Ecovista Plc
ISDX : EVTP

September 30, 2015 04:57 ET

Interim Results for the Six Months to 30 June 2014

ECOVISTA PLC (the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2014
                                                     
CHAIRMAN'S STATEMENT
                                                     

OVERVIEW

The  Company is an investment company focused on the property and real estate sector. Since the  year  end,
the company has acquired a further 26% of Willow Cottages Ltd increasing its stake to 51%. We still hold an
option to purchase the entire share capital of Cignella Srl the owner of the luxury Eco village in Tuscany,
Italy.

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 2015 show an operating  loss  of  GBP  36,000;
earnings per share are negative, being 0.004p.

CASH FLOW AND FUNDING

Cash in hand at 29 September 2015 is GBP 136,500, which adequately covers routine running expenses and also
preparatory  investment  research  cost, for the next year. We have  raised  GBP  279,391  which  has  been
satisfied  by  the issue of 263,325,080 new ordinary shares in February and August 2015, thus strengthening
our balance sheet; we continue to keep a tight rein on costs.

OUTLOOK

The  company currently owns 51% of Willow Cottages Ltd, we still have a further 3 months to complete on our
option to purchase the full 100%.

The  land owned by Willow Cottage Ltd has been split from the cottage and planning is being sought  on  the
land  for airport related parking. The cottage on the remainder of the site is being made ready to be  let.
Property prices in the Stansted area remain firm and we believe there is still considerable growth left  in
the site.

The  company is also looking to secure further funding in order to exercise our option on Cignella  Srl  at
current values we believe there is significant profit potential in owning this complex.

The  directors are also actively seeking further property investments - commercial and residential - in the
UK, and continental Europe to enhance shareholder value.

We thus look to the future with confidence.

L. Tenuta
Chairman

30 September 2015

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 2015


                                                            Unaudited            Audited           Unaudited
                                                           Six Months         Year ended          Six Months
                                                           to 30 June        31 December          to 30 June
                                                                 2015               2014                2014
                                           Note              GBP '000           GBP '000            GBP '000
                                                                                           
Turnover                                                           -                  -                   -
                                                                                           
Operating expenses                                               (36)               (70)                (25)
                                                                 ----               ----                ----
Operating loss                                                   (36)               (70)                (25)
                                                                                           
Interest received                                                  -                  -                   -
                                                                 ----               ----                ----
Loss on ordinary activities before                               (36)               (70)                (25)
 taxation
                                                                                           
Taxation                                                           -                  -                   -
                                                                 ----               ----                ----
Loss   on   ordinary   activities   after                        (36)               (70)                (25)
taxation
                                                                                           
Dividends                                                          -                  -                   -
                                                                 ----               ----                ----
Deficit for the period                                           (36)               (70)                (25)
                                                                 ----               ----                ----
                                                                                           
Loss per ordinary share:  Basic              2               (0.004p)            (0.01p)            (0.004p)
                                                                                           

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

                                                     
Balance Sheet as at 30 June 2015

                                                              Unaudited             Audited      Unaudited
                                                               As at 30            As at 31       As at 30
                                                                   June            December           June
                                                                   2015                2014           2014   
                                                                                                  
                                                                                                          
                                                               GBP '000            GBP '000       GBP '000
                                                                                             
INTANGIBLE FIXED ASSETS                                              -                   -              -
                                                                                             
FIXED ASSET INVESTMENTS                                            255                 125              -
                                                                  ----                ----            ----
                                                                   255                 125              -
                                                                  ----                ----            ----
                                                                                             
CURRENT ASSETS                                                                               
Debtors                                                            163                 152             139
Cash at bank and in hand                                           105                  51             193
                                                                  ----                ----            ----
                                                                   268                 203             332
                                                                                             
Creditors:  amounts falling due                                                              
within one year                                                    (34)                (18)            (47)
                                                                  ----                ----            ----
NET CURRENT ASSETS                                                 234                 185             285
                                                                  ----                ----            ----
                                                                                             
