Half-yearly Report
CHINA CDM EXCHANGE CENTRE LIMITED
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011
Statement of the Board
China CDM Exchange Centre Limited ("the Company") presents its interim results
for the six months ended 30 June 2011.
The cessation on 31 December 2010 of the Cooperation Agreement between the
Company Beijing Changjiang International Holding ("BCIH") has had a material
impact on our business and we have been unable to generate any other revenue
for the Company. As a result our loss for the six months period to 30 June 2011
was GBP494,948.
Your Board of Directors has been communicating with BCIH and hope to reach
agreement with them regarding a new contract. We expect to be able to announce
the result of these discussions by 31 October 2011.
Despite these setbacks the company remains in a stable financial position. As
at 30 June 2011 we cash reserves of in excess of GBP1.3m and net current assets
of over GBP7m.
In addition our balance sheet still includes long term investments of GBP 35.8m
representing our investments in three private companies which were made between
2008 and 2010. All the of the shareholdings are less than 20% of the entire
share capital of investee company and the Directors have considered and are
comfortable with the carrying value shown in these interim results.
Moreover we still retain intangible assets on our balance sheet of GBP 13m
representing pre-period development investment for CDM projects performed by
the Company. The directors continue to monitor the carrying value of this
intangible investment and will reconsider the its value once the negotiations
with BCIH are concluded. At this time your Board believes its value is not
impaired.
………………………
Chairman
For and on behalf of the Board of
China CDM Exchange Centre Limited
Date: 30 September 2011
Enquiries:
China CDM Exchange Centre Limited +86 010
65101886end_of_the_skype_highlighting
Jeanne_0618@yahoo.com.cn
PLUS Advisor: 020 7251 3762
Alfred Henry Corporate Finance Ltd
www.alfredhenry.com
Jon Isaacs/Nick Michaels
The Directors accept responsibility for this announcement.
STatement of comprehensive income
1/1/2011-6/30/2011 1/1/2010-6/30/2010
GBP GBP
Unaudited Unaudited
ITEM
Revenue - 1,399,418.46
Cost of sales (268,198.87) (457,032.26)
Gross profit (268,198.87) 942,386.20
Selling expenses (161,900.74) (177,453.31)
Administrative expenses (33,785.12) (36,574.08)
Profit from operation (463,884.73) 728,358.81
Income Taxation - -
Profit for the year (463,884.73) 728,358.81
Other comprehensive income
Foreign exchange gains/ (31,063.36) (102,819.99)
(loss)
Total comprehensive income (494,948.09) 625,538.82
for the year
Statement of financial positioN
6/30/2011 6/30/2010
Unaudited Unaudited
GBP GBP
Non-current assets
Property Plant and Equipment 26,638.31 38,977.22
Long term investment 35,778,133.59 34,468,350.71
Intangible assets 13,011,366.92 15,013,462.58
Total non-current assets 48,816,138.82 49,520,790.51
Current Assets
Trade receivable and other 6,550,983.31 2,077,030.91
receivables
Cash and cash equivalents 1,301,200.99 999,050.55
Financial assets at fair value - 1,958,192.59
through profit or loss
Total current assets 7,852,184.30 5,034,274.05
Total assets 56,668,323.12 54,555,064.56
Current Liabilities
Payroll 272,921.36 -
Trade payable and other payables 193,308.96 440,406.68
Total Liabilities 466,230.32 440,406.68
Capital and Reserves
Share capital 15,020,515.41 15,020,515.41
Capital surplus 14,541,807.50 16,465,581.68
Surplus reserve 3,383,675.49 3,383,675.49
Retained earnings 16,166,890.86 11,570,143.43
Foreign currency translation 7,089,203.54 7,674,741.87
difference
Total Equity 56,202,092.80 54,114,657.88
Total liabilities and 56,668,323.12 54,555,064.56
shareholder's equity
NOTES TO THE INTERIM REPORT
1. Accounting Policies
The interim report has been prepared using accounting policies consistent with
those set out in the Company's Annual Report and Accounts for the year ended 31
December 2010.
The interim report, which is unaudited and has not been reviewed by the
Company's auditor, for the six months to 30 June 2011 was approved by the Board
on 30 September 2011.