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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Worldsec Ld | LSE:WSL | London | Ordinary Share | BMG9774L1019 | ORD USD0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.75 | 1.75 | 1.25 | 1.25 | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | 630k | 58k | 0.0007 | 17.86 | 1.06M |
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RNS Number:1206T
Worldsec Ld
25 April 2008
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 2007.
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$217,000 compared with a loss
of US$1,010,000 in previous year. Loss per share was US 2 cents (2006: Loss per
share of US 8 cents).
THE YEAR IN REVIEW
For the year ended 31 December 2007, the Group incurred a net loss of
US$217,000. This compares to the net loss of US$1,010,000 for the last year
which included the realization of US$1,033,000 (being a one time charge)
standing on the Group's currency translation reserve to the income statements
and write back of over-provision of expenses carried forward from prior year.
The operating expenses was reduced by US$54,000 as compared to last year. At the
end of 31 December 2007, Group shareholders' funds stood at US$1.96 million
as compared to US$2.18 million at the end of December 2006.
PROSPECTS
It is the intention of the Group to remain in the financial services industry
and also to seek new suitable business opportunities. This intention is in line
with the wish of the Group's new major shareholders, Grand Acumen Holdings
Limited and HC Investment Holdings Limited (the latter is wholly-owned by Mr.
Henry Ying Chew Cheong, the Group's Executive Director). Shareholders will be
informed or if necessary, their approval sought, as soon as the Board has
evaluated a suitable business proposition.
Alastair GUNN-FORBES
Non-Executive Chairman
25 April 2008
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Year ended 31 December
Notes 2007 2006
US$'000 US$'000
Recovery of doubtful receivables - 16
Interest income 39 42
Other income - 275
39 333
Staff costs (40) (89)
Other expenses (216) (221)
(217) 23
Currency translation reserve released upon disposal of - (1,033)
subsidiaries
Loss before tax (217) (1,010)
Income tax expense 3 - -
Loss for the year (217) (1,010)
Loss per share - basic and diluted 4 (2) cents (8) cents
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2007
Notes 2007 2006
US$'000 US$'000
Current assets
Other receivables - 2
Cash and bank balances 2,282 2,506
2,282 2,508
Current liabilities
Other payables and accruals (319) (328)
Net current assets 1,963 2,180
Net assets 1,963 2,180
Capital and reserves
Share capital 5 13 13
Contributed surplus 6 9,646 9,646
Special reserve 6 625 625
Accumulated losses 6 (8,321) (8,104)
Equity shareholders' funds 1,963 2,180
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Year ended 31 December
2007 2006
US$'000 US$'000
Cash flows from operating
activities
Loss for the year (217) (1,010)
Interest income (39) (42)
Currency translation reserve - (1,033)
released upon disposal of subsidiaries (256) (19)
Movements in working capital
Decrease in other receivables 2 17
Decrease in other payables and accruals (9) (86)
Net cash used in operating activities (263) (88)
Cash flows from investing activities
Interest received 39 42
Proceeds from disposal of subsidiaries - 259
Net cash generated from investing activities 39 301
Net increase in cash and cash equivalents (224) 213
Cash and cash equivalents as at 1 January 2,506 2,293
Cash and cash equivalents as at 31 December 2,282 2,506
Cash and bank balances
NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2007
1. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
In the current year, the Group has adopted all of the new and revised Standard
and Interpretations issued by the International Accounting Standards Board
(the "IASB") and the International Financial Reporting Interpretations Committee
(the "IFRIC") of the IASB that are relevant to its operations and effective
for annual reporting periods beginning on 1 January 2007. The adoption of these
new and revised Standards and Interpretations has no significant impact on the
financial statements of the Group.
At the date of authorization of these financial statements, the following
Standards and Interpretations were in issue but not yet effective:
IAS 1 (Revised) Presentation of Financial Statements 4
IAS 23 (Revised) Borrowing Costs 4
IFRS 8 Operating Segments 4
IFRIC - Int 11 IFRS 2 - Group and Treasury Share Transactions 1
IFRIC - Int 12 Service Concession Arrangements 2
IFRIC - Int 13 Customer Loyalty Programmes 3
IFRIC - Int 14 IAS 19 - The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and their Interaction 2
1 Effective for annual periods beginning on or after 1 March 2007.
2 Effective for annual periods beginning on or after 1 January 2008.
3 Effective for annual periods beginning on or after 1 July 2008.
4 Effective for annual periods beginning on or after 1 January 2009.
The directors anticipate that the adoption of these Standards and
Interpretations in the future periods will have no material financial impact on
the financial statements of the Group.
2. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analysis are presented for the years ended
31 December 2007 and 31 December 2006 as the Group has only maintained a minimum
operation during the years.
3. INCOME TAX
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.
No deferred tax liabilities are recognised in the financial statements as the
Group and the Company did not have material temporary difference arising between
the tax bases of liabilities and their carrying amounts as at 31 December 2007
(2006: Nil).
The taxation for the year can be reconciled to the loss before tax per the
consolidated income statement as follows:
2007 2006
US$'000 US$'000
Loss before tax 217 1,010
Tax charge at income tax rate of 17.5% 38 177
Tax effect of estimated tax losses not recognised (45) (6)
Tax effect of expenses not deductible for tax purpose - (181)
Tax effect of income not taxable for tax purpose 7 10
Total current tax charge for the year - -
4. LOSS PER SHARE
Calculation of loss per share was based on the following:
Year ended 31 December
2007 2006
Loss for the year (US$217,000) (US$1,010,000)
Weighted average number of shares in issue 13,367,290 13,367,290
Loss per share !V basic and diluted (2) cents (8) cents
5. SHARE CAPITAL
US$
Authorised:
Ordinary shares of US$0.001 each as at 1 January 2006, 31 December 2006
and 31 December 2007 50,000,000
Called up, issued and fully
paid:
Ordinary shares of US$0.001 each as at 1 January 2006, 31December 2006
and 31 December 2007 13,367
6. RESERVES
Movements on reserves were as follows:
Currency
Contributed Special Accumulated translation
surplus reserve losses reserve
US$'000 US$'000 US$'000 US$'000
The Group
Balance as at 1 January 2006 9,646 625 (7,094) (1,033)
Loss for the year - - (1,010) -
Currency translation reserve released - - - 1,033
upon disposal of subsidiaries
Balance as at 1 January 2007 9,646 625 (8,104) -
Loss for the year - - (217) -
Balance as at 31 December 2007 9,646 625 (8,321) -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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