TIDMPCGB
For immediate release:
Power Capital Global Limited
("Power Capital" or "the Company")
Audited results for the year ended 31 December 2010 and Directorate Change
Power Capital Global Limited (AIM:PCGB), the People's Republic of China-focused
natural resources trading and logistics group, has today published its audited
results for the year ended 31 December 2010 and announces the promotions of
Board members Lin Kung-Min and Simon Dewhurst to non executive Chairman and
Chief Executive Officer respectively. The retiring non executive Chairman,
Mladen Ninkov, remains a non executive director of the Company.
Post year end operational highlights:
* A steam coal export operation has been successfully established in southern
Kalimantan, Indonesia, to service power producers and large-scale
manufacturers in China and Taiwan;
* The company's first two steam coal shipments from Kalimantan have been
delivered;
* A Chinese steam coal trading business is currently being established for
domestic CIC trading;
* An in principal commodity working capital debt facility has been secured.
Highlights from within period:
* Graham Newell and Simon Dewhurst were appointed to the Board;
* The Company's name was changed from Sportswinbet Limited to Power Capital
Global Limited;
* The Company changed its status in December from an investment business into
a new Asia based natural resources trading and logistics group;
* Cash resources at the year end stood at GBP1,337,372 (2009 GBP1,612,958).
Lin Kung-Min, Chairman of PCG, commented:
"Having completed a repositioning of the business in 2010, the current year has
got off to a good start. I am confident we will make solid progress during the
remainder of this year in pursuit of our plans to build Power Capital Global
into a highly regarded Asian commodity trading group and I look forward to
providing further updates as the new business develops."
A full copy of the 2010 Report and Accounts are available for download from the
Company's web site: www.powercapitalglobal.com
Further information
Power Capital Global Limited
Simon Dewhurst Tel: Tel: +852 9181 9938
Northland Capital Partners
Limited
Luke Cairns, Edward Hutton Tel: +44 (0)20 7492 4750
GTH Communications Limited
Toby Hall/Christian Pickel Tel: +44 (0)20 3103 3900
Chairman's Statement
Power Capital Global Limited ("Power Capital Global" or "the Company") has
today published its results for the year ended 31 December 2010. In the year
ended 31 December 2010 the Group generated revenues of GBPnil(2009: GBPnil) and
recorded a loss after taxation of GBP296,762 (2009 Loss: GBP273,587). At 31
December 2010, the Group had cash resources of GBP1,337,372(2009 GBP1,612,958).
Lin Kung-Min, Chairman, commented as follows:
I am delighted to be making my first statement as Chairman of the Company
with Mladen Ninkov having stepped down in his role as chairman of the board.
The year ended 31 December 2010 has seen a number of changes at your Company.
Mladen Ninkov has recently stepped down as chairman of the board. I would
like to extend my sincere thanks to Mladen for his support and leadership
during his years of service with the company and am very pleased to have him
remain on the board in a non-executive capacity. Two new directors have been
appointed. Graham Newall joined the board as a non-executive director in
July 2010 and Simon Dewhurst joined the board as an executive director in
December 2010. Upon my appointment as chairman, Simon has recently agreed to
take over from me as chief executive officer of the group. The Company ceased
to be an investment company and, in December 2010 and, launched a new Asia
based natural resources trading and logistics business.
Development activities have started well in 2011. Our immediate focus was to
launch a steam coal trading business servicing power producers and large-scale
manufacturers in China and Taiwan. We plan to scale this business opportunity
in two ways.
First, the Company established a steam coal export operation based in southern
Kalimantan in Indonesia. A team of personnel have been sourced with strong
local relationships and our first two shipments, in aggregate totalling more
than 70,000 metric tonnes of steam coal, have been executed. We are in the
process of establishing a domestic corporate presence in Indonesia, and once
this has been completed we plan to scale our quarterly volumes of steam coal
exported from Indonesia substantially.
Secondly, we are in the process of establishing the corporate infrastructure
and license approvals necessary to trade coal domestically within China. We are
confident that this work can be quickly completed, and we expect to report in
the near term with our related development news.
