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DJ BWA Group PLC Interim Results

 
TIDMBWAP 
 
25 January 2019 
 
                                 BWA GROUP PLC 
                           ("BWA" or the "Company") 
 
UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2018 
 
CHAIRMAN'S STATEMENT 
 
Dear Shareholder 
 
The Board of BWA Group plc is pleased to present the results for the half year 
to 31 October 2018.   The Company continues to seek a suitable investment or 
investments which will be value enhancing for shareholders. 
 
The results for the period comprise only the costs of administering the Company 
for the six months, resulting in an operating loss of GBP30,648.  The Directors 
are not currently taking any cash remuneration for their services and their 
fees only become payable on completion of a transaction. 
 
Through its wholly-owned subsidiary, BWA Resources (Cameroon) Limited, the 
Board has been actively pursuing the acquisition of licences for the mining of 
rutile sands deposits in Cameroon with the Cameroon government, although a 
protracted election process there has delayed progress.  The delays have also 
impacted the progress of Mineralfields Group, the mining operating company in 
which BWA has a significant investment. 
 
The Company's other major investee company, Prego International, is still in 
the process of migrating from Guernsey to Norway, restructuring its 
shareholding base and obtaining a listing.  Prego has also announced it is in 
initial discussions over a possible merger with the subsidiary of an overseas 
listed entity.  Details may be found on the Prego website at www.pregogroup.com 
.    We are working with other shareholders and management of Prego to attempt 
to achieve an early realisation. 
 
The Directors are seeking every possible opportunity to develop the Company and 
provide value to shareholders, who will be updated about developments when 
appropriate. 
 
Richard Battersby, Chairman 
 
The Directors of BWA are responsible for the contents of this announcement. 
 
 
For further information please contact: 
 
BWA Group Plc 
Richard Battersby (Non-Executive Chairman) 
07836 238 172 
 
Peterhouse Capital Limited 
Mark Anwyl 
020 7469 0930 
 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
INCOME STATEMENT 
 
                                       Notes       Six months      Year ended 
                                                     ended 31   30 April 2018 
                                                 October 2018         Audited 
                                                    Unaudited             GBP 
                                                          GBP 
 
Turnover                                                    -               - 
 
Cost of sales                                               -               - 
 
Gross profit                                                -               - 
 
Administrative expenses                              (30,648)        (62,232) 
 
 
                                                     (30,648)        (62,232) 
 
Other operating income                                      -             891 
 
Operating (loss)/profit                              (30,648)        (61,341) 
 
Interest receivable and similar                            20              10 
income 
 
                                                     (30,628)        (61,331) 
 
Interest payable and similar expenses                (15,526)         (7,510) 
 
(Loss)/profit on ordinary activities 
before and after taxation and                        (46.154)        (68,841) 
retained for the period 
 
(Loss)/earnings per ordinary share -     2             (0.04)          (0.06) 
basic (pence) 
 
(Loss)/earnings per ordinary share -     2             (0.04)          (0.06) 
diluted (pence) 
 
 
All amounts relate to continuing activities. 
 
 
STATEMENT OF OTHER COMPREHENSIVE INCOME 
 
                                     Notes   Six months ended      Year ended 
                                              31 October 2018   30 April 2018 
                                                    Unaudited         Audited 
                                                          GBP             GBP 
 
(Loss)/profit for the period                         (46,154)        (68,841) 
 
Other comprehensive income 
Unrealised (loss)/gain on 
revaluation of investments              4                (53)         (8,226) 
 
Total comprehensive income for the                   (46,207)        (77,067) 
period 
 
 
BALANCE SHEET 
 
                                       Notes    At 31 October     At 30 April 
                                               2018 Unaudited    2018 Audited 
                                                            GBP               GBP 
 
Fixed Assets 
 
Available-for-sale Investments                        609,993         610,046 
 
Current Assets 
 
Debtors and prepayments                               173,018         160,701 
 
Cash at bank and in hand                               44,669          76,345 
 
                                                      217,687         237,046 
 
Creditors: amounts falling due within                (98,447)        (82,742) 
one year 
 
Net current assets                                    119,240         154,304 
 
Total assets less current liabilities                 729,233         764,350 
 
Capital and reserves 
 
Called up share capital                  3            602,659         602,659 
 
Share premium                            4             12,663          12,663 
 
Capital redemption reserve               4            288,625         288,625 
 
Available-for-sale revaluation           4            609,602         609,655 
reserve 
 
