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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ephraim Resorces Ltd | ASX:EPA | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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RNS Number:2011Q
enterpriseAsia PLC
26 September 2003
PRESS RELEASE
25 September 2003
enterpriseAsia plc
CHAIRMAN'S STATEMENT
Interim Results for the six months ended 30 June 2003
enterpriseAsia plc (the "Company") and its subsidiaries recorded an unaudited
consolidated loss of #350,028 for the six months ended 30 June 2003, as compared
to a loss of #6,608,372 in the corresponding period in 2002 (the "2002 Interim
"). Of this loss #150,865 resulted from the provisions for changes in the value
of our portfolio of investments in IT-related projects (2002 Interim:
#6,243,485), and #18,250 (2002 Interim: #32,865) was due to exchange rate
differences. The provisions reflect a change in the Company's accounting policy
as a result of the Company moving its business focus to the education and
training sector. Total income for the period has reduced to #24,415 (2002
Interim: #72,923), as consultancy services provided to two investee projects
were terminated.
As at 30 June 2003, the Company's unaudited net asset value per share was 0.55p
(30 June 2002: 1.32p), and the cash balance under control was approximately 0.52
p per share (2002: 0.75p per share).
DIVIDENDS
The directors are not recommending the payment of a dividend for the period.
BUSINESS STRATEGY
During the period under review the Company has been exploring new business
opportunities, having moved away from the original strategy of investing in
IT-related projects.
In the Extraordinary General Meeting held on 27 August 2003, the Company's
shareholders approved a new strategy of developing a portfolio of businesses
that focus on providing education and training services to meet increasing
demand from the Greater China market. Your directors believe that this strategy
can capitalize on their extensive knowledge and experience of the China market,
as an understanding of the needs of the target users and capabilities for
networking and collaboration are essential elements for success in this fast
growing market. The U.K. origin and links of the Company may also offer
tangible differentiation among similar players in the same sector.
A new Chairman and a new Business Development Director with strong credentials
in networking, business development and corporate governance in the Greater
China market have been appointed. They will be based in Hong Kong where a
stable legal and financial system provides a desirable gateway to China. The
Board's task now is to deliver the new strategy for positive results as quickly
as possible.
Since last year, the Company has initiated substantial cost cutting measures,
including efforts on reducing staff costs and directors' fees, in order to
preserve its cash resources for the implementation of the new strategy.
Davie Auyeung
Chairman
INVESTMENT PORTFOLIO
IT-related Investments
Value Convergence Holdings Limited ("VC Holdings")
VC Holdings has diversified its principal activities from its base of providing
online securities trading systems to Asian financial institutions. It now
offers a range of financial services covering brokerage and trading services on
the Hong Kong and other stock exchanges, and capital market and corporate
finance advisory services. It has also established an office in Macau for
providing investment banking services to well established enterprises in this
Special Administrative Region and its adjacent areas in China.
Our current shareholding in VC Holdings is approximately 1.78%. Since its
business nature is no longer within our core business strategy, this investment
is now reported as marketable securities and valued at the lower of cost or
market price in our financial statements.
Net Fun Limited ("Net Fun")
Net Fun provides interactive games for the Greater China market. Although some
progress has been made in the formation of various local partnerships in China,
business growth has been extremely slow.
As the business nature of Net Fun is no longer within our core business strategy
and its progress has been unsatisfactory, we have now written off the value of
all our investment in this project. Our shareholding in Net Fun is 8%.
