Worldsec Regulatory News (WSL)

27 Sep 2007 16:08

Worldsec Ld27 September 2007 Worldsec Limited Interim Report for the six months ended 30 June 2007 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 2007 (the "Period"). For the six months ended 30 June 2007, the Group incurred a net loss ofUS$114,000. This compares to the net loss of US$1,166,000 for the correspondingperiod in the previous year which included the realization of US$1,033,000(being a one time charge) standing on the Group's currency translationreserve to the income statements. The small improvement in lower operating lossof US$19,000 in the first half of this year as compared to the previouscorresponding period arose largely from a reduction in manpower expenses. At theend of 30 June 2007, Group shareholders' funds stood at US$2.07 millionas compared to US$2.18 million at the end of December 2006. The Board continues to explore opportunities in the securities and financialservices business. Shareholders will be informed as soon as such investmentopportunity eventuates. By order of the Board Alastair GUNN-FORBES Non-Executive Chairman 27 September 2007 CONSOLIDATED INCOME STATEMENTFOR THE PERIOD ENDED 30 JUNE 2007 Unaudited Audited Six months ended Year ended Notes 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000Recovery of doubtful - 16 16receivablesInterest income 5 21 20 42Other income - - 275 21 36 333Staff costs (20) (67) (89)Other expenses (115) (102) (221) (114) (133) 23Currency translation reservereleasedupon disposal of subsidiaries 6 - (1,033) (1,033) Loss before tax (114) (1,166) (1,010)Income tax expense 7 - - -Loss for the period/year (114) (1,166) (1,010) Loss per share ' basic and 8 (1) cent (9) cents (8) centsdiluted CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSEFOR THE PERIOD ENDED 30 JUNE 2007 Unaudited Audited Six months ended Year ended 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000Currency translation reservereleased upondisposal of subsidiaries and netincome recognized directly in equity - 1,033 1,033 Loss for the period/year (114) (1,166) (1,010) Total recognised income/(expense) for theperiod/year (114) (133) (23) CONSOLIDATED BALANCE SHEETAT 30 JUNE 2007 Unaudited Audited Six months ended Year ended Notes 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000Current assetsOther receivables 2 4 2Cash and bank balances 2,335 2,470 2,506 2,337 2,474 2,508Current liabilitiesOther payables and (271) (450) (328)accruals Net current assets 2,066 2,024 2,180 Net assets 2,066 2,024 2,180 Capital and reservesShare capital 9 13 13 13Contributed surplus 10 9,646 9,646 9,646Special reserve 10 625 625 625Accumulated losses 10 (8,218) (8,260) (8,104) Equity shareholders' funds 2,066 2,024 2,180 CONSOLIDATED CASH FLOW STATEMENTFOR THE PERIOD ENDED 30 JUNE 2007 Unaudited Audited Six months ended Year ended 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000Cash flows from operatingactivitiesLoss for the period/year (114) (1,166) (1,010) Adjustment for:Interest income (21) (20) (42)Currency translation reservereleasedupon disposal of subsidiaries - 1,033 1,033 (135) (153) (19)Movement in working capitalDecrease in other receivable - 15 17Increase/(Decrease) in otherpayablesand accruals (57) 36 (86)Net cash used in operating (192) (102) (88)activities Cash flow from investingactivitiesInterest received 21 20 42Proceeds on disposal of - 259 259subsidiariesNet cash inflow from investing 21 279 301activities Net increase/(decrease) in cashandcash equivalents (171) 177 213 Cash and cash equivalents atbeginningof the period/year 2,506 2,293 2,293 Cash and cash equivalents at endofthe period/yearCash and bank balances 2,325 2,470 2,506 NOTES TO THE INTERIM REPORTFOR THE PERIOD ENDED 30 JUNE 2007 1 GENERAL INFORMATION The Company is a public listed company incorporated in Bermuda and its sharesare listed on the London Stock Exchange. The addresses of the registered officeand principal place of business of the Company are disclosed in the corporateinformation to the interim report. 2 ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS In the current period, the Group has adopted all of the new and revisedStandards and Interpretations issued by the International Accounting StandardsBoard (the "IASB") and the International Financial ReportingInterpretations Committee ("IFRIC") of the IASB that arerelevant to its operations and effective for accounting periods beginning on orafter 1 January 2007. The adoption of these new and revised Standards andInterpretations has no significant impact on the financial statements of theGroup. At the date of authorisation of these financial statements, the followingStandards and Interpretations were in issue but not yet effective: IAS 23 (revised) Borrowing costs 1IFRS 8 Operating segments 1IFRIC 11 Group and Treasury Share Transactions 2IFRIC 12 Service Concession Arrangements 3 1 Effective for annual periods beginning on or after 1 January 20092 Effective for annual periods beginning on or after 1 March 20073 Effective for annual periods beginning on or after 1 January 2008 The directors anticipate that the adoption of these Standards andInterpretations in the future periods will have no material impact on thefinancial statements of the Group. Save as disclosed above, the accounting policies adopted in preparing thisreport are consistent with those adopted in preparing the consolidated financialstatements of the Group for the year ended 31 December 2006. 