Dow Jones received a payment from EQS/DGAP to publish this press release.
EcoVista PLC (EVTP)
Audited Annual Results for the year ended 31 August 2018
15-Feb-2019 / 07:30 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
ECOVISTA PLC
("Ecovista" or "the company")
Audited Annual Results for the year ended 31 August 2018
Chairman's statement
I am pleased to present to you my first chairman's statement since my
appointment for the year ended 31 August 2018.
Overview
The financial statements for the year to 31 August 2018 showed a loss of
GBP96,379 comparable to the loss for the year ended 31 August 2017 of
GBP887,306.
The group's properties were valued at year end. This resulted in a
revaluation of GBP142,075 to the properties.
Since the end of the financial period, we have seen the development of 100
Rye Street completed and it will go onto the market next month with an
asking price of GBP1,750,000. We have successfully gained planning for 9
houses on our option site at Start Hill.
During the year the company raised GBP299,950 in new equity, and GBP550,000 in
convertible loan notes showing the strong commitment from new investors.
This has strengthened our financial position, aided the completion of the
property investments we targeted for this year and has helped increase the
net asset value (NAV) of the group from GBP1,182,982 to GBP1,390,973 for the
period to 31 August 2018.
The board remains committed to continue to keep a tight rein on costs and
low levels of leveraging.
Current operations
100 Rye Street Ltd
The new 4,380sq ft. house that has been built is close to being completed
and is intended to be marketed at GBP1,750,000.
Start Hill Limited
Start Hill Limited owns a four-bedroom house called Marstons on 0.3 of a
hectare of land and is currently rented out on an Assured Shorthold Tenancy.
Willside Limited
Willside Limited has an option to purchase a four-bedroom house, next to
Marstons, within a slightly bigger plot of 0.43 hectares. The group has
gained planning permission to demolish the house and build nine houses on
the plot.
Cignella S.r.l.
The Cignella Estate (Cignella -- http://www.cignella.com/en/ [1]) is a
resort in southern Tuscany approximately 35 minutes south of Siena. The
resort comprises 18 houses and apartments, of which 13 are currently let via
web based and local holiday companies to tourists mostly from the UK and
Germany. The remaining 5 properties are townhouses which are yet to be
completed.
At present Ecovista owns 13% of the shares in Cignella S.r.l and has an
option to buy the balance of the equity for EUR4m. Although at current
valuations this option is unlikely to be exercised.
Prior Year Adjustment
A prior year adjustment has been made within the financial statements. In
previous years, the properties held were accounted for as Investment
Property. However, as the intended use of these properties is for subsequent
resale following development, it is not considered that they meet the
definition of investment properties per UK GAAP and they have been
reclassified to Property, Plant and Equipment. The prior year figures have
been adjusted and reclassified accordingly. Details on this can be found in
note 11.
Going Concern
The auditors have included a material uncertainty in relation to going
concern within their audit report.
The Group's current liabilities exceeded its current assets by GBP279,871 as
at the year end. This position has arisen as a result of short term funding
secured against one of the Group's property assets. This short-term loan has
subsequently been settled and the Group has entered into another short term
loan arrangement.
This financing arrangement causes a reportable deficit in the accounts of
the company. However the company has a continued expectation for any
facilities to be renewed and anticipates in the future to release funds by
the sale of the properties within its Fixed Assets.
With a debt to equity ratio of only 30% the Directors consider there to be
sufficient borrowing power, if required, for the Group and subsidiary
companies to continue as a going concern although there can be no absolute
guarantee to this effect.
Outlook
The group has continuous opportunities available to it and is currently
looking at a number of potential development sites in and around the London,
Essex and Hertfordshire area.
The Directors believe that there is sustainable growth in selective property
transactions in these areas.
The company intends to launch a EUR10,000,000 Eurobond listed on the GEM
exchange in Dublin in the coming months in order to continue to fund further
acquisitions in its target market and explore further opportunities in the
UK property market.
The Board continues to view the year ahead with confidence.
D Barnett
Chairman
15 February 2019
Consolidated Income Statement
For the year ended 31 August 2018
Year to Year to
31 31
August August
2018 2017
(Restate
d)
Continuing operations Notes GBP GBP
Turnover 5 17,400 -
Cost of sales - -
Gross profit 17,400 -
Loss on disposal of - (169,941
subsidiary )
Impairment of 14 - (480,055
Investments )
Administrative expenses (190,614 (219,356
) )
Operating loss 6 (173,214 (869,352
) )
Financial expense (65,240) (17,954)
Loss before tax (238,454 (887,306
) )
Taxation 9 - -
Loss for the year from (238,454 (887,306
continuing operations ) )
Loss for the financial year attributable to:
Non-controlling (7,544) -
interest
Equity shareholders of the company (230,910 (887,306
) )
(238,454 (887,306
) )
Other Comprehensive
Income:
Revaluation of property 12 142,075 -
Total Comprehensive (96,379) (887,306
Loss for the Year )
Loss/ total comprehensive income for the
financial year attributable to:
Non-controlling (7,544) -
interest
Equity shareholders of the company (88,835) (887,306
)
(96,379) (887,306
)
Earnings per share
attributable to owners
of the parent company
Basic earnings per 11 (0.005) (0.024)
share (pence)
Statements of Financial Position
As At 31 August 2018
Group Company
2018 2017 2018 2017
(Restate (Restated
d) )
Notes GBP GBP GBP GBP
Fixed assets
Property, plant 12 2,107,090 1,347,09 - -
and equipment 0
Investment in 13 - - 281 181
subsidiaries
Investments 14 508,616 270,739 508,616 270,739
2,615,706 1,617,82 508,897 270,920
9
Current assets
Debtors 15 9,623 75,092 1,816,142 1,482,086
Cash at bank and 75,637 124,310 63,364 113,644
in hand
85,260 199,402 1,879,506 1,595,730
Creditors: 16 (365,131) (80,071) (49,307) (52,299)
amounts falling
due within one
year
Net current (279,871) 119,331 1,830,199 1,543,431
(liabilities) /
assets
Total assets 2,335,835 1,737,16 2,339,096 1,814,351
less current 0
liabilities
Creditors: 17 (944,862) (554,178 (944,862) (554,178)
amounts falling )
due after more
than one year
Net assets 1,390,973 1,182,98 1,394,235 1,260,173
2
Capital and
reserves
Called up share 19 181,760 173,190 181,760 173,190
capital
Share premium 20 2,918,687 2,683,04 2,918,687 2,683,045
account 5
Revaluation 20 142,075 - - -
reserve
Equity reserve 20 74,710 14,552 74,710 14,552
Profit and loss (1,918,715 (1,687,8 (1,780,922 (1,610,61
account ) 05) ) 4)
Equity 1,398,517 1,182,98 1,394,235 1,260,173
attributed to 2
(MORE TO FOLLOW) Dow Jones Newswires
February 15, 2019 02:31 ET (07:31 GMT)
© 2019 Dow Jones News