Back to all announcements

DJ Ecovista INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2016

 
TIDMEVTP 
 
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2016 
                                                                                                  28 September 2016 
                                                   ECOVISTA PLC 
                                           ("Ecovista" or the "Company") 
 
                                INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2016 
 
Chairman's statement 
 
The  unaudited financial results for the period to 30 June 2016 show a loss of GBP 167,781 (30 June 2015: GBP36,000). 
The  increased  loss  for the 6 months to June 2016 is due to the higher administrative expenses  incurred  by  the 
company  as  a  result  of  the acquisition made in the period, plus a one off cost of  GBP100,000  to  the  chairman 
satisfied by the issue of new shares.  This resulted in a record growth of the company's total assets to GBP1.8m from 
GBP489k for the comparable period last year. 
 
CASH FLOW AND FUNDING 
 
Cash  in  hand  at  30 June 2016 of GBP8k, which together with the capital raised post this financial  period,  under 
analysis adequately covers routine running expenses and also preparatory investment research cost. 
 
Since  the  year end we have raised GBP 252,000 in January 2016, GBP 500,000 in March 2016 which has been satisfied 
by  the  issue  of  1.146bn new ordinary shares, thus strengthening our balance sheet. In July 2016  an  additional 
GBP50,000 of long term debt was raised and the company will continue to keep a tight rein on costs. 
 
OUTLOOK 
 
In  March  2016 the company purchased 15% of the issued share capital of Cingella Srl for Eur 800,000 retaining  an 
option to acquire the balance of the shares for Eur4m until 31 December 2017. 
 
 
Also  in  March 2016 the Company has purchased the entire share capital of 100 Rye Street Limited ("Rye  St").  Rye 
Street  is a special purpose vehicle incorporated in February 2016 that owns one property at 100 Rye Street in  the 
Hertfordshire town of Bishops Stortford. The property comprises an extended split level detached house  built  into 
the  front slope with the appearance of a bungalow from the road, although with two more conventional floors to the 
rear  totalling 2,371 sq. ft. The original building is thought to have been constructed in the 1920s/30s and is  of 
solid brick construction. 
 
In  September  2016 the Company received planning permission by East Herts Council for demolition of  the  existing 
building and to erect a new six bedroom 3,756 square feet executive home. 
 
The  Company  has  now  rented  the  property owned by Willow Cottages Ltd on an  assured  shorthold  tenancy,  the 
neighbouring site owned by Willside Ltd has applied to Uttlesford council for planning for car storage and although 
this has initially been turned down we are reviewing an appeal or another planning application. 
 
The company is also looking to secure further funding in order to exercise our option on Cignella  Srl  at  current 
values we believe there is significant profit potential in owning this complex. 
 
The  directors are also actively seeking further property investments - commercial and residential  in  the  UK  to 
enhance shareholder value.    We thus look to the future with confidence. 
 
 
L. Tenuta 
Chairman 
Dated 28 September 2016 
 
 
ECOVISTA LIMITED 
Statement of Comprehensive Income 
Six months ended 30 June 2016 
 
                                                                   Unaudited6     Audited Year      Unaudited 6 
                                                                 months ended            ended     months ended 
                                                                 30 June 2016      31 December     30 June 2015 
                                                                                          2015 
                                                                     GBP '000         GBP '000         GBP '000 
 Revenue 
                                                                            3                -                - 
 Other Income                                                                                - 
                                                                            -                                 - 
 
 Gross Profit                                                               3                - 
                                                                                                              - 
 
 Administrative Expenses                                                (171)                              (36) 
                                                                                          (92) 
 
 Profit / (Loss) from Operations 
                                                                        (168)             (92)             (36) 
 
 Finance Costs 
                                                                            -                -                - 
 
 Profit / (Loss) Before Taxation 
                                                                        (168)             (92)             (36) 
 
 Taxation 
                                                                            -                -                - 
 
 Other Comprehensive Loss 
                                                                            -                -                - 
 
 Profit / (Loss) for the period 
                                                                        (168)             (92)             (36) 
 
 Earning / (Loss) per share 
 Basic & Diluted (pence)                                             (0.005)p         (0.009)p         (0.004)p 
 
 
There were no recognized gains or losses other than those recognized in the profit and loss account above. 
 
