Last checked at 5 Sep 2008 10:34
Worldsec Limited
Interim Report for the six months ended 30 June 2008
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 2008.
For the six months ended 30 June 2008, the Group incurred a net loss of US$111,000. This is comparable with the net loss of US$114,000 for the corresponding period in the previous year. At the end of 30 June 2008, Group shareholders' funds stood at US$1.85 million as compared to US$1.96 million at the end of December 2007.
The Board continues to explore opportunities in the financial services and other new suitable business. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
5 September 2008
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
| Unaudited | Audited | |||
| Six months ended | Year ended | |||
| Notes | 30.6.2008 | 30.6.2007 | 31.12.2007 | |
| US$'000 | US$'000 | US$'000 | ||
| Interest income | 5 | 3 | 21 | 39 |
| Staff costs | (20) | (20) | (40) | |
| Other expenses | (94) | (115) | (216) | |
| ___________ | ___________ | ____________ | ||
| Loss before tax | (111) | (114) | (217) | |
| Income tax expense | 6 | - | - | - |
| ___________ | ___________ | ____________ | ||
| Loss for the period/year | (111) | (114) | (217) | |
| ============ | ============ | =========== | ||
| Loss per share - basic and diluted | 7 | (1) cent | (1) cent | (2) cents |
| ============ | =========== | =========== | ||
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2008
| Unaudited | Audited | ||
| Six months ended | Year ended | ||
| 30.6.2008 | 30.6.2007 | 31.12.2007 | |
| US$'000 | US$'000 | US$'000 | |
| Loss and total recognized expense for the period/year | (111) | (114) | (217) |
| =========== | ============ | ============= | |
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2008
| Unaudited | Audited | |||
| Notes | 30.6.2008 | 30.6.2007 | 31.12.2007 | |
| US$'000 | US$'000 | US$'000 | ||
| Current assets | ||||
| Other receivables | - | 2 | - | |
| Cash and bank balances | 2,121 | 2,335 | 2,282 | |
| ____________ | ____________ | ____________ | ||
| 2,121 | 2,337 | 2,282 | ||
| Current liabilities Other payables and accruals | (269) | (271) | (319) | |
| ____________ | ____________ | ___________ | ||
| Net current assets | 1,852 | 2,066 | 1,963 | |
| ____________ | ____________ | ___________ | ||
| Net assets | 1,852 | 2,066 | 1,963 | |
| ============ | ============ | =========== | ||
| Capital and reserves | ||||
| Share capital | 8 | 13 | 13 | 13 |
| Contributed surplus | 9 | 9,646 | 9,646 | 9,646 |
| Special reserve | 9 | 625 | 625 | 625 |
| Accumulated losses | 9 | (8,432) | (8,218) | (8,321) |
| ____________ | ____________ | ___________ | ||
| Equity shareholders' funds | 1,852 | 2,066 | 1,963 | |
| ============ | ============ | =========== | ||
|
| ||||
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
| Unaudited | Audited | |||
| Six months ended | Year ended | |||
| 30.6.2008 | 30.6.2007 | 31.12.2007 | ||
| US$'000 | US$'000 | US$'000 | ||
| Cash flows from operating activities | ||||
| Loss for the period/year | (111) | (114) | (217) | |
| Interest income | (3) | (21) | (39) | |
| __________ | ___________ | ___________ | ||
| (114) | (135) | (256) | ||
| Movement in working capital | ||||
| Decrease in other receivable | - | - | 2 | |
| Decrease in other payables and accruals | (50) | (57) | (9) | |
| __________ | ___________ | ___________ | ||
| Net cash used in operating activities | (164) | (192) | (263) | |
| __________ | ___________ | __________ | ||
| Cash flow from investing activities | ||||
| Interest received | 3 | 21 | 39 | |
| __________ | ___________ | __________ | ||
| Net cash inflow from investing activities | 3 | 21 | 39 | |
| __________ | ___________ | __________ | ||
| Net decrease in cash and cash equivalents | (161) | (171) | (224) | |
| Cash and cash equivalents at beginning of the period/year | 2,282 | 2,506 | 2,506 | |
| __________ | ___________ | __________ | ||
| Cash and cash equivalents at end of the period/year Cash and bank balances | 2,121 | 2,335 | 2,282 | |
| ========== | =========== | ========= | ||
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2008 _
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
In the current period, the Group has adopted all of the new and revised Standards and Interpretations 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 January 2008. The adoption of these new and revised Standards and Interpretations has no significant impact on the financial statements of the Group.
