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Share Name Share Symbol Market Type Share ISIN Share Description
Clean Invest Africa Plc NEX:CIA NEX Ordinary Share GB00BF52QX07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.75 0.20 1.50 0.75 0.75 0.75 0.00 07:52:42
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Clean Invest Africa Plc Interim Results From 1 October 2018 to 31 March 2019

30/09/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMCIA 
 
30 September 2019 
 
                            CLEAN INVEST AFRICA PLC 
 
                           ("CIA" or the "Company") 
 
        INTERIM RESULTS FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2019 
 
CHIEF EXECUTIVE OFFICER STATEMENT 
 
I am pleased to present the interim results of the Company. 
 
On 16 December 2018, the Company entered into a binding sale and purchase 
agreement to conditionally acquire 97.5% of CoalTech Limited ("CoalTech") and 
97.5% of Coal Agglomeration South Africa (Pty) Ltd ("CASA"). The Company 
already owned the remaining shares in both CoalTech and CASA (each equating to 
2.5% of the share capital of both CoalTech and CASA). The consideration for the 
Acquisition amounted to approximately GBP27.16m and was partly satisfied by the 
allotment of the Consideration Shares to the Non-South African Vendors, that 
amounted to approximately GBP20.1m. For the period, most of the activities of the 
Company were focused on closing that transaction. Post the end of the period 
and following a General Meeting on 3 July 2019 where all resolutions were duly 
passed unanimously, the transaction closed (the first closing and a subsequent 
closing is anticipated - the remaining 256,845,316 SA Resident Vendor 
Consideration Shares) and Admission became effective thereafter. 
 
I am pleased with the progress made in this initial six months, the investment 
made and look forward to continuing to update shareholders on the progress of 
CoalTech and the exciting prospects ahead, some of which are developing 
reasonably fast. We continue to seek new investment opportunities and will 
advise shareholders if they come to fruition. 
 
FINANCIALS 
 
The interim financial results for the period 1 October 2018 to 31 March 2019 
show a loss after taxation of GBP69,602. 
 
The interim results have not been reviewed by the Company auditor. 
 
The Company will now take steps to change its year end date 31 December, the 
same year end of the CoalTech Group. Conscious that the Company was re-admitted 
on 3 July 2019 to trading on the NEX Exchange, the next set of reporting will 
be the audited year end results to 31 December 2019 for the combined accounts 
of the CoalTech Group and the Company. 
 
OUTLOOK 
 
I am pleased with the progress made in this initial six months, the investment 
made and look forward to continuing to update shareholders on the progress of 
CoalTech and as we seek new investment opportunities in due course. 
 
Filippo Fantechi 
 
Executive Director 
 
26 September 2019 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
Clean Invest Africa PLC 
 
Sam Preece - Executive Director 
 
Telephone: 020 3130 0674 
 
Noel Lyons - Executive Director 
 
Telephone: 020 7486 6558 
 
Corporate Adviser 
 
Peterhouse Capital Limited 
 
Guy Miller 
 
Telephone: 020 7220 9795 
 
CLEAN INVEST AFRICA PLC 
 
INCOME STATEMENT 
 
FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2019 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                        Notes         Unaudited         Audited 
 
                                                            GBP             GBP 
 
Revenue                                                       -               - 
 
Cost of sales                                                 -               - 
 
Gross profit                                                  -               - 
 
Administrative expenses                                (69,602)       (204,415) 
 
Operating loss                                         (69,602)       (204,415) 
 
Finance income                                                -             337 
 
Finance costs                                                 -               - 
 
Loss before income tax                                 (69,602)       (204,078) 
 
Income tax                                                    -               - 
 
Loss for the financial year                            (69,602)       (204,078) 
attributable to the 
   Company's equity shareholders 
 
Loss per share from operations 
 
Basic and diluted loss per share          2            (0.0004)        (0.0015) 
(GBP) 
 
CLEAN INVEST AFRICA PLC 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE PERIOD 1 OCTOBER 2017 TO 31 MARCH 2019 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                        Notes         Unaudited         Audited 
 
                                                            GBP             GBP 
 
Loss for the period                                    (69,602)       (204,078) 
 
Other comprehensive income                                    -               - 
 
Total comprehensive loss for the                       (69,602)       (204,078) 
period 
   attributable to the Company's 
equity 
   shareholders 
 
The accompanying notes form an integral part of these interim financial 
statements. 
 
