Share Name Share Symbol Market Type Share ISIN Share Description
Camco International LSE:CAO London Ordinary Share GB00B11FB960 ORD EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 3.625p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 8.5 -24.4 -13.1 - 6.88

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01/7/201308:17CAMCO (CAO) - With Charts & News1,379
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Camco International Daily Update: Camco International is listed in the Support Services sector of the London Stock Exchange with ticker CAO. The last closing price for Camco International was 3.63p.
Camco International has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 189,678,093 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Camco International is £6,875,830.87.
battlebus2: And has been more than reflected by the current share price.
rat attack: Directors clutching at straws - research suggests name changes do not foster upward share price momentum!!
howdlep: Share price 4.25p, Nett cash per share is 8.1p, inclusive of 3.1p of nett cash held within Camco South East Asia:- Camco International Ltd Interim Results TIDMCAO RNS Number : 0466M Camco International Ltd 12 September 2012 12 September 2012 Camco International Limited ("Camco" or the "Company") Interim Results 2012 Camco International Limited (AIM: CAO), a global developer of clean energy projects and solutions to reduce emissions today announces its results for the six months to 30 June 2012. Scott McGregor, CEO of Camco said: "Camco's business has developed well during the year, returning to profit and generating cash. "In H1 we continued to deliver on our strategy of developing and owning clean energy assets with success in North America and Asia. With proven project development expertise built up over 20 years, Camco is well positioned to deliver on our strategic goal of becoming a leading developer and owner of clean energy projects." "Clean energy projects will provide the Company with stable revenue streams from power production complementing our existing carbon business which we have successfully restructured to deliver returns even in a low carbon price environment and combined create long-term shareholder value." FINANCIAL HIGHLIGHTS for the period ending 30 June 2012 -- Adjusted net cash(1) of EUR11.7 million increased from year end representing 5.0 pence per share (31 Dec 2011: EUR8.0 million; 30 June 2011: EUR14.9 million) -- Additional 3.1 pence per share of net cash(2) within Camco South East Asia H1 2012 FY 2011 H1 2011 EUR'000 EUR'000 EUR'000 Revenue earned in the period (excluding carbon price fair value adjustment) 12.2 10.2 7.1 Carbon price fair value adjustment (2.1) (21.7) 5.2 -------- -------- -------- Revenue (including carbon price fair value adjustment) 10.1 (11.5) 12.3 Gross Profit 7.6 (16.1) 9.1 Administrative expenses (6.5) (13.4) (6.4) Profit from continuing operations 1.1 (29.6) 2.6 2012 OPERATIONAL HIGHLIGHTS -- North America o 4.5 MW clean energy biogas plant operational, completed on time and ahead of budget o Grant of approximately US $6m from US Treasury received in August 2012 -- South East Asia o 2 MW biogas plant acquired in August 2012 -- China o Carbon portfolio of CERs restructured to provide value at any carbon price o EUR39.4m of discounted future gross cash flows based on the forward price curve as at 30 June 2012 -- Africa o Awarded US $4.7m contract with project partner Rex to bring solar power to off-grid communities in rural Tanzania, (value to Camco of US $1.1m) -- UK o Non-core advisory business sold for an initial consideration of EUR3.8 million Notes (1) Adjusted net cash is calculated as follows: H1 2012 FY 2011 H1 2011 EUR'000 EUR'000 EUR'000 Cash and cash equivalents 16,101 14,369 14,865 Less cash restricted for sole use in construction of biogas project in North America (456) (2,231) - Less unsecured loans (3,904) (3,858) - Less bank overdraft (discontinued - (232) - operations) -------- -------- -------- Adjusted net cash 11,741 8,048 14,865 Adjusted net cash per share (pence) 5.0p 3.6p 6.3p (2) Net Cash held by Camco South East Asia Limited "CSEA"): H1 2012 FY 2011 H1 2011 EUR'000 EUR'000 EUR'000 Net cash attributed to Camco 7,310 7,971 8,693 Net cash attributed to Camco per share (pence) 3.1p 3.5p 3.7p Adjusted net cash in note (1) above does not include net cash held by Camco South East Asia Limited ("CSEA") which Camco accounts for as a joint venture. Camco currently owns 60.1% of CSEA. The balances in Note 2 above reflect Camco's percentage share of the net cash in CSEA. (3) H1 2012 refers to the unaudited 6 month period to 30 June 2012 or as at 30 June 2012, FY 2011 refers to the audited 12 month period to 31 December 2011 or as at 31 December 2011, and H1 2011 refers to the unaudited 6 month period to 30 June 2011 or as at 30 June 2011 Enquiries: +44 (0)20 7121 Camco 6100 Scott McGregor, Chief Executive Officer Jonathan Marren, Chief Financial Officer Singer Capital Markets (Camco Nominated +44 (0)20 2305 Adviser and Broker) 7500 James Maxwell +44 (0) 20 7074 Kreab Gavin Anderson (Investor Relations) 1842 Ken Cronin +44 (0) 20 7638 Citigate Dewe Rogerson (PR Advisor) 9571 Chris Gardner / Malcolm Robertson Financial Review for the period to 30 June 2012 Camco has had a successful first half of 2012 finishing with increased adjusted net cash of EUR11.7m compared to EUR8.0m at the beginning of January 2012. Revenue earned (excluding carbon price fair value adjustment) increased to EUR12.2m compared to EUR7.1m (H1 2011) and EUR10.2m (FY 2011). The restructuring of the carbon portfolio achieved during the period resulted in the downwards carbon price fair value adjustment for the period of EUR2.1m being lower than it would have been pre-restructure and the board anticipates this effect to continue in future periods as volatility in the carbon price persists. In total, revenue (including carbon price fair value adjustment) was EUR10.1 million compared to EUR12.3m (H1 2011) and negative EUR11.5m (FY 2011). Our 4.5 MW clean energy biogas plant in Jerome, Idaho was