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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kibo Energy Plc | AQSE:KIBO.GB | Aquis Stock Exchange | Ordinary Share | IE00B97C0C31 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0125 | 0.01 | 0.015 | 0.0125 | 0.0125 | 0.0125 | 0.00 | 07:15:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2022 to Dec 2024
TIDMKIBO
RNS Number : 0601O
Kibo Energy PLC
29 September 2023
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 29 September 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Unaudited Interim Results for the Six-Month Period Ended 30 June 2023
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, is pleased to announce its unaudited interim results for the six months ended 30 June 2023, contained below. The full interim results are also available on the Company's website at https://kibo.energy/wp-content/uploads/Kibo-Interim-Results-30-June-2023.pdf .
Overview of the key highlights during the interim period:
-- A continued focus on the Company's renewed strategy to acquire and develop a portfolio of sustainable, renewable energy assets:
o Commenced with an optimisation and integration study into the production of synthetic oil from non-recyclable plastic waste on the 2.7 MW plastic-to-syngas project under Sustineri Energy (Pty) Ltd ('Sustineri Energy' or 'Sustineri'), a joint venture ('JV') in which Kibo holds 65% and Industrial Green Energy Solutions ('IGES') holds 35%, which could add a potential accelerated additional revenue stream to the project.
o As part of the Mbeya Power Project, the Company has determined a due diligence scope of work and process for the Tanzania Electric Supply Company Limited ('TANESCO') in line with key project milestones and established a Joint Technical Committee to ensure these milestones are met as agreed to, as previously announced by the Company with regards to its renewed Memorandum of Understanding ('MOU').
o Kibo subsidiary Mast Energy Developments plc ('MED') relinquished its existing T-4 Capacity Market ('CM') contract for its Pyebridge site and was successful in the pre-qualification for two new bids, which resulted in a T-1 CM contract at GBP60/kW/pa and a T-4 CM contract that cleared at a record price of GBP63/kW/pa.
o MED furthermore reprofiled the outstanding loan balances on its existing loan facilities as well as entered a Heads of Terms ('HoT') for a new JV agreement between MED and a new institutional-led consortium, who will inject all required capital into the JV with an expected total investment value of c. GBP31 million, with no funding contribution required from MED.
-- Corporate updates:
o The appointment of Beaumont Cornish Limited as Nominated Advisor ('NOMAD') on 11 January 2023.
o The appointment of Mr. Ajay Saldanha as a new independent non-executive director to the Kibo Board with effect from 11 January 2023.
o The retirement of Mr. Chris Schutte, effective 2 May 2023.
o All unexercised and outstanding warrants in the Company, to the amount of 1,128,024,625, have been repriced such that they are all exercisable at GBP0.001 (0.1p).
o The Company has reached agreement with the holders (the 'Noteholders') of the Company's 7% Convertible Loan Note ('CLN') instrument dated 7 January 2022 to convert all principal amounts and accrued interest amounting to GBP714,517 to ordinary Kibo shares of EUR0.001 par value, converted at a price of 0.14p. The conversion resulted in the issue of 510,369,286 new Kibo shares to the Noteholders.
o The Company has further agreed to a reprofiling of its existing bridge loan facility into a new 24-month term loan (the 'Term Loan Facility'). The reprofiled amount under the Term Loan Facility agreement is GBP1,113,980, repayable over a 24-month period. The Company has also awarded 1,262,300,283 warrants to the Institutional Investor under the agreed reprofiling terms of the Term Loan Facility.
o The Company received warrant notices to exercise 284,524,625 Kibo warrants, for which 216,274,625 ordinary Kibo shares of EUR0.001 at a price of GBP0.001 (0.1p) were issued and the remaining 68,250,000 shares were deferred from being issued and admitted for trading until full payment for the corresponding warrants, for which prior irrevocable exercise notices have been submitted (RNSs dated 4 and 26 May 2023).
-- Post-reporting period:
o In July 2023, the Sustineri biofuel project was granted an integrated Environment Authorisation ('EA') (RNS dated 3 July 2023) and a further integration study is currently underway to align the test results with feedstock characteristics, as previously announced in an RNS dated 2 May 2023.
o During July 2023, MED finalised and entered into a definitive and binding Joint Venture Agreement ('JVA') with an institutional investor-led consortium, with an initial expected total investment value of c. GBP5.9 million. The completion date of the JVA has since been extended twice due to unforeseen circumstances as detailed in an MED RNS dated 4 August and 22 September 2023, with the parties working on finalising the necessary logistical and statutory arrangements to ensure the successful completion and transfer of funds in accordance with the revised long-stop date.
Chairman's Statement
We are pleased to present our Interim Report for the six months ending 30 June 2023.
During the first half of 2023, Kibo Energy plc ('Kibo' or the 'Company') has continued its commitment to its strategy to acquire and develop a portfolio of sustainable, renewable energy assets. The year commenced with notable obstacles but through the resilience of crucial stakeholders, management and the Kibo team, the Company has continued to work to overcome these challenges. It continues to demonstrate adaptability and steady dedication to its core objectives of capitalising opportunities within the global clean energy transformation and working towards leading position within this industry. The Kibo strategy includes implementing an appropriate disposal and divestment or repurposing of all hydrocarbon and coal-based power projects and assets, maximising value from these projects for shareholders (RNS dated 16 June 2021).
Portfolio
Kibo's robust project portfolio remains comprehensive and diverse, with projects spanning four areas - reserve power, waste-to-energy ('W2E' or 'WtE'), biofuel and long-duration energy storage ('LDES').
Waste-to-energy
In January, the Company initiated an optimisation study to modify the design of its 2.7 MW plastic-to-syngas ICON Park project, aiming to incorporate synthetic oil production from non-recyclable plastic waste. This adjustment could introduce an additional revenue source to the project. Additionally, the company showcased promising laboratory test results, demonstrating from our samples that bio-coal from specific biomass sources surpassed conventional coal in various key industrial boiler applications. An integrated Environment Authorisation ('EA') has been granted (RNS dated 3 July 2023) and further technical work aims to align the laboratory test results with feedstock characteristics (RNS dated 2 May 2023).
