Source - PRN

Infinity Energy S.A.

(“Infinity Energy” or the “Company”)

Unaudited Interim Results for the six months ended 30 June 2016

Infinity 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).

Key Developments during the Interim Period:

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 LLP

Sandy Jamieson/James Caithie           Tel: + 44 207 148 7900

Broker
W H Ireland

Paul Shackleton/Nick Prowting            Tel: +44 207 220 1666


 

STATEMENT OF COMPREHENSIVE INCOME

(Expressed in GBP (£))
unaudited
six month period to 30/06/2016

unaudited
six month period
to 30/06/2015

audited
year ended 31/12/2015
Notes
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)



STATEMENT OF FINANCIAL POSITION

(Expressed in GBP (£))
     unaudited
30/06/2016
   unaudited 30/06/2015 audited
31/12/2015
Notes
ASSETS
Non-current assets
Financial assets at fair value through profit and loss 4 205,432 199,954 202,554
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



STATEMENT OF CASH FLOWS

(Expressed in GBP (£)) unaudited
six month period to
30/06/2016
unaudited
six month period to 30/06/2015

audited
year ended 31/12/2015
Notes
OPERATING ACTIVITIES
Purchase of financial assets and settlement of financial liabilities - - -
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 ACTIVITIES
Funds raised through issuance of shares - - -
Funds received via convertible loan 72,000 - -
Net cash inflows from financing activities 72,000 - -
(Decrease) / increase in cash & cash equivalents (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



STATEMENT OF CHANGES IN EQUITY

Called up share capital Share premium
Losses

Total
(Expressed in GBP (£)) Notes
At 31 December 2013 477,550 182,483 (567,190) 92,843
Comprehensive Income
Loss for the year - - (160,062) (160,062)
Transactions with owners
Proceeds from issuance of shares 9,169 - - 9,169
At 31 December 2014 486,719 182,483 (727,252) (58,050)
Comprehensive Income
Loss for the period - - (189,058) (189,058)
At 31 December 2015 486,719 182,483 (916,310) (247,108)
Comprehensive
Income
Loss for the period - - (102,066) (102,066)
At 30 June 2016 486,719 182,483 (1,018,376) (349,174)


 

Notes to the interim report:

1. Activities

Infinity Energy became an Investing Company under the AIM Rules on 17 February 2012.  On 18 March 2013, shareholders approved the new investing policy which is to make investments and acquisitions, either through the issues of securities or for cash, in quoted and non-quoted companies and their securities, in the commodities sector with an emphasis on oil and gas service sectors.  Such investments include the provision of financing by way of farm-ins, earn-ins, loans, equity or other forms of financing and investments in and to companies in these sectors.

2. Directors’ responsibility

The consolidated interim report and financial information contained therein are the responsibility of the Board of Directors of Infinity Energy.  The interim report was approved by the Directors on 26 September 2016.  The interim report for the six month period to 30 June 2016 is unaudited.

The financial information for the year ended 31 December 2015 is extracted from the statutory audited annual accounts as adjusted for International Financial Reporting Standards (“IFRS”).  The report of the auditors, Baker Tilly Luxembourg, on the statutory annual accounts and on the IFRS financial statements, as at 31 December 2015, was unqualified.

3. Basis of accounting

The interim financial statements of Infinity Energy. for the six month period ended 30 June 2016 and 30 June 2015 have been prepared using accounting policies on a basis consistent with those adopted for the year ended 31 December 2015.

The Company is an investment entity as defined by IFRS 10.  This requires the Company to consolidate all controlled entities involved in the provision of investment related services (either directly or through a subsidiary to third parties as well as its investors) and report all other subsidiary investments at fair value in the financial statements.

The Company controls Gas Exploration Finance Limited (GEF) through its 100% holding of GEF’s issued ordinary share capital.  GEF is incorporated in England and Wales.  GEF is the only subsidiary of the Company and does not provide investment related services.  GEF is therefore measured at fair value through the profit and loss.

4. Analysis of results

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)

5. Earnings / (loss) per share

The calculation of the basic earnings per share is determined on the loss attributable to ordinary shareholders divided by the number of shares in issue during the period.

30 June
2016
30 June
2015
31 December
2015
Number of issued shares 353,416,320 353,416,320 353,416,320
GBP (£) GBP (£) GBP (£)
Loss for the period (102,066) (65,202) (189,058)
Basic (loss) per share (0.0002) (0.0002) (0.0005)

6. Convertible loan

The Company has received a convertible loan facility of GBP £400,000 from its majority shareholder, Gerwyn Llewellyn Williams.

The key terms of the loan are as follows:

  • The total loan facility is GBP £400,000;
  • The drawn down loan amount bears interest at a rate of 6% per annum;
  • The drawn down loan amount is convertible at the discretion of Mr Williams at a price of GBP £0.0009 per share or repaid from the proceeds of future fund raising.

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