TIDMCWO
RNS Number : 2338T
China Wonder Limited
24 September 2010
CHINA WONDER LIMITED
(China Wonder Limited "the company" and its subsidiary companies "the Group")
Interim Results for the six months ended 30 June 2010 (unaudited)
I am pleased to report the Group's results for the six months to 30 June 2010
which are set out below. The figures show basic earnings per share of 1.25 pence
compared with 0.85 pence for the comparable period last year.
The Group's sales revenue for the period was GBP2,971,479, an increase of
GBP861,336 (or 40.8%) when compared to the GBP2,110,143 of sales for the same
period in 2009. The Group's net income for the period was GBP224,406, a increase
of GBP71,495 (or 47%) when compared to the same period in 2009.
The Group has been able to meet the increased funding requirements resulting
from 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.
Your board is constantly looking for opportunities, either by acquisition or by
collaboration, 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 | Tel. +44 (0) 1483 |
| | | 892 130 |
| | | Mob. +44 (0) 7918 |
| | | 733 111 |
+----------------------+------------------------+----------------------+
| Dan Bate | WH Ireland Limited | +44 (0) 161 832 2174 |
+----------------------+------------------------+----------------------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2010
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | Six | | Six | | Year |
| | | | months | | months | | ended 31 |
| |Note | | ended | | ended | | December |
| | | | 30 June | | 30 June | | 2009 |
| | | | 2010 | | 2009 | | Audited |
| | | | Unaudited | | Unaudited | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | GBP | | GBP | | GBP |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| REVENUE | | | 2,971,479 | | 2,110,143 | | 4,527,203 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Cost of sales | | | (2,061,334) | | (1,269,222) | | (2,718,565) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| GROSS PROFIT | | | 910,145 | | 840,921 | | 1,808,638 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| OTHER OPERATING INCOME | | | 19,106 | | - | | 2,321 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| OPERATING EXPENSES | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Distribution expenses | | | (161,931) | | (158,873) | | (324,223) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Administrative expenses | | | (487,787) | | (454,119) | | (1,113,049) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | (649,718) | | (612,992) | | (1,437,272) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| PROFIT FROM OPERATIONS | | | 279,533 | | 227,929 | | 373,687 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Gain on purchase of | 5 | | 34,548 | | - | | 36,281 |
| subsidiary companies | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Fair value (loss)/gain | | | | | | | |
| on derivative financial | | | (55,110) | | - | | 189,728 |
| instrument | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Income from subsidies | | | 64,735 | | - | | 70,931 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Non-operating expense | | | (572) | | (4,489) | | - |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Finance income | | | 2,936 | | 2,476 | | 5,332 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Finance costs | | | (50,366) | | (5,863) | | (39,416) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| PROFIT BEFORE TAX | | | 275,704 | | 220,053 | | 636,543 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| TAXATION | | | (38,970) | | (64,444) | | (105,948) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| PROFIT FOR THE PERIOD | | | 236,734 | | 155,609 | | 530,595 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| OTHER COMPREHENSIVE | | | | | | | |
| INCOME / (LOSS) | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Foreign currency reserve | | | 424,013 | | (514,738) | | (192,372) |
| movement | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Revaluation of | | | | | | | |
| available-for-sale | | | (30,000) | | - | | 80,000 |
| investment | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| OTHER COMPREHENSIVE | | | | | | | |
| INCOME / (LOSS) FOR THE | | | | | | | |
| PERIOD, NET OF TAX | | | 394,013 | | (514,738) | | (112,372) |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL COMPREHENSIVE | | | | | | | |
| INCOME / (LOSS) FOR THE | | | 630,747 | | (359,129) | | 418,223 |
| PERIOD | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| PROFIT ATTRIBUTABLE TO | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Equity holders of the | | | 224,406 | | 152,911 | | 495,900 |
| company | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Non-controlling | | | 12,328 | | 2,698 | | 34,695 |
| interests | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | 236,734 | | 155,609 | | 530,595 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL COMPREHENSIVE | | | | | | | |
| INCOME / (LOSS) | | | | | | | |
