Interim Results

Ethanol Investments PLC 28 September 2007 28 September 2007 Ethanol Investments Plc Unaudited Interim Report for the six months to 30 June 2007 Chairman's Statement The Company's sole activity during the period under review has been it's holding in TMO Renewables, a world leader in novel ethanol fermentation technology. I am pleased to report that TMO has made meaningful commercial and financial progress during this period, and has concluded another substantial round of funding by way of a private placement. Such progress increases the confidence of your Board, that this investment will produce a substantial return for EI shareholders in the near future, with an IPO in the near-term now a real possibility As announced last month, and as part of a re-evaluation of your Company's strategy within the renewable energy sector, EI announced that it is currently in talks with a third party which may or may not lead to an offer being made for the Company. These talks continue, and are expected to reach a definitive conclusion within the next 3 to 4 weeks. Peter Greensmith Chairman 27th September 2007 Unaudited Income Statement for the six months to 30 June 2007 6 months to 6 months to 12 months to 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) Audited Notes £'000 £'000 £'000 Revenue - - - Cost of Sales - - - --------- -------- ---------- Gross Profit - - - Administrative expenses (115) (142) (249) --------- -------- ---------- Loss from operations (115) (142) (249) Interest and similar income receivable 3 19 36 --------- -------- ---------- Loss before taxation (112) (123) (213) Taxation - - - --------- -------- ---------- Loss for the period (112) (123) (213) ========= ======== ========== Earnings per share Basic and fully diluted loss per 2 (0.01p) (0.01p) (0.02p) share ========= ======== ========== Unaudited Balance Sheet At 30 June 2007 As at As at As at 30 June 30 June 31 December 2007 2006 2006 Notes £'000 £'000 £'000 (Unaudited) (Unaudited) Audited Fixed Assets Investments 3 500 - - --------- --------- ---------- 500 - - --------- --------- ---------- Current Assets Trade and other receivables 20 9 15 Cash and cash equivalents 90 785 695 --------- --------- ---------- 110 794 710 --------- --------- ---------- Total assets 610 794 710 ========= ========= ========== Equity and liabilities Equity attributable to equity holders of the company Called up Share capital 538 538 538 Share premium account 1,952 1,952 1,952 Share-based payment reserve 106 106 106 Retained Earnings 4 (2,074) (1,872) (1,962) --------- --------- ---------- Total equity 522 724 634 Current liabilities Trade and other payables 88 70 76 --------- --------- ---------- 88 70 76 --------- --------- ---------- Total equity and liabilities 610 794 710 ========= ========= ========== Unaudited Cash Flow Statement For the six months to 30 June 2007 6 months to 6 months to 12 months to 30 June 30 June 31 December 2007 2006 2006 Notes £'000 £'000 £'000 (Unaudited) (Unaudited) Audited Operating activities Operating loss (115) (142) (249) Increase in receivables ( 5) (6) (12) Increase/(decrea se) in payables 12 (11) (5) --------- --------- ---------- Cash outflow from operating activities (108) (159) (266) --------- --------- ---------- Investing activities Purchase of investments (500) - - Interest income 3 19 36 --------- --------- ---------- Net cash (outflow)/inflow from investing activities (497) 19 36 --------- --------- ---------- Net decrease in cash and cash equivalents (605) (140) (230) Cash and cash equivalents at beginning of period 695 925 925 --------- --------- ---------- Cash and cash equivalents at end of period 90 785 695 ========= ========= ========== Notes to the Unaudited Financial Statements for the six months to 30 June 2007 1. Accounting policies The financial statements have been prepared under the historical cost convention, in accordance with International Financial Reporting Standards (IFRS) and the accounting policies applied by the Company in the 2006 annual report. The financial statements for the six months to 30 June 2007 are unaudited and do not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the year ended 31 December 2006 is extracted from the audited statutory accounts for the year then ended which have been delivered to the Registrar of companies. The audit report on these accounts was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1995. In the opinion of the directors the financial information for the six months to 30 June 2007 presents fairly the financial position, results of operations and cash flows for the period in conformity with International Financial Reporting Standards which have been consistently applied. The interim statement for the six months ended 30 June 2007 was approved by the directors on 27 September 2007. 2. Earnings per share 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Loss for the purpose of earnings per share (112) (123) (213) ======== ======== ======== Number of shares '000 '000 '000 Weighted average number of ordinary shares in issue during the period 1,402,491 1,402,491 1,402,491 ======== ======== ======== Basic and fully diluted loss per share: (0.01p) (0.01p) (0.02p) ======== ======== ======== 3. Investments In January 2007, the Company invested £500,000 in TMO Renewables Limited. The company's shareholding represents 1.24% of TMO Renewables Limited's total issued share capital. 4. Retained Earnings 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Balance brought forward (1,962) (1,749) (1,749) Loss for the period (112) (123) (213) -------- -------- -------- Closing balance carried forward (2,074) (1,872) (1,962) -------- -------- -------- 5. Dividend No dividend is proposed and paid for the six months ended 30 June 2007 (30 June 2006 - nil, 31 December 2006 - nil). 6. Copies of Interim Report Copies of the interim report can be obtained by writing to The Company Secretary, Ethanol Investments Plc, 31 Harley Street, London W1G 9QS or on the Company's website www.eiplc.co.uk. Enquiries: Seymour Pierce Limited Jonathan Wright Tel: +44 (0)207 107 8000 This information is provided by RNS The company news service from the London Stock Exchange

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