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Half Yearly Report

Released 14:08 29-Sep-2015

RNS Number : 5783A
Northwest Investment Group Ltd
29 September 2015
 

  29 September 2015


 

NORTHWEST INVESTMENT GROUP Ltd.

 

1500784

 

INCORPORATED IN THE BRITISH VIRGIN ISLANDS

 

 

UNAUDITED INTERIM FINANCIAL STATEMENT

FOR THE 6 MONTHS END 30 JUNE 2015

 

 

 

 

 

Northwest Investment Group Ltd. ("NWIG" or the "Company) today announces its un-audited Interim Results for the period from Jan. 1, 2015 to June 30, 2015.

 

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 9 June 2010, Northwest Investment Group Ltd. ("NWIG" or "the Company") raised £3 million from investors and was successfully admitted to trading on the AIM market of the London Stock Exchange.

 

During the first half of 2015, we closely examined more than three projects for possible investment and as part of this, in early 2015, we started a due diligence exercise on one particular energy project. However negotiations over this project were suspended due to communication issues encountered in the preparation of documentation. At the same time, there was a strong performance in the Chinese stock market in the first half of 2015, which weakened the motivation of two hydropower companies which had been exploring the possibility of raising money on the London Stock Exchange through a combination with the Company. Despite these continued setbacks, the board continues its endeavours to select and search for high-quality assets to be injected into NWIG.

 

At the Company's annual general meeting held on 20 July 2015, 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.

 

 

 

29 September 2015

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

 

 

Notes

6 months to

30 June 2015

6 months to

30 June 2014

12 months to 31

December 2014

 

 

Unaudited

Unaudited

Audited

 

 

£

£

£

 

 

 

 

 

 

 

 

 

 

Revenue

 

-

-

-

 

 

 

 

 

Cost of sales

 

-

-

-

 

 

 

 

 

Gross profit

 

-

-

-

 

 

 

 

 

Administrative expenses

7

(144,720)

(144,200)

(307,014)

Listing costs

 

 

 

 

Operating loss

 

(144,720)

(144,200)

(307,014)

Interest income

 

 

 

 

Finance costs

 

 


 

 

 

 

 

 

Loss before tax

 

(144,720)

(144,200)

(307,014)

 

 

 

 

 

Income tax expense

 

-

-

-

 

 

 

 

 

Profit/(Loss) the period

 

(144,720)

(144,200)

(307,014)

 

 

 

 

 

Total comprehensive

Income for the period

 

 

(144,720)

 

(144,200)

 

(307,014)

Attributable to:

Shareholder of the

Company

 

 

(144,720)

 

(144,200)

 

(307,014)

 

 

 

 

 

 

 

 

 

 

Loss per share

Basic and diluted loss per share

 

9

 

#

 

#

 

(0.01)

 

 

 

#denotes a figure which is less than £0.01

 

 

 

 

STATEMENT OF FINANCIAL POSITION

 

 

 

Unaudited

Unaudited

Audited

 

Notes

30 June 2015

30 June 2014

31 December 2014

 

 

£

£

£

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

-

-

-

Investments in subsidiaries

 

-

-

-

 

 

-

-

-

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

 

 

 

 

Cash and cash equivalents

3

1,345,502

1,643,753

   1,564,624

 

 

1,345,502

1,643,753

   1,564,624

 

 

 

 

 

Total assets

 

1,345,502

1,643,753

   1,564,624

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

4

99,702

90,418

           174,103

 

 

99,702

90,418

            174,103

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

Share capital

5

670,000

670,000

670,000

Share premium

5

2,422,192

2,422,192

2,422,192

Retained earnings

 

(1,846,392)

(1,538,857)

(1,701,671)

Total equity

 

1,245,800

1,553,335

1,390,521

 

 



 

Total liability and equity

 

1,345,502

1,643,753

1,564,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF CHANGES IN EQUITY

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

Balance as at 1 Jan 2015

 

2,422,192

 

670,000

 

(1,701,671)

 

1,390,521

 

 

 

 

 

 

 

 

 

Loss for the period

 

-

 

-

 

  (144,720)

 

(144,720)

 

 

 

 

 

 

 

 

 

Total recognised income and

expense for the period

 

 

-

 

 

-

 

 

(144,720)

 

 

(144,720)

 

 

 

 

 

 

 

 

 

Issue of shares

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2015

 

2,422,192

 

670,000

 

(1,846,392)

 

1,245,800

 

 

 

 

 

 

 

 

 

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

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

 

-

 

-

 

-

 

-

Placing costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2014

 

2,422,192

 

670,000

 

(1,538,857)

 

1,553,335

 

 

 

 

 

 

 

 

 

 

 

 

Share premium

 

Share capital

 

Retained earnings

 

 

Total

 

 

£

 

£

 

£

 

£

Balance as at 1 Jan 2014

 

2,422,192

 

670,000

 

(1,394,657)

 

1,697,535

 

 

 

 

 

 

 

 

 

Loss for the period

 

-

 

-

 

(307,014)

 

(307,014)

 

 

 

 

 

 

 

 

 

Total recognised income and

expense for the period

 

 

 

 

 

 

(307,014)

 

 

(307,014)

 

 

 

 

 

 

 

 

 

Issue of shares

 

 

 

 

 

-

 

 

Placing costs

 

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2014

 

2,422,192

 

670,000

 

(1,701,671)

 

1,390,521

 

 

 

 

 

 

 

 

 

 


 

CASH FLOW STATEMENT

 

 

Notes

6 months to

30 June 2015

6 months to

30 June 2014

12 months to 31

December 2014

 

 

Unaudited

Unaudited

Audited

 

 

£

£

£

 

 

 

 

 

 

Net cash generated from/(used) in operating activities

 

6

 

(219,121)

 

 

(243,934)

 

(323,063)

 

 

 

 

 

 

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

 

 

(219,121)

 

(243,934)

 

(323,063)

 

Cash and cash equivalents at beginning of period

 

3

1,564,624

 

1,887,687

 

1,887,687

 

Cash and cash equivalents at end of period

 

3

 

1,345,502

 

1,643,753

 

1,564,624

 

 

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 2015. 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 2014.