A strategic partner with more than thirty years coal trading expertise, an
extensive network of buyer relationships in both China and Taiwan, and an
immediately available team of personnel is in discussion with us at the current
time. We will make further announcements in this regard at the appropriate
time. The management of the Company is now based in Hong Kong.
Our business strategy will be to focus on in-demand commodities, such as steam
coal, supplied into and within Greater China. We intend to limit our investment
in fixed assets to mainland China, and we plan to minimise the amount of
invested capital in fixed assets so as to support a rapid scaling of our
capital committed into growing trade volume.
Finally, we have secured in principal access to a commodity working capital
debt facility and we expect to draw against this facility during the coming
months, in sync with the growth in demand for capital from expanding trade
volume. We will be working over the remainder of the year to agree additional
sources of trade financing support for the Company with the immediate aim of
reducing the short-term cost of debt.
In short, the year has got off to a good start with much done and much more to
do. I am confident that we will make solid progress during the remainder of
this year in pursuit of our plans to build Power Capital Global into a highly
regarded Asian commodity trading business and I look forward to making
further announcements as the business develops.
Lin Kung-Min
Chairman
31 May 2011
Statement of Comprehensive Income For The Year Ended 31 December 2010
Notes Group Group Company Company
2010 2009 2010 2009
GBP GBP GBP GBP
Revenue - - - -
Administrative expenses 2 (301,475) (281,460) (299,486) (277,983)
Operating loss (301,475) (281,460) (299,486) (277,983)
Finance income 3 4,713 7,873 4,698 7,822
Loss on ordinary activities (296,762) (273,587) (294,788) (270,161)
before taxation
Income tax expense 4 - - - -
Loss on ordinary activities (296,762) (273,587) (294,788) (270,161)
after taxation
Other comprehensive income - - - -
Total comprehensive income (296,762) (273,587) (294,788) (270,161)
Loss per share (basic and 5 (GBP0.005) (GBP0.005) (GBP0.005) (GBP0.005)
diluted)
Statement of Financial Position At 31 December 2010
Group Group Company Company
Notes 2010 2009 2010 2009
GBP GBP GBP GBP
Non-current assets
Investments 6 - - 2 2
- - 2 2
Current assets
Trade and other 7 1,275 1,230 455,510 467,377
receivables
Cash and cash 1,333,372 1,612,958 878,996 1,148,156
equivalents
1,334,647 1,614,188 1,334,506 1,615,533
Current liabilities
Trade and other payables 8 (39,271) (22,050) (31,871) (18,110)
Net current assets 1,295,376 1,592,138 1,302,635 1,597,423
Total net assets 1,296,376 1,592,138 1,302,637 1,597,425
Equity
Paid-in Capital 9 2,982,826 2,982,826 2,982,826 2,982,826
Retained earnings (1,687,450) (1,390,688) (1,680,189) (1,385,401)
Total equity 1,295,376 1,592,138 1,302,637 1,597,425
The accounts on pages 5 to 15 were approved by the Board of Directors and
signed on its behalf by:
Craig Niven
Director
31 May 2011
Statement of Cashflows For The Year Ended 31 December 2010
Group Group Company Company
Note 2010 2009 2010 2009
GBP GBP GBP GBP
Net cash flows from operating
activities
(Loss) before taxation (296,762) (273,587) (294,788) (270,161)
Interest received 3 (4,713) (7,873) (4,698) (7,822)
Foreign exchange differences (15,408) 59,113 - -
Operating cash flows before (316,883) (222,347) (299,486) (277,983)
movements in working capital
(Increase)/decrease in (45) 162,650 11,867 53,411
receivables and prepayments
Increase/(decrease) in 17,221 (15,322) 13,761 (11,942)
payables
Adjustment to Share Capital - - - 1
Net cash generated from (299,707) (75,019) (273,858) (236,513)
operating activities
Interest received 3 4,713 7,873 4,698 7,822
