Published on 2/10/2023 • Category:
CLEAN INVEST AFRICA PLC
("CIA" or the "Company" or the "Group")
INTERIM CONSOLIDATED FINANCIAL RESULTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2023
CHIEF EXECUTIVE OFFICER STATEMENT
I am pleased to present the interim financial results of the Group for the period 1 January 2023 to 30 June 2023.
The Group has made excellent progress in the first 6 months of the year, continuing the development of key business opportunites with the addition of some new exciting prospects, which are developing reasonably fast and will contribute to meeting the year end target.
Project CLAPS ("Clean Land And Power System") in Italy has officially started on 1 August 2023, with CoalTech Limited working alongside its Italian partner ISS International S.p.A and ("CLAPS") in the development of a highly innovative solution that will be demonstrated by the mobile agglomeration plant prototype for the conversion of coal dust into pellets, as the ultimate deliverables of this initiative. The mobile test unit, fully automated, will include a fines preparation section, a transformation section into pellets and a drying section in order to obtain a final product that can be used at industrial scale as a green technology.
The Group's subsidiary in South Africa, Coal Agglomeration South Africa (Pty) Ltd ("CASA"), has started regular production of pellets following the finalisation of the supply agreement with one of the leading collieries in the country. The first 250 tons of pellets, in 15kg bags, are currently distributed to the market, under the CASA trademark, Chisa'Mina. CASA is busy developing a robust supply chain that will enable reaching different areas through a network of selected distributors, that can support the next phase of the project, which will see ramping up production up to a target output of 4,000 tons per month at full production with a significant positive impact on the profitability and the cash flow of the business.
CASA is also currently working on a revised proposal for the development of a dedicated ilmenite pelletising plant which is currently under negotiation with a leading mining company in South Africa
Advanced discussion are also ongoing for projects in Kentucky, Poland, Indonesia and Colombia and further announcements will be made in due course as this opportunity materialises.
We are pleased to report that during the first 6 months of the year, the Company has successfully raised £90,000 to support the continuing growth of the Group. Furthermore, the Company issued unsecured Convertible Loan Note amounting to £260,300.
In addition to the above funding update, CIA continues its work with Reyl & Cie ("REYL"), a subsidiary of Intesa SanPaolo Group, with significant ESG commitment together with a world-class position in Social Impact and strong focus on climate business, to structure the issuance of one or several tranches of a Shariah compliant trust certificate (the "Trust Certificates" or "Sukuk").
The Company and its subsidiary, CoalTech Limited ("CoalTech") looks forward with optimism, based upon the potential of an extensive and solid pipeline of opportunities. It is worth reiterating that the strategy of CoalTech is to secure long term, large scale customer relationships with whom it would develop one or more full scale plants and with long term offtake arrangements. Securing one such customer would be transformative, with any such project likely to have a capital project value well in excess of $10 million and involve the processing of large scale fines deposit or tailings, typically over one million tonnes. Different arrangements with clients will result in ongoing revenue streams through profit share and royalty agreements for CIA.
FINANCIALS
The Group's interim consolidated financial results for the period 1 January 2023 to 30 June 2023 show a loss after taxation of £330,126.
The financial information for the six months period ended 30 June 2023 has not been reviewed by the Company's external auditors.
OUTLOOK
The Directors are pleased with the progress made in this period and look forward to continuing to update shareholders on the progress of the Group and the potentially exciting prospects ahead, some of which are developing at speed. Such prospects are of course conditional upon and dependant upon the Company raising further funding. We continue to seek new investment funding and we will advise shareholders as these opportunities develop.
