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Half Yearly Report

26th Mar 2012 12:00

RNS Number : 0665A
Kleenair Systems International PLC
26 March 2012
 



KLEENAIR SYSTEMS INTERNATIONAL PLC

(AIM: KSI)

 

Unaudited interim accounts for the six months ended 31 December 2011

 

 

Chairman's Statement

 

Introduction

 

The last Chairman's Statement was issued in November 2011 and accompanied the annual report and accounts for the year ended 30th June 2011. These accounts relate to the 6 month period ended 31st December 2011.

 

Financial Results

 

The accounts for the period to 31 December 2011 show an operating loss of £79,000.

 

Changes to the Board of Directors

 

On 31 December 2011, Jubeenh Nazhat, a qualified solicitor was appointed as company secretary following the resignation of Sarah Posner. Miss Nazhat was further appointed non-executive director to the board on 12 January 2012.

 

Business and Corporate Strategy

 

The Company's new policy of investing in environmental and renewable energy sectors in the UK and Europe has been successfully adopted and the Company's investment in Inspirit Energy continues to perform in line with management expectations.

 

The Company is evaluating a number of additional opportunities with a view to making a recommendation to shareholders in due course. In the meantime, the Company's working capital requirements have been pared back to a minimum until an appropriate opportunity can be presented to shareholders.

 

Commenting on the Company's development, The Chairman John Gunn commented:

 

"This has been another eventful year for the Company and we hope to strengthen our equity position in the market and plan to invest into a second company in due course".

 

 

John Gunn

Chairman

26 March 2012

 

Contacts:

Kleenair Systems International plc

www.kleenair-systems.com

John Gunn, Chairman

+44 (0) 207 736 3498

WH Ireland Limited

www.wh-ireland.co.uk

JN Wakefield / Marc Davies

+44 (0) 117 945 3470

 

 

Comprehensive Income Statement

for the six months ended 31 December 2011

 

Six months to

31 December

2011

 Unaudited

 Six months to

31 December

2010

 Unaudited

Year to

30 June

 2011

Audited

£'000s

£'000s

£'000s

Revenue

18

10

35

Administrative expenses

(91)

(59)

(137)

────────

────────

────────

Operating loss

(73)

(49)

(102)

Interest paid

(7)

(8)

(62)

────────

────────

────────

Loss before tax

(79)

(57)

(164)

Income tax charges

-

-

-

────────

────────

────────

Loss for the period from continuing

operations attributable to shareholders

(79)

(57)

(164)

═══════

═══════

═══════

Loss per share - Pence

Basic and diluted - after exceptional

(0.15)p

(0.13)p

(0.36)p

- before exceptional

(0.15)p

(0.13)p

(0.36)p

═══════

═══════

═══════

 

 

 Statement of Financial Position as at 31 December 2011

 

Six months to

31 December

2011

 Unaudited

 Six months to

31 December

2010

 Unaudited

Year to 

30 June

 2011

Audited

 

£'000s

£'000s

£'000s

Assets

Intangible fixed assets

Investment

740

300

740

───────

───────

───────

Current assets

Trade and other receivables

36

7

61

Cash and cash equivalents

1

433

32

───────

───────

───────

37

440

93

───────

───────

───────

Current liabilities

Trade and other payables

(96)

(32)

(74)

───────

───────

───────

(96)

(32)

(74)

───────

───────

───────

Net Current (Liabilities) Assets

(59)

408

19

Non-Current Liabilities

Financial liabilities - borrowings and

Interest bearing loans

(225)

(460)

(449)

───────

───────

───────

Net surplus

456

248

310

══════

══════

══════

Equity

Capital and reserves

Called up share capital

535

452

452

Share premium

3813

3,530

3,671

Other reserves

128

87

128

Profit and loss deficit

(4020)

(3,821)

(3,941)

───────

───────

───────

Total

456

248

310

══════

══════

══════

 

 

Statement of Changes in Equity

For the six months ended 31 December 2011

 

Share

Share

Other

Retained

Capital

Premium

Reserves

Earnings

Total

£'000s

£'000s

£'000s

£'000s

£'000s

As at 31 December 2010

452

3,530

87

(3,821)

