TIDMKIBO
RNS Number : 4498A
Kibo Energy PLC
23 September 2022
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Group" or "the Company")
Unaudited Interim results for the six months ended 30 June
2022
Dated 23 September 2022
Kibo Energy PLC ('Kibo' or 'the Group' or 'the Company') (AIM:
KIBO; AltX: KBO), the renewable-energy-focused development company
, is pleased to announce its unaudited results for the six months
ended 30 June 2022. The interim results are also available on the
Company's website:
https://kibo.energy/wp-content/uploads/Kibo-Interim-Results-30-June-2022.pdf
Highlights
-- Continued focus on the Company's revised renewable energy
strategy in order to align with global requirements:
o Entered a 10-year take-or-pay conditional Power Purchase
Agreement ('PPA') to generate base-load electricity from a 2,7 MW
plastic-to-syngas power plant. The project is the first under
Sustineri Energy (Pty) Ltd ('Sustineri Energy' or 'Sustineri'), a
joint venture ('JV') in which Kibo holds 65%, with the balance of
35% held by Industrial Green Energy Solutions (Pty) Ltd
('IGES')
o Signed a rolling five-year Framework Agreement ('FA') with
Enerox GmbH ('CellCube') to develop and deploy Long Duration Energy
Storage ('LDES') solutions in selected target sectors in the
Southern African Development Community ('SADC') countries. The
agreement grants Kibo exclusive rights to the marketing, sales,
configuration and delivery of CellCube solutions, subject to
successful Proof of Concepts ('POCs'), within the target
sectors
o Acquired 51% of National Broadband Solutions ('NBS') to
jointly assess and develop a portfolio of LDES projects held
exclusively by NBS in South Africa, with an initial target of c.
36,320 MWh capacity
o Intention to dispose of original coal assets in accordance
with an approved disposal strategy that will realise value for
shareholders
o Proceeded with further test work to identify a suitable
clean/renewable energy fuel source, based on test results to date,
with the aim of converting the Company's existing energy projects
in Tanzania, Botswana and Mozambique to clean/renewable energy
projects
-- Appointed Mr Cobus van der Merwe as Group Chief Financial
Officer ('CFO') with effect from 1 June 2022
-- Confirmed the appointment of former Group CFO, Mr Pieter
Krügel as Chief Executive Officer ('CEO') of Kibo subsidiary, Mast
Energy Developments PLC ('MED'), with effect from 1 June 2022
-- As previously announced, Christian Schaffalitzky, the current
Chairman of the Board, will step down on conclusion of the
adjourned AGM
-- Appointed Shard Capital Partners LLP as a joint broker to the
Company with immediate effect, to act alongside the Company's
current broker Hybridan LLP and the Company's nominated advisor RFC
Ambrian Ltd
-- Settled outstanding fees owed to directors and management
through the issue of a convertible loan note ('CLN') instrument
-- Signed a bridging loan facility agreement with an
institutional investor for up to GBP3 million with a term of up to
36 months and an initial drawdown of GBP1 million available
immediately. Funds advanced under the facility will attract a fixed
coupon interest rate of 3,5%, repayable with accrued interest four
months after the drawdown
-- Post-reporting period:
o Successfully achieved the first CellCube FA target with a
commitment to purchase the first three POC projects
o Extended its conditional PPA of 10 years to 20 years for the
Company's first South African waste-to-energy ('WTE') project as
part of the Sustineri Energy JV with IGES
o Increased Kibo's interest in MED from 55,42% to 61,27%,
following the receipt of MED shares as partial settlement of
outstanding shareholder loan amount
o Initiated a process of Requests for Proposals ('RFPs') to
investigate the feasibility of replacing fossil fuel (coal) with
renewable biofuel, specifically regarding the operations and assets
wherein the Company determined to dispose all its coal assets while
retaining the associated energy (power) projects and
maintaining/adding value for shareholders
o Proceeded with a signed definitive agreement to acquire 100%
interest in a waste gasification and power plant in the United
Kingdom as part of its UK WTE portfolio
Chairman's Statement
Introduction
Following the announcement in last year's interim results for
the six months ended 30 June 2021, that Kibo Energy ('Kibo' or 'the
Company') had begun the process of pivoting its business to the
acquisition and development of a portfolio of sustainable,
renewable energy assets to capitalise on the global clean energy
revolution, I am pleased to report that the Company's continued
commitment to its renewed strategy in this regard has yielded
positive results. As part of Kibo's refocused strategy centred
around renewable energy development, the Company has acquired a
waste gasification and power plant in the United Kingdom as part of
its UK WTE portfolio. We believe this opportunity supports our
strategic intent to significantly advance and accelerate the
development of the Company's renewable energy portfolio in the
UK.
In South Africa, we are excited to have signed our first WTE
Power Purchase Agreement ('PPA') to generate base-load electricity
over 10 years from a 2,7 MW plastic-to-syngas power plant, which
aligns with our clean energy strategy. The project initiates a
pipeline of projects under the Company's South African WTE
portfolio with our partners, Industrial Green Energy Solutions
(Pty) Ltd ('IGES'). During the PPA process, the Company also
performed a large amount of work to procure funding for the project
and has received a higher-than-expected level of interest for the
provision of project and debt funding at very competitive
commercial terms from various institutions.
The growing energy market in the Southern African Development
Community ('SADC') countries, particularly the energy-starved South
Africa, makes the case for energy storage more viable. Further to
the Company's strategy to implement long-duration energy storage
('LDES') solutions we are delighted to have signed a five-year
Framework Agreement ('FA') with Enerox GmbH ('CellCube') to develop
and deploy LDES solutions in the SADC countries (RNS dated 17 May
2022) . The development of a large project pipeline ready for
immediate execution is the main pivot on which the FA hinges.
These smaller-scale renewable energy projects are focused on the
UK and Southern Africa as the market opportunities, government
support and technical innovation in these countries is slowly
evolving and at the ideal stage to position Kibo as an influential
innovator in the sector. This is most evident in Kibo's large
knowledge base of and experience in the renewable energy sector,
developed in recent years through its renewable energy and LDES
solutions for integration with and repositioning of its current
large utility fossil fuel-based projects.
