Interim Consolidated Results From January 1 2023 to 20 June 2023

02 October 2023

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: [phone]

Corporate Adviser

Peterhouse Capital Limited

Guy Miller

Telephone: [phone]

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 months period ended		For the year 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 attributable to the Company's equity shareholders	(330,126)		(163,318)
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 assets	326,735		394,113
Right-of-use assets	97,438		122,553
Investments	6,406		11,653
Total Non-current assets	430,579		528,319
Current assets
Inventories	9,124		-
Trade and other receivables	75,552		88,877
Amounts due from related parties	3,708,595		3,894,561
Cash & cash equivalents	12,706		80,222
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 reserve	377,294		332,294
Share-based payment	3,243,556		3,243,556
Financial liabilities Interest bearing loans and borrowings	715,044		746,658
Reverse takeover reserve	(23,050,570)		(23,050,570)
Foreign currency translation reserve	146,608		24,656
Accumulated losses	(13,063,296)		(12,733,170)
Total equity	1,527,891		1,677,679
Liabilities
Current liabilities
Trade and other payables	2,572,728		2,550,972
Current portion of lease liabilities	8,041		8,848
Amounts due to related parties	26,528		232,188
Total current liabilities	2,607,297		2,792,008
Non-current liabilities
Non-current portion of lease liabilities	101,368		122,292
Total non-current liabilities	101,368		122,292
Total liabilities	2,708,665		2,914,300
Total equity and liabilities	4,236,556		4,591,979

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 capital		Share premium	Share capital reserve		Warrant reserve		Reverse takeover reserve		Financial liabilities		Foreign currency translation reserve		Accumulated losses		Total Equity
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 the year	1,534,132		3,589,410	-		-		-		-		-		-		5,123,542
Financial liabilities Interest bearing loans and borrowings			-	-		-		-		531,658		-		-		531,658
Total comprehensive loss	-		-	-		-		-		-		(214,291)		(163,318)		(377,609)
As at 31 December 2022	4,534,658		28,579,597	332,294		3,243,556		(23,050,570)		746,658		24,656		(12,733,170)		1,677,679
Transactions with owners, recorded directly in equity:
Shares to be issued during the period			45,000	45,000		-		-		-		-		-		90,000
Financial liabilities Interest bearing loans and borrowings, net			-	-		-		-		(31,614)		-				(31,614)
Total comprehensive loss	-		-	-		-		-		-		121,952		(330,126)		(208,174)
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 capital	Share premium	Share capital reserve	Convertible loans	Warrant reserve	Accumulated losses	Total Equity
As at 1 January 2022	3,000,526	24,990,187	332,294	215,000	3,243,556	(27,191,528)	4,590,035
Shares issued during the year	1,534,132	3,589,410	-	-	-	-	5,123,542
Financial liabilities Interest bearing loans and borrowings	-	-	-	531,658	-	-	531,658
Total comprehensive income/(loss)	-	-	-	-	-	(306,133)	(306,133)
As at 31 December 2022	4,534,658	28,579,597	332,294	746,658	3,243,556	(27,497,661)	9,939,102
Shares to be issued during the period	-	45,000	45,000	-	-	-	90,000
Financial liabilities Interest bearing loans and borrowings	-	-	-	(31,614)	-	-	(31,614)
Total comprehensive income/(loss)	-	-	-	-	-	(120,267)	(120,267)
Balance as at 30 June 2023	4,534,658	28,624,597	377,294	715,044	3,243,556	(27,617,928)	9,877,221

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 period ended 30 June 2023		For the year ended 31 December 2022
		(Unaudited)		(Audited)
Total loss from continuing operations attributable       to equity holders of the Company		(£330,126)		(£163,318)
Weighted average number of ordinary shares in issue		1,813,863,402		1,640,154,968
Basic earnings per share from continuing operations		(0.02p)		(0.01p)

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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