| ATTRIBUTABLE TO | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Equity holders of the | | | 580,916 | | (352,911) | | 390,843 |
| company | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Non-controlling | | | 49,831 | | (6,218) | | 27,380 |
| interests | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | 630,747 | | (359,129) | | 418,223 |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| EARNINGS PER SHARE | | | | | | | |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Basic | 2 | | 1.25p | | 0.85p | | 2.76p |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
| Diluted | 2 | | 1.25p | | 0.84p | | 2.76p |
+--------------------------+------+----------+-------------+----------+-------------+----------+-------------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 June 2010
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | 30 June | | 30 June | | 31 |
| | Note | 2010 | | 2009 | | December |
| | | Unaudited | | Unaudited | | 2009 |
| | | | | | | Audited |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| ASSETS | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Non-current assets | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Property, plant and | | 1,590,052 | | 851,188 | | 1,462,598 |
| equipment | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Long term prepaid | | 7,512 | | - | | 2,153 |
| expenses | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Goodwill | | 1,356,705 | | 1,356,705 | | 1,356,705 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Intangible assets | | 88,045 | | 80,249 | | 80,946 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Deferred tax asset | | 29,680 | | 46,346 | | 51,673 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Available-for-sale | 3 | 250,000 | | - | | 280,000 |
| financial asset | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Derivative financial | 4 | 134,618 | | - | | 189,728 |
| instrument | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | 3,456,612 | | 2,334,488 | | 3,423,803 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Current assets | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Inventories | | 1,733,981 | | 1,143,042 | | 1,356,186 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Trade and other | | 3,363,095 | | 1,441,945 | | 2,403,452 |
| receivables | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Cash and cash | | 594,508 | | 991,532 | | 740,336 |
| equivalents | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | 5,691,584 | | 3,576,519 | | 4,499,974 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| TOTAL ASSETS | | 9,148,196 | | 5,911,007 | | 7,923,777 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| LIABILITIES | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Current liabilities | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Short-term loan | | (150,459) | | (150,041) | | (63,210) |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Trade and other payables | | (3,100,854) | | (1,544,190) | | (2,516,637) |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Tax liabilities | | (51,220) | | (26,825) | | (36,488) |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | (3,302,533) | | (1,721,056) | | (2,616,335) |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| TOTAL ASSETS LESS | | | | | | |
| CURRENT LIABILITIES | | 5,845,663 | | 4,189,951 | | 5,307,442 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| LONG TERM LOAN | | (687,636) | | (617,818) | | (632,100) |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| NET ASSETS | | 5,158,027 | | 3,572,133 | | 4,675,342 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| EQUITY ATTRIBUTABLE TO | | | | | | |
| EQUITY HOLDERS OF THE | | | | | | |
| PARENT | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Share capital | | 450,000 | | 450,000 | | 450,000 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Share premium | | 1,935,980 | | 1,935,980 | | 1,935,980 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Statutory reserves | | 187,194 | | 160,995 | | 187,194 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Translation reserve | | 867,173 | | 159,898 | | 480,663 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Available-for-sale | | 50,000 | | - | | 80,000 |
| financial asset reserve | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Retained earnings | | 1,339,061 | | 797,865 | | 1,114,655 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| Non-controlling | | 328,619 | | 67,395 | | 426,850 |
| interests | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
| TOTAL EQUITY | | 5,158,027 | | 3,572,133 | | 4,675,342 |
+--------------------------+-------+-------------+----------+-------------+----------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2010
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | |Available- | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | For-Sale | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | Share | Share |Statutory |Translation | Financial | Retained | | Minority | Total |
