ENGI.L Regulatory News (ENGI)

30 September 2013 Energiser Investments plc ("Energiser" or the "Group") Half-yearly report for the period to 30 June 2013 Chairman's Statement I present my report to shareholders on the results for the half year ended 30June 2013 and the financial position at that date. The economic climate in thesouth east of England has shown signs of improvement and the Group's principalproperty asset located in Wellingborough, Northamptonshire, has in recentmonths seen a modest increase in annualised gross rental income. Results Our residential development in Wellingborough generated gross rental income of£74,000 (2012: £74,000) and after associated operating costs resulted in netrental income of £55,000 (2012 £56,000). The Group wrote off a further £18,000invested in the prototype high powered motor project. Administrative expenseshave reduced to £29,000 (2012: £38,000) due to a reduction in professional feesand after finance costs of £50,000 (2012: £56,000) the loss before and aftertaxation was £33,000 (2012: £38,000) resulting in a loss per share of 0.08p(2012: 0.09p). The net assets of the Group have reduced to £136,000 (2012: £302,000)representing net asset value per share of 0.31p (2012: 0.69p). The directors do not recommend the payment of a dividend. The Group's largest shareholder, Stephen Wicks has agreed to provide furtherfinancial support to the Group for the foreseeable future, if required. As at30 June 2013 there were no loans due to Mr Wicks. Operations The development of 20 residential properties in Wellingborough is currentlyfully let, generating a gross annual rental income of £151,000. The Board'sintention is still to sell these properties once the property market hasrecovered to an extent that the properties reach the Board's valuationaspirations and consequently they continue to be let on short term tenancies. The Directors believe that the carrying value of this property portfolio hasremained at a similar level to that recorded at 31 December 2012. The Group iscontinuing to look for potential small development sites and is hopeful tosecure a transaction in the near future. The Board has also decided not to invest any further resources in theproduction of a concept prototype motor and the development of a pre-productionversion due to difficulties encountered at a technical level and the resultinguncertainty over its potential success. Outlook The Board continues to seek new investment opportunities whilst continuing tomaximise the rental income from the Group's property portfolio. Simon BennettChairman 30 September 2013 For further information contact: Energiser Investments plcNishith Malde +44 (0) 1494 762450 Cairn Financial Advisers LLPJo Turner +44 (0) 20 7148 7900 Group statement of comprehensive income Unaudited Unaudited Audited 6 months 6 months year to to 30 to 30 31 June 2013 June 2012 December 2012 Note £'000 £'000 £'000 Continuing operations Revenue arising in the course of ordinary 5 74 74 149activities Development costs 5 (18) - (116) Cost of sales 5 (19) (18) (32) Gross Profit 37 56 1 Administrative expenses 5 (29) (38) (84) Operating profit/(loss) 8 18 (83) Finance costs (50) (56) (100) Finance income 9 - 12 Loss before taxation (33) (38) (171) Taxation - - - Loss for the period attributable to (33) (38) (171)shareholders of the Company Loss per share Basic and diluted loss per share from total 4 (0.08)p (0.09)p (0.39)pand continuing operations Diluted earnings per share is taken as equal to basic earnings per share as theGroup's average share price during the period is lower than the exercise priceand therefore the effect of including share options is anti-dilutive. Group statement of financial position Unaudited Unaudited Audited as at 30 as at 30 as at 31 June 2013 June 2012 December 2012 Note £'000 £'000 £'000 ASSETS Non-current assets Financial assets at fair value through 6 1 62 1profit and loss Current assets Inventories 2,567 2,550 2,566 Trade and other receivables 15 17 14 Cash and cash equivalents 4 23 7 2,586 2,590 2,587 Total assets 2,587 2,652 2,588 LIABILITIES Current liabilities Trade and other payables 327 303 333 Short term borrowings 879 744 815 1,206 1,047 1,148 Non-current liabilities Long term borrowings 1,221 1,259 1,239 Financial liabilities held at fair value 24 44 32through profit or loss 1,245 1,303 1,271 Total liabilities 2,451 2,350 2,419 Net assets 136 302 169 EQUITY Share capital 2,312 2,312 2,312 Share premium account 5,747 5,747 5,747 Convertible loan 88 88 88 Merger reserve 1,012 1,012 1,012 Retained earnings (9,023) (8,857) (8,990) Total equity 136 302 169 Group statement of changes in equity Share Share premium Convertible Merger Retained Total capital account loan reserve earnings equity £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2012 2,312 5,747 88 1,012 (8,819) 340 Total comprehensive income - - - - (38) (38) Balance at 30 June 2012 2,312 5,747 88 1,012 (8,857) 302 Total comprehensive income - - - - (133) (133) Balance at 31 December 2012 2,312 5,747 88 1,012 (8,990) 169 Total comprehensive income - - - - (33) (33) Balance at 30 June 2013 2,312 5,747 88 1,012 (9,023) 136 Group statement of cash flows Unaudited Unaudited Audited 6 months 6 months year to to 30 to 30 31 June 2013 June 2012 December 2012 £'000 £'000 £'000 Cash flows from operating activities Loss before and after taxation (33) (38) (171) Adjustments for: Interest expense 50 56 100 Increase in trade and other receivables (1) (1) - (Decrease)/increase in trade payables (34) 1 22 Fair value gain on financial liabilities recognised - - (12)in profit or loss Increase in inventories - - (16) Net cash (used in)/generated from operating (18) 18 (77)activities Cash flows from investing activities Purchase of investments - (61) - Used in investing activities - (61) - Cash flows from financing activities Proceeds from borrowings 64 - 71 Re-payment of borrowings (18) (11) (31) Interest paid (31) (34) (67) Net