The original project is planned to be developed in two distinct phases, with the first phase being the production of synthetic oil and a second phase introducing the production of syngas and electricity. The decision to pursue the production of synthetic oil as phase 1 is expected to have a positive impact on the project's profitability and provides the Company with the opportunity to generate revenue much earlier than initially projected (RNS dated 1 February 2023).
In the UK, the Southport project, which includes c. 5.5 million m (3) bio-methane production and a 10 MW generation capacity is temporarily delayed, pending funding and reaching agreement on appropriate land lease arrangements.
With reference to the ongoing dispute with the vendor in respect of the Company's investment in Shankley Biogas Limited, as disclosed in the audited consolidated financial statements of the Company for the year ended 31 December 2022, the Company is in advanced settlement negotiations with the vendor and is confident that the ongoing dispute will be settled soon. The carrying values of the investment in Shankley and its associated assets and liabilities, as included in the Group and Company Balance Sheet as at 31 December 2022, remained unchanged for the six months to 30 June 2023.
Biofuel
After signing a renewed Memorandum of Understanding ('MOU') (RNSs dated 23 November 2022 and 18 May 2023), the Company and its Tanzanian subsidiary, Mbeya Power Limited ('Mbeya Power'), are currently subject to a due diligence process by TANESCO, pursuant to the agreed MOU process. The MOU sets out clear guidelines, deliverables and timelines for the conclusion of a Power Purchase Agreement ('PPA') and Mbeya Power and TANESCO have agreed to establish a Joint Technical Committee to ensure the key milestones, as agreed in the MOU, are met.
A part of the Company's strategy, the conversion of fossil fuel (coal) to biofuel produced from biomass is considered for the fully developed Mbeya Power project, a 300 MW steam-powered power plant in the Songwe region of Tanzania. As Kibo has already determined the technical feasibility of bio-coal as a coal replacement, the Company is now in the process of determining the commercial viability of producing selected biomass as feedstock for the bio-coal production process.
Long-Duration Energy Storage
The status of the Company's long-duration energy storage ('LDES') projects remain unchanged as previously noted in a Company Operational Update (RNS dated 3 July 2023). These include a 12.3 MW project that is undergoing both concept and commercial development simultaneously and a 36.32 MW target for development, which is still under assessment. Furthermore, the South African market, which is currently favourable towards renewable energy and LDES solutions, is being targeted for the development of project pipeline opportunities.
Reserve Power
Kibo's interests in reserve power are vested in its subsidiary Mast Energy Developments ('MED'). In May, MED announced the conclusion of a Heads of Terms ('HoT') for a JV agreement between MED and a institutional-led consortium (the 'Institutional Investor'). Under the HoT, the Institutional Investor will inject all required capital into the JV with an initial investment value of c. GBP5.9 million and an expected total investment value of c. GBP31 million, with no funding contribution from MED. This will allow MED to accelerate development of its project pipeline.
The completion date of the JVA has since been extended twice due to unforeseen circumstances as detailed in an MED RNS dated 4 August and 22 September 2023, with the parties working on finalising the necessary logistical and statutory arrangements to ensure the successful completion and transfer of funds in accordance with the revised long-stop date.
In May 2023, MED reached a significant milestone with its Rochdale site receiving planning consent from the local Council. The site is now fully construction-ready and awaiting project funding.
MED further achieved a landmark objective earlier this year. After foregoing its existing T-4 Capacity Market ('CM') contract for its Pyebridge site in favour of applying for two new replacement CM contracts in the 2022/2023 CM bid window, MED was successful in pre-qualification to bid for new T-1 and T-4 CM contracts. This resulted in a CM Auction result where the T-1 bid was cleared at GBP60/kW/pa and the T-4 bid cleared at a record price of GBP63/kW/pa.
Corporate
As the Company progresses its strategy, it also made a significant appointment in the first half of 2023. This included the appointment of a new independent non-executive director, Mr. Ajay Saldanha, to the board of directors, with effect from 11 January 2023. During this period, the Company said farewell to Mr. Chris Schutte, who retired from the Kibo board as of 2 May 2023.
The Company began its year temporarily suspended from AIM, a market operated by the London Stock Exchange ('LSE') as a result of the resignation of its Nominated Advisor ('NOMAD') (RNS dated 9 December 2022). However, this challenge was quickly overcome with the appointment of Beaumont Cornish Limited ('BCL') as its new NOMAD as detailed in an RNS dated 11 January 2023.
These appointments have solidified the Company's commitment in delivering its growth strategy while placing Kibo in an advantageous position within the alternative energy sectors in the UK and sub-Saharan Africa.
Conclusion
As we approach the end of 2023, I am pleased to note the management team and personnel's ongoing determination and resilience, under challenging trading and funding conditions, to streamline Kibo's operations and to support its strategy of focusing on the acquisition and development of alternative and renewable sustainable energy solution projects, while pursuing the conversion of the Company's large-scale power projects and the disposal of its hydro-carbon and coal assets, have yielded positive outcomes for the Company.
