TIDMNWIG
RNS Number : 2210S
Northwest Investment Group Ltd
29 September 2017
29 Sepember 2017
NORTHWEST INVESTMENT GROUP Ltd.
1500784
INCORPORATED IN THE BRITISH VIRGIN ISLANDS
UNAUDITED INTERIM FINANCIAL STATEMENT
FOR THE 6 MONTHSED 30 JUNE 2017
Northwest Investment Group Ltd. ("NWIG" or the "Company) today
announces its un-audited Interim Results for the period from Jan.
1, 2017 to June 30, 2017.
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 / Ruby Qu +44-(0)20-70602220
CHAIRMAN'S STATEMENT
On 9 June 2010, Northwest Investment Group Ltd. ("NWIG" or "the
Company") raised GBP3 million from investors and was successfully
admitted to trading on the AIM market of the London Stock
Exchange.
During the first half of 2017, we remained in contact with two
potential projects relating to a possible investment and the Board
of Directors continues its endeavours to identify suitable
high-quality assets to be injected into NWIG.
The Board reports that it continues to manage cash prudently
with shareholder's funds. Operating and Administrative expenses
total GBP281,655 for the period, and a net cash at bank position of
GBP558,551 as at 30 June 2017.
At the Company's annual general meeting held on 25 July 2017,
shareholders approved the Company's Investing Policy in preference
to a potential liquidation.
STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months 6 months 12 months
to to to 31
30 June 30 June 2016 December
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Revenue - - -
Cost of sales - - -
----------- -------------- -----------
Gross profit - - -
Administrative
expenses 7 (281,655) (150,842) (309,345)
Listing costs
----------- -------------- -----------
Operating loss (281,655) (150,842) (309,345)
Interest income
Finance costs
-----------
Loss before
tax (281,655) (150,842) (309,345)
Income tax - - -
expense
----------- -------------- -----------
Profit/(Loss)
the period (281,655) (150,842) (309,345)
----------- -------------- -----------
Total comprehensive
Income for
the period (281,655) (150,842) (309,345)
=========== ============== ===========
Attributable
to:
Shareholder
of the
Company (281,655) (150,842) (309,345)
=========== ============== ===========
Loss per share 9 # # #
Basic and diluted
loss per share
#denotes a figure which is less than GBP0.01
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Non-current assets
Property, plant - - -
and equipment
Investments in - - -
subsidiaries
------------ ------------ -------------------
- - -
------------ ------------ -------------------
Current assets
Trade and other
receivables
Cash and cash
equivalents 3 558,551 1,034,355 906,937
------------ ------------ -------------------
558,551 1,034,355 906,937
------------ ------------ -------------------
Total assets 558,551 1,034,355 906,937
============ ============ ===================
Equity and Liabilities
Current liabilities
Trade and other
payables 4 48,524 84,170 115,255
48,524 84,170 115,255
------------ -------------------
Equity
Share capital 5 670,000 670,000 670,000
Share premium 5 2,422,192 2,422,192 2,422,192
Retained earnings (2,582,166) (2,142,007) (2,300,511)
------------ ------------ -------------------
Total equity 510,026 950,185 791,681
Total liability
and equity 558,551 1,034,355 906,937
============ ============ ===================
STATEMENT OF CHANGES IN EQUITY
Share Share Retained Total
premium capital earnings
GBP GBP GBP GBP
Balance as at 1
Jan 2017 2,422,192 670,000 (2,300,511) 791,681
========== ========= ============ ===========
Loss for the period - - (281,655) (281,655)
Total recognised
income and
expense for the
period - - (281,655) (281,655)
Issue of shares - - - -
Balance at 30 June
2017 2,422,192 670,000 (2,582,166) 510,026
========== ========= ============ ===========
Share Share Retained Total
premium capital earnings
GBP GBP GBP GBP
Balance as at 1
Jan 2016 2,422,192 670,000 (1,991,166) 1,101,026
========== ========= ============ ===========
Loss for the period - - (150,842) (150,842)
Total recognised
income and
expense for the
period - - (150,842) (150,842)
Issue of shares - - - -
Balance at 30 June
2016 2,422,192 670,000 (2,142,007) 950,185
========== ========= ============ ===========
Share Share Retained Total
premium capital earnings
GBP GBP GBP GBP
Balance as at 1
Jan 2016 2,422,192 670,000 (1,991,166) 1,101,026
