TIDMINFT
21 September 2015
Infinity Energy S.A.
("Infinity Energy" or the "Company")
(formerly Global Brands S.A.)
Unaudited Interim Results for the six months ended 30 June 2015
Infinity Energy. (AIM: INFT) today reports its unaudited interim results for
the six months ended 30 June 2015.
Interim Highlights:
* The Company received interest income of GBP3k (2014: GBP3k).
* Staff costs amounted to GBP18k (2014: GBP18k) and related solely to Directors
fees. Directors' fees have been accrued and are shown in the balance sheet
under 'Provisions for other liabilities and charges'.
* Administrative costs for the period amounted to GBP40k (2014: GBP79k) and
reflect continued stringent cost management.
* The total loss for the period was GBP65k (2014: GBP97k).
Key Developments during the Interim Period:
During the period the Board has worked hard to minimise costs while it
continues to explore its investment opportunities in line with its strategy.
The Board believes it has made progress in this area.
Post Balance Sheet Events:
On 4 August 2015, the Company announced that its name had changed from Global
Brands S.A. to Infinity Energy S.A. The Company's TIDM changed to INFT with
effect from 5 August 2015 to reflect this change.
It is envisaged that the Company will raise funding in the second half of 2015
to provide additional capital to pursue its Investing Policy.
For further information:
Infinity Energy S.A.
Gerwyn
Williams
Tel: +44 7889 677 397
Bruce Vandenberg CEO
Tel: + 44 7899 791 726
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson/James Caithie
Tel: + 44 207 148 7900
Broker
Alexander David Securities Ltd
David Scott
Tel: +44 207 448 9821
STATEMENT OF COMPREHENSIVE INCOME
(Expressed in GBP (GBP)) unaudited unaudited
six month six month audited
period to 30/ period to 30/ year ended 31/
06/2015 06/2014 12/2014
Notes
Income
Interest 4 2,618 2,618 5,236
Total Net Income 2,618 2,618 5,236
Expenses
Staff costs 4 (18,000) (18,000) (36,000)
Administrative expenses 4 (40,191) (79,158) (115,901)
Interest and financial 4 (9,629) (2,058) (10,880)
charges
Total Operating Expenses (67,820) (99,216) (162,781)
Loss before taxation (65,202) (96,598) (157,545)
Income tax - - (2,517)
Total comprehensive loss (65,202) (96,598) (160,062)
Basic loss per share 5 (0.0002) (0.0003) (0.0005)
STATEMENT OF FINANCIAL POSTION
(Expressed in GBP (GBP))
audited
unaudited unaudited 31/12/2014
30/06/2015 30/06/2014
Notes
ASSETS
Non-current assets
Financial assets at fair value 4 199,954 194,718 197,336
through profit and loss
Total non-current assets 199,954 194,718 197,336
Current assets
Cash and cash equivalent 129,555 4,579 177,386
Total current assets 129,555 4,579 177,386
Total assets 329,509 199,297 374,722
EQUITY AND LIABILITIES
Capital and reserves
Share capital 486,719 486,719 486,719
Share premium 182,483 182,483 182,483
Accumulated losses (792,454) (663,788) (727,252)
Shareholders' equity (123,252) 5,414 (58,050)
Current liabilities
Trade and other payables 4 67,761 49,000 65,772
Provisions for other liabilities 85,000 64,833 67,000
and charges
Total current liabilities 152,761 113,883 132,772
Non-current liabilities
Convertible loan 6 300,000 80,000 300,000
Total equity and liabilities 329,509 199,297 374,722
STATEMENT OF CASH FLOWS
(Expressed in GBP (GBP)) unaudited unaudited
six month six month audited
period to period to year ended
30/06/2015 30/06/2014 31/12/2014
Notes
OPERATING ACTIVITIES
Purchase of financial assets and - (2,618) -
settlement of financial liabilities
Proceed from sale of financial - - -
assets
Operating expenses paid (47,831) (83,108) (132,911)
Net cash flows applied to (47,831) (85,726) (132,911)
operations
FINANCING ACTIVITIES
Funds raised through issuance of - 9,169 9,161
shares
Funds received via convertible loan - 80,000 300,000
Net cash inflows from financing - 89,169 309,161
activities
(Decrease) / increase in cash & (47,831) 3,443 176,250
cash equivalents
Cash and cash equivalents:
- balance at beginning of the 177,386 1,136 1,136
period
- balance at end of the period 129,555 4,579 177,386
(Decrease) / increase in cash & (47,831) 3,443 176,250
cash equivalents
Cash and cash equivalents are
represented by:
Cash at bank and in hand 129,555 4,579 177,386
STATEMENT OF CHANGES IN EQUITY
Called up Share premium Losses Total
share capital
(Expressed in GBP Notes
(GBP))
At 31 December 2012 267,991 53,972 (373,117) (51,154)
Comprehensive Income
Loss for the year - - (194,073) (194,073)
Transactions with
owners
Proceeds from 209,559 128,511 - 338,070
issuance of shares
At 31 December 2013 477,550 182,483 (567,190) 92,843
Comprehensive Income
Loss for the year - - (160,062) (160,062)
Transactions with
owners
Proceeds from 9,169 - - 9,169
issuance of shares
At 31 December 2014 486,719 182,483 (727,252) (58,050)
Comprehensive
Income
Loss for the period - - (65,202) (65,202)
Transactions with
owners
Proceeds from - - - -
issuance of shares
At 30 June 2015 486,719 182,483 (792,454) (123,252)
Notes to the interim report:
1 Activities
Infinity Energy became an Investing Company under the AIM Rules on 17 February
2012. On 18 March 2013, shareholders approved the new investing policy which
is to make investments and acquisitions, either through the issues of
securities or for cash, in quoted and non-quoted companies and their
securities, in the commodities sector with an emphasis on oil and gas service
sectors. Such investments include the provision of financing by way of
farm-ins, earn-ins, loans, equity or other forms of financing and investments
in and to companies in these sectors.
2 Directors' responsibility
The consolidated interim report and financial information contained therein are
the responsibility of the Board of Directors of Infinity Energy S.A. The
interim report was approved by the Directors on 21 September 2015. The interim
report for the six month period to 30 June 2015 is unaudited.
The financial information for the year ended 31 December 2014 is extracted from
the statutory audited annual accounts as adjusted for International Financial
Reporting Standards ("IFRS"). The report of the auditors, Baker Tilly
Luxembourg, on the statutory annual accounts and on the IFRS financial
statements, as at 31 December 2014, was unqualified.
3 Basis of accounting
The interim financial statements of Infinity Energy S.A. for the six month
period ended 30 June 2015 and 30 June 2014 have been prepared using accounting
policies on a basis consistent with those adopted for the year ended 31
December 2014.
The Company is an investment entity as defined by IFRS 10. This requires the
Company to consolidate all controlled entities involved in the provision of
investment related services (either directly or through a subsidiary to third
parties as well as its investors) and report all other subsidiary investments
at fair value in the financial statements.
The Company controls Gas Exploration Finance Limited (GEF) through its 100%
holding of GEF's issued ordinary share capital. GEF is incorporated in England
and Wales. GEF is the only subsidiary of the Company and does not provide
investment related services. GEF is therefore measured at fair value through
the profit and loss.
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