The past few months have seen considerable progress across
Kibo's renewable and sustainable energy strategy. Following the RNS
dated 16 June 2021, in which Kibo announced an extensive review of
operations and assets, the Company decided to dispose of all its
coal assets while retaining the associated energy (power) projects
through its introduction of innovative biofuel technology to its
arsenal of solutions. By undertaking an evidence-based process of
test and evaluation on the biofuel technology, we believe, subject
to confirmatory test work, replacement of conventionally mined coal
with a 100% renewable energy source is possible. Work completed to
date indicates that our existing coal-fired power plant designs can
be adapted, with minor design changes, to accept the new renewable
fuel solution. All current and future projects across the Kibo
Energy portfolio as well as its investment holdings have been
extensively reviewed and realigned with the Company's renewed
strategy to focus on renewable, sustainable energy solutions while
retaining maximum value for Kibo and its shareholders as well as
remaining attractive for acquisition, funding and construction by
potential purchasers.
As progress continues on Kibo's portfolio of projects, the
Company has further invested in its management team with the
appointment of Mr Cobus van der Merwe as Chief Financial Officer
('CFO') as of 1 June 2022 (RNS dated 20 May 2022). Van der Merwe
brings a wealth of experience to the team as a registered Chartered
Accountant (South Africa) and having previously held managerial and
executive roles in the investment management and energy, utilities
and resource sectors. Most notably, he held a senior management
position at PricewaterhouseCoopers, servicing clients across the
United Kingdom, Ireland and Africa, as well as the position of
Partner and Chair of the Investment Committee at PSG Wealth, where
he managed bespoke investment portfolios for high net-worth
individuals. The Company also confirmed the appointment of Mr
Pieter Krügel to Chief Executive Officer ('CEO') of Mast Energy
Developments ('MED') as of 1 June 2022. Krügel previously held the
position of Group CFO at Kibo Energy for four years.
I firmly believe that these new appointments, as well as the
focus on the Company's renewable, sustainable energy strategy, will
play an integral role in delivering the Company's growth strategy
while placing Kibo Energy in an advantageous position within the
alternative energy sectors in the UK and sub-Saharan Africa, where
the majority of the Company's investments are held.
Conclusion
As we move forward into the second half of 2022, despite the
ongoing war in Ukraine, rising inflation and increased interest
rates adding to uncertainty across industries, I am pleased to
report that economic activity remains high, and this has yielded
positive results for Kibo in terms of the development of its
ongoing and new projects in the first half of 2022. The Company
intends to further streamline its operations with a primary focus
on the acquisition and development of its alternative and
renewable, sustainable energy solution projects, many on which we
have already made considerable progress while staying committed to
the disposal and conversion of our large-scale fossil fuel-based
utility projects.
Kibo's knowledge, experience and developments in this area are
at an advanced stage in comparison to the sectors in the regions
the Company operates. Therefore, as technologies within the
alternative and renewable energy sectors evolve to include
small-scale bespoke alternative and renewable energy solutions,
Kibo will remain at the forefront in providing an attractive
opportunity for potential investors.
Christian Schaffalitzky
Executive Chairman
Unaudited Interim Results for the six months ended 30 June
2022
Unaudited Condensed Consolidated Interim Statement of
Comprehensive Income
For the six months ended 30 June 2022
6 months 6 months 12 months
to to to
30 June 30 June 31 December
Note 2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Revenue 15 305,384 - 3,245
Cost of sales (260,329) - (34,321)
------------ ------------ -------------
Gross profit/loss 45,055 - (31,076)
Administrative expenses (1,210,016) (1,052,448) (2,325,750)
Impairment of non-current
assets - - (20,705,209)
Project and exploration
expenditure (415,621) (432,678) (687,963)
Listing and capital
raising fees (185,070) (417,315) (321,365)
Operating Loss (1,765,652) (1,902,441) (24,071,363)
Other Income 8,593 56,565 1,017,937
Finance income - 11,945 -
Finance costs (86,914) (12,363) (46,372)
Share of loss from
associate (118,357) - (48,357)
------------ ------------ -------------
Loss before Tax (1,962,330) (1,846,294) (23,148,155)
Tax - - -
------------ ------------ -------------
Loss for the period (1,962,330) (1,846,294) (23,148,155)
Other comprehensive
income:
Exchange differences
on translating of
foreign operations,
net of taxes 60,869 579,500 (212,919)
Exchange differences
reclassified on disposal
of foreign operation - - 345,217
------------ ------------ -------------
Total Comprehensive
Loss for the Period (1,901,461) (1,266,794) (23,015,857)
------------ ------------ -------------
Loss for the period
attributable to (1,962,330) (1,846,294) (23,148,155)
------------ ------------ -------------
Owners of the parent (1,637,805) (1,011,565) (21,996,968)
Non-controlling interest (324,525) (834,729) (1,151,187)
------------ ------------ -------------
Total comprehensive
loss attributable
to (1,901,461) (1,266,794) (23,015,857)
------------ ------------ -------------
Owners of the parent (1,576,936) (432,065) (21,864,515)
Non-controlling interest (324,525) (834,729) (1,151,342)
------------ ------------ -------------
Basic loss per share 4 (0.0006) (0.0004) (0.009)
Dilutive loss per
share 4 (0.0006) (0.0004) (0.009)
Unaudited Condensed Consolidated Interim Statement of Financial
Position
As at 30 June 2022
Note 30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Assets
Non-current assets
Property, plant, and equipment 7 2,931,097 297,910 2,899,759
Intangible assets 8 4,995,608 18,491,105 4,964,550
Goodwill 9 - 300,000 -
Investment in associates 10 3,972,524 9,696,351 4,092,403
Total non-current assets 11,899,229 28,785,366 11,956,712
------------- ------------- -------------
Current assets
Other financial assets 11 - - -
Other receivables 233,091 45,455 255,747
Cash and cash equivalents 1,163,297 4,882,121 2,082,906
------------- ------------- -------------
Total current assets 1,396,388 4,927,576 2,338,653
------------- ------------- -------------
Total assets 13,295,617 33,712,942 14,295,365
------------- ------------- -------------
Equity
Called up share capital 5 21,140,481 20,631,196 21,042,444
Share premium 5 45,516,081 44,960,112 45,429,328
Common control reserve - (18,329) -
Foreign currency translation
reserve (405,315) (19,137) (466,184)
Share based payment reserve 491,641 1,952,969 466,868
Retained deficit (58,265,194) (38,001,194) (56,627,389)
------------- ------------- -------------
Attributable to equity
holders of the parent 8,477,694 29,505,617 9,845,067
------------- ------------- -------------
Non-controlling interest 1,638,291 2,242,907 1,962,816
------------- ------------- -------------
Total Equity 10,115,985 31,748,524 11,807,883
------------- ------------- -------------
Liabilities
Non-current liabilities
Lease liability 13 287,721 296,435 289,045
------------- ------------- -------------
Total non-current liabilities 287,721 296,435 289,045
------------- ------------- -------------
Current liabilities
Trade and other payables 1,156,901 1,166,160 1,116,273
Borrowings 12 1,732,423 499,401 1,079,691
Lease liability 13 2,587 2,422 2,473
Total current liabilities 2,891,911 1,667,983 2,198,437
