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enterpriseAsia (EPA)

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Friday 25 May, 2007

enterpriseAsia

Final Results

enterpriseAsia PLC
25 May 2007


25 May 2007
                               ENTERPRISEASIA PLC
                            ANNOUNCES FINAL RESULTS



Chairman's Statement

The Company recorded a consolidated loss of £163,255 for the year ended 31
December 2006 (2005: £206,368).

The Company continues to develop its portfolio in the energy/waste management
sector in south east China and has recently announced an investment in Jiangxi
Dayu Yangchuan Hydro Power Development Co. Ltd ('JDY') in Jiangxi province of
China which is to the immediate north east of Guangdong province.  JDY will
construct a 2.52MW hydro-electric power plant to serve Dayu township which will
produce approximately 10 million kWh per year.  Construction is scheduled to be
completed by June 2008.

The Company is investing 1.8m Yuan (approximately £115,140) to acquire a 49%
equity interest in JDY.  We will also provide a shareholder's loan to JDY of
6.3m Yuan (approximately £408,800) in two phases to complete the construction.
The two phases (4.1m Yuan and 2.2m Yuan) will accrue interest calculated at the
Chinese national standard lending rate plus a multiplier of 130% and 150%
respectively.

The investment represents a further development of the Company's declared
strategy to exploit opportunities created by the strong and growing regional
demand for power in China especially that which is delivered in an
environmentally sensitive manner.

I am also pleased to report that the waste incineration plant in Dongguan City
(in which your Company has a 9.7% interest) is continuing to perform well and,
at the end of 2006, achieved a net profit of 12.3 million Yuan (approximately
£796,116).  This is an 11.6% increase over the same period last year and the
improved performance is a result of better efficiency in plant operation.

In previous reports, I have made reference to the investment opportunities which
are available elsewhere in China within our chosen sector, specifically the
proposed expansion of the waste incineration plant in Dongguan City and the
proposed replication of the plant in Shantou.  Despite a successful placing of
shares with existing shareholders in July 2006, the Company is still severely
restricted in the provision of funds to exploit these opportunities.  Your
directors are very grateful for the continuing support from existing
shareholders but, if we are to gain sufficient advantage of the network of
contacts and opportunities which we have developed, we need further, substantial
funding.

We have made a number of presentations to investment funds but, whilst they have
expressed interest in the strategy we have outlined, such funds often indicate
that our market capitalisation is too small for us to be considered as a
prospective investment opportunity.  Your directors now believe, therefore, that
it is no longer in the best interests of the Company or its Shareholders to
maintain admission to AIM.  Hence, the resolution which will be submitted to
shareholders at the Extraordinary General Meeting on 7 June.

I would like to stress that your directors see this very much as a positive
move, designed to improve our ability to raise funds and, therefore, drive our
investment programme much more quickly than we have been able to do in the
recent past.

If shareholders approve the proposed de-listing, there is much work to be done
to secure additional funding but I am confident that we have a strong and
appealing message to deliver to prospective investors as we seek to exploit
opportunities in a growing sector in a growing economy.


Davie Auyeung
Chairman

25 May 2007


CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 December 2006

                                                                          2006                    2005
                                                                             £                       £

Turnover                                                                82,623                  71,403

Administrative expenses                                              (272,217)               (292,314)

                                                                     (189,594)               (220,911)

Other operating income                                                   3,482                   4,839

Operating loss                                                       (186,112)               (216,072)

Interest receivable and similar income                                  22,857                   9,704

Loss on ordinary activities before taxation                          (163,255)               (206,368)

Tax on loss on ordinary activities                                           -                       -

Loss for the year                                                    (163,255)               (206,368)

Basic and diluted loss per share (pence)                                (2.98)                  (7.64)



The profit and loss account has been prepared on the basis that all operations
are continuing.

There are no recognised gains and losses other than those passing through the
profit and loss account.


