TIDMCSB
RNS Number : 3813X
Crosby Asset Management Inc
13 August 2009
13 August 2009
Crosby Asset Management Inc.
(the 'Company' or 'CAM' and together with its subsidiaries the 'Group')
Interim Results - Six months ended 30 June 2009
Summary Financials
* Turnover 2009: US$2.1 million (2008: US$17.6 million, of which US$15.0 million
was from continuing operations)
* Loss Attributable to Shareholders 2009: US$8.6 million (2008: US$46.4 million,
of which US$21.2 million was from continuing operations)
* A modest, but noticeable, improvement in the operating environment was
discernible
* Shareholder Equity 2009: US$1.2 million (2008: US$18.8 million)
* Loss Per Share (basic) 2009: US$0.04 (2008: US$0.19)
* Assets Under Management 2009: US$0.6 billion (2008: US$2.2 billion)
Commentary
* The Company continues to pursue its strategy to reduce costs and realise assets
wherever possible and this is reflected in the interim figures, resulting in a
loss attributable to shareholders of US$8.6 million (2008 US$46.4 million) from
turnover of US$2.1 million (2008 US$17.6 million).
* Business at Crosby Wealth Management (CWM) is showing modest signs of
improvement. There have been no further developments with regard to the legal
proceedings bought against CWM in respect of a trade execution error.
* A liquidator has now been appointed to oversee the orderly closure of the
Forsyth hedge fund of funds.
* Due to the lack of critical mass within the Crosby Active Opportunities Fund
('CAOF') CAOF has continued to liquidate positions, where possible, in order to
return cash to shareholders.
* Orchard Petroleum, in which CAM has a five per cent. equity stake (rising to
between nine per cent. and ten per cent. after the repayment of debt to
preference shareholders), benefitted from stronger oil prices towards the end of
the period under review. Total production also continued to increase modestly as
a result of an increase in producing well count.
* At the close of the period, CAM held US$7.9 million of cash and had minimal
debt.
+---------------------------------+---+------------+--+-------------+--+-------------+--+------------+--+
| Consolidated Income Statement |
| |
+-------------------------------------------------------------------------------------------------------+
| | | | | Unaudited | | Unaudited | | Audited | |
| | | | | six months | | six months | | year | |
| | | | | ended | | ended | | ended | |
| | | | | 30 June | | 30 June | | 31 | |
| | | | | | | | | December | |
+---------------------------------+---+------------+--+-------------+--+-------------+--+------------+--+
| | | 2009 | | 2008 | | 2008 | |
+---------------------------------+---+------------+--+-------------+--+-------------+--+
| | Notes | | US$'000 | | US$'000 | | US$'000 | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Continuing operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Revenue | 5 | | 2,104 | | 14,975 | | 22,853 | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Cost of sales | | | (322) | | (3,537) | | (6,502) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Gross profit | | | 1,782 | | 11,438 | | 16,351 | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| (Loss)/Profit | 14 | | (1,964) | | 27 | | (2,219) | |
| on financial | | | | | | | | |
| assets at fair | | | | | | | | |
| value through | | | | | | | | |
| profit or loss | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Other income | 6 | | 294 | | 300 | | 1,299 | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Administrative expenses | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Restructuring | 7 | | (580) | | (4,233) | | (6,968) | |
| expenses | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Amortisation of intangible | | | - | | (314) | | (314) | |
| assets | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Impairment of intangible | | | (10) | | (8,979) | | (8,930) | |
| assets | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Write off of intangible | | | - | | - | | (468) | |
| assets | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Other administrative | | | (5,617) | | (17,498) | | (24,403) | |
| expenses | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | (6,207) | | (31,024) | | (41,083) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Distribution expenses | | | - | | (3) | | (46) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Impairment of | | | (1,458) | | - | | - | |
| available-for-sale | | | | | | | | |
| investments | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Other operating expenses | | | (1,512) | | (1,115) | | (6,508) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss from operations | | | (9,065) | | (20,377) | | (32,206) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Finance costs | | | (62) | | (133) | | (201) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Share of profits of | | | 1 | | 69 | | 24 | |
| associates | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Share of | | | 73 | | 66 | | (10) | |
| profits/(losses) | | | | | | | | |
| of jointly | | | | | | | | |
| controlled | | | | | | | | |
| entities | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss before taxation | 9 | | (9,053) | | (20,375) | | (32,393) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Taxation | 10 | | 24 | | (293) | | 127 | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss for the | | | (9,029) | | (20,668) | | (32,266) | |
| period from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Discontinued operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss for the | | | - | | (25,207) | | (25,207) | |
| period from | | | | | | | | |
| discontinued | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss for the period | | | (9,029) | | (45,875) | | (57,473) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Attributable to: | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Equity holders of the Company | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss | | | (8,576) | | (21,162) | | (31,278) | |
| for the | | | | | | | | |
| period | | | | | | | | |
| from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss | | | - | | (25,207) | | (25,207) | |
| for the | | | | | | | | |
| period | | | | | | | | |
| from | | | | | | | | |
| discontinued | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | (8,576) | | (46,369) | | (56,485) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Minority interests | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| (Loss)/profit | | | (453) | | 494 | | (988) | |
| for the | | | | | | | | |
| period from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss | | | - | | - | | - | |
| for the | | | | | | | | |
| period | | | | | | | | |
| from | | | | | | | | |
| discontinued | | | | | | | | |
| operations | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | 494 | | (988) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss for the period | | | (9,029) | | (45,875) | | (57,473) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Dividend | | | - | | - | | - | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| Loss per share | 11 | | US cents | | US cents | | US cents | |
| for loss | | | | | | | | |
| attributable to | | | | | | | | |
| equity holders | | | | | | | | |
| of the Company | | | | | | | | |
| during the | | | | | | | | |
| period | | | | | | | | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| - Basic | | | (3.52) | | (19.05) | | (23.20) | |
+-------------------------------------+------------+--+-------------+--+-------------+--+------------+--+
| - Diluted | | | (3.52) | | (19.05) | | (23.20) | |
+---------------------------------+---+------------+--+-------------+--+-------------+--+------------+--+
+------------------------------------+------+--------------+--+-------------+--+------------+
| Consolidated Statement of Comprehensive Income |
| |
+-------------------------------------------------------------------------------------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year |
| | | ended | | ended | | ended |
| | | 30 June | | 30 June | | 31 |
| | | | | | | December |
+------------------------------------+------+--------------+--+-------------+--+------------+
| |Note | 2009 | | 2008 | | 2008 |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | US$'000 | | US$'000 | | US$'000 |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Loss for the period | | (9,029) | | (45,875) | | (57,473) |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Other comprehensive income: | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Exchange | | (14) | | 152 | | 48 |
| differences on | | | | | | |
| translating | | | | | | |
| foreign | | | | | | |
| operations | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Available-for-sale | 9 | (805) | | (301) | | (1,398) |
| investments | | 1,458 | | - | | - |
| Deficit on | | 436 | | - | | 155 |
| revaluation | | | | | | |
| Reclassification | | | | | | |
| to profit or loss: | | | | | | |
| Provision for | | | | | | |
| impairment | | | | | | |
| Upon disposal | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Share of | | (27) | | (56) | | (188) |
| other | | | | | | |
| comprehensive | | | | | | |
| income of | | | | | | |
| associates | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Share of | | 16 | | - | | (5) |
| other | | | | | | |
| comprehensive | | | | | | |
| income of | | | | | | |
| jointly | | | | | | |
| controlled | | | | | | |
