TIDMWSL
RNS Number : 9926K
Worldsec Ld
29 August 2012
Worldsec Limited
Interim Report for the six months ended 30 June 2012
The Directors submit the interim report on Worldsec Limited (the
"Company") and its subsidiaries (collectively known as the "Group")
for the six months ended 30 June 2012.
For the six months ended 30 June 2012, the Group incurred a net
loss of US$94,000. This is comparable with the net loss of
US$140,000 for the corresponding period in the previous year. At
the end of 30 June 2012, Group shareholders' funds stood at US$0.84
million as compared to US$0.94 million at the end of December
2011.
The Board continues to explore opportunities in the financial
services and other new suitable business, and in the meantime we
have engaged a financial adviser and legal adviser in the U.K. to
advise us on the reactivation of the Company. Shareholders will be
informed as soon as the Board has evaluated a suitable business
proposition.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
29 August 2012
CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2012
Unaudited Audited
Six months ended Year ended
Notes 30.6.2012 30.6.2011 31.12.2011
US$'000 US$'000 US$'000
Other income and gain 5 - 3 13
Staff costs (8) (8) (15)
Other expenses (86) (135) (274)
----------- ---------- -----------
Loss before tax (94) (140) (276)
Income tax expense 6 - - -
----------- ---------- -----------
Loss for the period/year (94) (140) (276)
=========== ========== ===========
Other comprehensive income,
net of
income tax
Exchange differences on translating
foreign
operations (1) - (5)
----------- ---------- -----------
Other comprehensive income
for the year,
net of income tax (1) - (5)
----------- ---------- -----------
Total comprehensive income
for the year (95) (140) (281)
=========== ========== ===========
Loss attributable to:
Owners of the Company (94) (140) (276)
=========== ========== ===========
Total comprehensive income
attributable to:
Owners of the Company (95) (140) (281)
=========== ========== ===========
Loss per share - basic and 7 (0.7) cent (1) cent (2) cents
diluted
=========== ========== ===========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2012
Unaudited Audited
Six months ended Year ended
Notes 30.6.2012 30.6.2011 31.12.2011
US$'000 US$'000 US$'000
Current assets
Cash and bank balances 1,096 1,329 1,217
---------- ---------- -----------
Current liabilities
Other payables and accruals (254) (251) (280)
---------- ---------- -----------
Net current assets 842 1,078 937
---------- ---------- -----------
Net assets 842 1,078 937
========== ========== ===========
Capital and reserves
Share capital 8 13 13 13
Contributed surplus 9 9,646 9,646 9,646
Foreign currency translation
reserve 9 (6) - (5)
Special reserve 9 625 625 625
Accumulated losses 9 (9,436) (9,206) (9,342)
---------- ---------- -----------
Total equity 842 1,078 937
========== ========== ===========
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30 JUNE 2012
Unaudited Audited
Six months ended Year ended
30.6.2012 30.6.2011 31.12.2011
US$'000 US$'000 US$'000
Cash flows from operating activities
Loss for the period/year (94) (140) (276)
Interest income - (3) -
---------- ---------- -----------
(94) (143) (276)
Movement in working capital
Decrease in other payables and
accruals (26) (13) 16
---------- ---------- -----------
Net cash used in operating activities (120) (156) (260)
---------- ---------- -----------
Cash flow from investing activities
Interest received - 3 -
---------- ---------- -----------
Net cash inflow from investing - 3 -
activities
---------- ---------- -----------
Net decrease in cash and cash
equivalents (120) (153) (260)
Cash and cash equivalents at
beginning of the period/year 1,217 1,482 1,482
Effects of exchange rate changes (1) - (5)
Cash and cash equivalents at
end of the period/year
Cash and bank balances 1,096 1,329 1,217
========== ========== ===========
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2012
1. GENERAL INFORMATION
The Company is a public listed company incorporated in Bermuda
and its shares are listed on the London Stock Exchange. The
addresses of the registered office and principal place of business
of the Company are disclosed in the corporate information to the
interim report.
2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
In the current period, the Group has adopted all of the new and
revised IFRSs issued by the International Accounting Standards
Board (the "IASB") and the International Financial Reporting
Interpretations Committee ("IFRIC") of the IASB that are relevant
to its operations and effective for accounting periods beginning on
or after 1 July 2011 and 1 January 2012. The adoption of these new
and revised IFRSs has no significant impact on the financial
statements of the Group.