Filippo Fantechi
Chief Executive Officer
29 September 2023
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Clean Invest Africa PLC
Filippo Fantechi - Chief Executive Officer
Telephone: +973 39696273
Corporate Adviser
Peterhouse Capital Limited
Guy Miller
Telephone: +44 20 7220 9795
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2023
For the 6 For the
months period year
ended ended
30-Jun-23 31-Dec-22
(Unaudited) (Audited)
£ £
Continuing operations
Revenue - 29,760
Cost of sales (63,588) (129,444)
Gross loss (63,588) (99,684)
Other operating income - 392,759
Administrative expenses (254,743) (281,697)
Operating loss (318,331) 11,378
Finance costs (11,795) (24,251)
Impairment loss - (5,564)
Net foreign exchange revaluation - (144,881)
Loss before income tax (330,126) (163,318)
Income tax - -
Loss for the financial period/year (330,126) (163,318)
attributable to the Company's equity
shareholders
Other comprehensive income
Loss for the period/year (330,126) (163,318)
Currency translation differences 121,952 (214,291)
Total comprehensive loss for the period (208,174) (377,609)
Basic and diluted loss per share (GBP) (0.0002) (0.0001)
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at As at
30-Jun-23 31-Dec-22
(Unaudited) (Audited)
£ £
Assets
Non-current assets
Tangible fixed 326,735 394,113
assets
Right-of-use assets 97,438 122,553
Investments 6,406 11,653
Total Non-current 430,579 528,319
assets
Current assets
Inventories 9,124 -
Trade and other 75,552 88,877
receivables
Amounts due from 3,708,595 3,894,561
related parties
Cash & cash 12,706 80,222
equivalents
Total current assets 3,805,977 4,063,660
Total assets 4,236,556 4,591,979
Equity and
liabilities
Equity attributable
to the owners of the
Company
Share capital 4,534,658 4,534,658
Share premium 28,624,597 28,579,597
Share capital 377,294 332,294
reserve
Share-based payment 3,243,556 3,243,556
Financial 715,044 746,658
liabilities
Interest bearing
loans and borrowings
Reverse takeover (23,050,570) (23,050,570)
reserve
Foreign currency 146,608 24,656
translation reserve
Accumulated losses (13,063,296) (12,733,170)
Total equity 1,527,891 1,677,679
Liabilities
Current liabilities
Trade and other 2,572,728 2,550,972
payables
Current portion of 8,041 8,848
lease liabilities
Amounts due to 26,528 232,188
related parties
Total current 2,607,297 2,792,008
liabilities
Non-current
liabilities
Non-current portion 101,368 122,292
of lease liabilities
Total non-current 101,368 122,292
liabilities
Total liabilities 2,708,665 2,914,300
Total equity and 4,236,556 4,591,979
liabilities
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at As at
30-Jun-23 31-Dec-22
(Unaudited) (Audited)
£ £
Assets
Non-current assets
Investments 4,744,225 4,744,225
Current assets
Trade and other receivables 5,511,669 5,417,776
Cash & cash equivalents 11,299 76,227
Total current assets 5,522,968 5,494,003
Total assets 10,267,193 10,238,228
Equity and liabilities
Equity attributable to the owners of the Company
Share capital 4,534,658 4,534,658
Share premium 28,624,597 28,579,597
Share capital reserve 377,294 332,294
Convertible loans 715,044 746,658
Share-based payment 3,243,556 3,243,556
Accumulated losses (27,617,928) (27,497,661)
Total equity 9,877,221 9,939,102
Current liabilities
Trade and other payables 389,972 299,126
Total equity and liabilities 10,267,193 10,238,228
A separate income statement for the parent entity has not been presented, as permitted by section 408 of the Companies Act 2006. The loss for the parent company for the 6 months period ended 30 June 2023 was £120,267 (2022: loss of £306,133).
