Clean Invest Africa Plc - Interim Consolidated Results From January 1 2023 to 20 June 2023
Announcement provided by
Clean Invest Africa Plc · CIA02/10/2023 07:00
02 October 2023
CLEAN INVEST AFRICA PLC
("CIA" or the "Company" or the “Group”)
INTERIM CONSOLIDATED FINANCIAL RESULTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2023
CHIEF EXECUTIVE OFFICER STATEMENT
I am pleased to present the interim financial results of the Group for the period 1 January 2023 to 30 June 2023.
The Group has made excellent progress in the first 6 months of the year, continuing the development of key business opportunites with the addition of some new exciting prospects, which are developing reasonably fast and will contribute to meeting the year end target.
Project CLAPS (“Clean Land And Power System") in
The Group's subsidiary in
CASA is also currently working on a revised proposal for the development of a dedicated ilmenite pelletising plant which is currently under negotiation with a leading mining company in
Advanced discussion are also ongoing for projects in
We are pleased to report that during the first 6 months of the year, the Company has successfully raised £90,000 to support the continuing growth of the Group. Furthermore, the Company issued unsecured Convertible Loan Note amounting to £260,300.
In addition to the above funding update, CIA continues its work with Reyl & Cie (“REYL”), a subsidiary of Intesa SanPaolo Group, with significant ESG commitment together with a world-class position in Social Impact and strong focus on climate business, to structure the issuance of one or several tranches of a Shariah compliant trust certificate (the “Trust Certificates” or “Sukuk”).
The Company and its subsidiary, CoalTech Limited (“CoalTech”) looks forward with optimism, based upon the potential of an extensive and solid pipeline of opportunities. It is worth reiterating that the strategy of CoalTech is to secure long term, large scale customer relationships with whom it would develop one or more full scale plants and with long term offtake arrangements. Securing one such customer would be transformative, with any such project likely to have a capital project value well in excess of
FINANCIALS
The Group’s interim consolidated financial results for the period 1 January 2023 to 30 June 2023 show a loss after taxation of £330,126.
The financial information for the six months period ended 30 June 2023 has not been reviewed by the Company’s external auditors.
OUTLOOK
The Directors are pleased with the progress made in this period and look forward to continuing to update shareholders on the progress of the Group and the potentially exciting prospects ahead, some of which are developing at speed. Such prospects are of course conditional upon and dependant upon the Company raising further funding. We continue to seek new investment funding and we will advise shareholders as these opportunities develop.
Filippo Fantechi
Chief Executive Officer
29 September 2023
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Clean Invest Africa PLC
Filippo Fantechi - Chief Executive Officer
Telephone: +973 39696273
Corporate Adviser
Peterhouse Capital Limited
Guy Miller
Telephone: +44 20 7220 9795
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2023
For the 6 months period ended | For the year ended | ||
30-Jun-23 | 31-Dec-22 | ||
(Unaudited) | (Audited) | ||
£ | £ | ||
Continuing operations | |||
Revenue | - | 29,760 | |
Cost of sales | (63,588) | (129,444) | |
Gross loss | (63,588) | (99,684) | |
Other operating income | - | 392,759 | |
Administrative expenses | (254,743) | (281,697) | |
Operating loss | (318,331) | 11,378 | |
Finance costs | (11,795) | (24,251) | |
Impairment loss | - | (5,564) | |
Net foreign exchange revaluation | - | (144,881) | |
