TIDMCSB
RNS Number : 9467Q
Crosby Asset Management Inc
12 August 2010
12 August 2010
Crosby Asset Management Inc.
(the "Company" or "CAM" and together with its subsidiaries the "Group")
Interim Results - Six months ended 30 June 2010
Summary Financials
· Turnover 2010: US$1.0 million (2009: US$2.1 million)
· Profit Attributable to Shareholders 2010: US$1.0 million (Loss Attributable
to Shareholders 2009: US$8.6 million)
· Shareholder Equity 2010: US$0.1 million (2009: US$1.2 million)
· Profit Per Share (basic) 2010: US$0.004 (Loss Per Share (basic) 2009:
US$0.035)
· Assets Under Management 2010: US$0.5 billion (2009: US$0.6 billion)
Commentary
· The Company has continued to constrain costs during the period and preserve
cash.
· As announced on 24 June 2010 CAM has entered into a conditional sale and
purchase agreement with Crosby Capital Limited ("CCL") regarding the potential
disposal of its operating businesses (the "Disposal"). The Disposal is subject
to shareholder approval at a General Meeting of the Company to be held on 25
August 2010 (the "Approval") and shareholders are reminded that Forms of
Instruction relating to the General Meeting should be submitted by 20 August
2010 and Forms of Proxy by 23 August 2010.
· Should the Approval be granted and the Disposal completes, CAM would then
become an investing company, as defined by the AIM Rules and the Company's
proposed investing strategy will be to acquire holdings in natural resources,
minerals, metals and/or oil & gas companies which, the board of directors
believes, are undervalued and where one or more such transactions have the
potential to create value for shareholders (the "Investing Strategy"). The
Company expects to be an active investor, but decisions as to whether to invest
will be governed by the terms of each transaction. If the Investing Strategy is
approved, there is no limit on the number of projects into which the Company may
invest, and the Company will consider possible opportunities anywhere in the
world with a particular focus on Africa, South America, Australasia and Central
and Eastern Europe.
+----------------------+-+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Consolidated Income Statement |
| |
+---------------------------------------------------------------------------------------------------------------+
| Continuing | | | | Unaudited | | Unaudited | | Audited | |
| Operations | | | | six | | six | | year | |
| | | | | months | | months | | ended | |
| | | | | ended | | ended | | 31 | |
| | | | | 30 June | | 30 June | | December | |
+----------------------+-+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | 2010 | | 2009 | | 2009 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| |Notes | | US$'000 | | US$'000 | | US$'000 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Continuing operations | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Revenue | 5 | | 1,028 | | 2,104 | | 3,505 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Cost of sales | | | (285) | | (322) | | (451) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Gross profit | | | 743 | | 1,782 | | 3,054 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Gain/(Loss) on | | | | | | | | |
| financial assets at | 14 | | 4 | | (1,964) | | (2,003) | |
| fair value through | | | | | | | | |
| profit or loss | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Other income | 6 | | 3,664 | | 294 | | 617 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Administrative | | | | | | | | |
| expenses | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Restructuring | 7 | | 115 | | (580) | | (2,622) | |
| credit/(expenses) | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Impairment of | | | - | | (10) | | - | |
| intangible assets | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Other administrative | | | (2,639) | | (5,617) | | (6,999) | |
| expenses | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | (2,524) | | (6,207) | | (9,621) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Distribution expenses | | | - | | - | | (3) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Impairment of | | | | | | | | |
| available-for-sale | | | (65) | | (1,458) | | (1,536) | |
| investments | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Impairment of | | | - | | - | | (389) | |
| associates | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Impairment of a | | | - | | - | | (128) | |
| jointly controlled | | | | | | | | |
| entity | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Other operating | | | (176) | | (1,512) | | (1,612) | |
| expenses | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Profit/(Loss) from | | | 1,646 | | (9,065) | | (11,621) | |
| operations | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Finance costs | | | (56) | | (62) | | (112) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Share of | | | - | | 1 | | (42) | |
| profits/(losses) of | | | | | | | | |
| associates | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Share of profits of | | | 51 | | 73 | | 128 | |
| jointly controlled | | | | | | | | |
| entities | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Profit/(Loss) before | 9 | | 1,641 | | (9,053) | | (11,647) | |
| taxation | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Taxation | 10 | | 3 | | 24 | | 59 | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Profit/(Loss) for the | | | 1,644 | | (9,029) | | (11,588) | |
| period | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Attributable to: | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Owners of the Company | | | 958 | | (8,576) | | (10,941) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Non-controlling | | | 686 | | (453) | | (647) | |
| interests | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Profit/(Loss) for the | | | 1,644 | | (9,029) | | (11,588) | |
| period | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Dividend | | | - | | - | | - | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| Profit/(Loss) per | 11 | | | | | | | |
| share for | | | | | | | | |
| profit/(loss) | | | US | | US cents | | US | |
| attributable to owners | | | cents | | | | cents | |
| of the Company | | | | | | | | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| - Basic | | | 0.39 | | (3.52) | | (4.49) | |
+------------------------+-------+----------+-----------+----------+-----------+----------+----------+----------+
| - Diluted | | | 0.39 | | (3.52) | | | |
| | | | | | | | (4.49) | |
+----------------------+-+-------+----------+-----------+----------+-----------+----------+----------+----------+
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Consolidated Statement of Comprehensive Income |
| |
+-----------------------------------------------------------------------------------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six | | six | | year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| |Note | 2010 | | 2009 | | 2009 |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | US$'000 | | US$'000 | | US$'000 |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Profit/(Loss) for the | | 1,644 | | (9,029) | | (11,588) |
| period | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Other comprehensive | | | | | | |
| income: | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Exchange differences | | | | | | |
| on translating foreign | | 65 | | (14) | | 46 |
| operations | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Available-for-sale | | | | | | |
| investments | | (65) | | (805) | | (810) |
| Deficit on revaluation | 9 | | | | | |
| Recycle to income | | 65 | | 1,458 | | 1,536 |
| statement: | | - | | 436 | | 362 |
| Provision for | | | | | | |
| impairment | | | | | | |
| Loss upon | | | | | | |
| disposal | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Share of other | | | | | | |
| comprehensive income of | | - | | (27) | | (52) |
| associates | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Share of other | | | | | | |
| comprehensive income of | | - | | 16 | | 11 |
| jointly controlled | | | | | | |
| entities | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Other comprehensive | | | | | | |
| income for the period, | | 65 | | 1,064 | | 1,093 |
| before and net of tax | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Total comprehensive | | | | | | |
| income for the period, | | 1,709 | | (7,965) | | (10,495) |
| before and net of tax | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Attributable to: | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Owners of the Company | | 1,023 | | (7,512) | | (9,848) |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| Non-controlling | | 686 | | (453) | | (647) |
| interests | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+-------------------------+------+-----------+----------+-----------+----------+----------+
| | | 1,709 | | (7,965) | | (10,495) |
+-------------------------+------+-----------+----------+-----------+----------+----------+
Consolidated Statement of Financial Position
