TIDMINQO
RNS Number : 2840V
Inqo Investments Limited
08 August 2022
Inqo Investments Limited
Unaudited Group Results for the period ended 28 February
2022
CHAIRMAN AND CHIEF EXECUTIVE STATEMENT
Inqo Investments Limited ("Inqo" or "the Group") is a South
African based social impact company that acquires and invests in
businesses that tackle poverty and the social needs of low-income
earners in Sub-Saharan Africa.
COMMENTARY
The Group remains in a good financial position with total assets
of R149,004,595 and minimal debt.
Subsequent to the year-end, additional funding and cash have
been made available to the Group as follows:
-- Directors' loan funds in the amount of R2,031,000 made available to the company.
-- R1,440,000 that will be generated from the sale of the
Group's interest in its Bee Sweet Honey Investment. These funds are
due to be settled on 31 August 2022, 31 October 2022 and 31 January
2023.
There are a number of challenges facing the Group currently, but
despite these challenges the directors of the company have assessed
that it will continue as a going concern.
The results for the year under review showed revenue of
R3,872,007 (2021: R4,214,583), reflecting a loss after tax of
R12,614,587 (2021 a loss of R11,563,674). The loss for the year is
reported after accounting for the following operating costs:
February 2022 February 2021
Depreciation 3,295,251 3,462,536
Listing expenses 581,917 839,653
Directors' fees and salaries 696,000 658,000
Professional fees 629,847 514,891
Impairments and fair value adjustments 2,357,326 2,189,219
Provision for Doubtful Debts 529,069 270,134
The Group has suffered the consequences of the Covid-19 pandemic
with lower than expected earnings reported in this period. To
counter the effects of the pandemic, the Group has taken extensive
steps to reduce costs with companies in the Group adopting industry
appropriate strategies to operate safely and effectively under
challenging conditions. The diverse nature of the Group portfolio
has meant that the impacts of the pandemic have varied across
investee companies from the severe impacts in the hospitality
sector to far less significant impacts to the agricultural sector.
Now that most of the world has relaxed Covid-19 restrictions, the
companies in the Group are seeing their operations returning to
some form of normality, but whilst some were able to grow despite
the pandemic, others have yet to return to pre-Covid-19 business
levels.
The directors of the holding company review the valuation placed
on all income earning assets annually to ensure that they reflect
their fair value. This review was done on 28 February 2022 and,
having conducted the review, the directors are of the view that the
Group's assets are reflected at fair value. In the process of
carrying out this review it was decided that the following value
adjustments should be processed.
-- The Covid-19 pandemic hit the hospitality industry worldwide
very hard and at this stage the industry has not yet returned to
pre-Covid-19 levels of travel. Kuzuko Lodge, the Group's five-star
Private Game Reserve, has suffered like the rest of the hospitality
industry worldwide. The impact of this is that monies owed by
Kuzuko Lodge to Inqo have not been paid as agreed and thus it has
been agreed to make a provision for doubtful debts of R1,750,937
against the total amount owing of R2,918,225.
-- When the directors conducted a review of the carrying values
of the various investments that the company has made it was agreed
that a value adjustment would need to be made in respect of its
investments in Four One Financial Services Limited and Bee Sweet
Honey Limited.
Ø Four One Financial Services has struggled financially but
managed to keep afloat and, in the process, has defaulted on loan
and interest payments. The consequences of this are that the full
capital value of two of the loans with a value of R620,722 in 2022
and 25% of the capital value amounting to R157,473 in 2021 have
been impaired. A provision for doubtful debts has been raised
against interest owing of R770,812 in 2022 and R270,134 in
2021.
Ø Bee Sweet Honey has for the last three years struggled to
produce the levels of profit forecast due to poor conditions in the
global honey market which caused the US dollar based price of honey
to fall. The result is that while the company has continued
trading, the value of Inqo's investment has fallen and thus it was
decided to impair the value of Inqo's investment in Bee Sweet by
R1,894,077. In the last quarter of the 2021/2 financial year Bee
Sweet decided to re-align its business under new management and as
a result Inqo has opted to disinvest from the Bee Sweet operation
in Zambia. The proceeds of the sales transaction will be paid to
Inqo in the 2022/3 financial year of the Group.
