RNS Number : 1366E
China Western Investments PLC
24 September 2008
24 September 2008
CHINA WESTERN INVESTMENTS PLC
Interim Accounts for the six months ended 30 June 2008
China Western Investments Plc announces its interim results for the period ended 30 June 2008 which show a loss of �482,000 compared
with a loss of �679,000 for the same period in 2007.
The Chairman's Statement and accounts are set out below. The financial statements are being sent to shareholders today and are also
available on the Company's website - www.chwi.co.uk
Enquiries:
Company Secretary - Harry Jeffs - 01539 723233
Shore Capital & Corporate Ltd - Pascal Keane - 020 7408 4090
CHINA WESTERN INVESTMENTS PLC
Interim Accounts for the six months ended 30 June 2008
The report for the period to 30 June 2008 has been prepared under International Financial Reporting Standards (IFRS). Where necessary
the comparatives have been reclassified or extended from the previous statements to take into account presentational changes. The principle
changes were noted in the Annual Financial Statements at 31 December 2007. The change in year end to 31 December necessitates a change to
the date on which the interim accounts are drawn up.
The group has incurred losses of �0.482 m which is slightly better than the period ended 30th June 2007 (�0.679m). Trading results
before interest were close to break even. Expenses will continue to exceed income due to the interest expense until the Lanzou property is
developed.
The Group continues to seek investors to enable this development to be funded and efforts are ongoing in this regard. Meanwhile,
shareholders continue to maintain loan funds to the Group to support the working capital and interest continues to accumulate of these
loans.
Michael A Shields
Chairman
24 September 2008
CONSOLIDATED INCOME STATEMENT
30 June 2008
Notes Period ended Period ended Period ended
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�'000
�'000
�'000
Revenue
Continuing operations 454 331 540
454 331 540
Cost of sales
Continuing operations (152) (194) (150)
Gross profit
Continuing operations 302 137 390
302 137 390
Administrative expenses
Continuing operations (312) (222) (117)
(312) (222) (117)
Finance income
Continuing operations (454) (572) (1,164)
Loss / profit before taxation
Continuing operations (464) (657) (891)
(464) (657) (891)
Income tax expense (18) (22) (30)
(Loss) profit from continuing (482) (679) (921)
operations
Attributable to parent (482) (679) (921)
company's equity shareholders
Attributable to minority - - -
interests
(Loss) for the financial (482) (679) (921)
period
Earnings per share (pence) 3
Total activities (0.07) (0.10) (0.13)
Statement of recognised Income and expense
for the period ended 30th June 2008
Notes Period ended Period ended Period ended
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�'000
�'000 �'000
Loss for the financial period (482) (679) (921)
Exchange differences on
translating foreign operations 1,135 559 1,080
Valuation gain on investment - 1,177 -
properties
Deferred tax charge on - (353) -
valuation gain
Change in accounting policy to - 1,584 -
comply with IAS 38
Change in accounting policy to (5,247) -
comply with IAS 12
Total recognised income and 653 (2,959) 159
expense in the period
CONSOLIDATED BALANCE SHEET
30 June 2008
Notes 30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�'000 �'000 �'000
ASSETS
Non-Current Assets
Investment properties 32,473 29,140 30,698
Property, plant and equipment 789 635 760
33,262 29,775 31,458
Current assets
Trade and other receivables 259 157 223
Property under construction 18,908 18,747 18,825
Inventories 24 19 20
Cash and cash equivalents 34 68 20
19,225 18,991 19,088
TOTAL ASSETS 52,487 48,766 50,546
Equity attributable to
shareholders of the parent
Share capital 7,283 7,283 7,283
Share premium 32,919 32,919 32,919
Other reserves 19,442 19,442 19,442
Retained earnings (29,536) (30,820) (30,189)
Minority interest 212 212 212
Total equity 4 30,320 29,036 29,667
Non Current liabilities
Financial liabilities 270 270 270
Long term borrowings 49 35 24
Deferred tax liability 5,600 5,600 5,600
Total non current liabilities 5,919 5,905 5,894
Current liabilities
Trade and other payables 4,138 3,244 3,794
Short term borrowings 11,948 10,407 11,029
Current tax payable 162 174 162
Total current liabilities 16,248 13,825 14,985
Total liabilities 22,167 19,730 20,879
TOTAL EQUITY and LIABILITIES 52,487 48,766 50,546
CONSOLIDATED CASH FLOW STATEMENT
for the period ended 30 June 2008
Notes Period ended Period ended Year ended
30 June 30 June 31 December
2008 2007
(Unaudited) (Unaudited) 2007
(Audited)
�'000 �'000
�'000
Cash flows from operating
activities
Net loss before tax (464) (657) (891)
Adjustments for
Depreciation 45 25 52
Exchange gain / (loss) (5) (228) (516)
Increase in Inventories (2) (18) (76)
Increase in trade and other (22) (42) (3)
receivables
Increase in trade and other 162 243 454
payables
Cash generated from operations (286) (677) (980)
Income taxes paid (23) (20) (31)
Net cash from operating (309) (697) (1,011)
activities
Cash flows from investing
activities
Purchase of property, plant (29) (231) (159)
and equipment
Proceeds from sale of
property, plant and equipment - - -
Net cash used in investing (29) (231) (159)
activities
Cash flows from financing
activities
Increase in borrowings 377 920 1,071
(Decrease) / increase of (25) - 72
finance lease liabilities
Net cash used in financing 352 920 1,143
activities
Net increase/decrease in cash 14 (8) (27)
Cash and cash equivalents at
beginning of period 20 76 47
Cash and cash equivalents at
end of period 34 68 20
1 BASIS OF PREPARATION
This interim report, which is unaudited, was approved by the directors on 23rd September 2008 and has been prepared on a going concern
basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS) as adopted by
the European Union. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The accounting policies and the presentation of the Interim Financial Statements are consistent with those used in
the 2007 Financial Statements. Where necessary, the comparatives have been reclassified or extended from the previously reported Interim
Financial Statements to take into account any presentational changes made in the Annual Financial Statements or in these Interim Financial
Statements as a result of the change in annual reporting date.