At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective:
| IAS 1 (revised) | Presentation of Financial Statements1 | |
| IAS 1 (amendment) | Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation 1 | |
| IAS 23 (revised) | Borrowing costs 1 | |
| IAS 27 (amendment) | Consolidated and Separate Financial Statements 4 | |
| IAS 32 (revised) | Financial Instruments: Presentation 1 | |
| IAS 39 (amendment) | Financial Instruments: Recognition and Measurement - Eligible Hedged Items 4 | |
| IFRS 2 (amendment) | Share-based Payment 1 | |
| IFRS 3 (revised) | Business Combinations 4 | |
| IRFS 8 | Operating segments 1 | |
| IFRIC - Int 13 | Customer Loyalty Programmes 2 | |
| IFRIC - Int 15 | Agreements for the Construction of Real Estate 1 | |
| IFRIC - Int 16 | Hedges of a Net Investment in a Foreign Operation 3 |
1 Effective for annual periods beginning on or after 1 January 2009
2 Effective for annual periods beginning on or after 1 July 2008
3 Effective for annual periods beginning on or after 1 October 2008
4 Effective for annual periods beginning on or after 1 July 2009
The directors anticipate that the adoption of these Standards and Interpretations in the future periods will have no material 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 2007.
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 Company's assets to net realizable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. 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 balance sheet date. Accordingly, all assets are classified as current assets.
The Group's financial statements consolidate the financial statements of the Company and the subsidiary undertakings included in the Group.
The results of subsidiaries disposed of during the periods/year are included in the consolidated income statement up to the effective dates of disposal.
NOTES TO THE INTERIM REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2008 _
4 BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for the periods ended 30 June 2008 and 30 June 2007 as the Group has only maintained a minimum operation during the period.
5 INTEREST
| Unaudited | Audited | ||
| Six months ended | Year ended | ||
| 30.6.2008 | 30.6.2007 | 31.12.2007 | |
| US$'000 | US$'000 | US$'000 | |
| Interest income | |||
| Bank interest receivable | 3 | 21 | 39 |
| =========== | ============ | =========== | |
6 INCOME TAX
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 | ||||
| 30.6.2008 | 30.6.2007 | 31.12.2007 | |||
|
| |||||
| Loss for the period/year | US$(111,000) | US$(114,000) | US$(217,000) | ||
| ------------------- | ------------------- | ------------------- | |||
| Weighted average number of shares in issue | 13,367,290 | 13,367,290 | 13,367,290 | ||
| ------------------ | ------------------- | ------------------- | |||
|
| |||||
| Loss per share - basic and diluted | (1) cent | (1) cent | (2) cents | ||
| ------------------- | ------------------- | -------------------- | |||
No diluted effect in loss per share as no diluting events existed during the periods/year.
NOTES TO THE INTERIM REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2008
8 SHARE CAPITAL
| US$ | |
| Authorised: | |
| Ordinary shares of US$0.001 each as at 30 June 2007, 31 December 2007 and 30 June 2008 | 50,000,000 |
| ============ | |
| Called up, issued and fully paid: | |
| Ordinary shares of US$0.001 each as at 30 June 2007, 31 December 2007 and 30 June 2008 | 13,367 |
|
| ============ |
9 RESERVES
| Contributed surplus | Special reserve | Accumulated losses | |
| US$'000 | US$'000 | US$'000 | |
| Balance at 1 January 2007 | 9,646 | 625 | (8,104) |
| Loss for the period | - | - | (114) |
| ___________ | ___________ | ___________ | |
| Balance at 1 July 2007 | 9,646 | 625 | (8,218) |
| Loss for the period | - | - | (103) |
| ___________ | ___________ | ___________ | |
| Balance at 1 January 2008 | 9,646 | 625 | (8,321) |
| Loss for the period | - | - | (111) |
| ___________ | ___________ | ___________ | |
| Balance at 30 June 2008 | 9,646 | 625 | (8,432) |
| =========== | =========== | =========== | |
10 INTERIM REPORT
The interim report will be sent to shareholders on or about 12 September 2008.
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
HO Soo Ching
Company Secretary
May Yim CHAN
Registered Office Address
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
Registration Number
EC21466 Bermuda
Principal Bankers
The Hong Kong 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
The Bank of Bermuda Limited
Bank of Bermuda Building, 6 Front Street, Hamilton HM11, Bermuda
International Branch Registrar
Capita Registers (Jersey) Limited
Victoria Chambers, Liberation Square, 1/3 the Esplanade, St helier, Jersey, Channel Islands
United Kingdom Transfer Agent
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, kent BR3 4TU, England
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