The Group has not applied the following new and revised IFRSs
that have been issued but are not yet effective:
IFRS (Amendments) Annual Improvements 2009-2011 Cycle(4)
IFRS 1 (Amendments) Government Loans(2)
IFRS 7 (Amendments) Disclosures - Offsetting Financial
Assets and Financial Liabilities(2)
IFRS 7 and IFRS 9 (Amendments) Mandatory Effective Date of IFRS
9 and Transition Disclosures(4)
IFRS 9 Financial Instruments(4)
IFRS 10 Consolidated Financial Statements(2)
IFRS 11 Joint Arrangements(2)
IFRS 12 Disclosure of Interests on Other
Entities(2)
IFRS 13 Fair Value Measurement(2)
IAS 1 (Amendments) Presentation of Items of Other Comprehensive
Income(1)
IAS 19 (as revised in Employee Benefits(2)
2011)
IAS 27 (as revised in Separate Financial Statements(2)
2011)
IAS 28 (as revised in Investments in Associates and Joint
2011) Ventures(2)
IAS 32 (Amendments) Financial Instruments: Presentation
- Offsetting Financial Assets and
Financial Liabilities(3)
IFRIC 20 Stripping Costs in the Production
Phase of a Surface Mine(2)
(1) Effective for annual periods beginning on or after 1 July
2012
(2) Effective for annual periods beginning on or after 1 January
2013
(3) Effective for annual periods beginning on or after 1 January
2014
(4) Effective for annual periods beginning on or after 1 January
2015
The directors anticipate that the application of these
standards, amendments and interpretations in the future periods
will have no material financial impact on the financial statements
of the Group.
Save as disclosed above, the accounting policies adopted in
preparing this report are consistent with those adopted in
preparing the consolidated financial statements of the Group for
the year ended 31 December 2011.
3. BASIS OF PREPARATION
The financial statements have been prepared in accordance with
International Financial Reporting Standards. It has been prepared
on a basis other than that of a going concern which includes, where
appropriate, writing down the Group's assets to net realizable
value, as the Group no longer has a trading operation. Provision
has also been made for any onerous contractual commitments at the
end of the reporting period. The financial statements do not
include any provision for the future costs of terminating the
business of the Company except to the extent that such costs were
committed at the end of the reporting period. Accordingly, all
assets are classified as current assets.
The Group's financial statements consolidate the financial
statements of the Company and its subsidiaries undertakings
included in the Group.
4. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for
the periods ended 30 June 2012 and 30 June 2011 as the Group has
only maintained a minimum operation during the period.
5. OTHER INCOME AND GAIN
Unaudited Audited
Six months ended Year ended
30.6.2012 30.6.2011 31.12.2011
US$'000 US$'000 US$'000
Sundry Income - - 13
Interest income - 3 -
----------- ---------- -----------
- 3 13
============================= ========== ===========
6. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not
generate any assessable profits for UK Corporation Tax, Hong Kong
Profits Tax and tax in other jurisdictions.
7. LOSS PER SHARE
Calculation of loss per share was based on the following:
Unaudited Audited
Six months ended Year ended
30.6.2012 30.6.2011 31.12.2011
Loss for the period/year US$(94,000) US$(140,000) US$(276,000)
============ ============= =============
Weighted average number
of shares in issue 13,367,290 13,367,290 13,367,290
============ ============= =============
Loss per share - basic and (0.7) cent (1) cent (2) cents
diluted
============ ============= =============
No diluted effect in loss per share as no diluting events
existed during the periods/year.
8. SHARE CAPITAL
US$
Authorised:
50,000,000,000 ordinary shares of US$0.001 each
as at 30 June 2011,
31 December 2011 and 30 June 2012 50,000,000
===========
Called up, issued and fully paid:
13,367,290 ordinary shares of US$0.001 each as
at 30 June 2011,
31 December 2011 and 30 June 2012 13,367
===========
9. RESERVES
Contributed Foreign Special Accumulated
surplus currency reserve losses
translation
reserve
US$'000 US$'000 US$'000 US$'000
Balance at 1 January (9,066
2011 9,646 - 625 )
Loss for the period - - - (140 )
------------ ------------- --------- ------------
Balance at 1 July (9,206
2011 9,646 - 625 )
Loss for the period - (5) - (136 )
------------ ------------- --------- ------------
Balance at 1 January (9,342
2012 9,646 (5) 625 )
Loss for the period - (1) - (94 )
------------ ------------- --------- ------------
Balance at 30 June (9,436
2012 9,646 (6) 625 )
============ ============= ========= ============
10. INTERIM REPORT
The interim report will be sent to shareholders on or about 31
August 2012.
CORPORATE INFORMATION
Board of Directors
Non-Executive Chairman
Alastair GUNN-FORBES
Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)
Non-Executive Directors
Mark Chung FONG
Company Secretary
May Yim CHAN
Registered Office Address
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
Registration Number
EC21466 Bermuda
Principal Bankers
The Hongkong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong
Auditors
HLB Hodgson Impey Cheng
Chartered Accountants, Certified Public Accountants
31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong
Solicitors
Linklaters
One, Silk Street, London EC2Y 8HQ, England
Principal Share Registrar and Transfer Office
Appleby Management (Bermuda) Ltd.
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
International Branch Registrar
Capita Registrars (Jersey) Limited
12 Castle Street, St Helier, JE2 3RT, Jersey, Channel Isands
United Kingdom Transfer Agent
Capita Registrars Limited
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU,
UK
Investor Relations
For further information about Worldsec Limited, please
contact:
Henry Ying Chew CHEONG
Executive Director
Worldsec Group
6th Floor, New Henry House, 10 Ice House Street, Central, Hong
Kong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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