TEMBUSU INVESTMENTS LIMITED
('Tembusu' or the 'Company')
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009
28 September 2009
CHAIRMAN'S STATEMENT
As at 30 June 2009 the Company had cash balances of £1,123,459 (31 December
2008: £1,186,823). Following the Company's first investment on 14 May 2008, and
throughout the period, the Company sought to guard its cash resources in the
difficult prevailing economic climate, whilst continuing to evaluate potential
investments/transactions - none of which resulted in a suitable investment or
acquisition being identified.
Now that a recovery in the economic cycle is visible we are confident that the
opportunities available to, and prospects for, Tembusu will continue to improve
for the remainder of 2009 and into 2010.
The Company continues to evaluate potential transactions in line with its
investment strategy. The investment strategy, alterations to which received
shareholder approval on 1 August 2008, remains principally to focus on
identifying and acquiring quoted and unquoted financial services businesses
based in Asia, though other geographical areas will be considered should
appropriate opportunities occur which could benefit the Company. By actively
investing in businesses with complementary areas of expertise, which may for
example include real estate, mortgage financing and other such activities, the
Directors believe that it is possible to generate considerable opportunities for
the cross selling of services between the different operations and countries.
The Directors also intend to continue to make minority investments in such
financial services businesses where it would be a passive investor, but where
those investments provide the opportunity for enhancing the growth prospects of
the Company.
With the recent AIM Rule changes, effective 1 June 2009, the Company is in the
process of making and adopting consequential, non-material changes to its
"Investment Strategy" - to bring it in line with the new AIM definition of an
"Investing Policy". The Company will notify its "Investing Policy" to
shareholders and make it available on its AIM Rule 26 website once these non-
material consequential alterations have been made and in any event by no later
than 1 December 2009.
Jonathan Rowland
Chairman
For further information, contact:
Tembusu Investments Limited
Jonathan Rowland, Chairman Tel: +44 (0)207 087 7970
Blomfield Corporate Finance Ltd Tel: +44 (0)20 7512 0191
Alan MacKenzie
Ben Jeynes
STATEMENT OF COMPREHENSIVE INCOME FOR SIX MONTHS ENDED 30 JUNE 09
From From From
1 Jan 09 1 Jan 08 1 Jan 08
Notes to 30 Jun 09 to 31 Dec 08 to 30 Jun 08
(Unaudited) (Audited) (Unaudited)
£ £ £
Other operating expenses (51,048) (211,054) (98,151)
Unrealised losses on financial
assets designated at fair value (438,317) (858,852) -
Operating loss (489,365) (1,069,906) (98,151)
Bank interest income 3,726 98,095 70,196
Loss on ordinary activities before
taxation (485,641) (971,811) (27,955)
Taxation - - -
Retained loss for the financial
period (485,641) (971,811) (27,955)
Loss per ordinary share (pence) -
Basic 3 (0.8) (1.62) (0.05)
Loss per ordinary share (pence) -
Diluted (0.8) (1.62) (0.05)
The Company's loss arising from continuing operations.