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
| | | Unaudited | Unaudited | Audited |
| | | 30 June | 30 June | 31 |
| | | | | December |
+-----------------------------+-------+-----------+-----------+----------+
| | | 2010 | 2009 | 2009 |
+-----------------------------+-------+-----------+-----------+----------+
| |Notes | US$'000 | US$'000 | US$'000 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| ASSETS | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Non-current assets | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Property, plant and | | 273 | 181 | 373 |
| equipment | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Interests in associates | | - | 488 | - |
+-----------------------------+-------+-----------+-----------+----------+
| Interests in jointly | | 68 | 557 | 16 |
| controlled entities | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Available-for-sale | 12 | 226 | 387 | 291 |
| investments | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Note receivable | | 520 | 497 | 508 |
+-----------------------------+-------+-----------+-----------+----------+
| Intangible assets | | 21 | 21 | 21 |
+-----------------------------+-------+-----------+-----------+----------+
| | | 1,108 | 2,131 | 1,209 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Current assets | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Amounts due from related |17(b) | 6 | 52 | 4 |
| companies | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Trade and other receivables | 13 | 751 | 2,344 | 1,121 |
+-----------------------------+-------+-----------+-----------+----------+
| Tax recoverable | | 109 | 120 | 74 |
+-----------------------------+-------+-----------+-----------+----------+
| Financial assets at fair | 14 | 50 | 381 | 115 |
| value through profit or | | | | |
| loss | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents | | 5,637 | 7,871 | 6,723 |
+-----------------------------+-------+-----------+-----------+----------+
| | | 6,553 | 10,768 | 8,037 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Total assets | | 7,661 | 12,899 | 9,246 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| LIABILITIES | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Current liabilities | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Amounts due to parent and |17(b) | (1,021) | (1) | (2) |
| related companies | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Trade and other payables |15(a) | (1,481) | (5,393) | (2,425) |
+-----------------------------+-------+-----------+-----------+----------+
| Deferred income | | (23) | (30) | (26) |
+-----------------------------+-------+-----------+-----------+----------+
| Provision for taxation | | (32) | - | - |
+-----------------------------+-------+-----------+-----------+----------+
| Current portion of | | (309) | (277) | (348) |
| obligations under finance | | | | |
| leases | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Provision for liabilities |15(b) | (2,825) | (4,339) | (6,209) |
+-----------------------------+-------+-----------+-----------+----------+
| | | (5,691) | (10,040) | (9,010) |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Non-current liabilities | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Loan payable | | (55) | (53) | (54) |
+-----------------------------+-------+-----------+-----------+----------+
| Obligations under finance | | (37) | (390) | (144) |
| leases | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| | | (92) | (443) | (198) |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Total liabilities | | (5,783) | (10,483) | (9,208) |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| EQUITY | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Share capital | 16 | 2,435 | 2,435 | 2,435 |
+-----------------------------+-------+-----------+-----------+----------+
| Reserves | | (2,317) | (1,229) | (3,427) |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
| Equity/(Capital | | | | |
| deficiency)attributable to | | 118 | 1,206 | (992) |
| owners of the Company | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Non-controlling interests | | 1,760 | 1,210 | 1,030 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Total equity | | 1,878 | 2,416 | 38 |
+-----------------------------+-------+-----------+-----------+----------+
| | | | | |
+-----------------------------+-------+-----------+-----------+----------+
| Total equity and | | 7,661 | 12,899 | 9,246 |
| liabilities | | | | |
+-----------------------------+-------+-----------+-----------+----------+
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Consolidated Statement of Changes in Equity | | |
| | | |
+---------------------------------------------------------------------------------------------------------------+-----------------+---------+
| | |Non-controlling | |
| | | interests | Total |
| | Equity attributable to owners of the Company | | equity |
+--------------------+------------------------------------------------------------------------------------------+-----------------+---------+
| | | | | Employee | | | | | | |
| | | | | share-based | Foreign | Investment | Profit | | | |
| | Share | Share | Capital | compensation | exchange | revaluation | and | | | |
| | capital | premium | reserve | reserve | reserve | reserve | loss | Total | | |
| | | | | | | | account | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| At 1 January | 2,435 | 6,344 | 23,455 | 3,254 | 25 | - | (36,505) | (992) | 1,030 | 38 |
| 2010 | | | | | | | | | | |
| (Audited) | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Employee | | | | | | | | | | |
| share-based | - | - | - | 119 | - | - | - | 119 | (1) | 118 |
| compensation | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Lapse of | - | - | - | (1,378) | - | - | 1,378 | - | - | - |
| share options | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Effect on | | | | | | | | | | |
| exercising | - | - | - | (32) | - | - | - | (32) | 45 | 13 |
| share options | | | | | | | | | | |
| of a | | | | | | | | | | |
| subsidiary | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| Transactions | - | - | - | (1,291) | - | - | 1,378 | 87 | 44 | 131 |
| with owners | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| Profit for | - | - | - | - | - | - | 958 | 958 | 686 | 1,644 |
| the period | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income: | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Exchange | | | | | | | | | | |
| difference on | - | - | - | - | 65 | - | - | 65 | - | 65 |
| translating | | | | | | | | | | |
| foreign | | | | | | | | | | |
| exchange | | | | | | | | | | |
| operations | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Available-for-sale | | | | | | | | | | |
| investments | - | - | - | - | - | (65) | - | (65) | - | (65) |
| Deficit on | | | | | | | | | | |
| revaluation | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Recycle to | | | | | | | | | | |
| income | - | - | - | - | - | 65 | - | 65 | - | 65 |
| statement: | | | | | | | | | | |
| Provision | | | | | | | | | | |
| for | | | | | | | | | | |
| impairment | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| Total | | | | | | | | | | |
| comprehensive | - | - | - | - | 65 | - | 958 | 1,023 | 686 | 1,709 |
| income for | | | | | | | | | | |
| the period | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| At 30 June | 2,435 | 6,344 | 23,455 | 1,963 | 90 | - | (34,169) | 118 | 1,760 | 1,878 |
| 2010 | | | | | | | | | | |
| (Unaudited) | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Consolidated Statement of Changes in Equity | | |
| | | |
+---------------------------------------------------------------------------------------------------------------+-----------------+---------+
| | |Non-controlling | |
| | | interests | Total |
| | Equity attributable to owners of the Company | | equity |
+--------------------+------------------------------------------------------------------------------------------+-----------------+---------+
| | | | | Employee | | | | | | |
| | | | | share-based | Foreign | Investment | Profit | | | |
| | Share | Share | Capital | compensation | exchange | revaluation | and | | | |
| | capital | premium | reserve | reserve | reserve | reserve | loss | Total | | |
| | | | | | | | account | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| At 1 January | 2,435 | 6,344 | 23,455 | 3,597 | 20 | (1,088) | (26,579) | 8,184 | 1,648 | 9,832 |
| 2009 | | | | | | | | | | |
| (Audited) | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Employee | | | | | | | | | | |
| share-based | - | - | - | 534 | - | - | - | 534 | 15 | 549 |
| compensation | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Lapse of | - | - | - | (190) | - | - | 190 | - | - | - |
| share options | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| Transactions | - | - | - | 344 | - | - | 190 | 534 | 15 | 549 |
| with owners | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Loss for the | - | - | - | - | - | - | (8,576) | (8,576) | (453) | (9,029) |
