Interim Report
August 25 2010 - 5:56AM
UK Regulatory
TIDMWSL
RNS Number : 6041R
Worldsec Ld
25 August 2010
Worldsec Limited
Interim Report for the six months ended 30 June 2010
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 2010.
For the six months ended 30 June 2010, the Group incurred a net loss of
US$106,000. This is comparable with the net loss of US$105,000 for the
corresponding period in the previous year. At the end of 30 June 2010, Group
shareholders' funds stood at US$1.30 million as compared to US$1.41 million at
the end of December 2009.
Since late of last year, the Board continues to explore opportunities in the
financial services and other new suitable business, and in the meantime we have
engaged a financial adviser and legal adviser in the U.K. to advise us on the
reactivation of the Company. Shareholders will be informed as soon as the Board
has evaluated a suitable business proposition.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
25 August 2010
CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2010
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | Unaudited | | Audited |
+--------------------------+-------+----------------------------------+----------+------------+
| | | Six months ended | | Year |
| | | | | ended |
+--------------------------+-------+----------------------------------+----------+------------+
| |Notes | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | US$'000 | | US$'000 | | US$'000 |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Interest income | 5 | - | | - | | - |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Staff costs | | (15) | | (17) | | (33) |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Other expenses | | (91) | | (88) | | (267) |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Loss before tax | | (106) | | (105) | | (300) |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Income tax expense | 6 | - | | - | | - |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Loss for the period/year | | (106) | | (105) | | (300) |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| Loss per share - basic | 7 | (1) cent | | (1) cent | | (2) cents |
| and diluted | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+--------------------------+-------+-----------+----------+-----------+----------+------------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2010
+----------------------------+-+-----------+----------+-----------+----------+------------+
| | | Unaudited | | Audited |
+----------------------------+-+----------------------------------+----------+------------+
| | | Six months ended | | Year |
| | | | | ended |
+----------------------------+-+----------------------------------+----------+------------+
| | | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+----------------------------+-+-----------+----------+-----------+----------+------------+
| | | US$'000 | | US$'000 | | US$'000 |
+----------------------------+-+-----------+----------+-----------+----------+------------+
| Loss and total recognized | | | | | | |
| expense for | | | | | | |
+----------------------------+-+-----------+----------+-----------+----------+------------+
| the period/year | | (106) | | (105) | | (300) |
+----------------------------+-+-----------+----------+-----------+----------+------------+
| | | | | | | |
+----------------------------+-+-----------+----------+-----------+----------+------------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2010
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | Unaudited | | Audited |
+-----------------------+-------+----------------------------------+----------+------------+
| | | Six months ended | | Year |
| | | | | ended |
+-----------------------+-------+----------------------------------+----------+------------+
| |Notes | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | US$'000 | | US$'000 | | US$'000 |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Current assets | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Cash and bank | | 1,541 | | 1,863 | | 1,687 |
| balances | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | 1,541 | | 1,863 | | 1,687 |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Current liabilities | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Other payables and | | (242) | | (263) | | (282) |
| accruals | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Net current assets | | 1,299 | | 1,600 | | 1,405 |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Net assets | | 1,299 | | 1,600 | | 1,405 |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| 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 | (8,985) | | (8,684) | | (8,879) |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| Equity shareholders' | | 1,299 | | 1,600 | | 1,405 |
| funds | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
| | | | | | | |
+-----------------------+-------+-----------+----------+-----------+----------+------------+
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30 JUNE 2010
+--------------------------------+-----------+----------+-----------+----------+------------+
| | Unaudited | | Audited |
+--------------------------------+----------------------------------+----------+------------+
| | Six months ended | | Year |
| | | | ended |
+--------------------------------+----------------------------------+----------+------------+
| | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | US$'000 | | US$'000 | | US$'000 |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Loss for the period/year | (106) | | (105) | | (300) |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Interest income | - | | - | | - |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | (106) | | (105) | | (300) |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Movement in working capital | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| (Decrease)/increase in other | (40) | | (77) | | (58) |
| payables and accruals | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Net cash used in operating | (146) | | (182) | | (358) |
| activities | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Cash flow from investing | | | | | |
| activities | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Interest received | - | | - | | - |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Net cash inflow from investing | - | | - | | - |
| activities | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Net decrease in cash and cash | (146) | | (182) | | (358) |
| equivalents | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Cash and cash equivalents at | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| beginning of the period/year | 1,687 | | 2,045 | | 2,045 |
+--------------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Cash and cash equivalents at | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| end of the period/year | | | | | |
+--------------------------------+-----------+----------+-----------+----------+------------+
| Cash and bank balances | 1,541 | | 1,863 | | 1,687 |
+--------------------------------+-----------+----------+-----------+----------+------------+
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2010
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 July 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:
