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Unaudited Interim results for the six months ended 30 June 2022
Kibo Energy Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(“Kibo” or “the Company”)
Dated: 23 September 2022
Unaudited interim results for the six months ended 30 June 2022.
Kibo Energy Plc ("Kibo" or the "Company"), the renewable energy-focused development company, is
pleased to release its unaudited interim results for the six months ended 30 June 2022.
Overview
Financial results (includes the consolidated results of MAST Energy Developments Plc)
* Loss after tax for the period ended June 2022 £1,962,330 (June 2021: £1,846,294 loss)
includes:
- £ Nil (June 2021: £771,791) from the consolidated results of Katoro Gold Plc (“Katoro”),
which is separately funded;
- £681,614 (June 2021: £672,191) from the consolidated results of Mast Energy
Developments Plc (“MED”), which is separately funded.
* Administrative expenditure remains consistent at £1,210,016 for the six months ended June
2022 (June 2021: £1,052,448);
* Operating loss for the six months ended June 2022 included listing and capital raising fees of
£185,070 (June 2021: £417,315);
* Project and exploration expenditure incurred of £415,621 (June 2021: £432,678), of which
£337,991 (June 2021: £123,506) relate to MED’s renewable energy operations;
* Cash outflow from consolidated operating activities amounted to £1,601,095 (2021:
£1,715,620), which includes the consolidated cash outflows of MED which is separately
funded;
* Basic and diluted EPS £0.0006 loss for June 2022 (June 2021: basic and diluted £0.0004 loss);
* Headline EPS £0.0006 loss for June 2022 (June 2021: headline EPS £0.0004 loss).
Operational highlights in the 2022 year to date.
* Continued focus on the Company's revised renewable energy strategy in order to align with
global requirements:
- 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')
- 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
- 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
- Intention to dispose of original coal assets in accordance with an approved disposal
strategy that will realise value for shareholders
- 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 £3 million
with a term of up to 36 months and an initial drawdown of £1 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 period highlights and Outlook
* Successfully achieved the first CellCube FA target with a commitment to purchase the first
three POC projects
* 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
* 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
* 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
* 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.
This short-form announcement is the responsibility of the directors and is only a summary of the
information in the full announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement published on SENS and the issuers
website as a whole.
A copy of the unaudited interim results is available from the Company's website at www.kibo.energy
and on the JSE website at https://senspdf.jse.co.za/documents/2022/jse/isse/kbo/KBO300622.pdf.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU)
no. 596/2014 ("MAR").
Johannesburg
23 September 2022
Designated and Corporate Adviser
River Group
Date: 23-09-2022 10:30:00
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