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enterpriseAsia (EPA)

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Thursday 17 June, 2004

enterpriseAsia

Final Results

enterpriseAsia PLC
17 June 2004



AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003





RESULTS

The Company and its subsidiaries recorded an audited consolidated loss of
£684,423 for the year ended 31 December 2003 (the loss at the end of the year
ended 31 December 2002 was £8,094,754). As at 31 December 2003, the audited net
asset value per share was 0.41p (2002: 0.70p) and the total cash balance under
control was approximately 0.37p per share.



DIVIDENDS

The directors do not recommend the payment of a dividend.



BUSINESS DEVELOPMENT

In the 2002 Annual Report, the Board announced that the Company would
discontinue its investment strategy of providing seed capital to a portfolio of
start-up ventures in information technology. Instead, the Company would look to
concentrate on developing alternative strategies capable of delivering
shareholder value.

At the Extraordinary General Meeting held on 27 August 2003, the Board proposed
a strategy focused on investing in, or acquiring businesses in, the education
and training sector. The proposal received the endorsement of shareholders and,
accordingly, your directors have been exploring opportunities in the education
sector.

During the year, the management team have concentrated their efforts on pursuing
new business opportunities and assessing potential projects. Our investment
approach has been a cautious one for two reasons. First, whilst the education
sector in China is experiencing significant growth, we need to be careful that
we choose opportunities which are capable of delivering value into the longer
term rather than those which might be the fashion of the moment. Second, the
resources available to your Company are limited and we need to make sure that we
use these as prudently as possible.

Even so, we are pleased to have invested in two projects, namely Chinese
Education Holding Co. Limited, a Hong Kong based company which specialises in
providing summer camps and overseas school placements, and Hong Kong Institute
of Vocational Learning Limited, which runs a licensed tutorial school under the
brand name of Universal i Education. Looking ahead, we are exploring other
opportunities in this sector.

We have not made as much progress as we would have liked in delivering
shareholder value. We are still very much committed to our education plan but
are mindful that quick returns are unlikely in this sector. Consequently, we
believe we should expand our investment horizon to include projects beyond the
education sector which might deliver returns in a shorter timescale.
Accordingly, an Extraordinary General Meeting will be convened to consider such
an approach.

Finally, a word or two on costs and personnel. As indicated above, your Board is
very mindful of the limited resources available and has taken steps during the
year to reduce overheads (in the main by a significant reduction of directors'
fees). During the year, Peter So and Benjamin Ng left the company and I am
pleased to acknowledge the contribution that both made to the Company
particularly during the transition period in the middle of last year.

Inevitably, we are now in a period of working hard to rebuild the Company's
fortunes. This will not happen overnight and I ask for an extension of
shareholders' patience to allow this work to develop. I very much hope to be
able to report further positive news in the months ahead.

Davie Auyeung

Chairman



YOUR INVESTMENT PORTFOLIO

Chinese Education Holding Co. Limited ('CE')

CE operates an educational business in Hong Kong; the company's two main
activities are the provision of summer camps and overseas school placements.
Your Company currently owns a 90% equity stake in CE.

Hong Kong Institute Vocational Learning Limited ('HKIVL')

HKIVL operates a private tutorial and language school under the brand of
Universal i Education, licensed by the Hong Kong Education and Manpower Bureau.
The school provides a variety of courses and private tutorials. Your Company
currently owns an 80% equity stake in HKIVL.

Value Convergence Holdings Limited ('VC Holdings')

The VC Group is engaged in securities, futures and option contracts (broking
mainly on the Stock Exchange in Hong Kong) and the provision of other related
financial services. It focuses on the Hong Kong, Macau and PRC markets. VC
Holdings is a listed company on the Hong Kong Stock Exchange (code: 8101) and
your Company currently owns 4,247,022 shares (representing 1.78% of the total
equity).



