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Worldsec Ld (WSL)

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Wednesday 26 August, 2009

Worldsec Ld

Interim Result

RNS Number : 0383Y
Worldsec Ld
26 August 2009
 

Worldsec Limited


Interim Report for the six months ended 30 June 2009


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 2009.


For the six months ended 30 June 2009the Group incurred a net loss of US$105,000This is comparable with the net loss of US$111,000 for the corresponding period in the previous year. At the end of 30 June 2009, Group shareholders' funds stood at US$1.60 million as compared to US$1.70 million at the end of December 2008.


The Board continues 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.


    By order of the Board


    Alastair GUNN-FORBES

    Non-Executive Chairman


    26 August2009


CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2009    





Unaudited


Audited



Six months ended


Year ended


Notes

30.6.2009


30.6.2008


31.12.2008




US$'000


US$'000


US$'000








Interest income

5

-


3


3

Staff costs


(17)


(20)


(34)

Other expenses


(88)


(94)


(227)








Loss before tax


(105)


(111)


(258)

Income tax expense

6

-


-


-








Loss for the period/year


(105)


(111)


(258)









Loss per share - basic and diluted

7

(1) cent


(1) cent


(2) cents










  CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE

FOR THE PERIOD ENDED 30 JUNE 2009            





Unaudited


Audited



Six months ended


Year ended



30.6.2009


30.6.2008


31.12.2008



US$'000


US$'000


US$'000

Loss and total recognized expense for the







period/year


(105)


(111)


(258)










  CONSOLIDATED BALANCE SHEET

AT 30 JUNE 2009    





Unaudited


Audited



Six months ended


Year ended


Notes

30.6.2009


30.6.2008


31.12.2008



US$'000


US$'000


US$'000

Current assets







Cash and bank balances


1,863


2,121


2,045










1,863


2,121


2,045

Current liabilities 







Other payables and accruals


(263)


(269)


(340)








Net current assets


1,600


1,852


1,705








Net assets


1,600


1,852


1,705















Capital and reserves







Share capital

8

13


13


13

Contributed surplus

9

9,646


9,646


9,646

Special reserve

9

625


625


625

Accumulated losses

9

(8,684)


(8,432)


(8,579)








Equity shareholders' funds


1,600


1,852


1,705










  CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2009    




Unaudited


Audited


Six months ended


Year ended


30.6.2009


30.6.2008


31.12.2008


US$'000


US$'000


US$'000

Cash flows from operating activities






Loss for the period/year

(105)


(111)


(258)







Interest income

-


(3)


(3)








(105)


(114)


(261)

Movement in working capital






(Decrease)/increase in other payables and accruals

(77)


(50)


21







Net cash used in operating activities

(182)


(164)


(240)







Cash flow from investing activities






Interest received

-


3


3







Net cash inflow from investing activities

-


3


3













Net decrease in cash and cash equivalents

(182)


(161)


(237)







Cash and cash equivalents at






beginning of the period/year

2,045


2,282


2,282







Cash and cash equivalents at






end of the period/year






Cash and bank balances

1,863


2,121


2,045


 

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2009        



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


In the current period, 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 ('IFRIC') of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 January 2009. 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 authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective:



IAS 27 (Revised)

Consolidated and Separate Financial Statements1

       

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


The directors anticipate that the adoption of these Standards and Interpretations in the future periods will have no material 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 2008.



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 thCompany's assets to net realizable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. 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 balance sheet date. Accordingly, all assets are classified as current assets.


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


The results of subsidiaries disposed of during the periods/year are included in the consolidated income statement up to the effective dates of disposal.



4.  BUSINESS AND GEOGRAPHICAL SEGMENTS


No business and geographical segment analyses are presented for the periods ended 30 June 2009 and 30 June 2008 as the Group has only maintained a minimum operation during the period.




5.  INTEREST



Unaudited


Audited


Six months ended


Year ended


30.6.2009


30.6.2008


31.12.2008


US$'000


US$'000


US$'000







Interest income






Bank interest receivable


3


3









6.  INCOME TAX


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


30.6.2009


30.6.2008


31.12.2008







Loss for the period/year

US$(105,000)


US$(111,000)


US$(258,000)













Weighted average number of shares in issue

13,367,290


13,367,290


13,367,290













Loss per share - basic and diluted

    (1) 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:


Ordinary shares of US$0.001 each as at 30 June 2008, 31 December  


  2008 and 30 June 2009

50,000,000



Called up, issued and fully paid:


Ordinary shares of US$0.001 each as at 30 June 2008, 31 December  


  2008 and 30 June 2009

13,367





9.  RESERVES



Contributed

surplus


Special reserve


Accumulated losses


US$'000


US$'000


US$'000







Balance at 1 January 2008

9,646


625


(8,321)

Loss for the period

-


-


(111)







Balance at 1 July 2008

9,646


625


(8,432)

Loss for the period

-


-


(147)







Balance at 1 January 2009

9,646


625


(8,579)

Loss for the period

-


-


(105)







Balance at 30 June 2009

9,646


625


(8,684)









10.  INTERIM REPORT


    The interim report will be sent to shareholders on or about 28 August 2009.



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

HO Soo Ching 


Company Secretary

May Yim CHAN


Registered Office Address

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


Registration Number

EC21466 Bermuda


Principal Bankers

The Hong Kong 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 StreetCentral, Hong Kong


Solicitors

Linklaters

One, Silk Street, London EC2Y 8HQEngland


Principal Share Registrar and Transfer Office

Appleby Management (Bermuda) Ltd

Argle House, 41A Cedar AvenueHamilton HM12, Bermuda


International Branch Registrar

Capita Registers (Jersey) Limited

12 Castle Street, St Helier, JerseyJE2 3RT


United Kingdom Transfer Agent

Capita Registrars

The Registry, 34 Beckenham RoadBeckenhamKent BR3 4TUEngland


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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