+-----------------+---------------------------------------------+
| IFRS | Improvement to IFRSs issued in 20105 |
| (Amendments) | |
+-----------------+---------------------------------------------+
| IAS 24 | Related Party Disclosure 3 |
| (Revised) | |
+-----------------+---------------------------------------------+
| IAS 32 | Classification of Right issues 1 |
| (Amendment) | |
+-----------------+---------------------------------------------+
| IFRS 1 | Limited Exemption from Comparative HKFRS 7 |
| (Amendment) | Disclosure for First-time Adopters2 |
+-----------------+---------------------------------------------+
| IFRS 9 | Financial Instruments - Classification and |
| (Amendment) | Measurement 4 |
+-----------------+---------------------------------------------+
| IFRIC - Int 14 | Prepayments of a Minimum Funding |
| | Requirement3 |
+-----------------+---------------------------------------------+
| IFRIC - Int 19 | Extinguishing Financial Liabilities with |
| | Equity Instruments 2 |
+-----------------+---------------------------------------------+
1 Effective for annual periods beginning on or after 1 February 2010.
2 Effective for annual periods beginning on or after 1 July 2010.
3 Effective for annual periods beginning on or after 1 January 2011.
4 Effective for annual periods beginning on or after 1 January 2013.
5 Effective for annual periods beginning on or after 1 July 2010 and 1 January
2011, as appropriate.
The directors anticipate that the application of these Standards, Amendmentsand
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 2009.
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 Company'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 2010 and 30 June 2009 as the Group has only maintained a minimum
operation during the period.
5. INTEREST
+-----------------------------+-----------+----------+-----------+----------+------------+
| | Unaudited | | Audited |
+-----------------------------+----------------------------------+----------+------------+
| | Six months ended | | Year |
| | | | ended |
+-----------------------------+----------------------------------+----------+------------+
| | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+-----------------------------+-----------+----------+-----------+----------+------------+
| | US$'000 | | US$'000 | | US$'000 |
+-----------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+-----------------------------+-----------+----------+-----------+----------+------------+
| Interest income | | | | | |
+-----------------------------+-----------+----------+-----------+----------+------------+
| Bank interest receivable | - | | - | | - |
+-----------------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+-----------------------------+-----------+----------+-----------+----------+------------+
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 |
+----------------------------+----------------------------------------+----------+--------------+
| | 30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| Loss for the period/year | US$(106,000) | | US$(105,000) | | US$(300,000) |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| Weighted average number of | 13,367,290 | | 13,367,290 | | 13,367,290 |
| shares in issue | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
| Loss per share - basic and | (1) cent | | (1) cent | | (2) |
| diluted | | | | | cents |
+----------------------------+--------------+----------+--------------+----------+--------------+
| | | | | | |
+----------------------------+--------------+----------+--------------+----------+--------------+
No diluted effect in loss per share as no diluting events existed during the
periods/year.
8. SHARE CAPITAL
+--------------------------------------------------+------------+
| | US$ |
+--------------------------------------------------+------------+
| Authorised: | |
+--------------------------------------------------+------------+
| Ordinary shares of US$0.001 each as at 30 June | |
| 2009, 31 December | |
+--------------------------------------------------+------------+
| 2009 and 30 June 2010 | 50,000,000 |
+--------------------------------------------------+------------+
| | |
+--------------------------------------------------+------------+
| Called up, issued and fully paid: | |
+--------------------------------------------------+------------+
| Ordinary shares of US$0.001 each as at 30 June | |
| 2009, 31 December | |
+--------------------------------------------------+------------+
| 2009 and 30 June 2010 | 13,367 |
+--------------------------------------------------+------------+
| | |
+--------------------------------------------------+------------+
9. RESERVES
+--------------------------+-------------+----------+---------+----------+-------------+
| | Contributed | | Special | | Accumulated |
| | surplus | | reserve | | losses |
+--------------------------+-------------+----------+---------+----------+-------------+
| | US$'000 | | US$'000 | | US$'000 |
+--------------------------+-------------+----------+---------+----------+-------------+
| | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Balance at 1 January | 9,646 | | 625 | | (8,579) |
| 2009 | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Loss for the period | - | | - | | (105) |
+--------------------------+-------------+----------+---------+----------+-------------+
| | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Balance at 1 July 2009 | 9,646 | | 625 | | (8,684) |
+--------------------------+-------------+----------+---------+----------+-------------+
| Loss for the period | - | | - | | (195) |
+--------------------------+-------------+----------+---------+----------+-------------+
| | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Balance at 1 January | 9,646 | | 625 | | (8,879) |
| 2010 | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Loss for the period | - | | - | | (106) |
+--------------------------+-------------+----------+---------+----------+-------------+
| | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
| Balance at 30 June 2010 | 9,646 | | 625 | | (8,985) |
+--------------------------+-------------+----------+---------+----------+-------------+
| | | | | | |
+--------------------------+-------------+----------+---------+----------+-------------+
10. INTERIM REPORT
The interim report will be sent to shareholders on or about 31 August
2010.
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 (resigned on 31 July 2010)
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 Street, Central, Hong Kong
Solicitors
Linklaters
One, Silk Street, London EC2Y 8HQ, England
Principal Share Registrar and Transfer Office
Appleby Management (Bermuda) Ltd
Argle House, 41A Cedar Avenue, Hamilton HM12, Bermuda
International Branch Registrar
Capita Registers (Jersey) Limited
12 Castle Street, St Helier, Jersey, JE2 3RT
United Kingdom Transfer Agent
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, England
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
END
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