CONSOLIDATED PROFIT & LOSS ACCOUNT
For the year ended 31 December 2003


                                                                                          2003              2002
                                                                                             £                 £
Turnover
Consultancy fee income                                                                  10,863            85,996
Administrative expenses                                                              (570,484)         (825,400)
Impairment loss on investments                                                       (150,975)       (7,386,576)
Impairment loss on intangible asset                                                   (24,855)                 -
Reversal/(provision) for doubtful debts                                                 28,814          (45,228)
                                                                                     (706,637)       (8,171,208)
Other operating income                                                                   4,007            33,561
Operating loss                                                                       (702,630)       (8,137,647)
Interest receivable and similar income                                                  18,207            42,893
Loss on ordinary activities before taxation                                          (684,423)       (8,094,754)
Tax on loss on ordinary activities                                                           -                 -

Loss on ordinary activities after taxation                                           (684,423)       (8,094,754)

Basic and diluted loss per share                                                       (0.29p)           (3.38p)





CONSOLIDATED BALANCE SHEET
As at 31 December 2003


                                                                                          2003              2002
                                                                                             £                 £

Fixed assets
Intangible assets                                                                            -                 -
Tangible assets                                                                          5,336            11,588
Investments                                                                            152,025           310,841


                                                                                       157,361           322,429
Current assets
Investments                                                                          1,275,092         2,336,676
Debtors                                                                                 48,857            75,547
Cash at bank and in hand                                                               883,012         1,377,960

                                                                                     2,206,961         3,790,183

Creditors: amounts falling due within one year                                     (1,383,450)       (2,447,317)

Net current assets                                                                     823,511         1,342,866

Net assets                                                                             980,872         1,665,295
Capital and reserves
Called up share capital                                                              2,395,985         2,395,985
Share premium account                                                                9,175,770         9,175,770
Profit and loss account                                                           (10,590,883)       (9,906,460)
Shareholders' funds - equity interests                                                 980,872         1,665,295





CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2003


                                                                                          2003               2002
                                                                                             £                  £

Net cash outflow from operating activities                                           (512,269)          (688,957)

Returns on investments and servicing of finance
Bank interest received                                                                  13,561             28,903
Other interest income                                                                    4,646             13,990

Net cash inflow for returns on investments and servicing of finance                     18,207             42,893

Capital expenditure and financial investments

Payments to acquire tangible assets                                                      (121)            (7,249)
Proceeds on disposal of tangible fixed assets                                               41                  -
Payments to acquire fixed asset investments                                              (806)          (316,586)

Net cash outflow for capital expenditure                                                 (886)          (323,835)

Net cash outflow before management of liquid resources and financing                 (494,948)          (969,899)

Financing
Loan from investee company                                                                   -          1,071,011

Net cash inflow from financing                                                               -          1,071,011

Net (decrease) / increase in cash in the year                                        (494,948)            101,112








NOTES TO THE PRELIMINARY ANNOUNCEMENT
For the year ended 31 December 2003



1.             Loss Per Share

The calculation of basic loss per share and diluted loss per share is based on
loss after taxation of £684,423 (2002: £8,094,754) and on 239,598,496 ordinary
shares being the number of ordinary shares in issue during the year.



2.             Basis of Preparation

The financial information set out in this announcement does not constitute the
Company's statutory financial statements within the meaning of section 240 of
the Companies Act 1985, for the years ended 31 December 2003 or 31 December
2002.  The statutory financial statements for the year ended 31 December 2003
will be delivered to the Registrar of Companies following the Company's Annual
General Meeting.  The results for the year ended 31 December 2002 have been
extracted from the full accounts for that year which have been delivered to the
Registrar of Companies on which the auditors have given an unqualified report
and which do not contain a statement under sections 237(2) or (3) of the
Companies Act 1985.



This announcement is prepared on the basis of the accounting policies as stated
in the previous year's financial statements.



3.             Availability of Announcement

Copies of this announcement are available to members of the general public from
the Company's Registered Office at Albion Mills, Greengates, Bradford, West
Yorkshire BD10 9TQ.




                      This information is provided by RNS
            The company news service from the London Stock Exchange                                          

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