss attributable to: | ||||||
Owners of the Company | (94) | (140) | (276) | |||
Total comprehensive income attributable to: | ||||||
Owners of the Company | (95) | (140) | (281) | |||
Loss per share - basic and diluted | 7 | (0.7) cent | (1) cent | (2) cents | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2012
Unaudited | Audited | |||||
Six months ended | Year ended | |||||
Notes | 30.6.2012 | 30.6.2011 | 31.12.2011 | |||
US$'000 | US$'000 | US$'000 | ||||
Current assets | ||||||
Cash and bank balances | 1,096 | 1,329 | 1,217 | |||
Current liabilities | ||||||
Other payables and accruals | (254) | (251) | (280) | |||
Net current assets | 842 | 1,078 | 937 | |||
Net assets | 842 | 1,078 | 937 | |||
Capital and reserves | ||||||
Share capital | 8 | 13 | 13 | 13 | ||
Contributed surplus | 9 | 9,646 | 9,646 | 9,646 | ||
Foreign currency translation reserve | 9 | (6) | - | (5) | ||
Special reserve | 9 | 625 | 625 | 625 | ||
Accumulated losses | 9 | (9,436) | (9,206) | (9,342) | ||
Total equity | 842 | 1,078 | 937 | |||
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30 JUNE 2012
Unaudited | Audited | ||||
Six months ended | Year ended | ||||
30.6.2012 | 30.6.2011 | 31.12.2011 | |||
US$'000 | US$'000 | US$'000 | |||
Cash flows from operating activities | |||||
Loss for the period/year | (94) | (140) | (276) | ||
Interest income | - | (3) | - | ||
(94) | (143) | (276) | |||
Movement in working capital | |||||
Decrease in other payables and accruals | (26) | (13) | 16 | ||
Net cash used in operating activities | (120) | (156) | (260) | ||
Cash flow from investing activities | |||||
Interest received | - | 3 | - | ||
Net cash inflow from investing activities | - | 3 | - | ||
Net decrease in cash and cash equivalents | (120) | (153) | (260) | ||
Cash and cash equivalents at | |||||
beginning of the period/year | 1,217 | 1,482 | 1,482 | ||
Effects of exchange rate changes | (1) | - | (5) | ||
Cash and cash equivalents at | |||||
end of the period/year | |||||
Cash and bank balances | 1,096 | 1,329 | 1,217 | ||
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2012
1. GENERAL INFORMATION
The Company is a public listed company incorporated in Bermuda and its shares are listed on the London Stock Exchange. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information to the interim report.
2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
In the current period, the Group has adopted all of the new and revised IFRSs issued by the International Accounting Standards Board (the "IASB") and the International Financial Reporting Interpretations Committee ("IFRIC") of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 July 2011 and 1 January 2012. The adoption of these new and revised IFRSs has no significant impact on the financial statements of the Group.
The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective:
IFRS (Amendments) | Annual Improvements 2009-2011 Cycle4 |
IFRS 1 (Amendments) | Government Loans2 |
IFRS 7 (Amendments) | Disclosures - Offsetting Financial Assets and Financial Liabilities2 |
IFRS 7 and IFRS 9 (Amendments) | Mandatory Effective Date of IFRS 9 and Transition Disclosures4 |
IFRS 9 | Financial Instruments4 |
IFRS 10 | Consolidated Financial Statements2 |
IFRS 11 | Joint Arrangements2 |
IFRS 12 | Disclosure of Interests on Other Entities2 |
IFRS 13 | Fair Value Measurement2 |
IAS 1 (Amendments) | Presentation of Items of Other Comprehensive Income1 |
IAS 19 (as revised in 2011) | Employee Benefits2 |
IAS 27 (as revised in 2011) | Separate Financial Statements2 |
IAS 28 (as revised in 2011) | Investments in Associates and Joint Ventures2 |
IAS 32 (Amendments) | Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities3 |
IFRIC 20 | Stripping Costs in the Production Phase of a Surface Mine2 |
1 Effective for annual periods beginning on or after 1 July 2012 2 Effective for annual periods beginning on or after 1 January 2013 3 Effective for annual periods beginning on or after 1 January 2014 4 Effective for annual periods beginning on or after 1 January 2015
|
The directors anticipate that the application of these standards, amendments and interpretations in the future periods will have no material financial impact on the financial statements of the Group.