| entities | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Other | | 1,064 | | (205) | | (1,388) |
| comprehensive | | | | | | |
| income for the | | | | | | |
| period, net of | | | | | | |
| tax | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Total comprehensive income | | (7,965) | | (46,080) | | (58,861) |
| for the period, net of tax | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Attributable to: | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Equity holders of the | | (7,512) | | (46,574) | | (57,873) |
| Company | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| Minority interests | | (453) | | 494 | | (988) |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | | | | | |
+------------------------------------+------+--------------+--+-------------+--+------------+
| | | (7,965) | | (46,080) | | (58,861) |
+------------------------------------+------+--------------+--+-------------+--+------------+
Consolidated Statement of Financial Position
+----------------------------------+---------+------------+------------+----------+
| | | Unaudited | Unaudited | Audited |
| | | 30 June | 30 June | 31 |
| | | | | December |
+----------------------------------+---------+------------+------------+----------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+---------+------------+------------+----------+
| | Notes | US$'000 | US$'000 | US$'000 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| ASSETS | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Non-current assets | | | | |
+----------------------------------+---------+------------+------------+----------+
| Property, plant | | 181 | 2,208 | 387 |
| and equipment | | | | |
+----------------------------------+---------+------------+------------+----------+
| Interests in | | 488 | 325 | 153 |
| associates | | | | |
+----------------------------------+---------+------------+------------+----------+
| Interests in | | 557 | 72 | 307 |
| jointly controlled | | | | |
| entities | | | | |
+----------------------------------+---------+------------+------------+----------+
| Available-for-sale | 12 | 387 | 5,222 | 1,625 |
| investments | | | | |
+----------------------------------+---------+------------+------------+----------+
| Note receivable | | 497 | - | 485 |
+----------------------------------+---------+------------+------------+----------+
| Intangible assets | | 21 | 489 | 21 |
+----------------------------------+---------+------------+------------+----------+
| | | 2,131 | 8,316 | 2,978 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Current assets | | | | |
+----------------------------------+---------+------------+------------+----------+
| Amounts due from | 17 | 52 | 114 | 214 |
| parent and | | | | |
| related | | | | |
| companies | | | | |
+----------------------------------+---------+------------+------------+----------+
| Trade and other | 13 | 2,344 | 7,648 | 3,424 |
| receivables | | | | |
+----------------------------------+---------+------------+------------+----------+
| Tax recoverable | | 120 | 75 | 82 |
+----------------------------------+---------+------------+------------+----------+
| Financial assets | 14 | 381 | 183 | 2,696 |
| at fair value | | | | |
| through profit or | | | | |
| loss | | | | |
+----------------------------------+---------+------------+------------+----------+
| Cash and cash | | 7,871 | 15,171 | 15,526 |
| equivalents | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | 10,768 | 23,191 | 21,942 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Assets classified as | | - | 11,360 | - |
| discontinued operations | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Total assets | | 12,899 | 42,867 | 24,920 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| LIABILITIES | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Current liabilities | | | | |
+----------------------------------+---------+------------+------------+----------+
| Amounts due to | 17 | (1) | (908) | - |
| parent and | | | | |
| related companies | | | | |
+----------------------------------+---------+------------+------------+----------+
| Trade and other | 15 | (9,732) | (10,129) | (11,930) |
| payables | | | | |
+----------------------------------+---------+------------+------------+----------+
| Deferred income | | (30) | (79) | (34) |
+----------------------------------+---------+------------+------------+----------+
| Provision for | | - | (2,717) | (2,261) |
| taxation | | | | |
+----------------------------------+---------+------------+------------+----------+
| Current portion of | | (277) | (361) | (298) |
| obligations under | | | | |
| finance leases | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | (10,040) | (14,194) | (14,523) |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Non-current liabilities | | | | |
+----------------------------------+---------+------------+------------+----------+
| Loan payable | | (53) | (50) | (52) |
+----------------------------------+---------+------------+------------+----------+
| Other payable | | - | (838) | - |
+----------------------------------+---------+------------+------------+----------+
| Obligations under | | (390) | (822) | (513) |
| finance leases | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | (443) | (1,710) | (565) |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Liabilities | | - | (5,067) | - |
| directly associated | | | | |
| with assets | | | | |
| classified as | | | | |
| discontinued | | | | |
| operations | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Total liabilities | | (10,483) | (20,971) | (15,088) |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| EQUITY | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Share capital | 16 | 2,435 | 2,435 | 2,435 |
+----------------------------------+---------+------------+------------+----------+
| Reserves | | (1,229) | 16,346 | 5,749 |
+----------------------------------+---------+------------+------------+----------+
| Equity | | 1,206 | 18,781 | 8,184 |
| attributable to | | | | |
| equity holders of | | | | |
| the Company | | | | |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Minority interests | | 1,210 | 3,115 | 1,648 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Total equity | | 2,416 | 21,896 | 9,832 |
+----------------------------------+---------+------------+------------+----------+
| | | | | |
+----------------------------------+---------+------------+------------+----------+
| Total equity and | | 12,899 | 42,867 | 24,920 |
| liabilities | | | | |
+----------------------------------+---------+------------+------------+----------+
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Consolidated Statement of Changes in Equity | | |
| | | |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------+--------------------+
| | Equity attributable to equity holders of the Company | | |
| | | | |
+-----------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------+--------------------+
| | Share | Share | Capital | Employee | Foreign | Investment | Profit | Total | Minority | Total |
| | capital | premium | reserve | share-based | exchange | revaluation | and | | interests | equity |
| | | | | compensation | reserve | reserve | loss | | | |
| | | | | reserve | | | account | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| At | 2,435 | 6,344 | 23,455 | 3,597 | 20 | (1,088) | (26,579) | 8,184 | 1,648 | 9,832 |
| 1 | | | | | | | | | | |
| January | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Employee | - | - | - | 534 | - | - | - | 534 | 15 | 549 |
| share-based | | | | | | | | | | |
| compensation | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Lapse of share | - | - | - | (190) | - | - | 190 | - | - | - |
| options | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Transactions | - | - | - | 344 | - | - | 190 | 534 | 15 | 549 |
| with owners | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Loss | - | - | - | - | - | - | (8,576) | (8,576) | (453) | (9,029) |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| period | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income: | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Exchange | - | - | - | - | (14) | - | - | (14) | - | (14) |
| difference | | | | | | | | | | |
| on | | | | | | | | | | |
| translating | | | | | | | | | | |
| foreign | | | | | | | | | | |
| exchange | | | | | | | | | | |
| operations | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Available-for-sale | - | - | - | - | - | (805) | - | (805) | - | (805) |
| investments | | | | | | | | | | |
| Deficit on | | | | | | | | | | |
| revaluation | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Reclassification | - | - | - | - | - | 1,458 | - | 1,458 | - | 1,458 |
| to profit or | - | - | - | - | - | 436 | - | 436 | - | 436 |
| loss: | | | | | | | | | | |
| Provision for | | | | | | | | | | |
| impairment | | | | | | | | | | |
| Upon disposal | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Share | - | - | - | - | (27) | - | - | (27) | - | (27) |
| of | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income of | | | | | | | | | | |
| associates | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Share | - | - | - | - | 16 | - | - | 16 | - | 16 |
| of | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income of | | | | | | | | | | |
| jointly | | | | | | | | | | |
| controlled | | | | | | | | | | |
| entities | | | | | | | | | | |