CLEAN INVEST AFRICA PLC 
 
STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 MARCH 2019 
 
                                                 As at 31 March        As at 30 
                                                           2019  September 2018 
 
                                        Notes         Unaudited         Audited 
 
                                                            GBP             GBP 
 
Assets 
 
Non-current assets 
 
Investment                                3             358,362         358,362 
 
Total non-current assets                                358,362         358,362 
 
Current assets 
 
Trade and other receivables               4               8,263           5,080 
 
Cash and cash equivalents                                16,873          68,602 
 
Total current assets                                     25,136          73,682 
 
Total assets                                            383,498         432,044 
 
Liabilities 
 
Current liabilities 
 
Trade and other payables                  6              43,678          22,622 
 
Total liabilities                                        43,678          22,622 
 
Net current assets                                     (18,542)          51,060 
 
Net assets                                              339,820         409,422 
 
Equity 
 
Capital and reserves attributable to 
equity shareholders: 
 
Share capital                             5             402,750         402,750 
 
Share premium                             5             210,750         210,750 
 
Accumulated loss                                      (273,680)       (204,078) 
 
Total equity                                            339,820         409,422 
 
The accompanying notes form an integral part of these interim financial 
statements. 
 
CLEAN INVEST AFRICA PLC 
 
STATEMENT OF CHANGES IN EQUITY 
 
FOR THE PERIODING 31 MARCH 2019 
 
                                Share         Share      Retained 
 
                              capital       premium      earnings         Total 
 
                                  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                 -             -     (204,078)     (204,078) 
loss for 
   the period 
 
For the period ended 30       402,750       210,750     (204,078)       409,422 
September 2018 
 
Issue of share capital              -             -             -             - 
 
Total comprehensive                 -             -      (69,602)      (69,602) 
loss for 
   the period 
 
For the period ended 31       402,750       210,750     (273,680)       339,820 
March 2019 
 
The accompanying notes form an integral part of these interim financial 
statements. 
 
CLEAN INVEST AFRICA PLC 
 
STATEMENTS OF CASH FLOWS 
 
FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2019 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                      Notes           Unaudited         Audited 
 
                                                            GBP             GBP 
 
Operating activities 
 
Loss for the period before income tax                  (69,602)       (204,078) 
 
Increase in trade and other                             (3,183)         (5,080) 
   receivables 
 
Increase in trade and other payables                     21,056          22,622 
 
Net cash used in operating activities                  (51,729)       (186,536) 
 
Investing activities 
 
Purchase of investments                   3                   -       (358,362) 
 
Net cash used in investing activities                         -       (358,362) 
 
Financing activities 
 
Proceeds from issue of shares             5                   -         639,000 
 
Issue costs                                                   -        (25,500) 
 
Net cash generated from financing                             -         613,500 
activities 
 
Net increase in cash and cash                          (51,729)          68,602 
equivalents 
 
Cash and cash equivalents at                             68,602               - 
beginning of 
   period 
 
Cash and cash equivalents at end of                      16,873          68,602 
period 
 
The accompanying notes form an integral part of these interim financial 
statements. 
 
CLEAN INVEST AFRICA PLC 
 
NOTES TO THE INTERIM RESULTS 
 
1. Principal Accounting Policies 
 
Company information 
 
Clean Invest Africa plc ("the Company") is a public limited company 
incorporated and domiciled in the United Kingdom. 
 
Basis of preparation 
 
The interim financial statements for Clean Invest Africa plc have been prepared 
on the basis of the accounting policies set out below, which comply with 
International Financial Reporting Standards as adopted for use in the European 
Union ("IFRS"). The financial information for the period ended 31 March 2019 is 
unaudited. 
 
IFRS is subject to amendment and interpretation by the International Accounting 
Standards Board ("IASB") and the IFRS Interpretations Committee and there is an 
on-going process of review and endorsement by the European Commission. 
 
The interim financial statements have been prepared on a going concern basis. 
Management believes the Company has sufficient funds to continue as a going 
concern for at least 12 months from the end of the reporting period. 
 
The principal accounting policies set out below have been consistently applied 
to all periods presented. 
 
Finance income and costs 
 
Interest is recognised using the effective interest method which calculates the 
amortised cost of a financial asset or liability and allocates the interest 
income or expense over the relevant period.  The effective interest rate is the 
rate that exactly discounts estimated future cash receipts or payments through 
the expected life of the financial asset or liability to the net carrying 
amount of the financial asset or liability. 
 
Impairment of non-financial assets including goodwill 
 
For the purposes of impairment testing, goodwill is allocated to each of the 
Company's cash-generating units (or groups of cash-generating units) that is 
expected to benefit from the synergies of the combination. Each unit to which 
goodwill is allocated represents the lowest level within the entity at which 
 
the goodwill is monitored for internal management purposes. Goodwill is 
monitored at the operating segment level. 
 
