RNS Number : 8681M
Worldsec Ld
23 August 2011
Worldsec Limited
Interim Report for the six months ended 30 June 2011
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 2011.
For the six months ended 30 June 2011, the Group incurred a net loss of US$140,000. This is comparable with the net loss of US$106,000 for the corresponding period in the previous year. At the end of 30 June 2011, Groupshareholders' funds stood at US$1.08 million as compared to US$1.22 million at the end of December 2010.
Since late of last year, the Board continues to explore opportunities in the financial services and other new suitable business, and in the meantime we have engaged a financial adviser and legal adviser in the U.K. to advise us on the reactivation of the Company. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
23 August 2011
CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2011
Unaudited
Audited
Six months ended
Year ended
Notes
30.6.2011
30.6.2010
31.12.2010
US$'000
US$'000
US$'000
Other gain
-
-
4
Interest income
5
3
-
-
Staff costs
(8)
(15)
(24)
Other expenses
(135)
(91)
(167)
Loss before tax
(140)
(106)
(187)
Income tax expense
6
-
-
-
Loss for the period/year
(140)
(106)
(187)
Loss per share - basic and diluted
7
(1)cent
(1)cent
(1)cents
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2011
Unaudited
Audited
Six months ended
Year ended
30.6.2011
30.6.2010
31.12.2010
US$'000
US$'000
US$'000
Loss and total recognized expense for
the period/year
(140)
(106)
(187)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2011
Unaudited
Audited
Six months ended
Year ended
Notes
30.6.2011
30.6.2010
31.12.2010
US$'000
US$'000
US$'000
Current assets
Cash and bank balances
1,329
1,541
1,482
1,329
1,541
1,482
Current liabilities
Other payables and accruals
(251)
(242)
(264)
Net current assets
1,078
1,299
1,218
Net assets
1,078
1,299
1,218
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
(9,206)
(8,985)
(9,066)
Equity shareholders' funds
1,078
1,299
1,218
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30 JUNE 2011
Unaudited
Audited
Six months ended
Year ended
30.6.2011
30.6.2010
31.12.2010
US$'000
US$'000
US$'000
Cash flows from operating activities
Loss for the period/year
(140)
(106)
(187)
Interest income
(3)
-
-
(143)
(106)
(187)
Movement in working capital
Decrease in other payables and accruals
(13)
(40)
(18)
Net cash used in operating activities
(156)
(146)
(205)
Cash flow from investing activities
Interest received
3
-
-
Net cash inflow from investing activities
-
-
-
Net decrease in cash and cash equivalents
(153)
(146)
(205)
Cash and cash equivalents at
beginningoftheperiod/year
1,482
1,687
1,687
Cash and cash equivalentsat
endoftheperiod/year
Cash and bank balances
1,329
1,541
1,482
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2011
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 February 2010. 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:
Amendments to IFRS 7
Disclosures - Transfers of Financial Assets1
IFRS 9 (as amended in 2010)
Financial Instruments2
Amendments to IAS 12
Deferred Tax: Recovery of Underlying Assets3
Amendments to IFRIC 14
Prepayments of a Minimum Funding Requirement2
1 Effective for annual periods beginning on or after 1 July 2011.
2 Effective for annual periods beginning on or after 1 January 2013.
3 Effective for annual periods beginning on or after 1 January 2012.
The directors anticipate that the application of these Standards, Amendmentsand 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 2010.
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.
4. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for the periods ended 30 June 2011 and 30 June 2010 as the Group has only maintained a minimum operation during the period.
5. INTEREST
Unaudited
Audited
Six months ended
Year ended
30.6.2011
30.6.2010
31.12.2010
US$'000
US$'000
US$'000
Interest income
Bank interest receivable
3
-
-
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
30.6.2011
30.6.2010
31.12.2010
Loss for the period/year
US$(140,000)
US$(106,000)
US$(187,000)
Weighted average number of shares in issue
13,367,290
13,367,290
13,367,290
Loss per share - basic and diluted
(1) cent
(1) cent
(1) cents
No diluted effect in loss per share as no diluting events existed during the periods/year.
8. SHARE CAPITAL
US$
Authorised:
Ordinary shares of US$0.001 each as at 30 June 2010, 31 December
2010 and 30 June 2011
50,000,000
Called up, issued and fully paid:
Ordinary shares of US$0.001 each as at 30 June 2010, 31 December
2010 and 30 June 2011
13,367
9. RESERVES
Contributed surplus
Special reserve
Accumulated losses
US$'000
US$'000
US$'000
Balance at 1 January 2010
9,646
625
(8,879)
Loss for the period
-
-
(106)
Balance at 1 July 2010
9,646
625
(8,985)
Loss for the period
-
-
(81)
Balance at 1 January 2011
9,646
625
(9,066)
Loss for the period
-
-
(140)
Balance at 30 June 2011
9,646
625
(9,206)
10. INTERIM REPORT
The interim report will be sent to shareholders on or about 31 August 2011.
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 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
Appleby Management (Bermuda) Ltd
Argle House, 41A Cedar Avenue, Hamilton HM12, Bermuda
International Branch Registrar
Capita Registers (Jersey) Limited
12 Castle Street, St Helier, Jersey, JE2 3RT
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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