Loss before income tax | (330,126) | (163,318) | |
Income tax | - | - | |
Loss for the financial period/year attributable to the Company's equity shareholders | (330,126) | (163,318) | |
Other comprehensive income | |||
Loss for the period/year | (330,126) | (163,318) | |
Currency translation differences | 121,952 | (214,291) | |
Total comprehensive loss for the period | (208,174) | (377,609) | |
Basic and diluted loss per share (GBP) | (0.0002) | (0.0001) | |
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at | As at | ||||||||||||
30-Jun-23 | 31-Dec-22 | ||||||||||||
(Unaudited) | (Audited) | ||||||||||||
£ | £ | ||||||||||||
Assets | |||||||||||||
Non-current assets | |||||||||||||
Tangible fixed assets | 326,735 | 394,113 | |||||||||||
Right-of-use assets | 97,438 | 122,553 | |||||||||||
Investments | 6,406 | 11,653 | |||||||||||
Total Non-current assets | 430,579 | 528,319 | |||||||||||
Current assets | |||||||||||||
Inventories | 9,124 | - | |||||||||||
Trade and other receivables | 75,552 | 88,877 | |||||||||||
Amounts due from related parties | 3,708,595 | 3,894,561 | |||||||||||
Cash & cash equivalents | 12,706 | 80,222 | |||||||||||
Total current assets | 3,805,977 | 4,063,660 | |||||||||||
Total assets | 4,236,556 | 4,591,979 | |||||||||||
Equity and liabilities | |||||||||||||
Equity attributable to the owners of the Company | |||||||||||||
Share capital | 4,534,658 | 4,534,658 | |||||||||||
Share premium | 28,624,597 | 28,579,597 | |||||||||||
Share capital reserve | 377,294 | 332,294 | |||||||||||
Share-based payment | 3,243,556 | 3,243,556 | |||||||||||
Financial liabilities Interest bearing loans and borrowings | 715,044 | 746,658 | |||||||||||
Reverse takeover reserve | (23,050,570) | (23,050,570) | |||||||||||
Foreign currency translation reserve | 146,608 | 24,656 | |||||||||||
Accumulated losses | (13,063,296) | (12,733,170) | |||||||||||
Total equity | 1,527,891 | 1,677,679 | |||||||||||
Liabilities | |||||||||||||
Current liabilities | |||||||||||||
Trade and other payables | 2,572,728 | 2,550,972 | |||||||||||
Current portion of lease liabilities | 8,041 | 8,848 | |||||||||||
Amounts due to related parties | 26,528 | 232,188 | |||||||||||
Total current liabilities | 2,607,297 | 2,792,008 | |||||||||||
Non-current liabilities | |||||||||||||
Non-current portion of lease liabilities | 101,368 | 122,292 | |||||||||||
Total non-current liabilities | 101,368 | 122,292 | |||||||||||
Total liabilities | 2,708,665 | 2,914,300 | |||||||||||
Total equity and liabilities | 4,236,556 | 4,591,979 |
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at | As at | |||
30-Jun-23 | 31-Dec-22 | |||
(Unaudited) | (Audited) | |||
£ | £ | |||
Assets | ||||
Non-current assets | ||||
Investments | 4,744,225 | 4,744,225 | ||
Current assets | ||||
Trade and other receivables | 5,511,669 | 5,417,776 | ||
Cash & cash equivalents | 11,299 | 76,227 | ||
Total current assets | 5,522,968 | 5,494,003 | ||
Total assets | 10,267,193 | 10,238,228 | ||
Equity and liabilities | ||||
Equity attributable to the owners of the Company | ||||
Share capital | 4,534,658 | 4,534,658 | ||
Share premium | 28,624,597 | 28,579,597 | ||
Share capital reserve | 377,294 | 332,294 | ||
Convertible loans | 715,044 | 746,658 | ||
Share-based payment | 3,243,556 | 3,243,556 | ||
Accumulated losses | (27,617,928) | (27,497,661) | ||
Total equity | 9,877,221 | 9,939,102 | ||
Current liabilities | ||||
Trade and other payables | 389,972 | 299,126 | ||
Total equity and liabilities | 10,267,193 | 10,238,228 | ||
A separate income statement for the parent entity has not been presented, as permitted by section 408 of the Companies Act 2006. The loss for the parent company for the 6 months period ended 30 June 2023 was £120,267 (2022: loss of £306,133).