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | |Capital | Premium | Reserve | Reserve | Asset | Earnings | Total |Interests | Equity |
| | | | | | | | | Reserve | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 1 | | 450,000 | 1,935,980 | 187,194 | 480,663 | 80,000 | 1,114,655 | 4,248,492 | 426,850 | 4,675,342 |
| January 2010 | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Total comprehensive | - | - | - | 386,510 | (30,000) | 224,406 | 580,916 | 49,831 | 630,747 |
| income for year | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transactions | | - | - | - | - | - | - | - | - | - |
| with owners | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Other | | | | | | | | | | | |
| changes: | | | | | | | | | | | |
+-----------+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transfer to | | - | - | - | - | - | - | - | - | - |
| statutory | | | | | | | | | | |
| reserve | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Acquisition of | - | - | - | - | - | - | - | - | - |
| subsidiary companies | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Purchase of shares | - | - | - | - | - | - | - | (148,062) | (148,062) |
| in subsidiary | | | | | | | | | |
| company | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 30 | | 450,000 | 1,935,980 | 187,194 | 867,173 | 50,000 | 1,339,061 | 4,829,408 | 328,619 | 5,158,027 |
| June 2010 | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 1 | | 450,000 | 1,935,980 | 160,995 | 665,720 | - | 644,954 | 3,857,649 | 73,613 | 3,931,262 |
| January 2009 | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Total comprehensive | - | - | - | (505,822) | - | 152,911 | (352,911) | (6,218) | (359,129) |
| income for year | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transactions | | - | - | - | - | - | - | - | - | - |
| with owners | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Other | | | | | | | | | | | |
| changes: | | | | | | | | | | | |
+-----------+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transfer to | | - | - | - | - | - | - | - | - | - |
| statutory | | | | | | | | | | |
| reserve | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Acquisition of | - | - | - | - | - | - | - | - | - |
| subsidiary companies | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 30 | | 450,000 | 1,935,980 | 160,995 | 159,898 | - | 797,865 | 3,504,738 | 67,395 | 3,572,133 |
| June 2009 | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 1 | | 450,000 | 1,935,980 | 160,995 | 665,720 | - | 644,954 | 3,857,649 | 73,613 | 3,931,262 |
| January 2009 | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Total comprehensive | - | - | - | (185,057) | 80,000 | 495,900 | 390,843 | 7,380 | 418,223 |
| income for year | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transactions | | - | - | - | - | | - | - | - | - |
| with owners | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Other | | | | | | | | | | | |
| changes: | | | | | | | | | | | |
+-----------+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Transfer to | | - | - | 26,199 | - | | (26,199) | - | - | - |
| statutory | | | | | | | | | | |
| reserve | | | | | | | | | | |
+-----------------+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Acquisition of | - | - | - | - | - | - | - | 325,857 | 325,857 |
| subsidiary companies | | | | | | | | | |
+----------------------+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
| Balance at 31 | | 450,000 | 1,935,980 | 187,194 | 480,663 | 80,000 | 1,114,655 | 4,248,492 | 426,850 | 4,675,342 |
| December 2009 | | | | | | | | | | |
+-----+-----+-----+----+---------+-----------+-----------+-------------+------------+-----------+-----------+-----------+-----------+
CONSOLIDATED STATEMENT OF CASH FLOW
for the six months ended 30 June 2010
+----------------------------+------------+-+------------+-+--------------+
| | Six months | | Six months | | Year ended |
| | ended | | ended | | 31 December |
| | 30 June | | 30 June | | 2009 |
| | 2010 | | 2009 | | Audited |
| | Unaudited | | Unaudited | | |
+----------------------------+------------+-+------------+-+--------------+
| | GBP | | GBP | | GBP |
+----------------------------+------------+-+------------+-+--------------+
| PROFIT BEFORE TAX | 275,704 | | 220,053 | | 636,543 |
+----------------------------+------------+-+------------+-+--------------+
| Depreciation of property, | 85,607 | | 48,599 | | 103,971 |
| plant and equipment | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Amortisation of | 1,046 | | 1,132 | | 2,316 |
| intangibles | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Provision for warranty | 1,644 | | 38,303 | | 10,702 |
+----------------------------+------------+-+------------+-+--------------+
| Interest paid | 50,366 | | 5,863 | | 39,416 |
+----------------------------+------------+-+------------+-+--------------+
| Interest received | (2,936) | | (2,476) | | (5,332) |