 

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 2014 and those to be used for the year ending 31 December 2015.

 

The unaudited interim financial statement for the six months period ended 30 June 2015 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 2014, 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 2014.

 

These interim financial statements have been approved for issue by the Board of Directors on September [29], 2015.

 

 

3     CASH AND CASH EQUIVALENTS

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June 2015

 

30 June 2014

 

31 December 2014

 

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

Cash at bank

 

 

1,345,502

 

1,643,753

 

1,564,624

Cash in hand

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

1,345,502

 

1,643,753

 

1,564,624

 

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 2015

 

30 June 2014

 

31 December 2014

 

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

Trade payable

 

 

-

 

-

 

 

Directors' fees

 

 

16,210

 

12,000

 

12,210

Staffs' wages and salaries

 

 

9,850

 

9,030

 

9,850

Accrued and deferred income

 

 

73,642

 

69,388

 

152,043

 

 

 

 

 

 

 


 

 

 

99,702

 

90,418

 

174,103

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

 

 

5    SHARE CAPITAL

 

 

30 June 2015

30 June 2014

31 December 2014

 

Share

Capital

Share

Premium

Share

Capital

Share

Premium

Share

Capital

Share

Premium

 

£

£

£

£

£

£

Authorised:

 

 

 

 

 

 

1,000,000,000 Ordinary shares of  £0.05 each

50,000,000

-

50,000,000

-

50,000,000

-

 

 

 

 

 

 

 

Issued and fully paid:

 

 

 

 

 

 

500,000 Ordinary shares of £0.05 each

 

25,000

 

2,195

 

25,000

 

2,195

 

25,000

2,195

800,000 Ordinary shares of £0.05 each

 

40,000

160,000

40,000

160,000

40,000

160,000

12,000,000 Ordinary shares of £0.05 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 £0.05 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 £0.05 per share (2009: £0.05 per share). All issued shares are fully paid.

 

On 16 March 2010, by written resolution, the company allotted additional 800,000 ordinary shares of £0.05 each with an aggregate nominal value of £40,000 for a total consideration of £200,000 fully paid.

 

          On 3 June 2010, by written resolution, the company allotted an additional 12,000,000 ordinary shares of £0.05 each with an aggregate nominal value of £600,000 for a total consideration of £3,000,000 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 £0.05 each with aggregate nominal value of £5,000 for a total consideration of £40,000, fully paid in January 2011.

     

 

On 8 June 2011, the Company authorize the sub-division of each of the ordinary shares of £0.05 each into 10 new ordinary shares of £0.005 each.

 

 

6     NOTES TO THE CASH FLOW STATEMENT

 

 

6 months to 30 June 2015

6 months to 30 June 2014

12 months to 31 December 2014

 

Unaudited

Unaudited

Audited

 

£

£

£

 

 

 

 

Loss from operations

(144,720)

(144,200)

(307,014)

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

-

-

-

 

Operating cash flows before movements in working capital

 

(144,720)

 

(144,200)

 

(307,014)

 

 

 

 

(Increase)/Decease in trade and other receivables

 

 

 

Increase/(Decrease) in trade and other payables

(74,401)

(99,734)

(16,049)

 

 

 

 

Net cash generated from operations

(219,121)

(243,934)

(323,063)

 

 

 

 

Income taxes paid

-

-

-

Interest paid

-

-

-

 

 

 

 

Net cash from operating activities

(219,121)

(243,934)

(323,063)

 

 

7    Expenses by nature

 

 

 

 

6 months to 30 June 2015

 

6 months to 30  June 2014

 

12 months to 31 December 2014

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

£

 

£

 

£

Employee benefit expenses(note 8)

 

 

58,181

 

58,181

 

116,362

Legal and professional

 

 

19,951

 

19,951

 

58,100

Audit fee

 

 

-

 

-

 

 

Operating lease payments

 

 

60,000

 

60,000

 

120,000

Other expenses

 

 

6,588

 

6,068

 

12,552

 

 

 

 

 

 

 

 

 

 

 

144,720

 

144,200

 

307,014

 

 

8      Employee benefit expenses

 

 

 

 

6 months to 30 June 2015

 

6 months to 30 June 2014

 

12 months to 31 December 2014

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

£

 

£

 

£

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 30 June 2015

6 months to 30

 June 2014

12 months to 31 December 2014

 

Unaudited

Unaudited

Audited

 

 

 

 

Net loss attributable to equity holder of the company

 

£(144,720)

 

£(144,200)

 

£(307,014)

 

Weighted average number of ordinary share

 

28,640,659

 

28,640,659

 

28,640,659

 

Basic loss per share

 

#

 

#

 

£(0.01)

 

# denotes a figure which is less than £0.01

 

There are not potentially dilutive shares in issue.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half Yearly Report - RNS