BWA Group Plc
LSE : BWAP

January 29, 2015 02:00 ET

UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31/10/14

                                                   
                                                                                       29 January 2015
                                                                                          GB0033877555
                                                   
                                             BWA GROUP PLC
                                       ("BWA" or the "Company")
                                                   
               UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2014
                                                   
CHAIRMAN'S STATEMENT

The  interim  results for the six months ended 31 October 2014 disclose a small loss  of  GBP  18,730.
The  Board continues to seek ways to release shareholder value whilst at the same time pursuing  every
sensible  opportunity to achieve a suitable reverse acquisition for BWA itself.  In recent  years,  we
have  secured  two  potentially attractive additional investments for BWA shareholders,  namely  Prego
International  Limited and Natural and Mineral Assets Limited. BWA also has interests  in  both  these
companies.

Whilst  Prego is still an unlisted company, there have been some transactions at 0.95p per share,  the
value at which our Prego holding is carried in BWA's accounts.  BWA released 1 million shares at  that
price to assist with liquidity.  It remains the intention of the board of Prego to seek a listing  for
its  shares  at the appropriate opportunity.  Natural and Mineral Assets Limited is still  negotiating
the  acquisition  of  NAMA  Resources plc; that transaction cleared another hurdle  very  recently  by
receiving a Rule 9 waiver under the City Code on Takeovers and Mergers.

On 3 December 2014, BWA acquired approximately a 10% interest in Mineralfields Limited, a newly formed
company which has rights to certain mining assets in Central Africa, for a nominal cash consideration.
This  project  is  at  a  very  early  stage and we are seeking partners  for  the  necessary  initial
development funding.

As  already mentioned we continue to seek a reverse opportunity to create direct shareholder value  in
BWA but, whilst we have reviewed three or four possibilities in the half year, so far none has reached
a state where the board would be prepared to make a positive recommendation to shareholders.

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 Corporate Finance Limited
Mark Anwyl or Duncan Vasey                                                020 7469 0930




PROFIT AND LOSS ACCOUNT

                                                   
                                                   
                                                               Six months  ended                   
                                                        Notes   31 October 2014         Year ended
                                                                      Unaudited      30 April 2014
                                                                            GBP            Audited
                                                                                               GBP
                                                                                     
    Turnover                                                           -                     -
                                                                                     
    Administrative expenses                                       (18,730)                (43,866)
                                                                  ------                  ------
  Operating loss                                                  (18,730)                (43,866)
                                                                                     
    Profit on investments                                         -                        12,912
                                                                   ------                   ------
                                                                  (18,730)                (30,954)
                                                                                     
    Amounts written off investments                               -                       (74,867)
                                                                  ------                   ------
    Loss on ordinary activities before and after                                     
    taxation and retained for the period                          (18,730)               (105,821)
                                                                  ------                   ------
                                                                                     
    Earnings per ordinary share - basic (pence)           2         (0.02)                  (0.09)
                                                                    ------                 ------
                                                                
                                                                                     
    Earnings per ordinary share -diluted (pence)          2                          
                                                                    (0.02)                  (0.09)
                                                                  ------                   ------
    
    
    
    All amounts relate to continuing activities.


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                   
                                                   
                                                                 Six months ended          Year ended
                                                         Notes    31 October 2014       30 April 2014
                                                                        Unaudited             Audited
                                                                         GBP                   GBP
                                                                                     
                                                                                     
    Loss for the period                                             (18,730)                (105,821)
                                                                                     
                                                                                     
    Unrealised profit on revaluation of investments        4                         
                                                                         66                  250,834
    Impairment of A-F-S investments charged to profit                     -                   68,198
       and loss     
                                                                     ------                   ------
                                                                                     
    Total recognised gains and losses for the period                (18,664)                 213,211
                                                                     ------                   - ---
                                                                                    
                                                                                     



BALANCE SHEET

                                                         Notes    At 31 October        At 30 April
                                                                           2014               2014
                                                                      Unaudited            Audited
                                                                            GBP                 GBP
  Fixed Assets                                                                       
   Available-for-sale Investments                                    314,569                323,998
                                                                                     
