Interim Report

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
beginning of the period/year	1,482		1,687		1,687
Cash and cash equivalents at
end of the period/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

 

END

 

 

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