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Clean Invest Africa Plc - Unaudited Financial Results to December 31 2019

·5-min read

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