Half Yearly Report

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 plc	www.kleenair-systems.co.uk
Jubeenh Nazhat, Director/Company Secretary	[phone]
John Gunn, Director	[phone]
Westhouse Securities Limited
Antonio Bossi / Jonathan Haines	[phone]

Comprehensive Income Statement

for the six months ended 31 December 2012

				Six months  to 31 December 2012  Unaudited		Six months to 31 December 2011 Unaudited		Year to 30 June  2012 Audited
				£'000s		£'000s		£'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 31 December 2012  Unaudited		As at 31 December 2011 Unaudited	As at 30 June  2012 Audited
				£'000s		£'000s	£'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
	£'000s	£'000s	£'000s	£'000s	£'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 Share based payments Conversion of convertible loan Share warrants issued	8 - 2 -	92 17 14 -	- - - 19	- - - -	100 17 16 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  to 31 December 2012  Unaudited	Six months to 31 December 2011 Unaudited	Year to 30 June  2012 Audited
		Note	£'000	£'000	£'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 activities			100	-	-
			───────	───────	───────
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 £15,900 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 financial statements for the year ended 30 June 2012, 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.   Loss per Share

The loss per ordinary share is based on the Company's loss for the period of £105,000 (31 December 2011 - £79,000; 30 June 2012 - £135,000) and a basic and diluted weighted average number of ordinary shares of £0.001 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  to 31 December 2012  Unaudited	Six months to 31 December 2011 Unaudited	Year to 30 June  2012 Audited
	£'000s	£'000s	£'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 'A' shares of		Ordinary 'B' shares of		Deferred shares of
	£0.001		£0.001		£0.99
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.

 

END

 

 

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