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Worldsec Ld (WSL)

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Monday 20 April, 2009

Worldsec Ld

Final Results

RNS Number : 8342Q
Worldsec Ld
20 April 2009
 



Worldsec Limited

Preliminary Statement of Annual Results



Worldsec Limited is pleased to release today its preliminary statement of annual results for the year ended 31 December 2008.


The Chairman's Statement and extracts from the audited financial statements are reproduced below. 


Investor Relations


For further information please contact:


In Hong Kong

Mr. Henry Ying Chew CHEONG

Executive Director and Deputy Chairman 

+852 2971 4280

    


CHAIRMAN'S STATEMENT



RESULTS


The audited consolidated loss for the year was US$258,000 compared with a loss of US$217,000 in previous yearLoss per share was US 2 cents (2007Loss per share of US 2 cents).



THE YEAR IN REVIEW


For the year ended 31 December 2008, the Group incurred a net loss of US$258,000. This compares to the net loss of US$217,000 for the last year. At the end of 31 December 2008, Group shareholders' funds stood at US$1.71 million as compared to US$1.96 million at the end of December 2007.



PROSPECTS


During the year, the Board looked at few investment opportunities in Asia but found those valuation were relatively high. The financial crisis in the fourth quarter of 2008 saw prices returned to a more reasonable level and hence a better investment environment. The Board will continue 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.






Alastair GUNN-FORBES

Non-Executive Chairman

20 April 2009






  CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2008

    






Year ended 31 December



Notes

2008


2007




US$'000


US$'000






 

Interest income



3


39 

Staff costs



(34)


(40)

Other expenses



(227)


(216)







Loss before tax



(258)


(217)

Income tax expense


3

-


-  







Loss for the year



(258)


(217)







Loss per share - basic and diluted


4

(2) cents


 (2) cents 





  CONSOLIDATED BALANCE SHEET

AT 31 DECEMBER 2008

    





Notes

2008


2007




US$'000


US$'000

Current assets






Cash and bank balances



2,045


2,282







Current liabilities






Other payables and accruals



(340)


(319)







Net current assets



1,705


1,963







Net assets



1,705


1,963













Capital and reserves






Share capital


5

13


13

Contributed surplus


6

9,646


9,646

Special reserve 


6

625


625

Accumulated losses


6

(8,579)


(8,321)







Equity shareholders' funds



1,705


1,963






  CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2008

    








Year ended 31 December






2008


2007






US$'000


US$'000

Cash flows from operating activities








Loss for the year




(258)


(217)








Interest income




(3)


(39)












(261)


(256)








Movements in working capital




Decrease in other receivables




-


2

Increase/(decrease) in other payables and accruals


21


(9)





Net cash used in operating activities

(240)


(263) 








Cash flows from investing activities







Interest received




3


39






Net cash generated from investing activities


3


39







Net decrease in cash and cash equivalents



(237)


(224)








Cash and cash equivalents as at 1 January




2,282


2,506





Cash and cash equivalents as at 31 December 

Cash and bank balances

2,045


2,282






  NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2008

    



  • ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS


In the current year, 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 (the 'IFRIC') of the IASB that are relevant to its operations and effective for annual reporting periods beginning on 1 March 2007. 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 authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective:


        IAS 1 (Revised)    Presentation of Financial Statements 1

IAS 23 (Revised)    Borrowing Costs 1

IAS 27 (Revised)     Consolidated and Separate Financial Statements 2

IFRS 8    Operating Segments 1

IFRIC - Int 15    Agreements for the Construction of Real Estate 1


1 Effective for annual periods beginning on or after 1 January 2009.

2 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 financial impact on the financial statements of the Group.


 

2.   BUSINESS AND GEOGRAPHICAL SEGMENTS


No business and geographical segment analysis are presented for the years ended 31 December 2008 and 31 December 2007 as the Group has only maintained a minimum operation during the years.


 

3.   INCOME TAX EXPENSES


No provision for taxation has been made as the Group did not generate any assessable profit for UK Corporation Tax, Hong Kong Profits Tax and tax in other jurisdictions.


No deferred tax liabilities are recognized in the financial statements as the Group and the Company did not have material temporary difference arising between the tax bases of liabilities and their carrying amounts as at 31 December 2008 (2007: Nil).


The taxation for the year can be reconciled to the loss before tax per the consolidated income statement as follows:




Year ended 31 December



2008


2007



US$'000


US$'000






Loss before tax


258


217






Loss before tax calculated at 16.5% (2007:17.5%)


43


38

Tax effect of estimated tax losses not recognized


(44)


(45)

Tax effect of income not taxable for tax purpose


1


7






Total current tax charge for the year


-


-









4.   LOSS PER SHARE


Calculation of loss per share was based on the following:






Year ended 31 December



2008


2007






Loss for the year


(US$258,000)


(US$217,000)











Weighted average number of shares in issue


13,367,290


13,367,290











Loss per share - basic and diluted


(2) cents


(2) cents

    

No diluted effect in loss per share as no diluting events occurred during either year.



5.  SHARE CAPITAL 




US$

Authorized: 



Ordinary shares of US$0.001 each as at 1 January 200731 December 2007

and 31 December 2008


50,000,000




Called up, issued and fully paid:



Ordinary shares of US$0.001 each as at 1 January 2007, 31 December 2007

and 31 December 2008


13,367

 

 

6.  RESERVES

    

Movements on reserves were as follows:



 
 
Contributed
surplus
 
 
Special
reserve
 
 
Accumulated
losses
 
Currency
translation
reserve
 
US$’000
 
US$’000
 
US$’000
 
US$’000
The Group
 
 
 
 
 
 
 
Balance as at 1 January 2007
9,646
 
625
 
(8,104)
 
-
Loss for the year
-
 
-
 
(217)
 
-
 
 
 
 
 
 
 
 
Balance as at 1 January 2008
9,646
 
625
 
(8,321)
 
-
Loss for the year
-
 
-
 
(258)
 
-
 
 
 
 
 
 
 
 
Balance as at 31 December 2008
9,646
 
625
 
(8,579)
 
-

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