Ecovista Plc
LSE : EVTP

September 20, 2011 12:17 ET

Interim results to 30 June 2011

ECOVISTA PLC (the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2011



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. The board is also currently reviewing another transaction  which
could be injected into the company by way of reverse takeover.

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 2011 show an operating  loss  of  approximately
GBP25,000; earnings per share are negative, being 0.02p.

CASH FLOW AND FUNDING

Cash  in  hand  at  the  date of this report is approximately GBP273,000, 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.



L. Tenuta
Chairman


20 September 2011

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ecovista PLC
Luca Tenuta
39 St James's street
London SW1A 1JD

Tel: +44 (0) 20 7290 1234
Tel: +44 (0) 20 7309 2280


Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762
Fax: +44 (0) 20 7566 0023                                                    

                                                     
Profit & Loss Account
For the six months to 30 June 2011


                                                             Unaudited            Audited          Unaudited
                                                            Six Months         Year ended         Six Months
                                                            to 30 June        31 December         to 30 June
                                                                  2011               2010               2010
                                             Note              GBP'000            GBP'000            GBP'000
                                                                                           
Turnover                                                             -                  -                  -
                                                                                           
Operating expenses                                                 (25)               (53)               (23)
                                                               -------            -------            -------    
Operating loss                                                     (25)               (53)               (23)
                                                                                           
Interest received                                                    -                  -                  -
                                                               -------            -------            -------    
Loss   on   ordinary   activities   before                         (25)               (53)               (23)
taxation
                                                                                           
Taxation                                                             -                  -                  -
                                                               -------            -------            -------    
Loss on ordinary activities after taxation                         (25)               (53)               (23)
                                                                                           
Dividends                                                            -                  -                  -
                                                               -------            -------            -------    
Deficit for the period                                          GBP(25)            GBP(53)            GBP(23)
                                                               =======            =======            =======     
                                                                                           
Loss per ordinary share:  Basic                2               (0.02p)            (0.04p)            (0.02p)
                                                                                           
                                                                                           
 
There were no recognised gains or losses other than those recognised in the profit and loss account above.

                                                     
Balance Sheet as at 30 June 2011

                                                           Unaudited             Audited       Unaudited
                                                            At at 30            As at 31        As at 30 
                                                                June            December            June   
                                                                2011               2010             2010
                                                                                                        
                                                             GBP'000             GBP'000         GBP'000
                                                                                          
CURRENT ASSETS                                                                            
Debtors                                                            6                   4               7
Cash at bank and in hand                                         273                  12              34
                                                             -------             -------         -------       
                                                                 279                  16              41
                                                                                          
Creditors:  amounts falling due within                                                    
   one year                                                       (5)                (17)            (13)
                                                             -------             -------         -------        
NET CURRENT ASSETS                                               274                  (1)             28
                                                                                          
Creditors:   amounts falling due  after  more                                             
than one year                                                   (381)               (101)           (101)
                                                             -------             -------         -------       
NET ASSETS                                                   GBP(107)            GBP(102)         GBP(73)
                                                             =======             =======         =======
                                                                                                   
CAPITAL AND RESERVES                                                                      
                                                                                          
Called up share capital                                          130                 129             129
Share premium                                                     34                  15              15
Profit and loss account                                         (271)               (246)           (217)
                                                             -------             -------         -------
Equity shareholders' (deficit)/ funds                        GBP(107)            GBP(102)         GBP(73)
                                                             =======             =======         =======

Cash Flow Statement
For the six months to 30 June 2011

                                                            Unaudited           Audited          Unaudited
                                                           Six Months        Year ended         Six Months
                                                           to 30 June       31 December         to 30 June
                                                                 2011              2010               2010
                                              Note            GBP'000           GBP'000            GBP'000
                                                                                          
Cash (outflow) from operating activities                                                  
                                               3                  (39)              (32)                (9)
                                                                                          
Investing - Interest received                                       -                 -                  -

Financing                                                                                 
  - Increase in debt                                              300                 -                  -
                                                              -------           -------            -------
   
Cash increase in the period                                    GBP261            GBP(32)             GBP(9)
                                                              =======           =======            =======


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
                                                                 2011               2010              2010
                                                              GBP'000            GBP'000           GBP'000
                                                                                          
Decrease in cash in the period                                    261                (32)               (9)
                                                                                          
Net  (debt)/funds as at the start  of  the                                                
period                                                            (90)               (58)              (58)
                                                                                          
(Increase)  in  debt less  convertible                                                
debt in the period                                               (280)                 -                 -
                                                              -------            -------           -------    
Net  (debt)/ funds as at the  end  of  the                                                
period                                                         GBP109             GBP(90)           GBP(67)
                                                              =======            ========          =======

                                                     
Reconciliation of movements in Shareholders' funds
For the six months to 30 June 2011

                                                            Unaudited           Audited         Unaudited
                                                           Six Months        Year ended        Six Months
                                                           to 30 June       31 December        to 30 June
                                                                 2011              2010              2010
                                                              GBP'000           GBP'000           GBP'000
                                                                                          
Loss for the period                                              (25)               (53)              (23)
                                                                                          
Issue of shares                                                    -                 15                15
                                                                                          
Conversion of loan stock                                          20                  -                 -
                                                                                          
Opening shareholders' (deficit)/funds                           (102)               (64)              (65)
                                                             -------            -------           -------      
Closing shareholders' (deficit)/funds                        GBP(107)           GBP(102)           GBP(73)
                                                             =======            =======           =======     
                                                                                          

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
    2011.

    The interim report for the six months to 30 June 2011 was approved by the Board on 20 September 2011.


2.  Loss per Share
                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2011                 2010                2010
                                                                                                           
                                                           Pence                Pence               Pence
                                                                                        
    Earnings per share: basic                            (0.02p)              (0.04p)              (0.02p)
                                                                                        

    Loss  per  ordinary  share  is based on the Company's loss for the financial period  of  GBP25,000  (31
    December 2010 - GBP53,000; 30 June 2010 - GBP23,000)

    The  weighted  average  number of shares used in the calculation is 158,157,802  (31  December  2010  -
    136,174,907; 30 June 2010 - 128,655,040)

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
                                                            2011               2010                2010

                                                         GBP'000            GBP'000             GBP'000
                                                                                     
                                                                                     
     Operating loss                                          (25)               (53)                 (8)
                                                                                      
     Net increase/(decrease) in working                      (14)                21                  (1)
     capital                                             -------            -------             -------
                                                                                     
     Net (outflow) from operating activities              GBP(39)            GBP(32)              GBP(9)
                                                         =======            =======             =======   
                                                                                     

4.   The  information for the year ended 31 December 2010 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  2010  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