Wednesday 24 September, 2008
China Wonder Ltd
Interim Results
RNS Number : 2388E China Wonder Limited 24 September 2008
CHINA WONDER LIMITED
('China Wonder' or the 'company' and together with its subsidiaries the 'Group')
Interim Results for the six months ended 30 June 2008 (unaudited)
I am pleased to report the Group's results for the six months to 30 June 2008 which are set out below. The figures show basic earnings per share of 1.10 pence compared with 0.84 pence for the comparable period last year.
The Group's sales revenue for the period was £1,743,863, an increase of £654,624 (or 60%) when compared to the £1,089,239 of sales for the same period in 2007. The Group's net income for the period was £197,483, an increase of £65,197 (or 49%) when compared to the same period in 2007.
The Group has been able to meet the increased funding requirements resulting form the increased sales from its own resources and the Board are hopeful that the increase in sales will continue to be reflected in Group profits going forward.
In line with the Group's development strategy, the Board continues to actively seek expansion opportunities both in The People's Republic of China and The United Kingdom.
MARK CHAPMAN
Chairman
For more information please contact:
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Mark Chapman
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China Wonder Limited
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01483 892 130
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David Youngman
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WH Ireland Limited
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0161 832 2174
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CHINA WONDER LIMITED
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2008
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|
Note
|
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Six months ended
30 June 2008
Unaudited
|
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Six months ended
30 June 2007
Unaudited
|
|
Year ended 31
December 2007
Audited
|
|
|
|
|
£
|
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£
|
|
£
|
|
REVENUE
|
|
|
1,743,863
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|
1,089,239
|
|
2,336,967
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|
Cost of sales
|
|
|
(1,168,588)
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|
(706,171)
|
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(1,496,917)
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Sales tax
|
|
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(100)
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|
-
|
|
-
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|
GROSS PROFIT
|
|
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575,175
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383,068
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840,050
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OTHER OPERATING INCOME
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349
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|
-
|
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10,718
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OPERATING EXPENSES
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|
|
|
|
|
|
|
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Distribution expenses
|
|
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(96,127)
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(67,326)
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(152,818)
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Administrative expenses
|
|
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(220,371)
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(152,427)
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(385,720)
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|
|
|
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(316,498)
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(219,753)
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(538,538)
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|
|
|
|
|
|
|
|
|
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PROFIT FROM OPERATIONS
|
|
|
259,026
|
|
163,315
|
|
312,230
|
|
Finance income
|
|
|
983
|
|
575
|
|
3,336
|
|
Finance costs
|
|
|
(6,463)
|
|
(1,978)
|
|
(8,615)
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
|
|
253,546
|
|
161,912
|
|
306,951
|
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TAXATION
|
|
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(56,063)
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(29,626)
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(40,579)
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PROFIT FOR THE YEAR ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
|
|
|
197,483
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132,286
|
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266,372
|
|
|
|
|
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EARNINGS PER SHARE
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|
|
|
|
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Basic
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2
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1.10p
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0.84p
|
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1.65p
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Diluted
|
2
|
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1.08p
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0.82p
|
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1.65p
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CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the six months ended 30 June 2008
|
|
Six months ended
30 June 2008
Unaudited
|
|
Six months ended
30 June 2007
Unaudited
|
|
Year ended 31
December 2007
Audited
|
|
|
£
|
|
£
|
|
£
|
|
Exchange differences on translation of foreign operations
|
(51,956)
|
|
264
|
|
108,628
|
|
|
|
|
|
|
|
|
Net (expense)/income recognised directly in equity
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(51,956)
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|
264
|
|
108,628
|
|
|
|
|
|
|
|
|
Profit for the period
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197,483
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|
132,286
|
|
266,372
|
|
TOTAL RECOGNISED INCOME AND EXPENSE FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
|
145,527
|
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132,550
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|
375,000
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CHINA WONDER LIMITED
CONSOLIDATED BALANCE SHEET
at 30 June 2008
|
|
30 June 2008
Unaudited
|
|
30 June 2007
Unaudited
|
|
31 December 2007
Audited
|
|
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£
|
|
£
|
|
£
|
|
ASSETS
|
|
|
|
|
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Non-current assets
|
|
|
|
|
|
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Property, plant and equipment
|
789,209
|
|
660,112
|
|
695,756
|
|
Goodwill
|
1,356,705
|
|
697,397
|
|
1,422,375
|
|
Intangible assets
|
69,101
|
|
63,179
|
|
13,823
|
|
Deferred tax asset
|
7,544
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|
6,739
|
|
-
|
|
|
2,222,559
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1,427,427
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|
2,131,954
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Current assets
|
|
|
|
|
|
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Inventories
|
988,097
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601,771
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684,062
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Trade and other receivables
|
1,897,263
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|
1,050,435
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|
991,519
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Cash and cash equivalents
|
237,745
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|
415,483
|
|
609,391
|
|
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3,123,105
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2,067,689
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2,284,972
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|
|
|
|
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TOTAL ASSETS
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5,345,664
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3,495,116
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4,416,926
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|
|
|
|
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Current liabilities
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|
|
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Short-term loan
