Final Results
2005年4月27日 - 12:20AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:5312L
Worldsec Ld
26 April 2005
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 2004.
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 Paul K K Cheng
Chief Operating Officer and Finance Director
+852 2867 7213
________________________________________________________________________________
CHAIRMAN'S STATEMENT
RESULTS
The audited consolidated profit after taxation for the year was US$0.52 million
against US$1.54 million recorded in the previous year. Earnings per share based
on the weighted number of shares in issue during the year was US 4 cents (2003:
US 11 cents).
THE YEAR IN REVIEW
Having effectively ceased all business operations, the Group recorded a turnover
of only US$11,000 for 2004. With further recovery of doubtful debts together
with gain on disposal of investment and other income during the year, the Group
was able to record an operating profit of US$470,000. The net profit after tax
amounted to US$522,000.
During the year, the Group completed the sale of Worldsec Brokerage Limited and
disposed of all its listed investment in Taiwan as well as certain other
investments and assets. The voluntary liquidation of two subsidiaries, which
had been the main operating subsidiaries of the Group, was also completed. In
April, 2004, we made a second distribution to shareholders totalling
US$9,357,103 equivalent to US 70 cents per share. This, together with the
initial distribution of US 45 cents in 2003, amounted to a total distribution of
US$1.15 per share.
PROSPECTS
Following the decision to cease operations, our aim has been to realize the
Group's assets at maximum value possible. A large number of our assets are
illiquid. Their value is difficult to assess and the liquidation process is
sometimes lengthy necessitating regulatory consents from various authorities.
Subsequent to the year end, we have realised cash of some US$1.4 million from
debtors and we hope to recover more in the coming months. Every effort is being
made to liquidate the remaining main assets which comprise of a small office
space in Manila and the trading rights on the Philippine Stock Exchange.
The sale of these remaining assets and the collection of the outstanding debts
would represent the practical completion of the liquidation of the Group which
would enable the Group to make a final distribution which we hope to make during
the course of this year, currently estimated at not less than US 15 cents per
share. This would result in a total distribution of approximately US$1.30 per
share as compared to US$1.15 per share estimated at the time the liquidation
process commenced.
David Archibald Evelyn Lyle
Non-Executive Chairman 26 April 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2004
______________________________________________________________________________________________________
Year ended 31 December
2004 2003
Notes US$'000 US$'000
Turnover 1 11 197
Fees and commissions payable - (216)
___________ ___________
11 (19)
Gain on disposal of investments 602 288
Unrealised gain on investments - 1,237
Recovery of doubtful receivables 670 1,391
Other operating income 94 159
___________ ___________
1,377 3,056
Staff costs (381) (641)
Impairment losses - (89)
Other operating costs (526) (815)
___________ ___________
Operating profit 1 470 1,511
Interest receivable and similar income 21 55
Interest payable and similar charges (5) (13)
Profit (Loss) on disposal of subsidiaries and research materials 36 (14)
___________ ___________
Profit on ordinary activities before taxation 522 1,539
Tax charge on ordinary activities 2 - (2)
___________ ___________
Profit for the financial year 522 1,537
___________ ___________
Earning per share - basic and diluted 3 4 cents 11 cents
___________ ___________
The results above relate entirely to discontinued operations.
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2004
______________________________________________________________________________________________________
Year ended 31 December
2004 2003
Notes US$'000 US$'000
Current assets
Investments 448 3,672
Debtors 1,805 3,266
Bank deposits and cash 777 7,001
___________ ___________
3,030 13,939
Creditors: Amounts falling due within one year (406) (2,433)
___________ ___________
Net current assets 2,624 11,506
Provisions for liabilities and charges - -
___________ ___________
Net assets 2,624 11,506
___________ ___________
Capital and reserves
Called up share capital 4 13 13
Contributed surplus 4 9,646 19,003
Special reserve 4 625 625
Profit and loss account 4 (6,908) (7,430)
Revaluation reserve 4 278 281
Currency translation reserve 4 (1,030) (986)
___________ ___________
Equity shareholders' funds 2,624 11,506
___________ ___________
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2004
______________________________________________________________________________________________________
Year ended 31 December
2004 2003
Note US$'000 US$'000
Cash (outflow) inflow from operating activities 6 (976) 3,416
___________ ___________
Returns on investments and servicing of finance
Interest received from banks and deposit taking companies 21 55
Interest paid on bank loans and overdrafts (5) (13)
___________ ___________
Net cash inflow from returns on investments and servicing of finance 16 42
___________ ___________
Taxation
Tax refund - 99
___________ ___________
Capital expenditure and financial investment
Sale of Shanghai Stock Exchange membership - 75
Sale of investments 3,683 -
___________ ___________
Net cash inflow from capital expenditure and financial investment 3,683 75
___________ ___________
Acquisition and disposal
Net cash inflow (outflow) from disposal of subsidiaries 410 (14)
___________ ___________
Net cash inflow (outflow) from acquisition and disposal 410 (14)
___________ ___________
Equity dividend paid
Dividend paid (9,357) (6,015)
___________ ___________
Net cash outflow before use of liquid resources and financing (6,224) (2,397)
Management of liquid resources
Decrease (Increase) in time deposits of maturity exceeding 1 day 4,917 (4,975)
___________ ___________
Decrease in cash (1,307) (7,372)
___________ ___________
NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2004
______________________________________________________________________________________________________
1. ANALYSIS OF TURNOVER, OPERATING PROFIT AND NET ASSETS
The turnover attributable to the different classes of the Group's business
is as follows:
Year ended 31 December
2004 2003
US$'000 US$'000
Analysis by class of business:
Broking and related services 11 197
Corporate finance - -
___________ ___________
11 197
___________ ___________
Geographical analysis of turnover:
Hong Kong 11* 197*
___________ ___________
11 197
___________ ___________
* The broking and related services are substantially related to
Hong Kong market.
