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Worldsec Ld (WSL)

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Wednesday 29 August, 2012

Worldsec Ld

Half Yearly Report

RNS Number : 9926K
Worldsec Ld
29 August 2012
 



 

 

 

 

 

 

Worldsec Limited

 

Interim Report for the six months ended 30 June 2012

 

 

 

 

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 2012.

 

For the six months ended 30 June 2012, the Group incurred a net loss of US$94,000. This is comparable with the net loss of US$140,000 for the corresponding period in the previous year. At the end of 30 June 2012, Group shareholders' funds stood at US$0.84 million as compared to US$0.94 million at the end of December 2011.

 

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

 

29 August 2012

 

 

 

 

CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2012                                           

 

 



Unaudited


Audited



Six months ended


Year ended


Notes

30.6.2012


30.6.2011


31.12.2011



US$'000


US$'000


US$'000








Other income and gain

5

-


3


13

Staff costs


(8)


(8)


(15)

Other expenses


(86)


(135)


(274)








Loss before tax


(94)


(140)


(276)

Income tax expense

6

-


-


-








Loss for the period/year


(94)



(276)

 

 














Other comprehensive income, net of







income tax







Exchange differences on translating foreign







operations


(1)


-


(5)








Other comprehensive income for the year,







net of income tax


(1)


-


(5)








Total comprehensive income for the year


(95)



(281)








Loss attributable to:







Owners of the Company


(94)



(276)








Total comprehensive income attributable to:







Owners of the Company


(95)



(281)















Loss per share - basic and diluted

7

(0.7) cent



(2) cents















 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2012                                                         

 

 



Unaudited


Audited



Six months ended


Year ended


Notes

30.6.2012


30.6.2011


31.12.2011



US$'000


US$'000


US$'000

Current assets







Cash and bank balances


1,096


1,329


1,217








Current liabilities







Other payables and accruals


(254)


(251)


(280)








Net current assets


842


1,078


937








Net assets


842


1,078


937















Capital and reserves







Share capital

8

13


13


13

Contributed surplus

9

9,646


9,646


9,646

Foreign currency translation reserve

9

(6)


-


(5)

Special reserve

9

625


625


625

Accumulated losses

9

(9,436)


(9,206)


(9,342)








Total equity


842


1,078


937








 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED 30 JUNE 2012                                                 

 

 


Unaudited


Audited


Six months ended


Year ended


30.6.2012


30.6.2011


31.12.2011


US$'000


US$'000


US$'000

Cash flows from operating activities






Loss for the period/year

(94)


(140)


(276)







Interest income

-


(3)


-








(94)


(143)


(276)

Movement in working capital






Decrease in other payables and accruals

(26)


(13)


16







Net cash used in operating activities

(120)


(156)


(260)







Cash flow from investing activities






Interest received

-


3


-







Net cash inflow from investing activities

-


3


-













Net decrease in cash and cash equivalents

(120)


(153)


(260)







Cash and cash equivalents at






beginning of the period/year

1,217


1,482


1,482







Effects of exchange rate changes

(1)


-


(5)







Cash and cash equivalents at






end of the period/year






Cash and bank balances

1,096


1,329


1,217

 

 

 

 

 

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2012                                   

 

 

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 (IFRSs)

 

In the current period, the Group has adopted all of the new and revised IFRSs 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 July 2011 and 1 January 2012. The adoption of these new and revised IFRSs has no significant impact on the financial statements of the Group.

 

The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective:

 

IFRS (Amendments)

Annual Improvements 2009-2011 Cycle4

IFRS 1 (Amendments)

Government Loans

IFRS 7 (Amendments)

Disclosures - Offsetting Financial Assets and Financial Liabilities2

IFRS 7 and IFRS 9 (Amendments)

Mandatory Effective Date of IFRS 9 and Transition Disclosures4

IFRS 9

Financial Instruments4

IFRS 10

Consolidated Financial Statements2

IFRS 11

Joint Arrangements2

IFRS 12

Disclosure of Interests on Other Entities2

IFRS 13

Fair Value Measurement2

IAS 1 (Amendments)

Presentation of Items of Other Comprehensive Income1

IAS 19 (as revised in 2011)

Employee Benefits2

IAS 27 (as revised in 2011)

Separate Financial Statements2

IAS 28 (as revised in 2011)

Investments in Associates and Joint Ventures2

IAS 32 (Amendments)

Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities3

IFRIC 20

Stripping Costs in the Production Phase of a Surface Mine2

                 

1        Effective for annual periods beginning on or after 1 July 2012

2       Effective for annual periods beginning on or after 1 January 2013

3        Effective for annual periods beginning on or after 1 January 2014

4        Effective for annual periods beginning on or after 1 January 2015

 

 

The directors anticipate that the application of these standards, amendments and 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 2011.

 

 

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 Group's assets to net realizable value, as the Group no longer has a trading operation.  Provision has also been made for any onerous contractual commitments at the end of the reporting period.  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 end of the reporting period.  Accordingly, all assets are classified as current assets.

 

The Group's financial statements consolidate the financial statements of the Company and its subsidiaries undertakings included in the Group.

 

 

4.   BUSINESS AND GEOGRAPHICAL SEGMENTS

 

No business and geographical segment analyses are presented for the periods ended 30 June 2012 and 30 June 2011 as the Group has only maintained a minimum operation during the period.

 

 

5.   OTHER INCOME AND GAIN

 


Unaudited


Audited


Six months ended


Year ended


30.6.2012


30.6.2011


31.12.2011


US$'000


US$'000


US$'000







Sundry Income

-


-


13

Interest income

-


3


-


-


3


13







 

6.   INCOME TAX EXPENSE

 

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


30.6.2012


30.6.2011


31.12.2011







Loss for the period/year

US$(94,000)


US$(140,000)


US$(276,000)













Weighted average number of shares in issue

13,367,290


13,367,290


13,367,290













Loss per share - basic and diluted

(0.7) cent


(1) cent


(2) cents







 

No diluted effect in loss per share as no diluting events existed during the periods/year.

 

 

8.   SHARE CAPITAL


US$

Authorised:


50,000,000,000 ordinary shares of US$0.001 each as at 30 June 2011,   


31 December 2011 and 30 June 2012

50,000,000



Called up, issued and fully paid:


13,367,290 ordinary shares of US$0.001 each as at 30 June 2011,


31 December 2011 and 30 June 2012

13,367



 

 

9.   RESERVES

 


Contributed

surplus


Foreign

currency

translation reserve


Special reserve


Accumulated losses


US$'000


US$'000


US$'000


US$'000









Balance at 1 January 2011

9,646


-


625


(9,066 )

Loss for the period

-


-


-


(140 )









Balance at 1 July 2011

9,646


-


625


(9,206 )

Loss for the period

-


(5)


-


(136 )









Balance at 1 January 2012

9,646


(5)


625


(9,342 )

Loss for the period

-


(1)


-


(94 )









Balance at 30 June 2012

9,646


(6)


625


(9,436 )









 

 

10. INTERIM REPORT

 

      The interim report will be sent to shareholders on or about 31 August 2012.

 

 

 

 

 

 

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 Hongkong 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.

Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda

 

International Branch Registrar

Capita Registrars (Jersey) Limited

12 Castle Street, St Helier, JE2 3RT, Jersey, Channel Isands

 

United Kingdom Transfer Agent

Capita Registrars Limited

The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, UK

 

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


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