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| Total | - | - | - | - | (25) | 1,089 | (8,576) | (7,512) | (453) | (7,965) |
| comprehensive | | | | | | | | | | |
| income for | | | | | | | | | | |
| the period | | | | | | | | | | |
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| At 30 June 2009 | 2,435 | 6,344 | 23,455 | 3,941 | (5) | 1 | (34,965) | 1,206 | 1,210 | 2,416 |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
| | | | | | | | | | | |
+-----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+--------------------+--------------------+--------------------+
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Consolidated Statement of Changes in Equity | | |
| | | |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------+---------------------+
| | Equity attributable to equity holders of the Company | | |
| | | | |
+----------------------------+-----------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------+---------------------+
| | Share | Share | Capital | Employee | Foreign | Investment | Profit | Total | Minority | Total |
| | capital | premium | reserve | share-based | exchange | revaluation | and | | interests | equity |
| | | | | compensation | reserve | reserve | loss | | | |
| | | | | reserve | | | account | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| At | 2,433 | 6,236 | 23,455 | 2,927 | 165 | 155 | 28,834 | 64,205 | 8,269 | 72,474 |
| 1 | | | | | | | | | | |
| January | | | | | | | | | | |
| 2008 | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Issue of new | 2 | 108 | - | (26) | - | - | - | 84 | - | 84 |
| shares upon | | | | | | | | | | |
| exercise of | | | | | | | | | | |
| share options | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Employee | - | - | - | 1,066 | - | - | - | 1,066 | 10 | 1,076 |
| share-based | | | | | | | | | | |
| compensation | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Lapse of share | - | - | - | (299) | - | - | 299 | - | - | - |
| options | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Dividend | - | - | - | - | - | - | - | - | (5,658) | (5,658) |
| paid to | | | | | | | | | | |
| minority | | | | | | | | | | |
| shareholders | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Transactions | 2 | 108 | - | 741 | - | - | 299 | 1,150 | (5,648) | (4,498) |
| with owners | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| (Loss)/Profit | - | - | - | - | - | - | (46,369) | (46,369) | 494 | (45,875) |
| for the | | | | | | | | | | |
| period | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income: | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Exchange | - | - | - | - | 152 | - | | 152 | - | 152 |
| difference | | | | | | | | | | |
| on | | | | | | | | | | |
| translating | | | | | | | | | | |
| foreign | | | | | | | | | | |
| exchange | | | | | | | | | | |
| operations | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Available-for-sale | - | - | - | - | - | (301) | - | (301) | - | (301) |
| investments | | | | | | | | | | |
| Deficit on | | | | | | | | | | |
| revaluation | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Share | - | - | - | - | (56) | - | - | (56) | - | (56) |
| of | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income of | | | | | | | | | | |
| associates | | | | | | | | | | |
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| Total | - | - | - | - | 96 | (301) | (46,369) | (46,574) | 494 | (46,080) |
| comprehensive | | | | | | | | | | |
| income for | | | | | | | | | | |
| the period | | | | | | | | | | |
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| At 30 June | 2,435 | 6,344 | 23,455 | 3,668 | 261 | (146) | (17,236) | 18,781 | 3,115 | 21,896 |
| 2008 | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
| | | | | | | | | | | |
+----------------------------+----------------------+--------------------+----------+--------------------+------------------+--------------+-----------------------+---------------------+--------------------+---------------------+
Condensed Consolidated Cash Flow Statement
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | Unaudited | Unaudited | Audited |
| | | six months | six months | year |
| | | ended | ended | ended |
| | | 30 June | 30 June | 31 |
| | | | | December |
+----------------------------------+------+--------------+--------------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+------+--------------+--------------+------------+
| | | US$'000 | US$'000 | US$'000 |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Net cash | | | | |
| (outflow)/inflow from | | | | |
| operating activities | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Continuing | | (7,603) | 2,444 | 2,093 |
| operations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Discontinued | | - | 918 | (500) |
| operations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | (7,603) | 3,362 | 1,593 |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Net cash | | | | |
| inflow/(outflow) | | | | |
| from investing | | | | |
| activities | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Continuing | | 81 | (3,347) | (2,011) |
| operations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Discontinued | | - | (776) | (7) |
| operations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | 81 | (4,123) | (2,018) |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Net cash outflow | | | | |
| from financing | | | | |
| activities | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Continuing | | (144) | (4,390) | (4,830) |
| operations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| - Discontinued operations | | - | - | - |
+----------------------------------+------+--------------+--------------+------------+
| | | (144) | (4,390) | (4,830) |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Net decrease in | | (7,666) | (5,151) | (5,255) |
| cash and cash | | | | |
| equivalents | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Cash and cash | | 15,526 | 20,766 | 20,766 |
| equivalents as at | | | | |
| start of period | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Effect of exchange | | 11 | (11) | 15 |
| rate fluctuations | | | | |
+----------------------------------+------+--------------+--------------+------------+
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
| Cash and cash | | 7,871 | 15,604 | 15,526 |
| equivalents as at | | | | |
| end of period | | | | |
| | | | | |
+----------------------------------+------+--------------+--------------+------------+
+----------------------------------+------+--------------+--------------+-------------+
| Analyzed into: | | | | |
+----------------------------------+------+--------------+--------------+-------------+
| - Continuing operations | | 7,871 | 15,171 | 15,526 |
+----------------------------------+------+--------------+--------------+-------------+
| - Discontinued operations | | - | 433 | - |
+----------------------------------+------+--------------+--------------+-------------+
| | | | | |
+----------------------------------+------+--------------+--------------+-------------+
| Total | | 7,871 | 15,604 | 15,526 |
+----------------------------------+------+--------------+--------------+-------------+
| | | | | |
+----------------------------------+------+--------------+--------------+-------------+
Notes to the interim financial information
1. Basis of preparation
The Company acts as the holding company of the Group. The Group is principally
engaged in the businesses of merchant banking and 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 (IFRS) 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 the London Stock Exchange.
The interim financial information has been prepared on the historical cost basis
except for certain financial instruments 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 interim financial information.
The Directors note the losses that the Group has made for the period ended 30
June 2009. The Directors have prepared cash flow forecasts through to 30 June
2010 which exclude the impact of the cash flows of Crosby Wealth Management
which held cash of US$6.0 million out of the Group's total cash of US$7.9
million at 30 June 2009. Crosby Wealth Management has been excluded from the
forecasts as it is only 56.14% owned by the Group. The forecasts take account of
the current cost structure of the Group and a conservative estimate of the
proceeds of the sale of certain assets of the Group and the income to be
generated from the Asset Management business. These forecasts indicate adequate
working capital prior to taking account of a facility of US$4 million from
Crosby Capital Limited, its parent company. For this reason, they continue to
adopt the going concern basis in preparing the consolidated financial
information.
The interim financial information contained in this report does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The full accounts for the year ended 31 December 2008 received an unqualified
report from the auditors and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985.
The interim financial information is unaudited but has been 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
annual financial statements of the Group for the year ended 31 December 2008
(the "2008 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 2008
annual report published by the Company on 19 March 2009, except for the adoption
of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8
Operating Segments.
