0204/ /en Half-Yearly Financial Report Nexus Water Bonds Plc WTRB. Attachment: Half-yearly financial results

Transcription

1 0204/ /en Half-Yearly Financial Report Nexus Water Bonds Plc Half-Yearly Financial Report Nexus Water Bonds plc announces its half-yearly financial report for the period ended 30 November The full report is attached. WTRB Attachment: Half-yearly financial results Non Regulated Publication Date: 29/01/2016

2 Nexus Water Bonds plc Halfyearly Report London, 29 January 2016

3 Nexus Water Bonds plc Registered Company No

4 Interim Unaudited Condensed Financial Statements for the six month period to 30 November 2015 Nexus Water Bonds plc (CSE ECM Bond Market: WTRB) ( the Company ), the Cyprus Stock Exchange (CSE) quoted water product development and services company, is pleased to announce its interim unaudited condensed financial statements for the six months ended 30 November The Company s strategy is focused on utilising its experience and network to identify and invest in value accretive water projects internationally. Its current investments in water treatment are progressing well: in Sao Paolo, Brazil, its desalination facility went live earlier this month, which is less than six months since construction began. The Directors believe that there are significant opportunities in the sector, and that the Company is ideally positioned to take advantage of these. To this end, the Company is actively evaluating additional projects that fit its stringent investment criteria. Following the closure of GXG markets in August, the Directors worked tirelessly with its CSE advisers, Alfred Henry, to secure a listing on the Cyprus Stock Exchange s ECM Market in October This process delayed funding but we were delighted to raise the final tranche of 657,301 Debentures subsequent to the period end. Importantly, since the beginning of the financial year, the Company has raised a further 1,672,011 of seven-year Debenture stock. During the period, the Company, by approval of the shareholders at a General Meeting in August, changed its name to Nexus Water Bonds plc. At the Annual General Meeting in November, the shareholders of the Company approved the appointment of a non-executive director, Eddie Edmonstone, in order to broaden the experience and effectiveness of the Board. The Directors are conscious that, due to the extended fundraising process and the delays in its first project, the Company has amassed a considerable loss to date. However, they are confident that revenues are imminent and that the Company has adequate resources to ensure its on-going financial stability as well as sufficient additional funds in place to make further investments in installations in the coming 12 months. Results and Dividends The Company had no significant turnover during the period being reported and due to the consequential loss, the Directors propose that no dividend be paid. Christopher MacNee 29 January 2016

5 The Board of Directors of the Company at its meeting on 29 January 2016 examined and approved the interim condensed financial results of the Company for the year ended 30 November The Directors of the Issuer accept responsibility for the contents of this announcement. FOR FURTHER INFORMATION, PLEASE CONTACT: James Murray Nexus Water Bonds plc 18 Tideway Yard 125 Mortlake High Street London SW14 8SN Telephone: CSE Nominated Advisor Jon Isaacs / Nick Michaels Alfred Henry Corporate Finance Limited Tel:

6 Nexus Water Bonds plc Financial Statements Statement of Comprehensive Income for the 6 month period to 30 November 2016 Continuing operations 6 months 6 months Year ended ended ended 30-Nov 30-Nov 31-May Notes Revenue 4, Cost of sales Gross profit 4, Administrative expenses (269,340) (472,305) (533,396) Operating Loss (265,034) (472,305) (533,396) Finance costs (184,788) (15,884) (114,247) Finance income Loss on ordinary activities before taxation (448,950) (487,754) (646,943) Income tax expense Loss for the year (448,950) (487,754) (646,943) Loss per share (expressed in pence) 4 (8) p (9) p (12) p

7 Statement of Financial Position as at 30 November Nov 30-Nov 31-May Notes Assets Current assets Other receivables 52,106 54,891 52,180 Cash and cash equivalents 782,095 81,202 1,095, , ,093 1,147,452 Non-current assets Property, plant and equipment Intangible assets 73,668 37,500 25,625 Investment in company undertaking Long term receivables 1,703, , ,014 1,777, , ,729 Total assets 2,611, ,607 1,564,181 Equity and liabilities Equity attributable to owners of the parent Ordinary shares 5 52,828 52,828 52,828 Share Premium account 83, ,459 83,297 Cash received in advance of share issue Retained losses (1,311,122) (702,983) (862,172) Total equity (1,174,998) (510,696) (726,047) Liabilities Non-current liabilities Borrowings 3,556, ,043 2,110,764 Current liabilities Trade and other payables 230,064 84, ,464 Total liabilities 3,786, ,303 2,290,228 Total equity and liabilities 2,611, ,607 1,564,181

8 Statement of Cash Flows for the 6 month period to 30 November 2016 Cash flows from operating activities 6 months 6 months Year ended ended ended 30-Nov 30-Nov 31-May Notes Cash generated from operations (1,520,132) (617,123) (776,069) Finance costs paid (122,770) (15,448) (113,547) Net cash generated from operating activities (1,642,902) (632,571) (889,616) Cash flows from investing activities Proceeds from sale of equipment Purchase of investment - - (90) Investment Creation Fees (54,237) - - Purchase of plant and equipment (473) (1,140) (1,140) (54,710) (540) (630) Cash flows from financing activities Issue of ordinary share capital - 83,787 27,625 Cash received in advance of share issue Proceeds from issue of debenture loans 1,384, ,881 1,906,248 Net cash generated from financing activities 1,384, ,668 1,933,873 Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at end of year (313,177) 29,557 1,043,627 1,095,272 51,645 51, ,095 81,202 1,095,272 The financial information included in this announcement for the six months ended 30 November 2015 has not been audited. The Directors of the Company accept responsibility for this announcement.

9 Notes to Interim Condensed Financial Statements 1. General information Nexus Water Bonds plc offers a range of quality water treatment products and services that produce freshwater and reusable water on a commercial scale for industrial applications. Nexus Water Bonds is implementing a well-planned strategy to invest and develop water projects that incorporate environmentally sound methodologies and long-term revenue streams from the treatment, disposal, remediation and sale of water. The Company is based in the United Kingdom. The address of the registered office is disclosed on the company information page at the front of the annual report. The Company is a public limited company and its debentures are listed on the Cyprus Stock Exchange. 2. Basis of accounting 2.1. This interim report, which incorporates the financial information of Nexus Water Bonds plc has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union The interim condensed financial statements for the 6 months ended 30 November 2015 have been prepared on accordance with International Accounting Standard 34 Interim Financial Report and have not been audited by the external auditors of the Company The unaudited results for the 6 months ended 30 November 2015 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act Standards and Interpretations adopted with no material effect on the financial statements The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company s most recent annual financial statements. There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Company. There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have material impact on the Company. 4. Loss per share Basic earnings per share is calculated by dividing the earnings attributable shareholders by the weighted average number of ordinary shares outstanding during the period. Reconciliations are set out below: 6 months 6 months Year ended ended ended 30-Nov 30-Nov 31-May Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period: Loss after tax attributable to equity holders of the Company (448,950) (487,754) (646,943) Weighted average number of ordinary shares 5,282,800 5,103,899 5,207,798 Basic and diluted loss per share (8) p (10) p (12) p

10 Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Since the Company is loss making the diluted loss per share is the same as the basic loss per share. The dilutive potential ordinary shares relate to share options issued to employees. 5. Share capital as at Allotted, called up and fully paid 30-Nov 30-Nov 31-May ,282,800 Ordinary shares of 0.01 each 52,828 52,828 52,828