ECOVISTA LIMITED 
Balance Sheet as at 30 June 2016 
 
                                                      Unaudited           Audited          Unaudited 
                                                        30 June       31 December            30 June 
                                                           2016              2015               2015 
                                                       GBP '000          GBP '000           GBP '000 
 
Non-current assets 
Freehold Property                                         1,165                                    - 
                                                                                - 
Investments                                                                   500                255 
                                                            662 
Goodwill on consolidation                                     2                 -                  - 
 
Current assets 
Debtors                                                                       813                163 
                                                            198 
Cash and cash equivalents                                     8                                  105 
                                                                               84 
 
Total Assets                                                                1,397                523 
                                                          2,035 
 
Current Liabilities 
Trade and other payables                                                                          34 
                                                             52                33 
 
Liabilities - Falling due greater 
than one year 
Loans                                                       178               178                  - 
 
Total Liabilities                                           230               211                 34 
 
Net Assets                                                                  1,186                489 
                                                          1,805 
 
Shareholders' Equity 
Called Share Capital 
                                                            163               152                136 
Share Premium                                             2,347             1,572                857 
Equity Reserve                                               22                22                  - 
Reserves                                                  (727)             (560)              (504) 
 
Total Equity                                              1,805                                  489 
                                                                            1,186 
 
 
The interim report for the six months to 30th June 2016 was approved by the board on 29th September 2016. 
 
ECOVISTA LIMITED 
Statement of Cash Flows 
Period ended 30 June 2016 
 
                                                                  Unaudited           Audited        Unaudited 
                                                                   6 months        Year ended         6 months 
                                                                      ended       31 December            ended 
                                                               30 June 2016              2015     30 June 2015 
                                                                   GBP '000          GBP '000         GBP '000 
Operating profit/(loss)                                               (168)              (92)             (36) 
 
Cash flows from operating activities 
(Increase)/decrease in trade and other receivables                      615             (660)             (11) 
Increase/(decrease) in trade and other payables                          18                15               16 
Share based payments                                                    110                 -                - 
Cash utilised in operations                                             575             (737)             (31) 
 
Cash flows from investing activities 
Bank interest received                                                    -                 -                - 
Purchase of freehold property                                       (1,165)                 -                - 

(MORE TO FOLLOW) Dow Jones Newswires

September 28, 2016 09:14 ET (13:14 GMT)

DJ Ecovista INTERIM RESULTS FOR THE SIX MONTHS TO 30 -2-

Purchase of investments                                               (162)             (375)            (130) 
 
Net cash from investing activities                                  (1,327)             (375)            (130) 
 
Cash flows from financing activities 
Issue of new shares                                                     751             1,048              228 
Expenses on issuing equity shares                                      (75)             (103)             (13) 
New long term loans                                                       -               178                - 
Other equity reserves                                                                      22                - 
Net cash from financing activities                                      676             1,145              215 
 
(Decrease)/increase in cash and cash equivalents                       (76)                33               54 
Cash and cash equivalents at the beginning of the period                 84                51               51 
Cash and cash equivalents at end of period                                8                84              105 
 
Cash at Bank C/F                                                          8                84              105 
 
 
The financial information set out above has not been reviewed or audited by the company's auditors. 
Basic and diluted profit per share is calculated by dividing the loss for the period of GBP167,781 (2015: loss 
GBP36,000) by the weighted average number of ordinary shares of 3,435,482,367 (2015: 834,083,800). 
 
The directors of Ecovista Limited accept responsibility for this announcement. 
For further information: 
 
Luca Tenuta 
100 Rye Street, Bishops Stortford 
Hertfordshire 
CM23 2HH 
United Kingdom 
Tel: +44 (0) 7900 242769 
http://www.ecovistaplc.com/ 
 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Alexander David Securities Limited 
David Scott  - Corporate Finance 
James Dewhurst - institutional Sales 
Telephone: +44 (0) 20 7448 9820 
49 Queen Victoria Street EC4N 4SA 
http://www.ad-securities.com 
 
 
Ecovista Plc 
 

(END) Dow Jones Newswires

September 28, 2016 09:14 ET (13:14 GMT)