TIDMKSI
RNS Number : 0407B
Kleenair Systems International PLC
27 March 2013
KLEENAIR SYSTEMS INTERNATIONAL PLC
(AIM: KSI)
Unaudited interim accounts for the six months ended 31 December
2012
Kleenair Systems International plc is pleased to announce its
interim accounts for the six months ended 31 December 2012.
Contacts:
Kleenair Systems International www.kleenair-systems.co.uk
plc
Jubeenh Nazhat, Director/Company
Secretary +44 (0) 207 048 9405
John Gunn, Director +44 (0) 207 048 9400
Westhouse Securities Limited
Antonio Bossi / Jonathan Haines +44 (0) 20 7601 6100
Comprehensive Income Statement
for the six months ended 31 December 2012
Six months Year
to Six months to
31 December to 30 June
2012 31 December 2012
Unaudited 2011 Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------------ ---------------- ---------------- ----------------
Revenue 7 18 26
Administrative expenses (95) (91) (131)
---------------- ---------------- ----------------
Operating loss (88) (73) (105)
Finance income 1 - 1
Finance costs (18) (6) (31)
---------------- ---------------- ----------------
Loss before tax (105) (79) (135)
Income tax charges - - -
---------------- ---------------- ----------------
Loss for the period from continuing
operations attributable to
shareholders (105) (79) (135)
Loss per share - Pence
Basic and diluted (0.16)p (0.15)p (0.22)p
Statement of Financial Position as at 31 December 2012
As at As at
31 December As at 30 June
2012 31 December 2012
Unaudited 2011 Unaudited Audited
GBP'000s GBP'000s GBP'000s
----------------------------- -------------- --------------- --------------
Non-Current Assets
Investments 740 740 740
Trade and other receivables 68 - -
-------------- -------------- --------------
808 740 740
Current assets
Trade and other receivables 60 36 53
Cash and cash equivalents 22 1 -
-------------- -------------- --------------
82 37 53
-------------- -------------- --------------
Current liabilities
Borrowings (212) (165) (227)
Trade and other payables (171) (70) (101)
-------------- -------------- --------------
(383) (235) (328)
-------------- -------------- --------------
Net Current Liabilities (301) (198) (275)
Non-Current Liabilities
Trade and other payables (83) (86) (88)
-------------- -------------- --------------
424 456 377
Equity
Share capital 471 461 461
Share premium 4,010 3,887 3,887
Other reserves 124 128 105
Retained losses (4,181) (4,020) (4,076)
-------------- -------------- --------------
Total 424 456 377
Statement of Changes in Equity
For the six months ended 31 December 2012
Share Share Other Retained Total
Capital Premium Reserves Losses Equity
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
---------------------------- --------- --------- --------- --------- ---------
As at 30 June 2011 452 3,671 128 (3,941) 310
---------------------------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the period - - - (79) (79)
---------------------------- --------- --------- --------- --------- ---------
Total comprehensive income - - - (79) (79)
---------------------------- --------- --------- --------- --------- ---------
Transactions with owners
Conversion of convertible
loan 9 216 - - 225
---------------------------- --------- --------- --------- --------- ---------
Total transactions with
owners 9 216 - - 225
---------------------------- --------- --------- --------- --------- ---------
As at 31 December 2011 461 3,887 128 (4,020) 456
---------------------------- --------- --------- --------- --------- ---------
As at 30 June 2012 461 3,887 105 (4,076) 377
---------------------------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the period - - - (105) (105)
---------------------------- --------- --------- --------- --------- ---------
Total comprehensive income - - - (105) (105)
---------------------------- --------- --------- --------- --------- ---------
Transactions with owners
Share capital issued 8 92 - - 100
Share based payments - 17 - - 17
Conversion of convertible
loan 2 14 - - 16
Share warrants issued - - 19 - 19
---------------------------- --------- --------- --------- --------- ---------
Total transactions with
owners 10 123 - - 133
---------------------------- --------- --------- --------- --------- ---------
As at 31 December 2012 471 4,010 124 (4,181) 424
---------------------------- --------- --------- --------- --------- ---------
Statement of Cash Flow
For the six months ended 31 December 2012
Six months Six months Year
to to to
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
----------------------------- ----- --------------- --------------- ---------------
Operating activities 6 (78) (25) (32)
Interest paid - (6) -
-------------- -------------- --------------
Net cash used in operating
activities (78) (31) (32)
-------------- -------------- --------------
Financing activities
Issue of new shares 100 - -
-------------- -------------- --------------
Net cash from financing 100 - -
activities
-------------- -------------- --------------
Net cash outflow 22 (31) (32)
Cash and cash equivalents
at the beginning of the
period - 32 32
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 22 1 -
Significant Non-cash Transactions
On 3 July 2012, GIS agreed to convert GBP15,900 of its
outstanding convertible loan into 1,590,000 ordinary shares of 0.1
pence each. These shares were placed with unconnected third parties
to GIS.
