TIDMKSI
RNS Number : 0665A
Kleenair Systems International PLC
26 March 2012
KLEENAIR SYSTEMS INTERNATIONAL PLC
(AIM: KSI)
Unaudited interim accounts for the six months ended 31 December
2011
Chairman's Statement
Introduction
The last Chairman's Statement was issued in November 2011 and
accompanied the annual report and accounts for the year ended 30th
June 2011. These accounts relate to the 6 month period ended 31(st)
December 2011.
Financial Results
The accounts for the period to 31 December 2011 show an
operating loss of GBP79,000.
Changes to the Board of Directors
On 31 December 2011, Jubeenh Nazhat, a qualified solicitor was
appointed as company secretary following the resignation of Sarah
Posner. Miss Nazhat was further appointed non-executive director to
the board on 12 January 2012.
Business and Corporate Strategy
The Company's new policy of investing in environmental and
renewable energy sectors in the UK and Europe has been successfully
adopted and the Company's investment in Inspirit Energy continues
to perform in line with management expectations.
The Company is evaluating a number of additional opportunities
with a view to making a recommendation to shareholders in due
course. In the meantime, the Company's working capital requirements
have been pared back to a minimum until an appropriate opportunity
can be presented to shareholders.
Commenting on the Company's development, The Chairman John Gunn
commented:
"This has been another eventful year for the Company and we hope
to strengthen our equity position in the market and plan to invest
into a second company in due course".
John Gunn
Chairman
26 March 2012
Contacts:
Kleenair Systems International www.kleenair-systems.com
plc
John Gunn, Chairman +44 (0) 207 736 3498
WH Ireland Limited www.wh-ireland.co.uk
JN Wakefield / Marc Davies +44 (0) 117 945 3470
Comprehensive Income Statement
for the six months ended 31 December 2011
Six months
Six months to to Year to
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Revenue 18 10 35
Administrative expenses (91) (59) (137)
---------------- ---------------- ----------------
Operating loss (73) (49) (102)
Interest paid (7) (8) (62)
---------------- ---------------- ----------------
Loss before tax (79) (57) (164)
Income tax charges - - -
---------------- ---------------- ----------------
Loss for the period from continuing
operations attributable to
shareholders (79) (57) (164)
Loss per share - Pence
Basic and diluted - after exceptional (0.15)p (0.13)p (0.36)p
- before exceptional (0.15)p (0.13)p (0.36)p
Statement of Financial Position as at 31 December 2011
Six months
Six months to to Year to
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Assets
Intangible fixed assets
Investment 740 300 740
-------------- -------------- --------------
Current assets
Trade and other receivables 36 7 61
Cash and cash equivalents 1 433 32
-------------- -------------- --------------
37 440 93
-------------- -------------- --------------
Current liabilities
Trade and other payables (96) (32) (74)
-------------- -------------- --------------
(96) (32) (74)
-------------- -------------- --------------
Net Current (Liabilities) Assets (59) 408 19
Non-Current Liabilities
Financial liabilities - borrowings
and
Interest bearing loans (225) (460) (449)
-------------- -------------- --------------
Net surplus 456 248 310
Equity
Capital and reserves
Called up share capital 535 452 452
Share premium 3813 3,530 3,671
Other reserves 128 87 128
Profit and loss deficit (4020) (3,821) (3,941)
-------------- -------------- --------------
Total 456 248 310
Statement of Changes in Equity
For the six months ended 31 December 2011
Share Share Other Retained
Capital Premium Reserves Earnings Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
As at 31 December 2010 452 3,530 87 (3,821) 248
Loss after tax for the
period - - - (120) (120)
Issue of shares 3 143 - - 146
Share based payments - - 3 - 3
Cost of new share
issue - (22) - - (22)
Conversion of
convertible
loan 2 16 - - 18
Convertible loan -
equity
component - - 38 - 38
Adjustment for
Creditors
Voluntary Arrangement (5) 4 - - (1)
---------------- ---------------- ---------------- ---------------- ----------------
As at 30 June 2011 452 3,671 128 (3,941) 310
Conversion of
convertible
loan 83 142 225
Loss after tax for the
period - - - (79) (79)
---------------- ---------------- ---------------- ---------------- ----------------
As at 31 December 2011 535 3,813 128 (4,020) 456
Statement of Cash Flow
For the six months ended 31 December 2011
Six months to Six months Year to
31 December to 30 June
2011 31 December 2011
Unaudited 2010 Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Operating activities 6 (25) (78) (171)
Interest paid (8) (8) 0
-------------- -------------- --------------
Net cash outflow from
operating activities (33) (86) (171)
-------------- -------------- --------------
Investing activities
Investment acquired - (300) (740)
-------------- -------------- --------------
- (300) (740)
-------------- -------------- --------------
Financing activities
Issue of new shares - 519 729
Share issue costs - - (86)
-------------- -------------- --------------
Net cash from financing
activities - 519 (643)
-------------- -------------- --------------
Net cash outflow (33) 133 (268)
Cash and cash equivalents
at the beginning of the
period 32 300 300
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 1 433 32
Notes to the Interim Financial Information
1. General Information
Kleenair Systems International Plc is a company incorporated in
England and Wales and quoted on the Alternative Investment Market
of the London Stock Exchange.
2. Basis of Preparation
These interim financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union and on the historical
cost basis, using the accounting policies which are consistent with
those set out in the Company's Annual Report and Accounts for the
period ended 30 June 2011. This interim financial information for
the six months to 31 December 2011, which complies with IAS 34
'Interim Financial Reporting', was approved by the Board on 26
March 2012.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual nancial statements for the period ended 30 June 2011, as
described in those annual nancial 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. Earnings/(loss) per Share
The loss per ordinary share is based on the Company's loss for
the period of GBP79,000 (31 December 2010 - GBP57,000; 30 June 2011
- GBP164,000) and a basic and diluted weighted average number of
ordinary shares of GBP0.001 each in issue of 57,262,325 (31
December 2010 - basic and diluted 37,004,285; 30 June 2011 - basic
and diluted 45,690,636).
6. Reconciliation of operating loss to net cash outflow from
operating activities.
Six months Six months
to to Year to
31 December 31 December 30 June
2011 2010 2011
GBP'000s GBP'000s GBP'000s
Operating Loss for the
period (73) (49) (102)
Adjustments for :
(Increase)/decrease in
receivables 25 (3) (56)
Increase/(decrease) in
payables 22 (26) (13)
-------------- -------------- --------------
Net cash from operating
activities (26) (78) (171)
7. Called up Share Capital
The issued share capital is as follows
Ordinary Ordinary Deferred
'A' 'B' shares
shares shares of
of of
GBP0.001 GBP0.001 GBP0.99
31 December 2011 62,603,190 1,221,200 400,932
30 June 2011 (audited) 54,275,065 1,221,200 400,932
31 December 2010 48,807,010 1,221,200 400,932
8. The unaudited interim financial information for period ended
31 December 2011 do not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006. The comparative
figures for the period ended 30 June 2011 are extracted from the
statutory financial statements which have been filed with the
Registrar of Companies and which contained a qualified audit
report.
9. Copies of this interim financial information document are
available from the Company at its registered office at 2(nd) Floor,
31 Davies Street, London, W1K 4LP. The interim financial
information document will also be available on the Company's
website www.kleenair-systems.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Kleenair (LSE:KSI)
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