Full Year Results to 31 March 2022

1 



Blackwell Global Holdings Limited (NZX: BGI)

Full Year preliminary unaudited announcement for the 12 months ended 31 March 2022
 


Commentary
AUCKLAND, New Zealand, 30 May 2022 - The Board of Blackwell Global Holdings Limited (NZX: BGI)
provides the market with their full year update for the 12 months ended 31 March 2022.

Results for Announcement to the Market

Reporting Period 12 months to 31 March 2022
Previous reporting period 12 months to 31 March 2021


Amount (000s) Percentage change
Revenue from ordinary activities NZ$39 (71%)
Loss from ordinary activities after
tax attributable to security holder
NZ$(382) 51%
Net profit attributable to
shareholders
NZ$(382) 51%

Interim/Final Dividend Amount per share Imputed amount per
share
The company does not propose to
pay a dividend at this time.
Not applicable Not applicable

Record Date Not applicable
Dividend Payment Date Not applicable

Comments: See below

2 



Blackwell Global Holdings Limited (NZX: BGI)

Full Year preliminary unaudited announcement for the 12 months ended 31 March 2022
 
Lending Operations Discontinued

As previously advised to the market, during the course of the financial year the Directors resolved to wind
down the Group’s finance company operations given the Company was unable to raise sufficient funding
to grow and develop a meaningful finance company operation.

The Company’s loan book as at 31 March 2022 was $Nil with the final loan having been repaid during the
year.

Changes in Accounting Policy

The consolidated financial statements have been prepared using the same accounting policies detailed in
the Group's audited consolidated financial statements for the year the ended 31 March 2021.

There are no other NZ IFRS, or NZ IFRIC interpretations that are not yet effective that would be expected
to have a material impact on the Company.

Bonds

The bond from Blackwell Global Group Limited is due to mature on 30 June 2022. The agreed interest rate
being 0% until maturity, down from the original rate of 6%. The net present value of the bonds has been
readjusted on the balance sheet for the present value of the face values at maturity using the original
effective interest rate of 6% per annum.

During the year, upon receiving shareholder approval, Blackwell Global Group Limited capitalised
$500,000 of its Bonds into 71,428,571 new ordinary shares in the Company, at an issue price of $0.007
per share. This development provided BGI with an additional $500,000 of capital which provided the
Company with sufficient working capital to fund the outgoings and expenses for the year.

Other than the above, there has been no reassessment of the useful life of assets or their residual values.
While the present value discount rate has been adjusted for current adjusted bond term, it has not been
further adjusted due to any impact from the Coronavirus, as it is not deemed to have been affected.

Going Forward 
The Board is actively looking to identify a suitable business opportunity to invest in and/or acquire through
a reverse takeover transaction (RTO). Discussions have been had with several potential acquisition
targets to date, but none of those discussions have developed into a tangible transaction to date.

What is an RTO?  
An RTO is a transaction structured such that the Company would acquire 100% of the business assets, or
the shares in the company that owns the business assets, in consideration for the payment of cash and/or
the issue of new shares in the Company, to the vendors, to fund the acquisition.

The new business acquired would then effectively become a subsidiary of the Company (the listed
company), trading on the NZX Main Board. The stakeholders in the business acquired, would ultimately
become shareholders in the Company as part of the RTO, and would have representation at the Board
level as appropriate.

In conjunction with the RTO process, the Company would seek to raise additional growth capital to assist
in funding the future growth of the business.

Investment Criteria
The Board is focusing on business opportunities that satisfy one or more of the following investment
criteria:

• The business has excellent personnel and management

• The business operates in an attractive and positive business sector

3 



Blackwell Global Holdings Limited (NZX: BGI)

Full Year preliminary unaudited announcement for the 12 months ended 31 March 2022
 

• The business has a robust business model

• The business has solid historical earnings, or alternatively has a sound business platform from
which to implement its business plan and generate strong earnings in the future;

• The business owns proprietary intellectual property

• The business has potential to grow organically, via acquisition, or through the further investment in
capital plant

• The business has the potential to scale internationally

• The business would benefit from being able to raise additional capital on the market

• Is likely to generate superior returns for the Company and its existing shareholders

The Board continues to investigate all credible investment opportunities that may present themselves and
are hopefully of having a transaction underway during the course of this calendar year.

Earnings per Share and Net Tangible Asset per security

The earnings per share are shown below the Consolidated Statement of Comprehensive Income. The net
tangible asset backing per security is shown below the Consolidated Statement of Position.

Audit

The consolidated financial statements are to be audited.


