TIDMWSL
RNS Number : 1812C
Worldsec Ld
26 April 2012
Worldsec Limited
Preliminary Statement of Annual Results
Worldsec Limited is pleased to release today its preliminary
statement of annual results for the year ended 31 December
2011.
The Chairman's Statement and extracts from the audited financial
statements are reproduced below.
Investor Relations
For further information please contact:
In Hong Kong
Mr. Henry Ying Chew CHEONG
Executive Director and Deputy Chairman
+852 2971 4280
CHAIRMAN'S STATEMENT
RESULTS
The audited consolidated loss for the year was US$276,000
compared with a loss of US$187,000 in previous year. Loss per share
was US 2 cents (2010: Loss per share of US 1 cent).
THE YEAR IN REVIEW
For the year ended 31 December 2011, the Group incurred a net
loss of US$276,000. This compares to the net loss of US$187,000 for
the last year. The operating expenses were increased by US$89,000
as compared to the last year. At the end of 31 December 2011, Group
shareholders' funds stood at US$0.94 million as compared to US$1.22
million at the end of December 2010.
PROSPECTS
During the year, the Board continued to explore opportunities in
the financial services and other new suitable business.
Shareholders will be informed as soon as the Board has evaluated a
suitable business proposition.
Alastair GUNN-FORBES
Non-Executive Chairman
26 April 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Year ended 31 December
Notes 2011 2010
US$'000 US$'000
Other income and gain 13 4
Staff costs (15) (24)
Other expenses (274) (167)
------------ ----------
Loss before tax (276) (187)
Income tax expense 3 - -
------------ ----------
Loss for the year (276) (187)
------------ ----------
Other comprehensive income, net
of income tax
Exchange differences on translating
foreign operations (5) -
------------ ----------
Other comprehensive income for
the year, net of income tax (5) -
------------ ----------
Total comprehensive income for
the year (281) (187)
============ ==========
Loss attributable to :
Owners of the Company (276) (187)
============ ==========
Total comprehensive income attributable
to :
Owners of the Company (281) (187)
============ ==========
Loss per share - basic and diluted 4 (2) cents (1) cent
============ ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2011
Notes 2011 2010
US$'000 US$'000
Current assets
Cash and bank balances 1,217 1,482
Current liabilities
Other payables and accruals (280) (264)
------- -------
Net current assets 937 1,218
------- -------
Net assets 937 1,218
======= =======
Capital and reserves
Share capital 5 13 13
Contributed surplus 9,646 9,646
Foreign currency translation reserve (5) -
Special reserve 625 625
Accumulated losses (9,342) (9,066)
------- -------
Total equity 937 1,218
======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Foreign
currency
Share Contributed translation Special Accumulated
capital surplus reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January
2010 13 9,646 - 625 (8,879) 1,405
Loss for the year and
total comprehensive
income for the year - - - - (187) (187)
------- ----------- ----------- ------- ----------- -------
Balance at 31 December
2010 and 1 January 2011 13 9,646 - 625 (9,066) 1,218
Loss for the year - - - - (276) (276)
Other comprehensive
income for the year - - (5) - - (5)
------- ----------- ----------- ------- ----------- -------
Total comprehensive
income for the year - - (5) - (276) (281)
Balance at 31 December
2011 13 9,646 (5) 625 (9,342) 937
======= =========== =========== ======= =========== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2011
Year ended 31 December
2011 2010
US$'000 US$'000
Cash flows from operating activities
Loss for the year (276) (187)
(276) (187)
Movements in working capital
Increase/(decrease) in other payables
and accruals 16 (18)
Net cash used in operating activities (260) (205)
------------ ---------
Net decrease in cash and cash equivalents (260) (205)
Cash and cash equivalents at 1
January 1,482 1,687
Effects of exchange rate changes (5) -
------------ ---------
Cash and cash equivalents at 31
December 1,217 1,482
============ =========
NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2011
1. Application OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
1.1 New and revised IFRSs applied with no material effect on the
consolidated financial statements
The following new and revised IFRSs have been applied by the
Group in the current year and have affected the presentation and
disclosures set out in these consolidated financial statements. The
application of these new and revised IFRSs has not had any material
impact on the amounts reported for the current and prior years.