------------- ------------- -------------
Total liabilities 3,179,632 1,964,418 2,487,482
------------- ------------- -------------
Total equity and liabilities 13,295,617 33,712,942 14,295,365
------------- ------------- -------------
Unaudited Condensed Interim Consolidated Statement of Changes in
Equity
Share Share Share Control Foreign Retained Non-controlling Total
Capital Premium based Reserve currency deficit interest
payment translation
reserve reserve
GBP GBP GBP GBP GBP GBP GBP GBP
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance at 1
January 2022
(audited) 21,042,444 45,429,328 466,868 - (466,184) (56,627,389) 1,962,816 11,807,883
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Loss for the
year allocated
to equity
owners - - - - - (1,637,805) - (1,637,805)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Loss for the
period
allocated to
non-controlling
interest (324,525) (324,525)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Other
comprehensive
income-
translation of
foreign
operations - - - - 60,869 - - 60,869
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Issue of share
warrants - - 24,773 - - - - 24,773
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Issue of share
capital 98,037 86,753 - - - - - 184,790
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance as at 30
June 2022
(unaudited) 21,140,481 45,516,081 491,641 - (405,315) (58,265,194) 1,638,291 10,115,985
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance as at 31
December 2020
(audited) 20,411,493 44,312,371 1,728,487 (18,329) (598,637) (39,019,856) (256,841) 26,558,688
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Loss for the
year allocated
to equity
owners - - - - - (1,011,565) - (1,011,565)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Loss for the
period
allocated to
non-controlling
interest - - - - - - (834,729) (834,729)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Other
comprehensive
income-
translation of
foreign
operations - - - - 579,500 - - 579,500
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Issue of share
capital 219,703 647,741 - - - - - 867,444
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Acquisition of
the
Non-Controlling
Interest
without gaining
control - - - - - (300,029) 300,029 -
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Disposal of
equity to
Non-Controlling
Interest
without losing
control - - - - - (3,034,448) 3,034,448 -
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Changes in
ownership
interest in
subsidiaries
without a
change in
control - - - - - 5,354,486 - 5,354,486
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Warrants and
Share Options
issued by
Katoro Gold plc - - 234,700 - - - - 234,700
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Expirations of
share warrants - - (10,218) - - 10,218 - -
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance as at 30
June
2021(unaudited) 20,631,196 44,960,112 1,952,969 (18,329) (19,137) (38,001,194) 2,242,907 31,748,524
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance as at 31
December 2020
(audited) 20,411,493 44,312,371 1,728,487 (18,329) (598,637) (39,019,856) (256,841) 26,558,688
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Loss for the
year - - - - - (21,996,968) (1,151,187) (23,148,155)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Other
comprehensive
income -
exchange
differences - - - - (212,764) - (155) (212,919)
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Shares issued 630,951 1,116,957 - - - - - 1,747,908
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Disposal of
non-controlling
interest
without losing
control - - - - - 3,259,232 3,201,014 6,460,246
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Acquisition of
non-controlling
interest - - - - - (308,030) 308,030 -
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Vesting of share
options -
Katoro Gold plc - - 146,249 - - - - 146,249
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Warrants issued
Kibo Energy plc - - 48,695 48,695
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Warrants issued
Kibo Energy plc
which expired
during the year - - (559,400) - - 559,400 - -
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Change of
shareholding
resulting is
loss of control - - (897,163) 18,329 345,217 878,833 (138,045) 207,171
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Balance as at 31
December 2021
(audited) 21,042,444 45,429,328 466,868 - (466,184) (56,627,389) 1,962,816 11,807,883
----------- ----------- ---------- --------- ------------ ------------- ---------------- -------------
Unaudited Condensed Consolidated Interim Statement of Cash
Flow
For the six months ended 30 June 2022
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Loss for the period before taxation (1,962,330) (1,846,294) (23,148,155)
Adjusted for:
Warrants and options issued 24,773 - 194,944
Exploration and development expenditure
JV - 83,532 91,179
Expenses settled through share issue 95,000 310,369 -
(Profit)/Loss from the disposal of
subsidiary - - (529,415)
Impairment of goodwill - - 300,000
Impairment of intangible assets - - 13,955,528
Impairment of associates - - 6,449,681
Impairment of financial asset receivable - - 43,722
Loss from equity accounting 118,357 - 48,357
Depreciation on property, plant,
and equipment 7,621 1,733 10,635
Interest accrued 52,198 - 21,632
Debt forgiven - (56,565) (355,659)
------------ ------------ -------------
Operating income before working
capital changes (1,664,381) (1,507,225) (2,917,551)
Decrease/(Increase) in trade and
other receivables 22,656 70,431 (145,525)
Increase/(Decrease) in trade and
other payables 40,630 (278,826) (240,957)
------------ ------------ -------------
Net cash outflows from operating
activities (1,601,095) (1,715,620) (3,304,033)
Cash flows from financing activities
Proceeds from borrowings 960,000 - 38,975
Repayment of borrowings (316,173) (25,000) (195,282)
Proceeds from issue of share capital - 6,449,513 1,527,576
Proceeds from disposal of shares
to non-controlling interest - - 6,099,500
Repayment of lease liabilities (1,210) - (2,275)
------------ ------------ -------------
Net cash proceeds from financing
activities 642,617 6,424,513 7,468,494
------------ ------------ -------------
Cash flows from investing activities
Cash received/(forfeited) on disposal
of subsidiary - - (272,075)
Cash advanced to Joint Venture - (83,532) (91,179)
Cash received on sale of plant and - - -
equipment
Property, plant, and equipment acquired (38,960) - (1,654,239)
Intangible assets acquired - - (150,273)
------------ ------------ -------------
Net cash used in investing activities (38,960) (83,532) (2,167,766)
Net movement in cash and cash equivalents (997,438) 4,625,361 1,996,695
Cash and cash equivalents at beginning
of period 2,082,906 256,760 256,760
Exchange movements 77,829 - (170,549)
------------ ------------ -------------
Cash and cash equivalents at end
of period 1,163,297 4,882,121 2,082,906
------------ ------------ -------------
Notes to the unaudited condensed consolidated interim financial
statements
For the six months ended 30 June 2022
1. General information
Kibo Energy PLC is a public company incorporated in Ireland. The
condensed consolidated interim financial results consolidate those
of the Company and its subsidiaries (together referred to as the
"Group"). The Company's shares are listed on the AIM Market ("AIM")
of the London Stock Exchange and the Alternative Exchange ("AltX")
of the Johannesburg Stock Exchange ("JSE") Limited. The principal
activities of the Company and its subsidiaries are related to the
development of renewable energy projects in Southern Africa and the
United Kingdom.