Louis Coetzee
Chief Executive Officer & Acting Chairman
Date: 29 September 2023
Unaudited Interim Results for the six months ended 30 June 2023
Unaudited Condensed Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 June 2023
Hot Features
Premium
6 months 6 months 12 months
to to to
30 June 30 June 31 December
Note 2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------ ------------ -------------
Revenue 14 198,438 305,384 1,036,743
Cost of sales (125,008) (260,329) (778,802)
------------ ------------ -------------
Gross profit/loss 73,430 45,055 257,941
Administrative expenses (1,318,959) (1,210,016) (2,579,028)
Reversal of impairment
/ (impairments) of non-current
assets 9 4,052,331 - (7,038,930)
Fair value adjustments 10&13 (4,153,309) - -
Listing and capital raising
fees (297,114) (185,070) (363,368)
Project and exploration
expenditure (268,347) (415,621) (847,567)
Operating Loss (1,911,968) (1,765,652) (10,570,952)
Finance costs (69,396) (86,914) (249,754)
Investment and other
income 145,552 8,593 93,866
Share of gain / (loss)
from associate 7,164 (118,357) (181,684)
------------ ------------ -------------
Loss before Tax (1,828,648) (1,962,330) (10,908,524)
Tax - - -
------------ ------------ -------------
Loss for the period (1,828,648) (1,962,330) (10,908,524)
Other comprehensive
income:
Exchange differences
on translating of foreign
operations, net of taxes 148,114 60,869 372,191
Total Comprehensive
Loss for the Period (1,680,534) (1,901,461) (10,536,333)
------------ ------------ -------------
Loss for the period
attributable to (1,828,648) (1,962,330) (10,908,524)
------------ ------------ -------------
Owners of the parent (1,487,876) (1,637,805) (9,776,917)
Non-controlling interest (340,772) (324,525) (1,131,607)
------------ ------------ -------------
Total comprehensive
loss attributable to (1,680,534) (1,901,461) (10,536,333)
------------ ------------ -------------
Owners of the parent (1,339,762) (1,576,936) (9,404,726)
Non-controlling interest (340,772) (324,525) (1,131,607)
------------ ------------ -------------
Basic loss per share 4 (0.0004) (0.0006) (0.003)
Dilutive loss per share 4 (0.0004) (0.0006) (0.003)
Unaudited Condensed Consolidated Interim Statement of Financial Position
As at 30 June 2023
Note 30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------- ------------- -------------
Assets
Non-current assets
Property, plant and equipment 7 3,395,543 2,931,097 3,493,998
Intangible assets 8 2,652,533 4,995,608 2,691,893
Investment in associates 9 - 3,972,524 100,945
Other financial assets 10 86,524 - -
Total non-current assets 6,134,600 11,899,229 6,286,836
------------- ------------- -------------
Current assets
Trade and other receivables 150,199 233,091 227,223
Cash and cash equivalents 21,961 1,163,297 163,884
------------- ------------- -------------
Total current assets 172,160 1,396,388 391,107
------------- ------------- -------------
Total assets 6,306,760 13,295,617 6,677,943
------------- ------------- -------------
Equity
Called up share capital 5 21,790,989 21,140,481 21,140,481
Share premium 5 45,816,001 45,516,081 45,516,081
Foreign currency translation
reserve 54,121 (405,315) (93,993)
Share based payment reserve 78,049 491,641 73,469
Warrants exercised reserve 68,250 - -
Retained deficit (67,807,018) (58,265,194) (66,319,142)
------------- ------------- -------------
Attributable to equity
holders of the parent 392 8,477,694 316,896
------------- ------------- -------------
Non-controlling interest 823,446 1,638,291 1,164,218
------------- ------------- -------------
Total Equity 823,838 10,115,985 1,481,114
------------- ------------- -------------
Liabilities
Non-current liabilities
Lease liability 12 292,826 287,721 346,674
Borrowings 11 1,808,607 - -
Other financial liabilities - - 243,056
------------- ------------- -------------
Total non-current liabilities 2,101,433 287,721 589,730
------------- ------------- -------------
Current liabilities
Borrowings 11 307,559 1,732,423 1,195,239
Lease liability 12 8,485 2,587 3,980
Other financial liabilities 11 - - 1,012,790
Trade and other payables 3,065,445 1,156,901 2,395,090
Total current liabilities 3,381,489 2,891,911 4,607,099
------------- ------------- -------------
Total liabilities 5,482,922 3,179,632 5,196,829
------------- ------------- -------------
Total equity and liabilities 6,306,760 13,295,617 6,677,943
------------- ------------- -------------
Unaudited Condensed Interim Consolidated Statement of Changes in Equity
Share Share Share Warrants Foreign Retained Non-controlling Total
Capital Premium based exercised currency deficit interest
payment reserve translation
reserve reserve
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Balance at 1
January 2023
(unaudited) 21,140,481 45,516,081 73,469 - (93,993) (66,319,142) 1,164,218 1,481,114
=========== =========== ========== ========== ============ ============= ================ =============
Loss for the
period - - - - - (1,487,876) (340,772) (1,828,648)
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Other
comprehensive
income -
exchange
differences - - - - 148,114 - - 148,114
=========== =========== ========== ========== ============ ============= ================ =============
Warrants
irrevocably
exercised and
unpaid - - - 68,250 - - - 68,250
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Warrants
exercised - - (7,995) - - - - (7,995)
=========== =========== ========== ========== ============ ============= ================ =============
Warrants
repriced - - (45,850) - - - - (45,850)
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Issue of share
warrants - - 58,425 - - - - 58,425
=========== =========== ========== ========== ============ ============= ================ =============
Issue of share
capital 650,508 299,920 - - - - - 950,428
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Balance as at
30 June 2023
(unaudited) 21,790,989 45,816,001 78,049 68,250 54,121 (67,807,018) 823,446 823,838
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Balance at 1
January 2022
(unaudited) 21,042,444 45,429,328 466,868 - (466,184) (56,627,389) 1,962,816 11,807,883
=========== =========== ========== ========== ============ ============= ================ =============
Loss for the
period - - - - - (1,637,805) (324,525) (1,962,330)
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Other
comprehensive
income -
exchange
differences - - - - 60,869 - - 60,869
=========== =========== ========== ========== ============ ============= ================ =============
Issue of share
warrants - - 24,773 - - - - 24,773
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Shares issued 98,037 86,753 - - - - - 184,790
=========== =========== ========== ========== ============ ============= ================ =============
Balance as at
30 June 2022
(unaudited) 21,140,481 45,516,081 491,641 - (405,315) (58,265,194) 1,638,291 10,115,985
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Balance as at
1 January
2022
(audited) 21,042,444 45,429,328 466,868 - (466,184) (56,627,389) 1,962,816 11,807,883
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Loss for the
year - - - - - (9,776,917) (1,131,607) (10,908,524)