The principle change in the basis of accounting has been the removal of the negative Goodwill, previously carried on the consolidated
balance sheet. IAS 38 does not permit negative goodwill and states that this should be credited to the income statement on transition to
IFRS. The prior year profit and loss account has therefore been restated, with a credit of �1,584,000 at 1 April 2006, the date of
transition to IFRS.
The prior year profit and loss account has also been restated for the �5.247m deferred tax charge on the difference between cost and
carrying value of the investment properties including property under construction. The consequent decrease in the opening shareholders'
equity as at 1 April 2006 is shown in note 4. The statutory accounts for the period ended 31 December 2007 upon which the auditors issued an
unqualified report have been filed with the Registrar of Companies.
GOING CONCERN
United Kingdom law requires the Company's directors to consider whether it is appropriate to prepare financial statements on the
basis that the Group is a going concern. In considering this matter the directors have reviewed the Groups' budget and its plan for 2008 and
2009. This involved consideration of the cash flow implications of the budget and the plan. The directors see no reason why the Group and
Company should not continue in operational existence for the foreseeable future, given the subordinated loan and shareholder loans secured.
For this reason they have adopted the going concern basis in preparing the Group's financial statements.
2 TAXATION
Taxation for the period ended 30 June 2008 is based on the effective rate of tax which is estimated to apply to the year ended 31
December 2008.
3 EARNINGS PER SHARE
The calculation of total earnings per ordinary share is based on the loss after taxation of �0.482m (31 December 2007: �0.921m) and on
the weighted average number of ordinary shares in issue during the period of 728,375,495 (31 December 2007: 728,375,495).
The calculation of earnings per ordinary share on continuing activities, is based on the restated loss after taxation of �0.921m for the
period ended 31 December 2007 (30 June 2007: �0.679m) and on the weighted average number of ordinary shares in issue during the period of
728,375,495 (30 June 2007: 728,375,495).
All activities in the period to 30 June 2008 were classed as continuing.
As the Company has made a loss for the period ended 30 June 2008 no option is potentially
dilutive and hence both the basic and diluted loss per share are the same.
4 STATEMENT OF CHANGES 30 June 30 June 31 December
IN EQUITY 2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�'000
�'000
�'000
Share capital
Opening balance 7,283 7,283 7,283
Closing balance 7,283 7,283 7,283
Share premium: 32,919 32,919 32,919
Revaluation reserve 18,262 18,262 18,262
Investment
revaluation reserve
Opening balance 1,177 - 1,177
Valuation gain on - 1,177 -
investment
properties
Net income - 1,177 1,177
recognised directly
in equity
Closing balance 1,177 1,177 1,177
Merger reserve 3 3 3
Retained earnings
Opening balance (30,189) (26,684) (30,348)
Changes in - 1,584 -
accounting policy to
comply with IAS 38
Changes in - (5,247) -
accounting policy to
comply with IAS 12
Restated balance (30,189) (30,347) (30,348)
Exchange differences
on translating 1,135 559 1,080
foreign operations
Deferred tax charge - (353) -
on valuation gain
Net income 1,135 206 1,080
recognised directly
in equity
Profit (Loss) for (482) (679) (921)
the period
Total recognised 653 (473) 159
income and expense
Closing balance (29,536) (30,820) (30,189)
Minority interests
Opening balance 212 212 212
Profit (Loss) for - - -
the period
Closing balance 212 212 212
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�'000
�'000 �'000
Total Equity
Opening balance 29,667 31,995 29,508
Changes in accounting - 1,584 -
policy to comply with IAS
38
Changes in accounting - (5,247) -
policy to comply with IAS
12
Restated balances 29,667 28,332 29,508
Exchange differences on
translating foreign 1,135 559 1,080
operations
Valuation gain on - 1,177 -
investment property
Deferred tax charge on - (353) -
valuation gain
Net income recognised 1,135 1,383 1,080
directly in equity
Profit (Loss) for the (482) (679) (921)
period
Total recognised income 653 704 159
and expense
Share issue - - -
Closing balances 30,320 29,036 29,667
5.IMPACT OF CHANGES IN ACCOUNTING PRINCIPLES
In adopting IFRS as its accounting policies, China Western Investment plc has prepared these financial statements as if IFRS has been
historically applied. In each case, balance sheet items are restated by adjusting the opening value at 1 April 2006 and taking the
difference in the corresponding item to equity.
Consolidated equity as at 1 April 2006 and 30 June 2007 changed as follows as a result of adopting IFRS, which is shown in the statement
of changes in equity (Note 4).
Profit after tax changed as follows as a result of adopting IFRS:
30/06/2008 30/06/2007
�000 �000
Consolidated loss for the period as stated in the
Annual Report prepared
in accordance with United Kingdom GAAP (482) (679)
Adjusted (restated) items: - -
Deferred tax - -
Consolidated loss (restated) in accordance with IFRS (482) (679)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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