Future Events

Event Date
Annual Report due 30 June 2022


ENDS


Authority for this announcement
Craig Alexander
Director
Ph: 021688396
craig@bagroup.co.nz
Date of release: 30 May 2022

4 



Consolidated Statement of Comprehensive Income
Blackwell Global Holdings Limited
For the year ended 31 March 2022
 



2022 2021

$ $



Revenue


Interest and fee income 39,222 135,446
Other income 14,518 112,833

Total Income 53,740 248,280

Expenses


Directors' fees (138,000) (171,000)
Employee expenses - (291,553)
Interest expense (53,632) (138,947)
Other operating expenses (244,379) (426,338)

Total expenses (436,011) (1,027,838)

Loss before income tax (382,271) (779,559)

Income tax benefit/(expense) - -

Net profit/(loss) after tax (382,271) (779,559)

Total comprehensive loss for the year (382,271) (779,559)

Attributable to:
Owners of the parent company (382,271) (779,559)

Earnings/(loss) per share
Basic (loss) per share (cents per share): (0.07) (0.16)
Diluted (loss) per share (cents per share): (0.07) (0.16)

5 



Statement of Changes in Equity
Blackwell Global Holdings Limited
For the year ended 31 March 2022
 


Share Contributed Convertible Accumulated Total
capital capital note losses equity
reserve
$ $ $ $ $


Balance at 1 April 2020 12,606,377 127,516 - (12,043,659) 690,233

Loss for the period - - - (779,559) (779,559)
Contributed capital on
bonds - 280,090 - - 280,090

Total comprehensive loss
for the year - 280,090 - (779,559) (499,469)

Balance at 31 March 2021 12,606,377 407,606 - (12,823,219) 190,764


Balance at 1 April 2021 12,606,377 407,606 - (12,823,219) 190,764

Loss for the year - - - (382,271) (382,271)
Contributed capital on
bonds - (72,812) - - (72,812)

Total comprehensive loss
for the year - (72,812) - (382,271) (455,083)

Issue of ordinary shares,
net of transactions costs 495,302 - - - 495,302

Balance at 31 March 2022 13,101,679 334,794 - (13,205,490) 230,983

6 



Consolidated Statement of Financial Position
Blackwell Global Holdings Limited
As at 31 March 2022
 


2022 2021

$ $
Current assets
Cash and cash equivalents 148,294 1,986,671
Prepayments and other receivables 14,471 8,347
Loan receivables - 643,672
Investments 1,000,000 -
Total current assets 1,162,765 2,638,690

Non-current assets
Prepayments and other receivables 75,000 75,000
Property, plant and equipment 2,090 5,858
Total non-current assets 77,090 80,858

Total assets 1,239,855 2,719,548


Current liabilities
Trade and other payables 5,221 58,597
Accruals, provisions and other liabilities 18,113 101,627
Borrowings 985,538 44,178
Total current liabilities 1,008,872 204,402

Non-current liabilities
Borrowings - 2,324,382
Total non-current liabilities - 2,324,382

Total liabilities 1,008,872 2,528,784

Net assets 230,983 190,764

Equity
Share capital 13,101,679 12,606,377
Contributed capital 334,794 407,606
Accumulated losses (13,205,490) (12,823,218)
Total equity 230,983 190,764

Net tangible assets per share (cents per share): 0.04 0.04

7 



Consolidated Statement of Cash Flows
Blackwell Global Holdings Limited
For the year ended 31 March 2022
 


2022 2021
$ $

Cash flows from operating activities
Interest received 26,203 67,859
Lending, credit fees and other income received 65 32,570
Net advances in loan receivables 648,589 943,200
Operating inflows 674,857 1,043,629

Payments to suppliers and employees (497,013) (858,840)
Interest paid (50,721) (2,838)
Income taxes refunded - 59
Operating outflows (547,733) (861,619)

Net cash from / (used in) operating activities 127,124 182,010


Cash flows used in investing activities
Payments from term deposits 500,000 -
Payments to term deposits (1,500,000) -
Purchase of property, plant and equipment - (954)
Net cash from / (used in) investing activities (1,000,000) (954)


Cash flows from financing activities
Proceeds from borrowings 34,500 -
Payments of borrowings (1,000,000) -
Net cash flow from / (used in) financing activities (965,500) -


Net increase in cash and cash equivalents (1,838,377) 181,056
Cash and cash equivalents at the beginning of the period 1,986,671 1,805,615
Cash and cash equivalents at the end of the year 148,294 1,986,671


Reporting of Segments
Operating segments are reported in the manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision maker is identified as the Board of Directors. The
Group internally reported as a single operating segment to the chief decision-maker.