TIDMNWIG
RNS Number : 0158T
Northwest Investment Group Ltd
30 September 2014
NORTHWEST INVESTMENT GROUP Ltd.
1500784
INCORPORATED IN THE BRITISH VIRGIN ISLANDS
UNAUDITED INTERIM FINANCIAL STATEMENT
FOR THE 6 MONTHS ENDED30 JUNE 2014
Northwest Investment Group Ltd. ("NWIG" or the "Company) today
announces its un-audited Interim Results for the period from Jan.
1, 2014 to June 30, 2014.
A copy of the Interim Report will also be available on the
Company's website shortly (http://www.northwestinv.com)
Contact Details:
Northwest Investment Group Ltd.
Kaifeng Li, Chairman +86-(0)10-87246052
ZAI Corporate Finance Ltd.
Nomad and Broker
Ray Zimmerman +44-(0)20-70602220
CHAIRMAN'S STATEMENT
On June 9 2010, Northwest Investment Group Ltd. (NWIG" or "the
Company") raised 3 million pounds from the investors and was
successfully admitted to trading on the AIM market of the London
Stock Exchange.
During the second half of 2013, we engaged in discussions with 7
hydropower companies with projects that are of potential interest,
and we have reported two of them to our Board of Directors for a
decision, after initial screening. No investment decision has been
made to date. Due to the uncertainties in the financial market, we
have become more prudent in selecting the proper project; however
we continue to actively search for high-quality hydropower assets
to be injected into NWIG.
At the Company's annual general meeting held on 5 May 2014,
shareholders approved the Company's Investing Policy in preference
to a potential liquidation.
Li Kaifeng
Chairman
For and on behalf of the Board of
Northwest Investment Group Ltd.
STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 6 months to 12 months to
30 June 2014 30 June 2013 31
December 2013
Unaudited Unaudited Audited
GBP GBP GBP
Revenue - - -
Cost of sales - - -
-------------- -------------- ---------------
Gross profit - - -
Administrative
expenses 7 (144,200) (148,079) (302,248)
Listing costs
-------------- -------------- ---------------
Operating loss (144,200) (148,079) (302,248)
Interest income
Finance costs
--------------
Loss before tax (144,200) (148,079) (302,248)
Income tax expense - - -
-------------- -------------- ---------------
Profit/(Loss)
the period (144,200) (148,079) (302,248)
-------------- -------------- ---------------
Total comprehensive
Income for the
period (144,200) (148,079) (302,248)
============== ============== ===============
Attributable to:
Shareholder of
the
Company (144,200) (148,079) (302,248)
============== ============== ===============
Loss per share
Basic and diluted
loss per share 9 # # (0.01)
#denotes a figure which is less than GBP0.01
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
Notes 30 June 2014 30 June 2013 31 December 2013
GBP GBP GBP
Non-current assets
Property, plant and - - -
equipment
Investments in subsidiaries - - -
------------- ------------- -------------------
- - -
------------- ------------- -------------------
Current assets
Trade and other receivables
Cash and cash equivalents 3 1,643,753 1,946,805 1,887,687
------------- ------------- -------------------
1,643,753 1,946,805 1,887,687
------------- ------------- -------------------
Total assets 1,643,753 1,946,805 1,887,687
============= ============= ===================
Equity and Liabilities
Current liabilities
Trade and other payables 4 90,418 95,102 190,152
90,418 95,102 190,152
------------- -------------------
Equity
Share capital 5 670,000 670,000 670,000
Share premium 5 2,422,192 2,422,192 2,422,192
Retained earnings (1,538,857) (1,240,489) (1,394,657)
------------- ------------- -------------------
1,553,335 1,851,703 1,697,535
Total liability and
equity 1,643,753 1,946,805 1,887,687
============= ============= ===================
STATEMENT OF CHANGES IN EQUITY
Share premium Share Retained Total
capital earnings
GBP GBP GBP GBP
Balance as at 1 Jan 2014 2,422,192 670,000 (1,394,657) 1,697,535
============== ========= ============ ===========
Loss for the period - - (144,200) (144,200)
Total recognised income
and
expense for the period - - (144,200) (144,200)
Issue of shares - - - -
Balance at 30 June 2014 2,422,192 670,000 (1,538,857) 1,553,335
============== ========= ============ ===========
Share premium Share Retained Total
capital earnings
GBP GBP GBP GBP
Balance as at 1 Jan 2013 2,422,192 670,000 (1,092,410) 1,999,783
============== ========= ============ ===========
Loss for the period - - (148,079) (148,080)
Total recognised income
and
expense for the period - - (148,079) (148,080)