Also on 3 July 2012, the Company allotted 412,982 ordinary
shares of 0.1 pence each to a financial advisor in settlement of
fees.
On 13 September 2012, the Company issued share warrants for
646,620 ordinary shares of 0.1 pence each to a financial advisor at
a subscription price of 3 pence per share.
On 19 September 2012, the Company allotted 200,000 ordinary
shares of 0.1 pence each to a financial advisor in settlement of
fees.
Notes to the Interim Financial Information
1. General Information
The principal activity of KleenAir Systems International Plc
("the Company") during the period was that of an investment company
which aims to invest in disruptive products or technologies that
are either proven or at the later stages of development, which own
or have exclusive licence to the relevant intellectual property and
may benefit from feed-in tariffs or other renewable energy
incentives.
Kleenair Systems International Plc is a company incorporated and
domiciled in England and Wales and quoted on the Alternative
Investment Market of the London Stock Exchange. The address of its
registered office is 2(nd) Floor, 2 London Wall Buildings, London,
EC2M 5PP, United Kingdom.
2. Basis of Preparation
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Statutory financial statements for the year
ended 30 June 2012 were approved by the Board of Directors on 5
December 2012 and delivered to the Registrar of Companies. The
report of the auditors on those financial statements was
unqualified.
The interim financial information for the six months ended 31
December 2012 has not been reviewed or audited. The interim
financial report has been approved by the Board on 27 March
2013.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Company to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
interim financial statements for the period ended 31 December
2012.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2012
Annual Report and Financial Statements, a copy of which is
available on the Company's website: www.kleenair-systems.com. The
key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in note 2 of the Company's 2012 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual nancial statements for the year ended 30 June 2012, as
described in those annual nancial 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. Loss per Share
The loss per ordinary share is based on the Company's loss for
the period of GBP105,000 (31 December 2011 - GBP79,000; 30 June
2012 - GBP135,000) and a basic and diluted weighted average number
of ordinary shares of GBP0.001 each in issue of 64,714,582 (31
December 2011 - basic and diluted 57,262,325; 30 June 2012 - basic
and diluted 62,603,190).
6. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities
Six months Six months Year
to to to
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------ -------------- -------------- --------------
Operating Loss for the
period (88) (73) (105)
Adjustments for :
(Increase)/decrease in
receivables (76) 25 10
Increase in payables 67 23 63
Issue of share warrants 19 - -
-------------- -------------- --------------
Net cash from operating
activities (78) (25) (32)
7. Called up Share Capital
The issued share capital is as follows
Ordinary Ordinary Deferred
'A' 'B' shares of
shares of shares of
GBP0.001 GBP0.001 GBP0.99
------------------------ ----------- ----------- -----------
31 December 2012 73,139,505 1,221,200 400,932
30 June 2012 (audited) 62,603,190 1,221,200 400,932
31 December 2011 62,603,190 1,221,200 400,932
8. Copies of this interim financial information document are
available from the Company at its registered office at 2(nd) Floor,
Number 2, London Wall Buildings, London, EC2M 5PP. 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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