CONSOLIDATED BALANCE SHEET
As at 31 December 2006

                                                                           2006                   2005
                                                                              £                      £

Fixed assets
Intangible fixed assets                                                 332,308                346,154

Tangible fixed assets                                                     1,649                  1,241
Fixed asset investments                                                 202,025                202,025
Debtors due after more than one year                                    145,808                      -

                                                                        681,790                549,420
Current assets
Investments                                                                   -                      -
Debtors                                                                  18,770                 88,932
Cash at bank and in hand                                              1,272,881                491,518

                                                                      1,291,651                580,450

Creditors: amounts falling due within one year                         (58,085)               (51,259)


Net current assets                                                    1,233,566                529,191

Net Assets                                                            1,915,356              1,078,611


Capital and Reserves

Called up share capital                                                  83,800                 31,168
Share premium account                                                 1,614,180                666,812
Profit and loss account                                                 217,376                380,631

Shareholders' funds - equity interests                                1,915,356              1,078,611



Approved and authorised for issue by the Board of Directors on 25 May 2007

Ka Lai                                                       Phillip Brown
Director                                                     Director


CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 December 2006

                                                                           2006                   2005
                                                                              £                      £

Net cash outflow from operating activities                            (240,388)              (273,921)

Returns on investments and servicing of finance
Bank interest received                                                   22,857                  9,704

Net cash inflow for returns on investments and servicing of              22,857                  9,704
finance

Capital expenditure and financial investments
Payments to acquire tangible fixed assets                               (1,114)                  (317)
Proceeds on disposal of tangible fixed assets                                 -                      8
Payments to acquire intangible fixed assets                                   -              (360,000)
Payments to acquire fixed asset investments                                   -               (50,000)

Net cash outflow for capital expenditure                                (1,114)              (410,309)


Net cash outflow before management of liquid resources and            (218,645)              (674,526)
financing

Financing
Issue of new shares                                                   1,000,000                686,000

Net cash inflow from financing                                        1,000,000                686,000


Exchange difference                                                           8                      -

Net increase in cash in the year                                        781,363                 11,474






NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2006


1.         Loss per share

                                                                          2006                    2005
                                                                             £                       £

Loss for the year                                                      163,255                 206,368

Weighted average number of shares in issue                           5,481,663               2,699,795
Dilution effect of share in options                                          -                       -

Diluted weighted average number of shares                            5,481,663               2,699,795

Basic loss per share (pence)                                              2.98                    7.64

Diluted loss per share (pence)                                            2.98                    7.64





2.         Reconciliation of operating loss to net cash flow outflow from
operating activities


                                                                            2006                   2005
                                                                               £                      £

Operating loss                                                         (186,112)              (216,072)
Depreciation of tangible fixed assets                                        698                    550
Amortisation of intangible fixed assets                                   13,846                 13,846
Loss on disposal of tangible fixed assets                                      -                    106
Increase in debtors                                                     (75,646)               (68,227)
Increase/(decrease) in creditors                                           6,826                (4,124)

Net cash outflow from operating activities                             (240,388)              (273,921)


3.         Analysis of net funds

                                                          1 January        Cash flow        31 December
                                                               2006                                2006
                                                                  £                £                  £
Net cash:
Cash at bank and in hand                                    491,518          781,363          1,272,881

Net funds                                                   491,518          781,363          1,272,881





4.         Reconciliation of net cash flow to movement in net funds



                                                                           2006                  2005
                                                                              £                     £

Increase in cash in the year                                            781,363                11,474

Movement in net funds in the year                                       781,363                11,474
Opening net funds                                                       491,518               480,044

Closing net funds                                                     1,272,881               491,518





5. 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 2006 or 31 December
2005.  The statutory financial statements for the year ended 31 December 2006
will be finalised on the basis of the financial information presented by the
directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the company's Annual General Meeting.  The
auditors have yet to sign their report on the 2006 accounts.  The results for
the year ended 31 December 2005 have been extracted from the full accounts of
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.


6. Copies of Annual Report

Copies of the annual report are available to the general public from the
company's registered office:

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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