TIDMCHWI
RNS Number : 4990T
China Western Investments PLC
29 September 2010
China Western Investments PLC
Interim results of the six months ended 30 June 2010
The accounts for the six months ended 30 June 2010 are presented which show a
loss after tax of GBP964,000. The lower value of sterling created a positive
foreign exchange translation at June 2010 of GBP2,148,000 so that the total
comprehensive income was GBP1,184,000.
Various shareholders have continued to provide funds during the period and the
Directors have continued to contribute towards the costs of the plc.
Corporate activity during the period under review
Both the Lanzhou property and the hospital traded at a loss for the period to 30
June 2010. The hospital, however, was cash flow positive in the period showing
a profit before depreciation. The property activity did not generate sufficient
income to offset the finance costs. The directors have continued to make up any
cash shortfall for the trading in China.
Lanzhou Development - Valuation
In the Chairman's Statement accompanying the Annual Report and Financial
Statements for the year ended 31 December 2009 highlighted its review of the
development in Lanzhou. At that time the Board decided not to obtain a
professional valuation of the development to conserve the Group's cash.
The Board has recently instructed a third party independent valuer to prepare a
valuation report on the building in order to obtain (a) the value of the
development if it were sold in an orderly market basis and (b) the valuation of
the development should a sale be effected within a three month period with the
development in its current state (also known as a "distressed" sale valuation).
The rationale for this latter valuation was due to the receipt of an offer of
not less than RMB 200 million (approximately GBP19 million as announced earlier
this year.). The initial findings of the professional valuation suggest a
"distressed" sale value of the Lanzhou property in line with the offer received
and also supported the balance sheet valuation in a non-distressed or orderly
market sale.
Lanzhou Development - Offer
As previously reported the local subsidiary in Lanzhou received an offer of not
less than RMB 200 million (approximately GBP19 million) for the building. The
directors have reviewed the trading and liabilities in the Lanzhou operation and
propose that further consideration should be given to this offer. Should the
transaction proceed a shareholder circular will be published to seek shareholder
approval for the disposal of the development.
Enquiries:
Company Secretary - Harry Jeffs - 01539 723233
Shore Capital & Corporate Ltd - Pascal Keane - 020 7408 4090
China Western Investments PLC
Condensed Group Statement of Comprehensive Income
for the six months ended 30 June 2010
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | Notes | Period | Period | Year |
| | | ended | ended | ended |
| | | 30 June | 30 | 31 |
| | | 2010 | June | December |
| | | (Unaudited) | 2009 | 2009 |
| | | | (Unaudited) | (Audited) |
| | | GBP'000 | | |
| | | | GBP'000 | GBP'000 |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Revenue | | 992 | 782 | 1,985 |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Cost of sales | | (122) | (111) | (363) |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Gross profit | | 870 | 671 | 1,622 |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Administrative expenses | | (1,272) | (219) | (1,076) |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Finance costs | | (555) | (588) | (1,557) |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Deficit on property | | - | | (1,130) |
| revaluation | | | - | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Profit on sale of | | - | | 1,095 |
| property held for resale | | | - | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Loss before taxation | | (957) | (136) | (1,046) |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Income tax credit / | | (7) | 21 | 1,031 |
| (expense) | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| Loss for the financial | | (964) | (157) | (15) |
| period | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
| | | | | |
+---------------------------+-------+---------------------------------+-------------------------+----------------------+
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Other comprehensive | | | | |
| income | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Currency translation | | 2,148 | (3,067) | (1,253) |
| differences | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Valuation losses on | | | | (18,262) |
| property under | | - | - | |
| construction | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Total comprehensive | | 1,184 | (3,224) | (19,530) |
| income for the period net | | | | |
| of tax | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Profit / (Loss) | | (963) | (157) | (18) |
| attributable to parent | | | | |
| company's equity | | | | |
| shareholders | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Profit / (Loss) | | (1) | | 3 |
| attributable to minority | | | - | |
| interest | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | (964) | (157) | (15) |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Total comprehensive | | | | |
| income attributable to: | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| - owners of the parent | | 1,185 | (3,224) | (19,533) |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| - minority interest | | (1) | | 3 |
| | | | - | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | 1,184 | (3,224) | (19,530) |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Loss per share (pence) - | | | | |
| basic & diluted | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| Total activities | 3 | 0.18 | (0.02) | (2.68) |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
| | | | | |
+---------------------------+---+--------------------------------+------------------------+-----------------------+
China Western Investments PLC
Condensed Group Statement of Changes in Equity
for the six months ended 30 June 2010