There were no recognized gains or losses other than those recognized in the
income statements.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 09
As at As at As at
30 June 09 31 Dec 08 30 June 08
(Unaudited) (Audited) (Unaudited)
Note £ £ £
ASSETS
Non-current assets
INVESTMENTS
Investments 5,000 5,000 5,000
Financial assets designated at fair value 547,897 986,214 1,854,529
552,897 991,214 1,859,529
CURRENT ASSETS
Debtors - 2,500 5,833
Cash at bank 1,123,459 1,186,823 1,340,875
1,123,459 1,189,323 1,346,708
LIABILITIES
Current liabilities - - -
Trade & other payables (48,865) (67,405) (149,249)
NET CURRENT ASSETS 1,074,594 1,121,918 1,197,459
NET ASSETS 1,627,491 2,113,132 3,056,988
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Share premium account 2,504,061 2,504,061 2,504,061
Accumulated Loss (1,476,570) (990,929) (47,073)
- -
1,627,491 2,113,132 3,056,988
CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2009
Period Period Period
ended ended ended
30 June 09 31 Dec 08 30 June 08
(Unaudited) (Audited) (Unaudited)
Note £ £ £
Cashflows from operating activities
Cash (absorbed) generated from operations 4 (67,090) (254,532) (58,118)
Cashflow from investing activities 5 3,726 (1,746,971) (1,789,333)
_________ _________ _________
(DECREASE)/INCREASE IN CASH FOR THE PERIOD (63,364) (2,001,503) (1,847,451)
CASH AT THE BEGINNING OF THE PERIOD 1,186,823 3,188,326 3,188,326
_________ _________ _________
CASH AT THE END OF THE PERIOD 1,123,459 1,186,823 1,340,875
========= ========= =========
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR PERIOD ENDED 30 JUNE 2009
Share Share Accumulated Total
capital premium losses
Balance at 31 December 2007 600,000 2,504,061 (19,118) 3,084,943
Loss for the year - - (27,955) (27,955)
_______________________________________________
Balance at 30 June 2008 600,000 2,504,061 (47,073) 3,056,988
Loss for the year - - (943,856) (943,856)
_______________________________________________
Balance at 31 December 2008 600,000 2,504,061 (990,929) 2,113,132
Loss for the period - - (485,641) (485,641)
_______________________________________________
Balance at 30 June 2009 600,000 2,504,061 (1,476,570) 1,627,491
===============================================
NOTES TO THE HALF-YEARLY REPORT
1 The Company was incorporated in Bermuda on 21st March 2007 and was
admitted to the AIM market of the London Stock Exchange ('AIM') on 11 May
2007, when it commenced its business. This half-yearly report has been
prepared in accordance with International Financial Reporting Standards and
on the historical cost basis, using generally recognised accounting
principles and using the accounting policies which are consistent with those
set out in the Company Annual Report and Accounts for the year ended 31
December 2008.
The Half-Yearly report for the six months to 30 June 2009, which complies
with IAS34, was approved by the Board on 220 September 2009.
2 The directors do not recommend the payment of a dividend.
3 The basic and diluted earnings per share are based on the loss for the
financial period of £485,641 (30 June 2008 - £27,955: 31 December 2008 -
£971,811) and the following weighted average number of shares in issue during
the period ended 30th June 2009.
Basic and diluted 60,000,000 (30 June 2008 -60,000,000:31 December 2008 -
60,000,000)
4 Reconciliation of operating loss to net cash inflow from operating
activities
Period ended Period ended Period ended
30 June 09 31 Dec 08 30 June 08
(Unaudited) (Audited) (Unaudited)
£ £ £
Operating loss (489,365) (1,069,906) (98,151)
Provision for quoted investments 438,317 858,852 -
_______ _________ ______
(51,048) (211,053) (98,151)
Increase/(Decrease) in creditors (18,542) (45,094) 36,751
(Increase)/ Decrease in debtors 2,500 1,615 3,282
______ _________ ______
(67,090) (254,532) (58,118)
====== ========= ======
5 Cashflow from investing activities
Period ended Period ended Period ended
30 June 09 31 Dec 08 30 June 08
£ £ £
Acquisition of investment - (1,845,066) (1,859,529)
Bank interest 3,726 98,095 70,196
_________ ________ ________
Net cash inflow from
investing activities 3,726 (1,746,971) (1,789,333)
========= ======== ========
6. The issue share capital as at 30 June 2009 and 31 December 2008 was
60,000,000 ordinary share of 1p each .
7. The unaudited results for the period ended 30 June 2009 do not constitute
statutory accounts under the Bermuda Act 1981. The comparative figures for the
year ended 31 December 2008 are extracted from the statutory financial
statements which contain an unqualified report.