=========== =========== ========== ========== ============ ============= ================ =============
Other
comprehensive
income-
exchange
differences - - - - 372,191 - - 372,191
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Change in
shareholding
without loss
of control - - - - - (333,009) 333,009 -
=========== =========== ========== ========== ============ ============= ================ =============
Shares issued 98,037 86,753 - - - - - 184,790
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Warrants
issued by
Kibo Energy
PLC during
the year - - 24,774 - - - - 24,774
=========== =========== ========== ========== ============ ============= ================ =============
Warrants
issued by
Kibo Energy
PLC which
expired
during the
year - - (418,173) - - 418,173 - -
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Balance as at
31 December
2022
(audited) 21,140,481 45,516,081 73,469 - (93,993) (66,319,142) 1,164,218 1,481,114
=========== =========== ========== ========== ============ ============= ================ =============
Notes 5 5
--------------- ----------- ----------- ---------- ---------- ------------ ------------- ---------------- -------------
Unaudited Condensed Consolidated Interim Statement of Cash Flow
For the six months ended 30 June 2023
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
------------ ------------ -------------
Loss for the period before taxation (1,828,648) (1,962,330) (10,908,524)
Adjusted for:
(Gain) / loss from equity accounting (7,164) 118,357 181,684
Amounts due settled other than in
cash 628,326 - -
Costs incurred in loan reprofiling 146,609 - -
Depreciation on property, plant,
and equipment 45,784 7,621 66,582
Directors' fees settled with credit
loan notes - - 44,591
Expenses settled through share issue - 95,000 95,001
Fair value adjustments - Derivatives 86,557 (86,557)
Fair value adjustments - Other financial
assets 4,066,752 - -
Impairment of intangible assets - - 3,229,155
Interest accrued 69,396 52,198 248,202
Profit on disposal of property, plant
and equipment - - (7,264)
Reversal of impairment / (impairment)
of associates (4,052,331) - 3,809,775
Warrants and options issued 58,425 24,773 24,774
Other non-cashflow items 83,421 - 132
------------ ------------ -------------
Operating income before working
capital changes (702,873) (1,664,381) (3,302,449)
Decrease in trade and other receivables 77,024 22,656 28,524
Increase in trade and other payables 670,355 40,630 678,817
------------ ------------ -------------
Net cash outflows from operating
activities 44,506 (1,601,095) (2,595,108)
------------ ------------ -------------
Cash flows from financing activities
Proceeds from borrowings - 960,000 2,322,824
Repayment of borrowings (100,000) (316,173) (44,917)
Proceeds from issue of share capital
net of costs 85,800 - -
Repayment of lease liabilities (24,115) (1,210) (27,000)
------------ ------------ -------------
Net cash proceeds from financing
activities (38,315) 642,617 2,250,907
------------ ------------ -------------
Cash flows from investing activities
Cash advanced to Joint Venture - - 20,955
Deferred payment settlement - - (555,535)
Property, plant, and equipment acquired
(excluding right of use assets) - (38,960) (1,020,747)
Intangible assets acquired - - (342,038)
------------ ------------ -------------
Net cash used in investing activities - (38,960) (1,897,365)
------------ ------------ -------------
Net movement in cash and cash equivalents 6,191 (997,438) (2,241,566)
Cash and cash equivalents at beginning
of period 163,884 2,082,906 2,082,906
Exchange movements (148,114) 77,829 322,544
------------ ------------ -------------
Cash and cash equivalents at end
of period 21,961 1,163,297 163,884
------------ ------------ -------------
Notes to the unaudited condensed consolidated interim financial statements
For the six months ended 30 June 2023
1. General information
Kibo Energy PLC is a public company incorporated in Ireland. The condensed consolidated interim financial results consolidate those of the Company and its subsidiaries (together referred to as the "Group"). The Company's shares are listed on the AIM Market ("AIM") of the London Stock Exchange and the Alternative Exchange ("AltX") of the Johannesburg Stock Exchange ("JSE") Limited. The principal activities of the Company and its subsidiaries are related to the development of renewable energy projects in Southern Africa and the United Kingdom.
2. Statement of Compliance and Basis of Preparation
The unaudited condensed consolidated interim financial results are for the six months ended 30 June 2023, and have been prepared using the same accounting policies as those applied by the Group in its December 2022 consolidated annual financial statements, which are in accordance with the framework concepts and the recognition and measurement criteria of the International Financial Reporting Standards and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council issued by the International Accounting Standards Board ("IASB"), including the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, IAS 34 - Interim Financial Reporting, the Listings Requirements of the JSE Limited, the AIM rules of the London Stock Exchange and the Irish Companies Act 2014.
These condensed consolidated interim financial statements do not include all the notes presented in a complete set of consolidated annual financial statements, as only selected explanatory notes are included to explain key events and transactions that are significant to obtaining an understanding of the changes throughout the financial period, accordingly the report must be read in conjunction with the annual report for the year ended 31 December 2022.
The comparative amounts in the consolidated financial results include extracts from the consolidated annual financial statements for the period ended 31 December 2022.
These condensed consolidated interim financial statements have been prepared on the going concern basis which contemplates the continuity of normal business activities and the realisation of assets and the settlement of liabilities in the normal course of business. In performing the going concern assessment, the Board considered various factors, including the availability of cash and cash equivalents; data relating to working capital requirements for the foreseeable future; cash-flows from operational commencement, available information about the future, the possible outcomes of planned events, changes in future conditions, the current global economic environment and the responses to such events and conditions that would be available to the Board. Refer to note 19 for the board's assessment in this regard.
These extracts do not constitute statutory accounts in accordance with the Irish Companies Acts 2014. All monetary information is presented in the presentation currency of the Company being Pound Sterling. The Group's principal accounting policies and assumptions have been applied consistently over the current and prior comparative financial period.
3. Use of estimates and judgements
Preparing the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 31 December 2022.