The negative impact of Global Warming that was experienced in
the Eastern Cape, where the properties owned by Inqo are situated,
reached a high point in September 2021 when drought impacts were
exceptionally high. We are pleased to report that this position has
reversed and that Inqo's property has had good rainfall since
October 2021. In spite of this, game prices have not fully
recovered and thus the game, including the buffalo herd, had to be
impaired by an amount of R129,531 (2021: R566,323).
Land and buildings are required to be valued every two years by
an independent valuator in terms of Inqo's accounting policies. The
last formal valuation was done in April 2021. The company had the
same valuator carry out a desktop valuation this year and this
valuation showed a 4% increase since April 2021, thus the value
stated in the company's books of account is considered fair.
INVESTEE COMPANIES
Kuzuko Lodge (South Africa)
Kuzuko Lodge ("Kuzuko") re-opened to guests in September 2021
but has not yet reached pre-Covid-19 trading levels. A real
improvement in bookings at the Lodge is not expected to be felt
until September 2022, when international bookings for the
traditional peak season, a significant source of revenue for
Kuzuko, are expected to return closer to pre-pandemic levels.
Pre-Covid, the Lodge had a staff complement of 64, the bulk of
whom were drawn from the local community. Currently the staff
complement is 28 who once again are mainly drawn from the local
community. The directors of the company and the management company,
Legacy Hotels and Resorts, have maintained contact with members of
the workforce who were retrenched/laid off and provided them with
food parcels during the period that the Lodge has been closed in
recent months. The previously retrenched/laid off staff will be
re-employed by the Lodge as soon as occupancies allow.
Spekboom Trading (South Africa)
The company has to date replanted some 500 acres of degraded
land with spekboom, an indigenous shrub that naturally sequesters
exceptionally high levels carbon, creating 100 job opportunities in
the process.
There has recently been a renewed interest in the carbon markets
in response to the growing global awareness on the impact of
climate change with nature-based solutions, such as spekboom, being
a high priority. Inqo has started scaling up spekboom restoration
activities now that the Covid-19 pandemic situation has largely
been resolved providing valuable employment opportunities as well
as a positive environmental benefit. The outlook for Spekboom
Trading looks positive given the buoyant nature of the carbon
markets and global interest in reforestation projects.
Bee Sweet Honey (Zambia)
Inqo made a series of investments in the Bee Sweet commercial
honey production operation between 2016 and 2019. Bee Sweet Honey
contracts with rural farmers to manage hives placed on farmers'
land in return for a share of the profit from the harvest.
Bee Sweet has not been able to operate profitably over the last
few years due to a combination of operational issues, challenges in
the market and more recently the global pandemic. In the first
quarter of the 2022 year, Bee Sweet decided to change the way the
company operated under new management and as a result, Inqo has
decided to exit its investment in Bee Sweet effective May 2022.
Four-One Financial Services Limited (Uganda)
Inqo made an initial investment in 2017 and a further investment
in 2018 in Four-One Financial Services Limited ("Four-One"), a
Ugandan based company that provides micro-pension, savings and
short-term loan products to the informal sector.
Prior to the Covid-19 pandemic Four-One was performing well
having endured challenging operating conditions for the previous 18
months. In 2019, Four-One diversified into offering micro business
lending to support entrepreneurs. The Covid-19 pandemic and
resulting lockdowns had a severe impact in Uganda causing an
economic downturn, which had major knock-on effects for Four-One,
effectively ending their revenue stream.
During the middle of the pandemic, the Four-One management team
took the brave decision to pivot the business and leverage their
existing experience in finance and the technology platforms they
had built to establish a new product called Bitbricks. Bitbricks is
a property development company building affordable homes at 20%
below the market rate. Micro real estate investors are offered the
chance to buy shares in the company and receive a share of the
profit on completion. The Four One team are in the process of
building a condominium development of 24 two-bedroom homes as a
pilot project due to be completed by the end of this year.
South Lake Medical Centre (Kenya)
South Lake Medical Centre ("SLMC") is a private healthcare
provider in the Naivasha region of Kenya serving predominantly
low-income flower farm workers. SLMC operate a 'hub and spoke'
model around a 27-bed private referral-level hospital with smaller
satellite clinics based on surrounding flower farms and in nearby
population centres. Inqo invested in SLMC in the 2019/20 year.
Currently, SLMC offers a range of in and outpatient services
including consultations, laboratory testing, radiology and pharmacy
services. Following this investment, SLMC expanded its operation
with the inclusion of major and minor surgical units that have
recently been opened, making the SLMC facility the most advanced
hospital at the southern end of Lake Naivasha. The Naivasha region
in Kenya is predominantly populated by low-income workers working
in the horticultural, agricultural and tourism industries.
