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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Infinity Eng. | LSE:INFT | London | Ordinary Share | LU0726886947 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.14 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Infinity Energy S.A.
("Infinity Energy" or the "Company")
Unaudited Interim Results for the six months ended 30 June 2016
Infinity Energy (AIM: INFT) today reports its unaudited interim results for the
six months ended 30 June 2016.
Interim Highlights:
* The Company received interest income of GBP3k (2015: GBP3k).
* Staff costs amounted to GBP24k (2015: GBP18k) and related solely to Directors
fees. Directors' fees have been accrued and are shown in the balance sheet
under 'Provisions for other liabilities and charges'.
* Administrative costs for the period amounted to GBP69k (2015: GBP40k) and
reflect continued stringent cost management.
* The total loss for the period was GBP102k (2015: GBP65k).
Key Developments during the Interim Period:
During the period the Board has worked hard to minimise costs while it
continues to explore investment opportunities in line with its strategy.
Post Balance Sheet Events:
It is envisaged that the Company will raise funding in Quarter 4 2016 to
provide additional capital to pursue its Investing Policy.
For further information:
Infinity Energy S.A.
Gerwyn Williams Tel: +44 7889 677 397
Bruce Vandenberg CEO Tel: + 44 7899 791 726
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson/James Caithie Tel: + 44 207 148 7900
Broker
W H Ireland
Paul Shackleton/Nick Prowting Tel: +44 207 220 1666
STATEMENT OF COMPREHENSIVE INCOME
(Expressed in GBP (GBP))
unaudited unaudited audited
six month period six month year ended 31/
to 30/06/2016 period 12/2015
to 30/06/2015
Notes
Income
Interest 4 2,878 2,618 5,218
Total Net Income 2,878 2,618 5,218
Expenses
Staff costs 4 (24,000) (18,000) (43,000)
Administrative 4 (69,444) (40,191) (129,360)
expenses
Interest and financial 4 (11,500) (9,629) (19,550)
charges
Total Operating (104,944) (67,820) (191,910)
Expenses
Loss before taxation (102,066) (65,202) (186,692)
Income tax - - (2,366)
Total comprehensive (102,066) (65,202) (189,058)
loss
Basic loss per share 5 (0.0002) (0.0002) (0.0005)
STATEMENT OF FINANCIAL POSITION
(Expressed in GBP (GBP))
audited
unaudited unaudited 31/12/2015
30/06/2016 30/06/2015
Notes
ASSETS
Non-current assets
Financial assets at fair value 4 205,432 199,954 202,554
through profit and loss
Total non-current assets 205,432 199,954 202,554
Current assets
Cash and cash equivalent 8,405 129,555 38,554
Total current assets 8,405 129,555 38,554
Total assets 213,837 329,509 241,108
EQUITY AND LIABILITIES
Capital and reserves
Share capital 486,719 486,719 486,719
Share premium 182,483 182,483 182,483
Accumulated losses (1,018,376) (792,454) (916,310)
Shareholders' equity (349,174) (123,252) (247,108)
Current liabilities
Trade and other payables 4 57,011 67,761 78,216
Provisions for other liabilities 134,000 85,000 110,000
and charges
Total current liabilities 191,011 152,761 188,216
Non-current liabilities
Convertible loan 6 372,000 300,000 300,000
Total equity and liabilities 213,837 329,509 241,108
STATEMENT OF CASH FLOWS
(Expressed in GBP (GBP)) unaudited unaudited
six month six month audited
period to period to year ended
30/06/2016 30/06/2015 31/12/2015
Notes
OPERATING ACTIVITIES
Purchase of financial assets and - - -
settlement of financial liabilities
Proceed from sale of financial - - -
assets
Operating expenses paid (102,149) (47,831) (138,832)
Net cash flows applied to (102,149) (47,831) (138,832)
operations
FINANCING ACTIVITIES
Funds raised through issuance of - - -
shares
Funds received via convertible loan 72,000 - -
Net cash inflows from financing 72,000 - -
activities
(Decrease) / increase in cash & (30,149) (47,831) (138,832)
cash equivalents
Cash and cash equivalents:
- balance at beginning of the 38,554 177,386 177,386
period
- balance at end of the period 8,405 129,555 38,554
(Decrease) / increase in cash & (30,149) (47,831) (138,832)
cash equivalents
Cash and cash equivalents are
represented by:
Cash at bank and in hand 8,405 129,555 38,554
STATEMENT OF CHANGES IN EQUITY
Called up Share premium