2. Statement of Compliance and Basis of Preparation
The unaudited condensed consolidated interim financial results
are for the six months ended 30 June 2022, and have been prepared
using the same accounting policies as those applied by the Group in
its December 2021 consolidated annual financial statements, which
are in accordance with the framework concepts and the recognition
and measurement criteria of the International Financial Reporting
Standards and Financial Reporting Pronouncements as issued by the
Financial Reporting Standards Council issued by the International
Accounting Standards Board ("IASB"), including the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee,
IAS 34 - Interim Financial Reporting, the Listings Requirements of
the JSE Limited, the AIM rules of the London Stock Exchange and the
Irish Companies Act 2014.
These condensed consolidated interim financial statements do not
include all the notes presented in a complete set of consolidated
annual financial statements, as only selected explanatory notes are
included to explain key events and transactions that are
significant to obtaining an understanding of the changes throughout
the financial period, accordingly the report must be read in
conjunction with the annual report for the year ended 31 December
2021.
The comparative amounts in the consolidated financial results
include extracts from the consolidated annual financial statements
for the period ended 31 December 2021.
These extracts do not constitute statutory accounts in
accordance with the Irish Companies Acts 2014. All monetary
information is presented in the presentation currency of the
Company being Pound Sterling. The Group's principal accounting
policies and assumptions have been applied consistently over the
current and prior comparative financial period.
3. Use of estimates and judgements
Preparing the condensed consolidated interim financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial
statements, significant judgements made by management in applying
the Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated
financial statements as at and for the year ended 31 December
2021.
4. Loss per share
Basic, dilutive and headline loss per share for the six months
ended 30 June 2022 are as follows:
6 months to 6 months 12 months
to to
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Loss for the year attributable
to equity holders of the parent (1,637,805) (1,011,565) (21,996,968)
Weighted average number of ordinary
shares for the purposes of basic
and dilutive loss per share 2,956,206,435 2,339,072,536 2,480,279,189
Basic loss per share (0.0006) (0.0004) (0.009)
Dilutive loss per share (0.0006) (0.0004) (0.009)
-------------- -------------- --------------
6 months 6 months 12 months
to to to
Reconciliation of Headline loss 30 June 30 June 31 December
per share
2022 2021 2021
GBP GBP GBP
Loss for the year attributable
to equity holders of the parent (1,637,805) (1,011,565) (21,996,968)
Adjusted for:
Profit on loss of control over
of subsidiaries - - (529,415)
Impairment of goodwill - - 300,000
Impairment of intangible assets - - 13,955,528
Impairment of associates - - 6,449,681
Headline loss per share (1,637,805) (1,011,565) (1,821,174)
Weighted average number of ordinary
shares for the purposes of headline
loss per share 2,956,206,435 2,339,072,536 2,480,279,189
Headline loss per share (0.0006) (0.0004) (0.0007)
-------------- -------------- --------------
Headline earnings per share (HEPS) is calculated using the
weighted average number of ordinary shares in issue during the
period and is based on the earnings attributable to ordinary
shareholders, after excluding those items as required by Circular
1/2021 issued by the South African Institute of Chartered
Accountants (SAICA).
5. Called up share capital and share premium
Authorised ordinary share capital of the company is
5,000,000,000 ordinary shares of EUR 0.001 each.
Authorised deferred shares of the company is 1,000,000,000 of
EUR 0.014 and 3,000,000,000 of EUR 0.009 respectively.
Detail of issued capital is as follows:
Number of Share Deferred Called Share Premium
Ordinary Capital Share Up Share
Shares Capital Capital
GBP GBP GBP GBP
Balance at 31 December
2020 2,221,640,835 1,205,611 19,205,882 20,411,493 44,312,371
Shares issued in period 253,707,902 219,703 - 219,703 -
-------------- ---------- ----------- ----------- --------------
Balance at 30 June
2021 2,475,348,737 1,425,314 19,205,882 20,631,196 44,312,371
Shares issued in period 455,308,700 411,248 - 411,248 1,116,957
-------------- ---------- ----------- ----------- --------------
Balance at 31 December
2021 2,930,657,437 1,836,562 19,205,882 21,042,444 45,429,328
-------------- ---------- ----------- ----------- --------------
Shares issued in period 108,540,021 98,037 - 98,037 86,753
-------------- ---------- ----------- ----------- --------------
Balance at 30 June
2022 3,039,197,458 1,934,599 19,205,882 21,140,481 45,516,081
-------------- ---------- ----------- ----------- --------------
The company issued the following ordinary shares during the
period, with regard to key transactions:
- 39,264,079 new Kibo Shares were issued on 16 February 2022 of
EUR 0.001 each at a deemed issue price of GBP0.0017828 per share to
an Institutional Investor ("Investor") in settlement of GBP70,000
of facility implementation fee pursuant to the Funding Facility
Agreement signed between the Investor and the Company in February
2022 ;
- 13,157,895 new Kibo Shares were issued on 16 February 2022 of
EUR 0.001 each at a deemed issue price of GBP0.0019 per share to
certain providers of financial and technical services in settlement
of GBP25,000 of outstanding invoices;
- 56,118,047 new Kibo Shares were issued on 20 May 2022 of EUR
0.001 each at a deemed issue price of GBP0.0016 per share to
Sanderson Capital Partners Limited in full and final settlement of
GBP89,788.88 of the total remaining outstanding amount owing
pursuant to the Forward Payment Facility; and
- 168,274,625 Company warrants to subscribe for 168,274,625 new
Kibo shares under the terms of warrants announced on the 16(th) of
February 2022.
