Clean Invest Africa Plc - Audited Results for the Year Ended 31 December 2019 PR Newswire

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

6 November 2020 

Clean Invest Africa Plc

 ("Clean Invest Africa" or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

Clean Invest Africa Plc (AQSE: CIA), the AQUIS Stock Exchange Growth Market quoted (“AQSE Growth Market”, previously the NEX Exchange Growth Market) clean technology and renewable energy investment company, has today published its Audited Report & Accounts for the 12 months to 31 December 2019. The audited accounts will shortly be available on the Company’s website, at www.cleaninvestafrica.com .

As announced on 4 July 2019, the Company completed the acquisition of the remaining 97.5% of CoalTech Limited (“CoalTech”) and Coal Agglomeration South Africa (Pty) Ltd. (“CASA”), that the Company did not already own, and subject to certain approvals from the South African Reserve Bank ("SARB") . Trading in Clean Invest Africa’s ordinary shares resumed on 4 July 2019 on the AQSE Growth Market after its suspension on 11 January 2019.

The financial results of the Group for the year ended 31 December 2019 show a loss after taxation of £9,133,485 (2018: loss of £1,100,645).

Since re-admission to the AQSE Growth Market, the Company announced on 3 December 2019 that the final tranche of the Consideration Shares in respect of CoalTech were issued, while a further 13,291,745 Ordinary Shares are ready to be issued to the remaining South African Resident Sellers once the necessary approvals for CASA from the SARB have been granted. The Company therefore currently owns 100% of CoalTech and 75% of CASA.

On 7 January 2020, the Company appointed Shaikh Mohamed Abdulla Khalifa AlKhalifa as the Non-Executive Chairman and confirmed Filippo Fantechi’s appointment as the Chief Executive Officer.

The Directors are pleased with the progress made in this period, notwithstanding the recent 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.

Shaikh Mohamed, Non-Executive Chairman, commented "Having successfully concluded the corporate reorganisation of CIA through its acquisition of the CoalTech Group and its readmission to trading on the AQUIS Exchange, we are excited to be focussed on the operating business of the newly created group. These operating businesses continue to have strong prospects particularly through international expansion and we look forward to continuing to update shareholders on future events”.

The Directors note the following from the auditors report:

“We draw attention to note 2 in the financial statements, which indicates that the group incurred a net loss of £9.1m during the year ended 31 December 2019 and, as of that date, the group had net current liabilities of £2.6m. The revenue forecasted for the group is not certain and therefore the group may be required to raise additional funds by way of either equity or debt. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s and company’s ability to continue as a going concern.”

The Directors do not recommend the payment of a dividend for the year ended 31 December 2019.

The Directors of the Company accept responsibility for the contents of this announcement.

ENQUIRIES:

Company

Clean Invest Africa PLC

Filippo Fantechi, Director

Telephone: +973 3969 6273

Corporate Adviser

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

Telephone: +44 20 7220 9795

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2019

GBP 2019 2018
Revenue 347 -
Cost of sales (93) -
Gross profit 254 -
Other income 217 512
Operating costs (1,382,089) (1,024,960)
Fair value of share options and warrants (3,222,182) -
Reverse acquisition cost (4,544,161) -
Unrealised foreign exchange revaluation on amounts due to a related party 24,639 (78,193)
Operating loss (9,123,322) (1,102,641)
Finance income 4 1,996
Finance costs (10,167) -
Loss before tax (9,133,485) (1,100,645)
Taxation - -
Loss after tax (9,133,485) (1,100,645)
Other comprehensive income
Items that will be reclassified to profit or loss
Currency translation differences 49,779 (11,563)
Total comprehensive loss for the year (9,083,706) (1,112,208)
Earnings per share expressed
in pence per share:
Basic and diluted (0.99) (0.80)

