Worldsec Ld27 September 2007
2007-09-27 16:08:41
Worldsec Ld - Interim Results
RNS Number:6551E
Worldsec Ld
27 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 of
US$114,000. This compares to the net loss of US$1,166,000 for the corresponding
period in the previous year which included the realization of US$1,033,000
(being a one time charge) standing on the Group's currency translation
reserve to the income statements. The small improvement in lower operating loss
of US$19,000 in the first half of this year as compared to the previous
corresponding period arose largely from a reduction in manpower expenses. At the
end of 30 June 2007, Group shareholders' funds stood at US$2.07 million
as compared to US$2.18 million at the end of December 2006.
The Board continues to explore opportunities in the securities and financial
services business. Shareholders will be informed as soon as such investment
opportunity eventuates.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
27 September 2007
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
Unaudited Audited
Six months ended Year ended
Notes 30.6.2007 30.6.2006 31.12.2006
US$'000 US$'000 US$'000
Recovery of doubtful - 16 16
receivables
Interest income 5 21 20 42
Other income - - 275
21 36 333
Staff costs (20) (67) (89)
Other expenses (115) (102) (221)
(114) (133) 23
Currency translation reserve
released
upon 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) cents
diluted
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR 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$'000
Currency translation reserve
released upon
disposal of subsidiaries and net
income recognized directly in equity - 1,033 1,033
Loss for the period/year (114) (1,166) (1,010)
Total recognised income/
(expense) for the
period/year (114) (133) (23)
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2007
Unaudited Audited
Six months ended Year ended
Notes 30.6.2007 30.6.2006 31.12.2006
US$'000 US$'000 US$'000
Current assets
Other receivables 2 4 2
Cash and bank balances 2,335 2,470 2,506
2,337 2,474 2,508
Current liabilities
Other 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 reserves
Share capital 9 13 13 13
Contributed surplus 10 9,646 9,646 9,646
Special reserve 10 625 625 625
Accumulated losses 10 (8,218) (8,260) (8,104)
Equity shareholders' funds 2,066 2,024 2,180
CONSOLIDATED CASH FLOW STATEMENT
FOR 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$'000
Cash flows from operating
activities
Loss for the period/year (114) (1,166) (1,010)
Adjustment for:
Interest income (21) (20) (42)
Currency translation reserve
released
upon disposal of subsidiaries - 1,033 1,033
(135) (153) (19)
Movement in working capital
Decrease in other receivable - 15 17
Increase/(Decrease) in other
payables
and accruals (57) 36 (86)
Net cash used in operating (192) (102) (88)
activities
Cash flow from investing
activities
Interest received 21 20 42
Proceeds on disposal of - 259 259
subsidiaries
Net cash inflow from investing 21 279 301
activities
Net increase/(decrease) in cash
and
cash equivalents (171) 177 213
Cash and cash equivalents at
beginning
of the period/year 2,506 2,293 2,293
Cash and cash equivalents at end
of
the period/year
Cash and bank balances 2,325 2,470 2,506
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2007
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 2007. 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 23 (revised) Borrowing costs 1
IFRS 8 Operating segments 1
IFRIC 11 Group and Treasury Share Transactions 2
IFRIC 12 Service Concession Arrangements 3
1 Effective for annual periods beginning on or after 1 January 2009
2 Effective for annual periods beginning on or after 1 March 2007
3 Effective for annual periods beginning on or after 1 January 2008
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 2006.
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 2007 and 30 June 2006 as the Group has only maintained a minimum
operation during the period.
5 INTEREST
Unaudited Audited
Six months ended Year ended
30.6.2007 30.6.2006 31.12.2006
US$'000 US$'000 US$'000
Interest income
Bank interest receivable 21 20 42
6 DISPOSAL OF SUBSIDIARIES
During the period ended 30 June 2006, the Group disposed of its entire interests
in Worldsec Nominees International Limited, a company incorporated in the
British Virgin Islands, together with its wholly-owned subsidiary, Worldsec
Nominees Limited, a company incorporated in Hong Kong. No gain or loss on
disposal of subsidiaries was resulted from this disposal.
Incidental to the disposal of subsidiaries during that period, the total
currency translation reserve amounted to US$1,033,000 has been released to the
consolidated income statement.
7 INCOME TAX
No provision for taxation has been made as the Group did not generate any
assessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax in
other jurisdictions.
8 LOSS PER SHARE
Unaudited Audited
Six months ended Year ended
30.6.2007 30.6.2006 31.12.2006
US$'000 US$'000 US$'000
Loss for the period/ US$(114,000) US$(1,166,000) US$(1,010,000)
year
Weighted average number
of shares in issue 13,367,290 13,367,290 13,367,290
Loss per share ' basic
and diluted (1) cent (9) cents (8) cents
No diluted effect in loss per share as no diluting events existed during the
periods/year.
9 SHARE CAPITAL
US$
Authorised:
Ordinary shares of US$0.001 each as at 30 June 2006, 31 50,000,000
December
2006 and 30 June 2007
Called up, issued and fully paid:
Ordinary shares of US$0.001 each as at 30 June 2006, 31 13,367
December
2006 and 30 June 2007
10 RESERVES
Currency
Contributed Special Accumulated translation
Surplus Reserve Losses reserve
US$'000 US$'000 US$'000 US$'000
Balance at 1 January 9,646 625 (7,094) (1,033)
2006
Loss for the period - - (1,166) -
Currency translation
reserve released
upon disposal
of subsidiaries - - - 1,033
Balance at 1 July 9,646 625 (8,260) -
2006
Profit for the - - 156 -
period
Balance at 1 January 9,646 625 (8,104) -
2007
Loss 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 Chairman
Alastair GUNN-FORBES
Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)
Non-Executive Directors
Mark Chung FONG
Soo Ching HO
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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