6. Segment analysis
IFRS 8 requires an entity to report financial and descriptive
information about its reportable segments, which are operating
segments or aggregations of operating segments that meet specific
criteria. Operating segments are components of an entity about
which separate financial information is available that is evaluated
regularly by the chief operating decision-maker.
The Chief Executive Officer is the chief operating decision
maker of the Group.
Management currently identifies individual projects as operating
segments. These operating segments are monitored, and strategic
decisions are made based upon their individual nature, together
with other non-financial data collated from project and exploration
activities. Principal activities for these operating segments are
as follows:
30 June 2022
Mbeya Coal Bordersley Rochdale PyeBridge Sustinery Corporate 30 June 2022
PP Power Power Power Energy (GBP) Group
----------- ----------- --------- ---------- ---------- ------------ -------------
Revenue - - - 305,384 - - 305,384
Cost of sales - - - (260,329) - - (260,329)
Administrative
and other costs (590) (16,143) (3,420) (20,151) (220) (1,354,562) (1,395,086)
Loss from equity
accounted investment - - - - - (118,357) (118,357)
Project expenditure (25,908) (166,518) (39,284) (82,736) (50,985) (50,190) (415,621)
Finance cost - - - - - (86,914) (86,914)
Investment and
other income 5,686 - - - 141 2,766 8,593
----------- ----------- --------- ---------- ---------- ------------ -------------
Loss after tax (20,812) (182,661) (42,704) (57,832) (51,064) (1,607,257) (1,962,330)
----------- ----------- --------- ---------- ---------- ------------ -------------
30 June 2021
Mabesekwa Mbeya Coal Mast Energy Haneti Blyvoor Corporate 30 June 2021
Independent to Power Developments (GBP) Group
Power
------------- ----------- -------------- ---------- --------- ---------- -------------
Revenue - - - - - - -
Administrative
cost (806) (4,968) (275,445) (5,084) (4,228) (761,917) (1,052,448)
Exploration
expenditure - (33,254) (120,333) (119,802) (35,021) (124,268) (432,678)
Investment
and other income - 1,821 - - - 54,744 56,565
Capital raising
fees - - (260,878) - - (156,437) (417,315)
Loss from equity - - - - - - -
accounted investment
Finance income - - - - - 11,945 11,945
Finance costs - - (12,363) - - - (12,363)
------------- ----------- -------------- ---------- --------- ---------- -------------
Loss after
tax (806) (36,401) (669,019) (124,886) (39,249) (975,933) (1,846,294)
------------- ----------- -------------- ---------- --------- ---------- -------------
30 June 2022
Mbeya Coal Bordersley Rochdale PyeBridge Sustinery Corporate 30 June 2022
PP Power Power Power Energy Group (GBP) Group
----------- ------------ -------------- ------------- -------------- ------------ -------------
Segment assets 8,388 413,424 10,079 2,641,183 305,071 9,917,472 13,295,617
Segment
liabilities (21,650) (320,559) (26,682) (103,103) (33,493) (2,674,145) (3,179,632)
----------- ------------ -------------- ------------- -------------- ------------ -------------
30 June 2021
Mabesekwa Mbeya Coal Mast Energy Haneti Corporate 30 June 2021
Independent to Power Development Group (GBP) Group
Power
---------------- -------------------- ---------------- ------------------ ------------ ---------------
Segment assets - 9,822 4,590,930 5,536 29,104,836 33,712,942
Segment liabilities 8,464 98,090 686,205 90,527 1,079,633 1,964,418
---------------- -------------------- ---------------- ------------------ ------------ ---------------
7. Property, plant and
equipment
Right Furniture
of Use and Motor Office Computer Other
Land Asset Fittings Vehicles Equipment Equipment Equipment Total
Opening balance of Cost
at 1 January 2022 602,500 293,793 2,465 16,323 4,942 5,390 2,020,112 2,945,525
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Additions - - - 36,012 36,012
Forex movement - - 268 1,779 452 3,325 923 6,747
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Closing balance of Cost
at 30 June 2022 602,500 293,793 2,733 18,102 5,394 8,715 2,057,047 2,988,284
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Opening balance of
Accumulated
Depreciation at 1 January
2022 - (9,793) (2,465) (16,322) (4,409) (4,074) (8,703) (45,766)
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Depreciation - (7,042) - - (498) (81) - (7,621)
Forex movement - - (268) (1,779) 61 (865) (949) (3,800)
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Closing balance of
Accumulated
Depreciation at 30 June
2022 - (16,835) (2,733) (18,101) (4,846) (5,020) (9,652) (57,187)
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Carrying value at 30
June 2022 602,500 276,958 - 1 548 3,695 2,047,395 2,931,097
----------- ----------- ----------- ------------ -------------- ----------- ------------ -----------------
Right Furniture
of Use and Motor Office Computer Other
Land Asset Fittings Vehicles Equipment Equipment Equipment Total
Opening
balance of
Cost
at 1 January
2021 - - 2,436 16,131 4,970 4,989 8,601 37,127
------ --------- ------------- ----------- ------------ ------------ ------------ ---------
Additions - 297,593 - - - - - 297,593
Forex
movement - - - - - - - -
------- --------- ------------- ----------- ------------ ------------ ------------ ---------
Closing
balance of
Cost
at 30 June
2021 - 297,593 2,436 16,131 4,970 4,989 8,601 334,720
------ --------- ------------- ----------- ------------ ------------ ------------ ---------
Opening
balance of
Accumulated
Depreciation
at 1 January
2021 - - (2,436) (15,285) (4,398) (4,289) (8,601) (35,009)