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Group, but gives rise to additional disclosures. The measurement
and recognition of the Group's assets, liabilities, income and expenses is
unchanged, however some items that were recognised directly in equity are now
recognised in other comprehensive income, for example revaluation of
available-for-sale investments. IAS 1 (Revised 2007) affects the presentation of
owner changes in equity and introduces a "Statement of comprehensive income". In
accordance with the new standard the entity does not present a "Statement of
recognised income and expenses", as was presented in the 2008 consolidated
financial statements. Further, a "Statement of changes in equity" is presented.
The adoption of IFRS 8 has changed the segments that are disclosed in the
interim financial statements. In the previous annual and interim financial
statrements, segments were identified by reference to the dominant source and
nature of the Group's risks and returns. Under IFRS 8 the accounting policy for
identifying segments is now based on the internal management reporting
information that is regularly reviewed by the chief operating decision maker.
Following the adoption of IFRS 8 which requires retrospective application, the
comparative segment information for the same period in the prior year is
restated to conform with the new requirements.
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 interim financial
information respectively, are those that have the most significant 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 or 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 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 contract are
disclosed in Note 7 to the 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 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
such determination are made.
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 the
designation of financial assets at fair value through profit or loss which
affect the amount recognised in the interim financial information.
4. Segment Information
In identifying its operating segments, 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 these service lines
requires different resources as well as marketing approaches.
The management 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
costs, impairment or amortisation of intangible assets which is the result of an
isolated, non-recurring event not directly related to the ongoing operations.
The revenues generated and losses incurred by each of the Group's business
segments are summarised as follows:
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | Merchant | Direct | Asset | Total |
| | Banking | Investment | Management | |
+-------------------+----------------------------------------------------+------------------------------------------------------+------------------------------------------------------+-------------------------------------------------+
| | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) |
| | six | Unaudited | Audited | six | Unaudited | Audited | six | Unaudited | Audited | six | Unaudited | Audited |
| | months | six months | year ended | months | six months | year ended | months | six months | year ended | months | six months | year 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 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Revenue | - | - | - | - | - | 2,573 | 2,104 | 14,975 | 20,280 | 2,104 | 14,975 | 22,853 |
| from | | | | | | | | | | | | |
| external | | | | | | | | | | | | |
| customers | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Inter-segment | - | - | - | - | - | 513 | 357 | 4,719 | 5,985 | 357 | 4,719 | 6,498 |
| revenues | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Total | - | - | - | - | - | 3,086 | 2,461 | 19,694 | 26,265 | 2,461 | 19,694 | 29,351 |
| revenue | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Segment | - | - | - | (2,369) | - | 419 | (5,181) | (3,353) | (10,282) | (7,550) | (3,353) | (9,863) |
| loss from | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) |
| | | Unaudited | Audited | | Unaudited | Audited | | Unaudited | Audited | | Unaudited | Audited |
| | 30 June | 30 June | 31 | 30 June | 30 June | 31 | 30 June | 30 June | 31 | 30 June | 30 June | 31 |
| | | | December | | | December | | | December | | | December |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Total | - | - | - | 935 | - | 4,904 | 11,848 | 30,835 | 19,836 | 12,783 | 30,835 | 24,740 |
| assets | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) |
| | six | Unaudited | Audited | six | Unaudited | (Restated) | six | Unaudited | Audited | six | Unaudited | Audited |
| | months | six months | year ended | months | six months | Audited | months | six months | year ended | months | six months | year ended |
| | ended | ended | 31 | ended | ended | year ended | ended | ended | 31 | ended | ended | 31 |
| | 30 June | 30 June | December | 30 June | 30 June | 31 | 30 June | 30 June | December | 30 June | 30 June | December |
| | | | | | | December | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Discontinued | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Revenue | - | 2,612 | 2,612 | - | - | - | - | - | - | - | 2,612 | 2,612 |
| from | | | | | | | | | | | | |
| external | | | | | | | | | | | | |
| customers | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Inter-segment | - | - | - | - | - | - | - | | | - | - | - |
| revenues | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Total | - | 2,612 | 2,612 | - | - | - | - | - | - | - | 2,612 | 2,612 |
| revenue | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Segment | - | (25,207) | (25,207) | - | - | - | - | - | - | - | (25,207) | (25,207) |
| loss from | | | | | | | | | | | | |
| discontinued | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) |
| | | Unaudited | Audited | | Unaudited | Audited | | Unaudited | Audited | | Unaudited | Audited |
| | 30 June | 30 June | 31 | 30 June | 30 June | 31 | 30 June | 30 June | 31 | 30 June | 30 June | 31 |
| | | | December | | | December | | | December | | | December |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Total | - | 11,360 | - | - | - | - | - | - | - | - | 11,360 | - |
| assets | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | Total |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-------------------------------------------------+
| | | | | | | | | | | Unaudited | (Restated) | (Restated) |
| | | | | | | | | | | six | Unaudited | Audited |
| | | | | | | | | | | months | six months | year ended |
| | | | | | | | | | | ended | ended | 31 |
| | | | | | | | | | | 30 June | 30 June | December |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | 2009 | 2008 | 2008 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | US$'000 | US$'000 | US$'000 |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Segment loss from operations can be reconciled to consolidated loss from operations as follows: |
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Segment | | | | | | | | | | (7,550) | (3,353) | (9,863) |
| loss from | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Reconciling | | | | | | | | | | | | |
| items: | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Other | | | | | | | | | | 36 | 91 | 126 |
| income not | | | | | | | | | | | | |
| allocated | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | (580) | (4,233) | (6,968) |
| Restructuring | | | | | | | | | | | | |
| expenses | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | - | (314) | (314) |
| Amortisation | | | | | | | | | | | | |
| of | | | | | | | | | | | | |
| intangible | | | | | | | | | | | | |
| assets | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Impairment | | | | | | | | | | (10) | (8,979) | (8,930) |
| of | | | | | | | | | | | | |
| intangible | | | | | | | | | | | | |
| assets | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Write | | | | | | | | | | - | - | (468) |
| off of | | | | | | | | | | | | |
| intangible | | | | | | | | | | | | |
| assets | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Other | | | | | | | | | | (973) | (5,513) | (7,086) |
| expenses | | | | | | | | | | | | |
| not | | | | | | | | | | | | |
| allocated | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Elimination | | | | | | | | | | 12 | 1,924 | 1,297 |
| of | | | | | | | | | | | | |
| inter-segment | | | | | | | | | | | | |