| period | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income: | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Exchange | | | | | | | | | | |
| difference on | - | - | - | - | (14) | - | - | (14) | - | (14) |
| translating | | | | | | | | | | |
| foreign | | | | | | | | | | |
| exchange | | | | | | | | | | |
| operations | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Available-for-sale | | | | | | | | | | |
| investments | - | - | - | - | - | (805) | - | (805) | - | (805) |
| Deficit on | | | | | | | | | | |
| revaluation | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Recycle to | | | | | | | | | | |
| income | - | - | - | - | - | 1,458 | - | 1,458 | - | 1,458 |
| statement: | - | - | - | - | - | 436 | - | 436 | - | 436 |
| Provision | | | | | | | | | | |
| for | | | | | | | | | | |
| impairment | | | | | | | | | | |
| Loss upon | | | | | | | | | | |
| disposal | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Share of | | | | | | | | | | |
| other | - | - | - | - | (27) | - | - | (27) | - | (27) |
| comprehensive | | | | | | | | | | |
| income of | | | | | | | | | | |
| associates | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| Share of | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive | - | - | - | - | 16 | - | - | 16 | - | 16 |
| income of | | | | | | | | | | |
| jointly | | | | | | | | | | |
| controlled | | | | | | | | | | |
| entities | | | | | | | | | | |
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| Total | | | | | | | | | | |
| comprehensive | - | - | - | - | (25) | 1,089 | (8,576) | (7,512) | (453) | (7,965) |
| income for | | | | | | | | | | |
| the period | | | | | | | | | | |
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
| At 30 June | 2,435 | 6,344 | 23,455 | 3,941 | (5) | 1 | (34,965) | 1,206 | 1,210 | 2,416 |
| 2009 | | | | | | | | | | |
| (Unaudited) | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
| | | | | | | | | | | |
+--------------------+---------+---------+---------+--------------+----------+-------------+----------+---------+-----------------+---------+
Condensed Consolidated Statement of Cash Flows
+----------------------------+----+-----------+-----------+----------+
| | | | | |
| | | Unaudited | Unaudited | Audited |
| | | six | six | year |
| | | months | months | ended |
| | | ended | ended | 31 |
| | | 30 June | 30 June | December |
+----------------------------+----+-----------+-----------+----------+
| | | 2010 | 2009 | 2009 |
+----------------------------+----+-----------+-----------+----------+
| | | US$'000 | US$'000 | US$'000 |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Net cash outflow from | | (2,055) | (7,603) | (8,189) |
| operating activities | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Net cash inflow/(outflow) | | | | |
| from investing activities | | 85 | 81 | (311) |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Net cash inflow/(outflow) | | | | |
| from financing activities | | 899 | (144) | (319) |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Net decrease in cash and | | (1,071) | (7,666) | (8,819) |
| cash equivalents | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Cash and cash equivalents | | | | |
| as at | | 6,723 | 15,526 | 15,526 |
| start of period | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| Effect of exchange rate | | (15) | 11 | 16 |
| fluctuations | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------+----+-----------+-----------+----------+
| | | | | |
| Cash and cash equivalents | | 5,637 | 7,871 | 6,723 |
| as at end of period | | | | |
+----------------------------+----+-----------+-----------+----------+
Notes to the unaudited interim financial information
1. Basis of preparation
The Company acts as the holding company of the Group. The Group is principally
engaged in the business of asset management. The address of the Company's
registered office is Cricket Square, Hutchins Drive, P. O. Box 2681, Grand
Cayman, KY1 -1111, Cayman Islands. The Company's shares are listed on the AIM of
the London Stock Exchange.
The Company was incorporated in the Cayman Islands, which does not prescribe the
adoption of any particular accounting framework. The Board has therefore adopted
International Financial Reporting Standards (IFRSs) issued by the International
Accounting Standards Board. The interim financial information complies with the
applicable disclosure provisions of the Rules Governing the Listing of
Securities on the AIM of London Stock Exchange.
The interim financial information has been prepared on the historical cost basis
except for financial instruments classified as available-for-sale and fair value
through profit or loss which are measured at fair value.
It should be noted that accounting estimates and assumptions are used in
preparation of the interim financial information. Although these estimates are
based on management's best knowledge and judgement of current events and
actions, actual results may ultimately differ from those estimates. The areas
involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the interim financial information, are set out
in Note 3 to the unaudited interim financial information.
The Directors have prepared cash flow forecasts through to 31 August 2011 which
exclude the impact of the cash flows of Crosby Wealth Management which held cash
of US$4,630,000 out of the Group's total cash of US$5,637,000 at 30 June 2010.
Crosby Wealth Management has been excluded from the forecasts as it is only
55.86% owned by the Group. The forecasts take into account the reduced cost
structure of the Group following the prosposed disposal of the operating
businesses as announced on 24 June 2010. These forecasts indicate adequate
working capital after the loan drawdown of approximately US$550,000 out of a
facility of US$4,000,000 from Crosby Capital Limited, its parent company. For
these reasons, they continue to adopt the going concern basis in preparing the
interim financial information.
The interim financial information contained in this announcement does not
constitute statutory accounts within the meaning of the Companies Act 2006. The
full accounts for the year ended 31 December 2009 received an unqualified report
from the auditors and did not contain a statement under Section 498(2) or (3) of
the Companies Act 2006.
The interim financial information is unaudited but hasbeen reviewed by the
Company's Audit Committee.
2. Principal accounting policies
The interim financial information has been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting". These
condensed interim financial information should be read in conjunction with the
audited annual financial statements of the Group for the year ended 31 December
2009 (the "2009 Annual Report"), which have been prepared in accordance with
International Financial Reporting Standards.
The principal accounting policies and methods of computation adopted to prepare
the interim financial information are consistent with those detailed in the 2009
Annual Report published by the Company on 25 March 2010, except for the adoption
of IAS 27.
Following the adoption of IAS 27 Consolidated and Separate Financial Statements
(Revised 2008) which is effective for the accounting periods beginning on or
after 1 July 2009, the effects of all transactions with non-controlling
interests are to be recorded in equity if there is change in control that do not
result in a loss of control. When there is loss in control, a gain or loss is
recognised in profit or loss. Any remaining interest in the entity is to be
re-measured to fair value. In addition, total comprehensive income is to be
attributed to the non-controlling interests even if this results in the
non-controlling interests having a deficit balance. These changes are applied
prospectively from 1 January 2010. The adoption of IAS 27 had no impact on the
interim financial information.
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
(i) Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within
the next accounting period are discussed below:
Fair values of financial instruments
Financial instruments such as available-for-sale investments and financial
assets at fair value through profit or loss are initially measured at fair
value. Certain financial instruments are remeasured at fair value at subsequent
reporting dates. The best evidence of fair value is quoted prices in an active
market. Where quoted prices are not available for a particular financial
instrument, the Group uses the market values determined by the internal or
external valuation techniques to estimate the fair value. The use of
methodologies, models and assumptions in pricing and valuing these financial
assets requires varying degrees of judgement by management, which may result in
different fair values and results. The assumptions with regard to the fair
value of available-for-sale investments and financial assets at fair value
through profit or loss are detailed in Notes 12 and 14 to the unaudited interim
financial information respectively, have a risk of causing a material adjustment
to the carrying amounts of assets within the next accounting period.