Save as disclosed above, the accounting policies adopted in preparing this report are consistent with those adopted in preparing the consolidated financial statements of the Group for the year ended 31 December 2011.
3. BASIS OF PREPARATION
The financial statements have been prepared in accordance with International Financial Reporting Standards. It has been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the Group's assets to net realizable value, as the Group no longer has a trading operation. Provision has also been made for any onerous contractual commitments at the end of the reporting period. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the end of the reporting period. Accordingly, all assets are classified as current assets.
The Group's financial statements consolidate the financial statements of the Company and its subsidiaries undertakings included in the Group.
4. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for the periods ended 30 June 2012 and 30 June 2011 as the Group has only maintained a minimum operation during the period.
5. OTHER INCOME AND GAIN
Unaudited | Audited | ||||
Six months ended | Year ended | ||||
30.6.2012 | 30.6.2011 | 31.12.2011 | |||
US$'000 | US$'000 | US$'000 | |||
Sundry Income | - | - | 13 | ||
Interest income | - | 3 | - | ||
- | 3 | 13 | |||
6. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not generate any assessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax in other jurisdictions.
7. LOSS PER SHARE
Calculation of loss per share was based on the following: | |||||
Unaudited | Audited | ||||
Six months ended | Year ended | ||||
30.6.2012 | 30.6.2011 | 31.12.2011 | |||
Loss for the period/year | US$(94,000) | US$(140,000) | US$(276,000) | ||
Weighted average number of shares in issue | 13,367,290 | 13,367,290 | 13,367,290 | ||
Loss per share - basic and diluted | (0.7) cent | (1) cent | (2) cents | ||
No diluted effect in loss per share as no diluting events existed during the periods/year.
8. SHARE CAPITAL
US$ | |
Authorised: | |
50,000,000,000 ordinary shares of US$0.001 each as at 30 June 2011, | |
31 December 2011 and 30 June 2012 | 50,000,000 |
Called up, issued and fully paid: | |
13,367,290 ordinary shares of US$0.001 each as at 30 June 2011, | |
31 December 2011 and 30 June 2012 | 13,367 |
9. RESERVES
Contributed surplus | Foreign currency translation reserve | Special reserve | Accumulated losses | ||||
US$'000 | US$'000 | US$'000 | US$'000 | ||||
Balance at 1 January 2011 | 9,646 | - | 625 | (9,066 ) | |||
Loss for the period | - | - | - | (140 ) | |||
Balance at 1 July 2011 | 9,646 | - | 625 | (9,206 ) | |||
Loss for the period | - | (5) | - | (136 ) | |||
Balance at 1 January 2012 | 9,646 | (5) | 625 | (9,342 ) | |||
Loss for the period | - | (1) | - | (94 ) | |||
Balance at 30 June 2012 | 9,646 | (6) | 625 | (9,436 ) | |||
10. INTERIM REPORT
The interim report will be sent to shareholders on or about 31 August 2012.
CORPORATE INFORMATION
Board of Directors
Non-Executive Chairman
Alastair GUNN-FORBES
Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)
Non-Executive Directors
Mark Chung FONG
Company Secretary
May Yim CHAN
Registered Office Address
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
Registration Number
EC21466 Bermuda
Principal Bankers
The Hongkong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong
Auditors
HLB Hodgson Impey Cheng
Chartered Accountants, Certified Public Accountants
31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong
Solicitors
Linklaters
One, Silk Street, London EC2Y 8HQ, England
Principal Share Registrar and Transfer Office
Appleby Management (Bermuda) Ltd.
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
International Branch Registrar
Capita Registrars (Jersey) Limited
12 Castle Street, St Helier, JE2 3RT, Jersey, Channel Isands
United Kingdom Transfer Agent
Capita Registrars Limited
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, UK
Investor Relations
For further information about Worldsec Limited, please contact:
Henry Ying Chew CHEONG
Executive Director
Worldsec Group
6th Floor, New Henry House, 10 Ice House Street, Central, Hong Kong