Issue of shares - -
Placing costs - -
-------------- --------- ------------ -----------
Balance at 30 June 2013 2,422,192 670,000 (1,240,489) 1,851,703
============== ========= ============ ===========
Share premium Share Retained Total
capital earnings
GBP GBP GBP GBP
Balance as at 1 Jan 2013 2,422,192 670,000 (1,092,410) 1,999,783
============== ========= ============ ===========
Loss for the period - - (302,248) (302,248)
Total recognised income
and
expense for the period (302,248) (302,248)
Issue of shares -
Placing costs - -
-------------- --------- ------------ -----------
Balance at 31 December
2013 2,422,192 670,000 (1,394,657) 1,697,535
============== ========= ============ ===========
CASH FLOW STATEMENT
Notes 6 months 6 months 12 months to
to to 31
30 June 2014 30 June 2013 December 2013
Unaudited Unaudited Audited
GBP GBP GBP
Net cash generated from/(used)
in operating activities 6 (243,934) (230,436) (289,554)
-------------- -------------- ---------------
Investing activities
Interest received
Purchase of property, plant - -
and equipment
-------------- -------------- ---------------
Net cash used in investing
activities
-------------- -------------- ---------------
Financing activities
Repayment of loan to director - -
Proceeds on issue of shares
Placing cost
-------------- -------------- ---------------
Net cash from financing activities
-------------- -------------- ---------------
Net increase in cash and cash
equivalents (243,934) (230,436) (289,554)
Cash and cash equivalents
at beginning of period 3 1,887,687 2,177,241 2,177,241
-------------- -------------- ---------------
Cash and cash equivalents
at end of period 3 1,643,753 1,946,805 1,887,687
============== ============== ===============
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 GENERAL INFORMATION
Northwest Investment Group Limited is a company incorporated in
British Virgin Islands on 26 August 2008 under The BVI Business
Companies Act 2004. The company has been established for the
purpose of identifying and acquiring, or investing in, energy
projects with an initial focus on Western China. The address of the
registered office is Sea Meadow House, Blackburne Highway, P. O.
Box 116, Road Town, Tortola, British Virgin Islands.
The interim financial statements are presented in Pound
Sterling.
The Company's Ordinary shares are traded on AIM, a market
operated by the London Stock Exchange.
2 SUMMARY OF SIGNIFICANT ACCOUTING POLICIES
2.1 Statement of compliance
The interim financial statements are for the six months ended 30
June 2014. They have been prepared in accordance with IAS34 Interim
Financial Reporting. They do not include all of the information
required in annual financial statements in accordance with IFRS,
and should be read in conjunction with the financial statements of
for the year ended 31 December 2013.
2.2 Basis of preparation
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year ended to 31 December 2013 and
those to be used for the year ending 31 December 2014.
The unaudited interim financial statement for the six months
period ended 30 June 2014 do not constitute statutory accounts and
have been drawn up using according polices and presentation
expected to be adopted in the Company financial statement for the
financial period ended 31 December 2013, which are not expected to
be significantly different to those set out in note 2 to the
Company audited financial statements for the period ended 31
December 2013.
These interim financial statements have been approved for issue
by the Board of Directors on September 30, 2014.
3 CASH AND CASH EQUIVALENTS
Unaudited Unaudited Audited
30 June 2014 30 June 31 December
2013 2013
GBP GBP GBP
Cash at bank 1,643,753 1,946,805 1,887,687
Cash in hand - - -
------------- ---------- ------------
1,643,753 1,946,805 1,887,687
============= ========== ============
Bank balances comprise cash held by the Company and short-term
bank deposits with an original maturity of three months or less.
The carrying amount of these assets approximates their fair
value.
4 TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2014 30 June 2013 31 December
2013
GBP GBP GBP
Trade payable - -
Directors' fees 12,000 8,000 8,000
Staffs' wages and salaries 9,030 18,060 36,121
Accrued and deferred
income 69,388 69,042 146,031
------------- ------------- ------------
90,418 95,102 190,152
============= ============= ============
The directors consider that the carrying amount of trade
payables approximates to their fair value.
