Ecovista Plc
LSE : EVTP

September 30, 2014 11:49 ET

Interim Results to 30 June 2014

ECOVISTA PLC (the "Company")

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2014



CHAIRMAN'S STATEMENT

OVERVIEW

The  company  remains  an  investment  vehicle  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 2014 show an operating  loss  of  GBP  25,000;
earnings per share are negative, being 0.004p. As our subsidiaries are dormant, we have not prepared  group
accounts at this stage.

CASH FLOW AND FUNDING

Cash  in  hand at 30 September 2014 is GBP 139,800, which adequately covers routine running expenses and 
also preparatory investment research cost, for the next year.  We have strengthened our balance  sheet
by  capitalizing  the unsecured loan stock and the creditor for unissued shares, for which  we  received  a
further GBP 35,000. 

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.   In  the  case  of  the  latter
progress is being made toward completion; we have lent them GBP 130,000 for working capital and reduced the
cost of the call option to acquire the entire project ownership company.

We thus look to the future with confidence.


L. Tenuta
Chairman

30 September 2014

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 2014


                                                            Unaudited            Audited           Unaudited
                                                           Six Months         Year ended          Six Months
                                                           to 30 June        31 December          to 30 June
                                                                 2014               2013                2013
                                           Note              GBP '000           GBP '000            GBP '000
                                                                                           
Turnover                                                            -                  -                   -
                                                                                           
Operating expenses                                                (25)               (47)                (20)
                                                                 ----               ----                ----
Operating loss                                                    (25)               (47)                (20)
                                                                                           
Interest received                                                   -                 -                    -
                                                                 ----               ----                ----
Loss on ordinary activities before                                (25)               (47)                (20)
 taxation
                                                                                           
Taxation                                                            -                 -                    -
                                                                 ----               ----                ----
Loss   on   ordinary   activities   after                         (25)              (47)                 (20)
taxation
                                                                                           
Dividends                                                           -                 -                    -
                                                                 ----               ----                ----
Deficit for the period                                        GBP (25)          GBP (47)             GBP (20)
                                                                 ====               ====                ====
                                                                                           
Loss per ordinary share:  Basic              2                (0.004p)           (0.01p)             (0.005p)
                                                                                           
                                                                                           
                                                                                           


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



Balance Sheet as at 30 June 2014

                                                              Unaudited            Audited      Unaudited
                                                               As at 30           As at 31       As at 30
                                                                   June           December           June
                                                                   2014               2013           2013
                                                               GBP '000           GBP '000       GBP '000
                                                                                             
INTANGIBLE FIXED ASSETS                                               -                  -              -
                                                                   ----               ----           ----
                                                                                             
CURRENT ASSETS                                                                                 
Debtors                                                             139                  3              9
Cash at bank and in hand                                            193                291            185
                                                                   ----               ----           ----
                                                                    332                294            194
                                                                                             
Creditors:  amounts falling due within                                                       
   one year                                                         (47)              (319)           (20)
                                                                   ----               ----           ----
NET CURRENT ASSETS                                                  285                (25)           174
                                                                                             
Creditors:   amounts falling due after  more                                                 
than one year                                                         -                  -           (300)
                                                                   ----               ----           ----
NET ASSETS                                                      GBP 285            GBP (25)      GBP (126)
                                                                   ====               ====           ====
                                                                                             
CAPITAL AND RESERVES                                                                         
                                                                                             
Called up share capital                                             134                132            132
Share premium                                                       574                113            113
Unissued shares                                                       -                128             -
Profit and loss account                                            (423)              (398)          (371)
                                                                   ----               ----           ----
Equity shareholders' (deficit)/ funds                           GBP 285            GBP (25)      GBP (126)
                                                                   ====               ====           ====
                                                     
                                                     


Cash Flow Statement
For the six months to 30 June 2014


                                                            Unaudited           Audited          Unaudited
                                                           Six Months        Year ended         Six Months
                                                           to 30 June       31 December         to 30 June
                                                                 2014              2013               2013
                                              Note           GBP '000          GBP '000           GBP '000
                                                                                          
Cash (outflow) from operating activities                                                  
                                               3                 (133)              (50)               (20)
                                                                                          
Financing                                                                                 
 -     Increase in debt                                             -                 -                  -
 -     Funds received for shares not yet                                                
       issued                                                      35               128                  -
 -     Capitalisation funds for shares                           (163)                -                  -
 -     Issue of new shares                                        163                 -                  -
                                                                 ----              ----               ----
Cash increase in the period                                   GBP (98)          GBP (86)           GBP (20)
                                                                 ====              ====               ====


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
                                                                 2014               2013              2013
                                                             GBP '000           GBP '000          GBP '000
                                                                                          
Increase/(Decrease) in cash in the                                                        
period                                                            (98)                86               (20)
                                                                                          
Net (debt)/funds as at the start                                                          
of the period                                                      (9)               (95)              (95)
                                                                                          
(Increase) in debt less convertible or debt in                                              
the period (net)                                                  300                  -                 -
                                                                 ----               ----              ----
Net (debt)/ funds as at the end of the period                 GBP 193             GBP (9)         GBP (115)
                                                                 ====               ====              ====
                                                                                          

                                                     
Reconciliation of movements in Shareholders' funds
For the six months to 30 June 2014

                                                            Unaudited           Audited         Unaudited
                                                           Six Months        Year ended        Six Months
                                                           to 30 June       31 December        to 30 June
                                                                 2014              2013              2013
                                                             GBP '000          GBP '000          GBP '000
                                                                                          
Loss for the period                                              (25)             (47)               (20)
                                                                                          
Issue of shares                                                  163               41                  -
                                                                                          
Funds received for unissued shares                              (128)             128                  -
                                                                                          
Conversion of loan stock                                         300                -                 41
                                                                                          
Opening shareholders' (deficit)/funds                            (25)            (147)              (147)
                                                                ----             ----               ----
Closing shareholders' (deficit)/funds                        GBP 285          GBP (25)          GBP (126)
                                                                ====             ====               ====
                                                                                          




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
    2013.

    The interim report for the six months to 30 June 2014 was approved by the Board on 30 September 2014.

2.  Loss per Share
                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2014                 2013                2013
                                                                                                           
                                                           Pence                Pence               Pence
                                                                                        
    Earnings per share: basic                            (0.004p)              (0.01p)            (0.005p)
                                                                                        
 
    Loss  per  ordinary  share is based on the Company's loss for the financial period of  GBP  25,000  (31
    December 2013 - GBP 47,000; 30 June 2013 - GBP 20,000)

    The  weighted  average  number of shares used in the calculation is 664,737,382  (31  December  2013  -
    422,121,055; 30 June 2013 - 370,545,029)

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
                                                            2014                 2013                2013

                                                        GBP '000             GBP '000            GBP '000
                                                                                        
                                                                                        
      Operating loss                                         (25)                 (47)                (20)
                                                                                        
      Net increase/(decrease) in working                                                
      capital                                               (108)                   5                   -
                                                            ----                 ----                ----
      Net (outflow) from operating activities           GBP (133)             GBP (42)            GBP (20)
                                                            ====                 ====                ====
                                                                                        

4.   The  information for the year ended 31 December 2013 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  2013  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