Interim Report Financial Statements

Income Statement
For the period ended 30 September 2008
 Consolidated
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Revenue                82               112               183
Finance income                28               339               524
Finance expenses             (153)             (280)             (579)
Net finance (expenses)/income             (125)                 59               (55)
Administration expenses              303               324               898
Results from operating activities             (346)             (153)             (770)
Income tax (credit)/expense               (48)               153               (19)
     
Profit/(loss) from continuing operations             (298)             (306)             (751)
Basic earnings per share (cents) (0.0522) (0.0314) (0.0755)
Diluted earnings per share (cents) (0.0230) (0.0162) (0.0391)
Statement of Changes in Equity
For the period ended 30 September 2008
 Consolidated
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Opening equity         17,562           19,367           19,367
Total recognised revenues and expenses
Net change in fair value of available-for-sale financial assets        (10,895)            3,995           (2,795)
Deferred tax recognised in equity                63  -               203
       (10,832)            3,995           (2,592)
Profit/(loss) for the year             (298)             (306)             (751)
Total recognised revenues and expenses for the period        (11,130)            3,689           (3,343)
Contributions from owners
Issue of shares              525            1,230            1,425
Own shares acquired  -             (153)             (175)
Share-based payments  -  -               288
Total Contributions from owners              525            1,077            1,538
     
Closing equity           6,957           24,133           17,562
Balance Sheet
As at 30 September 2008
 Consolidated
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Assets
Other assets           6,195           23,176           16,979
NZX Bond                91                 86                 91
Total non-current assets           6,286           23,262           17,070
Trade and other receivables                60                 54                 26
Other investments              120               874               274
Prepayments                25  -                 10
Brokers current accounts  -                 27               306
Cash and cash equivalents              544               477                 87
Total current assets              749            1,432               703
     
Total assets           7,035           24,694           17,773
Equity
Share capital         11,897           11,177           11,372
Reserves              113           13,657            7,336
Accumulated losses          (5,053)             (701)           (1,146)
Total equity attributable to equity holders of the Company           6,957           24,133           17,562
     
Total equity           6,957           24,133           17,562
Liabilities
Trade and other payables                29                 37                 50
Taxation payable                48               171               101
Deferred taxation  -               353                 59
Advance to Widespread Energy Limited                  1  -                  1
Total liabilities                78               561               211
Total equity and liabilities           7,035           24,694           17,773
Statement of Cash Flows
For the period ended 30 September 2008
 Consolidated
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Cash flows from operating activities
Cash received from customers                97               130               200
Proceeds from sale of other investments current                74            1,420            1,980
Net interest received                  6                 18                 30
Tax refund received  -  -                 13
Cash paid to suppliers             (374)             (349)             (606)
Purchase of other investments current               (59)             (443)             (549)
Net cash from/(used in) operating activities             (256)               776            1,068
Cash flows from investing activities
Proceeds from brokers current accounts              305               279                  1
Proceeds to/(from) related parties  -             (104)             (104)
Purchase of other investments non-current             (112)           (1,619)           (2,192)
Purchase of property, plant & equipment                 (1)                 (1)  -
Reinvested interest NZX Bond  -  -                 (5)
Net cash from/(used in) investing activities              192           (1,445)           (2,300)
Cash flows from financing activities
Proceeds from issue of share capital              521            1,230            1,425
Own shares acquired  -             (153)             (175)
Net cash from/(used in) financing activities              521            1,077            1,250
Net (decrease)/increase in cash and cash equivalents              457               408                 18
Cash and cash equivalents at 1 April                87                 69                 69
Cash and cash equivalents at 30 September              544               477                 87
Statement of Cash Flows
For the six months ended 30 September 2008
 Consolidated
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Reconciliation of net cash flows from operating activities
Profit/(loss) for the period             (298)             (306)             (751)
Adjustments for:
Depreciation  -  -                  1
Losses/(gains) on sale of financial assets at fair value through profit & loss                27             (260)             (482)
Unrealised gains on financial assets at fair value through profit & loss              127               108               578
Equity-settled share-based payment transactions  -  -               288
Deferred tax recognised in equity                  4  -               203
            (140)             (458)             (163)
Change in trade and other receivables               (28)                 17                 17
Change in prepayments               (14)               (19)                 (1)
Change in current tax assets               (53)               149             (216)
Change in trade and other payables               (21)                 (7)                  6
Change in other investments current  -            1,094            1,425
Net cash from operating activities             (256)               776            1,068
Income Statement
For the period ended 30 September 2008
 Company
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Revenue  -  -  -
Finance income  -  -                  6
Finance expenses  -  -  -
Net finance (expenses)/income  -  -                  6
Administration expenses              123               149               550
Results from operating activities             (123)             (149)             (544)
Income tax (credit)/expense                  4  -                 11
     