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| | | | | | | | | |
| | Share | Share |Revaluation | Merger | Retained | Minority |Translation | |
| |capital |premium | reserve |reserve | earnings |Interests | Reserve | Total |
| |GBP'000 |GBP'000 | GBP'000 |GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| Balance as at 1 January | 7,283 | 32,919 | 18,262 | 3 | (29,957) | 210 | 6,482 | 35,202 |
| 2009 | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| Profit / (Loss) for | - | - | - | - | (157) | - | - | (157) |
| financial period | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| Currency translation | - | - | - | - | - | - | (3,067) | (3,067) |
| differences | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| Total comprehensive income | - | - | - | - | 157 | - | (3,067) | (3,224) |
| for the period | | | | | | | | |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
| Balance at 30 June 2009 | 7,283 | 32,919 | 18,262 | 3 | (30,114) | 210 | 3,415 | 31,978 |
+-----------------------------+---------+---------+-------------+---------+-----------+-----------+-------------+-----------+
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Balance as at 1 January |7,283 |32,919 | 18,262 | 3 | (29,957) | 210 | 6,482 | 35,202 |
| 2009 | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Profit / (Loss) for | - | - | - | - | (18) | 3 | - | (15) |
| financial period | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Currency translation | - | - | - | - | - | - |(1,253) | (1,253) |
| differences | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Valuation losses on | - | - |(18,262) | - | - | - | - | (18,262) |
| property under construction | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Total comprehensive income | - | - | - | - | (18) | 3 |(1,253) | (19,530) |
| for the period | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Balance as at 31 December |7,283 |32,919 | - | 3 | (29,975) | 213 | 5,229 | 15,672 |
| 2009 | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Profit / (Loss) for | - | - | - | - | (963) | (1) | - | (964) |
| financial period | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Currency translation | - | - | - | - | - | - | 2,148 | 2,148 |
| differences | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Total comprehensive income | - | - | - | - | (963) | (1) | 2,148 | 1,184 |
| for the period | | | | | | | | |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
| Balance at 30 June 2010 |7,283 |32,919 | - | 3 | (30,938) | 212 | 7,377 | 16,856 |
+-----------------------------+-------+--------+----------+----+-----------+------+---------+-------------+
China Western Investments PLC
Condensed Group Balance Sheet
30 June 2010
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | Notes | 30 June | 30 June | 31 |
| | | 2010 | 2009 | December |
| | | (Unaudited) | (Unaudited) | 2009 |
| | | | Restated | (Audited) |
| | | GBP'000 | GBP'000 | |
| | | | | GBP'000 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| ASSETS | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Non-Current Assets | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Investment | | 42,005 | 35,793 | 38,572 |
| properties | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Property, plant and | | 2,517 | 2,042 | 2,361 |
| equipment | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total non-current | | 44,522 | 37,835 | 40,933 |
| assets | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Non-current assets | | | 1,150 | |
| held for sale | | - | | - |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Current assets | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Trade and other | | 552 | 187 | 315 |
| receivables | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Property under | | | 19,167 | |
| construction | | - | | - |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Inventories | | 51 | 15 | 52 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Cash and cash | | 309 | 100 | 35 |
| equivalents | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total current assets | | 912 | 19,469 | 402 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| TOTAL ASSETS | | 45,434 | 58,454 | 41,335 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| EQUITY AND | | | | |
| LIABILITIES | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Share capital | | 7,283 | 7,283 | 7,283 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Share premium | | 32,919 | 32,919 | 32,919 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Other reserves | | 7,380 | 21,680 | 5,232 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Retained earnings | | (30,938) | (30,114) | (29,975) |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | 16,644 | 31,768 | 15,459 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Minority interest | | 212 | 210 | 213 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total equity | | 16,856 | 31,978 | 15,672 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Non-Current | | | | |
| liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Financial | | 270 | 270 | 270 |
| liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Trade and other | | 421 | | 378 |
| payables | | | - | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Deferred tax | | 4,497 | 5,585 | 4,497 |
| liability | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total non-current | | 5,188 | 5,855 | 5,145 |
| liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Current liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Trade and other | | 5,944 | 5,629 | 4,870 |
| payables | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Short term | | 17,236 | 14,811 | 15,453 |
| borrowings | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Current tax | | 210 | 181 | 195 |
| liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total current | | 23,390 | 20,621 | 20,518 |
| liabilities | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| Total liabilities | | 28,578 | 26,476 | 25,663 |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| TOTAL EQUITY and | | 45,434 | 58,454 | 41,335 |
