Ecovista Plc
ISDX : EVTP

May 31, 2016 12:02 ET

Audited Annual Results for the year ended 31 December 2015

                                                                                                          31 May 2016
                                                                                                      

                                                    Ecovista Plc
                                                          
                                            ("Ecovista" or the "Company")
                                                          
                         Audited Annual Results for the year ended 31 December 2015

Ecovista  Plc (ISDX: EVTP) is delighted to report its audited annual results for the twelve months ended 31  December
2015.


Chairman's statement

The accounts for the year to 31 December 2015 showed a loss of £91,869, comparable to the loss in the previous year
of £70,087. During the financial year we have raised £1.06m in equity at increasing share prices, showing the strong
commitment of our investor's group. This has strengthened our balance sheet and helped the completion of the property
investments we targeted for this year increasing the net asset value of the company to £1,186,128 for the period to
31 December 2015.



Currently we still have £200,000 Convertible loan notes outstanding which are due on the 29th June 2018.



The board remains committed to continue to keep a tight rein on costs and low leverage.



Principal activities of the business

The principal activity of the company continued to be that of an ISDX Investment vehicle in the property and real
estate sector.



Fair review of the Business

Ecovista plc is an ISDX-quoted investment holding company which intends to operate within the "green sector". The
company is still reviewing the opportunity to acquire electric vehicles and use these to create a financially viable
electric car hire scheme, initially operating in London only, but with plans to roll it out to other major cities
across the UK and Europe.  In addition, it is actively pursuing other 'Green' projects, particularly in the property
sector both in the UK and Overseas.

Current operations

Cignella S.r.l
The  Cignella Estate (Cignella -- http://www.cignella.com/en/) is a Tuscany based holiday resort powered by state  of
the  art Geo Thermic Systems. The resort is located in southern Tuscany approximately 35 minutes south of Siena.  The
resort comprises of 18 houses and apartments, of which 13 are currently let via web based and local holiday companies
to tourists mostly from the UK and Germany. There are 5 townhouses which are yet to be completed.

At  present  Ecovista owns 15% of the shares in Cignella SRL and has an option to buy the balance of the  equity  for
euros 4million.

As  we  will  discuss  in detail below, we believe that the acquisition is attractive because of the  combination  of
positive  macro  trends  in  the  relevant market and opportunities for improving the  performance  of  the  existing
operations  from  both occupancy and price increases from underperformance to market average. On  a  macro  level  we
believe that the Tuscany region of Italy is well positioned for growth as evidenced by the recent positive trends  in
tourism. The fact that no new building is allowed in the region is acting to support values.

Cignella  provides a high end product offering and we believe this is the optimum space in this market.  The  current
price  point is attractive in comparison to local competition, while the quality of the product is above expectations
of the typical tourist and is relatively easy to deliver.




Willow Cottages and Willside Ltd
Ecovista currently own two development opportunities, firstly a cottage and a car park site next to Stansted Airport.
Purchased for £500,000 paid in cash with ongoing planning being sought for airport related car storage. The  expected
return is over 30% if planning has been granted.


Principal Risks and Uncertainties
Whilst  your  directors realise that there is a minor cash burn in maintaining the listing, they  consider  that  the
company  has  adequate resources for ongoing operating expenses and will personally support the  company  financially
until an investment is made.


Key Performance Indicators
The  company will measure its performance through its effective project co-ordination through efficient use of  staff
and minimal associated cost.


Future Developments and Performance
Purchase of property at 100 Rye Street (post balance sheet event)
In  March  2016 the company also purchased a large house in Bishops Stortford for £665,000 paid in cash. Planning  is
currently being sought to replace the existing building with a 3,500 sq. ft. property with an anticipated gross value
of £1,300,000.

The company has numerous contacts with agents, developers, and interior designers. With the help of these experts  in
this type of project we believe they is sustain growth in this sector.

The  company's mode of operation is to buy property with potential for planning, obtain planning, then  working  with
established local developers, build out the project in order to maximise revenue.
Despite  the  losses  sustained  during the year, the company continues to seek suitable  acquisitions,  to  increase
shareholder value.


Luca Tenuta

Chairman

31 May 2016


The directors of Ecovista Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Luca Tenuta
100 Rye Street, Bishops Stortford
 Hertfordshire
 CM23 2HH
 United Kingdom
Tel: + 44 (0)7900 242769
http://www.ecovistaplc.com/

 ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA



ECOVISTA PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015


 
                                                                                      2015              2014
                                                               Notes                     £                 £
                                                                                                            
  Turnover                                                                               -                 -
  Cost of sales                                                                          -                 -
                                                                                   -------           -------
  Gross profit                                                                           -                 -
                                                                                                            
  Administrative expenses                                                         (91,867)          (70,087)
                                                                                                            
  Other gains and losses                                                               (2)                 -
                                                                                   -------           -------
                                                                                                            
  Operating loss                                                                  (91,869)          (70,087)
                                                                                   -------           -------
                                                                                                            
  Loss on ordinary activities before taxation                    2                (91,869)          (70,087)
                                                                                                            
  Tax on loss on ordinary activities                             4                       -                 -
                                                                                   -------           -------
                                                                                         -                 -
  Loss for the financial year                                    11               (91,869)          (70,087)
                                                                                    ------            ------
                                                                                                            
  Total comprehensive income for the year                                         (91,869)          (70,087)
                                                                                   -------           -------
                                                                                                            
                                                                                                            
                                                                                                            
  Loss per share - Basic                                         3                (0.009p)          (0.010p)
                                                                                                            
 
 The profit and loss account has been prepared on the basis that all operations are continuing operations.
 