  Current assets                                                                     
   Debtors and prepayments                                             4,582                  7,625
   Cash at bank and in hand                                           12,888                  8,776
                                                                      ------                 ------
                                                                      17,470                 16,401
                                                                                     
    Creditors: amounts falling due within one year                   (99,090)               (88,786)
                                                                      ------                 ------
  Net current liabilities                                            (81,620)               (72,385)
                                                                      ------                 ------
  Total assets less current liabilities                              232,949                251,613
                                                                      ------                 ------
  Capital and reserves                                                               
   Called up share capital                                 3         560,788                560,788
     Share premium                                         4          12,663                 12,663
     Capital redemption reserve                            4         288,625                288,625
     Available-for-sale revaluation reserve                4         114,430                123,864
   Profit and loss account                                 4        (743,557)              (734,327)
                                                                      ------                 ------
  Shareholders' funds                                                232,949                251,613
                                                                      ------                 ------




CASH FLOW STATEMENT



                                                              Six months ended          Year ended
                                                               31 October 2014       30 April 2014
                                                                     Unaudited             Audited
                                                                         GBP                  GBP
    
  Net cash outflow from operating activities                        (15,363)              (23,822)
    
  Capital expenditure and investing activities                                    
  Purchase of investments                                                (6)                    -
  Proceeds received on sale of investments                            9,500                32,527
                                                                     ------                ------
    Net cash inflow from capital expenditure and                                  
    investing activities                                              9,494                32,527
                                                                     ------                ------
                                                                                  
  Cash (outflow)/inflow before financing                             (5,869)                8,705
                                                                     ------                ------
  Financing                                                                       
  New loans in the period                                             9,981                     -
                                                                     ------                ------
  Net cash inflow from financing                                      9,981                     -
                                                                     ------                ------
  Increase in cash for the period                                     4,112                 8,705
                                                                     ------                ------
                                                                                  
                                                                                  

NOTES TO THE FINANCIAL INFORMATION

1.    Status of these accounts
      
      The  interim  accounts  for  the  period from 1 May 2014 to 31  October  2014  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 profits  /  (losses)  and
      numbers of shares:
                                                                    Six months ended                     
                                                                     31 October 2014         Year ended
                                                                           Unaudited      30 April 2014
                                                                                                Audited
                                                                                 GBP                GBP
                                                                                    
   Loss before tax                                                     (18,730)             (105,821)
                                                                        -------             --------
   Weighted average number of shares                               112,157,725           112,157,725
      for the purpose of basic earnings per share
                                                                                       
   Effect of dilutive potential ordinary shares:                             -                   -
     Share options 
                                                                        ------                ------
   Weighted average number of shares                               112,157,725           112,157,725
     for the purpose of diluted earnings per share
                                                                   -----------           -----------


3.   Share capital

                                                                                  At                   At
                                                                     31 October 2014      30 April 2014
   Allotted, called up and fully paid                                            GBP                GBP
                                                                                 
   Number:                                    Class     Nominal                        
                                                         value                         
   112,157,725                              Ordinary     0.5p               560,788            560,788
                                                                            -------            -------
    
    
    
    
4.   Reserves
    
    
                                                      Capital            AFS                                 
                                      Share        redemption    revaluation      Profit and            Total
                                    premium           reserve        reserve    loss account
                                        GBP               GBP            GBP             GBP             GBP 
                    
   At 1 May 2014                     12,663           288,625        123,864        (734,327)        (309,175)
                                                                                                             
                                                                                                          
   Revaluation of AFS investments         -                 -             66               -               66

   Transfer from unrealised to            -                 -         (9,500)          9,500                -
   realised   
                                                           
   Loss for the period                    -                 -              -         (18,730)         (18,730)
                                      ------           ------          ------         ------           ------
   At 31 October 2014                12,663           288,625        114,430        (743,557)        (327,839)
                                     -------          -------        -------         -------          -------

  The interim results have been reviewed by the Company's auditor.
    
    END

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