The impact of Covid-19 has been economically challenging for
SLMC. The major industry in the area being cut flowers for the
European market - a sector that has experienced variable sales
during the Covid-19 pandemic period. Fortunately, there is a strong
vegetable growing industry in Naivasha that continues to trade and
provides medical appointments for SLMC. Through the strong
leadership of the management team, SLMC has endured the challenging
conditions of 2021 and 2022 and has continued to grow throughout.
Patient visit numbers have increased from 71,930 between Feb 20 -
Feb 21 to 88,035 between Feb 21 and Feb 22. In addition to their
regular service, SLMC operates a health outreach program funded by
the Waterloo Foundation, which grew from serving 8,275 people in
2020, to 18,561 people in 2021. The hospital is now in a strong
position to achieve its objectives as the Kenyan economy begins to
recover.
Kentegra Biotechnology Limited (Kenya)
Kentegra Biotechnology Limited ("Kentegra") is a Kenyan based
biotechnology firm owned by the US holding company, Kentegra
Biotechnology Holdings LLC. Kentegra produces pyrethrum, a natural
active ingredient from the chrysanthemum flower, for the use in
biocide, agricultural and pharmaceutical pesticide markets. The
chrysanthemum flowers must be grown in specific conditions to
produce pyrethrum. These conditions are found only in a few places
around the world, predominantly East Africa (Tanzania, Uganda,
Rwanda and Kenya) and Australia. With ideal growing conditions,
Kenya was once the largest producer of pyrethrum in the world until
management issues and synthetic alternatives led to a major decline
in the nationalised industry in the early 2000s. In 2013, the
Kenyan government liberalised the pyrethrum sector in a concerted
effort to revive the industry and support the growing worldwide
"organic" movement. Kentegra is one of the six companies in Kenya
with a licence to produce pyrethrum.
As an essential industry, Kentegra had been able to operate
normally and continues to report demand despite the Covid-19
pandemic. The senior management team have responded quickly and
professionally drawing up well considered contingency plans for all
eventualities and are re-evaluating the situation on a continual
basis. Kentegra has shown a strong commitment to both their
smallholder farmer partners and their employees during this time,
going above and beyond to minimise the economic impact while
ensuring safety for the organisation. Kentegra's recently built
factory has been successfully in production for over a year now. At
the end of this period, the company has recruited over 10,000
farmers. Kentegra has also raised additional funds to expand flower
production and the expansion of their factory in order to produce
more active ingredient and so meet the increasing worldwide demand
for PRE (Pale Refined Extract).
Sanergy Incorporated (Kenya)
Sanergy Incorporated ("Sanergy") is a Nairobi based firm using
an innovative approach to safely recycle organic waste from
agricultural, commercial, sanitation, and municipal sources into
insect protein, organic fertilizer and biomass briquettes.
Since our investment into Sanergy Inc in October 2020, Sanergy
have made significant progress despite the challenges of COVID.
Highlights include the completion and opening of their Nairobi
based factory, closing of a successful Series B investment round in
November 2020 and being recognized by the World Economic Forum as
one of its 15 BioDiverCITIES innovators - the only Africa based
company to receive this distinction.
In 2021, Sanergy recycled a total of 39,841 tons of organic
waste and produced 131 tons of KuzaPro high protein animal feed
from black soldier fly larvae, 2,162 tons of Evergrow fertilizer
and 256 tons of biomass briquettes - some of which were used to
power the factory. Part of Sanergy's organic waste comes from their
Fresh Life franchisees who operate invaluable sanitation services
in the slum areas of Nairobi. In 2021, Sanergy had a total of 2,390
Fresh Life franchisees, providing approximately 4,000 toilets to
serve over 125,000 people per day.
At full capacity, Sanergy's Nairobi facility can recycle 90,000
tons of organic waste per year. Sanergy's organic waste recycling
service helps to tackle environmental pollution caused by poor
waste management and so its associated healthcare issues. The
by-products of Sanergy's recycling activities also offer major
environmental benefits with insect protein offering a substitute
for unsustainable fishmeal in animal feeds, organic fertilizer
offering a substitute to energy intensive nitrogen-based
fertilizers and biomass briquettes offering a sustainable
alternative to fossil fuels. Sanergy has plans to replicate their
model across Africa and Asia, which would produce significant
environmental and social benefits through a sustainable business
model.