Consolidated Statement of Financial Position

as at 31 December 2019

GBP 31 Dec 2019 31 Dec 2018
Assets
Non-current assets
Property, plant and equipment 494,758 433,198
Right-of-use assets 30,506 -
Investments 5,247 -
Total non-current assets 530,511 433,198
Current assets
Inventory 8,766 25,067
Trade and other receivables 112,904 27,633
Amounts due from related parties 3,431,989 3,619,661
Cash and cash equivalents 13,231 48,444
Total current assets 3,566,890 3,720,805
Total assets
4,097,401 4,154,003
Equity and liabilities
Equity
Share capital 2,844,413 19,841
Share premium reserve 24,623,938 383,689
Share to be issued 332,294 -
Convertible loans 134,388 -
Share-based payment reserve 3,222,182 -
Currency translation reserve 83,041 (11,906)
Reverse takeover reserve (23,050,570) -
Accumulated losses (10,243,363) (1,109,878)
Total equity (2,053,677) (718,254)
Liabilities
Current liabilities
Trade and other payables 1,142,194 350,745
Lease liabilities 6,731 -
Amounts due to related parties 4,975,564 4,521,512
Total current liabilities 6,124,489 4,872,257
Non-current liabilities
Lease liabilities 26,589 -
Total non-current liabilities 26,589 -
Total liabilities 6,151,078 4,872,257
Total equity and liabilities 4,097,401 4,154,003

Company Statement of Financial Position

as at 31 December 2019

GBP 31 Dec 2019 30 Sep 2018
Assets
Non-current assets
Investment 4,744,225 358,362
Total non-current assets 4,744,225 358,362
Current assets
Trade and other
receivables
73,579 5,080
Cash and cash equivalents 6,004 68,602
Total current assets 79,583 73,682
Total assets
4,823,808 432,044
Equity and liabilities
Equity
Share capital 2,844,413 402,750
Share premium 24,623,938 210,750
Shares to be issued 332,294 -
Convertible loans 134,388 -
Share-based payment reserve 3,222,182 -
Accumulated losses (26,613,901) (204,078)
Total equity 4,543,314 409,422
Liabilities
Current liabilities
Trade and other payables 280,494 22,622
Total liabilities 280,494 22,622
Total equity and liabilities 4,823,808 432,044

Group Statement of Changes in Equity

for the year ended 31 December 2019

GBP Share
capital
Share premium Shares to be issued Convertible loans Share-based payment reserve Reverse takeover reserve Currency translation reserve Accumulated
losses
Total equity
1 January 2019 19,841 383,689 - - - - (11,906) (1,109,878) (718,254)
Loss for the year - - - - - - - (9,133,485) (9,133,485)
Other comprehensive income:
Currency translation differences - - -
-
- - 49,779 - 49,779
Total comprehensive income - - - - - - 49,779 (9,133,485) (9,083,706)
CoalTech Group share capital transfer to reverse takeover reserve (19,841) (383,689) -
-
- 310,212   45,168 - (48,150)
Recognition of the Company share capital at reverse acquisition 402,750 210,750 -
-
- 3,772,363 - - 4,385,863
Issue of shares for acquisition of CoalTech Group 2,436,441 24,364,410 332,294
-
- (27,133,145) - - -
Shares issued by the Company since acquisition 5,222 48,778 -
-
- - - - 54,000
Convertible loans issued - - - 134,388 - - - - 134,388
Share-based payment - - - - 3,222,182 - - - 3,222,182
Total transactions with owners recognised in equity 2,824,572 24,240,249 332,294
134,388
3,222,182 (23,050,570) 45,168 - 7,748,283
31 December 2019 2,844,413 24,623,938 332,294 134,388 3,222,182 (23,050,570) 83,041 (10,243,363) (2,053,677)

Group Statement of Changes in Equity

for the year ended 31 December 2019 (continued)

GBP Share
capital
Share premium Shares to be issued Share-based payment reserve Reverse takeover reserve Currency translation reserve Accumulated
losses
Total equity
1 January 2018 59 - - - - (343) (9,233) (9,517)
Loss for the year - -  - - - - (1,100,645) (1,100,645)
Other comprehensive income
Currency translation differences - - - - - (11,563) - (11,563)
Total comprehensive income - - - - - (11,563) (1,100,645) (1,112,208)
Issue of shares 19,782 383,689 - - - - - 403,471
Total transactions with owners recognised in equity 19,782 383,689 - - - - - 403,471
31 December 2018 19,841 383,689 - - - (11,906) (1,109,878) (718,254)