| LIABILITIES | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
| | | | | |
+----------------------+-------+------------------------+----------------------------+---------------------------+
China Western Investments PLC
Condensed Group Cash Flow Statement
for the six months ended 30 June 2010
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | Notes | Period | Period | Year |
| | | ended | ended | ended |
| | | 30 | 30 June | 31 |
| | | June | 2009 | December |
| | | 2010 | (Unaudited) | 2009 |
| | | (Unaudited) | restated | (Audited) |
| | | | GBP'000 | |
| | | GBP'000 | | GBP'000 |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Cash flows from | | | | |
| operating activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Loss before tax | | (964) | (136) | (1,046) |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Adjustments for | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Depreciation | | 158 | 61 | 218 |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Deficit on valuation | | | | 1,130 |
| | | - | - | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Profit on sale of | | | | (1,095) |
| property | | - | - | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Interest payable | | 555 | 588 | 1,557 |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Decrease /( Increase) in | | 5 | (11) | (22) |
| inventories | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Foreign exchange | | 231 | (449) | (254) |
| movements | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| (Increase) / Decrease in | | (237) | 18 | (125) |
| trade and other | | | | |
| receivables | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Decrease / (Increase) in | | 71 | (603) | (311) |
| trade and other payables | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Cash generated from / | | (181) | (532) | 52 |
| (used in) operations | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Income taxes paid | | ( 9 ) | (27) | (45) |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Net cash from operating | | (190) | (559) | 7 |
| activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Cash flows from | | | | |
| investing activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Purchase of property, | | ( 97) | (100) | (140) |
| plant and equipment | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Net cash used in | | ( 97) | (100) | (140) |
| investing activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Cash flows from | | | | |
| financing activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Interest paid | | (15) | (20) | (31) |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Proceeds from borrowings | | 574 | 748 | 170 |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Net cash generated from | | 559 | 728 | 139 |
| financing activities | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Net increase in cash | | 272 | 69 | 6 |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Foreign exchange | | 2 | 1 | 1 |
| movement | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| Cash and cash | | 35 | 30 | 30 |
| equivalents at beginning | | | | |
| of period | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
| Cash and cash | | 309 | 100 | 35 |
| equivalents at end of | | | | |
| period | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
| | | | | |
+--------------------------+-------+------------------------+-----------------------------------------------------------------------+------------------------+
China Western Investments PLC
NOTES TO THE INTERIM ACCOUNTS
for the six months ended 30 June 2010
1 BASIS OF PREPARATION
The condensed consolidated interim financial information for the six months
ended 30 June 2010 has not been prepared in accordance with IAS34, 'interim
financial reporting'. The accounting policies and the presentation of the
interim financial information are consistent with those used in the 2009
financial statements. Where necessary, the comparatives have been reclassified
or extended from the previously reported interim financial information to take
into account any presentational changes made in the annual financial statements
or in these interim financial statements.
The condensed consolidated financial information for the six months ended 30
June 2010 and 30 June 2009 are unaudited and does not constitute statutory
financial accounts as defined in Section 435 of the Companies Act 2006. The
condensed consolidated financial information has not been audited or reviewed by
the Company's auditors.
The statutory financial; statements for the year ended 31 December 2009 were
approved by the Board of Directors on 29 June 2010 and delivered to the
Registrar of Companies. The auditors' report on those accounts was unqualified,
but included emphasis of matter regarding going concern and property
valuation..
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 2010 and 2011. 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 ACCOUNTING POLICIES
The accounting policies applied are consistent with those in the annual
financial statements for the year ended 31 December 2009, except those as
described below.
Taxation for the period ended 30 June 2010 is based on the effective rate of tax
which is estimated to apply to the year ended 31 December 2010.
No new standards and amendments to standards are mandatory for the first time
for the financial periods beginning 1 January 2010.
3 EARNINGS PER SHARE
The calculation of total profit / (loss) per ordinary share is based on the
total comprehensive income of GBP1.342m (31 December 2009 (GBP19.530m); 30 June
2009( GBP3.224m)) and on the weighted average number of ordinary shares in issue
during the period of 728,375,495 (31 December 2009: 728,375,495; 30 June 2009
728,375,495). Both the basic and diluted loss per share are the same
All activities in the period to 30 June 2010 were classed as continuing.
Copies of these consolidated financial statements will be sent to shareholders
and will be available on the company website www.chwi.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GCGDCCBDBGGC
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