4. Loss per share
Basic, dilutive and headline loss per share for the six months ended 30 June 2023 are as follows:
6 months to 6 months to 12 months
to
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
-------------- -------------- --------------
Loss for the year attributable
to equity holders of the parent (1,487,876) (1,637,805) (9,776,917)
Weighted average number of ordinary
shares for the purposes of basic
and dilutive loss per share 3,568,946,718 2,956,206,435 3,010,992,501
Basic loss per share (0.0004) (0.0006) (0.003)
Dilutive loss per share (0.0004) (0.0006) (0.003)
-------------- -------------- --------------
6 months to 6 months to 12 months
to
Reconciliation of Headline loss 30 June 30 June 31 December
per share
2023 2022 2022
GBP GBP GBP
-------------- -------------- --------------
Loss for the year attributable
to equity holders of the parent (1,487,876) (1,637,805) (9,776,917)
Adjusted for:
Profit on sale of property, plant
and equipment - - (7,264)
Impairment of goodwill - -
Impairment of intangible assets - - 3,229,155
(Reversal of Impairment) / Impairment
of associates (4,052,331) - 3,809,774
Headline loss per share (5,540,207) (1,637,805) (2,745,252)
Weighted average number of ordinary
shares for the purposes of headline
loss per share 3,568,946,718 2,956,206,435 3,010,992,501
Headline loss per share (0.0016) (0.0006) (0.0009)
-------------- -------------- --------------
Headline earnings per share (HEPS) is calculated using the weighted average number of ordinary shares in issue during the period and is based on the earnings attributable to ordinary shareholders, after excluding those items as required by Circular 1/2022 issued by the South African Institute of Chartered Accountants (SAICA).
5. Called up share capital and share premium
Authorised ordinary share capital of the company is 10,000,000,000 ordinary shares of EUR 0.0001 each.
Authorised deferred shares of the company are 1,000,000,000 of EUR 0.014, 3,000,000,000 of EUR 0.009 and 5,000,000,000 of EUR 0.0009 respectively.
The authorised share capital, reduction in nominal value of the ordinary shares and authorised deferred shares noted above were approved by shareholders at an EGM of the Company held on 2 June 2023.
Detail of issued capital is as follows:
Number of Share Deferred Called Share
Ordinary Capital Share Up Share Premium
Shares Capital Capital
GBP GBP GBP GBP
-------------- -----------
Balance at 1 January
2022 2,930,657,437 1,836,562 19,205,882 21,042,444 45,429,328
Shares issued in period 108,540,021 98,037 - 98,037 86,753
Balance at 30 June
2022 3,039,197,458 1,934,599 19,205,882 21,140,481 45,516,081
Shares issued in period - - - - -
Balance at 31 December
2022 3,039,197,458 1,934,599 19,205,882 21,140,481 45,516,081
-------------- ------------ ----------- ----------- -----------
Shares issued in period 740,669,225 650,508 - 650,508 299,920
Capital reorganisation - (2,326,595) 2,326,595 - -
Balance at 30 June
2023 3,779,866,683 258,512 21,532,477 21,790,989 45,816,001
-------------- ------------ ----------- ----------- -----------
The company issued the following ordinary shares during the period, with regard to key transactions:
- 14,025,314 new Kibo Shares were issued on 25 January 2023 of EUR 0.001 each at a deemed issue price of GBP0.0014 per share to settle amounts due ;
- 510,369,286 new Kibo Shares were issued on 11 April 2023 of EUR 0.001 each at a deemed issue price of GBP0.0014 in partial settlement of convertible loan notes ;
- 168,274,625 new Kibo Shares were issued on 26 April 2023 of EUR 0.001 each at a deemed issue price of GBP0.001 for warrants exercised by warrant holders ;
- 48,000,000 new Kibo Shares were issued on 26 April 2023 of EUR 0.001 each at a deemed issue price of GBP0.001 for warrants exercised by warrant holders ;
- On 26 April 2023 Kibo underwent a capital reorganisation where all shares in issue were divided into 1 ordinary share of EUR0.0001 and 1 deferred share of EUR0.0009. In total 3,779,866,683 ordinary and deferred shares were issued.
On 26 April 2023 Kibo received notice of warrants irrevocably exercised. The payments for these exercised warrants are still due and shares have not been issued. Kibo has disclosed these exercised warrants separately from its unexercised warrants in a Warrants Exercised Reserve:
- 42,000,000 warrants exercised on 26 April 2023 at a deemed issue price of GBP0.001 per warrant ;
- 26,250,000 warrants exercised on 26 April 2023 at a deemed issue price of GBP0.001 per warrant .
No other share transactions took place during the period.
6. Segment analysis
IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specific criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision-maker.
The Chief Executive Officer is the chief operating decision maker of the Group.