A cash-generating unit to which goodwill has been allocated is tested for 
impairment annually, or more frequently when there is indication that the unit 
may be impaired. 
 
At each balance sheet date, the Directors review the carrying amounts of the 
Company's tangible and intangible assets, other than goodwill, to determine 
whether there is any indication that those assets have suffered an impairment 
loss. If any such indication exists, the recoverable amount of the asset is 
estimated in order to determine the extent of the impairment loss, if any. 
Where the asset does not generate cash flows that are independent from other 
assets, the Company estimates the recoverable amount of the cash-generating 
unit to which the asset belongs. 
 
Recoverable amount is the higher of fair value less costs to sell and value in 
use. In assessing value in use, the estimated future cash flows are discounted 
to their present value using a pre-tax discount rate that reflects current 
market assessments of the time value of money and the risks specific to the 
asset for which the estimates of future cash flows have not been adjusted. 
 
If the recoverable amount of an asset or cash-generating unit is estimated to 
be less than it's carrying amount, the carrying amount of the asset or 
cash-generating unit is reduced to its recoverable amount.  If the recoverable 
amount of a cash-generating unit is less than its carrying amount, the 
impairment loss is allocated first to reduce the carrying amount of any 
goodwill allocated to the unit and then to the other assets of the unit pro 
rata based on the carrying amount of each asset in the unit. 
 
An impairment loss is recognised as an expense immediately. 
 
An impairment loss recognised for goodwill is not reversed in subsequent 
periods. 
 
Where an impairment loss subsequently reverses, the carrying amount of the 
asset or cash-generating unit is increased to the revised estimate of its 
recoverable amount, but so that the increased carrying amount does not exceed 
the carrying amount that would have been determined had no impairment loss been 
recognised for the asset or cash-generating unit in prior periods. A reversal 
of an impairment loss is recognised in the Income Statement immediately. 
 
Cash and cash equivalents 
 
Cash and cash equivalents comprise cash on hand, deposits held at call with 
banks and other short-term highly liquid investments with original maturities 
of three months or less. 
 
Financial instruments 
 
Financial assets and financial liabilities are recognised when the Company 
becomes a party to the contractual provisions of the financial instrument. 
 
Financial assets and financial liabilities are measured initially at fair value 
plus transactions costs. Financial assets and financial liabilities are 
measured subsequently as described below. 
 
Financial assets 
 
The Company classifies its financial assets as 'loans and receivables'. The 
Company assesses at each balance sheet date whether there is objective evidence 
that a financial asset or a group of financial assets is impaired. 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market. They are 
included in current assets, except for maturities greater than 12 months after 
the balance sheet date, which are classified as non-current assets. Loans and 
receivables are classified as 'trade and other receivables' in the Balance 
Sheet. 
 
Trade receivables are recognised initially at fair value and subsequently 
measured at amortised cost using the effective interest method, less provision 
for impairment. 
 
A provision for impairment of trade receivables is established when there is 
objective evidence that the Company will not be able to collect all amounts due 
according to the original terms of the receivables. Significant financial 
difficulty, high probability of bankruptcy or a financial reorganisation and 
defaults are considered indicators that the trade receivable is impaired. The 
amount of the provision is the difference between the asset's carrying amount 
and the present value of the estimated future cash flows discounted at original 
effective interest rate. The loss is recognised in the Income Statement. When a 
trade receivable is uncollectible, it is written off against the allowance 
account for trade receivables. Subsequent recoveries of amounts previously 
written off are credited in the Income Statement. 
 
Financial assets are derecognised when the contractual rights to the cash flows 
from the financial asset expire, or when the financial asset and all 
substantial risks and rewards are transferred. 
 
Financial liabilities 
 
The Company's financial liabilities include trade and other payables and 
borrowings. 
 
Trade payables and borrowings are recognised initially at fair value and 
subsequently measured at amortised cost using the effective interest method. 
 
A financial liability is derecognised when it is extinguished, discharged, 
cancelled or expires. 
 
Current taxation 
 
Current taxation for the Company is based on the local taxable income at the 
local statutory tax rate enacted or substantively enacted at the balance sheet 
date and includes adjustments to tax payable or recoverable in respect of 
previous periods. 
 