Net Cash generated by (294,994) (67,146) (269,160) (228,691)
investing activities
(Decrease) in cash and cash (294,994) (67,146) (269,160) (228,691)
equivalents
Cash and cash equivalents at 1,612,958 1,739,217 1,148,156 1,376,847
beginning of the financial
period
Effect of foreign exchange 15,408 (59,113) - -
rate changes
Cash and cash equivalents at 1,333,372 1,612,958 878,996 1,148,156
end of the financial period
Cash and cash equivalents
consist of:
Cash at bank and in hand 1,333,372 1,612,958 878,996 1,148,156
Statement of Changes In Equity For The Year Ended 31 December 2010
Share Profit and Group Share Profit and Company
Capital Loss Total Capital Loss Total
Account Account
GBP GBP GBP GBP GBP GBP
At 31 December 2,982,826 (1,117,101) 1,865,725 2,982,826 (1,115,240) 1,867,586
2008
Changes in
equity for the
Year ended
31December,
2009
Loss for the - (273,587) (273,587) - (270,161) (270,161)
year
Other - - - - - -
comprehensive
income
Total
comprehensive
losses for the
year - (273,587) (273,587) - (270,161) (270,161)
At 31 December 2,982,826 (1,390,688) 1,592,138 2,982,826 (1,385,401) 1,597,425
2009
Changes in
equity for
The year ended
31 December,
2010
Loss for the
year - (296,762) (296,762) - (294,788) (294,788)
Other - - - - - -
comprehensive
income
Total
comprehensive
losses for the
year - (296,762) (296,762) - (294,788) (294,788)
At 31 December 2,982,826 (1,687,450) 1,295,376 2,982,826 (1,680,189) 1,302,637
2010
Notes To The Accounts For The Year Ended 31 December 2010
1. Accounting Policies
Basis of accounting
The consolidated accounts of Power Capital Global Limited have been prepared in
accordance with applicable International Financial Reporting Standards, as
adopted by the European Union.
The significant accounting policies adopted are detailed below:
Accounting convention
The accounts have been prepared under the historical cost convention.
Consolidation basis
The Group accounts consolidate the accounts of the Company and all its
subsidiary undertakings drawn up to 31 December 2010.
The results of subsidiary undertakings acquired are included from the date of
acquisition. Profits or losses on intra-group transactions are eliminated in
full. On acquisition of a subsidiary, all of the subsidiary's assets and
liabilities which existed at the date of acquisition are recorded at their fair
values reflecting their condition at that date.
Revenue recognition
Revenue is measured based on amounts received or receivable for services
provided by the Group provided that no revenue is recognized until it is
capable of being measured reliably in accordance with IAS 18.20.
Deferred taxationProvision is made for deferred taxation in respect of
temporary differences to the extent that the liability may become payable in
the foreseeable future.
Foreign currencies
Transactions and balances
The functional currency of the group is Pounds Sterling. Transactions in
currencies other than Pounds Sterling are recorded at the rates of exchange
prevailing on the dates of the transactions.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, cash at bank and short-term
deposits with banks and similar financial institutions with a maturity of three
months or less.
Significant judgements and estimates
In formulating accounting policies the directors are required to apply their
judgement, and where necessary engage professional advisors. The directors
continually monitor the basis on which their judgements are formulated. Where
required they will make amendments to these judgements. Where judgements and
estimates are amended between accounting periods, full disclosure of the
financial implications are given within the relevant notes to the Group
accounts.
Issued International Financial Reporting Standards ("IFRS")
No standards, amendments and interpretations became effective that were adopted
during the year.