Valuations of share options granted
The fair value of share options granted was calculated using the Binomial Option
Pricing Model which requires the input of highly subjective assumptions,
including the volatility of share price. Because changes in subjective input
assumptions can materially affect the fair value estimate, in the opinion of
Directors of the Company, the existing model will not always necessarily provide
a reliable single measure of the fair value of the share options.
Impairment of assets
The Group conducts impairment reviews of assets when events of changes in
circumstances indicate that their carrying amounts may not be recoverable
annually in accordance with the relevant accounting standards. An impairment
loss is recognised when the carrying amount of an asset is lower than the
greater of its net selling price or the value in use. In determining the value
in use, management assesses the present value of the estimated future cash flows
expected to arise from the continuing use of the asset and from its disposal at
the end of its useful life. Estimates and judgments are applied in determining
these future cash flows and the discount rate.
Impairment of trade and other receivables
Management determines impairment of trade and other receivables on a regular
basis. A considerable amount of judgement is required in assessing the
ultimate realisation of these receivables, including the current
creditworthiness and the past collection history of each debtor. If the
financial conditions of debtors of the Group were to deteriorate, resulting in
an impairment of their ability to make payments, additional impairment may be
required.
Provision for onerous contracts
Management estimates provision for the onerous property contracts to reflect the
unavoidable costs of meeting the obligations under the contract. The Group uses
a number of assumptions in assessing the present value of the estimated future
cash flows expected to meet the obligations under the contract and from the
possible sub-letting or asignment of contract. Estimates and judgements are
applied in determining these future cash flows and the discount rate. Details
of the key assumptions in respect of the provision for the onerous property
contract are disclosed in Note 7 to the unaudited interim financial information.
Provision for claims
Management estimates, based on all available evidence and advice from their
solicitors, the likelihood of setting claims made against the Group and the
potential cost, net of agreed recoveries from insurers, if any, of those claims.
The Group fully provides the estimated cost where settlement is likely.
Current taxation and deferred taxation
The Group is subject to income taxes in various jurisdictions. Significant
judgement is required in determining the amount of the provision for taxation
and the timing of payment of the related taxation. Where the final tax outcome
is different from the amounts that were initially recorded, such differences
will impact the income tax and deferred tax provisions in the periods in which
the final tax outcome is determined.
Deferred tax assets relating to certain tax losses will be recognised when
management considers it is probable that future taxable profit will be available
against which the temporary differences or tax losses can be utilised. Where
the expectation is different from the original estimate, such difference will
impact, where applicable and appropriate, the recognition of deferred tax assets
and taxation in the periods in which such estimate is changed.
(ii) Critical judgements in applying the Group's accounting policies
Management in applying the accounting policies, considers that the most
significant judgement they have had to make, on an ongoing basis, is not
treating the operating businesses to be sold to Crosby Capital Limited as assets
held for sale as the contract for the sale was conditional at 30 June 2010.
4. Segment Information
In identifying the Group's operating segments, the management generally follows
the Group's service lines which represent the main services provided by the
Group. Each of these operating segments is managed separately as each of them
requires different resources.
The chief operating decision maker, which is the Chief Executive Officer,
assesses the performance of the operating segments based on a measure of
operating profit. This measurement basis excludes the effects of non-recurring
expenditure from the operating segments, such as restructuring credit/expenses
and impairment of intangible assets which is the result of an isolated,
non-recurring event not directly related to the ongoing operations.
The Group has identified the following reportable operating segments:
i) Asset Management - provision of fund management, asset management
and wealth management services
ii) Direct Investment -the remaining investments held which arose from
the discontinued Merchant Banking business and are now managed on a passive
basis.
The revenues generated and profits/(losses) incurred from operations and total
assets by each of the Group's operating segments are summarised as follows:
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | |
| | Direct Investment | Asset Management | Total |
+--------------------------+----------------------------------+----------------------------------+----------------------------------+
| | | | | | | | | | | | |
| | | | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited |
| | | | six | six | year | six | six | year | six | six | year |
| | | | months | months | ended | months | months | ended | months | months | ended |
| | | | ended | ended | 31 | ended | ended | 31 | ended | ended | 31 |
| | | | 30 June | 30 June | December | 30 June | 30 June | December | 30 June | 30 June | December |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Revenue from | | | - | - | - | 1,028 | 2,104 | 3,505 | 1,028 | 2,104 | 3,505 |
| external customers | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Inter-segment | | | - | - | 57 | - | 357 | 1,139 | - | 357 | 1,196 |
| revenues | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Total revenue | | | - | - | 57 | 1,028 | 2,461 | 4,644 | 1,028 | 2,461 | 4,701 |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Segment | | | (155) | (2,369) | (2,085) | 1,957 | (5,181) | (5,785) | 1,802 | (7,550) | (7,870) |
| profit/(loss) from | | | | | | | | | | | |
| operations | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
| | | | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited |Unaudited | Unaudited | Audited |
| | | | | 30 June | 31 | | 30 June | 31 | | 30 June | 31 |
| | | | 30 June | | December | 30 June | | December | 30 June | | December |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Segment total | | | 64 | 935 | 645 | 7,397 | 11,848 | 8,567 | 7,461 | 12,783 | 9,212 |
| assets | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | |
+---------------------+--+-+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
Segment profit/(loss) from operations can be reconciled to consolidated
profit/(loss) from operations as follows:
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
| | | | Unaudited | Unaudited | |
| | | | six | six | Audited |
| | | | months | months | year |
| | | | ended | ended | ended |
| | | | 30 June | 30 June | 31 |
| | | | | | December |
+----------------------------+----+--+-----------+-----------+----------+
| | | | 2010 | 2009 | 2009 |
+----------------------------+----+--+-----------+-----------+----------+
| | | | US$'000 | US$'000 | US$'000 |
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Segment profit/(loss) from | | | 1,802 | (7,550) | (7,870) |
| operations | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Reconciling items: | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Other income not allocated | | | 32 | 36 | 19 |