3 BASIS OF PREPARATION The financial statements have been prepared in accordance with InternationalFinancial Reporting Standards. It has been prepared on a basis other than thatof a going concern which includes, where appropriate, writing down the Company's assets to net realizable value. Provision has also been made for anyonerous contractual commitments at the balance sheet date. The financialstatements do not include any provision for the future costs of terminating thebusiness of the Company except to the extent that such costs were committed atthe balance sheet date. Accordingly, all assets are classified as currentassets. The Group's financial statements consolidate the financial statements ofthe Company and the subsidiary undertakings included in the Group. The results of subsidiaries disposed of during the periods/year are included inthe consolidated income statement up to the effective dates of disposal. 4 BUSINESS AND GEOGRAPHICAL SEGMENTS No business and geographical segment analyses are presented for the periodsended 30 June 2007 and 30 June 2006 as the Group has only maintained a minimumoperation during the period. 5 INTEREST Unaudited Audited Six months ended Year ended 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000Interest incomeBank interest receivable 21 20 42 6 DISPOSAL OF SUBSIDIARIES During the period ended 30 June 2006, the Group disposed of its entire interestsin Worldsec Nominees International Limited, a company incorporated in theBritish Virgin Islands, together with its wholly-owned subsidiary, WorldsecNominees Limited, a company incorporated in Hong Kong. No gain or loss ondisposal of subsidiaries was resulted from this disposal. Incidental to the disposal of subsidiaries during that period, the totalcurrency translation reserve amounted to US$1,033,000 has been released to theconsolidated income statement. 7 INCOME TAX No provision for taxation has been made as the Group did not generate anyassessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax inother jurisdictions. 8 LOSS PER SHARE Unaudited Audited Six months ended Year ended 30.6.2007 30.6.2006 31.12.2006 US$'000 US$'000 US$'000 Loss for the period/ US$(114,000) US$(1,166,000) US$(1,010,000)year Weighted average numberof shares in issue 13,367,290 13,367,290 13,367,290 Loss per share ' basicand diluted (1) cent (9) cents (8) cents No diluted effect in loss per share as no diluting events existed during theperiods/year. 9 SHARE CAPITAL US$Authorised:Ordinary shares of US$0.001 each as at 30 June 2006, 31 50,000,000December 2006 and 30 June 2007 Called up, issued and fully paid:Ordinary shares of US$0.001 each as at 30 June 2006, 31 13,367December 2006 and 30 June 2007 10 RESERVES Currency Contributed Special Accumulated translation Surplus Reserve Losses reserve US$'000 US$'000 US$'000 US$'000 Balance at 1 January 9,646 625 (7,094) (1,033)2006Loss for the period - - (1,166) -Currency translationreserve releasedupon disposalof subsidiaries - - - 1,033 Balance at 1 July 9,646 625 (8,260) -2006Profit for the - - 156 -period Balance at 1 January 9,646 625 (8,104) -2007Loss for the period - - (114) - Balance at 30 June 9,646 625 (8,218) -2007 1 INTERIM REPORT The interim report will be sent to shareholders on or about 21 October 2007. CORPORATE INFORMATION Board of Directors Non-Executive ChairmanAlastair GUNN-FORBES Executive DirectorsHenry Ying Chew CHEONG (Deputy Chairman) Non-Executive DirectorsMark Chung FONGSoo Ching HO Company SecretaryMay Yim CHAN Registered Office AddressCanon's Court, 22 Victoria Street, Hamilton HM12, Bermuda Registration NumberEC21466 Bermuda Principal BankersThe Hong Kong and Shanghai Banking Corporation Limited1 Queen's Road, Central, Hong Kong AuditorsHLB Hodgson Impey ChengChartered Accountants, Certified Public Accountants31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong SolicitorsLinklatersOne, Silk Street, London EC2Y 8HQ, England Principal Share Registrar and Transfer OfficeThe Bank of Bermuda LimitedBank of Bermuda Building, 6 Front Street, Hamilton HM11, Bermuda International Branch RegistrarCapita Registers (Jersey) LimitedVictoria Chambers, Liberation Square, 1/3 the Esplanade, St helier, Jersey,Channel Islands United Kingdom Transfer AgentCapita RegistrarsThe Registry, 34 Beckenham Road, Beckenham, kent BR3 4TU, England Investor RelationsFor further information about Worldsec Limited, please contact:Henry Ying Chew CHEONGExecutive DirectorWorldsec Group6th Floor, New Henry House, 10 Ice House Street, Central, Hong Kong This information is provided by RNS The company news service from the London Stock Exchange