+----------------------------+------------+-+------------+-+--------------+
| Fair value loss/(gain) on | | | | | |
| derivative financial | 55,110 | | - | | (189,728) |
| instrument | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Gain on bargain purchase | (34,548) | | - | | (36,281) |
| of subsidiaries | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| (Profit)/loss on disposal | | | | | |
| of property ,plant and | (6,866) | | 5,598 | | 4,330 |
| equipment | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| OPERATING CASH FLOW BEFORE | | | | | 565,937 |
| WORKING CAPITAL | 425,127 | | 317,072 | | |
+----------------------------+------------+-+------------+-+--------------+
| | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| (Increase) / decrease in | (377,795) | | 499,248 | | 286,104 |
| inventories | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| (Increase) / decrease in | (959,643) | | 234,771 | | (726,736) |
| receivables | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Increase / (decrease) in | 584,217 | | (578,581) | | 393,866 |
| payables | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Tax paid | (7,261) | | (7,766) | | (39,529) |
+----------------------------+------------+-+------------+-+--------------+
| NET CASH | | | | | |
| (ABSORBED)/GENERATED BY | (335,355) | | 464,744 | | 479,642 |
| OPERATING ACTIVITIES | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| INVESTING ACTIVITIES | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Purchase of property, | (206,784) | | (5,619) | | (487,820) |
| plant and equipment | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Increase / (decrease) of | | | | | |
| long term prepaid expenses | (5,359) | | - | | 4,262 |
+----------------------------+------------+-+------------+-+--------------+
| Purchase of intangible | (8,145) | | - | | - |
| assets | 2,936 | | 2,476 | | 5,332 |
| Interest received | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Acquisition of | (113,514) | | - | | (245,980) |
| subsidiaries | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Cash acquired on | - | | - | | 284,187 |
| acquisition of | | | | | |
| subsidiaries | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Proceeds on sale of | | | | | |
| property, plant and | 589 | | - | | 2,619 |
| equipment | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Net cash used in investing | (330,277) | | (3,143) | | (437,400) |
| activities | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| FINANCING ACTIVITIES | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Interest paid | (50,366) | | (5,863) | | (39,416) |
+----------------------------+------------+-+------------+-+--------------+
| Proceeds from bank | 211,549 | | 617,818 | | 731,645 |
| borrowings | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Repayment of bank | (68,764) | | - | | (138,437) |
| borrowings | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Net cash (used in)/from | 92,419 | | 611,955 | | 553,792 |
| financing activities | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| NET (DECREASE)/INCREASE IN | | | | | |
| CASH AND CASH EQUIVALENTS | (573,213) | | 1,073,556 | | 596,034 |
+----------------------------+------------+-+------------+-+--------------+
| Cash and cash equivalents | | | | | |
| at the beginning of the | 740,336 | | 334,666 | | 334,666 |
| period | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| Effect of foreign exchange | 427,385 | | (416,690) | | (190,364) |
| differences | | | | | |
+----------------------------+------------+-+------------+-+--------------+
| CASH AND CASH EQUIVALENTS | | | | | |
| AT THE END OF THE PERIOD | 594,508 | | 991,532 | | 740,336 |
+----------------------------+------------+-+------------+-+--------------+
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 30 June 2010
+----+--------------------------------------------------------------------+
| 1. | ACCOUNTING POLICIES |
| | |
| | Basis of accounting |
| | The interim financial information for the six months ended 30 June |
| | 2010 and that for the equivalent period in 2009 is unaudited. The |
| | comparatives for the full year ended 31 December 2009 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 form consistent |
| | with that which has been adopted in the Group's annual accounts |
| | having regard to the accounting standards applicable to such |
| | accounts. |
| | |
+----+--------------------------------------------------------------------+
| 2. | EARNINGS PER SHARE |
| | |
| | The calculation of the basic and diluted earnings per share is |
| | based on the following data. |
+----+--------------------------------------------------------------------+
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Earnings | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 | | 30 | | December |
| | | June | | June | | 2009 |
| | | 2010 | | 2009 | | Audited |
| | | Unaudited | | Unaudited | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Earnings for the purpose of | | | | | |