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(73,240)
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(65,479)
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(69,086)
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Trade and other payables
|
(1,660,831)
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|
(1,192,487)
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|
(1,074,389)
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|
Tax liabilities
|
11,009
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|
(26,162)
|
|
(55,789)
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|
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(1,723,062)
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|
(1,284,128)
|
|
(1,199,264)
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|
|
|
|
|
|
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Non-current liabilities
|
-
|
|
-
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(69,086)
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NET ASSETS
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3,622,602
|
|
2,210,988
|
|
3,148,576
|
|
|
|
|
|
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EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
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|
|
|
|
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Share capital
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602,633
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|
450,000
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|
450,000
|
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Share premium
|
2,282,800
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|
1,289,730
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|
1,935,980
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Statutory reserves
|
(161,567)
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|
97,848
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|
139,615
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Translation reserve
|
131,617
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(29,231)
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|
79,661
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Retained earnings
|
717,311
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|
402,641
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|
494,960
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Minority interests
|
49,808
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|
-
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|
48,360
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TOTAL EQUITY
|
3,622,602
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2,210,988
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3,148,576
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CHINA WONDER LIMITED
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2008
|
|
Six months ended
30 June 2008
Unaudited
|
|
Six months ended
30 June 2007
Unaudited
|
|
Year ended
31 December 2007
Audited
|
|
|
£
|
|
£
|
|
£
|
|
PROFIT FROM OPERATIONS
|
259,026
|
|
163,315
|
|
320,421
|
|
Depreciation of property, plan and equipment
|
22,500
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|
20,588
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56,978
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Amortisation of intangibles
|
1,049
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|
1,875
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|
1,979
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OPERATING CASH FLOW BEFORE WORKING CAPITAL
|
282,575
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|
185,778
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|
379,378
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|
|
|
|
|
|
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(Increase) in inventories
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(286,430)
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|
(324,274)
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(391,280)
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(Increase)/decrease in receivables
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(861,506)
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|
(401,225)
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(353,903)
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Increase/(decrease) in payables
|
611,448
|
|
543,414
|
|
444,738
|
|
Interest paid
|
(6,463)
|
|
(1,978)
|
|
-
|
|
Tax paid
|
|
|
(38,918)
|
|
52,188
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|
NET CASH GENERATED/(ABSORBED) BY OPERATING ACTIVITIES
|
(380,984)
|
|
(37,203)
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|
131,121
|
|
|
|
|
|
|
|
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INVESTING ACTIVITIES
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
(118,835)
|
|
(125,012)
|
|
(60,247)
|
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Additions to intangibles
|
(413)
|
|
(698,334)
|
|
(88,209)
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Interest received
|
984
|
|
575
|
|
3,336
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|
Net cash used in investing activities
|
(118,264)
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|
(822,771)
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|
(145,120)
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|
|
|
|
|
|
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FINANCING ACTIVITIES
|
|
|
|
|
|
|
Issue of ordinary share capital
|
152,633
|
|
945,000
|
|
366,667
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|
New bank loan (repaid)
|
4,154
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|
65,479
|
|
-
|
|
Net cash from financing activities
|
156,787
|
|
1,010,479
|
|
366,667
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|
|
|
|
|
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NET INCREASE IN CASH AND CASH EQUIVALENTS
|
(342,461)
|
|
150,505
|
|
352,668
|
|
Cash and cash equivalents at the beginning of the period
|
609,391
|
|
262,080
|
|
262,080
|
|
Effect of foreign exchange differences
|
(29,185)
|
|
2,898
|
|
(5,357)
|
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CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
|
237,745
|
|
415,483
|
|
609,391
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CHINA WONDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 30 June 2008
|
1.
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ACCOUNTING POLICIES
Basis of accounting
The interim financial information for the six months ended 30 June 2008 and that for the equivalent period in 2007 is unaudited. The comparatives for the full year ended 31 December 2007 are not the Group's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Jersey Financial Services Commission. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Article 111 of the Companies (Jersey) Law 1991.
The interim financial information has been prepared in accordance with the accounting policies and presentation required by International Financial Reporting Standards, incorporating International Accounting Standards and Interpretations (collectively 'IFRS') as endorsed by the European Union.
The interim report is presented and prepared in a form consistent with that which has been adopted in the Group's annual accounts having regard to the accounting standards applicable to such accounts.
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2.
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EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on the following data.
|
|
Earnings
|
|
|
|
|
|
|
|
Six months ended
30 June 2008
|
|
Six months ended
30 June 2007
|
|
Year ended
31 December 2007
|
|
|
|
|
|
|
|
|
Earnings for the purpose of basic and diluted earnings per share being net profit attributable to equity holders of the parent
|
£197,483
|
|
£132,286
|
|
£266,372
|
|
|
|
|
|
|
|
|
Number of shares
|
|
|
|
|
|
|
Weighted average number of Shares for the purposes of basic earnings per share
|
18,000,000
|
|
15,795,580
|
|
16,164,384
|
|
Weighted average number of Shares for the purposes of diluted earnings per share
|
18,250,000
|
|
16,045,580
|
|
16,164,384
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
Basic
|
1.10p
|
|
0.84p
|
|
1.65p
|
|
Diluted
|
1.08p
|
|
0.82p
|
|
1.65p
|
|
3.
|
POST BALANCE SHEET EVENTS
None.
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4.
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AVAILABILITY OF REPORT
A copy of the interim results will be despatched to shareholders in due course and a copy will also be available on the Company's website, www.chinawonderlimited.com.
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This information is provided by RNS
The company news service from the London Stock Exchange END IR USUVRWSRKUAR
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