Ecovista Plc
LSE : EVTP

September 30, 2013 09:36 ET

Half Yearly Report

ECOVISTA PLC (the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2013



CHAIRMAN'S STATEMENT


OVERVIEW

The  company  remains  a cash shell at present, although continuing actively to seek new  opportunities  to
enhance  shareholder value. Our publicly stated strategy specifies that the company will  acquire  electric
vehicles  to rent to the general public. This strategy is proving problematical, so the directors are  also
looking at possible opportunities in the alternative energy sector.

We  are  maintaining  a  tight control of the company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL RESULTS

The  unaudited financial results for the period to 30 June 2013 show an operating loss of £20,000; earnings
per  share  are  negative, being 0.005p. As our non-subsidiaries are dormant, we have  not  prepared  group
accounts at this stage.

CASH FLOW AND FUNDING

Cash  in hand at the date of this report is GBP 185,000, which adequately covers routine running expenses  and
also preparatory investment research cost, for the next year.

OUTLOOK

The  Board  continues  to seek ways, by acquisition, to enhance shareholder value.  Our  focus  is  now  on
opportunities in the energy sector as well as the Eco village in Italy.
We thus look to the future with confidence.


L. Tenuta
Chairman

30 September 2013

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

ECOVISTA Plc
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel:  +44 (0) 20 7309 2223
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762
                                                     
                                                     
                                                     
Profit & Loss Account
For the six months to 30 June 2013


                                                            Unaudited            Audited           Unaudited
                                                           Six Months         Year ended          Six Months
                                                           to 30 June        31 December          to 30 June
                                                                 2013               2012                2012
                                           Note               GBP'000            GBP'000             GBP'000
                                                                                           
Turnover                                                           -                  -                   -
                                                                                           
Operating expenses                                               (20)               (53)                (23)
                                                                ----               ----                ----
Operating loss                                                   (20)               (53)                (23)
                                                                                           
Interest received                                                  -                 -                    -
                                                                ----               ----                ----
Loss on ordinary activities before                               (20)               (53)                (23)
 taxation
                                                                                           
Taxation                                                           -                 -                    -
                                                                ----               ----                ----
Loss   on   ordinary   activities   after                        (20)               (53)                (23)
taxation
                                                                                           
Dividends                                                          -                 -                    -
                                                                ----               ----                ----
Deficit for the period                                        GBP(20)            GBP(53)             GBP(23)
                                                                ----               ----                ----
                                                                                           
Loss per ordinary share:  Basic              2               (0.005p)           (0.02p)             (0.007p)
                                                                                           
                                                                                           
                                                                                           


There were no recognised gains or losses other than those recognised in the profit and loss account above.
                                                     


Balance Sheet as at 30 June 2013


                                                              Unaudited            Audited     Unaudited
                                                          At at 30 June           As at 31      As at 30
                                                                   2013      December 2012          June
                                                                                                    2012
                                                                                                        
                                                                GBP'000            GBP'000        GBP'000
                                                                                            
                                                                                            
CURRENT ASSETS                                                                              
Debtors                                                               9                 2              6
Cash at bank and in hand                                            185               205            232
                                                                   ----              ----           ----
                                                                    194               207            238
                                                                                            
Creditors:  amounts falling due within                                                      
   one year                                                         (20)              (54)           (55)
                                                                   ----              ----           ----
NET CURRENT ASSETS                                                  174               153            183
                                                                                            
Creditors:   amounts falling due after  more                                                
than one year                                                      (300)             (300)          (300)
                                                                   ----              ----           ----
NET ASSETS                                                      GBP(126)          GBP(147)       GBP(117)
                                                                   ----              ----           ----
                                                                                            
CAPITAL AND RESERVES                                                                        
                                                                                            
Called up share capital                                             132               131            131
Share premium                                                       113                73             73
Profit and loss account                                            (371)             (351)          (321)
                                                                   ----              ----           ----
Equity shareholders' (deficit)/ funds                           GBP(126)          GBP(147)       GBP(117)
                                                                   ----              ----           ----
                                                     
                                                     
                                                     