Consolidated Profit and Loss Account Unaudited Unaudited Year Ended
6 months ended 6 months ended 31-Dec-02
30-Jun-03 30-Jun-02
# # #
Turnover
Consultancy fee income 11,002 - 85,996
Administration costs ( 223,358) ( 437,810) ( 825,400)
Provision for diminution in value of investment (150,865) ( 6,243,485) (7,386,576)
Provision for doubtful debts (220) - (45,228)
Other operating income 1,671 22,082 33,561
------------ ------------ ------------
Operating loss ( 361,770) ( 6,659,213) (8,137,647)
Other interest receivable and similar income 11,742 50,841 42,893
------------ ------------ ------------
Loss for the period before taxation ( 350,028) ( 6,608,372) (8,094,754)
Taxation - - -
------------ ------------ ------------
Loss for the period after taxation ( 350,028) ( 6,608,372) (8,094,754)
============ ============ ============
Basic loss per share ( 0.15p) ( 2.76p) (3.38p)
============ ============ ============
Consolidated Balance Sheet Unaudited as at As at
30-Jun-03 31-Dec-02
# #
Tangible fixed assets 8,214 11,588
Fixed asset investments 152,025 310,841
------------ ------------
160,239 322,429
Current assets
Debtors 37,377 75,547
Investments 1,275,092 2,336,676
Bank 1,245,416 1,377,960
------------ ------------
2,557,885 3,790,183
Current liabilities ( 1,402,857) ( 2,447,317)
------------ ------------
Net current assets 1,155,028 1,342,866
------------ ------------
Total assets less liabilities 1,315,267 1,665,295
============ ============
Called up share capital 2,395,985 2,395,985
Share premium account 9,175,770 9,175,770
Profit & loss account ( 10,256,488) ( 9,906,460)
------------ ------------
Equity shareholders' funds 1,315,267 1,665,295
============ ============
Net asset value per ordinary share
- Basic 0.549p 0.694p
============ ============
Consolidated Cash Flow Statement Unaudited Unaudited Year ended
6 months ended 6 months ended 31-Dec-02
30-Jun-03 30-Jun-02
# # #
Net Cash Outflow from Operating Activities
Operating loss ( 361,770) ( 6,659,213) (8,137,647)
Depreciation of tangible assets 3,378 2,311 4,669
Decrease/(Increase) in debtors 38,170 ( 25,259) (4,442)
Increase/(Decrease) in creditors 26,551 ( 6,940) (27,824)
Provision for diminution in value of investment 150,865 6,243,485 7,386,576
Exchange (gain) / loss on investments (1,588) 33,548 89,711
------------ ------------ ------------
Net cash outflow from operation activities (144,394) ( 412,068) (688,957)
Returns on Investments and Servicing of Finance
Interest received 11,742 50,841 42,893
Investing/Financing Activities
Payment to acquire tangible fixed assets (62) (1,445) ( 7,249)
Receipts from disposal of tangible fixed assets 170 - -
Payments to acquire fixed asset investments - (230,197) (316,586)
Loan from an investee company - 418,211 1,071,011
------------ ------------ ------------
Increase/(Decrease) in cash balances (132,544) ( 174,658) 101,112
============ ============ ============
Reconciliation of net cash flow to movement in
funds
Increase/(Decrease) in cash in period (132,544) ( 174,658) 101,112
------------ ------------ ------------
Movement in net funds in period (132,544) ( 174,658) 101,112
Opening net funds 1,377,960 1,276,848 1,276,848
------------ ------------ ------------
Closing net funds 1,245,416 1,102,190 1,377,960
============ ============ ============
Interim Announcement - Notes
1. The information relating to the six month periods ended 30 June 2002 and
30 June 2003 is unaudited. The information relating to the year ended 31
December 2002 is extracted from the audited accounts of the Company which
have been filed at Companies House and on which the auditors issued an
unqualified opinion.
2. The above financial information does not constitute statutory accounts
within the meaning of Section 240 Companies Act 1985.
3. The above financial information was approved by the Board of Directors on
25 September, 2003.
4. Loss per share is based on the number of shares in issue during the period
ended 30 June 2003 of 239,598,496 (2002: 239,598,496).
INDEPENDENT REVIEW REPORT
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2003 set out on pages 4 to 6, and we have read the
other information contained in the interim report for any apparent misstatements
or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where changes, and the
reason for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data, and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
PRIDIE BREWSTER
Carolyn House
29-30 Greville Street
London
EC1N 8RB
This press announcement has been issued by Insinger de Beaufort on behalf of
enterpriseAsia plc.
Insinger de Beaufort is a subsidiary of Bank Insinger de Beaufort N.V.
Authorised and regulated by the Financial Services Authority Registered in
England and Wales No. 2582230
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXNSAEKDEFE
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