| revenue/ expenses | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Loss from | | | | | | | | | | (9,065) | (20,377) | (32,206) |
| operations | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Finance | | | | | | | | | | (62) | (133) | (201) |
| costs | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Share of | | | | | | | | | | 1 | 69 | 24 |
| profits of | | | | | | | | | | | | |
| associates | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Share of | | | | | | | | | | 73 | 66 | (10) |
| profits/ | | | | | | | | | | | | |
| (losses) | | | | | | | | | | | | |
| of jointly | | | | | | | | | | | | |
| controlled | | | | | | | | | | | | |
| entities | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Loss | | | | | | | | | | (9,053) | (20,375) | (32,393) |
| before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+-------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | Total |
+------------+-----------------------------+-----------------------------+-----------------------------+-------------------------------------------------+
| | | | | | | | | | | Unaudited | (Restated) | (Restated) |
| | | | | | | | | | | 30 June | Unaudited | Audited |
| | | | | | | | | | | | 30 June | 31 |
| | | | | | | | | | | | | December |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | 2009 | 2008 | 2008 |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | US$'000 | US$'000 | US$'000 |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| Segment total assets can be reconciled to consolidated total assets as | | | | | | |
| follows: | | | | | | |
+------------------------------------------------------------------------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| Continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| Segment | | | | | | | | | | 12,783 | 30,835 | 24,740 |
| total | | | | | | | | | | | | |
| assets | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| Other | | | | | | | | | | 116 | 672 | 180 |
| assets not | | | | | | | | | | | | |
| allocated | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| Total | | | | | | | | | | 12,899 | 31,507 | 24,920 |
| assets | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+-----------------------+------------+------------+
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | Merchant | Direct | Asset | Total |
| | Banking | Investment | Management | |
+--------------------+----------------------------------------------------+------------------------------------------------------+------------------------------------------------------+-------------------------------------------------+
| | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) | Unaudited | (Restated) | (Restated) |
| | six | Unaudited | Audited | six | Unaudited | Audited | six | Unaudited | Audited | six | Unaudited | Audited |
| | months | six months | year ended | months | six months | year ended | months | six months | year ended | months | six months | year 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 |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | 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 | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Interest | - | - | - | (11) | - | (24) | (17) | (222) | (378) | (28) | (222) | (402) |
| income | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Depreciation | - | - | - | - | - | - | 118 | 480 | 809 | 118 | 480 | 809 |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Impairment | - | - | - | - | - | - | 1,458 | - | - | 1,458 | - | - |
| of | | | | | | | | | | | | |
| available-for-sale | | | | | | | | | | | | |
| investments | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Impairment | - | - | - | - | - | - | - | 1,221 | 769 | - | 1,221 | 769 |
| of | | | | | | | | | | | | |
| trade and | | | | | | | | | | | | |
| other | | | | | | | | | | | | |
| receivables | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Discontinued | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Interest | - | - | (375) | - | - | - | - | - | - | - | - | (375) |
| income | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| Depreciation | - | 7 | 7 | - | - | - | - | - | - | - | 7 | 7 |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
| | | | | | | | | | | | | |
+--------------------+--------------------------+------------+------------+----------------------------+------------+------------+----------------------------+------------+------------+-----------------------+------------+------------+
4. Segment Information (Cont'd)
Notes:
Discontinued operations:
* Merchant Banking - provision of corporate finance and other advisory services
and the changes in fair value of financial assets and liabilities through profit
or loss arising from the Group's merchant banking activities.
Continuing operations:
i) Asset Management - provision of asset management
and wealth management services
* Direct Investment -the remaining investments held which arose from the
discontinued Merchant Banking business and are now managed on a passive basis.
5. Revenue - continuing operations
+----------------------------------+------------+--------------+---------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+----------------------------------+------------+--------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+------------+--------------+---------------+
| | | | |
+----------------------------------+------------+--------------+---------------+
| Fund management fee income | 946 | 9,705 | 13,160 |
+----------------------------------+------------+--------------+---------------+
| Wealth management services fee | 1,158 | 5,270 | 7,120 |
+----------------------------------+------------+--------------+---------------+
| Others | - | - | 2,573 |
+----------------------------------+------------+--------------+---------------+
| | | | |
+----------------------------------+------------+--------------+---------------+
| | | | |
+----------------------------------+------------+--------------+---------------+
| Total | 2,104 | 14,975 | 22,853 |
+----------------------------------+------------+--------------+---------------+
6. Other income - continuing operations
+----------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+----------------------------------+--------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Bank interest income | 5 | 218 | 333 |
+----------------------------------+--------------+--------------+--------------+
| Management and consultancy fee | - | 64 | 587 |
| income | | | |
+----------------------------------+--------------+--------------+--------------+
| Other interest income | 23 | 4 | 69 |
+----------------------------------+--------------+--------------+--------------+
| Foreign exchange gain, net | 178 | - | - |
+----------------------------------+--------------+--------------+--------------+
| Others | 88 | 14 | 310 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Total | 294 | 300 | 1,299 |
+----------------------------------+--------------+--------------+--------------+
7. Restructuring expenses - continuing operations
+----------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+----------------------------------+--------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Write off/impairment of | - | 1,904 | 3,153 |
| property, plant and | | | |
| equipment | | | |
+----------------------------------+--------------+--------------+--------------+
| Provision for onerous | 580 | 1,364 | 973 |
| contract in respect of | | | |
| operating lease | | | |
+----------------------------------+--------------+--------------+--------------+
| Others | - | 965 | 2,842 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Total | 580 | 4,233 | 6,968 |
+----------------------------------+--------------+--------------+--------------+
The Group has reduced staff numbers as part of the restructuring of its Forsyth
fund-of-funds business and relocated the remaining staff to its head office,
leaving office premises rented under operating leases vacant and available to
sub-let. At 30 June 2009, the Group had made further provision for the
discounted net present value of the future property operating lease rental
payments under the operating leases, in so far as they are expected to exceed
future anticipated rentals if the premises is sub-let, in the amount of
US$580,000 (31 December 2008: US$973,000 and 30 June 2008: US$1,364,000) as this
represents an onerous contract.