NET ASSETS                                                         489                 310             285
                                                                  ----                ----            ----
                                                                                             
CAPITAL AND RESERVES                                                                         
                                                                                             
Called up share capital                                            136                 134             134
Share premium                                                      857                 568             574
Unissued shares                                                      -                  76               -
Profit and loss account                                           (504)               (468)           (423)
                                                                  ----                ----            ----
Equity shareholders' (deficit)/ funds                              489                 310             285
                                                                  ----                ----            ----
                                                     
                                                     
Cash Flow Statement
For the six months to 30 June 2015


                                                            Unaudited           Audited          Unaudited
                                                           Six Months        Year ended         Six Months
                                                           to 30 June       31 December         to 30 June
                                                                 2015              2014               2014
                                              Note           GBP '000          GBP '000           GBP '000
                                                                                          
Cash (outflow) from operating 
activities                                     3                 (25)             (213)              (133)
                                                                                          
Acquisition and disposals                                                                 
Purchase of investments in subsidiary                           (130)             (125)                 -
                                                                                                   
Financing                                                                                   
 -     Increase in debt                                            -                 -                  -
 -     Funds received for shares not 
       yet issued                                                  -                89                 35
 -     Capitalisation funds for shares                             -                 -               (163)
 -     Issue of new shares                                       228                35                163
 -     Expenses on issue of equity shares                        (19)              (19)                 -
                                                                ----              ----               ----
Cash increase /(decrease) in the period                           54              (233)               (98)
                                                                ----              ----               ----



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
                                                                2015               2014               2014
                                                            GBP '000           GBP '000           GBP '000
                                                                                         
Increase/(Decrease) in cash in the                                                       
period                                                           54               (233)               (98)
                                                                                         
Net (debt)/funds as at the start                                                         
of the period                                                    51                (16)                (9)
                                                                                         
Increase in debt less convertible or  debt  in                                           
the period (net)                                                  -                300                300
                                                               ----               ----               ----
Net funds as at the end of the period                                                      
                                                                105                 51                193
                                                               ----               ----               ----


Reconciliation of movements in Shareholders' funds
For the six months to 30 June 2015


                                                            Unaudited           Audited         Unaudited
                                                           Six Months        Year ended        Six Months
                                                           to 30 June       31 December        to 30 June
                                                                 2015              2014              2014
                                                             GBP '000          GBP '000          GBP '000
                                                                                          
Loss for the period                                              (36)              (70)              (25)
                                                                                          
Issue of shares less expenses                                    291               329               163
                                                                                          
Funds received for unissued shares                               (76)               76              (128)
                                                                                          
Conversion of loan stock                                           -                 -               300
                                                                                          
Opening shareholders' (deficit)/funds                            310               (25)              (25)
                                                                ----              ----              ----
Closing shareholders' (deficit)/funds                            489               310               285
                                                                ----              ----              ----
                                                                                          


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
    2014.

    The interim report for the six months to 30 June 2015 was approved by the Board on 30 September 2015.


2.  Loss per Share
                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2015                 2014                2014
                                                                                                           
                                                           Pence                Pence               Pence
                                                                                        
     Earnings per share: basic                           (0.004p)              (0.01p)             (0.004p)
                                                                                        

    Loss  per  ordinary  share is based on the Company's loss for the financial period of  GBP  36,000  (31
    December 2014 - GBP 70,000; 30 June 2014 - GBP 25,000)

    The  weighted  average  number of shares used in the calculation is 834,083,800  (31  December  2014  -
    669,586,304; 30 June 2014 - 664,737,382)


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
                                                            2015                 2014                2014

                                                        GBP '000             GBP '000            GBP '000
                                                                                        
      Operating loss                                        (36)                 (70)                (25)
                                                                                        
     Net increase/(decrease) in working                                                
      capital                                                11                 (143)               (108)
                                                           ----                 ----                ----
      Net (outflow) from operating activities               (25)                (213)               (133)
                                                           ----                 ----                ----
                                                                                        

4.   The  information for the year ended 31 December 2014 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  2014  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