Wrap Text
Audited financial results for the twelve months ended 31 December 2022
Kibo Energy Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(“Kibo” or “the Company”)
Dated: 29 June 2023
Audited financial results for the twelve months ended 31 December 2022.
Kibo Energy Plc ("Kibo" or the "Company"), the renewable energy-focused development company, is
pleased to release its audited financial results for the twelve months ended 31 December 2022.
Overview
Financial results (includes the consolidated results of MAST Energy Developments Plc
*Total revenues £1,036,743 (2021: £3,245);
*Operating loss £10,570,952 (2021: £24,071,363 loss);
*Loss after tax for the year ended December 2022 £10,908,524 (2021: £23,148,155 loss)
includes:
-£181,684 (2021: £891,375) from the equity accounted results of Katoro Gold Plc
(“Katoro”), which is separately funded;
-£2,732,982 (2021: £1,079,083) from the consolidated results of Mast Energy
Developments Plc (“MED”), which is separately funded.
-£7,038,930 (2021: £20,705,209) impairment loss mainly on Mast Energy Developments
plc (Bordersley), Mbeya Coal to Power and Mabesekwa Coal to Power projects as a
result of the continuing global shift to move toward renewable energy and disregard fossil
fuel assets, coupled with the Group’s execution of its renewable energy strategy during
the 2022 financial period;
*Administrative expenditure increased to £2,579,028 in the year ended December 2022 (2021:
£2,325,750)
*Listing and capital raising fees increased from £321,365 to £363,368;
*Additional renewable energy and exploration project expenditure of £847,567 (2021:
£687,963) incurred in 2022 by Kibo’s subsidiaries being mainly MAST Energy Developments
plc on Bordersley, Pyebridge and Rochdale and on Sustineri Energy (Pty) Ltd on renewable
energy in South Africa;
*Cash outflows from company operating activities have decreased to £759,985 (2021:
£491,229 cash outflow);
*Group net debt position (cash less debt) is (£5,032,945) (2021: (£404,576) net debt);
*Company net debt position (cash less debt) is (£2,659,817) (2021: £6,608 net cash);
*Basic and diluted loss per share of £0.003 for December 2022 (2021: basic and diluted
£0.009);
*Headline loss per share of £0.0009 for December 2022 (2021: headline loss per share of
£0.0007).
Operational highlights in the 2022 year to date
*Solidified our position in sectors like Waste to Energy, Biofuel, Reserve Power, and
Renewable Energy Generation Long Duration Battery Storage, focusing on Southern Africa
and the UK.
*Proceeded with the joint venture agreement to jointly develop a portfolio of Waste to Energy
projects in South Africa with Industrial Green Energy Solutions (Pty) Ltd, which will initially
develop a phased c. 8MW project for an industrial client, to be followed by six other projects at
different sites, to a total generation of up to 50MW. A 20-year conditional Power Purchase
Agreement secured for initial 2.7 MW phase.
*Ongoing intention to divest from coal assets while retaining energy projects through
innovative biofuel technology. Recent testing showed the superior potential of biomass (bio
coal) compared to conventional coal in industrial boilers.
*Initiated a technical study to assess the feasibility of replacing fossil fuels with renewable
biofuel. In this regard, Kibo has appointed an experienced international biomass and biofuel
consultant to evaluate the economic and operational feasibility of implementing bio coal as a
fuel replacement for utility-scale power projects.
*In discussions with the Tanzanian government for the Mbeya Power Project, aligning with the
Tanzanian Power System Master Plan. A renewed MOU with TANESCO outlines the
framework for finalizing power purchase and implementation agreements.
*Partnership with Enerox GmbH secures qualified exclusive rights to deploy VRFB Energy
Storage Systems, advancing our commitment to sustainable energy.
*Entered into a share purchase agreement to acquire Shankley Biogas Limited, securing the
rights to the Southport project—a 12 MW Waste to Energy initiative near Liverpool, UK. The
project aims to generate bio-methane, power a 10 MW CHP plant, and a 2 MW battery storage
facility.
