TIDMTOPC
RNS Number : 1366U
Top Creation Investments Limited
21 December 2012
Top Creation Investments Limited
("TCIL" or "the Company" or "the Group")
Unaudited interim results for the six month period ended 30
September 2012
The Board of TCIL is pleased to announce its unaudited interim
figures for the six month period to 30 September 2012.
Highlights
-- As previously reported, the Group has invested approximately
GBP2.8million (RM14million) in the purchase of freehold real estate
in Malacca, Malaysia. The property, when the proposed development
is completed, will comprise a shopping mall and serviced home
office suites. This development is still in progress and no revenue
has been recognised to date.
-- As announced in May 2012 the Company made a second investment
by way of a joint venture which has also secured reservations for
the development of two lots of land in Kuala Lumpur. The Board
anticipates that the joint venture will be funded from the off-plan
sale of the units to be built will fund the development costs.
For further information, kindly visit www.http://www.topcltd.com
or contact:
Top Creation Investments Wong Yu Sun
Limited Finance Director +6012 2778972
-------------------------- ------------------- -----------------
Daniel Stewart & Company
Plc (Nominated Adviser) Antony Legge +44 20 7776 6550
-------------------------- ------------------- -----------------
Chairman's statement
Review of operations for the six month period ended 30 September
2012
I am pleased to report that the Company's investment in Malacca
continues to make progress, which we believe will give us the
opportunity to ultimately deliver significant shareholder value.
However, as a result of feedback from potential buyers interested
in buying off-plan during the pre-sale process, the architects
revised the plans, which then needed to be re-submitted to the
authorities for approval. This has inevitably caused a delay. We
anticipate that the necessary approvals will be obtained by March
2013. It is hoped that construction can commence immediately upon
those approvals being granted, with practical completion being
achieved by March 2015.
The historic city of Malacca is recognised by UNESCO (the United
Nations Educational, Scientific and Cultural Organisation) as a
World Heritage Site. Our project there is seeking to capitalise on
the Malaysian government`s initiative to encourage foreigners to
settle down and own real estate in Malaysia, under the "Malaysia My
Second Home" ("MM2H") program.
In addition, as announced in May 2012, the Company made a
further investment by way of a joint venture which has secured
reservations for the development of two lots of land in Old Klang
Road, Kuala Lumpur. The Board anticipates that the development
costs will be funded from the off-plan sale of the units with
revenues beginning to flow from the second half of 2013. Completion
is expected to occur by May 2014.
We continue to seek opportunities to acquire interests in other
suitable projects in Malaysia which will allow us to widen our
investment development portfolio. Whilst the Company's primary
focus is on Malaysia, the Board will consider investment
opportunities in the South East Asia region should they arise.
The Board is pleased with the current stage of its
implementation of the investing policy and is looking forward to
reporting on further progress in 2013.
Financial Overview
The financial information contained within this interim report
is based upon the Group's unaudited results for the period from 1
April 2012 to 30 September 2012.
The consolidated Statement of Comprehensive Income shows a
consolidated net loss for the period of GBP190,968. The loss is
within the expectations of the Board. Despite this, TCIL is in a
net cash position as at 30 September 2012 with a cash surplus of
approximately of GBP0.2 million. We will use this cash, together
with revenue generated from the off-plan sales of units, to finance
our operating costs. If and when appropriate, the Company may seek
to raise additional funds to maker further investments in suitable
land or projects.
We look forward to the future with optimism and in the belief
that we will be able to deliver enhanced shareholder value.
Zhang Li
Chairman
Malaysia, 21 December 2012
Consolidated Statement of Comprehensive Income
Six months 15 February
ended 30 2011 to Period ended
September 30 September 31 March
Note 2012 2011 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue - - -
Other income - 22 25
Administrative expenses (29,596) (110,615) (73,028)
Capital raising expenses - (224,301) (221,931)
Director fees (15,783) (15,808) (31,763)
Employee benefits expenses (84,611) (55,313) (121,400)
----------- ------------- --------------
Loss before tax (129,990) (406,015) (448,097)
Income tax expense 3 - - -
----------- ------------- --------------
Loss after tax (129,990) (406,015) (448,097)
Other comprehensive loss
Exchange difference on the translation
of
the financial statements of foreign
operations (60,978) (2,301) (75,403)
Total comprehensive loss for the
period (190,968) (408,316) (523,500)
=========== ============= ==============
Loss per share (pence per share)
- Basic and diluted 0.03 0.07 0.10
Consolidated Statement of Financial Position
Restated
As at 30 As at 30 As at 31
September September March
2012 2011 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 13,051 12,520 11,531
Current assets
---------
Inventories 3,067,004 2,843,849 3,102,170
Deposits 351,441 - 370,402
Cash and cash equivalents 217,788 2,245,285 373,200
----------- ----------- ---------
3,636,233 5,089,134 3,845,772
Total assets 3,649,284 5,101,654 3,857,303
----------- ----------- ---------
Liabilities
Current liabilities
----------- ----------- ---------
Other payables 117,752 1,263,970 134,803
