("Infinity Energy" or the "Company")
Unaudited Interim Results for the six months ended 30 June 2016Infinity Energy (AIM: INFT) today reports its unaudited interim results for the six months ended 30 June 2016.
Interim Highlights:The Company received interest income of £3k (2015: £3k).
Staff costs amounted to £24k (2015: £18k) 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 £69k (2015: £40k) and reflect continued stringent cost management.
The total loss for the period was £102k (2015: £65k).
During the period the Board has worked hard to minimise costs while it continues to explore investment opportunities in line with its strategy.
Post Balance Sheet Events:It is envisaged that the Company will raise funding in Quarter 4 2016 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 LLPSandy Jamieson/James Caithie Tel: + 44 207 148 7900
Broker W H IrelandPaul Shackleton/Nick Prowting Tel: +44 207 220 1666
STATEMENT OF COMPREHENSIVE INCOME(Expressed in GBP (£)) | Notes | unaudited six month period to 30/06/2016 | unaudited six month period to 30/06/2015 | audited year ended 31/12/2015 |
Income | ||||
Interest | 4 | 2,878 | 2,618 | 5,218 |
Total Net Income | 2,878 | 2,618 | 5,218 | |
Expenses | ||||
Staff costs | 4 | (24,000) | (18,000) | (43,000) |
Administrative expenses | 4 | (69,444) | (40,191) | (129,360) |
Interest and financial charges | 4 | (11,500) | (9,629) | (19,550) |
Total Operating Expenses | (104,944) | (67,820) | (191,910) | |
Loss before taxation | (102,066) | (65,202) | (186,692) | |
Income tax | - | - | (2,366) | |
Total comprehensive loss | (102,066) | (65,202) | (189,058) | |
Basic loss per share | 5 | (0.0002) | (0.0002) | (0.0005) |
(Expressed in GBP (£)) ASSETS Non-current assets Financial assets at fair value through profit | Notes 4 | unaudited unaudited audited 30/06/2016 30/06/2015 31/12/2015 205,432 199,954 202,554 |
and loss | ||
Total non-current assets | 205,432 199,954 202,554 | |
Current assets Cash and cash equivalent | 8,405 129,555 38,554 | |
Total current assets | 8,405 129,555 38,554 | |
Total assets | 213,837 329,509 241,108 | |
EQUITY AND LIABILITIES Capital and reserves Share capital | 486,719 486,719 486,719 | |
Share premium | 182,483 182,483 182,483 | |
Accumulated losses | (1,018,376) (792,454) (916,310) | |
Shareholders' equity | (349,174) (123,252) (247,108) | |
Current liabilities Trade and other payables | 4 | 57,011 67,761 78,216 |
Provisions for other liabilities and charges | 134,000 85,000 110,000 | |
Total current liabilities | 191,011 152,761 188,216 | |
Non-current liabilities Convertible loan | 6 | 372,000 300,000 300,000 |
Total equity and liabilities | 213,837 329,509 241,108 |
(Expressed in GBP (£)) unaudited
six month period to 30/06/2016unaudited six month period to 30/06/2015
audited year ended 31/12/2015
OPERATING ACTIVITIESPurchase of financial assets and settlement of financial liabilities
Notes
- - -Proceed from sale of financial assets - - - Operating expenses paid (102,149) (47,831) (138,832) Net cash flows applied to operations (102,149) (47,831) (138,832)
FINANCING ACTIVITIESFunds raised through issuance of shares - - - Funds received via convertible loan 72,000 - - Net cash inflows from financing activities 72,000 - -
(Decrease) / increase in cash equivalents | & | cash | (30,149) | (47,831) | (138,832) |
Cash and cash equivalents: - balance at beginning of the period | 38,554 | 177,386 | 177,386 |
- balance at end of the period 8,405 129,555 38,554
(Decrease) / increase in cash & cash equivalents (30,149) (47,831) (138,832)Cash and cash equivalents are represented by:
Cash at bank and in hand 8,405 129,555 38,554
Infinity Energy SA published this content on 30 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 September 2016 07:43:04 UTC.
Original documenthttp://www.infinityenergy.eu/wp-content/uploads/2016/09/Interim-Statement-2016-v1.pdf
Public permalinkhttp://www.publicnow.com/view/64BA00D75FA5DB98A129F2A7CD8467BC476532A3