28 Sep 2012 11:08
NORTHWEST INVESTMENT GROUP Ltd.
1500784
INCORPORATED IN THE BRITISH VIRGIN ISLANDS
UNAUDITED INTERIM FINANCIAL STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2012
Northwest Investment Group Ltd. ("NWIG" or the "Company) today announces its un-audited Interim Results for the period from Jan. 1, 2012 to June 30, 2012.
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 John Depasquale/Wei Wang | +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 listed on the AIM market of the London Stock Exchange. We are continuing to seek out investment opportunities in the hydropower energy market in Western China in line with our investment policy. However, due to the current uncertainties in the financial market, we are being even more prudent in our investment objectives.
Li Kaifeng
Chairman
For and on behalf of the Board of
Northwest Investment Group Ltd.
STATEMENT OF COMPREHENSIVE INCOME
| Notes | 6 months to 30 June 2012 | 6 months to 30 June 2011 | 12 months to 31 December 2011 |
|
| Unaudited | Unaudited | Audited |
|
| £ | £ | £ |
|
|
|
|
|
|
|
|
|
|
Revenue |
| - | - | - |
|
|
|
|
|
Cost of sales |
| - | - | - |
|
|
|
|
|
Gross profit |
| - | - | - |
|
|
|
|
|
Administrative expenses | 7 | (174,697) | (216,692) | (438,855) |
Listing costs |
|
|
|
|
Operating loss |
| (174,697) | (216,692) | (438,855) |
Interest income |
| 120 | 136 | 232 |
Finance costs |
|
| - |
|
|
|
|
|
|
Loss before tax |
| (174,577) | (216,556) | (438,623) |
|
|
|
|
|
Income tax expense |
| - | - | - |
|
|
|
|
|
Profit/(Loss) the period |
| (174,577) | (216,556) | (438,623) |
|
|
|
|
|
Total comprehensive Income for the period |
|
(174,577) |
(216,556) |
(438,623) |
Attributable to: Shareholder of the Company |
|
(174,577) |
(216,556) |
(438,623) |
|
|
|
|
|
|
|
|
|
|
Loss per share Basic and diluted loss per share |
10 |
# |
# |
(0.02) |
#denotes a figure which is less than £0.01
STATEMENT OF FINANCIAL POSITION
|
| Unaudited | Unaudited | Audited |
| Notes | 30 June 2012 | 30 June 2011 | 31 December 2011 |
|
| £ | £ | £ |
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
| - | - | - |
Investments in subsidiaries |
| - | - | - |
|
| - | - | - |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables | 4 |
| 900,000 | 1,338 |
Cash and cash equivalents | 3 | 2,285,304 | 1,769,311 | 2,381,395 |
|
| 2,285,304 | 2,669,311 | 2,382,733 |
|
|
|
|
|
Total assets |
| 2,285,304 | 2,669,311 | 2,382,733 |
|
|
|
|
|
Equity and Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables | 5 | 124,449 | 111,813 | 47,301 |
|
| 124,449 | 111,813 | 47,301 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital | 6 | 670,000 | 670,000 | 670,000 |
Share premium | 6 | 2,422,192 | 2,422,192 | 2,422,192 |
Retained earnings |
| (931,338) | (534,694) | (756,760) |
|
| 2,160,854 | 2,557,498 | 2,335,432 |
|
|
| ||
Total liability and equity |
| 2,285,304 | 2,669,311 | 2,382,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN EQUITY
|
| Share premium |
| Share capital |
| Retained earnings |
|
Total |
|
| £ |
| £ |
| £ |
| £ |
Balance as at 1 Jan 2012 |
| 2,422,192 |
| 670,000 |
