Last checked at 31 Mar 2015 12:04
Inspirit Energy Holdings PLC
(AIM: INSP)
Unaudited interim accounts for the six months ended 31 December 2014
Inspirit Energy Holdings PLC ("Inspirit Energy" or the "Company") is pleased to announce its interim accounts for the six months ended 31 December 2014.
Chairman's Statement
Since Inspirit Energy released their audited final results the Company has continued to strive in achieving its goals of commercialisation and is close to production of the Company's micro combined heat and power (mCHP) boiler.
In addition to the 3 Kilowatt (KW) electrical output boiler model, the Company has committed to the development and production of a 2 kw electrical output version of the Inspirit mCHP boiler-generator for the domestic market. This will increase the market potential of Inspirit's product range by offering an appliance that is suitable for the larger domestic sector and can qualify for the current UK Government Feed in Tariff.
The Company has recently successfully completed a £350,000 micro-financing in order to maintain the objectives of having the mCHP boiler ready for extensive field trials. The funding will support the Company's working capital needs.
Board Changes and Appointments:
Jubeenh Nazhat ceased to be a Director of the Company on 5 February 2015.
Results for the Period
Operating loss for the period to 31 December 2014 amounted to £419,000.
The Board would like to take this opportunity for thanking all of the Company's staff and consultants for their hard work during the period and our shareholders for their support.
I look forward to reporting solid progress over the coming period and continuing our development of the mCHP boiler commercialisation.
David Lenigas
Chairman
For further information please contact:
Inspirit Energy Holdings plc www.inspirit-energy.com
David Lenigas, Chairman +44 (0) 207 440 0640
John Gunn, Executive Director +44 (0) 207 048 9400
Nilesh Jagatia, CFO +44 (0) 207 048 9400
Westhouse Securities Limited
( Nominated Advisor and Joint Broker)
Antonio Bossi / David Coaten +44 (0) 207 601 6100
Beaufort Securities
(Joint Broker)
Jon Levinson / Saif Janua / Elliot Hance +44 (0) 207 382 8300
Square1 Consulting
David Bick / Mark Longson +44 (0) 207 929 5599
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2014
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| Group Six months to 31 December 2014 Unaudited |
| Group Six months to 31 December 2013 Unaudited |
| Group Year to 30 June 2014 Audited |
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| £'000s |
| £'000s |
| £'000s |
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Revenue |
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| - |
| - |
| - |
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Administrative expenses |
| (415) |
| (237) |
| (506) | ||
Impairment of goodwill |
| - |
| - |
| (663) | ||
Other losses |
| - |
| - |
| (197) | ||
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| ──────── |
| ──────── |
| ──────── | ||
Operating loss |
| (415) |
| (237) |
| (1,366) | ||
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Finance costs |
| (4) |
| (14) |
| (11) | ||
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| ──────── |
| ──────── |
| ──────── |
Loss before tax |
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| (419) |
| (251) |
| (1,377) | |
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Income tax credit |
| - |
| - |
| 84 | ||
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| ──────── |
| ──────── |
| ──────── |
Loss for the period from continuing operations attributable to shareholders | (419) |
| (251) |
| (1,293) | |||
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| ════════ |
| ════════ |
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Loss per share - Pence |
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Basic and diluted | (0.06)p |
| (0.04)p |
| (0.24)p | |||
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| ════════ |
| ════════ |
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INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2014
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| Group As at 31 December 2014 Unaudited |
| Group As at 31 December 2013 Unaudited | Group As at 30 June 2014 Audited |
| £'000s |
| £'000s | £'000s | |||
Non-Current Assets |
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Intangible assets | 1,428 |
| 622 | 1,060 | |||
Tangible assets | 82 |
| 7 | 12 | |||
Trade and other receivables | - |
| 216 | - | |||
| ─────── |
| ─────── | ─────── | |||
| 1,510 |
| 845 | 1,072 | |||
Current assets |
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Inventory | 5 |
| 5 | 5 | |||
Trade and other receivables | 319 |
| 367 | 1,204 | |||
Cash and cash equivalents | 71 |
| 58 | 67 | |||
| ─────── |
| ─────── | ─────── | |||
| 395 |
| 430 | 1,276 | |||
| ─────── |
| ─────── | ─────── | |||
Current liabilities |
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Trade and other payables | (127) |