IFRS (Amendments) Improvements to IFRSs 2010
IFRS 1 (Amendments) Limited Exemption from Comparative IFRSs
7
Disclosures for First-time Adopters
IAS 24 (Revised) Related Party Disclosures
IAS 32 (Amendments) Classification of Rights Issues
IFRIC 14 (Amendments) Prepayments of a Minimum Funding Requirement
IFRIC 19 Extinguishing Financial Liabilities with
Equity Instruments
1.2 New and revised IFRSs in issue but not yet effective
The Group has not applied the following new and revised IFRSs
that have been issued but are not yet effective:
IFRS 1 (Amendments) Severe Hyperinflation and Removal of Fixed
Dates for First-
time Adopters(1)
IFRS 7 (Amendments) Disclosures - Transfers of Financial Assets(1)
IFRS 7 (Amendments) Disclosures - Offsetting Financial Assets
and Financial Liabilities(4)
IFRS 9 Financial Instruments(6)
IFRS 10 Consolidated Financial Statements(4)
IFRS 11 Joint Arrangements(4)
IFRS 12 Disclosure of Interests on Other Entities(4)
IFRS 13 Fair Value Measurement(4)
IAS 1 (Amendments) Presentation of Items of Other Comprehensive
Income(3)
IAS 12 (Amendments) Deferred Tax: Recovery of Underlying Assets(2)
IAS 19 (as revised Employee Benefits(4)
in 2011)
IAS 27 (as revised Separate Financial Statements(4)
in 2011)
IAS 28 (as revised Investments in Associates and Joint Ventures(4)
in 2011)
IAS 32 (Amendments) Financial Instruments: Presentation - Offsetting
Financial Assets and Financial Liabilities(5)
IFRIC 20 Stripping Costs in the Production Phase
of a Surface Mine(4)
(1) Effective for annual periods beginning on or after 1 July
2011
(2) Effective for annual periods beginning on or after 1 January
2012
(3) Effective for annual periods beginning on or after 1 July
2012
(4) Effective for annual periods beginning on or after 1 January
2013
(5) Effective for annual periods beginning on or after 1 January
2014
(6) Effective for annual periods beginning on or after 1 January
2015
The amendments to IFRS 7 increase the disclosure requirements
for transactions involving transfers of financial assets. These
amendments are intended to provide greater transparency around risk
exposures when a financial asset is transferred but the transferor
retains some level of continuing exposure in the asset. The
amendments also require disclosures where transfers of financial
assets are not evenly distributed throughout the period.
The directors do not anticipate that these amendments to IFRS 7
will have a significant effect on the Group's disclosures regarding
transfers of trade receivables previously affected. However, if the
Group enters into other types of transfers of financial assets in
the future, disclosures regarding those transfers may be
affected.
IFRS 9 Financial Instruments issued in November 2009 and amended
in October 2010 introduces new requirements for the classification
and measurement of financial assets and financial liabilities and
for derecognition.
Key requirements of IFRS 9 are described as follows:
-- IFRS 9 requires all recognized financial assets that are
within the scope of IAS 39 Financial Instruments: Recognition and
Measurement to be subsequently measured at amortized cost or fair
value. Specifically, debt investments that are held within a
business model whose objective is to collect the contractual cash
flows, and that have contractual cash flows that are solely
payments of principal and interest on the principal outstanding are
generally measured at amortized cost at the end of subsequent
accounting periods. All other debt investments and equity
investments are measured at their fair values at the end of
subsequent accounting periods.
-- The most significant effect of IFRS 9 regarding the
classification and measurement of financial liabilities relates to
the accounting for changes in the fair value of a financial
liability (designated as at fair value through profit or loss)
attributable to changes in the credit risk of that liability.
Specifically, under IFRS 9, for financial liabilities that are
designated as at fair value through profit or loss, the amount of
change in the fair value of the financial liability that is
attributable to changes in the credit risk of that liability is
presented in other comprehensive income, unless the recognition of
the effects of changes in the liability's credit risk in other
comprehensive income would create or enlarge an accounting mismatch
in profit or loss. Changes in fair value attributable to a
financial liability's credit risk are not subsequently reclassified
to profit or loss. Previously, under IAS 39, the entire amount of
the change in the fair value of the financial liability designated
as at fair value through profit or loss was presented in profit or
loss.