+----------------------------+----+--+-----------+-----------+----------+
| Restructuring | | | 115 | (580) | (2,622) |
| credit/(expenses) | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Impairment of intangible | | | - | (10) | - |
| assets | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Other expenses not | | | (303) | (973) | (1,160) |
| allocated | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Elimination of | | | - | 12 | 12 |
| inter-segment revenue/ | | | | | |
| expenses | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Profit/(Loss) from | | | 1,646 | (9,065) | (11,621) |
| operations | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Finance costs | | | (56) | (62) | (112) |
+----------------------------+----+--+-----------+-----------+----------+
| Share of profits/(losses) | | | - | 1 | (42) |
| of associates | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Share of profits of | | | 51 | 73 | 128 |
| jointly controlled | | | | | |
| entities | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
| Profit/(Loss) before | | | 1,641 | (9,053) | (11,647) |
| taxation | | | | | |
+----------------------------+----+--+-----------+-----------+----------+
+-----------------------------------------------------------------------------------+------------------------+
| Segment total assets can be reconciled to consolidated total assets as follows: | |
+-----------------------------------------------------------------------------------+------------------------+
+---------------+----+----------------+-----------+-----------+----------+
| | | | | | Audited |
| | | | Unaudited | Unaudited | 31 |
| | | | 30 June | 30 June | December |
+---------------+----+----------------+-----------+-----------+----------+
| | | | 2010 | 2009 | 2009 |
+---------------+----+----------------+-----------+-----------+----------+
| | | | US$'000 | US$'000 | US$'000 |
+---------------+----+----------------+-----------+-----------+----------+
| | | | | | |
+---------------+----+----------------+-----------+-----------+----------+
| Segment total | | | 7,461 | 12,783 | 9,212 |
| assets | | | | | |
+---------------+----+----------------+-----------+-----------+----------+
| Other assets | | | 200 | 116 | 34 |
| not allocated | | | | | |
+---------------+----+----------------+-----------+-----------+----------+
| | | | | | |
+---------------+----+----------------+-----------+-----------+----------+
| Total assets | | | 7,661 | 12,899 | 9,246 |
+---------------+----+----------------+-----------+-----------+----------+
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | |
| | Direct Investment | Asset Management | Other | Total |
+--------------------+----------------------------------+----------------------------------+----------------------------------+----------------------------------+
| | | | | | | | | | | | | |
| | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Audited |
| | six | six | year | six | six | year | six | six | year | six | six | year |
| | months | months | ended | months | months | ended | months | months | ended | months | months | ended |
| | ended | ended | 31 | ended | ended | 31 | ended | ended | 31 | ended | ended | 31 |
| | 30 June | 30 June | December | 30 June | 30 June | December | 30 June | 30 June | December | 30 June | 30 June | December |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Other | | | | | | | | | | | | |
| information | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Interest | (9) | (11) | (23) | (8) | (17) | (31) | - | - | - | (17) | (28) | (54) |
| income | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Depreciation | - | - | - | 102 | 118 | 223 | - | - | - | 102 | 118 | 223 |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Impairment | | | | | | | | | | | | |
| of | | | | | | | | | | | | |
| available-for-sale | - | - | - | 65 | 1,458 | 1,536 | - | - | - | 65 | 1,458 | 1,536 |
| investments | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Impairment | | | | | | | | | | | | |
| of | - | - | - | - | - | 389 | - | - | - | - | - | 389 |
| associates | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Impairment | | | | | | | | | | | | |
| of a | | | | | | | | | | | | |
| jointly | - | - | - | - | - | 128 | - | - | - | - | - | 128 |
| controlled | | | | | | | | | | | | |
| entity | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Impairment | | | | | | | | | | | | |
| of other | - | - | - | 3 | - | 71 | - | - | - | 3 | - | 71 |
| receivables | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| Share-based | - | 4 | 4 | 66 | 402 | 421 | 52 | 143 | 276 | 118 | 549 | 701 |
| compensation | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
| | | | | | | | | | | | | |
+--------------------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+-----------+-----------+----------+
5. Revenue
+----------------------------+-----------+-----------+------------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-----------+------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-----------+------------+
| | | | |
+----------------------------+-----------+-----------+------------+
| Fund management fee income | 217 | 946 | 1,415 |
+----------------------------+-----------+-----------+------------+
| Wealth management services | 811 | 1,158 | 2,090 |
| fee | | | |
+----------------------------+-----------+-----------+------------+
| | | | |
+----------------------------+-----------+-----------+------------+
| | | | |
+----------------------------+-----------+-----------+------------+
| Total | 1,028 | 2,104 | 3,505 |
+----------------------------+-----------+-----------+------------+
6. Other income
+----------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| Bad debts recovery | 1 | 1 | 2 |
+----------------------------+-----------+-----------+----------+
| Bank interest income | 2 | 5 | 7 |
+----------------------------+-----------+-----------+----------+
| Dividend income | - | - | 2 |
+----------------------------+-----------+-----------+----------+
| Foreign exchange gain, net | - | 178 | 30 |
+----------------------------+-----------+-----------+----------+
| Gain on disposal of a | 32 | - | - |
| subsidiary | | | |
+----------------------------+-----------+-----------+----------+
| Gain on disposal of | | | |
| property, plant and | 4 | 4 | 18 |
| equipment | | | |
+----------------------------+-----------+-----------+----------+
| Other interest income | 15 | 23 | 47 |
+----------------------------+-----------+-----------+----------+
| Release of provision for | 3,046 | - | - |
| claims (Note 18) | | | |
+----------------------------+-----------+-----------+----------+
| Others | 564 | 83 | 511 |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| Total | 3,664 | 294 | 617 |
+----------------------------+-----------+-----------+----------+
7. Restructuring credit/(expenses)
+----------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| Provision for onerous | | | |
| contract in respect of | (15) | (580) | (2,685) |
| operating lease | | | |
+----------------------------+-----------+-----------+----------+
| Others | 130 | - | 63 |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| | | | |
+----------------------------+-----------+-----------+----------+
| Total | 115 | (580) | (2,622) |
+----------------------------+-----------+-----------+----------+
During the period, the Group has increased, by US$15,000 (30 June 2009:
US$580,000; 31 December 2009: US$2,685,000) to US$2,825,000, US$1,093,000 and
US$2,963,000 as at 30 June 2010, 30 June 2009 and 31 December 2009 respectively
as set out in Note 15(b) to the unaudited interim financial information, the
provision for the discounted net present value of the future property operating
lease rental payments under the operating leases, on the basis that no sublet of
the property is achieved for the remaining term of the lease.