The following amendments to existing standards and interpretations were
effective for the current period, but the adoption of these amendments to
existing standards and interpretations did not have a material impact on the
accounts of the Group:
* IFRS 3 (revised), Business Combinations
* IAS 27 (revised), Consolidated and Separate Financial Statements
* IFRIC 17, Distributions of Non-cash Assets to Owners
* IAS 39 (amendment), Financial Instruments: Recognition and Measurement -
Eligible Hedged Items
* IFRS 2 (amendment), Share-based Payment - Group Cash-settled Share-based
Payment Transactions and Improvements to IFRSs (2009)
Issued International Financial Reporting Standards, amendments and
interpretations that are not yet effective and that have not been early adopted
by the Group
At the date of authorisation of these accounts, the following standards,
amendments to existing standards and interpretations, which have not been
applied in these consolidated accounts, were in issue but not yet effective:
* IFRS 9, Financial instruments, effective for annual periods beginning on or
after 1 January 2013, subject to EU endorsement. The standard is part of a
wider project to replace IAS 39, Financial Instruments: Recognition and
Measurement
* IAS 32 (amendment), Classification of Rights of Issues, effective for
annual periods commencing on or after 1 February 2010
* IFRIC 14 (amendment), Prepayments of a Minimum Funding Requirement,
effective for annual periods beginning on or after 1 January 2011
The Directors are currently assessing the impact of these but they are not
expected to have a material impact on the Group's results, assets or
liabilities. The Directors do not consider that any other standards, amendments
or interpretations issued by the IASB, but not yet applicable, will have a
significant impact on the financial statements.
2. Administrative Expenses
There were 5 directors of the group in 2010 (2009: 3), and no employees (2009:
nil).
The following fees were receivable by the Directors holding office during the
year:
Total Total
2010 2009
GBP GBP
Lin Kung-Min * 50,000 10,000
Mladen Ninkov ** 42,000 42,000
Craig Lees Baxter Niven 42,000 42,000
***
Simon Dewhurst 25,074 -
Graham Newall 25,601 -
* Long Sheng Asset Management Company, a company controlled by Lin Kung-Min and
his immediate family, received fees under a consultancy agreement of GBP50,000
(2009: GBP10,000), for the provision of advisory and support services to Power
Capital Global Limited and subsidiary companies.
** Keynes Capital, the registered business name of Keynes Investments Pty
Limited as trustee for the Keynes Trust, received fees under a consultancy
agreement of GBP42,000 (2009: GBP42,000), for the provision of advisory and support
services to Power Capital Global Limited and subsidiary companies. Mladen
Ninkov is a director and employee of Keynes Investments Pty Limited.
*** Zetachoice Limited, a company controlled by Craig Niven and his immediate
family, received fees under a consultancy agreement of GBP42,000 (2009: GBP42,000),
for the provision of advisory and support services to Power Capital Global
Limited and subsidiary companies.
The net operating loss is stated after charging auditors remuneration of GBP9,400
(2009: GBP9,400) of which GBP1,700relates to the company, and auditors remuneration
in respect of non-audit services of GBPnil(2009: GBPnil). Fees paid to the auditors
in respect of non-audit work are in respect of company secretarial and other
services. These services are reviewed by the Directors to ensure that the
independence of the auditors is not comprised.
Included in the group's loss for the year is an exchange profit of GBP15,408
(2009: loss GBP59,113) which arose on the translation of a Hong Kong Dollar
account held within the group at the year end.
3. Finance Income
2010 2009
GBP GBP
Bank and short term interest 4,713 7,873
4. Income Tax Expense
2010 2009
GBP GBP
Taxation on (loss) on ordinary activities - -
The Company is resident for corporation tax purposes in the British Virgin
Islands.
5. LOSS PER SHARE
The loss per share has been calculated on the basis of the net loss after
taxation of GBP296,762 (2009: Loss GBP273,587) and the weighted average number of
shares in issue in the year ended 31 December 2010 of 57,056,501 (2009:
57,056,501).
6. Non Current Investments
Group Group Company Company
2010 2009 2010 2009
GBP GBP GBP GBP
Shares in group undertakings
Cost
At 1 January and 31 December - - 2 2
Details of subsidiaries are given in note 11.