STOCK EXCHANGE LISTING
Aquis Exchange PLC (AIM: AQX) acquired the NEX Exchange in March
2020, which has now been renamed The Aquis Stock Exchange (AQSE).
Shares on AQSE will remain exempt from Capital Gains Tax and
Inheritance Tax as they were on the NEX Exchange.
OUTLOOK
Kuzuko Lodge - The Lodge reopened in September 2021 and while
there has been a regular flow of guests since that date,
occupancies have not yet reached pre-Covid-19 levels and are not
expected to until the 2023/4 financial year. There has been an
upturn in booking enquiries experienced with booking enquiries
indicating that the property should see an increase in occupancy
levels from September 2022.
Bee Sweet Honey - Inqo has decided to exit its investment in Bee
Sweet Honey. The amount agreed as to the exit payment will be paid
to the company during the 2022/23 year.
Spekboom Trading - Spekboom Trading continues to explore the
options available with a positive outlook given the currently
buoyant carbon markets.
Four-One Financial Services - This business has been especially
hard hit because it serves the informal sector in Uganda with
savings and short-term loans products. The Covid-19 pandemic has
been extremely challenging for the informal sector in Uganda with
many traders going out of business. Four One have pivoted towards a
new direction in the property development sector and it will take
time to establish if this move has been successful
South Lake Medical Centre - As an essential service, SLMC has
been able to continue trading throughout the pandemic. Despite the
challenges, management have been able to continue to implement
development plans putting SLMC in a strong position as the Kenyan
economy begins to recover.
Kentegra Biotechnology - As an Agri-business, Kentegra was
deemed an essential service by the Kenyan government and has been
able to continue operations during the lockdown. During this
period, the company has on-boarded a significant number of new
out-grower farmers as well as installed and commissioned their new
factory and made their first export sale. The company currently has
a strong order book.
Sanergy Incorporated - The company is receiving strong demand
for its product and is confident that this operation will expand as
budgeted despite the impact of the Covid-19 pandemic in Africa.
SUMMARY OF SOCIAL & ENVIRONMENTAL METRICS SINCE PROJECT
COMMENCEMENT
-- 39,000 acres of former farmland restored as a game reserve in
a region of endemic poverty in the poorest province in South
Africa.
-- Increased VAT and income tax paid by Kuzuko year on year.
-- Currently, Kuzuko has a reduced staff complement due to Covid-19.
-- All staff living at Kuzuko in standard housing with flush
toilets, power, water and solar panels.
-- Conservation of 3 endangered species.
-- Re-wilded, bred and released 15 adult cheetah and 15 cheetah
cubs with new genetics into the metapopulation in Sub-Saharan
Africa.
-- Reforestation of 500 acres of degraded land with spekboom
providing work for 100 part-time staff and sequestering carbon.
-- 15 hectares of land between the reception area of the Lodge
and the Lodge area has have been replanted with various forms of
vegetation to recover heavily degraded land on the property. As
part of this erosion recovery process 100,000 spekboom cuttings
have been planted
-- 48,853 beehives in the field with positive impact on bee
populations and retention of forests.
-- 2,100+ voluntary low-income savers in micro-pension and loan schemes.
-- 73,124 patient visits between January and December 2020
including 121 safe deliveries, 324 HIV patients receiving care and
counselling, 1,204 infants immunised, 468 mothers receiving
antenatal care and 8,275 people receiving health education
including, Covid-19 education, through community outreach programs
in Kenya.
-- Increased the economic livelihoods of over 17,000 farmers and
their families in Zambia and Kenya.
-- 4,000 toilets serving 125,000 people daily in Nairobi.
STAFF
The directors would like to take this opportunity to thank all
the operating staff in the Group for their contribution and
commitment to the Group's objectives during this challenging
time.
FINANCIAL INFORMATION
The financial information set out in this announcement does not
constitute statutory financial statements. This financial
information has been extracted from Inqo's unaudited group
financial statements for the period ended 28 February 2022.
DIVID
The company has not declared a dividend in the year ended 28
February 2022.