share capital Losses Total
(Expressed in GBP Notes
(GBP))
At 31 December 2013 477,550 182,483 (567,190) 92,843
Comprehensive Income
Loss for the year - - (160,062) (160,062)
Transactions with
owners
Proceeds from 9,169 - - 9,169
issuance of shares
At 31 December 2014 486,719 182,483 (727,252) (58,050)
Comprehensive Income
Loss for the period - - (189,058) (189,058)
At 31 December 2015 486,719 182,483 (916,310) (247,108)
Comprehensive
Income
Loss for the period - - (102,066) (102,066)
At 30 June 2016 486,719 182,483 (1,018,376) (349,174)
Notes to the interim report:
1. Activities
Infinity Energy became an Investing Company under the AIM Rules on 17 February
2012. On 18 March 2013, shareholders approved the new investing policy which
is to make investments and acquisitions, either through the issues of
securities or for cash, in quoted and non-quoted companies and their
securities, in the commodities sector with an emphasis on oil and gas service
sectors. Such investments include the provision of financing by way of
farm-ins, earn-ins, loans, equity or other forms of financing and investments
in and to companies in these sectors.
2. Directors' responsibility
The consolidated interim report and financial information contained therein are
the responsibility of the Board of Directors of Infinity Energy. The interim
report was approved by the Directors on 26 September 2016. The interim report
for the six month period to 30 June 2016 is unaudited.
The financial information for the year ended 31 December 2015 is extracted from
the statutory audited annual accounts as adjusted for International Financial
Reporting Standards ("IFRS"). The report of the auditors, Baker Tilly
Luxembourg, on the statutory annual accounts and on the IFRS financial
statements, as at 31 December 2015, was unqualified.
3. Basis of accounting
The interim financial statements of Infinity Energy. for the six month period
ended 30 June 2016 and 30 June 2015 have been prepared using accounting
policies on a basis consistent with those adopted for the year ended 31
December 2015.
The Company is an investment entity as defined by IFRS 10. This requires the
Company to consolidate all controlled entities involved in the provision of
investment related services (either directly or through a subsidiary to third
parties as well as its investors) and report all other subsidiary investments
at fair value in the financial statements.
The Company controls Gas Exploration Finance Limited (GEF) through its 100%
holding of GEF's issued ordinary share capital. GEF is incorporated in England
and Wales. GEF is the only subsidiary of the Company and does not provide
investment related services. GEF is therefore measured at fair value through
the profit and loss.
4. Analysis of results
The Company received interest income of GBP3k (2015: GBP3k)
Staff costs amounted to GBP24k (2015: GBP18k) and related solely to Directors
fees. Directors' fees have been accrued and are shown in the balance sheet
under 'Provisions for other liabilities and charges'.
Administrative costs for the period amounted to GBP69k (2015: GBP40k) and reflect
continued stringent cost management.
The total loss for the period was GBP102k (2015: GBP65k)
5. Earnings / (loss) per share
The calculation of the basic earnings per share is determined on the loss
attributable to ordinary shareholders divided by the number of shares in issue
during the period.
30 June 30 June 31 December
2016 2015 2015
Number of issued shares 353,416,320 353,416,320 353,416,320
GBP (GBP) GBP (GBP) GBP (GBP)
Loss for the period (102,066) (65,202) (189,058)
Basic (loss) per share (0.0002) (0.0002) (0.0005)
6. Convertible loan
The Company has received a convertible loan facility of GBP GBP400,000 from its
majority shareholder, Gerwyn Llewellyn Williams.
The key terms of the loan are as follows:
* The total loan facility is GBP GBP400,000;
* The drawn down loan amount bears interest at a rate of 6% per annum;
* The drawn down loan amount is convertible at the discretion of Mr Williams
at a price of GBP GBP0.0009 per share or repaid from the proceeds of future
fund raising.
END
(END) Dow Jones Newswires
September 28, 2016 07:14 ET (11:14 GMT)
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