------ --------- ------------- ----------- ------------ ------------ ------------ ---------
Depreciation - (1,733) - - - - - (1,733)
Forex movement - - (68) - - - (68)
--------- ------------- ----------- ------------ ------------ ------------ ---------
Closing
balance of
Accumulated
Depreciation
at 30 June
2021 - (1,733) (2,436) (15,353) (4,398) (4,289) (8,601) (36,810)
------ --------- ------------- ----------- ------------ ------------ ------------ ---------
Carrying
value at 30
June 2021 - 295,860 - 778 572 700 - 297,910
------ --------- ------------- ----------- ------------ ------------ ------------ ---------
Right Furniture
of Use and Motor Office Computer Other
Land Asset Fittings Vehicles Equipment Equipment Equipment Total
Opening
balance of
Cost
at 1 January
2021 - - 2,436 16,131 4,970 4,989 8,601 37,127
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Additions 602,500 293,793 - - - 509 2,011,409 2,908,211
Forex movement - - 29 192 (28) (108) 102 187
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Cost
at 31
December 2021 602,500 293,793 2,465 16,323 4,942 5,390 2,020,112 2,945,525
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Opening
balance of
Accumulated
Depreciation
at 1 January
2021 - - (2,436) (15,285) (4,398) (4,289) (8,601) (35,009)
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Depreciation - (9,793) - (842) - - - (10,635)
Forex movement - (29) (195) (11) 215 (102) (122)
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Closing
balance of
Accumulated
Depreciation
at 31
December
2021 - (9,793) (2,465) (16,322) (4,409) (4,074) (8,703) (45,766)
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
Carrying
value at 31
December
2021 602,500 284,000 - 1 533 1,316 2,011,409 2,899,759
--------- --------- ----------- ----------- ----------- ------------ ----------- -----------
8. Intangible assets
Composition of Intangible assets 30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Carrying value at 1 January 2022 4,964,550 18,491,105 18,491,105
---------- ----------- -------------
Foreign currency gain 31,058 - -
Acquisitions - - 428,973
Impairments - - (13,955,528)
---------- ----------- -------------
Carrying value at 30 June 2022 4,995,608 18,491,105 4,964,550
---------- ----------- -------------
Carrying value of intangible asset at
30 June 2022
Mbeya Coal to Power Project 1,947,500 15,896,105 1,940,577
Bordersley Power Project 2,595,000 2,595,000 2,595,000
Rochdale Power 150,273 - 150,273
Sustineri Energy 302,835 - 278,700
4,995,608 18,491,105 4,964,550
---------- ----------- -------------
Intangible assets are not amortised, due to the indefinite
useful life, which is attached to the underlying prospecting
rights, until such time that active mining operations commence,
which will result in the intangible asset being amortised over the
useful life of the relevant mining licences.
Intangible assets with an indefinite useful life are assessed
for impairment on an annual basis, against the prospective fair
value of the intangible asset. The valuation of intangible assets
with an indefinite useful life is reassessed on an annual basis
through valuation techniques applicable to the nature of the
intangible assets.
As at reporting period end, taking into account the various
applicable aspects, the Group concluded that none of the impairment
indicators had been met in relation to the Mbeya Coal to Power
Project, Bordersley Power Project, Rochdale Power or Sustineri
Energy.
9. Goodwill
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Goodwill - 300,000 -
-------- -------- ------------
- 300,000 -
-------- -------- ------------
MAST Energy Projects Limited - 2020
During the 30 June 2021 period, the Group acquired a 60% equity
interest in MAST Energy Project Limited, previously known as MAST
Energy Development Limited, for GBP300,000, settled through the
issue of 5,714,286 ordinary shares in Kibo Energy plc effective on
19 October 2018. The acquisition of MAST Energy Projects Limited
falls within the ambit of IFRS 3: Business Combinations.
The net assets acquired were valued at Nil, with the resultant
purchase price being allocated to Goodwill on date of acquisition.
Goodwill is assessed for impairment on an annual basis, against the
recoverable amount of underlying Cash Generating Unit ("CGU"). The
recoverable amount of the CGU is the higher of its fair value less
cost to sell and its value in use.
Because the underlying projects previously held by Mast Energy
Projects Limited have now been restructured into separate SPV's,
controlled directly by the intermediary holding company Sloane
Developments Limited, there was no prospective benefit from
continued operations of Mast Energy Projects Limited therefore the
goodwill was impaired. The Company will cease operations in the
foreseeable future.
10. Investment in associates
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Mabesekwa Coal Independent Power Plant 3,563,639 9,696,351 3,563,639
Katoro Gold plc 528,764 - 577,121
Share of loss for the period (118,357) - (48,357)
Foreign exchange loss (1,522)
---------- ---------- ------------
3,972,524 9,696,351 4,092,403
---------- ---------- ------------
The value of the equity interest in Kibo Energy Botswana (Pty)
Ltd was determined based on the fair value of the proportionate
equity interest retained in the enlarged resource following the
restructuring in the prior period.
As at reporting period end, taking into account the various
applicable aspects, the Group concluded that none of the impairment
indicators had been met in relation to the Mabesekwa Coal
Independent Power Plant project.