K.S Tan C.J Bertie
Chairman Chief Financial Officer
Enquiries
Inqo Investments Limited Tel: +27 (0)83 6254069
Chris Bertie, Chief Financial Officer Email: cbertie@acland.co.za
and Chief Operating Officer
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker Tel: +44 (0)20 7070 5665
Dr Wang Chong Email: wang.chong@hobartcapital.com
Inqo Investments Limited Group
Condensed consolidated statement of profit or loss and other
comprehensive income
For the year ended 28 February 2022
Group Company
2022 2021 2022 2021
R R R R
3 872
Revenue 007 4 214 583 386 160 698 491
Cost of Sales (648 136) (630 188) - -
----------
3 223
Gross profit 871 3 584 395 386 160 698 491
Other income 360 072 552 819 360 072 552 819
(4 022 (4 746
Personnel expense 886) 444) (826 680) (550 110)
(3 295 (3 462 (2 883
Depreciation & Amortisation 251) 536) (2 777 934) 328)
Listing expenses (581 917) (839 653) (581 917) (839 653)
Professional fees (629 847) (514 891) (629 847) (514 891)
Provision for doubtful (1 506
debts (529 069) (270 134) (1 043 193) 947)
Impairment and fair value (2 357
adjustment 7 326) (157 473) (2 357 326) (157 473)
Selling and administrative (6 559 (7 522 (1 783
expenses 034) 604) (1 476 856) 137)
---------- ---------- ------------ ----------
(14 391 (13 376 (6 984
Operating loss 387) 521) (8 947 521) 229)
Inventory write-down (186 464) (372 151) (186 464) (372 151)
Fair value adjustment 56 933 (194 172) 56 933 (194 172)
Net financing income 299 547 502 942 783 326 721 908
---------- ---------- ------------ ----------
Finance income 460 595 692 482 811 063 761 740
Finance expense (161 048) (189 540) (27 736) (39 832)
---------- ---------- ------------ ----------
(6 828
644
---------- ---------- ------------ ----------
(14 221 (13 439 (6 828
Loss before taxation 371) 902) (8 293 726) 644)
1 606
Taxation 784 1 876 228 1 606 784 1 876 228
---------- ---------- ------------ ----------
(12 614 (11 563 (4 952
Loss for the year 587) 674) (6 686 942) 416)
----------
Loss attributable
to:
(12 380 (11 272 (4 952
Equity holders 267) 203) (6 686 942) 416)
Non-controlling
interest (234 320) (291 471) - -
---------- ---------- ------------ ----------
(12 614 (11 563 (4 952
587) 674) (6 686 942) 416)
---------- ---------- ------------ ----------
Inqo Investments Limited Group
Condensed consolidated statement of profit or loss and other
comprehensive income
For the year ended 28 February 2022
Group Company
2022 2021 2022 2021
R R R R
Other comprehensive income - Items that will not subsequently be
reclassified to profit or loss:
(1 137
- 167) - (1 137 167)
---------- ---------- ------------ ------------
Revaluation of land (1 465
and buildings - 422) - (1 465 422)
Deferred tax on
revaluation - 328 255 - 328 255
---------- ---------- ------------ ------------
Total other comprehensive (1 137
income for the year - 167) - (1 137 167)
---------- ---------- ------------ ------------
Total comprehensive (12 614 (12 700
income for the year 587) 841) (6 686 942) (6 089 583)
========== ========== ============ ============
Total comprehensive income
attributable to:
(12 380 (12 409
Equity holders 267) 370) (6 686 942) (6 089 583)
Non-controlling
interest (234 320) (291 471) - -
---------- ---------- ------------ ------------
(12 614 (12 700
587) 841) (6 686 942) (6 089 583)
========== ========== ============ ============
Loss per share (rands) (0.85) (0.78)
Diluted loss per
share (rands) (0.85) (0.78)
Inqo Investments Limited Group
Condensed consolidated statement of financial position
At 28 February 2022
Group Company
2022 2021 2022 2021
R R R R
Assets
137 275 143 346 148 514 149 017
Non-current assets 303 953 260 592
------------- ----------- ------------ ------------
Property, plant and 128 440 131 315 128 088 130 644
equipment 653 802 946 236
Intangible assets 3 622 8 517 - -
Right of use Asset 362 693 505 421 - -
Trade and other receivables - - 1 167 288 1 236 813
10 979
Loans to subsidiaries - - 026 5 808 665
11 517
Other investments 8 468 335 213 6 800 615 9 849 493
Investments in subsidiaries - - 1 478 385 1 478 385
------------- ----------- ------------ ------------
10 396 12 622
Current assets 005 630 8 303 721 10 274 635
------------- ----------- ------------ ------------