Equity reserve                           4            236,454         225,364 
 
Profit and loss account                  4        (1,020,770)       (974,616) 
 
Shareholders' funds                                   729,233         764,350 
 
 
 
CASH FLOW STATEMENT 
 
                                            Six months ended      Year ended 
                                             31 October 2018   30 April 2018 
                                                   Unaudited         Audited 
                                                         GBP             GBP 
 
Cash flows from operating activities                (20,579)        (48,576) 
 
Cash flows from investing activities 
 
Purchase of fixed asset investments                        -             (1) 
 
Loans to group undertakings                          (7,500)        (42,068) 
 
Interest received                                         20              10 
 
Net cash from investing activities                   (7,480)        (42,059) 
 
Cash flows from financing activities 
 
New loans in year                                          -         150,000 
 
Loan note interest paid                              (3,617)               - 
 
                                                     (3,617)         150,000 
 
(Decrease)/increase in cash and cash                (31,676)          59,365 
equivalents 
 
Cash and cash equivalents at                          76,345          16,980 
beginning of year 
 
Cash and cash equivalents at end of                   44,669          76,345 
year 
 
 
 
NOTES TO THE FINANCIAL INFORMATION 
 
1.         Status of these accounts 
 
The interim accounts for the period from 1 May 2018 to 31 October 2018 are 
unaudited. The financial information set out in this statement does not 
constitute statutory accounts within the meaning of the Companies Act 2006. 
 
2.         Earnings per ordinary share 
 
Basic and diluted earnings per share figures are based on the following 
(losses) / profits and numbers of shares: 
 
                                                          Six months ended   Year ended 
                                                           31 October 2018     30 April 
                                                                 Unaudited         2018 
                                                                                Audited 
 
(Loss)/profit before                                           GBP(46,154)  GBP(68,841) 
tax 
 
Weighted average number                                        120,531,833  115,186,170 
of shares for the 
purpose of 
basic earnings per 
share 
 
Effect of dilutive 
potential ordinary                                                       -            - 
shares: 
Share options 
 
Weighted average number                                        120,531,833  115,186,170 
of shares for the 
purpose of 
diluted earnings per 
share 
 
3.      Share capital 
 
                                                                  At            At 
                                                          31 October      30 April 
                                                                2018          2018 
                                                                 GBP           GBP 
 
Allotted, called up and 
fully paid 
 
Number:                      Class:      Nominal 
                                         Value: 
 
120,531,833                  Ordinary    0.5p                602,659       602,659 
 
4.      Reserves 
 
                                                    Capital             AFS 
                                      Share      redemption     revaluation 
                                    premium         reserve         reserve 
                                        GBP             GBP             GBP 
 
At 1 May 2018                        12,663         288,625         609,655 
 
Revaluation of AFS investments            -               -            (53) 
 
Loss for the period                       -               -               - 
 

(MORE TO FOLLOW) Dow Jones Newswires

January 25, 2019 10:41 ET (15:41 GMT)

DJ BWA Group PLC Interim Results -2-

Loan note interest                        -               -               - 
 
At 31 October 2018                   12,663         288,625         609,602 
 
                                     Equity          Profit 
                                    reserve        and loss           Total 
                                        GBP         account             GBP 
                                                        GBP 
 
At 1 May 2018                       225,364       (974,616)         161,691 
 
Revaluation of AFS investments            -               -            (53) 
 
Loss for the period                       -        (46,154)        (46,154) 
 
Loan note interest                   11,090               -          11,090 
 
At 31 October 2018                  236,454     (1,020,770)         126,574 
 
 
5.      Valuation of Investments 
 
The whole of the Company's investment in Cameroon, including loans made to 
Mineralfields and BWA Resources (UK) Limited, is carried in the balance sheet 
at GBP461,462.  The Company's investment in Prego International is valued at GBP 
314,364 which is the price at which BWA last sold a small part of its holding. 
The valuation of unlisted investments requires the Directors to make 
judgements, estimates and assumptions that are believed to be reasonable under 
the circumstances, but which affect the reported fair value of those 
investments. The recoverability of the investments in Mineralfields and Prego 
International is dependent on the future profitability of the underlying 
businesses. The Directors have reviewed the current position and, after taking 
into account a number of factors, believe that the valuations at 31 October 
2018 remain appropriate. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 25, 2019 10:41 ET (15:41 GMT)