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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jardine Cycle and Carriage Ltd | TG:CYC | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.300001 | -1.65% | 17.90 | 17.90 | 18.20 | 17.90 | 17.90 | 17.90 | 1 | 09:58:36 |
RNS Number:8899H CyberChina Holdings PLC 25 February 2003 CYBERCHINA HOLDINGS plc REPORT FOR THE YEAR ENDING 31 OCTOBER 2002 * Consolidated loss for year of #258,925 (2001: loss of #236,806) * Net asset value 0.4p per share (2001: 0.5p) * Confident that our activities will be successful not only in the near term but also in the long term. * Final preparations for our first flotation candidate being made. * Proposal to change company name to CYC Holdings plc CHAIRMAN'S STATEMENT The year to 31 October 2002 representing CyberChina's second full year of operations, resulted in a consolidated loss of #258,925 (2001: loss of #236,806). The net asset value at the year-end was 0.4p per share (2001: 0.5p per share). To everyone's certain knowledge world stock markets are now well into a bear phase with the major markets now in a third year of decline. No market has been spared this savage correction to the excesses of the previous six years. Chinese stock markets have similarly seen their values halved in line with western capital markets. However they have been further subject to governmental exigencies. In recent years the authorities had been selling shares to the public to reduce governmental ownership in (frequently financially challenged) State Owned Enterprises. This policy worked well in a rising market but when conditions reversed, the state's divestment plan created further selling pressure in already weakened circumstances. Whilst this policy has now been halted the damage to confidence had been inflicted. All these factors have negatively impacted on capital raising for new companies. In some countries IPO activity came to an abrupt halt, whilst in others it has dwindled to a trickle. To raise new money in today's market is undeniably difficult, which presents us with opportunities as well as obstacles. CyberChina has moved with market pressures. We are confident that our activities will be successful, not only in the near term but also in the long term. China's GDP is expected to grow in 2003, for the ninth consecutive year. Estimates vary from 7.5-9% depending on the researchers' opinion of the impact (depth and duration) of the economic slowdown in the leading western economies. This consensus reinforces your management's conviction that China is the country of growth and exciting prospects. Our business is to prepare Chinese companies for investment from western economies and, where appropriate, subsequent listing, with your company receiving its remuneration in fees from or shares and options in the enhanced value investee company. This continues to be our principal focus, though we have added an extra component to this strategy. We now seek to create additional value in client companies by identifying and constructing trade alliances or mergers & acquisitions with western companies in ancillary activities. In this way we can build a stronger commercial base upon which a more financially robust pre-flotation vehicle can be presented. The final preparations of our first flotation candidate relating to ultra-sonic detection technology are being made and it is anticipated that details of this will be announced shortly after our Annual General Meeting. Additionally, we have other candidate companies undergoing the due diligence process, and announcements regarding these will be made in due course as and when appropriate. It is the view of your board that the name CyberChina does not reflect the nature of our business. Accordingly a resolution to change the Company's name to CYC Holdings plc will be put to the AGM. Given the present status of your Company's operations and the financial results for the year, your Directors are not recommending the payment of a dividend. Yours sincerely, The Viscount Torrington. Chairman. PROFIT AND LOSS ACCOUNT FOR THE YEAR TO 31 OCTOBER 2002 Year to 31 October 2002 Year to 31 October 2001 # # OTHER OPERATING INCOME - 6,692 OPERATING EXPENSES (317,732) (313,508) OPERATING LOSS (317,732) (306,816) Interest payable (5) (258) Interest receivable 58,812 70,268 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (258,925) (236,806) RETAINED LOSS FOR THE PERIOD #(258,925) #(236,806) EARNINGS PER SHARE (0.08 p) (0.08 p) The profit and loss account relates to continuing operations and contains all the gains and losses recognised in the period. There are no discontinued operations. The loss has been calculated on the historical cost basis and is the only movement in shareholders' funds for the year. CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2002 31 October 2002 31 October 2001 # # # # FIXED ASSETS Intangible assets - - Tangible assets 1,432 1,178 1,432 1,178 CURRENT ASSETS Investments 18,305 504,838 Debtors 47,947 15,125 Cash at bank and in hand 1,297,151 1,116,643 1,363,403 1,636,606 CREDITORS Amounts falling due within one year (17,766) (31,790) NET CURRENT ASSETS 1,345,637 1,604,816 NET ASSETS #1,347,069 #1,605,994 CAPITAL AND RESERVES Called-up share capital 3,080,000 3,080,000 Share premium account 790,127 790,127 Profit and loss account (2,523,058) (2,264,133) #1,347,069 #1,605,994 Approved by the Board on 10 February 2003 And signed on its behalf by: M J McALISTER M D D LINDSAY Director Director CASHFLOW STATEMENT FOR YEAR TO 31 OCT0BER 2002 Year to 31 October Year to 31 October 2002 2001 # # Net Cash inflow/(outflow) from operating activities 181,325 (890,677) Capital expenditure and financial investment Purchase of tangible assets (817) (784) Increase/(decrease) in cash during the period #180,508 #(891,461) NOTE Copies of the fully audited report and accounts can be obtained from Cyberchina Holdings plc, Hillyfields House, Woodhill Lane, Shamley Green, Guildford, Surrey GU5 OSP or may be seen on the website: www.cyberchinaholdings.com For further information please contact: Michael Lindsay, finance director, on 07050 254825 Philip Parkes, Winningtons, on 0117 317 9477 or 07831 826789 END This information is provided by RNS The company news service from the London Stock Exchange END FR QZLFLXLBBBBQ
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