7. CURRENT TRADE AND OTHER RECEIVABLES
Group Group Company Company
2010 2009 2010 2009
GBP GBP GBP GBP
Amounts owed by Group - - 454,235 466,147
undertakings
Prepayments 1,275 1,230 1,275 1,230
1,275 1,230 455,510 467,377
8. CURRENT TRADE AND OTHER PAYABLES
Group Group Company Company
2010 2009 2010 2009
GBP GBP GBP GBP
Trade Payables 7,500 - 6,000 -
Accruals 31,771 22,050 25,871 18,110
39,271 22,050 31,871 18,110
9. Share CAPITAL
Group and Company
2010 2009
No. GBP No. GBP
Authorised share capital
At 1 January and 31 December, 1,000,000,000 - 1,000,000,000 -
no par value
Paid-in Capital
2010 2009
No. GBP No. GBP
At 1 January and 31 December 57,056,501 2,982,826 57,056,501 2,982,826
10. Contingent Liabilities
At 31 December 2010 the Group and Company had no contingent liabilities (2009:
nil).
11. Subsidiary Companies
At 31 December 2010, Power Capital Global had interests in the share capital of
the following principal subsidiary companies.
Name Class of Proportion Nature of Country of
Share of shares business incorporation
held held
Sportswinbet (C.I.) Ordinary 100% Marketing Alderney
Limited
SWB (Admin) Limited Ordinary 100% Administrative England
support
12. Related Party Transactions
Fees of GBP184,675 (2009: GBP94,000) were paid in the year to the Directors, as
detailed in note 2. No further related party transactions took place in 2010 or
2009.
The Company is listed on the Alternative Investment Market. Mr Lin Kung-Min is
the ultimate controlling party.
The Company provides financial support to each of its subsidiary companies.
During the financial period to and as at 31 December 2010, the Company had
provided GBP4,199 (2009: GBPnil), to Sportswinbet (C.I.) Limited, prior to
provisions against amounts recoverable. The Company has further provided
financial support of GBPnil (2009: GBP5,000) in the financial period to 31 December
2010 to SWB (Admin) Limited. SWB (Admin) Limited provides administrative
support to the Group for which SWB (Admin) Limited has charged GBPnil during the
financial period to 31 December 2010 (2009: GBPnil).
13. Financial Instruments
Exposure to credit and currency risks arises in the normal course of the
Group's business.
Credit risk
Exposure to credit risk is monitored on an ongoing basis.
Cash investments are allowed only in liquid securities and only with major
financial institutions that satisfy certain credit criteria.
At the balance sheet date, there were no significant concentrations of credit
risk. The maximum exposure to credit risk is represented by the carrying amount
of each financial asset.
Foreign currency risk
In preparing the financial statements of the individual companies, transactions
denominated in foreign currencies are translated at the rate ruling at the
settlement date. Assets and liabilities denominated in foreign currency are
translated at the exchange rate ruling at the balance sheet
date. Exchange differences arising in the financial statements of the
individual undertakings have been credited to administrative expenses.
Fair values
There is no significant difference between the carrying amounts shown in the
balance sheet and the fair values of the Group and Company's financial
instruments. For current trade and other receivables/payables with a remaining
life of less than one year, the nominal amount is deemed to reflect the fair
value.
Capital risk
The capital of the Group consists of equity attributable to equity holders of
the parent company, comprising share premium and retained earnings / losses.
The Group manages its capital to ensure that entities within the Group will be
able to continue as going concerns whilst maximising the return to
shareholders. The Group is not subject to any externally imposed capital
requirements.
14. Commitments Under Operating Leases
At 31 December 2010, the Group and Company had no commitments under
non-cancellable operating leases (2009: none).
15. POST BALANCE SHEET EVENTS
Since the year end the Company has established a steam coal export operation
based in Indonesia, as referred to in the Chairman's Statement. Two shipments
of steam coal have been arranged and delivered to buyers in China and Taiwan.
As part of this operation the company has developed good relationships with
suppliers, customers and sources of finance. We expect to conclude business
representing over 250,000 tonnes of steam coal during the course of 2011 and to
grow volumes thereafter through 2012.
END
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