8. Employee benefit expenses (including directors' remuneration)
+-------------------------------+-----------+-----------+----------+
| | | | |
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+-------------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+-----------+-----------+----------+
| | | | |
+-------------------------------+-----------+-----------+----------+
| Fees | 25 | 42 | 67 |
+-------------------------------+-----------+-----------+----------+
| Salaries, allowances and | 1,529 | 2,875 | 4,866 |
| benefits in kind | | | |
+-------------------------------+-----------+-----------+----------+
| Salary waiver | - | - | (380) |
+-------------------------------+-----------+-----------+----------+
| Commissions paid and payable | 210 | 345 | 398 |
+-------------------------------+-----------+-----------+----------+
| Bonus paid and payable | 15 | 37 | 39 |
+-------------------------------+-----------+-----------+----------+
| Release of provision for | | | |
| bonus deferred from prior | - | - | (1,479) |
| years | | | |
+-------------------------------+-----------+-----------+----------+
| Share-based compensation | 118 | 549 | 701 |
+-------------------------------+-----------+-----------+----------+
| Pensions - defined | 12 | 21 | 102 |
| contribution scheme | | | |
+-------------------------------+-----------+-----------+----------+
| Social security costs | 15 | 72 | 46 |
+-------------------------------+-----------+-----------+----------+
| | | | |
+-------------------------------+-----------+-----------+----------+
| | | | |
+-------------------------------+-----------+-----------+----------+
| Total | 1,924 | 3,941 | 4,360 |
+-------------------------------+-----------+-----------+----------+
9. Profit/(Loss) before taxation
+-------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+-------------------------------+-----------+-----------+-----------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Profit/(Loss) before taxation | | | |
| is | | | |
| arrived at after | | | |
| charging/(crediting): | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Auditors' remuneration: | | | |
+-------------------------------+-----------+-----------+-----------+
| Fee payable to the Company's | | | |
| auditors for the audit of the | | | |
| Company's financial | 24 | 15 | 35 |
| statements | | | |
+-------------------------------+-----------+-----------+-----------+
| Fee payable to the Company's | | | |
| auditors for the other | | | |
| services: | | | |
+-------------------------------+-----------+-----------+-----------+
| - audit of the Company's | | | |
| subsidiaries pursuant to | 9 | 44 | 16 |
| legislation | | | |
+-------------------------------+-----------+-----------+-----------+
| - taxation services | 5 | 11 | 13 |
+-------------------------------+-----------+-----------+-----------+
| - regulatory assistance | - | 3 | 3 |
+-------------------------------+-----------+-----------+-----------+
| - others | 3 | 6 | 6 |
+-------------------------------+-----------+-----------+-----------+
| Depreciation | | | |
| - owned assets | 102 | 118 | 223 |
+-------------------------------+-----------+-----------+-----------+
| Employee benefits expenses | | | |
| (including directors' | 1,924 | 3,941 | 4,360 |
| remuneration (Note 8) | | | |
+-------------------------------+-----------+-----------+-----------+
| Foreign exchange | 30 | (178) | (30) |
| losses/(gain), net | | | |
+-------------------------------+-----------+-----------+-----------+
| Impairment of associates | - | - | 389 |
+-------------------------------+-----------+-----------+-----------+
| Impairment of a jointly | - | - | 128 |
| controlled entity | | | |
+-------------------------------+-----------+-----------+-----------+
| Impairment of | 65 | 1,458 | 1,536 |
| available-for-sale | | | |
| investments (Note 12) | | | |
+-------------------------------+-----------+-----------+-----------+
| Impairment of intangible | - | 10 | - |
| assets | | | |
+-------------------------------+-----------+-----------+-----------+
| Impairment of other | 3 | - | 71 |
| receivables | | | |
+-------------------------------+-----------+-----------+-----------+
| Loss on disposal of | | | |
| available-for-sale | - | 436 | 362 |
| investments | | | |
+-------------------------------+-----------+-----------+-----------+
| Operating lease charges in | | | |
| respect of rental premises | 148 | 383 | 547 |
+-------------------------------+-----------+-----------+-----------+
| Write of property, plant and | - | - | 16 |
| equipment | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
10. Taxation
+--------------------------+-----------+-----------+------------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+--------------------------+-----------+-----------+------------+
| | US$'000 | US$'000 | US$'000 |
+--------------------------+-----------+-----------+------------+
| | | | |
+--------------------------+-----------+-----------+------------+
| Current tax | | | |
+--------------------------+-----------+-----------+------------+
| - United Kingdom | (32) | 6 | 32 |
+--------------------------+-----------+-----------+------------+
| - Overseas | 35 | 18 | 27 |
+--------------------------+-----------+-----------+------------+
| | | | |
+--------------------------+-----------+-----------+------------+
| Total | 3 | 24 | 59 |
+--------------------------+-----------+-----------+------------+
United Kingdom and overseas income tax for the period have been calculated at
the rates prevailing in the relevant jurisdictions.
The Group has significant unrelieved tax losses, the utilisation of which is
uncertain and consequently no deferred tax asset has been recognised. (30 June
2009 and 31 December 2009: US$Nil).
11. Profit/(Loss) per share for profit/(loss) attributable to owners of the
Company
(a) Basic
+--------------------------+-------------+------------+------------+
| | | | |
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | | ended |
| | 30 June | ended | 31 |
| | 2010 | 30 June | December |
| | | 2009 | 2009 |
+--------------------------+-------------+------------+------------+
| | US$'000 | US$'000 | US$'000 |
+--------------------------+-------------+------------+------------+
| | | | |
+--------------------------+-------------+------------+------------+
| Profit/(Loss) | | | |
| attributable to owners | 958 | (8,576) | (10,941) |
| of the Company | | | |
+--------------------------+-------------+------------+------------+
+--------------------------+-------------+-------------+-------------+
| | Number of | Number of | Number of |
| | shares | shares | shares |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Weighted average number | | | |
| of shares for | 243,475,000 | 243,475,000 | 243,475,000 |
| calculating basic loss | | | |
| per share | | | |
+--------------------------+-------------+-------------+-------------+
+---------------------------+------------+------------+-------------+
| | | | |
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | | ended |
| | 30 June | ended | 31 December |
| | 2010 | 30 June | 2009 |
| | | 2009 | |
+---------------------------+------------+------------+-------------+
| | US cents | US cents | US cents |
+---------------------------+------------+------------+-------------+
| | | | |
+---------------------------+------------+------------+-------------+
| Basic profit/(loss) per | 0.39 | (3.52) | (4.49) |
| share | | | |
+---------------------------+------------+------------+-------------+
(b) Diluted
No diluted profit per share is shown for the six month ended 30 June 2010, as
the outstanding share options have no dilutive effect on the weighted average
number of ordinary shares in issue during the period.
No diluted loss per share is shown for the six month ended 30 June 2009 and for
the year ended 31 December 2009, as the outstanding share options are
anti-dilutive.
12. Available-for-sale investments
+------------------------------------+------------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------+------------+-----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------+------------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+------------------------------------+------------+-----------+----------+
| | | | |
+------------------------------------+------------+-----------+----------+
| Fair value, unlisted investments | 226 | 387 | 291 |
+------------------------------------+------------+-----------+----------+
| | | | |
+------------------------------------+------------+-----------+----------+
The movement in available-for-sale investments during the period is as follows:
+------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+------------------------------------+-----------+-----------+----------+
| | | | |
+------------------------------------+-----------+-----------+----------+
| At 1 January | 291 | 1,625 | 1,625 |
+------------------------------------+-----------+-----------+----------+
| Disposals | - | (433) | (524) |
+------------------------------------+-----------+-----------+----------+
| Change in fair value recognised | (65) | (805) | (810) |
| directly in equity | | | |
+------------------------------------+-----------+-----------+----------+
| | | | |
+------------------------------------+-----------+-----------+----------+
| | | | |
+------------------------------------+-----------+-----------+----------+
| At 30 June / 31 December | 226 | 387 | 291 |
+------------------------------------+-----------+-----------+----------+
The investments included above represent investments that offer the Group the
opportunities for return through dividend income and fair value gains. The fair
values of the investments are based on Group's share of the underlying net
assets of the fund which are valued at fair value.
Provision for impairment of US$65,000 (30 June 2009: US$1,458,000; 31 December
2009: US$1,536,000) has been made during the six months ended 30 June 2010 which
has been removed from investment revaluation reserve in equity and recognised in
the consolidated income statement.