248

Loss after tax for the period

-

-

-

(120)

(120)

Issue of shares

Share based payments

3

-

143

-

-

3

-

-

146

3

Cost of new share issue

-

(22)

-

-

(22)

Conversion of convertible loan

2

16

-

-

18

Convertible loan - equity component

-

-

38

-

38

Adjustment for Creditors

Voluntary Arrangement

 

(5)

 

4

 

-

 

-

 

(1)

────────

────────

────────

────────

────────

As at 30 June 2011

452

3,671

128

(3,941)

310

 

Conversion of convertible loan

 

83

 

142

 

225

Loss after tax for the period

-

-

-

(79)

(79)

────────

────────

────────

────────

────────

As at 31 December 2011

535

3,813

128

(4,020)

456

═══════

═══════

═══════

═══════

═══════

 

 

Statement of Cash Flow

For the six months ended 31 December 2011

 

Six months to

31 December

2011

 Unaudited

 Six months to

31 December 2010 Unaudited

Year to

30 June

 2011

Audited

 

Note

£'000

£'000

£'000

Operating activities

6

(25)

(78)

(171)

Interest paid

(8)

(8)

0

───────

───────

───────

Net cash outflow from operating activities

 

(33)

 

(86)

 

(171)

───────

───────

───────

Investing activities

Investment acquired

-

(300)

(740)

 

───────

───────

───────

 

-

(300)

(740)

 

───────

───────

───────

Financing activities

Issue of new shares

-

519

729

Share issue costs

-

-

(86)

───────

───────

───────

Net cash from financing activities

-

519

(643)

───────

───────

───────

Net cash outflow

(33)

133

(268)

Cash and cash equivalents at the beginning of the period

 

32

 

300

 

300

───────

───────

───────

Cash and cash equivalents at the end of the period

 

1

 

433

 

32

══════

══════

══════

 

 

Notes to the Interim Financial Information

 

1. General Information

 

Kleenair Systems International Plc is a company incorporated in England and Wales and quoted on the Alternative Investment Market of the London Stock Exchange.

 

2. Basis of Preparation

 

These interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Accounts for the period ended 30 June 2011. This interim financial information for the six months to 31 December 2011, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 26 March 2012.

 

3. Significant Accounting Policies

 

The accounting policies applied are consistent with those of the annual financial statements for the period ended 30 June 2011, as described in those annual financial statements.

 

4. Segmental Analysis

 

The Company's primary reporting format is business segments and its secondary format is geographical segments. The Company only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.

 

5. Earnings/(loss) per Share

 

The loss per ordinary share is based on the Company's loss for the period of £79,000 (31 December 2010 - £57,000; 30 June 2011 - £164,000) and a basic and diluted weighted average number of ordinary shares of £0.001 each in issue of 57,262,325 (31 December 2010 - basic and diluted 37,004,285; 30 June 2011 - basic and diluted 45,690,636).

 

6. Reconciliation of operating loss to net cash outflow from operating activities.

 

Six months to

31 December 2011

 Six months to

 31 December

 2010

Year to

30 June

 2011

£'000s

£'000s

£'000s

Operating Loss for the period

(73)

(49)

(102)

Adjustments for :

(Increase)/decrease in receivables

25

(3)

(56)

Increase/(decrease) in payables

22

(26)

(13)

───────

───────

───────

Net cash from operating activities

(26)

(78)

(171)

══════

══════

══════

 

7. Called up Share Capital

 

The issued share capital is as follows

 

Ordinary 'A'

shares of

Ordinary 'B'

shares of

Deferred

shares of

£0.001

£0.001

£0.99

31 December 2011

62,603,190

1,221,200

400,932

30 June 2011 (audited)

54,275,065

1,221,200

400,932

31 December 2010

48,807,010

1,221,200

400,932

 

 

8. The unaudited interim financial information for period ended 31 December 2011 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the period ended 30 June 2011 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contained a qualified audit report.

 

9. Copies of this interim financial information document are available from the Company at its registered office at 2nd Floor, 31 Davies Street, London, W1K 4LP. The interim financial information document will also be available on the Company's website www.kleenair-systems.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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