8. Employee benefit expenses (including directors' remuneration) - continuing
operations
+-------------------------------------+------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+-------------------------------------+------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------+------------+--------------+--------------+
| Fees | 42 | 50 | 100 |
+-------------------------------------+------------+--------------+--------------+
| Salaries, allowances and benefits | 2,875 | 6,836 | 14,541 |
| in kind | | | |
+-------------------------------------+------------+--------------+--------------+
| Commissions paid and payable | 345 | 1,888 | 2,462 |
+-------------------------------------+------------+--------------+--------------+
| Bonus paid and payable | 37 | 2,743 | 168 |
+-------------------------------------+------------+--------------+--------------+
| Share-based compensation | 549 | 983 | 1,700 |
+-------------------------------------+------------+--------------+--------------+
| Pensions - defined contribution | 21 | 124 | 625 |
| scheme | | | |
+-------------------------------------+------------+--------------+--------------+
| Social security costs | 72 | 841 | 773 |
+-------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------+------------+--------------+--------------+
| Total | 3,941 | 13,465 | 20,369 |
+-------------------------------------+------------+--------------+--------------+
9. Loss before taxation - continuing operations
+--------------------------------------------------+------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+--------------------------------------------------+------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+--------------------------------------------------+------------+--------------+--------------+
| | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Loss before | | | |
| taxation is | | | |
| arrived at | | | |
| after | | | |
| charging/(crediting): | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Auditors' remuneration: | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Fee payable to the | 15 | 57 | 98 |
| Company's auditors for the | | | |
| audit of the Company's | | | |
| financial statements | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Fee payable to the | | | |
| Company's auditors for the | | | |
| other services: | | | |
+--------------------------------------------------+------------+--------------+--------------+
| - audit | 44 | 75 | 71 |
| of the | | | |
| Company's | | | |
| subsidiaries pursuant | | | |
| to legislation | | | |
+--------------------------------------------------+------------+--------------+--------------+
| - taxation services | 11 | 3 | 8 |
+--------------------------------------------------+------------+--------------+--------------+
| - regulatory assistance | 3 | 23 | 28 |
+--------------------------------------------------+------------+--------------+--------------+
| - others | 6 | - | 75 |
+--------------------------------------------------+------------+--------------+--------------+
| Amortisation of intangible assets | - | 314 | 314 |
+--------------------------------------------------+------------+--------------+--------------+
| Depreciation | 118 | 465 | 663 |
| - owned assets | - | 20 | 146 |
| - assets under | | | |
| finance leases | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Employee benefits expenses | 3,941 | 13,465 | 20,369 |
| (including directors' | | | |
| remuneration (Note 8) | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Foreign exchange (gain)/losses, net | (178) | (19) | 17 |
+--------------------------------------------------+------------+--------------+--------------+
| Impairment of available-for-sale | 1,458 | - | - |
| investments | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Impairment of intangible assets | 10 | 8,979 | 8,930 |
+--------------------------------------------------+------------+--------------+--------------+
| Impairment of trade and other | - | 1,221 | 769 |
| receivables | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Loss on disposal of | 436 | - | 155 |
| available-for-sale | | | |
| investments | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Operating lease charges in | 383 | 1,184 | 1,683 |
| respect of rental premises | | | |
+--------------------------------------------------+------------+--------------+--------------+
| Write off of intangible | - | - | 468 |
| assets | | | |
+--------------------------------------------------+------------+--------------+--------------+
| | | | |
+--------------------------------------------------+------------+--------------+--------------+
10. Taxation - continuing operations
+-------------------------------+------------+--------------+---------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+-------------------------------+------------+--------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+------------+--------------+---------------+
| | | | |
+-------------------------------+------------+--------------+---------------+
| Current tax | | | |
+-------------------------------+------------+--------------+---------------+
| - United Kingdom | (6) | - | 35 |
+-------------------------------+------------+--------------+---------------+
| - Overseas | (18) | 293 | (162) |
+-------------------------------+------------+--------------+---------------+
| | | | |
+-------------------------------+------------+--------------+---------------+
| | | | |
+-------------------------------+------------+--------------+---------------+
| Total | (24) | 293 | (127) |
+-------------------------------+------------+--------------+---------------+
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
2008 and 31 December 2008: US$Nil).
11. Loss per share
(a) Basic
+-------------------------------+----------------+---------------+---------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+-------------------------------+----------------+---------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------+----------------+---------------+---------------+
| | | | |
+-------------------------------+----------------+---------------+---------------+
| Loss attributable | (8,576) | (46,369) | (56,485) |
| to equity holders | | | |
| of the Company | | | |
+-------------------------------+----------------+---------------+---------------+
+-------------------------------+----------------+---------------+----------------+
| | Number of | Number of | Number of |
| | shares | shares | shares |
+-------------------------------+----------------+---------------+----------------+
| | | | |
+-------------------------------+----------------+---------------+----------------+
| Weighted average | 243,475,000 | 243,389,286 | 243,432,377 |
| number of shares | | | |
| for calculating | | | |
| basic loss per | | | |
| share | | | |
+-------------------------------+----------------+---------------+----------------+
+--------------------------------+---------------+---------------+----------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+--------------------------------+---------------+---------------+----------------+
| | US cent | US cent | US cent |
+--------------------------------+---------------+---------------+----------------+
| | | | |
+--------------------------------+---------------+---------------+----------------+
| Basic loss per | (3.52) | (19.05) | (23.20) |
| share | | | |
+--------------------------------+---------------+---------------+----------------+
(b) Diluted
No diluted loss per share is shown for the six month ended 30 June 2009 (30 June
2008 and 31 December 2008: US$Nil), as the outstanding share options are
anti-dilutive.
12. Available-for-sale investments - continuing operations
+------------------------------------------+---------------+------------+-------------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 December |
+------------------------------------------+---------------+------------+-------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------+---------------+------------+-------------+
| | US$'000 | US$'000 | US$'000 |
+------------------------------------------+---------------+------------+-------------+
| | | | |
+------------------------------------------+---------------+------------+-------------+
| Fair value, unlisted investments | 387 | 5,222 | 1,625 |
+------------------------------------------+---------------+------------+-------------+
| | | | |
+------------------------------------------+---------------+------------+-------------+
The movement in available-for-sale investments is as follows:
+-------------------------------------------+------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 December |
+-------------------------------------------+------------+--------------+--------------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------+------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+-------------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------------+------------+--------------+--------------+
| At 1 January | 1,625 | 5,523 | 5,523 |
+-------------------------------------------+------------+--------------+--------------+
| Disposals | (433) | - | (2,500) |
+-------------------------------------------+------------+--------------+--------------+
| Change in fair value recognised directly | (805) | (301) | (1,398) |
| in equity | | | |
+-------------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------------+------------+--------------+--------------+
| | | | |
+-------------------------------------------+------------+--------------+--------------+
| At 30 June / 31 December | 387 | 5,222 | 1,625 |
+-------------------------------------------+------------+--------------+--------------+
The investments included above represent investments that offer the Group the
opportunities for return through dividend income and fair value gains. The fair
values of the investments are based on Group's share of the underlying net
assets of the fund which are valued at fair value.
13. Trade and other receivables - continuing operations
+----------------------------------+-------------+------------------+---------------+
| | Unaudited | Unaudited | Audited |
| | 30 June | 30 June | 31 December |
+----------------------------------+-------------+------------------+---------------+
| | 2009 | 2008 | 2008 |
+----------------------------------+-------------+------------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Trade receivables -gross | 938 | 3,790 | 816 |
+----------------------------------+-------------+------------------+---------------+
| Less: impairment losses | - | (176) | - |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Trade receivables - net | 938 | 3,614 | 816 |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Other receivables - gross | 935 | 763 | 2,415 |
+----------------------------------+-------------+------------------+---------------+
| Less: impairment losses | (611) | - | (1,375) |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Other receivables - net | 324 | 763 | 1,040 |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Deposits and prepayments | 1,082 | 3,271 | 1,568 |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| | | | |
+----------------------------------+-------------+------------------+---------------+
| Total | 2,344 | 7,648 | 3,424 |
+----------------------------------+-------------+------------------+---------------+
At 30 June 2009, 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 |
+----------------------------------+--------------+----------------+---------------+
| | 2009 | 2008 | 2008 |
+----------------------------------+--------------+----------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+--------------+----------------+---------------+
| | | | |
+----------------------------------+--------------+----------------+---------------+
| 0 - 30 days | 326 | 2,787 | 178 |
+----------------------------------+--------------+----------------+---------------+
| 31 - 60 days | 179 | 538 | 127 |
+----------------------------------+--------------+----------------+---------------+
| 61 - 90 days | 61 | 289 | 454 |
+----------------------------------+--------------+----------------+---------------+
| Over 90 days | 372 | - | 57 |
+----------------------------------+--------------+----------------+---------------+
| | | | |
+----------------------------------+--------------+----------------+---------------+
| Total | 938 | 3,614 | 816 |
+----------------------------------+--------------+----------------+---------------+
The Group allows a credit period ranging from 15 to 45 days to its asset
management clients. The credit period for asset management contracts can be
extended in special circumstances.
None of the above trade receivables net of impairment losses is past due as at
30 June 2009. The trade receivables related to a large number of customers for
whom there was no recent history of default.