 There are no recognised gains and losses other than those passing through the profit and loss account.























ECOVISTA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED AS AT 31 DECEMBER 2015

 
                                                        2015                              2014
                                   Notes                £                £                £                £
                                                                                                            
                                                                                                            
  Non-current Assets                                                                                        
  Intangible Fixed Assets            5                                   0                               250
  Fixed asset investments            6                             500,000                           125,002
                                                                   -------                           -------
                                                                   500,000                           125,252
                                                                                                            
  Current assets                                                                                            
  Debtors                            7            812,871                           151,950                 
  Cash at bank and in hand                         84,604                            51,426                 
                                                  -------                           -------                 
                                                  897,475                           203,376                 
                                                                                                            
  Creditors: amounts falling                                                                                
  due within one year                8           (33,347)                          (18,217)
                                                  -------                           -------                 
                                                                                                            
  Net current assets                                               864,128                           185,159
                                                                                                            
  Creditors:  Amounts falling                                                                               
  due greater than one year
  Loans                              9                           (178,000)                                 -
                                                                  --------                           -------
  Net assets                                                     1,186,128                           310,411
                                                                  --------                           -------
  Capital and reserves                                                                                      
  Called up share capital           10                             151,730                           134,030
  Share premium                     11                           1,572,105                           568,261
  Equity reserve                     9                              22,000                                 -
  Other Reserves                    10                                   -                            75,958
  Profit and loss account           11                           (559,707)                         (467,838)
                                                                  --------                           -------
  Total Equity                                                                                              
                                    12                           1,186,128                           310,411
                                                                  --------                           -------
                                                                                             
 
 
 
 

The financial statements were approved by the Board and authorised for issue on 31 May 2016.















ECOVISTA PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2015





                                       Share         Share         Equity         Other      Retained          Total
                                     capital       premium        reserve      reserves      earnings               
                                                   account                                                          
                                           £             £              £             £             £              £
                                                                                                        
Balance at 1 January 2014            132,015       113,235              -       128,000     (397,751)       (24,501)
                                      ------        ------         ------        ------        ------         ------
Period ended 31 December                                                                                            
2014:
Loss and total                             -             -                            -      (70,087)       (70,087)
comprehensive income for
the year
Issue of share capital                 2,015       455,026              -             -             -        457,041
Transfers                                  -             -              -        75,958             -         75,958
Other                                      -             -              -             -             -              -
                                      ------        ------         ------        ------        ------         ------
Balance at 31 December               134,030       568,261              -        75,958     (467,838)        310,411
2014
                                      ------        ------         ------        ------        ------         ------
Period ended 31 December                                                                                            
2015:
Loss and total                             -             -              -             -      (91,869)       (91,869)
comprehensive income for
the year
Issue of convertible loan                  -             -         22,000             -             -         22,000
Issue of share capital                17,700     1,003,844              -             -             -      1,021,544
                                     -------       -------        -------       -------       -------        -------
Balance at 31 December               151,730     1,572,105      22,000                -     (559,707)      1,186,128
2015
                                      ------        ------         ------        ------        ------         ------






ECOVISTA PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015


 
 
                                                            2015                           2014
                                     Notes                £                  £             £              £
                                                                                                           
Net cash outflow from operating                                                                            
activities                             A                             (737,408)                    (213,513)
                                                                                                           
Cash flow from investing                                                                                   
activities
Interest received                                         -                                -               
                                                                                                           
Purchase of investments in                        (375,000)                        (125,000)               
associates/subsidiaries
                                                     ------                           ------               
                                                                     (375,000)                    (125,000)
                                                                       -------                      -------
                                                                   (1,112,408)                    (338,513)
Net cash inflow from financing                                                                             
New Shares Issued                                                    1,048,497                       35,000
Funds received for new shares not                                                                          
yet issued                                                                   -                       88,998
Expenses on issuing equity shares                                    (102,911)                     (18,999)
New long term loans                                                    178,000                            -
Other equity reserves                                                   22,000                            -
                                                                     -------                      -------
                                                                                                           
                                                                                                           
(Decrease)/increase in cash in the                                                                         
year                                   B                                33,178                    (233,514)
                                                                     -------                      -------
                                                                                                           




Contact Information

  • Ecovista Plc