Cash Flow Statement
For the six months to 30 June 2013
                                                     
                                                            Unaudited           Audited          Unaudited
                                                           Six Months        Year ended         Six Months
                                                           to 30 June       31 December         to 30 June
                                                                 2013              2012               2012
                                              Note            GBP'000           GBP'000            GBP'000
                                                                                          
Cash (outflow) from operating activities                                                  
                                               3                  (20)              (50)               (23)
                                                                                            
Investing - Interest received                                       -                 -                  -
                                                                                          
Financing                                                                                 
  - Increase in debt                                                -                 -                  -
                                                                 ----              ----               ----
Cash increase in the period                                    GBP(20)           GBP(50)            GBP(23)
                                                                 ----              ----               ----



Reconciliation of Net Cash Flow to Movement in Net Funds
                                                     

                                                            Unaudited            Audited         Unaudited
                                                           Six Months         Year ended        Six Months
                                                           to 30 June        31 December        to 30 June
                                                                 2013               2012              2012
                                                              GBP'000            GBP'000           GBP'000
                                                                                          
Increase/(Decrease) in cash in the                                                        
period                                                            (20)              (50)                23
                                                                                          
Net (debt)/funds as at the start                                                          
of the period                                                     (95)             (106)              (106)
                                                                                          
(Increase) in debt less convertible or debt in                                            
the period (net)                                                    -                61                  -
                                                                  ----              ----              ----
Net (debt)/ funds as at the end of the period                                             
                                                              GBP(115)           GBP(95)           GBP(129)
                                                                 ----              ----               ----
                                                                                          
                                                     
Reconciliation of movements in Shareholders' funds
For the six months to 30 June 2013


                                                            Unaudited           Audited         Unaudited
                                                           Six Months        Year ended        Six Months
                                                           to 30 June       31 December        to 30 June
                                                                 2013              2012              2012
                                                              GBP'000           GBP'000           GBP'000
                                                                                          
Loss for the period                                               (20)              (53)              (23)
                                                                                          
Issue of shares                                                     -                20                 -
                                                                                          
Conversion of loan stock                                           41                 -                20
                                                                                          
Opening shareholders' (deficit)/funds                            (147)             (114)             (114)
                                                                 ----             ----               ----
Closing shareholders' (deficit)/funds                         GBP(126)          GBP(147)          GBP(117)
                                                                 ----             ----               ----
                                                                                          


NOTES TO THE INTERIM REPORT


1.  Accounting Policies

    The  interim  report has been prepared using accounting policies consistent with applicable  accounting
    standards,  consistent with those in the audited financial statements for the year  ended  31  December
    2012.

    The interim report for the six months to 30 June 2013 was approved by the Board on  30 September 2013.

2.  Loss per Share
                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2013                 2012                2012
                                                                                                           
                                                            Pence                 Pence               Pence
                                                                                         
     Earnings per share: basic                            (0.005p)               (0.02p)             (0.007p)
                                                                                         

    Loss per ordinary share is based on the Company's loss for the financial period of GBP 20,000 (31 December
    2012 - GBP 53,000; 30 June 2012 - GBP 23,000)

    The  weighted  average  number of shares used in the calculation is 370,545,029  (31  December  2012  -
    331,331,730; 30 June 2012 - 313,352,389)

3.  Reconciliation of operating loss to net outflow from operating activities

                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2013                 2012                2012

                                                         GBP'000              GBP'000             GBP'000
                                                                                        
                                                                                        
      Operating loss                                         (20)                 (53)                (23)
                                                                                        
      Net increase/(decrease) in working                                                                -
      capital                                                  -                    2
      Amortisation of investment                               -                    1                   -
                                                            ----                 ----                 ----
      Net (outflow) from operating activities             GBP(20)              GBP(50)             GBP(23)
                                                            ----                 ----                 ----
                                                                                        

4.   The  information for the year ended 31 December 2012 has been extracted from the audited accounts  for
     that  period,  which  have  been delivered to the Registrar of Companies and received  an  unqualified
     audit  opinion.   The  unaudited  results  for the six months  period  have  been  prepared  on  basis
     consistent  with  the  Accounting  Policies disclosed in  the  Company's  2012  accounts  and  do  not
     constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

5.   Copies  of  this  interim  statement are available from the Company at its  registered  office  at
     Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

  • Ecovista Plc