14.Financial assets at fair value through profit or loss
+----------------------------------+---------+-----------+--------------+--------------+
| | | Unaudited | Unaudited | Audited |
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
+----------------------------------+---------+-----------+--------------+--------------+
| | | US$'000 | US$'000 | US$'000 |
+----------------------------------+---------+-----------+--------------+--------------+
| Held for trading | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| Listed securities: | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity securities - | | - | 19 | 5 |
| Australia | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity securities - Japan | | 342 | 3,795 | 801 |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity securities - USA | | 24 | - | - |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity | | 6 | 183 | 6 |
| securities - United | | | | |
| Kingdom | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| Fair value of listed | | 372 | 3,997 | 812 |
| securities | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| Unlisted securities: | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity securities - | | 9 | 35 | 9 |
| Australia | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| - Equity | | - | 3,072 | 1,875 |
| securities - | | | | |
| British Virgin | | | | |
| Islands | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| Fair value of unlisted | | 9 | 3,107 | 1,884 |
| securities | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+-----------+--------------+--------------+
| Total | | 381 | 7,104 | 2,696 |
+----------------------------------+---------+-----------+--------------+--------------+
+----------------------------------+---------+----------+--------------+--------------+
| Analyzed into: | | | | |
+----------------------------------+---------+----------+--------------+--------------+
| - Continuing operations | | 381 | 183 | 2,696 |
+----------------------------------+---------+----------+--------------+--------------+
| - Discontinued operations | | - | 6,921 | - |
+----------------------------------+---------+----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+----------+--------------+--------------+
| | | | | |
+----------------------------------+---------+----------+--------------+--------------+
| Total | | 381 | 7,104 | 2,696 |
+----------------------------------+---------+----------+--------------+--------------+
The movement in financial assets at fair value through profit or loss is as
follows:-
+----------------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
+----------------------------------------+--------------+--------------+--------------+
| | 2009 | 2008 | 2008 |
+----------------------------------------+--------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| At 1 January | 2,696 | 43,638 | 43,638 |
+----------------------------------------+--------------+--------------+--------------+
| Additions | 152 | 165 | 247 |
+----------------------------------------+--------------+--------------+--------------+
| Disposals | (503) | (16,112) | (18,356) |
+----------------------------------------+--------------+--------------+--------------+
| Dividend received | - | (1) | (1) |
+----------------------------------------+--------------+--------------+--------------+
| (Loss)/Gain on | (1,964) | 27 | (2,219) |
| financial assets at | - | (20,613) | (20,613) |
| fair value through | | | |
| profit or loss* | | | |
| Continuing | | | |
| operations | | | |
| - Discontinued | | | |
| operations | | | |
+----------------------------------------+--------------+--------------+--------------+
| At 30 June/ 31 December | 381 | 7,104 | 2,696 |
+----------------------------------------+--------------+--------------+--------------+
Particulars and valuation basis of principal financial assets held at fair value
through profit or loss are as follows:-
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
| Name | No. of shares / Percentage of interest | Fair value | Valuation |
| | held by the Company indirectly | | basis |
+----------------------------+-----------------------------------------------------------+----------------------------------+--------------+
| | Unaudited | Unaudited | Audited |Unaudited |Unaudited | Audited | |
| | 30 June 2009 | 30 June 2008 | 31 December | 30 June | 30 June | 31 | |
| | | | 2008 | 2009 | 2008 |December | |
| | | | | | | 2008 | |
+----------------------------+-------------------+-------------------+-------------------+-----------+-----------+----------+--------------+
| | Holding | % | Holding | % | Holding | % | US$'000 | US$'000 | US$'000 | |
| | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
| | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
| IB | 6,536,000 | 2.81 | 25,150,000 | 5.89 | 12,054,000 | 2.82 | 342 | 3,795 | 801 | Quoted |
| Daiwa | | | | | | | | | | market |
| Corporation | | | | | | | | | | price at |
| - Ordinary | | | | | | | | | | 30 June |
| shares | | | | | | | | | | 2009 of |
| | | | | | | | | | | JPY5 per |
| | | | | | | | | | | share |
| | | | | | | | | | | (30 June |
| | | | | | | | | | | 2008: |
| | | | | | | | | | | JPY16 |
| | | | | | | | | | | per |
| | | | | | | | | | | share |
| | | | | | | | | | | and 31 |
| | | | | | | | | | | December |
| | | | | | | | | | | 2008: |
| | | | | | | | | | | JPY6 per |
| | | | | | | | | | | share), |
| | | | | | | | | | | listed |
| | | | | | | | | | | on |
| | | | | | | | | | | JASDAQ |
| | | | | | | | | | | Japan |
| | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
| ESK | | | | | | | | | | |
| Limited | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
| * Ordinary | 19,028,031 | 5.00 | 19,028,031 | 9.85 | 19,028,031 | 5.00 | - | - | - | Full |
| shares | | | | | | | | | | provision |
| | | | | | | | | | | for |
| | | | | | | | | | | impairment |
| | | | | | | | | | | of the |
| | | | | | | | | | | investment |
| | | | | | | | | | | cost as at |
| | | | | | | | | | | 30 June |
| | | | | | | | | | | 2009 by |
| | | | | | | | | | | reference |
| | | | | | | | | | | to the |
| | | | | | | | | | | value and |
| | | | | | | | | | | stage of |
| | | | | | | | | | | development |
| | | | | | | | | | | of the |
| | | | | | | | | | | major |
| | | | | | | | | | | underlying |
| | | | | | | | | | | oil and gas |
| | | | | | | | | | | properties |
| | | | | | | | | | | relative to |
| | | | | | | | | | | the amount |
| | | | | | | | | | | of debt and |
| | | | | | | | | | | preference |
| | | | | | | | | | | shares |
| | | | | | | | | | | outstanding, |
| | | | | | | | | | | as well as |
| | | | | | | | | | | other |
| | | | | | | | | | | related |
| | | | | | | | | | | factors. |
| | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+ +
| * Preference | 2,973,130 | N/A | 2,973,130 | N/A | 2,973,130 | N/A | - | 1,875 | 1,875 | |
| shares | | | | | | | | | | |
| | | | | | | | | | | |
+----------------------------+------------+------+------------+------+------------+------+-----------+-----------+----------+--------------+
15. Trade and other payables - continuing operations
+--------------------+----------+---------------+--------------+---------------+
| | | Unaudited | Unaudited | Audited |
+--------------------+----------+---------------+--------------+---------------+
| | | 30 June | 30 June | 31 December |
+--------------------+----------+---------------+--------------+---------------+
| | | 2009 | 2008 | 2008 |
+--------------------+----------+---------------+--------------+---------------+
| | | US$'000 | US$'000 | US$'000 |
+--------------------+----------+---------------+--------------+---------------+
| | | | | |
+--------------------+----------+---------------+--------------+---------------+
| Trade payables | | 477 | 1,043 | 630 |
+--------------------+----------+---------------+--------------+---------------+
| Other payables | | 356 | 541 | 1,855 |
+--------------------+----------+---------------+--------------+---------------+
| Accrued charges | | 8,899 | 8,545 | 9,445 |
+--------------------+----------+---------------+--------------+---------------+
| | | | | |
+--------------------+----------+---------------+--------------+---------------+
| | | | | |
+--------------------+----------+---------------+--------------+---------------+
| Total | | 9,732 | 10,129 | 11,930 |
+--------------------+----------+---------------+--------------+---------------+
At 30 June 2009, the ageing analysis of trade payables is as follows:
+--------------------+----------+--------------+--------------+---------------+
| | | Unaudited | Unaudited | Audited |
+--------------------+----------+--------------+--------------+---------------+
| | | 30 June | 30 June | 31 December |
+--------------------+----------+--------------+--------------+---------------+
| | | 2009 | 2008 | 2008 |
+--------------------+----------+--------------+--------------+---------------+
| | | US$'000 | US$'000 | US$'000 |
+--------------------+----------+--------------+--------------+---------------+
| | | | | |
+--------------------+----------+--------------+--------------+---------------+
| 0 - 30 days | | 50 | 1,041 | 630 |
+--------------------+----------+--------------+--------------+---------------+
| Over 90 days | | 427 | 2 | - |
+--------------------+----------+--------------+--------------+---------------+
| | | | | |
+--------------------+----------+--------------+--------------+---------------+
| | | | | |
+--------------------+----------+--------------+--------------+---------------+
| Total | | 477 | 1,043 | 630 |
+--------------------+----------+--------------+--------------+---------------+
Included in the Group's trade and other payables are provision for bonuses of
US$2,117,000 (30 June 2008: US$3,552,000; 31 December 2008: US$3,413,000) to
directors and staff, including provision for bonus deferred from prior year of
US$2,080,000.
