Company CarbonDesk Group plc
Symbol CO2P
Headline Interim results for the six months ended 31 October 2012
Released 31 January 2013
CARBONDESK GROUP PLC
("CarbonDesk" or the "Company")
Interim results for the six months ended 31 October 2012
Carbondesk today announces its unaudited interim results for the
six month period ended 31 October
2012.
Although the results of the Company are better than last year,
they remain very disappointing. We are, however, pleased to
announce that the Company has a pipeline of prospective projects
for the coming year, which the Directors believe could impact
positively on the Company's future performance.
Firstly, the Company has recently signed a number of corporate
finance mandates which we are confident of closing during the
current year and the fees from which will make a substantial
difference to the Company's future revenue.
The Company has also created a subsidiary, CarbonDesk Black Ltd,
which has exclusive rights in the UK, to market the carbon credits
created through a new project aimed at reducing soot emissions from
local taxis (also known as Black Carbon) in Manila in the
Philippines. Revenues from this project, although modest at
present, have the potential to increase as the project gathers
momentum.
As announced on 23 January 2013,
the Company has received a claim from HM Revenues & Customs
relating to input tax on carbon trading transactions. While the
outcome of this claim is uncertain the Directors are confident, and
have been assured by our legal and taxation advisors, that the
claim by HMRC is very unlikely to be enforced. The Directors are
very mindful of the effect that the HMRC claim could have on
shareholder value and will do their best to protect this regardless
of the outcome of the Independent Tribunal.
The Company continues to monitor and keep ongoing costs to a
minimum.
Consolidated Statement of Comprehensive Income
For the Six Months Ended 31 October 2012
Notes Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
£ £ £
Revenue - continuing operations 51,300 - 14,142
Cost of sales (1,997) - (4,217)
Gross profit 49,303 - 9,925
Administrative expenses (412,612) (12,713) (295,437)
Operating loss (363,309) - (285,512)
Finance charges (8,238) - (17,548)
Loss before taxation (371,547) - (303,060)
Income tax - - -
Loss for the period from (371,547) (12,713) (303,060)
continuing operations
Discontinued operations
Loss for the period from - (682,669) (321,429)
discontinued operations
Loss for the period
(371,547) (695,382) (624,489)
Loss per share from continuing
and discontinued operations
(expressed in pence per share)
Basic loss per ordinary share
From continuing operations 2 (2.83) (0.14) (3.39)
From discontinued operations 2 - (7.63) (3.59)
(2.83) (7.77) (6.98)
Diluted loss per ordinary share
From continuing operations 2 (2.83) (0.14) (3.39)
From discontinued operations 2 - (7.63) (3.59)
(2.83) (7.77) (6.98)
Total recognised gains and losses
The Group's total comprehensive income is the same as the
reported losses and profits for the current and prior periods.
Consolidated Statement of Financial Position
At 31 October 2012
Notes 31 October 31 October 30 April
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
£ £ £
Non current assets
Property, plant and equipment 6,979 - 4,800
Current assets
Trade and other receivables 29,149 144,416 27,997
Cash and cash equivalents 5,008 351,568 52,788
Total current assets 34,157 495,984 80,785
Total assets 41,136 495,984 85,585
Equity and liabilities
Equity
Called up share capital 3 824,388 447,571 447,571
Share premium account 281,297 286,516 286,516
Merger reserve 239,233 239,233 239,233
Equity reserve 6,821 - 24,371
Retained earnings (1,697,070) (1,511,820) (1,445,523)
Equity attributable to equity (345,331) (538,500) (447,832)
Holders of the company
Current liabilities
Trade and other payables 292,387 816,484 197,288
Non-current liabilities
Borrowings 94,080 218,000 336,129
Total equity and liabilities 41,136 495,984 85,585
1 Basis of preparation
This Interim Report, comprising the Consolidated Statement of
Comprehensive Income, Consolidated Statement of Financial Position,
Consolidated and the accompanying notes, has been prepared in
accordance with the recognition and measurement criteria of IFRS
save that the Company has elected not to adopt IAS34, Interim
reports. These IFRS interim financial statements do not include all
the information required for full IFRS annual financial
statements.
The interim results do not constitute the statutory accounts
within the meaning of s435 of the Companies Act 2006. The financial
information in this report for the six months to 31 October 2012 and to 31
October 2011 has not been audited or reviewed by the
Company's auditor. The comparative figures for the year ended
30 April 2012 are extracted from the
Company's audited financial statements for that period as filed
with the Registrar of Companies. It does not constitute the
financial statements for that period. Those accounts received an
unqualified audit report, which did not contain any statement under
sections 498(2) or (3) of the Companies Act 2006 and did not
include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying the report.
The accounts for the interim period have been prepared in
accordance with the policies which the Company will adopt for its
2013 annual accounts.
2 Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the
profit or loss after taxation by the weighted average number of
shares in issue during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares to assume conversion of
all dilutive potential ordinary shares. The Company has potentially
dilutive ordinary shares relating to Share Options and Warrants to
Subscribe
Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2012 2011 2012
£ £ £
Loss for the period attributable to (371,547) (12,713) (303,060)
equity shareholders of the company
Loss from discontinued operations - (682,669) (321,429)
attributable to equity shareholders
of the company
(371,547) (695,382) (624,489)
Number Number Number
Weighted average number of shares for 13,111,162 8,951,429
8,951,429 the purpose of basic and diluted
earnings per share
3 Equity
31 October 31 October 30 April
2012 2011 2012
£ £ £
Allotted, called up and fully
paid:
16,487,792 : 8,951,429 : 824,388 447,571 447,571
8,951,429 Ordinary Shares of 5p
each
On 19 July the Company issued 2,000,000 new ordinary 5p shares
at par raising £ 100,000
On 19 July 2012 Brad Allan,
Daniel Edelman and Peter Holmes, directors of the Company,
converted £25,000 each worth of convertible loan notes at 5p into a
total of 1,500,000 new ordinary shares in the Company.
Also on 19 July the Company converted a further £40,000 worth of
convertible loan notes at 5p into 800,000 new ordinary shares.
On 20 July 2012 the Company
converted £150,000 worth of convertible loan notes at 5p into
3,000,000 new ordinary shares.
On 24 October 2012 the Company
issued 236,363 new ordinary 5p shares at a price of 5.5p per share
in settlement of professional fees of £13,000.
4 Events arising after the period end
HMRC has recently notified the directors of the Company that it
has decided to refuse the right to deduct input tax for the months
of June and July 2009. This has
resulted in a demand for £95,484,820.00 plus interest of
£8,571,526.26 calculated in October
2012 which continues to accrue monthly at 3% per annum.
The directors deny that this claim is justified and will be
seeking an independent Tribunal review of the decision by HMRC.
They do not consider that a provision for any liability is
necessary at this stage.
--ENDS--
Enquiries:
CARBONDESK GROUP PLC
Daniel Edelman/ Peter Holmes
+44 (0) 203 384 3650
Peterhouse Corporate Finance Limited
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0932