13. Trade and other receivables
+--------------------------+-------+-----------+-----------+------------+
| | | Unaudited | Unaudited | Audited |
| | | 30 June | 30 June | 31 |
| | | | | December |
+--------------------------+-------+-----------+-----------+------------+
| | | 2010 | 2009 | 2009 |
+--------------------------+-------+-----------+-----------+------------+
| |Notes | US$'000 | US$'000 | US$'000 |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Trade receivables -gross | (i) | 87 | 938 | 117 |
+--------------------------+-------+-----------+-----------+------------+
| Less: impairment losses | | - | - | - |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Trade receivables - net | | 87 | 938 | 117 |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Other receivables - | | 111 | 935 | 999 |
| gross | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Less: impairment losses | (ii) | (76) | (611) | (668) |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Other receivables - net | | 35 | 324 | 331 |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Deposits and prepayments | | 629 | 1,082 | 673 |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| | | | | |
+--------------------------+-------+-----------+-----------+------------+
| Total | | 751 | 2,344 | 1,121 |
+--------------------------+-------+-----------+-----------+------------+
Notes:
(i) At 30 June 2010, the ageing analysis of trade receivables based on
invoice date and net of impairment losses, is as follows:
+----------------------------+-----------+-------------+------------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 |
| | | | December |
+----------------------------+-----------+-------------+------------+
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-------------+------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-------------+------------+
| | | | |
+----------------------------+-----------+-------------+------------+
| 0 - 30 days | 78 | 326 | 89 |
+----------------------------+-----------+-------------+------------+
| 31 - 60 days | 5 | 179 | 23 |
+----------------------------+-----------+-------------+------------+
| 61 - 90 days | - | 61 | - |
+----------------------------+-----------+-------------+------------+
| Over 90 days | 4 | 372 | 5 |
+----------------------------+-----------+-------------+------------+
| | | | |
+----------------------------+-----------+-------------+------------+
| Total | 87 | 938 | 117 |
+----------------------------+-----------+-------------+------------+
The Group allows a credit period ranging from 15 to 45 days to its asset
management clients. The credit period for asset management contracts can be
extended in special circumstances.
At 30 June 2010 and 31 December 2009, the trade receivables related to one
customer for whom there was no recent history of default. At 30 June 2009, the
trade receivables related to a large number of customers for whom there was no
recent history of default.
At 30 June 2010, 30 June 2009 and 31 December 2009, no impairment provision has
been made in respect of trade receivables.
(ii) The movements in the allowance for impairment of other receivables
during the period are as follows:
+----------------------------+-----------+-------------+------------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 |
| | | | December |
+----------------------------+-----------+-------------+------------+
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-------------+------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-------------+------------+
| | | | |
+----------------------------+-----------+-------------+------------+
| At 1 January | 668 | 1,375 | 1,375 |
+----------------------------+-----------+-------------+------------+
| Impairment losses | 3 | - | 71 |
+----------------------------+-----------+-------------+------------+
| Reversal due to debt | (1) | (1) | (2) |
| recovery | | | |
+----------------------------+-----------+-------------+------------+
| Written off | (594) | (763) | (776) |
+----------------------------+-----------+-------------+------------+
| | | | |
+----------------------------+-----------+-------------+------------+
| | | | |
+----------------------------+-----------+-------------+------------+
| At 30 June / 31 December | 76 | 611 | 668 |
+----------------------------+-----------+-------------+------------+
The Group has provided impairment on material other receivables as at 30 June
2010, 30 June 2009 and 31 December 2009, which have been past due.
14. Financial assets at fair value through profit or loss
+----------------------------+------+-------------------------+-----------+----------+
| | | | | |
| | | Unaudited | Unaudited | Audited |
| | | 30 June | | 31 |
| | | 2010 | 30 June | December |
| | | | 2009 | 2009 |
+----------------------------+------+-------------------------+-----------+----------+
| | | US$'000 | US$'000 | US$'000 |
+----------------------------+------+-------------------------+-----------+----------+
| Held for trading | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| Listed securities: | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| - Equity securities - | | 9 | - | 12 |
| Australia | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| - Equity securities - | | 32 | 342 | 94 |
| Japan | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| - Equity securities - | | - | 24 | - |
| USA | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| - Equity securities - | | - | 6 | - |
| United Kingdom | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| Fair value of listed | | 41 | 372 | 106 |
| securities | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| Unlisted securities: | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| - Equity securities - | | 9 | 9 | 9 |
| Australia | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| Fair value of unlisted | | 9 | 9 | 9 |
| securities | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| | | | | |
+----------------------------+------+-------------------------+-----------+----------+
| Total | | 50 | 381 | 115 |
+----------------------------+------+-------------------------+-----------+----------+
The movement in financial assets at fair value through profit or loss during the
period is as follows:-
+----------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
+----------------------------------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 |
+----------------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------+-----------+-----------+----------+
| At 1 January | 115 | 2,696 | 2,696 |
+----------------------------------+-----------+-----------+----------+
| Additions | - | 152 | 153 |
+----------------------------------+-----------+-----------+----------+
| Disposals | (69) | (503) | (731) |
+----------------------------------+-----------+-----------+----------+
| Gain/(Loss) on financial assets | | | |
| at fair value through profit or | 4 | (1,964) | (2,003) |
| loss | | | |
+----------------------------------+-----------+-----------+----------+
| | | | |
| At 30 June/ 31 December | 50 | 381 | 115 |
+----------------------------------+-----------+-----------+----------+
Particulars and valuation basis of principal financial assets held at fair value
through profit or loss are as follows:-
+-------------+-----------+------+-----------+------+-----------+------+-----------+-----------+----------+-----------+
| Name | No. of shares / Percentage | Fair value |Valuation |
| | of interest held by the | | basis |
| | Company indirectly | | |
+-------------+--------------------------------------------------------+----------------------------------+-----------+
| | | | | | | | |
| | | | |Unaudited |Unaudited | Audited | |
| | Unaudited | Unaudited | Audited | 30 June | 30 June | 31 | |
| | 30 June | 30 June | 31 | 2010 | 2009 |December | |
| | 2010 | 2009 | December | | | 2009 | |
| | | | 2009 | | | | |
+-------------+------------------+------------------+------------------+-----------+-----------+----------+-----------+
| | Holding | % | Holding | % | Holding | % | US$'000 | US$'000 | US$'000 | |
| | | | | | | | | | | |
+-------------+-----------+------+-----------+------+-----------+------+-----------+-----------+----------+-----------+
| | | | | | | | | | | |
+-------------+-----------+------+-----------+------+-----------+------+-----------+-----------+----------+-----------+
| IB | 1,410,000 | 0.23 | 6,536,000 | 2.81 | 2,877,000 | 0.47 | 32 | 342 | 94 | Quoted |
| Daiwa | | | | | | | | | | market |
| Corporation | | | | | | | | | | price |
| - Ordinary | | | | | | | | | | at 30 |
| shares | | | | | | | | | | June |
| | | | | | | | | | | 2010 |
| | | | | | | | | | | of |
| | | | | | | | | | | JPY2 |
| | | | | | | | | | | per |
| | | | | | | | | | | share |