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDING 30 JUNE 2023
Share Share Share Warrant Reverse Financial Foreign Accumulated Total
capital premium capital reserve takeover liabilities currency losses Equity
reserve reserve translation
reserve
As at 1 January 2022 3,000,526 24,990,187 332,294 3,243,556 (23,050,570) 215,000 238,947 (12,569,852) (3,599,912)
Transactions with
owners, recorded
directly in equity:
Shares issued during 1,534,132 3,589,410 - - - - - - 5,123,542
the year
Financial liabilities - - - - 531,658 - - 531,658
Interest bearing
loans and borrowings
Total comprehensive - - - - - - (214,291) (163,318) (377,609)
loss
As at 31 December 4,534,658 28,579,597 332,294 3,243,556 (23,050,570) 746,658 24,656 (12,733,170) 1,677,679
2022
Transactions with
owners, recorded
directly in equity:
Shares to be issued 45,000 45,000 - - - - - 90,000
during the period
Financial liabilities - - - - (31,614) - (31,614)
Interest bearing
loans and borrowings,
net
Total comprehensive - - - - - - 121,952 (330,126) (208,174)
loss
As at 30 June 2023 4,534,658 28,624,597 377,294 3,243,556 (23,050,570) 715,044 146,608 (13,063,296) 1,527,891
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDING 30 JUNE 2023
Share Share Share Convertible Warrant Accumulated Total
capital premium capital loans reserve losses Equity
reserve
As at 1 3,000,526 24,990,187 332,294 215,000 3,243,556 (27,191,528) 4,590,035
January
2022
Shares issued 1,534,132 3,589,410 - - - - 5,123,542
during the
year
Financial - - - 531,658 - - 531,658
liabilities
Interest
bearing
loans and
borrowings
Total - - - - - (306,133) (306,133)
comprehensive
income/(loss)
As at 31 4,534,658 28,579,597 332,294 746,658 3,243,556 (27,497,661) 9,939,102
December
2022
Shares to be - 45,000 45,000 - - - 90,000
issued during
the
period
Financial - - - (31,614) - - (31,614)
liabilities
Interest
bearing
loans and
borrowings
Total - - - - - (120,267) (120,267)
comprehensive
income/(loss)
Balance as at 4,534,658 28,624,597 377,294 715,044 3,243,556 (27,617,928) 9,877,221
30 June 2023
The accompanying notes form an integral part of these interim financial statements.
CLEAN INVEST AFRICA PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2023
1. Company information
Clean Invest Africa plc (the "Company") is a public limited company which is listed on the Aquis Stock Exchange Growth Market and is incorporated and domiciled in the United Kingdom.
The consolidated entity (the "Group") consists of the Company and the entities it controlled at the end of the six months period ended 30 June 2023.
Principal activity
The Company's primary strategy is to identify investment opportunities and acquisitions in clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way on a global basis, with the intention of building a diversified portfolio of assets.
The subsidiaries of the Company, CoalTech Limited ("CoalTech"), a company registered in the United Kingdom with registered number 11368750, and Coal Agglomeration South Africa (Pty) Ltd. ("CASA"), a company registered in South Africa with registered number 2015/439393/07 and CoalTech's subsidiary Coal Tech LLC, a company registered in the United States of America with registered number 5685936 (collectively referred as "CoalTech Group"), are primarily engaged in agglomerating coal fines waste (coal dust) into coal pellets through the commercialization of the Group's proprietary binding technology.
2. Basis of preparation
The interim consolidated financial statements of the Group and the interim financial statements of the Company (the "interim financial statements") have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations (IFRS IC) as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS.
The interim financial statements are for the six months period ended 30 June 2023 and are presented in Sterling (£) which is the Company's presentation currency. The financial information for the six months period ended 30 June 2023 have not been reviewed by the Company's external auditors or audited.
The interim consolidated financial statements of the Group and the interim financial statements of the Company have been prepared using going concern assumption under the historical cost convention. The Directors believe the Group has or has access to sufficient funds to continue as a going concern for at least 12 months from the end of the reporting period.
3. Dividend
No dividends will be distributed for the six-month period ended 30 June 2023.
4. Earnings per share
Basic and diluted
For the 6 months For the year
period ended 30 June ended 31 December
2023 2022
(Unaudited) (Audited)
Total loss from (£330,126) (£163,318)
continuing operations
attributable to
equity holders of the
Company
Weighted average 1,813,863,402 1,640,154,968
number of ordinary
shares
in issue
Basic earnings per (0.02p) (0.01p)
share from continuing
operations
5. Events after the reporting period
There were no significant events subsequent to 30 June 2023 and occurring before the date of signing of the interim financial statements that would have a significant impact on these annual financial statements.
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