| | basic and diluted earnings per | | | | | |
| | share being net profit | GBP224,406 | | GBP152,911 | | GBP495,900 |
| | attributable to equity holders | | | | | |
| | of the parent | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Number of shares | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Weighted average number of | | | | | |
| | Shares for the purposes of basic | 18,000,000 | | 18,000,000 | | 18,000,000 |
| | earnings per share | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Weighted average number of | | | | | |
| | Shares for the purposes of | 18,000,000 | | 18,250,000 | | 18,000,000 |
| | diluted earnings per share | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Earnings per share | | | | | |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Basic | 1.25p | | 0.85p | | 2.76p |
+----+----------------------------------+------------+----------+------------+----------+------------+
| | Diluted | 1.25p | | 0.84p | | 2.76p |
+----+----------------------------------+------------+----------+------------+----------+------------+
+----+--------------------------------------------------------------------+
| 3. | AVAILABLE-FOR-SALE FINANCIAL ASSET |
| | |
| | |
+----+--------------------------------------------------------------------+
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 | | 30 | | December |
| | | June | | June | | 2009 |
| | | 2010 | | 2009 | | Audited |
| | | Unaudited | | Unaudited | | |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | | GBP | | GBP | | GBP |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | At 1 January 2010 | 280,000 | | - | | - |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | Additions at cost | - | | - | | 200,000 |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | Fair value adjustment | (30,000) | | - | | 80,000 |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | At 30 June 2010 | 250,000 | | - | | 280,000 |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
+----+--------------------------------------------------------------------+
| | The above available-for-sale investment is fairly stated at it's |
| | fair value. The historical cost of the investment is GBP200,000. |
+----+--------------------------------------------------------------------+
+----+--------------------------------------------------------------------+
| 4. | DERIVATIVE FINANCIAL INSTRUMENT |
| | |
| | |
+----+--------------------------------------------------------------------+
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 | | 30 | | December |
| | | June | | June | | 2009 |
| | | 2010 | | 2009 | | Audited |
| | | Unaudited | | Unaudited | | |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | | GBP | | GBP | | GBP |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | At 1 January 2010 | 189,728 | | - | | - |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | Additions at cost | - | | - | | - |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | Fair value adjustment | (55,110) | | - | | 189,728 |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
| | At 30 June 2010 | 134,618 | | - | | 189,728 |
+----+----------------------------------+-----------+----------+-----------+----------+----------+
+----+------------+------------+------------+------------+------------+
| | The fair value of the share options was calculated using a |
| | Black-Scholes option pricing model. The volatility was |
| | measured at 25%, the risk free rate was 0.5% and the expected |
| | dividends was Nil. The fair values and other details which |
| | were processed into the model are as follows: |
| | |
+----+----------------------------------------------------------------+
| | Number of | Grant date | Option | Fair value | Exercise |
| | options | 22/12/2009 | Price | 0.27p | period |
| | 50,000,000 | | 0.8p | | 21/12/2012 |
+----+------------+------------+------------+------------+------------+
+----+--------------------------------------------------------------------+
| 5. | ACQUISITION OF SUBSIDIARY COMPANIES |
| | On the 20 January 2010, China Wonder Limited (CW) acquired a |
| | further 37.5% interest in Jinzhou Wonder Paper Products Co. |
| | Ltd(WPP), a company incorporated in China comprising 1,260,000 |
| | ordinary shares for a net consideration of RMB 1,260,000 (GBP |
| | 113,115). The company had indirectly held 43.75% prior to this |
| | investment and now holds a total of 81.25%. |
+----+--------------------------------------------------------------------+
Details of the net assets acquired are as follows:
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| | | | | | | | | | Fair | | Fair |
| | | | | | | | | | value | | value |
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| | | | | | | | | | RMB | | GBP |