11. Other financial assets
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
-------- ------------ ------------
Other financial assets consist of:
Financial assets recognised at amortised - 1,880,556 -
cost
-------- ------------ ------------
Lake Victoria Gold - 657,061 -
Blyvoor Joint Venture - 1,223,495 -
Impairment of financial assets recognised - (1,880,556) -
at amortised cost
-------- ------------ ------------
Impairment - (1,880,556) -
-------- ------------ ------------
Carrying value at reporting period end - - -
-------- ------------ ------------
12. Borrowings
Amounts falling due within one year 30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Short-term borrowings 1,732,423 499,401 1,079,691
---------- -------- ---------------
1,732,423 499,401 1,079,691
---------- -------- ---------------
Short-term borrowings consist of:
Apex Capital 661,911 - 960,686
Institutional Investor 1,070,512 - -
Sanderson Capital - 144,004 119,005
St Anderton on Vaal Ltd - 355,397 -
---------- -------- ------------
1,732,423 499,401 1,079,691
---------- -------- ------------
The borrowings relate to the following loan facilities:
Institutional Investor
The Institutional Investor borrowing is a bridge loan facility
agreement for up to GBP3m with a term of up to 36 months. Funds
advanced under the Facility will attract a fixed coupon interest
rate of 3.5% and will be repayable with accrued interest on 23 July
2022.
Sanderson Capital Partners Limited
Short term loans relate to the unsecured interest free loan
facility from Sanderson Capital Partners Limited in the amount of
GBPNIL (31 December: GBP119,005, 31 December: GBP144,004) which is
was repaid through the issue of ordinary shares by the Company.
Deferred vendor liability - Apex Capital
The amount due to vendors represents the balance of the purchase
consideration owing in respect of the acquisition of Pyebridge
Power Limited. The liability will be settled in cash as
follows:
-- GBP500,000 payable within 8 months after the signing of the
SPA represents: and
-- GBP500,000 payable within 12 months after the signing of the
SPA represents.
The fair value of the deferred vendor liability is based on the
anticipated purchase consideration payable, at the fair value
thereof on the date of the transaction. The carrying value of
current other financial liability equals their fair value due
mainly to the short-term nature of these payables.
St Anderton on Vaal Limited
The amount due to St Anderton on Vaal Limited represented the
balance of amounts owed by MAST Energy Projects Limited for
consulting services rendered. The amount due as at 30 June 2021 of
GBP355,397 was written off by St Anderton on Vaal Limited during
the previous financial period and resulted in other income of
GBP355,397 during the financial period 1 July 2021 to 31 December
2021.
13. Right of use asset and Lease liability
The Group has one lease contract for land it shall utilise to construction
a 5MW gas-fuelled power generation plant. The land is located at Bordesley,
Liverpool Street, Birmingham. The lease of the land has a lease term
of 20 years, with an option to extend for 10 years which the Group has
opted to include due to the highly likely nature of extension as at
the time of the original assessment. The Group's obligations under its
leases are secured by the lessor's title to the leased assets. The Group's
incremental borrowing rate implicit to the lease is 8.44%. Refer to
note 7 for the right of use asset.
30 June 30 June 31
Lease 2022(GBP) 2021(GBP) December
liability 2021(GBP)
--------------------- --------------------- ---------------------
Carrying amounts of
lease liabilities:
Opening 291,518 - -
balance
--------------------- --------------------- ---------------------
Additions - 297,594 293,793
Interest 12,290 12,363 24,725
Payments (13,500) (11,100) (27,000)
--------------------- --------------------- ---------------------
Closing
balance 290,308 298,857 291,518
--------------------- --------------------- ---------------------
Spilt of
lease
liability
between
current
and
non-current
portions
Current 2,587 2,422 2,473
Non-current 287,721 296,435 289,045
--------------------- --------------------- ---------------------
290,308 298,857 291,518
--------------------- --------------------- ---------------------
14. Financial instruments
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Financial assets - carrying amount
Loans and receivables held at amortised
cost
Trade and other receivables 233,091 45,455 255,747
Cash and cash equivalents 1,163,297 4,882,121 2,082,906
---------- ---------- ------------
1,396,388 4,927,576 2,338,653
---------- ---------- ------------
Financial liabilities - carrying amount
Financial liabilities held at amortised
cost
Trade and other payables 1,156,901 1,166,160 1,116,273
Borrowings 1,732,423 499,401 1,079,691
---------- ---------- ------------
2,889,324 1,665,561 2,195,964
---------- ---------- ------------
The Board of Directors considers that the fair values of
financial assets and liabilities approximate their carrying values
at each reporting date due to the short-term nature thereof, and
market related interest rate applied.
15. Revenue
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Electricity sales 305,384 - 3,245
-------- -------- ------------
305,384 - 3,245
-------- -------- ------------
Revenue is comprised of electricity sales from renewable energy
operations of MAST Energy Developments plc in the United
Kingdom.
16. Unaudited results
These condensed consolidated interim financial results have not
been audited or reviewed by the Group's auditors.
17. Dividends
No dividends were declared during the interim period.
18. Board of Directors
There were no changes to the board of directors during the
interim period, or any other committee's composition.
19. Subsequent events
The following subsequent events have been noted:
-- MAST appointed Mr. Pieter Krügel as a director with effect
from 1 June 2022 and announced on the Company's RNS on 13 July
2022. Mr. Krügel was appointed as Chief Executive Officer of the
Company and announced on the Company's RNS of the 20 May 2022 with
effect from 1 June 2022 and this completes his appointment to the
board.
-- KIBO has successfully achieved its first major Framework
Agreement ('FA') target, by placing the first commitment, to
purchase the first two proof of concept ('POC') projects, as
announced in the Company's RNS dated 17 May 2022. These projects
relate to its signed strategic five-year FA with CellCube to deploy
long-duration energy storage in Southern Africa. The FA envisages
the deployment of c.1 Gigawatt of Long Duration Energy Storage in
Southern Africa over the next five years. Kibo placed the
commitment to purchase via its 51%-owned subsidiary National
Broadband Solutions ('NBS'), for two (2) CellCube FB 250 - 1000
Vanadium Redox Flow Batteries as part of its initial stage of the
FA.
-- KIBO has extended to 20 years its conditional 10-year
take-or-pay Power Purchase Agreement ('PPA'), first announced in
the Company's RNS dated 14 February 2022. The PPA outlines the
construction, commissioning and operation of a 2.7 MW
plastic-to-syngas power plant to generate baseload electricity for
an industrial business park developer (the 'Client') in Gauteng,
South Africa (the 'Project'). The Project is the Company's first
under its joint venture, Sustineri Energy, in which Kibo Energy PLC
holds 65% and Industrial Green Energy Solutions Pty Ltd ('IGES')
holds the balance of 35%. The extended term period to 20 years will
improve the already compelling Project highlights, including:
-- Strong financials: An increase in the projected EBITDA from
c. ZAR 388 million to c. ZAR 953 million, of which an amount of c.