5 SHARE CAPITAL
30 June 2014 30 June 2013 31 December 2013
Share Share Share Share Share Share
Capital Premium Capital Premium Capital Premium
GBP GBP GBP GBP GBP GBP
Authorised:
1,000,000,000
Ordinary shares
of GBP0.05 each 50,000,000 - 50,000,000 - 50,000,000 -
=========== ========== ===========
Issued and fully
paid:
500,000 Ordinary
shares of GBP0.05
each 25,000 2,195 25,000 2,195 25,000 2,195
800,000 Ordinary
shares of GBP0.05
each 40,000 160,000 40,000 160,000 40,000 160,000
12,000,000 Ordinary
shares of GBP0.05
each 600,000 2,400,000 600,000 2,400,000 600,000 2,400,000
Placing cost (175,003) (175,003) (175,003)
100,000 Ordinary
shares of GBP0.05
each 5,000 35,000 5,000 35,000 5,000 35,000
----------- ---------- ----------- ---------- ----------- ----------
670,000 2,422,192 670,000 2,422,192 670,000 2,422,192
=========== ========== =========== ========== =========== ==========
The total authorised number of ordinary shares is 1 billion
shares (2009: 1 billion shares) with par value of GBP0.05 per share
(2009: GBP0.05 per share). All issued shares are fully paid.
On 16 March 2010, by written resolution, the company allotted
additional 800,000 ordinary shares of GBP0.05 each with an
aggregate nominal value of GBP40,000 for a total consideration of
GBP200,000 fully paid.
On 3 June 2010, by written resolution, the company allotted an
additional 12,000,000 ordinary shares of GBP0.05 each with an
aggregate nominal value of GBP600,000 for a total consideration of
GBP3,000,000 fully paid.
On 9 June 2010, the company's enlarged share capital was
admitted to trading on AIM, a market operated by the London Stock
Exchange.
On 1 December 2010, by written resolution, the company allotted
100,000 ordinary shares of GBP0.05 each with aggregate nominal
value of GBP5,000 for a total consideration of GBP40,000, fully
paid in January 2011.
On 8 June 2011, the Company authorize the sub-division of each
of the ordinary shares of GBP0.05 each into 10 new ordinary shares
of GBP0.005 each.
6 NOTES TO THE CASH FLOW STATEMENT
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2014 2013 2013
Unaudited Unaudited Audited
GBP GBP GBP
Loss from operations (144,200) (148,079) (302,248)
Adjustments for:
Depreciation of property, plant - - -
and equipment
------------ ------------ ----------------
Operating cash flows before movements
in working capital (144,200) (148,079) (302,248)
(Increase)/Decease in trade and
other receivables
Increase/(Decrease) in trade and
other payables (99,734) (82,356) 12,694
------------ ------------ ----------------
Net cash generated from operations (243,934) (230,436) (289,554)
Income taxes paid - - -
Interest paid - - -
------------ ------------ ----------------
Net cash from operating activities (243,934) (230,436) (289,554)
============ ============ ================
7 Expenses by nature
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2014 2013 2013
Unaudited Unaudited Audited
GBP GBP GBP
Employee benefit expenses(note
8) 58,181 58,181 116,362
Legal and professional 19,951 19,951 40,102
Audit fee - - 8,000
Operating lease payments 60,000 60,000 120,000
Other expenses 6,068 9,947 17,784
------------ ------------ ----------------
144,200 148,079 302,248
============ ============ ================
8 Employee benefit expenses
6 months to 6 months to 12 months to
30 June 2014 30 June 2013 31 December
2013
Unaudited Unaudited Audited
GBP GBP GBP
Employee benefit expenses
-Directors' fees 28,630 28,630 57,261
-Staff costs 29,551 29,551 59,101
-------------- -------------- -------------
58,181 58,181 116,362
============== ============== =============
9 EARNING PER SHARE
The calculation of the basic earning per share is based on the
profits attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
The calculation of diluted earning per share is based on the
basic earning per share, adjusted to allow for the issue of shares
and the post tax effect of dividends and/or interest, on the
assumed conversion of all dilutive options and other dilutive
potential ordinary shares.
Reconciliation of the earning and weighted average number of
share used in the calculations are set out below.
6 months to 6 months to 12 months
30 June 2014 30 to 31 December
June 2013 2013
Unaudited Unaudited Audited
Net loss attributable to equity GBP(144,200) GBP(148,079) GBP(302,248)
holder of the company
============== ============== ================
Weighted average number of ordinary
share 28,640,659 28,640,659 28,640,659
============== ============== ================
Basic loss per share # # GBP(0.01)
============== ============== ================
# denotes a figure which is less than GBP0.01
There are not potentially dilutive shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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