RNS Number : 2388E
China Wonder Limited
24 September 2008
CHINA WONDER LIMITED
("China Wonder" or the "company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30 June 2008 (unaudited)
I am pleased to report the Group's results for the six months to 30 June 2008 which are set out below. The figures show basic earnings
per share of 1.10 pence compared with 0.84 pence for the comparable period last year.
The Group's sales revenue for the period was �1,743,863, an increase of �654,624 (or 60%) when compared to the �1,089,239 of sales for
the same period in 2007. The Group's net income for the period was �197,483, an increase of �65,197 (or 49%) when compared to the same
period in 2007.
The Group has been able to meet the increased funding requirements resulting form the increased sales from its own resources and the
Board are hopeful that the increase in sales will continue to be reflected in Group profits going forward.
In line with the Group's development strategy, the Board continues to actively seek expansion opportunities both in The People's
Republic of China and The United Kingdom.
MARK CHAPMAN
Chairman
For more information please contact:
Mark Chapman China Wonder Limited 01483 892 130
David Youngman WH Ireland Limited 0161 832 2174
CHINA WONDER LIMITED
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2008
Six months ended Six months ended Year ended 31
30 June 2008 30 June 2007 December 2007
Unaudited Unaudited Audited
Note
� � �
REVENUE 1,743,863 1,089,239 2,336,967
Cost of sales (1,168,588) (706,171) (1,496,917)
Sales tax (100) - -
GROSS PROFIT 575,175 383,068 840,050
OTHER OPERATING INCOME 349 - 10,718
OPERATING EXPENSES
Distribution expenses (96,127) (67,326) (152,818)
Administrative expenses (220,371) (152,427) (385,720)
(316,498) (219,753) (538,538)
PROFIT FROM OPERATIONS 259,026 163,315 312,230
Finance income 983 575 3,336
Finance costs (6,463) (1,978) (8,615)
PROFIT BEFORE TAX 253,546 161,912 306,951
TAXATION (56,063) (29,626) (40,579)
PROFIT FOR THE YEAR
ATTRIBUTABLE TO EQUITY HOLDERS 197,483 132,286 266,372
OF THE PARENT
EARNINGS PER SHARE
Basic 2 1.10p 0.84p 1.65p
Diluted 2 1.08p 0.82p 1.65p
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the six months ended 30 June 2008
Six months ended Six months ended Year ended 31
30 June 2008 30 June 2007 December 2007
Unaudited Unaudited Audited
� � �
Exchange differences on (51,956) 264 108,628
translation of foreign
operations
Net (expense)/income (51,956) 264 108,628
recognised directly in equity
Profit for the period 197,483 132,286 266,372
TOTAL RECOGNISED INCOME AND
EXPENSE FOR THE PERIOD
ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT 145,527 132,550 375,000
CHINA WONDER LIMITED
CONSOLIDATED BALANCE SHEET
at 30 June 2008
30 June 2008 30 June 2007 31 December 2007
Unaudited Unaudited Audited
� � �
ASSETS
Non-current assets
Property, plant and equipment 789,209 660,112 695,756
Goodwill 1,356,705 697,397 1,422,375
Intangible assets 69,101 63,179 13,823
Deferred tax asset 7,544 6,739 -
2,222,559 1,427,427 2,131,954
Current assets
Inventories 988,097 601,771 684,062
Trade and other receivables 1,897,263 1,050,435 991,519
Cash and cash equivalents 237,745 415,483 609,391
3,123,105 2,067,689 2,284,972
TOTAL ASSETS 5,345,664 3,495,116 4,416,926
Current liabilities
Short-term loan (73,240) (65,479) (69,086)
Trade and other payables (1,660,831) (1,192,487) (1,074,389)
Tax liabilities 11,009 (26,162) (55,789)
(1,723,062) (1,284,128) (1,199,264)
Non-current liabilities - - (69,086)
NET ASSETS 3,622,602 2,210,988 3,148,576
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
Share capital 602,633 450,000 450,000
Share premium 2,282,800 1,289,730 1,935,980
Statutory reserves (161,567) 97,848 139,615
Translation reserve 131,617 (29,231) 79,661
Retained earnings 717,311 402,641 494,960
Minority interests 49,808 - 48,360
TOTAL EQUITY 3,622,602 2,210,988 3,148,576
CHINA WONDER LIMITED
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2008
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31
Unaudited Unaudited December
2007
Audited
� � �
PROFIT FROM OPERATIONS 259,026 163,315 320,421
Depreciation of property, plan 22,500 20,588 56,978
and equipment
Amortisation of intangibles 1,049 1,875 1,979
OPERATING CASH FLOW BEFORE
WORKING CAPITAL 282,575 185,778 379,378
(Increase) in inventories (286,430) (324,274) (391,280)
(Increase)/decrease in (861,506) (401,225) (353,903)
receivables
Increase/(decrease) in 611,448 543,414 444,738
payables
Interest paid (6,463) (1,978) -
Tax paid (38,918) 52,188
NET CASH GENERATED/(ABSORBED)
BY OPERATING ACTIVITIES (380,984) (37,203) 131,121
INVESTING ACTIVITIES
Purchase of property, plant (118,835) (125,012) (60,247)
and equipment
Additions to intangibles (413) (698,334) (88,209)
Interest received 984 575 3,336
Net cash used in investing (118,264) (822,771) (145,120)
activities
FINANCING ACTIVITIES
Issue of ordinary share 152,633 945,000 366,667
capital
New bank loan (repaid) 4,154 65,479 -
Net cash from financing 156,787 1,010,479 366,667
activities
NET INCREASE IN CASH AND CASH
EQUIVALENTS (342,461) 150,505 352,668
Cash and cash equivalents at
the beginning of the period 609,391 262,080 262,080
Effect of foreign exchange (29,185) 2,898 (5,357)
differences
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 237,745 415,483 609,391
CHINA WONDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 30 June 2008
1. ACCOUNTING POLICIES
Basis of accounting
The interim financial information for the six months ended 30 June 2008
and that for the equivalent period in 2007 is unaudited. The comparatives
for the full year ended 31 December 2007 are not the Group's full
statutory accounts for that year. A copy of the statutory accounts for
that year has been delivered to the Jersey Financial Services Commission.
The auditors' report on those accounts was unqualified, did not include
references to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain a statement
under Article 111 of the Companies (Jersey) Law 1991.
The interim financial information has been prepared in accordance with
the accounting policies and presentation required by International
Financial Reporting Standards, incorporating International Accounting
Standards and Interpretations (collectively "IFRS") as endorsed by the
European Union.
The interim report is presented and prepared in a fo
2. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on
the following data.
Earnings
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31
December
2007
Earnings for the purpose of
basic and diluted earnings per
share being net profit
attributable to equity holders �197,483 �132,286 �266,372
of the parent
Number of shares
Weighted average number of
Shares for the purposes of 18,000,000 15,795,580 16,164,384
basic earnings per share
Weighted average number of
Shares for the purposes of 18,250,000 16,045,580 16,164,384
diluted earnings per share
Earnings per share
Basic 1.10p 0.84p 1.65p
Diluted 1.08p 0.82p 1.65p
3. POST BALANCE SHEET EVENTS
None.
4. AVAILABILITY OF REPORT
A copy of the interim results will be despatched to shareholders in due
course and a copy will also be available on the Company's website,
www.chinawonderlimited.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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