Management currently identifies individual projects as operating segments. These operating segments are monitored, and strategic decisions are made based upon their individual nature, together with other non-financial data collated from project and exploration activities. Principal activities for these operating segments are as follows:
30 June 2023
Bordersley Pyebridge Rochdale Sustinery Corporate 30 June 2023
Power Power Power Energy Group Group
GBP GBP GBP GBP GBP GBP
----------- ---------- --------- ---------- ------------ -------------
Revenue - 198,438 - - - 198,438
Cost of sales - (125,008) - - - (125,008)
Administrative and
other costs (4,828) (20,280) (4,968) (12,795) (1,276,088) (1,318,959)
Fair value adjustments - - - - (4,153,309) (4,153,309)
Finance cost (24,231) - - - (45,165) (69,396)
Gain from equity
accounted investment - - - - 7,164 7,164
Investment and other
income 1,117 126,933 - 3 17,499 145,552
Listing and capital
raising fees - - - - (297,114) (297,114)
Project expenditure (18,257) (161,752) (14,926) - (73,412) (268,347)
Reversal of impairment
/ (impairments) of
non-current assets - - - - 4,052,331 4,052,331
(Loss) / profit
after tax (46,199) 18,331 (19,894) (12,792) (1,768,094) (1,828,648)
----------- ---------- --------- ---------- ------------ -------------
30 June 2022
Mbeya Coal Bordersley PyeBridge Rochdale Sustinery Corporate 30 June 2022
PP Power Power Power Energy Group Group
GBP GBP GBP GBP GBP GBP GBP
----------- ----------- ---------- --------- ---------- ------------ -------------
Revenue - - 305,384 - - - 305,384
Cost of sales - - (260,329) - - - (260,329)
Administrative and
other costs (590) (16,143) (20,151) (3,420) (220) (1,354,562) (1,395,086)
Loss from equity
accounted investment - - - - - (118,357) (118,357)
Project expenditure (25,908) (166,518) (82,736) (39,284) (50,985) (50,190) (415,621)
Finance cost - - - - - (86,914) (86,914)
Investment and other
income 5,686 - - - 141 2,766 8,593
----------- ----------- ---------- --------- ---------- ------------ -------------
Loss after tax (20,812) (182,661) (57,832) (42,704) (51,064) (1,607,257) (1,962,330)
----------- ----------- ---------- --------- ---------- ------------ -------------
30 June 2023
Bordersley Pyebridge Rochdale Sustinery Corporate 30 June 2023
Power Power Power Energy Group (GBP) Group
GBP GBP GBP GBP GBP GBP
----------- ---------- --------- ---------- ------------ -------------
Segment assets 286,958 2,050,929 92,808 253,821 3,622,244 6,306,760
Segment liabilities (258,806) (145,668) (25,731) (46,615) (5,006,102) (5,482,922)
30 June 2022
Mbeya Coal Bordersley PyeBridge Rochdale Sustinery Corporate 30 June 2022
PP Power Power Power Energy Group (GBP) Group
GBP GBP GBP GBP GBP GBP GBP
----------- ----------- ---------- --------- ---------- ------------ -------------
Segment assets 8,388 413,424 2,641,183 10,079 305,071 9,917,472 13,295,617
Segment liabilities (21,650) (320,559) (103,103) (26,682) (33,493) (2,674,145) (3,179,632)
7. Property, plant and equipment
Furniture
Right of and Motor Office Computer Other
Land Use Asset Fittings Vehicles Equipment Equipment Equipment Total
GBP GBP GBP GBP GBP GBP GBP GBP
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Cost
at 1 January
2023 602,500 355,883 - 16,323 1,559 8,228 2,610,849 3,595,342
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Modification
to lease - (52,664) - - - - - (52,664)
Forex movement - - - 1,121 1,193 (3,462) (5,756) (6,904)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Cost
at 30 June
2023 602,500 303,219 - 17,444 2,752 4,766 2,605,093 3,535,774
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Accumulated
Depreciation
at 1 January
2023 - (22,358) - (16,323) (1,024) (2,266) (59,373) (101,344)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Depreciation - (5,173) - - - (794) (39,817) (45,784)
Forex movement - - - (1,121) (238) 1,515 6,741 6,897
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Accumulated
Depreciation
at 30 June
2023 - (27,531) - (17,444) (1,262) (1,545) (92,449) (140,231)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Carrying value
at 30
June 2023 602,500 275,688 - - 1,490 3,221 2,512,644 3,395,543
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Cost
at 1 January
2022 602,500 293,793 2,465 16,323 4,942 5,390 2,020,112 2,945,525
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Additions - - - - - - 36,012 36,012
Forex movement - - 268 1,779 452 3,325 923 6,747
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Cost
at 30 June
2022 602,500 293,793 2,733 18,102 5,394 8,715 2,057,047 2,988,284
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Accumulated
Depreciation
at 1 January
2022 - (9,793) (2,465) (16,322) (4,409) (4,074) (8,703) (45,766)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Depreciation - (7,042) - - (498) (81) - (7,621)
Forex movement - - (268) (1,779) 61 (865) (949) (3,800)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Accumulated
Depreciation
at 30 June
2022 - (16,835) (2,733) (18,101) (4,846) (5,020) (9,652) (57,187)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Carrying value
at 30
June 2022 602,500 276,958 - 1 548 3,695 2,047,395 2,931,097
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Cost
at 1 January
2022 602,500 293,793 2,465 16,323 4,942 5,390 2,020,112 2,945,525
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Additions - 62,090 - - - 6,031 75,061 143,182
Assets under
development - - - - - - 939,664 939,664
Derecognition
as a result
of waiver - - - - - - (421,041) (421,041)
Disposals - - (2,465) - (3,383) (3,193) (5,642) (14,683)
Forex movement - - - - - - 2,695 2,695
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Cost
at 31
December 2022 602,500 355,883 - 16,323 1,559 8,228 2,610,849 3,595,342
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Accumulated
Depreciation
at 1 January
2022 - (9,793) (2,465) (16,323) (4,407) (4,074) (8,704) (45,766)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Depreciation - (12,565) - - - (1,385) (52,632) (66,582)
Disposals - - 2,465 - 3,383 3,193 1,974 11,015
Forex movement - - - - - - (11) (11)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Accumulated
Depreciation
at 31
December
2022 - (22,358) - (16,323) (1,024) (2,266) (59,373) (101,344)
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Carrying value
at 31
December 2022 602,500 333,525 - - 535 5,962 2,551,476 3,493,998
--------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
8. Intangible assets
Composition of Intangible assets 30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
Carrying value at 1 January 2023 2,691,893 4,964,550 4,964,550
---------- ---------- ------------
Foreign currency gain (39,360) 31,058 14,460
Acquisitions - - 942,038
Impairments - - (3,229,155)
---------- ---------- ------------
Carrying value 2,652,533 4,995,608 2,691,893
---------- ---------- ------------
Carrying value of intangible asset
Mbeya Coal to Power Project - 1,947,500 -
ADV001 Hindlip Lane 247,506 - 247,506
ARL018 Stather Road 91,482 - 91,482
Bordesley Power 1,306,422 2,595,000 1,306,422
Rochdale Power 150,273 150,273 150,273
Shankley Biogas 603,050 - 603,050
Sustineri Energy 253,800 302,835 293,160
2,652,533 4,995,608 2,691,893
---------- ---------- ------------
Intangible assets are not amortised, due to the indefinite useful life, which is attached to the underlying prospecting rights, until such time that active mining operations commence, which will result in the intangible asset being amortised over the useful life of the relevant mining licences.