Inventories 4 058 788 4 264 824 3 426 680 3 701 144
Trade and other receivables 2 743 619 3 139 521 2 298 951 2 626 845
Other investments - 440 388 - 440 388
Biological assets 2 921 627 2 864 694 2 009 040 1 952 107
Cash and cash equivalents 671 971 1 913 203 569 051 1 554 151
------------- ----------- ------------ ------------
Assets held for sale 1 333 287 5 695 345 1 333 287 5 695 345
------------- ----------- ------------ ------------
Assets held for sale 1 333 287 5 695 345 1 333 287 5 695 345
------------- ----------- ------------ ------------
11 729 18 317
Total current assets 492 975 9 637 008 15 989 980
------------- ----------- ------------ ------------
149 004 161 664 158 151 164 987
Total assets 595 928 268 572
============= =========== ============ ============
Equity and liabilities
Capital and reserves
72 584 71 809 72 584
Share capital 925 195 925 71 809 195
87 585 86 294 87 585
Share premium 270 138 270 86 294 138
72 015 72 015 72 015
Revaluation reserve 535 535 535 72 015 535
(93 964 (81 584 (77 286 (70 599
Accumulated loss 328) 061) 528) 586)
------------- ----------- ------------ ------------
Equity attributable
to equity holders
of Inqo Investments 138 221 148 534 154 899 159 519
Limited 402 807 202 282
Non-controlling interest 247 844 482 164 - -
------------- ----------- ------------ ------------
138 469 149 016 154 899 159 519
Total equity 246 971 202 282
Non-current liabilities 2 903 675 4 632 671 2 512 847 4 092 252
------------- ----------- ------------ ------------
Loans from related
parties 902 409 875 030 774 735 747 356
Deferred tax liability 1 738 112 3 344 896 1 738 112 3 344 896
Lease liability 263 154 412 745 - -
------------- ----------- ------------ ------------
Current liabilities 7 631 674 8 015 286 739 219 1 376 038
------------- ----------- ------------ ------------
Bank overdraft 688 491 920 267 - -
Trade and other payables 6 770 068 6 695 255 739 219 1 376 038
Provision - 253 341 - -
Lease Liability 173 115 146 423 - -
------------- ----------- ------------ ------------
10 535 12 647
Total liabilities 349 957 3 252 066 5 468 290
------------- ----------- ------------ ------------
Total equity and 149 004 161 664 158 151 164 987
liabilities 595 928 268 572
============= =========== ============ ============
Inqo Investments Limited Group
Statements of cash flows
For the year ended 28 February 2022
Group Company
2022 2021 2022 2021
R R R R
(12 199 (4 552
Cash utilised by operations (9 099 312) 004) 374) (6 814 523)
Interest Received 186 687 692 482 185 955 681 027
Interest Paid (72 467) (189 540) - (39 832)
------------ ------------ ---------- ------------
Net cash flow from operating (11 696 (4 366
activities (8 985 092) 062) 419) (6 173 328)
------------ ------------ ---------- ------------
Cash flows from investing
activities
Acquisition of subsidiary - - - (1 000)
(4 819
Increase in loans to subsidiary - - 162) (5 007 665)
Acquisition of other investments - (1 667 720) - -
Unrealised forex loss (177 121) 282 249 (177 121) 282 249
Loan repaid by other investments 733 980 38 975 733 980 38 975
Acquisition of property,
plant and equipment (254 874) (1 870 529) (222 644) (1 812 698)
Proceeds on disposal of
biological assets 186 957 - 186 957 -
Acquisition of intangible - (3 999) - -
assets
Proceeds on disposal of 5 612
property, plant and equipment 5 612 447 376 214 447 376 214
Net cash flow from investing (1 314
activities 6 101 389 (2 844 810) 457) (6 123 925)
------------ ------------ ---------- ------------
Cash flows from financing
activities
2 066
Proceeds from shares issued 2 066 862 - 862 -
Repayment of finance lease (192 615) (137 978) - -
Loans made to related - - - -
parties
------------ ------------
Net cash flow from financing 2 066
activities 1 874 247 (137 978) 862 -
------------ ------------ ---------- ------------
Net movement in cash and (14 678 (12 297
cash equivalents (1 009 456) 850) (985 100) 253)
Cash and cash equivalents 1 554
at beginning of year 992 936 15 671 786 151 13 851 404
Cash and cash equivalents
at end of year (16 520) 992 936 569 051 1 554 151
============ ============ ========== ============
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