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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 |
RNS Number : 8248C Worldsec Ld 05 September 2008 Worldsec Limited Interim Report for the six months ended 30 June 2008 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 2008. For the six months ended 30 June 2008, the Group incurred a net loss of US$111,000. This is comparable with the net loss of US$114,000 for the corresponding period in the previous year. At the end of 30 June 2008, Group shareholders' funds stood at US$1.85 million as compared to US$1.96 million at the end of December 2007. The Board continues to explore opportunities in the financial services and other new suitable business. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition. By order of the Board Alastair GUNN-FORBES Non-Executive Chairman 5 September 2008 CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE 2008 Unaudited Audited Six months ended Year ended Notes 30.6.2008 30.6.2007 31.12.2007 US$'000 US$'000 US$'000 Interest income 5 3 21 39 Staff costs (20) (20) (40) Other expenses (94) (115) (216) ___________ ___________ ____________ Loss before tax (111) (114) (217) Income tax expense 6 - - - ___________ ___________ ____________ Loss for the period/year (111) (114) (217) ============ ============ =========== Loss per share - basic and 7 (1) cent (1) cent (2) cents diluted ============ =========== =========== CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE PERIOD ENDED 30 JUNE 2008 Unaudited Audited Six months ended Year ended 30.6.2008 30.6.2007 31.12.2007 US$'000 US$'000 US$'000 Loss and total recognized expense for the period/year (111) (114) (217) =========== ============ ============= CONSOLIDATED BALANCE SHEET AT 30 JUNE 2008 Unaudited Audited Notes 30.6.2008 30.6.2007 31.12.2007 US$'000 US$'000 US$'000 Current assets Other receivables - 2 - Cash and bank balances 2,121 2,335 2,282 ____________ ____________ ____________ 2,121 2,337 2,282 Current liabilities Other payables and (269) (271) (319) accruals ____________ ____________ ___________ Net current assets 1,852 2,066 1,963 ____________ ____________ ___________ Net assets 1,852 2,066 1,963 ============ ============ =========== Capital and reserves Share capital 8 13 13 13 Contributed surplus 9 9,646 9,646 9,646 Special reserve 9 625 625 625 Accumulated losses 9 (8,432) (8,218) (8,321) ____________ ____________ ___________ Equity shareholders' funds 1,852 2,066 1,963 ============ ============ =========== CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2008 Unaudited Audited Six months ended Year ended 30.6.2008 30.6.2007 31.12.2007 US$'000 US$'000 US$'000 Cash flows from operating activities Loss for the period/year (111) (114) (217) Interest income (3) (21) (39) __________ ___________ ___________ (114) (135) (256) Movement in working capital Decrease in other receivable - - 2 Decrease in other payables and (50) (57) (9) accruals __________ ___________ ___________ Net cash used in operating (164) (192) (263) activities __________ ___________ __________ Cash flow from investing activities Interest received 3 21 39 __________ ___________ __________ Net cash inflow from investing 3 21 39 activities __________ ___________ __________ Net decrease in cash and cash (161) (171) (224) equivalents Cash and cash equivalents at beginning of the period/year 2,282 2,506 2,506 __________ ___________ __________ Cash and cash equivalents at end of the period/year Cash and bank balances 2,121 2,335 2,282 ========== =========== ========= NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2008 _ 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 In the current period, the Group has adopted all of the new and revised Standards and Interpretations 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 January 2008. 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 authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: IAS 1 (revised) Presentation of Financial Statements1 IAS 1 (amendment) Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation 1 IAS 23 (revised) Borrowing costs 1 IAS 27 (amendment) Consolidated and Separate Financial Statements 4 IAS 32 (revised) Financial Instruments: Presentation 1 IAS 39 (amendment) Financial Instruments: Recognition and Measurement - Eligible Hedged Items 4 IFRS 2 (amendment) Share-based Payment 1 IFRS 3 (revised) Business Combinations 4 IRFS 8 Operating segments 1 IFRIC - Int 13 Customer Loyalty Programmes 2 IFRIC - Int 15 Agreements for the Construction of Real Estate 1 IFRIC - Int 16 Hedges of a Net Investment in a Foreign Operation 3 1 Effective for annual periods beginning on or after 1 January 2009 2 Effective for annual periods beginning on or after 1 July 2008 3 Effective for annual periods beginning on or after 1 October 2008 4 Effective for annual periods beginning on or after 1 July 2009 The directors anticipate that the adoption of these Standards and Interpretations in the future periods will have no material 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 2007. 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 Company's assets to net realizable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. 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 balance sheet date. Accordingly, all assets are classified as current assets. The Group's financial statements consolidate the financial statements of the Company and the subsidiary undertakings included in the Group. The results of subsidiaries disposed of during the periods/year are included in the consolidated income statement up to the effective dates of disposal. NOTES TO THE INTERIM REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2008 _ 4 BUSINESS AND GEOGRAPHICAL SEGMENTS No business and geographical segment analyses are presented for the periods ended 30 June 2008 and 30 June 2007 as the Group has only maintained a minimum operation during the period. 5 INTEREST Unaudited Audited Six months ended Year ended 30.6.2008 30.6.2007 31.12.2007 US$'000 US$'000 US$'000 Interest income Bank interest receivable 3 21 39 =========== ============ =========== 6 INCOME TAX 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 30.6.2008 30.6.2007 31.12.2007 Loss for the period/year US$(111,000) US$(114,000) US$(217,000) ------------------- ------------------- ------------------- Weighted average number of 13,367,290 13,367,290 13,367,290 shares in issue ------------------ ------------------- ------------------- Loss per share - basic and (1) cent (1) cent (2) cents diluted ------------------- ------------------- -------------------- No diluted effect in loss per share as no diluting events existed during the periods/year. NOTES TO THE INTERIM REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2008 8 SHARE CAPITAL US$ Authorised: Ordinary shares of US$0.001 each as at 30 June 2007, 31 December 50,000,000 2007 and 30 June 2008 ============ Called up, issued and fully paid: Ordinary shares of US$0.001 each as at 30 June 2007, 31 December 13,367 2007 and 30 June 2008 ============ 9 RESERVES Contributed Special reserve Accumulated losses surplus US$'000 US$'000 US$'000 Balance at 1 January 2007 9,646 625 (8,104) Loss for the period - - (114) ___________ ___________ ___________ Balance at 1 July 2007 9,646 625 (8,218) Loss for the period - - (103) ___________ ___________ ___________ Balance at 1 January 2008 9,646 625 (8,321) Loss for the period - - (111) ___________ ___________ ___________ Balance at 30 June 2008 9,646 625 (8,432) =========== =========== =========== 10 INTERIM REPORT The interim report will be sent to shareholders on or about 12 September 2008. 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 HO Soo Ching Company Secretary May Yim CHAN Registered Office Address Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda Registration Number EC21466 Bermuda Principal Bankers The Hong Kong 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 The Bank of Bermuda Limited Bank of Bermuda Building, 6 Front Street, Hamilton HM11, Bermuda International Branch Registrar Capita Registers (Jersey) Limited Victoria Chambers, Liberation Square, 1/3 the Esplanade, St helier, Jersey, Channel Islands United Kingdom Transfer Agent Capita Registrars The Registry, 34 Beckenham Road, Beckenham, kent BR3 4TU, England 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 IR GCGDCGXGGGIU
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