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Property, plant and equipment | | | | | | | 966,133 | | 87,810 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Long term prepaid expense | | | | | | | 23,838 | | 2,167 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Inventories | | | | | | | 1,058,000 | | 96,159 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Trade and other receivables | | | | | | | 4,342,196 | | 394,652 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Notes receivable | | | | | | | 85,368 | | 7,759 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Cash and bank balances | | | | | | | 145,465 | | 13,221 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Payables | | | | | | | (2,276,845) | | (206,937) |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Identifiable net assets | | | | | | | 4,344,155 | | 394,831 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Identifiable net assets - 37.5% acquired | | | | | | 1,629,058 | | 148,062 |
+------------------------------------------+----------+----+----------+------+----------+-------------+----------+-----------+
| | | | | | | | | | | | |
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Gain on bargain purchase | | | | | | | (369,058) | | (34,548) |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| | | | | | | | | | | | |
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| Purchase consideration | | | | | | | 1,260,000 | | 113,514 |
+------------------------------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
| | | | | | | | | | | | |
+----------+----------+--------------+-----+----------+----+----------+------+----------+-------------+----------+-----------+
+----+--------------------------------------------------------------------+
| 6. | SEGMENTAL INFORMATION |
| | |
| | In identifying its operating segments, management generally |
| | follows the Group's service lines, which represent the main |
| | products and services provided by the Group. |
| | The Group's operating businesses are organised and managed |
| | separately according to the nature of products produced and |
| | services provided, with each segment representing a strategic |
| | business unit. |
| | |
| | At 30 June 2009, the Group was organised into seven main business |
| | segments as follows: |
| | |
| | 1. Administrative - holding management company registered in |
| | Jersey |
| | 2. Packaging machinery - Production of food and medicine packaging |
| | machinery |
| | 3. Bespoke engineering - Specialised machinery for a wide range of |
| | industries, including the motor vehicle sector |
| | 4. Moulding manufacturing - Moulding of tools and related |
| | machinery parts |
| | 5. Science and technological development - Packing production line |
| | research and development |
| | 6. Paper products - Colour printing and product packaging |
| | 7. Packing carton - Production of packaging cartons and boxes |
| | |
+----+--------------------------------------------------------------------+
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| SEGMENT | | | | | | | | | | | | | | | | |
| INFORMATION | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| For the 6month period | Jersey | | China | | China | | China | | China | | China | | China | | Total |
| ended 30 June 2010 | | | | | | | | | | | | | | | |
+-------------------------------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | |Administrative | | Packaging | Bespoke | Moulding | Science & Tech | Paper | | Packing | | |
| | | | | | machinery | engineering | Manufacturing | Development | Products | | carton | | |
+--------------+---------+------+----------------+----------+-----------------------+-----------------------+---------------------+---------------------+------------+----------+----------+----------+------------+
| | | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Revenue from | | - | | 976,541 | | 616,636 | | 139,686 | | 135,061 | | 752,548 | | 351,007 | | 2,971,479 |
| external customers | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Intersegment | | - | | - | | - | | - | | - | | 3,750 | | 42,129 | | 45,879 |
| revenues | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segment | | | (60,118) | | 211,031 | | 51,876 | | 22,975 | | 1,720 | | 102,027 | | 2,799 | | 332,310 |
| result | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | 0 | | 923 | | 1,995 | | - | | 15 | | 3 | | - | | 2,936 |
| income | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | (5,000) | | (15,519) | | (20,580) | | (70) | | (57) | | (1,765) | | (7,375) | | (50,366) |
| costs | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Profit before | | (65,118) | | 196,435 | | 33,291 | | 22,905 | | 1,678 | | 100,265 | | (4,576) | | 284,880 |
| income tax | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Other segment items included in the statement of comprehensive income are | | | | | | | | | | |
| as follows: | | | | | | | | | | |
+------------------------------------------------------------------------------------------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Depreciation | | | - | | 31,695 | | 10,290 | | 9,451 | | 295 | | 7,450 | | 26,426 | | 85,607 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Amortisation | | | - | | 1,046 | | - | | - | | - | | - | | - | | 1,046 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Provisions for | | - | | - | | - | | - | | - | | - | | - | | - |
