ECOVISTA PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO 28TH FEBRUARY 2017
CHAIRMAN`S STATEMENT
I have great pleasure in making my first Chairman`s statement since the departure of our former chairman Luca Tenuta. I would like to take this opportunity to thank him for his service to the Company.
The unaudited financial results for the period to 28th February 2017 show a loss of GBP 87,453 (30 June 2016: £206,791).
CASH FLOW AND FUNDING
Cash in hand at 28th February 2017 of £50,813, which together with the capital raised post this financial period, under analysis adequately covers routine running expenses
Since the year end we have raised GBP 470,000 in by way of two one year convertible loan notes.
OUTLOOK
In December 2016, the company received revised planning permission for the property at 100 Rye Street for a Five Bedroom 4,500 sq. ft. property. The demolition has been completed and building works are commencing in early June.
The company is also looking at a number of other sites and I hope to report on their progress shortly.
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.
Louise Stokely
Chairman
31 May 2017
| ECOVISTA PLC | ||||||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||
| FOR THE PERIOD ENDED 28 FEBRUARY 2017 | ||||||||
| Interim Accounts | Interim Accounts | |||||||
| Six Month Period | Financial Statements | Six Month Period | ||||||
| Ended | Fourteen Months Ended | Ended | ||||||
| 28th February | 31st August | 30th June | ||||||
| 2017 | 2016 | 2016 | ||||||
| GBP | GBP | GBP | ||||||
| Revenue | 4,950 | 5,142 | 5,142 | |||||
| Cost of sales | - | - | - | |||||
| Gross Profit | 4,950 | 5,142 | 5,142 | |||||
| Administrative expenses | (92,403) | (221,678) | (211,937) | |||||
| Bank Interest received | 4 | |||||||
| Loss before tax | (87,453) | (216,536) | (211,933) | |||||
| Taxation | - | - | - | |||||
| Loss for the period | (87,453) | (216,536) | (206,791) | |||||
| 3,590,315,700 | 3,590,315,700 | 3,590,315,700 | ||||||
| (0.002p) | (0.006p) | (0.006p) | ||||||
| ECOVISTA PLC | |||||||
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||
| FOR THE PERIOD ENDED 28 FEBRUARY 2017 | |||||||
| Interim Accounts | Financial Statements | Interim Accounts | |||||
| Six Months Ended | Fourteen Months Ended | Six Months Ended | |||||
| 28th February | 31st August | 30th June | |||||
| 2017 | 2016 | 2016 | |||||
| GBP | GBP | GBP | |||||
| Fixed Assets | |||||||
| Freehold Property | 1,165,000 | 1,165,000 | 1,165,000 | ||||
| Fixed Asset Investments | 760,794 | 760,794 | 661,961 | ||||
| Goodwill on Consolidation | 1,745 | 1,745 | 2,416 | ||||
| 1,927,539 | 1,927,539 | 1,829,377 | |||||
| Current Assets | |||||||
| Debtors | 59,999 | 72,124 | 192,076 | ||||
| Prepayments | 1,850 | - | 5,750 | ||||
| Bank and cash | 50,813 | 31,822 | 31,822 | ||||
| 112,662 | 103,946 | 229,648 | |||||
| Current Liabilities | |||||||
| Amounts falling due within 1 year | (115,208) | (119,104) | (119,104) | ||||
| Net current assets | (2,546) | (15,158) | 110,544 | ||||
| Convertible loan | (184,645) | (184,645) | (178,000) | ||||
| Other Loan | (100,066) | - | - | ||||
| Net assets | 1,640,282 | 1,727,736 | 1,761,921 | ||||
| Equity | |||||||
| Issued share capital | 163,190 | 163,190 | 163,190 | ||||
| Share premium | 2,343,045 | 2,343,045 | 2,343,045 | ||||
| Other reserve | 22,000 | 22,000 | 22,000 | ||||
| Profit and loss | (887,952) | (800,499) | (766,314) | ||||
| 1,640,282 | 1,727,736 | 1,761,921 | |||||
The Directors of the Company accept responsibility for this announcement.