IFRS 9 is effective for annual periods beginning on or after 1
January 2015, with earlier application permitted.
The directors anticipate that IFRS 9 will be adopted in the
Group's consolidated financial statements for the annual period
beginning 1 January 2015 and that the application of IFRS 9 may
have significant impact on amounts reported in respect of the
Group's financial assets and financial liabilities. However, it is
not practicable to provide a reasonable estimate of that effect
until a detailed review has been completed.
IFRS 13 establishes a single source of guidance for fair value
measurements and disclosures about fair value measurements. The
standard defines fair value, establishes a framework for measuring
fair value, and requires disclosures about fair value measurements.
The scope of IFRS 13 is broad; it applies to both financial
instrument items and non-financial instrument items for which other
IFRSs require or permit fair value measurements and disclosures
about fair value measurements, except in specified circumstances.
In general, the disclosure requirements in IFRS 13 are more
extensive than those required in the current standards. For
example, quantitative and qualitative disclosures based on the
three-level fair value hierarchy currently required for financial
instruments only under IFRS 7 Financial Instruments: Disclosures
will be extended by IFRS 13 to cover all assets and liabilities
within its scope.
IFRS 13 is effective for annual periods beginning on or after 1
January 2013, with earlier application permitted.
The directors anticipate that IFRS 13 will be adopted in the
Group's consolidated financial statements for the annual period
beginning 1 January 2013 and that the application of the new
Standard may affect the amounts reported in the financial
statements and result in more extensive disclosures in the
financial statements.
The amendments to IAS 1 retain the option to present profit or
loss and other comprehensive income in either a single statement or
in two separate but consecutive statements. However, the amendments
to IAS 1 require additional disclosures to be made in the other
comprehensive income section such that items of other comprehensive
income are grouped into two categories: (a) items that will not be
reclassified subsequently to profit or loss; and (b) items that
will be reclassified subsequently to profit or loss when specific
conditions are met. Income tax on items of other comprehensive
income is required to be allocated on the same basis.
The amendments to IAS 1 are effective for annual periods
beginning on or after 1 July 2012. The presentation of items of
other comprehensive income will be modified accordingly when the
amendments are applied in the future accounting periods.
2. SEGMENT INFORMATION
No segment analysis is presented for the years ended 31 December
2011 and 31 December 2010 as the Group has only maintained a
minimum operation during the years.
3. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not
generate any assessable profit for UK Corporation Tax, Hong Kong
Profits Tax and tax in other jurisdictions.
The tax charge for the year can be reconciled to the loss before
tax per the consolidated statement of comprehensive income as
follows:
Year ended 31 December
2011 2010
US$'000 US$'000
Loss before tax 276 187
=========== ===========
Loss before tax calculated at 16.5%
(2010:16.5%) 46 30
Tax effect of estimated tax losses
not recognized (46) (30)
Tax charge for the year - -
=========== ===========
No deferred tax has been recognized in the financial statements
as the Group and the Company did not have material temporary
difference arising between the tax bases of assets and liabilities
and their carrying amounts as at 31 December 2011 and 2010.
4. LOSS PER SHARE
The loss and weighted average number of ordinary shares used in
the calculation of basic and diluted lossper share are as
follows.
Year ended 31 December
2011 2010
Loss for the year attributable US$276,000 US$187,000
to owners of the Company
=========== ===========
Weighted average number of ordinary
shares for the purposes of basic
and diluted loss per share 13,367,290 13,367,290
=========== ===========
Loss per share - basic and diluted 2 cents 1 cent
=========== ===========
5. SHARE CAPITAL
Number
of shares US$
Authorized:
Ordinary shares of US$0.001 each as at 1 January
2010,
31 December 2010 and 31 December 2011 50,000,000,000 50,000,000
============================= ==========
Called up, issued and fully paid:
Ordinary shares of US$0.001 each as at 1 January
2010,
31 December 2010 and 31 December 2011 13,367,290 13,367
============================= ==========
6. RESERVES
The contributed surplus of the Company represents the amount
arising from the reduction in the nominal value of the authorised
and issued shares of the Company and the reduction in the share
premium account of the Company pursuant to an ordinary resolution
passed on 23 July 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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