The operating profit attributable to the different classes
of the Group's business is as follows:
Broking and related services 470 1,511
Corporate finance - -
___________ ___________
470 1,511
___________ ___________
During the year, the operating profit of the Group was derived from the
Group's operations based in Hong Kong and the assets of the Group were
related to broking activities and were substantially situated in Hong Kong.
2. TAX CHARGE ON ORDINARY ACTIVITIES
Year ended 31 December
2004 2003
US$'000 US$'000
The charge comprises:
UK Corporation Tax
current year at 30% (2003: 30%) - -
Hong Kong Profits Tax
current year at 17.5% (2003:17.5%) - (2)
Other overseas taxation - -
___________ ___________
- (2)
Deferred taxation - -
___________ ___________
- (2)
___________ ___________
The taxation for the year can be reconciled to the profit before taxation
per the consolidated profit and loss account as follows:
2004 2003
US$'000 US$'000
Profit before taxation 522 1,539
___________ ___________
Tax charge at income tax rate of 17.5% (2003:17.5%) (91) (269)
Tax effect of estimated tax losses not recognized (29) (2)
Tax effect of expenses not deductible for tax purpose (1) (18)
Tax effect of income not taxable for tax purpose 121 253
Utilisation of estimated tax losses previously not recognized - 36
Underprovision in previous years - (2)
___________ ___________
Total current tax charge for the year - (2)
___________ ___________
3. EARNINGS PER SHARE
Calculation of earnings per share was based on the following:
Year ended 31 December
2004 2003
Profit for the financial year US$522,000 US$1,537,000
___________ ___________
Weighted average number of shares in issue 13,367,290 13,367,290
___________ ___________
Earnings per share 4 cents 11 cents
___________ ___________
4. CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL
US$
Authorised:
ordinary shares of US$0.001 each as at 1 January and 31 December 2004 50,000
___________
Called up, issued and fully paid:
ordinary shares of US$0.001 each as at 1 January and 31 December 2004 13,367
___________
RESERVES
Movements on reserves were as follows:
Profit Currency
Contributed Special and Loss Revaluation translation
surplus reserve account reserve reserve
US$'000 US$'000 US$'000 US$'000 US$'000
The Group
At 1 January 2004 19,003 625 (7,430) 281 (986)
Profit for the year - - 522 - -
Translation adjustment - - - (3) (44)
Distribution paid (note 5) (9,357) - - - -
________ ________ ________ ________ ________
At 31 December 2004 9,646 625 (6,908) 278 (1,030)
________ ________ ________ ________ ________
5. DISTRIBUTIONS
On 29 March 2004, the Board resolved to pay a distribution out of the
contributed surplus account of US$0.7 per share totalling US$9,357,103 to
the shareholders whose names appeared in the register of members on
13 April 2004.
6. RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW) INFLOW FORM
OPERATING ACTIVITIES
Year ended 31 December
2004 2003
US$'000 US$'000
Operating profit 470 1,511
Gain on disposal of investments (602) -
Unrealised gain on investments - (1,237)
Impairment losses - 89
Amortisation of intangible assets - 19
Exchange difference (32) (72)
Decrease in investments held as current assets - 464
Decrease in trade debtors 1,080 1,027
Decrease in other debtors and prepayments 99 1,304
Decrease in cash at bank - trust accounts - 8,613
Decrease in trade creditors (1,293) (7,544)
Decrease in other creditors and accruals (698) (758)
___________ ___________
NET CASH (OUTFLOW) INFLOW FROM OPERATING ACTIVITIES (976) 3,416
___________ ___________
7. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Year ended 31 December
2004 2003
US$'000 US$'000
Decrease in cash (1,307) (7,372)
Cash (outflow) inflow from (decrease)
increase in liquid resource (4,917) 4,975
___________ ___________
Movement in net funds (6,224) (2,397)
Net funds brought forward 7,001 9,398
___________ ___________
Net funds carried forward 777 7,001
___________ ___________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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