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ENGI Energiser Investments Plc

0.65
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Energiser Investments Plc LSE:ENGI London Ordinary Share GB00B06CZD75 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.65 0.60 0.70 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Energiser Invts PLC Half-year Report

27/09/2018 7:00am

UK Regulatory


 
TIDMENGI 
 
27 September 2018 
 
                          Energiser Investments plc 
 
                        ('Energiser' or the 'Company') 
 
                  Posting of Interim Results to 30 June 2018 
 
Energiser announces that it has posted its Interim accounts for the six months 
to 30 June 2018 
 
Chairman's statement 
 
I am pleased to present the interim results for Energiser Investments plc 
("Energiser" or "the Group") for the half year ended 30 June 2018. 
 
Energiser Investments plc is an Investing Company whose strategy is to invest 
in quoted and unquoted companies to achieve capital growth. The Group has seen 
a significant amount of change over the last few years and has one key 
investment at 30 June 2018. The focus continues to be in property particularly 
in the residential sector. 
 
In February 2018, Energiser invested GBP494,100 in a short-term loan secured on a 
21,900 sq. ft office property in Croydon with planning permission to convert 
into 71 residential units. The loan represented 30% of the estimated value of 
the property and the interest was covered by rental income at a ratio of 4:1 
(rent: interest). The gross interest paid on the loan was 7.5% p.a. The loan 
was novated as part of our investment in KCR Residential REIT plc ("KCR") as 
set out below. 
 
In March 2018, Energiser acquired 2,435,710 new KCR ordinary shares at GBP0.70 a 
share for a total of GBP1,704,997. The investment, made by participation in a 
subscription alongside other investors, was made at a 9% discount to net asset 
value per share of KCR as reported in its half-yearly report announced on 16 
March 2018. This investment represented a 24.7% shareholding in KCR.  The 
subscription was funded with cash of GBP1,210,897 and the novation of the rights 
to its short term loan investment of GBP494,100 described above. 
 
KCR is an AIM quoted Real Estate Investment Trust ("REIT") focused on 
investment in the UK residential Private Rented Sector ("PRS"). KCR invests in 
whole apartment blocks of studio, one and two-bedroom flats, in city centres, 
close to railway stations and shopping facilities. It focuses on more 
affordable rental properties for private tenants. 
 
With KCR, Energiser has established a strategic shareholding in a growth 
company with a strong management team in a very large, under-managed sector. 
KCR issued 4,434,570 new ordinary shares at 70p per share in 30 July 2018 and 
as a result our holding has been diluted to 17.0%. 
 
Our holding in KCR was valued at GBP0.88p per share on 30 June 2018 resulting in 
a fair value adjustment of GBP438,000 and a related deferred tax charge of GBP 
82,000. 
 
The Company has received a few approaches for investment in other sectors 
including a digital property lending opportunity in partnership with a 
respected technology developer interested in combining their market leading 
technology with Energiser's property expertise. The Board did not conclude an 
investment in this opportunity and will continue to look for other investments. 
 
Results 
 
The Group had no revenues during the period (2017: GBP82,000) as it had sold its 
revenue generating investments. It made a loss of GBP58,000 (2017: GBP81,000) and 
had other comprehensive income of GBP438,000 relating to the revaluation gain on 
the investment in KCR.  Administrative expenses decreased from GBP109,000 to GBP 
63,000. Finance costs reduced to Nil (2017: GBP38,000) as the loan relating to 
the Wellingborough portfolio had been repaid in full in the year to 31 December 
2017. 
 
The Group's net assets increased to GBP2.07m (2017: GBP1.80m) translating into net 
asset value per share of 1.67p per share (2017: 1.46p). 
 
Outlook 
 
We will continue to manage our investment in KCR and will also look for other 
investment opportunities to achieve capital growth. 
 