| | | | | | | | | | | (30 |
| | | | | | | | | | | June |
| | | | | | | | | | | 2009: |
| | | | | | | | | | | JPY5 |
| | | | | | | | | | | per |
| | | | | | | | | | | share |
| | | | | | | | | | | and 31 |
| | | | | | | | | | | December |
| | | | | | | | | | | 2009: |
| | | | | | | | | | | JPY3 per |
| | | | | | | | | | | share), |
| | | | | | | | | | | listed |
| | | | | | | | | | | on |
| | | | | | | | | | | JASDAQ |
| | | | | | | | | | | Japan |
| | | | | | | | | | | |
+-------------+-----------+------+-----------+------+-----------+------+-----------+-----------+----------+-----------+
15. Trade and other payables and provision for liabilities
(a) Trade and other payables
+----------------+--------+------------+-----------+------------+
| | | Unaudited | Unaudited | Audited |
+----------------+--------+------------+-----------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+----------------+--------+------------+-----------+------------+
| | | 2010 | 2009 | 2009 |
+----------------+--------+------------+-----------+------------+
| | | US$'000 | US$'000 | US$'000 |
+----------------+--------+------------+-----------+------------+
| | | | | |
+----------------+--------+------------+-----------+------------+
| Trade payables | | - | 477 | - |
+----------------+--------+------------+-----------+------------+
| Other payables | | 508 | 356 | 482 |
+----------------+--------+------------+-----------+------------+
| Accrued | | 973 | 4,560 | 1,943 |
| charges | | | | |
+----------------+--------+------------+-----------+------------+
| | | | | |
+----------------+--------+------------+-----------+------------+
| Total | | 1,481 | 5,393 | 2,425 |
+----------------+--------+------------+-----------+------------+
At 30 June 2010, the ageing analysis of trade payables is as follows:
+----------------+--------+-----------+-----------+------------+
| | | Unaudited | Unaudited | Audited |
+----------------+--------+-----------+-----------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+----------------+--------+-----------+-----------+------------+
| | | 2010 | 2009 | 2009 |
+----------------+--------+-----------+-----------+------------+
| | | US$'000 | US$'000 | US$'000 |
+----------------+--------+-----------+-----------+------------+
| | | | | |
+----------------+--------+-----------+-----------+------------+
| 0 - 30 days | | - | 50 | - |
+----------------+--------+-----------+-----------+------------+
| Over 90 days | | - | 427 | - |
+----------------+--------+-----------+-----------+------------+
| | | | | |
+----------------+--------+-----------+-----------+------------+
| Total | | - | 477 | - |
+----------------+--------+-----------+-----------+------------+
(b) Provision for liabilities
+---------------------------+-----------+-----------+----------+
| | | | Audited |
| | Unaudited | Unaudited | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+---------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+---------------------------+-----------+-----------+----------+
| | | | |
+---------------------------+-----------+-----------+----------+
| At 1 January | 6,209 | 4,219 | 4,219 |
+---------------------------+-----------+-----------+----------+
| Addition | 15 | 580 | 2,685 |
+---------------------------+-----------+-----------+----------+
| Amount used during the | (353) | (460) | (695) |
| period | | | |
+---------------------------+-----------+-----------+----------+
| Release of provision for | | | |
| claims | (3,046) | - | - |
| (Notes 6 and 18) | | | |
+---------------------------+-----------+-----------+----------+
| | | | |
+---------------------------+-----------+-----------+----------+
| At 30 June/31 December | 2,825 | 4,339 | 6,209 |
+---------------------------+-----------+-----------+----------+
+---------------------------+-----------+-----------+----------+
| | | | Audited |
| | Unaudited | Unaudited | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2010 | 2009 |
+---------------------------+-----------+-----------+----------+
| | US$'000 | US$'000 | US$'000 |
+---------------------------+-----------+-----------+----------+
| | | | |
+---------------------------+-----------+-----------+----------+
| Representing: | | | |
+---------------------------+-----------+-----------+----------+
| Provision for claims | - | 3,246 | 3,246 |
| (Note 18) | | | |
+---------------------------+-----------+-----------+----------+
| Provision for onerous | | | |
| contract in respect of | 2,825 | 1,093 | 2,963 |
| operating lease (Note 7) | | | |
+---------------------------+-----------+-----------+----------+
| | | | |
+---------------------------+-----------+-----------+----------+
| | | | |
+---------------------------+-----------+-----------+----------+
| At 30 June/31 December | 2,825 | 4,339 | 6,209 |
+---------------------------+-----------+-----------+----------+
16. Share capital
+---------------------------------+----------------+------------+
| | Number of | Value |
| | ordinary | |
| | shares | US$'000 |
+---------------------------------+----------------+------------+
| Authorised | | |
| (par value of US$0.01 each) | | |
+---------------------------------+----------------+------------+
| | | |
| At 30 June 2010, 30 June 2009 | | |
| and 31 December 2009 | 5,000,000,000 | 50,000 |
+---------------------------------+----------------+------------+
| | | |
+---------------------------------+----------------+------------+
| Issued and fully paid | | |
| (par value of US$0.01 each) | | |
+---------------------------------+----------------+------------+
| | | |
| At 30 June 2010, 30 June 2009 | | |
| and 31 December 2009 | 243,475,000 | 2,435 |
+---------------------------------+----------------+------------+
17. Material related party transactions
(a) During the period, the Group had the following material related party
transactions:
+----------------------------+-----------+-----------+------------+
| | | | |
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------+-----------+-----------+------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------+-----------+-----------+------------+
| | | | |
+----------------------------+-----------+-----------+------------+
| Management services fee | | | |
| received from fellow | 281 | 112 | - |
| subsidiaries | | | |
+----------------------------+-----------+-----------+------------+
| Management services fee | | | |
| paid to fellow | - | (132) | (387) |
| subsidiaries | | | |
+----------------------------+-----------+-----------+------------+
| Rental expenses, | | | |
| facilities and | | | |
| administrative costs | - | 134 | 132 |
| charged to fellow | | | |
| subsidiaries | | | |
+----------------------------+-----------+-----------+------------+
| Rental expenses, | | | |
| facilities and | | | |
| administrative costs | (281) | (103) | (399) |
| charged by a fellow | | | |
| subsidiary | | | |
+----------------------------+-----------+-----------+------------+
| Fees paid to a fellow | (145) | - | - |
| subsidiary | | | |
+----------------------------+-----------+-----------+------------+
| | | | |
+----------------------------+-----------+-----------+------------+
(b) At the balance sheet date, the Group had the following amounts due
from/(to) related parties. The amounts due from/(to) related parties are
interest free, unsecured and have no fixed repayment terms.
+-------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+-------------------------------+-----------+-----------+-----------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Amounts due from fellow | 6 | 52 | 4 |
| subsidiaries | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
+-------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | six | six | year |
| | months | months | ended |
| | ended | ended | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+-------------------------------+-----------+-----------+-----------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Amounts due to fellow | (1,021) | - | (2) |
| subsidiaries | | | |
+-------------------------------+-----------+-----------+-----------+
| Amount due to parent company | - | (1) | - |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Total | (1,021) | (1) | (2) |
+-------------------------------+-----------+-----------+-----------+
18. Contingencies
Crosby Wealth Management (Hong Kong) Limited, a 55.86% subsidiary of the Group,
has settled the legal proceeding brought by client in Hong Kong concerning a
trade execution error in May 2010. The excess provision has been released
during the period as set out in Note 15(b)to the unaudited interim financial
information.
As at 30 June 2010, the Group had no material contingent liabilities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DFLFFBVFEBBL
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