----------- ----------- ---------
Total liabilities 117,752 1,263,970 134,803
Net assets 3,531,532 3,837,684 3,722,500
=========== =========== =========
Equity and reserves
----------- ----------- ---------
Share capital 549,964 549,964 549,964
Share premium account 3,696,036 3,696,036 3,696,036
Translation reserve (136,381) (2,301) (75,403)
Accumulated losses (578,087) (406,015) (448,097)
----------- ----------- ---------
Total equity 3,531,532 3,837,684 3,722,500
=========== =========== =========
Consolidated Statement of Changes in Equity
Share
Share Premium Translation Accumulated
Capital Account Reserve Losses Total
GBP GBP GBP GBP GBP
At 1 April 2012 549,964 3,696,036 (75,403) (448,097) 3,722,500
Loss for the period - - - (129,990) (129,990)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (60,978) - (60,978)
-------- --------- ----------- ----------- ---------
Total comprehensive loss for
the period - - (60,978) (129,990) (190,968)
At 30 September 2012 549,964 3,696,036 (136,381) (578,087) 3,531,532
======== ========= =========== =========== =========
At 15 February 2011 (date of
incorporation) - - - - -
Shares issued 549,964 3,696,036 - - 4,246,000
Loss for the period - - - (406,015) (406,015)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (2,301) - (2,301)
-------- --------- ----------- ----------- ---------
Total comprehensive loss for
the period - - (2,301) (406,015) (408,316)
At 30 September 2011 549,964 3,696,036 (2,301) (406,015) 3,837,684
======== ========= =========== =========== =========
At 15 February 2011 (date of
incorporation) - - - - -
Shares issued 549,964 3,696,036 - - 4,246,000
Loss for the period - - - (448,097) (448,097)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (75,403) - (75,403)
-------- --------- ----------- ----------- ---------
Total comprehensive loss for
the period - - (75,403) (448,097) (523,500)
At 31 March 2012 549,964 3,696,036 (75,403) (448,097) 3,722,500
======== ========= =========== =========== =========
Consolidated Statement of Cash Flows
Restated
Six months 15 February
ended 30 2011 to Period ended
September 30 September 31 March
2012 2011 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Total comprehensive loss for the
period (190,968) (408,316) (523,500)
Adjustments for:
Depreciation 1,446 1,111 2,310
Operating loss before changes in
working capital (189,522) (407,205) (521,190)
Decrease / (increase) in inventories 35,166 (2,843,849) (3,102,170)
Decrease / (increase) in deposits 18,961 - (370,403)
(Decrease) / increase in other payables (17,051) 1,263,970 134,804
Net cash used in operating activities (152,446) (1,987,084) (3,858,959)
----------- ------------- ------------
Cash flows from investing activities
Acquisition of property, plant and
equipment (3,100) (13,631) (13,835)
Net cash used in investing activities (3,100) (13,631) (13,835)
----------- ------------- ------------
Cash flows from financing activities
Proceeds from issue of shares - 4,246,000 4,246,000
Net cash generated from financing
activities - 4,246,000 4,246,000
----------- ------------- ------------
Net increase in cash and cash equivalents (155,546) 2,245,285 373,206
Cash and cash equivalents at beginning
of period 373,200 - -
Effect of exchange rate changes 134 - (6)
Cash and cash equivalents at end
of period 217,788 2,245,285 373,200
=========== ============= ============
Notes To The Consolidated Financial Statements
For Six Months Ended 30 September 2012
1. Basis of preparation
The unaudited interim consolidated financial statements (the
"interim financial statements") are for six months ended 30
September 2012. They have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU") and specifically in accordance with
International Accounting Standards ("IAS") 34 'Interim Financial
Reporting'. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
period ended 31 March 2012.
The interim financial statements have been prepared under the
historical cost convention and are in accordance with the
accounting policies as set out on pages 19 to 23 in the Group's
consolidated financial statements for the period ended 31 March
2012. The accounting policies have been applied consistently
throughout the Group for the purpose of preparation of the interim
financial statements.
The unaudited interim financial statements were approved by the
Board of Directors on 21 December 2012.
2. Going concern
The interim financial statements of the Group are prepared on a
going concern basis. In common with many similar companies, the
Group raises finance for their investment activities on project and
property development mainly in Malaysia.
The Directors are of the opinion that the Group will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of approval of these interim financial statements. Management
continues to monitor all working capital commitments and balances
on a weekly basis and believe that they have access to appropriate
levels of financing for the Group to continue to meet the
liabilities as they fall due for at least the next twelve months,
and that the Group is trading as a going concern.
3. Income tax expense
There is no tax charge for the period and no deferred tax has
been provided.
4. Foreign currency transactions
Income and expenditure for overseas subsidiaries are translated
into sterling based upon monthly average rates to give a fair
approximation to the transaction rate. Balance sheet items are
translated at the exchange rate at the balance sheet date. All
other differences are included within the translation reserve.
5. Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors' section of the Company's website
(www.topcltd.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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