Stephen Wicks 
 
Chairman 
 
27 September 2018 
 
Group statement of comprehensive income 
 
                                                                  Unaudited  Unaudited 6   Audited 
                                                                   6 months months to 30   year to 
                                                                 to 30 June    June 2017        31 
                                                                       2018               December 
                                                                                              2017 
 
                                                           Note       GBP'000        GBP'000     GBP'000 
 
Continuing operations 
 
Revenue arising in the course of ordinary activities                      -           82       138 
 
Cost of sales                                                             -         (16)      (34) 
 
Gross profit                                                              -           66       104 
 
Administrative expenses                                                (63)        (109)     (235) 
 
Operating loss                                              5          (63)         (43)     (131) 
 
Finance costs                                                             -         (38)      (54) 
 
Finance income                                                            5            -         - 
Gain on sale of investment properties                                     -            -        16 
Gain on financial instrument                                              -            -       773 
 
(Loss)/profit before taxation                               5                                  604 
                                                                    (58)            (81) 
 
Taxation                                                                  -            -      (32) 
 
(Loss)/profit for the period attributable to shareholders              (58)         (81)       572 
of the Company 
 
Other comprehensive income: fair value adjustments                      438          103         - 
 
Related taxation/deferred taxation                                     (82)           42         - 
 
Other comprehensive income for the period, net of tax                   356          145         - 
 
Total comprehensive income                                              298                    572 
                                                                                 64 
 
(Loss)/earnings per share 
 
Basic and diluted (loss)/earnings per share from total      4       (0.11)p      (0.07)p     0.46p 
and continuing operations 
 
Diluted earnings per share is taken as equal to basic earnings per share as the 
Group's average share price during the period is lower than the exercise price 
and therefore the effect of including share options is anti-dilutive. 
 
Group statement of financial position 
 
                                                              Unaudited Unaudited  Audited as 
                                                               as at 30  as at 30       at 31 
                                                              June 2018 June 2017    December 
                                                                                         2017 
 
                                                        Note      GBP'000     GBP'000       GBP'000 
 
ASSETS 
 
Non-current assets 
 
Investments                                               6       2,143         -           - 
 
Investment property                                       7           -     2,844           - 
 
                                                                  2,143     2,844           - 
 
Current assets 
 
Trade and other receivables                                          44        16          33 
 
Cash and cash equivalents                                           237       588       1,959 
 
                                                                    281       604       1,992 
 
Total assets                                                      2,424     3,448       1,992 
 
LIABILITIES 
 
Current liabilities 
 
Trade and other payables                                            270       332         218 
 
Short term borrowings                                                 -        80           - 
 
Deferred tax                                                         82         -           - 
 
                                                                    352       412         218 
 
Non-current liabilities 
 
Long term borrowings                                                  -     1,232           - 
 
                                                                      -     1,232           - 
 
Total liabilities                                                   352     1,644         218 
 
Net assets                                                        2,072     1,804       1,774 
 
EQUITY 
 
Share capital                                                     2,392     2,392       2,392 
 
Share premium account                                             7,189     7,190       7,189 
 
Convertible loan                                                     88        88          88 
 
Merger reserve                                                    1,012     1,012       1,012 
 
Available for sale reserve                                          356         -           - 
 
Retained earnings                                               (8,965)   (8,878)     (8,907) 
 
Total equity                                                      2,072     1,804       1,774 
 
Group statement of changes in equity 
 
                                 Share                                 Available 
 
                        Share  premium Convertible  Merger Revaluation  for sale  Retained    Total 
 
                      capital  account        loan reserve     reserve   reserve  earnings   equity 
 
                        GBP'000    GBP'000       GBP'000   GBP'000       GBP'000     GBP'000     GBP'000    GBP'000 
 
Balance at 1 January    2,392    7,198          88   1,012         537         -   (9,479)    1,748 
2017 
 
Legal fees on issue                (8)           -       -           -         -         -      (8) 
of equity 
 
Realisation of              -        -           -       -       (537)         -       537        - 
available for sale 
financial asset 
 
Total comprehensive         -        -           -       -           -                  64       64 
income 
 
Balance at 30 June      2,392    7,190          88   1,012           -         -   (8,878)    1,804 
2017 
 
Legal fees on issue         -      (1)           -       -           -         -         -      (1) 
of equity 
 
