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Clean Invest Africa Plc
Earnings Release • Jul 20, 2020
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Earnings Release
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National Storage Mechanism | Additional information
Clean Invest Africa Plc - Unaudited Financial Results to December 31 2019
PR Newswire
London, July 19
20 July 2020
CLEAN INVEST AFRICA PLC
("CIA" or the "Company")
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD FROM 1 OCTOBER 2018 TO 31 DECEMBER 2019
Clean Invest Africa plc, the Aquis Stock Exchange Growth Market ("Aquis") quoted investment company, together with CoalTech Limited and Coal Agglomeration South Africa (Pty) Ltd (collectively the “Group”) focused on delivering an attractive return through acquiring stakes in clean energy companies, remediation/restoration technologies, waste-to-energy technologies and other clean energy related projects is pleased to present the unaudited combined financial results for the period from 1 October 2018 to 31 December 2019. Earlier today we have also published our latest trading update.
FINANCIALS
The unaudited combined financial results for the period 1 October 2018 to 31 December 2019 show a loss after taxation of GBP967,896.
Filippo Fantechi, Chief Executive Officer of Clean Invest Africa, commented:
“I am pleased to present the unaudited combined financial results of the Group.
I am pleased with the progress made in this initial period, notwithstanding the impacts on the Group’s business of the COVID-19 pandemic, and look forward to continuing to update shareholders on the progress of the Group and the exciting prospects ahead, some of which are developing reasonably fast. We continue to seek new investment opportunities and will advise shareholders as they come to fruition.“
Filippo Fantechi
Chief Executive Officer/Executive Director
20 July 2020
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Clean Invest Africa PLC
Filippo Fantechi - Chief Executive Officer/Executive Director
Telephone: +973 3 9696273
Corporate Adviser
Peterhouse Capital Limited
Guy Miller
Telephone: +44 20 7469 0930
CLEAN INVEST AFRICA PLC
COMBINED UNAUDITED INCOME STATEMENT
FOR THE PERIOD 1 OCTOBER 2018 TO 31 DECEMBER 2019
| For the period ended 31 December 2019 | For the period ended 30 September 2018 | ||
| Unaudited | Audited | ||
| GBP | GBP | ||
| Revenue | - | - | |
| Cost of sales | - | - | |
| Gross profit | - | - | |
| Administrative expenses | (973,885) | (204,415) | |
| Operating loss | (973,885) | (204,415) | |
| Finance income | 6 | 337 | |
| Finance costs | (10,188) | - | |
| Loss before income tax | (984,067) | (204,078) | |
| Income tax | - | - | |
| Loss for the financial period attributable to the Company's equity shareholders | (984,067) | (204,078) | |
| Loss per share from operations | |||
| Basic and diluted loss per share (GBP) | (0.0021) | (0.0015) |
CLEAN INVEST AFRICA PLC
COMBINED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 OCTOBER 2018 TO 31 DECEMBER 2019
| For the period ended 31 December 2019 | For the period ended 30 September 2018 | ||
| Unaudited | Audited | ||
| GBP | GBP | ||
| Loss for the period | (984,067) | (204,078) | |
| Gain on translation to presentation currency | 25,071 | - | |
| Other comprehensive loss | (8,900) | - | |
| Total comprehensive loss for the period attributable to the Company's equity shareholders |
(967,896) | (204,078) |
CLEAN INVEST AFRICA PLC
COMBINED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
| As at 31 December 2019 | As at 30 September 2018 | ||
| Unaudited | Audited | ||
| GBP | GBP | ||
| Assets | |||
| Non-current assets | |||
| Tangible fixed assets | 494,758 | - | |
| Right-of-use assets | 55,644 | - | |
| Debtors: amounts falling due after more than one year | 3,431,989 | - | |
| Investments | 26,806,099 | 358,362 | |
| Total non-current assets | 30,788,490 | 358,362 | |
| Current assets | |||
| Trade and other receivables | 105,813 | 5,080 | |
| Inventories | 8,766 | - | |
| Cash and cash equivalents | 13,231 | 68,602 | |
| Total current assets | 127,810 | 73,682 | |
| Total assets | 30,916,300 | 432,044 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | 1,260,254 | 22,622 | |
| Total current liabilities | 1,260,254 | 22,622 | |
| Net current (liabilities)/assets | (1,132,444) | 51,060 | |
| Non-current liabilities | |||
| Creditors: amounts falling due after more than one year | 5,027,291 | - | |
| Total non-current liabilities | 5,027,291 | - | |
| Net assets | 24,628,755 | 409,422 | |
| Equity | |||
| Capital and reserves attributable to equity shareholders: | |||
| Share capital | 2,844,413 | 402,750 | |
| Share premium | 24,623,938 | 210,750 | |
| Accumulated loss | (2,839,596) | (204,078) | |
| Total equity | 24,628,755 | 409,422 |
CLEAN INVEST AFRICA PLC
COMBINED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDING 31 DECEMBER 2019
| Share | Share | Accumulated | ||
| capital | premium | losses | Total Equity | |
| GBP | GBP | GBP | GBP | |
| For the period ended 18 September 2017 |
- | - | - | - |
| Issue of share capital | 402,750 | 236,250 | - | 639,000 |
| Cost of shares issued | - | (25,500) | - | (25,500) |
| Total comprehensive loss for the period |
- | - | (204,078) | (204,078) |
| For the period ended 30 September 2018 |
402,750 | 210,750 | (204,078) | 409,422 |
| Issue of share capital | 2,441,663 | 24,413,188 | - | 26,854,851 |
| Pre-acquisition accumulated losses |
- | - | (1,667,622) | (1,667,622) |
| Total comprehensive loss for the period |
- | - | (967,896) | (967,896) |
| For the period ended 31 December 2019 |
2,844,413 | 24,623,938 | (2,839,596) | 24,628,755 |
CLEAN INVEST AFRICA PLC
COMBINED STATEMENTS OF CASH FLOWS
FOR THE PERIOD 1 OCTOBER 2018 TO 31 DECEMBER 2019
| For the period ended 31 December 2019 | For the period ended 30 September 2018 | ||
| Unaudited | Audited | ||
| GBP | GBP | ||
| Operating activities | |||
| Loss for the period before income tax | (967,896) | (204,078) | |
| Add: Depreciation (non-cash) | 8,550 | - | |
| Increase in right-of-use assets | (64,194) | - | |
| Increase in debtors: amounts falling due after more than one year |
(3,431,989) | - | |
| Increase in trade and other receivables |
(100,733) | (5,080) | |
| Increase in inventories | (8,766) | - | |
| Increase in trade and other payables | 1,237,632 | 22,622 | |
| Increase in creditors: amounts falling due after more than one year |
5,027,291 | - | |
| Net cash generated from/ (used in) operating activities |
1,699,895 | (186,536) | |
| Investing activities | |||
| Purchase of tangible fixed assets | (494,758) | - | |
| Purchase of investments | (5,248) | (358,362) | |
| Pre-acquisition accumulated losses, net of investments |
(1,309,260) | - | |
| Net cash used in investing activities | (1,809,266) | (358,362) | |
| Financing activities | |||
| Proceeds from issue of shares | 54,000 | 639,000 | |
| Issue costs | - | (25,500) | |
| Net cash generated from financing activities | 54,000 | 613,500 | |
| Net (decrease)/ increase in cash and cash equivalents |
(55,371) | 68,602 | |
| Cash and cash equivalents at beginning of period |
68,602 | - | |
| Cash and cash equivalents at end of period | 13,231 | 68,602 |