Intangible assets with an indefinite useful life are assessed for impairment on an annual basis, against the prospective fair value of the intangible asset. The valuation of intangible assets with an indefinite useful life is reassessed on an annual basis through valuation techniques applicable to the nature of the intangible assets.
As at reporting period end, taking into account the various applicable aspects, the Group concluded that none of the impairment indicators had been met in relation to the ADV001, ARL018, Bordersley Power Project, Rochdale Power, Shankley Biogas or Sustineri Energy.
9. Investment in associates
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
------------ ---------- ------------
Mabesekwa Coal Independent Power Plant - 3,563,639 -
Katoro Gold plc 100,945 528,764 528,764
Reversal of impairment / (impairment)
of Katoro Gold 4,052,331 - (246,135)
Derecognition of investment in associate (4,153,276) - -
Share of loss for the period - (118,357) (181,684)
Foreign exchange loss - (1,522) -
------------ ---------- ------------
- 3,972,524 100,945
------------ ---------- ------------
During the period Katoro Gold plc issued shares that diluted Kibo's shareholding to below the threshold of an associate and the associate was derecognised and a financial asset at fair value through profit and loss recognised (refer to note 10).
10. Other financial assets
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
------------ -------- ------------
Other financial assets consist of:
Financial assets recognised at fair
value through profit or loss
Katoro Gold plc 86,524 - -
------------ -------- ------------
Carrying value at reporting period end 86,524 - -
------------ -------- ------------
Reconciliation of Other Financial Assets
Financial assets recognised at fair
value through profit or loss
Additions during the period 4,153,276 - -
Fair value adjustments (4,066,752) - -
------------ -------- ------------
86,524 - -
------------ -------- ------------
The investments in other financial assets relate to investments in listed entities which do not meet the requirements of recognition criteria for subsidiaries, associates or joint arrangements and are held at fair value through profit or loss.
11. Borrowings and other financial liabilities
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
---------- ---------- ------------
Amounts due within one year
Borrowings 307,559 1,732,423 1,195,239
Other financial liabilities - Convertible
loan notes 1,012,790
Amounts due between one year and five
years
Borrowings 1,808,607 - -
Other financial liabilities - Convertible
loan notes - - 243,056
---------- ---------- ------------
2,116,166 1,732,423 2,451,085
---------- ---------- ------------
Borrowings and other financial liabilities
consist of:
Apex Capital - 661,911 -
Directors Convertible Loan Notes - - 657,985
Sanderson Capital 625,750 - 298,930
Institutional investor 1,490,416 1,070,512 1,494,170
---------- ---------- ------------
2,116,166 1,732,423 2,451,085
---------- ---------- ------------
The borrowings relate to the following loan facilities:
Institutional Investor
The Institutional Investor borrowing is a bridge loan facility agreement for up to GBP3m with a term of up to 36 months. Funds advanced under the facility will attract a fixed coupon interest rate of 9.5% and will be repayable with accrued interest in 2024. The balance of this facility is GBP1,120,540.
A further facility was entered into between the Investor and Kibo's subsidiary Mast Energy Developments plc in the amount of GBP369,876 with a fixed coupon interest rate of 9.5% and will be repayable with accrued interest in 2024.
These loans were reprofiled during the period.
Sanderson Capital Partners Limited
Short term loans relate to the unsecured interest free loan facility from Sanderson Capital in the amount of GBP193,620 and a facility between the investor and Kibo's subsidiary Mast Energy Developments plc in the amount of GBP432,130 with a fixed coupon interest rate of 9.5% and will be repayable with accrued interest in November 2024.
These loans were reprofiled during the period.
12. Right of use asset and Lease liability
The Group has two lease contracts for land which it shall utilise to construct gas-fuelled power generation plants. The land is located at Bordesley, Liverpool Street, Birmingham and Stather Road Flixborough.
The lease of the land at Bordesley has a lease term of 20 years, with an option to extend for 10 years which the Group has opted to include due to the highly likely nature of extension as at the time of the original assessment.
The lease of the land at Stather Road has a lease term of 25 years where the Group plans to construct a 2.4MW gas-fuelled power generation plant.
The Group's obligations under its leases are secured by the lessor's title to the leased assets. The Group's incremental borrowing rate ranges between 8.44% and 10.38%. Refer to note 7 for the right of use asset.
30 June 30 June 31 December
Lease liability 2023 2022 2022
GBP GBP GBP
-------------------- -------------------- -----------------------
Carrying amounts of lease liabilities:
Opening balance 350,654 291,518 291,518
-------------------- -------------------- -----------------------
Additions - - 60,005
Interest 27,436 12,290 26,131
Modifications (52,664) - -
Payments (24,115) (13,500) (27,000)
-------------------- -------------------- -----------------------
Closing balance 301,311 290,308 350,654
-------------------- -------------------- -----------------------
Split of lease liability between
current
and non-current portions:
Current 8,485 2,587 3,980
Non-current 292,826 287,721 346,674
-------------------- -------------------- -----------------------
Total 301,311 290,308 350,654
-------------------- -------------------- -----------------------
13. Financial instruments
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
---------- ---------- ------------
Financial assets - carrying amount
Financial assets held at amortised cost
Trade and other receivables 150,199 233,091 227,223
Cash and cash equivalents 21,961 1,163,297 163,884
---------- ---------- ------------
172,160 1,396,388 391,107
---------- ---------- ------------
Financial assets held at fair value
through profit or loss
Other financial assets 86,524 - -
Financial assets 258,684 1,396,388 391,107
---------- ---------- ------------
Financial liabilities - carrying amount
Financial liabilities held at amortised
cost
Trade and other payables 2,997,170 1,156,901 2,374,704
Other financial liabilities - - 1,255,846
Borrowings 2,184,441 1,732,423 1,195,239
---------- ---------- ------------
5,181,611 2,889,324 4,825,789
---------- ---------- ------------
Financial liabilities held at fair value
through profit or loss
Trade and other payables - derivative
liabilities - - 20,386
Financial liabilities 5,181,611 2,889,324 4,846,175
---------- ---------- ------------
The Board of Directors considers that the fair values of financial assets and liabilities approximate their carrying values at each reporting date due to the short-term nature thereof, and market related interest rate applied.