Total comprehensive         -        -           -       -           -         -      (29)     (29) 
loss 
 
Balance at 31           2,392    7,189          88   1,012           -         -   (8,907)    1,774 
December 2017 
 
Available for sale          -        -           -       -           -       356         -      356 
reserve 
 
Total comprehensive         -        -           -       -           -         -      (58)     (58) 
loss 
 
Balance at 30 June      2,392    7,189          88   1,012           -       356   (8,965)    2,072 
2018 
 
Group statement of cash flows 
 
                                                                Unaudited 6   Unaudited 6   Audited 
                                                                  months to  months to 30   year to 
                                                                    30 June     June 2017        31 
                                                                       2018                December 
                                                                                               2017 
 
                                                                      GBP'000         GBP'000     GBP'000 
 
Cash flows from operating activities 
 
(Loss)/profit before taxation                                                        (81)       604 
                                                                   (58) 
 
Adjustments for: 
Profit on sale of investment properties                                                 -      (16) 
                                                                          - 
 
Fair value adjustment for investments                                -                  -         - 
 
Interest expense                                                     -                 38        54 
 
Interest income                                                                                   - 
                                                                    (5)                 - 
 
Changes in working capital: 
 
- (Increase)/decrease in trade and other receivables                                             51 
                                                                   (11)               755 
 
- Increase/(decrease) in trade payables                                  52            16     (641) 
 
Net cash (used in)/generated by operating activities                   (22)           728        52 
 
Cash flows from investing activities 
 
Mezzanine finance facility repaid                                       -               -        16 
Purchase of investments                                                                 -         - 
                                                                  (1,705) 
 
Sale of investment properties                                          -                -     2,816 
 
Net cash (used in)/generated by investing activities                                  -       2,832 
                                                                 (1,705) 
 
Cash flows from financing activities 
 
Repayment of borrowings                                                   -         (670)   (1,982) 
 
Net proceeds on issue of ordinary shares                                  -           (8)       (9) 
 
Interest received                                                         5 
 
Interest paid                                                             -         (582)      (54) 
 
Net cash used in financing activities                                     5       (1,260)   (2,045) 
 
Net (decrease)/increase in cash and cash equivalents                (1,722)         (532)       839 
 
Cash and cash equivalents at beginning of period                      1,959         1,120     1,120 
 
Cash and cash equivalents at end of period                              237           588     1,959 
 
1. Nature of operations and general information 
 
The principal activity of the Group is as an investing company investing in 
quoted and unquoted companies to achieve capital growth. 
 
Energiser Investments plc is the Group's ultimate parent company. It is 
incorporated and domiciled in Great Britain. The address of Energiser 
Investments plc's registered office, which is also its principal place of 
business, is Decimal Place, Chiltern Avenue, Amersham, Buckinghamshire, HP6 
5FG. 
 
Energiser Investments plc's shares are quoted on AIM, a market operated by the 
London Stock Exchange. The consolidated half-yearly financial report has been 
approved for issue by the Board of Directors on 27 September 2018. 
 
The financial information set out in this half-yearly financial report does not 
constitute statutory accounts as defined in Sections 434(3) and 435(3) of the 
Companies Act 2006. The Group's statutory financial statements for the year 
ended 31 December 2017 have been filed with the Registrar of Companies and are 
available at www.energiserinvestments.co.uk. The auditor's report on those 
financial statements was unqualified and did not contain any statement under 
Section 498(2) or Section 498(3) of the Companies Act 2006. 
 
2. Basis of preparation 
 
This consolidated half-yearly financial report has been prepared in accordance 
with International Accounting Standard 34 - Interim Financial Reporting. 
 
The consolidated half-yearly financial report should be read in conjunction 
with the annual financial statements for the year ended 31 December 2017, which 
have been prepared in accordance with IFRS as adopted by the European Union. 
 
3. Accounting policies 
 
The accounting policies applied are consistent with those of the annual 
financial statements for the year ended 31 December 2017. 
 