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDING 30 JUNE 2023
Share capital | Share premium | Share capital reserve | Warrant reserve | Reverse takeover reserve | Financial liabilities | Foreign currency translation reserve | Accumulated losses | Total Equity | |||||||||||
As at 1 January 2022 | 3,000,526 | 24,990,187 | 332,294 | 3,243,556 | (23,050,570) | 215,000 | 238,947 | (12,569,852) | (3,599,912) | ||||||||||
Transactions with owners, recorded directly in equity: | |||||||||||||||||||
Shares issued during the year | 1,534,132 | 3,589,410 | - | - | - | - | - | - | 5,123,542 | ||||||||||
Financial liabilities Interest bearing loans and borrowings | - | - | - | - | 531,658 | - | - | 531,658 | |||||||||||
Total comprehensive loss | - | - | - | - | - | - | (214,291) | (163,318) | (377,609) | ||||||||||
As at 31 December 2022 | 4,534,658 | 28,579,597 | 332,294 | 3,243,556 | (23,050,570) | 746,658 | 24,656 | (12,733,170) | 1,677,679 | ||||||||||
Transactions with owners, recorded directly in equity: | |||||||||||||||||||
Shares to be issued during the period | 45,000 | 45,000 | - | - | - | - | - | 90,000 | |||||||||||
Financial liabilities Interest bearing loans and borrowings, net | - | - | - | - | (31,614) | - | (31,614) | ||||||||||||
Total comprehensive loss | - | - | - | - | - | - | 121,952 | (330,126) | (208,174) | ||||||||||
As at 30 June 2023 | 4,534,658 | 28,624,597 | 377,294 | 3,243,556 | (23,050,570) | 715,044 | 146,608 | (13,063,296) | 1,527,891 | ||||||||||
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDING 30 JUNE 2023
Share capital | Share premium | Share capital reserve | Convertible loans | Warrant reserve | Accumulated losses | Total Equity | |
As at 1 January 2022 | 3,000,526 | 24,990,187 | 332,294 | 215,000 | 3,243,556 | (27,191,528) | 4,590,035 |
Shares issued during the year | 1,534,132 | 3,589,410 | - | - | - | - | 5,123,542 |
Financial liabilities Interest bearing loans and borrowings | - | - | - | 531,658 | - | - | 531,658 |
Total comprehensive income/(loss) | - | - | - | - | - | (306,133) | (306,133) |
As at 31 December 2022 | 4,534,658 | 28,579,597 | 332,294 | 746,658 | 3,243,556 | (27,497,661) | 9,939,102 |
Shares to be issued during the period | - | 45,000 | 45,000 | - | - | - | 90,000 |
Financial liabilities Interest bearing loans and borrowings | - | - | - | (31,614) | - | - | (31,614) |
Total comprehensive income/(loss) | - | - | - | - | - | (120,267) | (120,267) |
Balance as at 30 June 2023 | 4,534,658 | 28,624,597 | 377,294 | 715,044 | 3,243,556 | (27,617,928) | 9,877,221 |
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2023
1. Company information
Clean Invest Africa plc (the “Company”) is a public limited company which is listed on the Aquis Stock Exchange Growth Market and is incorporated and domiciled in the United Kingdom.
The consolidated entity (the “Group”) consists of the Company and the entities it controlled at the end of the six months period ended 30 June 2023.
Principal activity
The Company’s primary strategy is to identify investment opportunities and acquisitions in clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way on a global basis, with the intention of building a diversified portfolio of assets.
The subsidiaries of the Company, CoalTech Limited (“CoalTech”), a company registered in the United Kingdom with registered number 11368750, and Coal Agglomeration South Africa (Pty) Ltd. (“CASA”), a company registered in South Africa with registered number 2015/439393/07 and CoalTech’s subsidiary Coal Tech LLC, a company registered in the United States of America with registered number 5685936 (collectively referred as “CoalTech Group”), are primarily engaged in agglomerating coal fines waste (coal dust) into coal pellets through the commercialization of the Group’s proprietary binding technology.
2. Basis of preparation
The interim consolidated financial statements of the Group and the interim financial statements of the Company (the “interim financial statements”) have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations (IFRS IC) as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS.
The interim financial statements are for the six months period ended 30 June 2023 and are presented in Sterling (£) which is the Company’s presentation currency. The financial information for the six months period ended 30 June 2023 have not been reviewed by the Company’s external auditors or audited.
The interim consolidated financial statements of the Group and the interim financial statements of the Company have been prepared using going concern assumption under the historical cost convention. The Directors believe the Group has or has access to sufficient funds to continue as a going concern for at least 12 months from the end of the reporting period.
3. Dividend
No dividends will be distributed for the six-month period ended 30 June 2023.
4. Earnings per share
Basic and diluted
For the 6 months period ended 30 June 2023 | For the year ended 31 December 2022 | |||
(Unaudited) | (Audited) | |||
Total loss from continuing operations attributable to equity holders of the Company | (£330,126) | (£163,318) | ||
Weighted average number of ordinary shares in issue | 1,813,863,402 | 1,640,154,968 | ||
Basic earnings per share from continuing operations | (0.02p) | (0.01p) |
5. Events after the reporting period
There were no significant events subsequent to 30 June 2023 and occurring before the date of signing of the interim financial statements that would have a significant impact on these annual financial statements.
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