| doubtful debts | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segmental assets and liabilities at 30 June 2010 and capital expenditure for the year ended | | | | | | | | |
| are as follows: | | | | | | | | |
+----------------------------------------------------------------------------------------------------------------------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | 617,704 | | 4,051,930 | | 2,128,506 | | 348,763 | | 68,271 | | 957,893 | | 975,129 | | 9,148,196 |
| assets | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Expenditure for | - | | - | | 138,198 | | 5,877 | | - | | 20,067 | | 65,377 | | 229,519 |
| reportable segment, | | | | | | | | | | | | | | | |
| non-current assets | | | | | | | | | | | | | | | |
+-------------------------------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | 432,466 | | 1,206,256 | | 1,297,762 | | 19,426 | | 14,194 | | 460,406 | | 559,659 | | 3,990,169 |
| liabilities | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Revenue from | | - | | 944,468 | | 1,066,722 | | 98,953 | | | | | | | | 2,110,143 |
| external customers | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Intersegment | | - | | 18,006 | | - | | 34,905 | | - | | - | | - | | 52,911 |
| revenues | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segment | | | 22,858 | | 107,874 | | 101,329 | | 28,335 | | (15,792) | | - | | - | | 244,604 |
| result | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | 2 | | 120 | | 2,201 | | 78 | | 75 | | - | | - | | 2,476 |
| income | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | - | | (404) | | (5,418) | | (22) | | (19) | | - | | - | | (5,863) |
| costs | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Profit before | | 22,860 | | 107,590 | | 98,112 | | 28,391 | | (15,736) | | | | | | 241,217 |
| income tax | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Other segment items included in the statement of comprehensive income are | | | | | | | | | | |
| as follows: | | | | | | | | | | |
+------------------------------------------------------------------------------------------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Depreciation | | | - | | 26,803 | | 12,026 | | 9,479 | | 291 | | | | | | 48,599 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Amortisation | | | - | | 1,132 | | - | | - | | | | - | | - | | 1,132 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Provisions for | | - | - | 31,054 | | 55,925 | | | | - | | | | | | 86,979 |
| doubtful debts | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segmental assets and liabilities at 30 June 2009 and capital expenditure for the year ended | | | | | | | | |
| are as follows: | | | | | | | | |
+----------------------------------------------------------------------------------------------------------------------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | (566,929) | | 3,282,195 | | 2,822,682 | | 283,170 | | 89,889 | | | | | | 5,911,007 |
| assets | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Expenditure for reportable | | - | | - | | | | | | - | | | | |
| segment, non-current assets | | | | | | | | | | | | | | |
+------------------------------------------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | 111,798 | | 1,255,886 | | 936,493 | | 13,206 | | 21,491 | | - | | - | | 2,338,874 |
| liabilities | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Revenue from | | - | | 1,844,525 | | 1,962,546 | | 185,511 | | (3,060) | | 521,359 | | 16,322 | | 4,527,203 |
| external customers | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Intersegment | | - | | 32,017 | | - | | 61,891 | | - | | 3,382 | | 84,258 | | 181,548 |
| revenues | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segment | | | 85,454 | | 291,011 | | 240,659 | | 29,817 | | (13,026) | | 99,638 | | 1,150 | | 734,703 |
| result | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | 2 | | 1,099 | | 3,937 | | 78 | | 163 | | 7 | | 46 | | 5,332 |
| income | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Finance | | | - | | (12,672) | | (21,225) | | (43) | | (112) | | (69) | | (5,295) | | (39,416) |
| costs | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Profit before | | 85,456 | | 279,438 | | 223,371 | | 29,852 | | (12,975) | | 99,576.00 | | (4,099) | | 700,619 |
| income tax | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Other segment items included in the statement of comprehensive income are | | | | | | | | | | |
| as follows: | | | | | | | | | | |
+------------------------------------------------------------------------------------------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Depreciation | | | - | | 56,185 | | 19,886 | | 17,752 | | 538 | | 5,274 | | 4,335 | | 103,970 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Amortisation | | | - | | 2,316 | | - | | - | | - | | - | | - | | 2,316 |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Provisions for | | - | | (35,710) | | 940 | | 50 | | - | | 13,344 | | 6,988 | | (14,388) |