ZAR 619 million is attributable to the Company;
-- Improved Internal Rate of Return ('IRR'): An increased
projected IRR of 15-18%, up from 11-14%; and
-- Commencement of construction and commissioning: The
Construction Phase is scheduled to commence during Q1 2023 with
project commissioning 11 to 14 months thereafter.
-- MAST has issued 28,735,632 new MED Shares of GBP0.001 each
("the Settlement Shares") at a deemed issue price of GBP0.0348 per
share ("Settlement Share Price") to its majority shareholder, Kibo
Energy PLC ("Kibo") in partial settlement of GBP1m (the "Partial
Settlement") of the total remaining outstanding amount owing to
Kibo Mining Cyprus Ltd, a wholly owned subsidiary of Kibo, pursuant
to the shareholder loan account ("the Loan"), as disclosed in the
Company's IPO admission document and most recently its latest
audited annual report and accounts. Following the Partial
Settlement, the Loan's remaining outstanding amount owing to Kibo
is c. GBP1.27m. The Settlement Share Price is the 5-day VWAP for
the period up to the closing price of the Company shares on the
London Stock Exchange on 26 July 2022, plus a 20% premium and has
effectively increase Kibo's shareholding in MED to 61.27%. This was
announced on the Company's RNS on 29 July 2022.
-- KIBO has initiated a process for Requests for Proposals
('RFPs') to investigate the feasibility of replacing fossil-fuel
(coal) with renewable biofuel, as mentioned in the Company's RNS
dated 27 May 2022. This follows an extensive review of the
Company's operations and assets wherein it determined to dispose of
all its coal assets (RNS dated 16 June 2021) while retaining the
associated energy (power) projects through its introduction of
innovative biofuel technology, on which the Company has been doing
extensive work in recent months. Through the RFP process, Kibo
intends to appoint an experienced international biomass and biofuel
consultant to determine the economic and technical viability of
utilising the specific biomass (or bio-coal) technology, referred
to above and in previous RNS's, as a feasible fuel source at
industrial scale, to fuel the Company's existing and already
developed utility scale power projects. The feasibility studies
will investigate whether sufficient biomass can be sustainably
(NOTE: sustainable = economically, environmentally and socially
viable) produced and supplied as fuel for a 300 MW power plant over
a 20 to 25-year power purchase agreement ('PPA') period. The
biofuel technology, which will be the subject of the above referred
investigation, has already been subjected to extensive bench
testing and has thus far delivered positive results in all tests
performed.
-- Kibo has signed a definitive Share Purchase Agreement (the
'SPA') to acquire a 100% interest in a waste reception, Anaerobic
Digestor and CHP power plant ('Southport' or 'the Project') at
Merseyside, United Kingdom. The acquisition is in line with the
Company's refocused strategy to acquire and develop an energy
portfolio centred around sustainable renewable / clean energy
solutions and opportunities, as detailed in a Company RNS dated 19
April 2021. This includes the addition of a 12MW waste-to-energy
project in the UK (see RNS dated 27 May 2022).
20. Going concern
The Group currently generated revenue of GBP305,384 and had net
assets of GBP10,115,985 as at 30 June 2022 (31 December 2021: net
assets of GBP11,807,883; 30 June 2021: GBP31,748,524).
In performing the going concern assessment, the Board considered
various factors, including the availability of cash and cash
equivalents; data relating to working capital requirements for the
foreseeable future; cash-flows from operational commencement,
available information about the future, the possible outcomes of
planned events, changes in future conditions, the current global
economic situation due to the Covid-19 pandemic and Ukraine
conflict and the responses to such events and conditions that would
be available to the Board.
Furthermore, the group has incurred losses in the current
financial period and previous periods. These losses coupled with
the net current liability position the Group finds itself in as at
June 2022, indicate that a material uncertainty exists which may
cast significant doubt on the Group's ability to continue as a
going concern.
This is largely attributable to the short-term liquidity
position the Group finds itself in as a result of the significant
capital required to develop projects that exceeds cash contributed
to the group by the capital contributors.
The Directors have evaluated the Groups liquidity requirements
to confirm whether the Group has adequate cash resources to
continue as a going concern for the foreseeable future, taking into
account the net current liability position, and consequently
prepared a cash flow forecast covering a period of 12 months from
the date of these interim financial statements, concluding that the
Group would be able to continue its operations as a going
concern.
The interim financial statements have accordingly been prepared
on the going concern basis which contemplates the continuity of
normal business activities and the realisation of assets and the
settlement of liabilities in the normal course of business.
21. Commitments and contingencies
There are no material commitments, contingent assets or
contingent liabilities as at 30 June 2022 nor any of the
comparative periods.
22. Seasonality of operations
The company's operations are not considered to be seasonal or
cyclical. These interim results were therefore not impacted by
seasonality or cyclicality.
23 September 2022
**S**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy Chief Executive Officer
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------- ----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Joint Broker
2341
--------------------------------- ------------------- ----------------------------
Damon Heath +44 207 186 9952 Shard Capital Joint Broker
Partners LLP
--------------------------------- ------------------- ----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Allen Ltd
--------------------------------- ------------------- ----------------------------
Zainab Slemang zainab@lifacommunications.co.za Lifa Communications Investor and Media Relations
van Rijmenant Consultant
--------------------------------- ------------------- ----------------------------
Notes
Kibo Energy PLC is a renewable energy focused development
company with its primary focus to advance its business as a
significant diversified energy developer of sustainable power
solutions that integrate existing and emerging Renewable Generation
technology, Waste-to-Energy technology and Energy Storage
technology in southern and eastern Africa, and the United
Kingdom.
Additionally, the Company has a 61.27% interest in MAST Energy
Developments Limited ('MED'), a private UK registered company
targeting the development and operation of flexible power plants to
service the UK Reserve Power generation market.
Johannesburg
23 September 2022
Corporate and Designated Adviser River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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END
IR BKNBDFBKKOCB
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