Company Statement of Changes in Equity

for the year ended 31 December 2019

GBP Share
capital
Share premium Shares  to be issued Convertible loans Share-based payment Accumulated
losses
Total equity
1 October 2018 402,750 210,750 - - - (204,078) 409,422
Loss for the period - - - - - (26,409,823) (26,409,823)
Other comprehensive income - - - - - - -
Total comprehensive income - - - - - (26,409,823) (26,409,823)
Issue of shares 2,441,663 24,413,188 332,294 - - - 27,187,145
Share-based payment - - - - 3,222,182 - 3,222,182
Convertible loans issued - - - 134,388 - - 134,388
Total transactions with owners recognised in equity 2,441,663 24,413,188 332,294
134,388
3,222,182 - 30,543,715
31 December 2019 2,844,413 24,623,938 332,294 134,388 3,222,182 (26,613,901) 4,543,314
Loss for the period - - - - - (204,078) (204,078)
Other comprehensive income - - - - - - -
Total comprehensive income - - -
-
- (204,078) (204,078)
Issue of shares 402,750 236,250 - - - - 639,000
Cost of shares issued - (25,500) - - - - (25,500)
Total transactions with owners recognised in equity 402,750 210,750 - - - - 613,500
30 September 2018 402,750 210,750 - - - (204,078) 409,422

Group Statement of Cash Flows

for the year ended 31 December 2019

GBP                                                                                                  2019                 2018

Cash flows from operating activities

Cash utilised in operations                                                               (724,496)      (807,311)

Finance income                                                                                           4              1,996

Finance costs                                                                                    (5,779)             (584)

Exchange gain/(loss)                                                                          25,081          (11,601)

Net cash from operating activities                                            (705,190)    (817,500)

Cash flows from investing activities

Purchase of property, plant and equipment                                       (75,280)      (433,198)

Purchase of investments                                                                    (5,247)                     -

Cash acquired on acquisition of Clean Invest Africa plc                          9,104                      -

Cash acquired on the addition of the subsidiary                                     4,709                      -

Net cash from investing activities                                               (66,714)    (433,198)

Cash flows from financing activities

Funding received from related parties                                               635,192       4,521,512

Payment of related party borrowings                                                   (7,995)   (3,620,733)

Proceeds from issue of shares                                                             54,000          390,057

Proceeds from convertible loan notes                                                  61,000                      -

Principal paid on lease liabilities                                                           (5,506)                     -

Net cash from financing activities                                              736,691     1,290,836

   

(Decrease) / increase in cash and cash equivalents (35,213) 40,138


Cash and cash equivalents at beginning of year

 


48,444


8,306

   

Cash and cash equivalents at end of year 13,231 48,444





 

Company Statement of Cash Flow

for the year ended 31 December 2019

GBP                                                                                                  2019                 2018

Cash flows from operating activities

Loss before income tax                                                               (26,409,823)      (204,078)

Impairment                                                                                 22,747,282                      -

Share based payment expense                                                       3,222,182                      -

Increase in trade and other receivables                                             (68,499)           (5,080)

Increase in trade and other payables                                392,260    22,622

Net cash from operating activities                                            (116,598)    (186,536)

Cash flows from investing activities

Purchase of investments                                                                             -        (358,362)

Net cash from investing activities                                                          -      (358,362)

Cash flows from financing activities

Proceeds from issue of shares                                                             54,000          639,000

Issue costs                                                                                                   -          (25,500)

Net cash from financing activities                                                54,000         613,500

   

(Decrease) / increase in cash and cash equivalents (62,598) 68,602


Cash and cash equivalents at beginning of year

 


68,602


-

   

Cash and cash equivalents at end of year 6,004 68,602

   

END