| (557) | (250) | |||
| ─────── |
| ─────── | ─────── | |||
| (127) |
| (557) | (250) | |||
| ─────── |
| ─────── | ─────── | |||
Net Current Liabilities | 268 |
| (127) | 1,026 | |||
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Non-Current Liabilities |
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Trade and other payables | (50) |
| - | - | |||
| ─────── |
| ─────── | ─────── | |||
| 1,728 |
| 718 | 2,098 | |||
| ═══════ |
| ═══════ | ═══════ | |||
Equity |
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Share capital | 1,056 |
| 964 | 1,052 | |||
Share premium | 6,991 |
| 8,630 | 6,946 | |||
Other reserves | 110 |
| 110 | 110 | |||
Merger reserve | 3,150 |
| 3,150 | 3,150 | |||
Reverse acquisition reserve | (7,361) |
| (7,361) | (7,361) | |||
Retained losses | (2,218) |
| (4,775) | (1,799) | |||
| ─────── |
| ─────── | ─────── | |||
Total | 1,728 |
| 718 | 2,098 | |||
| ═══════ |
| ═══════ | ═══════ | |||
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2014
| Share Capital £'000s | Share Premium £'000s | Other Reserves £'000s | Merger Reserve £'000s | Reverse Acquisition Reserve £'000s | Retained Losses £'000s | Total Equity £'000s |
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As at 30 June 2013 | 471 | 4,012 | 110 | - | - | (4,524) | 69 |
Comprehensive income |
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Loss for the period | - | - | - | - | - | (251) | (251) |
Total comprehensive income | - | - | - | - | - | (251) | (251) |
Transactions with owners Reverse acquisition | - | - | - | 3,150 | (7,361) | - |
(4,211) |
Share capital issued | 422 | 4,134 | - | - | - | - | 4,556 |
Share based payments | 6 | 83 | - | - | - | - | 89 |
Conversion of loan | 64 | 392 | - | - | - | - | 456 |
Conversion of share warrants | 1 | 9 | - | - | - | - | 10 |
Total transactions with owners | 493 | 4,618 | - | - | - | - | 5,111 |
As at 31 December 2013 | 964 | 8,630 | 110 | 3,150 | (7,361) | (4,775) | 718 |
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As at 30 June 2014 | 1,052 | 6,946 | 110 | 3,150 | (7,361) | (1,799) | 2,098 |
Comprehensive income |
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Loss for the period | - | - | - | - | - | (419) | (419) |
Total comprehensive income | - | - | - | - | - | (419) | (419) |
Transactions with owners |
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Share based payments | 4 | 45 | - | - | - | - | 49 |
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Total transactions with owners | 4 | 45 | - | - | - | - | 49 |
As at 31 December 2014 | 1,056 | 6,991 | 110 | 3,150 | (7,361) | (2,218) | 1,728 |
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2014
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| Group Six months to 31 December 2014 Unaudited | Group Six months to 31 December 2013 Unaudited | Group Year to 30 June 2014 Audited |
| Note | £'000 | £'000 | £'000 | |
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Operating activities |
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Net cash from operating activities | 6 | 404 | (554) | (407) | |
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| ─────── | ─────── | ─────── | |
Net cash generated/(used) in operating activities |
|
404 |
(554) |
(407) | |
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| ─────── | ─────── | ─────── | |
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Investing activities |
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Acquisition of intangible assets |
| (368) | (74) | (291) | |
Acquisition of plant and equipment |
| (77) | - | (7) | |
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| ─────── | ─────── | ─────── | |
Net cash from financing activities |
| (445) | (74) | (298) | |
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| ─────── | ─────── | ─────── | |
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Financing activities |
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Issue of share capital |
| - | - | 771 | |
Finance costs |
| (4) | (14) | - | |
Issue of share warrants |
| - | 10 | - | |
Transactions with owners |
| 49 | 690 | - | |
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| ─────── | ─────── | ─────── | |
Net cash from financing activities |
| 45 | 686 | 771 | |
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| ─────── | ─────── | ─────── | |
Net cash outflow |
| 4 | 58 | 66 | |
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Cash and cash equivalents at the beginning of the period |
|
67 |
- |
1 | |
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| ─────── | ─────── | ─────── | |
Cash and cash equivalents at the end of the period |
|
71 |
58 |
67 | |
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| ═══════ | ═══════ | ═══════ | |
Significant Non-cash Transactions
On 18 September 2014, the Company allotted 3,398,056 ordinary shares of 0.1 pence each to investment managers in settlement of fees.