cash generated from/(used in) financing 15 (45) (27)activities Net decrease in cash and cash equivalents (3) (88) (104) Cash and cash equivalents at beginning of period 7 111 111 Cash and cash equivalents at end of period 4 23 7 1. Nature of operations and general information The principal activity of the Group is as an investment company investing inquoted and unquoted companies to achieve capital growth. The Group also holds aproperty development acquired by way of its principal activity. The propertiesare held for sale with rental income arising from short term lets. Energiser Investments plc is the Group's ultimate parent company. It isincorporated and domiciled in Great Britain. The address of EnergiserInvestments plc's registered office, which is also its principal place ofbusiness, is 2 Anglo Office Park, 67 White Lion Road, Amersham, Bucks, HP7 9FB. Energiser Investments plc's shares are quoted on AIM, a market operated by theLondon Stock Exchange. This consolidated interim statement has been approvedfor issue by the Board of Directors on 30 September 2013. The financial information set out in this interim statement does not constitutestatutory accounts as defined in Sections 434(3) and 435(3) of the CompaniesAct 2006. The Group's statutory financial statements for the year ended 31December 2012 have been filed with the Registrar of Companies and are availableat www.energiserinvestments.co.uk. The auditor's report on those financialstatements was unqualified and did not contain any statement under Section 498(2) or Section 498(3) of the Companies Act 2006. 2. Basis of preparation This consolidated interim statement has been prepared in accordance withInternational Accounting Standard 34 - Interim Financial Reporting. The consolidated interim statement should be read in conjunction with theannual financial statements for the year ended 31 December 2012, which havebeen prepared in accordance with IFRS as adopted by the European Union. 3. Accounting policies The accounting policies applied are consistent with those of the annualfinancial statements for the year ended 31 December 2012, as described in thosefinancial statements 4. Loss per ordinary share The loss per ordinary share is based on the weighted average number of ordinaryshares in issue during the period of 43,787,956 ordinary shares of 0.1p (2012:43,787,956 ordinary shares of 0.1p) and the following figures: Unaudited Unaudited Audited 6 months 6 months year to to 30 to 30 31 June 2013 June 2012 December 2012 Loss attributable to equity shareholders £'000 (33) (38) (171) Loss per ordinary share (0.08)p (0.09)p (0.39)p Diluted earnings per share is taken as equal to basic earnings per share as theGroup's average share price during the period is lower than the exercise priceand therefore the effect of including share options is anti-dilutive. 5. Income and segmental analysis Unaudited Unaudited Audited 6 months 6 months year to 31 to 30 to 30 December June 2013 June 2012 2012 £'000 £'000 £'000 Segment result Investment activities: Development costs (18) - (116) Administrative expenses (29) (38) (83) (47) (38) (199) Rental activities: Net Rental income 55 56 117 Administrative expenses - - (1) 55 56 116 Operating profit 8 18 (83) Finance costs (50) (56) (100) Fair value adjustment on interest rate swap 9 - 12 Loss before tax (33) (38) (171) Unaudited Unaudited Audited as as at 30 as at 30 at 31 June 2013 June 2012 December 2012 £'000 £'000 £'000 Segment assets Investment activities: Non-current assets 1 62 1 Current assets 11 13 4 12 75 5 Rental: Current assets - inventories 2,567 2,550 2,566 Current assets - other 8 27 17 2,575 2,577 2,583 Total assets 2,587 2,652 2,588 Segment liabilities Investment activities: Current liabilities 859 722 806 859 722 806 Rental: Current liabilities 347 325 342 Non-current liabilities 1,245 1,303 1,271 1,592 1,628 1,613 Total liabilities 2,451 2,350 2,419 Total assets less total liabilities 136 302 169 The activity of both the investments and rentals arose wholly in the UnitedKingdom. No single customer accounts for more than 10% of revenue. 6. Investments In accordance with IFRS 7, financial instruments are measured by level of thefollowing fair value measurement hierarchy: * Level 1: quoted prices in an active market for identical assets or liabilities. The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the closing price on the last day of the financial year of the Group. These instruments are included in level 1 and comprise FTSE and AIM listed investments classified as held at fair value through profit and loss. * Level 2: the fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. The Group holds no such instruments in the current or prior year. * Level 3: the fair value of financial instruments that are not traded in an active market (for example, investments in unquoted companies) is determined by using valuation techniques such as earnings multiples. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. All items held at fair value through profit and loss were designated as suchupon initial recognition. Movements in investments at fair value through profitor loss are summarised as follows: Level 1 Level 3 Quoted Unquoted Total equity financial financial investments instruments investments £'000 £'000 £'000 Cost At 1 January 2012 (11) 4,907 4,896 Additions - 61 61 At 30 June 2012 (11) 4,968 4,957 Fair value losses At 1 January 2012 12 (4,907) (4,895) At 30 June 2012 12 (4,907) (4,895) Fair value At 30 June 2012 1 61 62 Cost At 1 July 2012 (11) 4,968 4,957 Additions - (61) (61) At 31 December 2012 (11) 4,907 4,896 Fair value losses At 1 July 2012 12 (4,907) (4,895) At 31 December 2012 12 (4,907) (4,895) Fair value At 31 December 2012 1 - 1 Cost At 1 January 2013 (11) 4,907 4,896 Additions - - - At 30 June 2013 (11) 4,907 4,896 Fair value losses At 1 January 2013 12 - - At 30 June 2013 12 (4,907) (4,895) Fair value At 31 December 2012 1 - 1