| doubtful debts | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Segmental assets and liabilities at 31 December 2009 and capital expenditure for the year | | | | | | | | |
| ended are as follows: | | | | | | | | |
+----------------------------------------------------------------------------------------------------------------------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | 1,832,153 | | 2,507,715 | | 1,867,601 | | 283,238 | | 123,193 | | 597,876 | | 712,001 | | 7,923,777 |
| assets | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Expenditure for | - | | 24,713 | | 109,045 | | 4,867 | | 1,554 | | 83,251 | | 442,062 | | 665,492 |
| reportable segment, | | | | | | | | | | | | | | | |
| non-current assets | | | | | | | | | | | | | | | |
+-------------------------------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| Reportable segment | | 362,788 | | 1,087,757 | | 1,201,550 | | 1,094 | | 75,837 | | 205,599 | | 313,810 | | 3,248,435 |
| liabilities | | | | | | | | | | | | | | | | |
+------------------------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
| | | | | | | | | | | | | | | | | | |
+--------------+---------+------+----------------+----------+------------+----------+------------+----------+----------+----------+----------+----------+------------+----------+----------+----------+------------+
+----+----------------------------------------------------------------------------------------------------------------------------------+
| | Reconciliations of reportable segment revenues, profit or loss and assets and liabilities |
| | |
| | Six Six Year |
| | months months ended |
| | ended ended 31 |
| | 30 30 December |
| | June June 2009 |
| | 2010 2009 |
| | Unaudited Unaudited Audited |
| | Revenues |
| | Total revenues for reportable segments 3,017,358 2,163,054 4,708,751 |
| | Elimination of intersegment revenues (45,879) (52,911) (181,548) |
| | Entity's revenues 2,971,479 2,110,143 4,527,203 |
| | Profit or loss |
| | Total profit or loss for reportable 284,880 241,217 700,619 |
| | segments |
| | Elimination of intersegment loss/( profits) (9,176) (21,164) (64,076) |
| | Income before income tax expense 275,704 220,053 636,543 |
| | Assets |
| | Total assets for reportable segments 9,148,196 5,911,007 7,923,777 |
| | Entity's assets 9,148,196 5,911,007 7,923,777 |
| | Liabilities |
| | Total liabilities for reportable segments 3,990,169 2,338,874 3,248,435 |
| | Entity's liabilities 3,990,169 2,338,874 3,248,435 |
| | |
+----+----------------------------------------------------------------------------------------------------------------------------------+
| | Geographical information |
| | |
| | Non-current assets |
| | |
+----+----------------------------------------------------------------------------------------------------------------------------------+
+--------------+--------------+-----------+----------+-----------+----------+-----------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2010 | | 2009 | | 2009 |
| | | Unaudited | | Unaudited | | Audited |
+--------------+--------------+-----------+----------+-----------+----------+-----------+
| | | GBP | | GBP | | GBP |
+--------------+--------------+-----------+----------+-----------+----------+-----------+
| | China | 1,678,097 | | 931,437 | | 1,543,544 |
+--------------+--------------+-----------+----------+-----------+----------+-----------+
| | Other | - | | - | | - |
+--------------+--------------+-----------+----------+-----------+----------+-----------+
| | | 1,678,097 | | 931,437 | | 1,543,544 |
+--------------+--------------+-----------+----------+-----------+----------+-----------+
+--------------+------------------+-----------+----------+-----------+----------+-----------+
| Revenue | | | | | | |
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2010 | | 2009 | | 2009 |
| | | Unaudited | | Unaudited | | Audited |
+--------------+------------------+-----------+----------+-----------+----------+-----------+
| | | GBP | | GBP | | GBP |
+--------------+------------------+-----------+----------+-----------+----------+-----------+
| | China | 2,971,479 | | 2,110,143 | | 4,527,203 |
+--------------+------------------+-----------+----------+-----------+----------+-----------+
| | Other | - | | - | | - |
+--------------+------------------+-----------+----------+-----------+----------+-----------+
| | | 2,971,479 | | 2,110,143 | | 4,527,203 |
+--------------+------------------+-----------+----------+-----------+----------+-----------+
+----+--------------------------------------------------------------------+
| 8. | EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE |
| | None. |
+----+--------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVRAEIVFII
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