Deferred taxation 
 
Deferred taxation is calculated using the liability method, on temporary 
differences arising between the tax bases of assets and liabilities and their 
carrying amounts in the consolidated financial statements. However, if the 
deferred tax arises from the initial recognition of an asset or liability in a 
transaction other than a business combination that at the time of the 
transaction affects neither accounting nor taxable profit or loss, it is not 
accounted for. Deferred tax is determined using tax rates and laws that have 
been enacted or substantively enacted by the balance sheet date and are 
expected to apply when the related deferred tax asset is realised, or the 
deferred tax liability is settled. 
 
Deferred tax liabilities are provided in full. 
 
Deferred tax assets are recognised to the extent that it is probable that 
future taxable profits will be available against which the temporary 
differences can be utilised. 
 
Changes in deferred tax assets or liabilities are recognised as a component of 
tax expense in the Income Statement, except where they relate to items that are 
charged or credited directly to equity in which case the related deferred tax 
is also charged or credited directly to equity. 
 
Deferred income tax assets and liabilities are offset when there is a legally 
enforceable right to offset current tax assets against current tax liabilities 
and when the deferred income tax assets and liabilities relate to income taxes 
levied by the same taxation authority on either the same taxable entity or 
different taxable entities where there is an intention to settle the balances 
on a net basis. 
 
Foreign currency 
 
Transactions in foreign currencies are recorded at the rate ruling at the date 
of the transaction. Monetary assets and liabilities denominated in foreign 
currencies are translated at the rate of exchange ruling at the year-end date. 
All differences are taken to the Income Statement. 
 
Assets and liabilities of subsidiaries that have a functional currency 
different from the presentation currency (pound sterling), if any, are 
translated at the closing rate at the date of each balance sheet presented. 
Income and expenses are translated at average exchange rates. All resulting 
exchange differences are recognised in other comprehensive income (loss), if 
any. 
 
Equity 
 
Equity comprises the following: 
 
   a. "Share capital" represents amounts subscribed for shares at nominal 
value. 
 
   b. "Share premium" represents amounts subscribed for share capital, net of 
issue costs, in excess of nominal value. 
 
  c. "Retained earnings" represents the accumulated profits and losses 
attributable to equity shareholders. 
 
International Financial Reporting Standards in issue but not yet effective 
 
At the date of authorisation of these financial statements, the IASB and IFRS 
Interpretations Committee have issued standards, interpretations and amendments 
which are applicable to the Company. 
 
Whilst these standards and interpretations are not effective for, and have not 
been applied in the preparation of, these financial statements, the following 
may have an impact going forward: 
 
New/Revised International Financial Reporting         Effective Date: EU adopted 
Standards                                             Annual periods 
                                                      beginning on 
                                                      or   adopted 
                                                      after: 
 
IAS 28        Investment in associates and joint      1 January 2019 
              ventures 
 
IFRS 9        Financial instruments: Classification   1 January 2019  Yes 
              and measurement 
 
IFRS 16       Leases                                  1 January 2019  Yes 
 
Annual        IFRS Standards 2015-2017 Cycle          1 January 2019  No 
improvements 
 
 The impact of the above new/revised standards have not highlighted any 
material future impact in the net results of the Company for the interim period 
ending 31 March 2019. 
 
Critical accounting judgements and key sources of estimation uncertainty 
 
The preparation of financial statements in conformity with International 
Financial Reporting Standards as adopted by the EU requires management to make 
estimates and judgements that affect the reported amounts of assets and 
liabilities as well as the disclosure of contingent assets and liabilities at 
the balance sheet date and the reported amounts of revenues and expenses during 
the reporting period. 
 
Estimates and judgements are continually evaluated and are based on historical 
experience and other factors, including expectations of future events that are 
believed to be reasonable under the circumstances. 
 
The Company did not need to apply any significant judgements in applying the 
accounting policies of the Company that have an effect on the financial 
statements: 
 
2. Earnings per share 
 
Basic earnings per share is calculated by dividing the earnings attributable to 
Ordinary Shareholders by the weighted average number of Ordinary Shares 
outstanding during the period. 
 
The Company does not have any potentially dilutive shares in any of the periods 
presented, therefore the basic and diluted earnings per share are the same. 
 