4. (Loss)/earnings per ordinary share 
 
The (loss)/earnings per ordinary share is based on the weighted average number 
of ordinary shares in issue during the period of 123,912,957 ordinary shares of 
0.1p (2017: 123,912,957 ordinary shares of 0.1p) and the following figures: 
 
                                                                Unaudited Unaudited   Audited 
                                                                 6 months  6 months   year to 
                                                                    to 30     to 30        31 
                                                                June 2018 June 2017  December 
                                                                                         2017 
 
(Loss)/profit attributable to equity shareholders GBP'000              (58)      (81)       572 
 
(Loss)/earnings per ordinary share                                (0.11)p   (0.07)p     0.46p 
 
Diluted earnings per share is taken as equal to basic earnings per share as the 
Group's average share price during the period is lower than the exercise price 
and therefore the effect of including share options is anti-dilutive. 
 
5. Income and segmental analysis 
 
                                                       Unaudited 6 Unaudited 6 Audited year 
                                                         months to   months to        to 31 
                                                           30 June     30 June     December 
                                                              2018        2017         2017 
 
                                                             GBP'000       GBP'000        GBP'000 
 
Segment result 
 
Investment activities: 
 
Administrative expenses                                       (75)       (108)        (232) 
 
                                                              (75)       (108)        (232) 
 
Rental activities: 
 
Rental income                                                    -          66          104 
 
Administrative expenses                                         12         (1)          (3) 
 
Fair value adjustment on investment property                     -           -            - 
 
                                                                12          65          101 
 
Operating (loss)                                              (63)        (43)        (131) 
 
Finance income                                                   5           -            - 
 
Finance costs                                                    -        (38)         (54) 
 
Other gains                                                      -           -          789 
 
(Loss)/profit before tax                                      (58)        (81)          604 
 
 
 
                                                        Unaudited as at  Unaudited as at      Audited 
                                                           30 June 2018     30 June 2017     as at 31 
                                                                                             December 
                                                                                                 2017 
 
                                                                  GBP'000            GBP'000        GBP'000 
 
Segment assets 
 
Investment activities: 
 
Non-current assets                                                                     -            - 
                                                             2,143 
 
Current assets                                                      237              595            - 
 
                                                                  2,380              595            - 
 
Rental activites: 
 
Non - current assets - investment property                            -            2,844            - 
 
Current assets - other                                               44                9        1,992 
 
                                                                     44            2,853        1,992 
 
Total assets                                                      2,424            3,448        1,992 
 
Segment liabilities 
 
Investment activities: 
 
Current liabilities                                                 234              170          184 
 
                                                                    234              170          184 
 
Rental: 
 
Current liabilities                                                                                34 
                                                                 2                   158 
 
Non-current liabilities                                               -                             - 
                                                                                   1,232 
 
                                                                      2                            34 
                                                                                   1,390 
 
Current liabilities - corporation tax                                                               - 
                                                       34                             84 
 
Current liabilities - deferred tax on fair value                                                    - 
adjustment                                             82                      - 
 
                                                                                                    - 
                                                             116                      84 
 
Total liabilities                                                   352            1,644          218 
 
Total assets less total liabilities                               2,072            1,804        1,774 
 
The activity of both the investments and rentals arose wholly in the United 
Kingdom. No single customer accounts for more than 10% of revenue. 
 
6. Investments 
 
During the period to 30 June 2018 the group acquired 2,435,710 shares in KCR 
Residential Reit PLC, an AIM listed real estate investment trust who specialise 
in the acquisition and management of rented residential portfolios in the UK. 
 
                                                                    Investments 
 
                                                                          GBP'000 
 
Cost or fair value 
 
At 1 July 2017 and 31 December 2017                                                         - 
 
Additions                                                                               1,705 
 
Change in fair value recognised in other comprehensive income                             438 
 
At 30 June 2018                                                                         2,143 
 
7. Investment property 
 
                                                                                   Investment 
                                                                                     Property 
                                                                                        GBP'000 
 
Cost or fair value 
 
At 1 July 2017                                                                          2,844 
 
Disposal                                                                              (2,844) 
 
At 31 December 2017 and 30 June 2018                                                        - 
 
 
 
END 
 

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