Interim Results
September 05 2008 - 5:34AM
UK Regulatory
RNS Number : 8248C
Worldsec Ld
05 September 2008
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 7 (1) cent (1) cent (2) cents
diluted
============ =========== ===========
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 (269) (271) (319)
accruals
____________ ____________ ___________
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 (50) (57) (9)
accruals
__________ ___________ ___________
Net cash used in operating (164) (192) (263)
activities
__________ ___________ __________
Cash flow from investing
activities
Interest received 3 21 39
__________ ___________ __________
Net cash inflow from investing 3 21 39
activities
__________ ___________ __________
Net decrease in cash and cash (161) (171) (224)
equivalents
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$(217,000)
------------------- ------------------- -------------------
Weighted average number of 13,367,290 13,367,290 13,367,290
shares in issue
------------------ ------------------- -------------------
Loss per share - basic and (1) cent (1) cent (2) cents
diluted
------------------- ------------------- --------------------
No diluted effect in loss per share as no diluting events existed during the periods/year.
NOTES TO THE INTERIM REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2008
8 SHARE CAPITAL
US$
Authorised:
Ordinary shares of US$0.001 each as at 30 June 2007, 31
December 50,000,000
2007 and 30 June 2008
============
Called up, issued and fully paid:
Ordinary shares of US$0.001 each as at 30 June 2007, 31
December 13,367
2007 and 30 June 2008
============
9 RESERVES
Contributed Special reserve Accumulated losses
surplus
US$'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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GCGDCGXGGGIU
Worldsec Ld (LSE:WSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Worldsec Ld (LSE:WSL)
Historical Stock Chart
From Jul 2023 to Jul 2024