Basic earnings per share 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                                            GBP             GBP 
 
Total basic loss per share                             (0.0004)        (0.0015) 
 
The losses and weighted average number of Ordinary Shares used in the 
calculation of basic earnings per share are as follows: 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                                            GBP             GBP 
 
Loss used in the calculation of total                  (69,602)       (204,078) 
basic and 
   diluted earnings per 
share 
 
 
 
 
 
 
 
 
 
                                                 For the period  For the period 
                                                ending 31 March       ending 30 
                                                           2019  September 2018 
 
                                                      Number of       Number of 
                                                         shares          shares 
 
Weighted average number of Ordinary                 161,100,000     135,290,476 
Shares 
   for the purposes of basic earnings 
per share 
 
3. Investment 
 
                                                                As at 31 March        As at 30 
                                                                          2019  September 2018 
 
                                                                           GBP             GBP 
 
Equity securities - energy                                             358,362         358,362 
sector 
 
On 8 May 2018, the Company invested to privately held CoalTech Limited 
("CoalTech"), a limited liability company registered in England and Wales, and 
its sister company, Coal Agglomeration South Africa (Pty) Ltd ("CASA"), a 
company registered in South Africa, which will give CIA shareholders exposure 
to a commercial and scalable technology applied to the remediation of waste 
coal fines. The technology produces a high quality, saleable energy source from 
what would otherwise be a problematic waste product. Under the terms of the 
investment agreement CIA will invest US$500,000 (GBP358,362) in return for a 
2.5% holding in the ordinary share capital of CASA and will also be awarded an 
equivalent shareholding in CoalTech. 
 
4. Trade and other receivables 
 
                                                 As at 31 March        As at 30 
                                                           2019  September 2018 
 
                                                            GBP             GBP 
 
Prepayments                                               6,063           5,080 
 
Input VAT payment                                         2,200               - 
 
                                                          8,263           5,080 
 
5. Share capital 
 
                                                 As at 31 March        As at 30 
                                                           2019  September 2018 
 
                                                            GBP             GBP 
 
Allotted, issued, and fully paid 
 
  Ordinary shares of 0.0025 each 
 
Opening balance                                         402,750               - 
 
Allotments 
 
18 September 2017 - shares issued at 0.25p each               -          50,000 
 
17 November 2017 - shares issued at 0.25p each                -           9,000 
 
17 November 2017 - shares issued at 0.4p each                 -         331,250 
resulting in 
   premium of GBP 198,750 
 
2 August 2018 - shares issued at 1.0p each                    -          12,500 
resulting in 
   premium of GBP 37,500 
 
Closing balance                                         402,750         402,750 
 
 
 
                                                 As at 31 March        As at 30 
                                                           2019  September 2018 
 
                                                      Number of       Number of 
                                                         shares          shares 
 
Allotted, issued, and fully paid 
 
   Ordinary shares of 0.0025 each 
 
Opening balance                                     161,100,000               - 
 
Allotments 
 
18 September 2017 - shares issued                             -      20,000,000 
at 
0.25p each 
 
17 November 2017 - shares issued at 0.25p each                -       3,600,000 
 
17 November 2017 - shares issued at 0.4p each                 -     132,500,000 
resulting in premium of GBP 198,750 
 
2 August 2018 - shares issued at 1.0p each                    -       5,000,000 
resulting in premium of GBP 37,500 
 
Closing balance                                     161,100,000     161,100,000 
 
6. Trade and other payables 
 
                                                 As at 31 March        As at 30 
                                                           2019  September 2018 
 
                                                            GBP             GBP 
 
Trade payables                                           35,678          10,622 
 
Accrued expenses                                          8,000          12,000 
 
                                                         43,678          22,622 
 
7. Related party transactions 
 
During the period ended 31 March 2019, GBP12,000 (2018: GBP17,000 as director 
of the Company and GBP25,000 for share placing commission) was paid to Mr Noel 
Lyons for his services as a director of the Company, GBP2,941 (2018: GBP13,200) 
was paid to Firmitas Energy Advisers Limited in relation to Dr Andrew Paul 
Matharu's services as a director of the Company and GBP18,000 (2018: GBP25,500) 
was paid to Arkosund Consulting Group Limited in relation to Mr Samuel Preece's 
services as a director of the Company. 
 
There were no amounts outstanding to or from the Company at the period end. 
 
8. Events after the reporting period 
 
Further to the binding sale and purchase agreement entered on 16 December 2018 
and to the Deed of Variation to the sale and purchase agreement dated 2 July 
2019 and following the General Meeting on 3 July 2019, the Company has 
completed the allotment of the Consideration Shares to the Non-South African 
Vendors of 731,022,842 new Ordinary Shares,  there are now 892,122,842 Ordinary 
Shares of GBP0.0025 each in issue. 
 
Further to the shares trading suspension published on 11 January 2019, the 
Company shares are re-admitted back to the NEX Exchange Growth Market on 4 July 
2019. 
 
 
 
END 
 

(END) Dow Jones Newswires

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