| (756,760) |
| 2,335,432 |
|
|
|
|
|
|
|
|
|
Loss for the period |
| - |
| - |
| (174,577) |
| (174,577) |
|
|
|
|
|
|
|
|
|
Total recognised income and expense for the period |
|
- |
|
- |
|
(174,577) |
|
(174,577) |
|
|
|
|
|
|
|
|
|
Issue of shares |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2012 |
| 2,422,192 |
| 670,000 |
| (931,338) |
| 2,160,854 |
|
|
|
|
|
|
|
|
|
|
| Share premium |
| Share capital |
| Retained earnings |
|
Total |
|
| £ |
| £ |
| £ |
| £ |
Balance as at 1 Jan 2011 |
| 2,422,192 |
| 670,000 |
| (318,138) |
| (2,774,054) |
|
|
|
|
|
|
|
|
|
Loss for the period |
| - |
| - |
| (216,556) |
| (216,556) |
|
|
|
|
|
|
|
|
|
Total recognised income and expense for the period |
|
- |
|
- |
|
(216,556) |
|
(216,556) |
|
|
|
|
|
|
|
|
|
Issue of shares |
|
|
|
|
| - |
|
|
Placing costs |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2011 |
| 2,422,192 |
| 670,000 |
| (534,694) |
| 2,557,498 |
|
|
|
|
|
|
|
|
|
|
| Share premium |
| Share capital |
| Retained earnings |
|
Total |
|
| £ |
| £ |
| £ |
| £ |
Balance as at 1 Jan 2011 |
| 2,422,192 |
| 670,000 |
| (29,086) |
| (2,774,054) |
|
|
|
|
|
|
|
|
|
Loss for the period |
| - |
| - |
| (438,623) |
| (438,623) |
|
|
|
|
|
|
|
|
|
Total recognised income and expense for the period |
|
2,422,192 |
|
670,000 |
|
(318,138) |
|
2,335,431 |
|
|
|
|
|
|
|
|
|
Issue of shares |
|
|
|
|
| - |
|
|
Placing costs |
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2011 |
| 2,422,192 |
| 670,000 |
| (318,138) |
| 2,335,431 |
|
|
|
|
|
|
|
|
|
CASH FLOW STATEMENT
| Notes | 6 months to 30 June 2012 | 6 months to 30 June 2011 | 12 months to 31 December 2011 |
|
| Unaudited | Unaudited | Audited |
|
| £ | £ | £ |
|
|
|
|
|
Net cash generated from/(used) in operating activities |
7 |
(96,211) |
(1,054,485) |
(442,497) |
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
Interest received |
| 120 | 136 | 232 |
Purchase of property, plant and equipment |
| - | - | - |
Net cash used in investing activities |
|
120 |
136 |
232 |
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
Repayment of loan to director |
| - | - |
|
Proceeds on issue of shares |
|
| 40,000 | 40,000 |
Placing cost |
|
| - |
|
|
|
|
|
|
Net cash from financing activities |
|
| 40,000 | 40,000 |
|
|
|
|
|
Net increase in cash and cash equivalents |
|
(96,091) |
(1,014,349) |
(402,265) |
Cash and cash equivalents at beginning of period |
3 |
2,381,395 |
2,783,660 |
2,783,660 |
Cash and cash equivalents at end of period |
3 |
2,285,304 |
1,769,311 |
2,381,395 |
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 2012. 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 2011.
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 2011 and those to be used for the year ending 31 December 2012.
The unaudited interim financial statement for the six months period ended 30 June 2012 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 2011, 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 2011.
These interim financial statements have been approved for issue by the Board of Directors on September 28, 2012.