16. Share capital
+---------------------------------------+--------------------+---------------+
| | Number of ordinary | Value |
| | shares | US$'000 |
+---------------------------------------+--------------------+---------------+
| Authorised | 5,000,000,000 | 50,000 |
| (par value of US$0.01 each) | | |
+---------------------------------------+--------------------+---------------+
| | | |
+---------------------------------------+--------------------+---------------+
| | | |
+---------------------------------------+--------------------+---------------+
| Issued and fully paid | | |
| (par value of US$0.01 each) | | |
+---------------------------------------+--------------------+---------------+
| At 30 June 2008 and 31 December 2008 | 243,475,000 | 2,435 |
+---------------------------------------+--------------------+---------------+
| | | |
+---------------------------------------+--------------------+---------------+
| At 30 June 2009 | 243,475,000 | 2,435 |
+---------------------------------------+--------------------+---------------+
17. Material related party transactions
(a) During the period, the Group had the following material related party
transactions:
+----------------------------------+------------+--------------+---------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+----------------------------------+------------+--------------+---------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------+------------+--------------+---------------+
| | | | |
+----------------------------------+------------+--------------+---------------+
| Corporate finance | - | - | 208 |
| and other advisory | | | |
| fees from investee | | | |
| companies | | | |
+----------------------------------+------------+--------------+---------------+
| Management services | - | 90 | 180 |
| fee received from a | | | |
| subsidiary of an | | | |
| investee company | | | |
+----------------------------------+------------+--------------+---------------+
| Management services | 112 | - | - |
| fee received from a | | | |
| fellow subsidiary | | | |
+----------------------------------+------------+--------------+---------------+
| Management services | (132) | (26) | (28) |
| fee paid to fellow | | | |
| subsidiaries | | | |
+----------------------------------+------------+--------------+---------------+
| Rental expenses, | 134 | 49 | 164 |
| facilities and | | | |
| administrative costs | | | |
| charged to fellow | | | |
| subsidiaries | | | |
+----------------------------------+------------+--------------+---------------+
| Rental expenses, | (103) | - | - |
| facilities and | | | |
| administratibe costs | | | |
| charged by a fellow | | | |
| subsidiary | | | |
+----------------------------------+------------+--------------+---------------+
| Loan to an investee | - | 1,219 | - |
| company | | | |
+----------------------------------+------------+--------------+---------------+
| Fees paid to a | - | (377) | (741) |
| fellow subsidiary | | | |
+----------------------------------+------------+--------------+---------------+
| Proceeds received | - | 4,321 | 4,342 |
| from a fellow | | | |
| subsidiary in | | | |
| respect of disposal | | | |
| of financial assets | | | |
| at fair value | | | |
| through profit or | | | |
| loss | | | |
+----------------------------------+------------+--------------+---------------+
| Proceeds paid to a | - | (60) | (60) |
| fellow subsidiary in | | | |
| respect of | | | |
| acquisition of | | | |
| subsidiaries | | | |
+----------------------------------+------------+--------------+---------------+
| | | | |
+----------------------------------+------------+--------------+---------------+
(b) At the balance sheet date, the Group had the following amounts due from
related parties. The amounts due from related parties are interest free,
unsecured and have no fixed repayment terms.
+------------------------------------+------------+-------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+------------------------------------+------------+-------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| Amounts due from investee | - | 1,020 | - |
| companies | | | |
+------------------------------------+------------+-------------+--------------+
| Amounts due from fellow | 52 | 16 | 214 |
| subsidiaries | | | |
+------------------------------------+------------+-------------+--------------+
| Amount due from parent company | - | 40 | - |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| Total | 52 | 1,076 | 214 |
+------------------------------------+------------+-------------+--------------+
+--------------------------------------+------------+------------+--------------+
| Analyzed into: | | | |
+--------------------------------------+------------+------------+--------------+
| - Continuing operations | 52 | 114 | 214 |
+--------------------------------------+------------+------------+--------------+
| - Discontinued operations | - | 962 | - |
+--------------------------------------+------------+------------+--------------+
| | | | |
+--------------------------------------+------------+------------+--------------+
| Total | 52 | 1,076 | 214 |
+--------------------------------------+------------+------------+--------------+
| | | | |
+--------------------------------------+------------+------------+--------------+
+------------------------------------+------------+-------------+--------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+------------------------------------+------------+-------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| Amount due to an investee company | - | 791 | - |
+------------------------------------+------------+-------------+--------------+
| Amount due to a | - | 91 | - |
| subsidiary of an investee | | | |
| company | | | |
+------------------------------------+------------+-------------+--------------+
| Amounts due to fellow subsidiaries | - | 377 | - |
+------------------------------------+------------+-------------+--------------+
| Amount due to parent company | 1 | - | - |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| | | | |
+------------------------------------+------------+-------------+--------------+
| Total | 1 | 1,259 | - |
+------------------------------------+------------+-------------+--------------+
+--------------------------------------+----------+--------------+--------------+
| Analyzed into: | | | |
+--------------------------------------+----------+--------------+--------------+
| - Continuing operations | 1 | 908 | - |
+--------------------------------------+----------+--------------+--------------+
| - Discontinued operations | - | 351 | - |
+--------------------------------------+----------+--------------+--------------+
| | | | |
+--------------------------------------+----------+--------------+--------------+
| Total | 1 | 1,259 | - |
+--------------------------------------+----------+--------------+--------------+
| | | | |
+--------------------------------------+----------+--------------+--------------+
18. Contingencies
Crosby Wealth Management (Hong Kong) Limited, a 56.14% subsidiary of Crosby
Asset Management Inc., is defending against legal proceedings brought by a
client in Hong Kong concerning a trade execution error. The consolidated
financial statements include a provision in respect of the claim.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GUUGWRUPBURW
Grafico Azioni Crosby Asset. (LSE:CSB)
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Da Mag 2024 a Giu 2024
Grafico Azioni Crosby Asset. (LSE:CSB)
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Da Giu 2023 a Giu 2024