During the period other financial liabilities and borrowings were reprofiled. This resulted in the derecognition of the derivative liability and the resulting fair value loss of GBP86,557 being recognised.
14. Revenue
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
Electricity sales 198,438 305,384 1,036,743
-------- -------- ------------
198,438 305,384 1,036,743
-------- -------- ------------
Revenue is comprised of electricity sales from renewable energy operations of MAST Energy Developments plc in the United Kingdom.
15. Unaudited results
These condensed consolidated interim financial results have not been audited or reviewed by the Group's auditors.
16. Dividends
No dividends were declared during the interim period.
17. Board of Directors
The following changes were made to the board of directors during the interim period:
Ajay Saldanha - appointed effective from 11 January 2023 as independent non-executive director.
Chris Schutte - retired effective from 2 May 2023.
There were no other changes to the board of directors during the interim period, or any other committee's composition.
18. Post reporting period events
The following subsequent events have been noted:
-- The group is currently in negotiations with an investor consortium to conclude a Joint Venture Agreement ('JVA') which will allow an injection of all required investment capital into the Joint Venture ('JV'), with an initial expected total investment value of c. GBP5.9m, with no funding contribution required from MED. The JVA also commits both parties , as set out in MED's announcement dated 12 July 2023, to promptly finalise terms on a second joint venture which would increase the envisaged total investment value to c. GBP31m, with a total portfolio of low-carbon flexible gas generation peaker plants with a total combined generation output of up to c. 33 MW, to be developed and/or acquired, constructed and in production and income generating under the two joint ventures ('Secondary JVA').
-- On 22 September 2023 413,500,000 warrants expired without being exercised at their respective re-priced strike prices of GBP0.001 per warrant for 287,500,000 warrants and GBP0.001 per warrant for 126,000,000 warrants. The terms and conditions of the applicable warrant instruments notes that the expiry date for the warrants is extended by one month should it fall during a Close Period for the Company. Consequently, and notwithstanding that the expiry date for these warrants fell on 22 September 2023, they may continue to be exercised by holders up to an including 23 October 2023.
19. Going concern
The Group generated revenue of GBP198,438 during the period (June 2022: GBP305,384 and December 2022: GBP1,036,743) and had net assets of GBP823,838 as at 30 June 2023 (30 June 2022: net assets of GBP10,115,985; 31 December 2022: GBP1,481,114) including cash of GBP21,961 (June 2022: GBP1,163,297 and December 2022: GBP163,884) and current liabilities of GBP3,381,489 (June 2022: 2,891,911 and December 2022: 4,607,099).
In performing the going concern assessment, the Board considered various factors, including the availability of cash and cash equivalents; data relating to working capital requirements for the foreseeable future; cash-flows from operational commencement, available information about the future, the possible outcomes of planned events, changes in future conditions, the current global economic situation due to the Ukraine conflict and the responses to such events and conditions that would be available to the Board.
Furthermore, the group has incurred losses in the current financial period and previous periods. These losses coupled with the net current liability position the Group finds itself in as at June 2023, indicate that a material uncertainty exists which may cast significant doubt on the Group's ability to continue as a going concern.
This is largely attributable to the short-term liquidity position the Group finds itself in as a result of the significant capital required to develop projects that exceeds cash contributed to the group by the capital contributors.
The Directors have evaluated the Groups liquidity requirements to confirm whether the Group has adequate cash resources to continue as a going concern for the foreseeable future, taking into account the net current liability position, and consequently prepared a cash flow forecast covering a period of 12 months from the date of these interim financial statements, concluding that the Group would be able to continue its operations as a going concern.
In response to the net current liability position, to address future cash flow requirements, detailed liquidity improvement initiatives have been identified and are being pursued, with their implementation regularly monitored in order to ensure the Group is able to alleviate the liquidity constraints in the foreseeable future. Therefore, the ability of the Group to continue as a going concern is dependent on the successful implementation or conclusion of the below noted matters in order to address the liquidity risk the Group faces on an ongoing basis:
-- Successful conclusion of funding initiatives of the Group in order to continue development of the underlying projects of the Group; and
-- Successful completion of a joint venture agreement between MED and an institutional investor to a total value of GBP31m for which a Heads of Terms has already been agreed, as previously discussed above.
As the Board is confident it would be able to successfully implement the above matters, the interim financial statements have accordingly been prepared on the going concern basis which contemplates the continuity of normal business activities and the realisation of assets and the settlement of liabilities in the normal course of business.
20. Commitments and contingencies
Other than the borrowings and other financial liabilities disclosed above, there are no other material commitments, contingent assets or contingent liabilities as at 30 June 2023 nor any of the comparative periods.
21. Seasonality of operations
The company's operations are not considered to be seasonal or cyclical. These interim results were therefore not impacted by seasonality or cyclicality.
29 September 2023
**S**
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
For further information please visit www.kibo.energy or contact:
Louis Coetzee info@kibo.energy Kibo Energy Chief Executive Officer
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------- ----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Joint Broker
2341
--------------------------------- ------------------- ----------------------------
Damon Heath +44 207 186 9952 Shard Capital Joint Broker
Partners LLP
--------------------------------- ------------------- ----------------------------
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cornish Limited
--------------------------------- ------------------- ----------------------------
Zainab Slemang zainab@lifacommunications.co.za Lifa Communications Investor and Media Relations
van Rijmenant Consultant
--------------------------------- ------------------- ----------------------------
Notes
Kibo Energy PLC is a renewable energy focused development company with its primary focus to advance its business as a significant diversified energy developer of sustainable power solutions that integrate existing and emerging Renewable Generation technology, Waste-to-Energy technology and Energy Storage technology in southern and eastern Africa, and the United Kingdom.
Additionally, the Company has a majority interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.
Johannesburg
29 September 2023
Corporate and Designated Adviser River Group
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