Post period highlights and Outlook
*Kibo appointed Beaumont Cornish to the Company as its Nominated Advisor (Nomad) on 11
January 2023 following the resignation of RFC Ambrian as Company Nomad on 9 December
2022.
*Kibo appointed Ajay Saldanha to the Board as a director of the Company on 11 January 2023.
*Kibo appointed Peter Oldacre as Kibo Group Business Development Executive on 10 March
2023.
*Kibo announced a potential new revenue stream on 17 January 2023 for its initial project within
the IGES waste to energy joint venture, targeting the production of synthetic oil from non-
recyclable plastic waste (in addition to the previously reported production of electricity from
syngas), which promises significant added benefits.
*Kibo settled outstanding creditors by way of issuing 14,025,314 ordinary shares at 0.14 pence
per share, of par value €0.001 each (the "Settlement Shares") to a service provider in payment of
an outstanding invoice for value of £19,635.44.
*The Kibo 7% Convertible Loan Note Instrument was redeemed with the agreement of
Noteholders for outstanding balances amounting to £714,517 (principal and interest) as of 28
February 2023 on 11 April 2023 for Kibo shares to satisfy one of the conditions precedents to
the re-profiling of the Kibo Facility Agreement signed on 10 April 2023 (refer below).
*Kibo announced a reprofiling of the Bridge Loan Facility Agreement signed with an
Institutional Investor on 16 February 2022 and for which the maturity date was subsequently
extended from its original date of 16 June 2022 to 28 April 2023. The Reprofiling Agreement
saw £1,113,980 of the outstanding balance on the existing bridge loan facility converted into a
new 24-month term loan (the Reprofiling Agreement) following the completion of the conditions
precedent under the Reprofiling Agreement which were satisfied on 25 April 2023 and
announced on 26 April 2023. Kibo has also awarded 1,262,300,283 warrants to the Institutional
under the agreed reprofiling terms of the Facility.
*Kibo repriced all unexercised and outstanding warrants in the Company to the amount of
1,128,024,625 such that they are exercisable at £0.001 (0.1p). Pursuant to the warrant repricing,
Kibo received warrant notices to exercise 284,524,625 Kibo warrants for which 284,524,625
ordinary Kibo shares of €0.001 at a price of £0.001 (0.1p) will be issued.
*Kibo announced on 2 May 2023 that recent verification testing on selected biomass types
demonstrate that the selected biomass types not only match but significantly outperforms
conventional coal in many specification categories used in industrial boilers. These verification
results have shown more favourable outcomes in terms of specifications compared to previous
tests.
*Kibo announced on 18 May 2023 that the potential to fuel its legacy coal power plant projects
with biofuel is being advanced alongside renewed negotiations on a power purchase agreement
with the Tanzanian Government in relation to the Mbeya Power Project. Furthermore, Kibo
announced the establishment of a Joint Technical Committee with TANESCO to ensure the key
milestones, as set out in the MOU, are met.
*Kibo’s subsidiary, MAST Energy Developments plc (MED) announced on 18 May 2023 that it
has recently concluded a Heads of Terms ('HoT') with regard to a new Joint Venture ('JV')
agreement between MED and a new institutional investor-led consortium (the 'Institutional
Investor'). Under the HoT, it is envisaged that the Institutional Investor will inject all required
investment capital into the JV with an expected total investment value of c. £33.6m, with no
funding contribution required from MED.
*The Group continues to focus on its revised renewable energy strategy in order to align with
global requirements.
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 2022 audited results is available from the Company's website at www.kibo.energy and on
the JSE website at: https://senspdf.jse.co.za/documents/2023/jse/isse/kbo/kibo311222.pdf
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
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated Adviser
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP AIM Broker
James Biddle +44 207 628 3396 Beaumont Cornish Limited Nominated Adviser on AIM
Roland Cornish
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media Relations
van Rijmenant Consultant
Johannesburg
29 June 2023
Designated and Corporate Adviser
River Group
Date: 29-06-2023 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