========== ========= ============ ===========
Loss for the period - - (309,345) (309,345)
Total recognised
income and
expense for the
period (309,345) (309,345)
Issue of shares -
Placing costs - -
---------- --------- ------------ -----------
Balance at 31 December
2016 2,422,192 670,000 (2,300,511) 791,681
========== ========= ============ ===========
CASH FLOW STATEMENT
Notes 6 months 6 months 12 months
to to to 31
30 June 30 June December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Net cash generated from/(used)
in operating activities 6 (348,386) (234,026) (361,445)
----------- ----------- -----------
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 (348,386) (234,026) (361,445)
Cash and cash equivalents
at beginning of period 3 906,937 1,268,381 1,268,381
----------- ----------- -----------
Cash and cash equivalents
at end of period 3 558,551 1,034,355 906,937
=========== =========== ===========
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 2017. 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 2016.
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 2016 and
those to be used for the year ending 31 December 2017.
The unaudited interim financial statement for the six months
period ended 30 June 2017 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 2016, 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 2016.
These interim financial statements have been approved for issue
by the Board of Directors on September 28, 2017.
3 CASH AND CASH EQUIVALENTS
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash at bank 558,551 1,034,355 906,937
Cash in hand - - -
---------- ---------- ------------
558,551 1,034,355 906,937
========== ========== ============
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 30 June 31 December
2017 2016 2016
GBP GBP GBP
Trade payable - -
Directors' fees 22,391 18,391 24,496
Staffs' wages
and salaries 4,925 4,925 9,850
Accrued and deferred
income 21,208 60,854 80,909
---------- ---------- ------------
48,524 84,170 115,255
========== ========== ============
The directors consider that the carrying amount of trade
payables approximates to their fair value.
5 SHARE CAPITAL
30 June 2017 30 June 2016 31 December
2016
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 to 30 June to 31 December
June 2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Loss from operations (281,655) (150,842) (309,345)
Adjustments for:
Depreciation of property, - - -
plant and equipment
----------- ------------ ----------------
Operating cash flows before
movements in working capital (281,655) (150,842) (309,345)
(Increase)/Decease in
trade and other receivables
Increase/(Decrease) in
trade and other payables (66,731) (83,184) (52,100)
----------- ------------ ----------------
Net cash generated from
operations (348,386) (234,026) (361,445)
Income taxes paid - - -
Interest paid - - -
----------- ------------ ----------------
Net cash from operating
activities (348,386) (234,026) (361,445)
=========== ============ ================
7 Expenses by nature
6 months 6 months 12 months
to 30 to 30 to 31 December
June 2017 June 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Employee benefit
expenses(note 8) 56,181 56,467 112,647
Legal and professional 19,951 28,151 64,302
Operating lease
payments 200,000 60,000 120,000
Other expenses 5,523 6,224 12,396
----------- ----------- ----------------
281,655 150,842 309,345
=========== =========== ================
8 Employee benefit expenses
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Employee benefit
expenses
-Directors' fees 26,630 26,916 53,545
-Staff costs 29,551 29,551 59,102
------------ ------------ ----------------
56,181 56,467 112,647
============ ============ ================
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 6 months 12 months
to 30 June to 30 June to 31 December
2017 2016 2016
Unaudited Unaudited Audited
Net loss attributable GBP(281,655) GBP(150,842) GBP(309,345)
to equity holder of the
company
============== ============== ================
Weighted average number
of ordinary share 134,000,000 134,000,000 134,000,000
============== ============== ================
Basic loss per share # # #
============== ============== ================
# 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
IR GIGDCBGDBGRC
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