INSPIRIT ENERGY HOLDINGS PLC
Consolidated Notes to the Interim Financial Information
1. General Information
The principal activity of Inspirit Energy Holdings PLC ("the Company") during the period was that of an investment company which aims to invest in disruptive products or technologies that are either proven or at the later stages of development, which own or have exclusive licence to the relevant intellectual property and may benefit from feed-in tariffs or other renewable energy incentives.
Inspirit Energy Holdings PLC is a company incorporated and domiciled in England and Wales and quoted on the Alternative Investment Market of the London Stock Exchange. The address of its registered office is 2nd Floor, 2 London Wall Buildings, London, EC2M 5PP, United Kingdom.
2. Basis of Preparation
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 30 June 2014 were approved by the Board of Directors on 5 December 2014 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The interim financial information for the six months ended 31 December 2014 has not been reviewed or audited. The interim financial report has been approved by the Board on 27 March 2015.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the interim financial statements for the period ended 31 December 2014.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2014 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.inspirit-energy.com. The key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 2 of the Company's 2014 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 June 2014, as described in those annual financial statements.
4. Segmental Analysis
The Company's primary reporting format is business segments and its secondary format is geographical segments. The Company only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.
5. Loss per Share
The loss per ordinary share is based on the Group's loss for the period of £419,000 (company's loss - 6 months to 31 December 2013 - £251,000; year ended 30 June 2014 - £1,293,000 and a basic and diluted weighted average number of ordinary shares of £0.001 each in issue of 657,499,452 (31 December 2013 - basic and diluted 566,768,137; 30 June 2014 - basic and diluted 546,838,937).
6. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities
| Group Six months to 31 December 2014 Unaudited | Group Six months to 31 December 2013 Unaudited | Group Year to 30 June 2014 Audited |
| £'000s | £'000s | £'000s |
Operating Loss for the period | (415) | (237) | (1,377) |
Adjustments for : |
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(Increase)/Decrease in receivables | 885 | (40) | 80 |
(Decrease)/Increase in payables | (77) | (277) | (652) |
Depreciation | 7 | - | 1 |
Interest paid | - | - | (11) |
Income tax credit received | - | - | 17 |
Finance expense | 4 | - | 11 |
Share based payment expense | - | - | 795 |
Share warrants exercised | - | - | 66 |
Impairment of goodwill | - | - | 663 |
| ─────── | ─────── | ─────── |
Net cash from operating activities | 404 | (554) | (407) |
| ═══════ | ═══════ | ═══════ |
7. Issued and fully paid
The issued share capital is as follows
| Ordinary 'A' shares of |
| Ordinary 'B' shares of |
| Deferred shares of |
| £0.001 |
| £0.001 |
| £0.99 |
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31 December 2014 | 658,958,400 |
| - |
| 400,932 |
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30 June 2014 | 655,560,344 |
| - |
| 400,932 |
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31 December 2013 | 566,768,137 |
| - |
| 400,932 |
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8. Copies of this interim financial information document are available from the Company at its registered office at 2nd Floor, Number 2, London Wall Buildings, London, EC2M 5PP. The interim financial information document will also be available on the Company's website www.inspirit-energy.com.