Profit/(loss) from continuing operations             (127)             (149)             (555)
Statement of Changes in Equity
For the period ended 30 September 2008
Opening equity           8,641            7,658            7,658
Total recognised revenues and expenses
Profit/(loss) for the year             (127)             (149)             (555)
Total recognised revenues and expenses for the period             (127)             (149)             (555)
Contributions from owners
Issue of shares              525            1,230            1,425
Own shares acquired  -             (153)             (175)
Share-based payments  -  -               288
Total Contributions from owners              525            1,077            1,538
     
Closing equity           9,039            8,586            8,641
Balance Sheet
As at 30 September 2008
 Company
 unaudited  unaudited  audited
 30 Sept 08  30 Sept 07  31 Mar 08
 $'000  $'000  $'000
Assets
Other assets           6,462            6,462            6,462
NZX Bond                91                 86                 91
Total non-current assets           6,553            6,548            6,553
Trade and other receivables                19  -                  1
Current tax assets                  1                  4                  1
Deferred tax  -                 15                  4
Prepayments                25                 28                 10
Advance to subsidiaries           2,470            2,028            2,122
Total current assets           2,515            2,075            2,138
     
Total assets           9,068            8,623            8,691
Equity
Share capital         11,897           11,177           11,372
Reserves              113             (153)               113
Accumulated losses          (2,971)           (2,438)           (2,844)
Total equity attributable to equity holders of the Company           9,039            8,586            8,641
     
Total equity           9,039            8,586            8,641
Liabilities
Trade and other payables                29                 37                 50
Total liabilities                29                 37                 50
Total equity and liabilities           9,068            8,623            8,691
Notes to the Financial Statements
For the period ended 30 September 2008
These unaudited condensed interim financial statements of Widespread Portfolios Limited have been prepared in accordance with New Zealand Equivalent to International Accounting Standard (NZIAS) 34 Interim Financial Reporting, issued by the New Zealand Institute of Chartered Accountants.  The Company and Group are profit oriented entities.
The Company is an issuer for the purposes of the New Zealand Financial Reporting Act 1993.
The unaudited condensed interim financial statements of the Group for the six months ended 30 September 2008 have been prepared using the same accounting policies and methods of computation as, and should be read in conjunction with, the financial statements and related notes included in the Group's Annual Report for the year ended 31 March 2008.
The same significant judgements, estimates and assumptions included in the notes to the financial statements in the Group's Annual Report for the year ended 31 March 2008 have been applied to these interim statements.
Segment reporting
Segment information is presented in respect of the Group's geographical segments. The group has only one business segment, that being investment.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Geographical segments
The investment segment operates in three principal geographical areas, New Zealand, Canada and Other.
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of investments.   Segment assets are based on the geographical locations of the assets.
Notes to the Financial Statements
For the period ended 30 September 2008
Segment reporting continued
Group
Geographical segments  New Zealand  Canada  Other  Total
 $'000  $'000  $'000  $'000
30 September 2008 unaudited
Interest revenue                13                  1  -                14
Other revenue                82                14  -                96
Total revenue                95                15  -              110
Segment assets           2,514           4,365              156           7,035
       
30 September 2007 unaudited
Interest revenue                 17                  5  -                 22
Other revenue                 73               208               148               429
Total revenue                 90               213               148               451
Segment assets            1,152           20,916            2,626           24,694
       
31 March 2008 audited
Interest revenue                 30                  6  -                 36
Other revenue               188               207               276               671
Total revenue               218               213               276               707
Segment assets            2,477           13,855            1,441           17,773
       
NTA 49¢

Key stats as at 3 September

Security

Number on issue

Market price (cents)

Market Value ($M)

Net assets ($M)

Ordinary shares

23,490,449

14.1

3.312

11.4*
Market value discount    (ords only)    71.0%  

Listed warrants

8,505,123

1.5

0.126

 

* Our ASN shareholding is now held for NTA disclosure purposes at a valuation of CAD 2.154 million based on our share of net assets. NTA per WID share valuing ASN at the current spot market price is 44.0 cents.

 

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