3 CASH AND CASH EQUIVALENTS
|
|
| Unaudited |
| Unaudited |
| Audited |
|
|
| 30 June 2012 |
| 30 June 2011 |
| 31 December 2011 |
|
|
| £ |
| £ |
| £ |
|
|
|
|
|
|
|
|
Cash at bank |
|
| 2,285,304 |
| 1,769,311 |
| 2,381,395 |
Cash in hand |
|
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
| 2,285,304 |
| 1,769,311 |
| 2,381,395 |
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 RECEIVABLES
|
|
| Unaudited |
| Unaudited |
| Audited |
|
|
| 30 June 2012 |
| 30 June 2011 |
| 31 December 2011 |
|
|
| £ |
| £ |
| £ |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
|
| 900,000 |
| 1,338 |
|
|
|
|
|
|
|
|
|
|
|
|
| 900,000 |
| 1,338 |
5 TRADE AND OTHER PAYABLES
|
|
| Unaudited |
| Unaudited |
| Audited |
|
|
| 30 June 2012 |
| 30 June 2011 |
| 31 December 2011 |
|
|
| £ |
| £ |
| £ |
|
|
|
|
|
|
|
|
Trade payable |
|
| - |
| - |
|
|
Directors' fees |
|
| 29,526 |
| 32,763 |
| 22,500 |
Staffs' wages and salaries |
|
| 4,925 |
| 4,925 |
| - |
Accrued and deferred income |
|
| 89,998 |
| 74,125 |
| 24,801 |
|
|
|
|
|
|
|
|
|
|
| 124,449 |
| 111,813 |
| 47,301 |
The directors consider that the carrying amount of trade payables approximates to their fair value.
6 SHARE CAPITAL
| 30 June 2012 | 30 June 2011 | 31 December 2011 | |||
| 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.
7 NOTES TO THE CASH FLOW STATEMENT
| 6 months to 30 June 2012 | 6 months to 30 June 2011 | 12 months to 31 December 2011 |
| Unaudited | Unaudited | Audited |
| £ | £ | £ |
|
|
|
|
Loss from operations | (174,697) | (216,692) | (438,855) |
Adjustments for: |
|
|
|
Depreciation of property, plant and equipment | - | - | - |
Operating cash flows before movements in working capital |
(174,697) |
(216,692) |
(438,855) |
|
|
|
|
(Increase)/Decease in trade and other receivables | 1,338 | (898,742) | 12,383 |
Increase/(Decrease) in trade and other payables | 77,148 | 60,949 | (16,025) |
|
|
|
|
Net cash generated from operations | (96,211) | (1,054,485) | (442,497) |
|
|
|
|
Income taxes paid | - | - | - |
Interest paid | - | - | - |
|
|
|
|
Net cash from operating activities | (96,211) | (1,054,485) | (442,497) |
8 Expenses by nature
|
|
| 6 months to 30 June 2012 |
| 6 months to 30 June 2011 |
| 12 months to 31 December 2011 |
|
|
| Unaudited |
| Unaudited |
| Audited |
|
|
| £ |
| £ |
| £ |
Employee benefit expenses(note 9) |
|
| 78,653 |
| 118,474 |
| 225,677 |
Legal and professional |
|
| 28,814 |
| 30,308 |
| 70,708 |
Audit fee |
|
| - |
| - |
| 8,500 |
Operating lease payments |
|
| 60,000 |
| 60,000 |
| 120,000 |
Other expenses |
|
| 7,230 |
| 7,910 |
| 13,970 |
|
|
|
|
|
|
|
|
|
|
| 174,697 |
| 216,692 |
| 438,855 |
9 Employee benefit expenses
|
|
| 6 months to 30 June 2012 |
| 6 months to 30 June 2011 |
| 12 months to 31 December 2011 |
|
|
| Unaudited |
| Unaudited |
| Audited |
|
|
| £ |
| £ |
| £ |
Employee benefit expenses |
|
|
|
|
|
|
|
-Directors' fees |
|
| 49,103 |
| 83,550 |
| 168,151 |
-Staff costs |
|
| 29,550 |
| 34,924 |
| 57,526 |
|
|
|
|
|
|
|
|
|
|
| 78,653 |
| 118,474 |
| 225,677 |
10 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 2012 | 6 months to 30 June 2011 | 12 months to 31 December 2011 |
| Unaudited | Unaudited | Audited |
|
|
|
|
Net loss attributable to equity holder of the company |
£(174,577) |
£(216,556) |
£(438,623) |
Weighted average number of ordinary share |
28,640,659 |
28,640,659 |
28,640,659 |
Basic loss per share |
# |
# |
£(0.02) |
# denotes a figure which is less than £0.01
There are not potentially dilutive shares in issue.