ramping up during the period and therefore reflect a limited contribution to revenue in H1 2012. That plant is now fully operational and is anticipated to contribute significantly more to the segmental result in the second half. The carbon business contributed revenue of EUR10.2m excluding the carbon price fair value adjustment (H1 2011: EUR6.4m). Looking ahead to the second half of the year and into 2013, we expect to record more revenue from our 2012-20 carbon portfolio as our projects become operational with a corresponding increase in accrued income in accordance with our accounting policies. As cash is received from carbon contracts as they deliver credits through to 2020, this accrued income balance will reduce. We may also choose to enter into structured forward sales of credits, which will have the effect of converting accrued income into cash at that point. Carbon operating expenditure was reduced to EUR1.9m (H1 2011: EUR2.7m), which we anticipate reducing further in the second half and beyond. Overall administrative expenses during the period were EUR6.5m compared to EUR6.4m (H1 2011) and EUR7.0m in the second half of 2011 (EUR13.4m (FY 2011)). We will continue to keep a tight control over costs in order to preserve cash for investment in project development activities. Profit from continuing operations for the period was EUR1.1m compared to EUR2.6m (HY 2011) and a loss of EUR29.6m (FY 2011). Cash and cash equivalents increased by EUR1.7m to EUR16.1m with adjusted net cash increasing by EUR3.7m to EUR11.7m at the period end from FY 2011. Adjusted net cash excludes cash restricted for sole use in construction of projects and debt secured against a project which will be amortized over the life of that project. The increase in cash takes account of the sale of the UK advisory business, final amounts spent on the North America clean energy biogas plant and net cash flows from operating activities. Operational Review North America In the US, Camco's 4.5 MW clean energy biogas plant became fully operational during the period. The project was completed on time and ahead of budget. The project also received a grant of approximately US $6m from US Treasury in August 2012, the majority of which will be used to repay a loan which was used to fund part of the construction of the project. The company will continue to develop its portfolio of biogas projects across North America and looks forward to making further announcements as projects come on-line. Our US team has continued to develop our agricultural carbon portfolio for use in the California market, which will be the second largest after the EU ETS when it begins in 2013. Camco continues to lead the agricultural biogas sector in the US, with 2.5m tonnes now under management and the largest number of "Livestock Gas Capture/Combustion" projects registered under the Climate Action Reserve (CAR) standard. South East Asia The team is now developing a pipeline of projects that will generate clean energy using local regulatory incentives. As part of this strategy the team acquired a 2 MW biogas development project in August 2012 to recover biogas containing methane from palm oil mill effluent. Construction of the project is expected to be completed in early 2013. The team is pursuing further development of biogas and energy efficiency projects. In H1 we completed 13 carbon project registrations and are aiming to complete registration of the remaining projects in time for the registration deadline at the end of this year. Camco's South East Asia's net cash balance as at 30 June 2012 (within its joint venture) was EUR7.3m (not included within Group cash balance). China Our team in China has been working hard on developing and registering its portfolio of carbon projects in time for the 2012 registration deadline. We are also exploring opportunities to build on our carbon project success and develop new clean energy projects in the region. Our team has now successfully registered 96 carbon projects and will pursue the registration of the remainder of its projects by the end of 2012. The team has also delivered 17.9m tonnes to 30 June 2012. Camco's China carbon portfolio of CERs is structured to provide discounted future gross cash flows of EUR39.4m based on the forward price curve as at 30 June 2012 (see below). Africa Camco has six offices in Africa pursing clean energy and carbon reduction projects. Recent successes included a contract win in Tanzania, where Camco and Rex were awarded US $4.7m to bring solar power to off-grid communities in rural Tanzania, the contract value to Camco being US $1.1m Other As announced at the time of our 2011 results, the restructuring of Camco's carbon portfolio in H1 2012 was a significant event and aligns it with current market conditions. The following tables outline CER discounted future gross cash flows as at 30 June 2012 (the date of the last review) based on the forward curve at that date. A price sensitivity analysis is also included to show how movements in the forward price curve will impact this value. CER Carbon Portfolio Discounted Future Gross Cash Flows as at 30 June 2012* Sensitivity Pre 2012 to carbon Discounted Post 2012 Total Discounted price Future Discounted Future CER Carbon Gross Cash Future Gross Gross Cash price Flows Cash Flows Flows ------------- EURm EURm EURm ------------- ------------ ----------------- -EUR 2 -0.3 18.9 18.6 ----------- ------------ -------------- ----------------- -EUR 1 1.9 26.6 28.5 ----------- ------------ -------------- ----------------- 30 June 2012 CER forward curve 3.8 35.5 39.4 ----------- ------------ -------------- ----------------- EUR 1 5.8 42.7 48.4 ----------- ------------ -------------- ----------------- EUR 2 7.7 49.7 57.4 ----------- ------------ -------------- ----------------- EUR 4 11.5 63.8 75.2 ------------- ----------- ------------ -------------- ----------------- * see notes below for assumptions Forward curve as at 30 June 2012: Futures Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Contract ECXprice per CER EUR3.66 EUR3.96 EUR4.18 EUR4.40 EUR4.55 EUR4.63 EUR4.78 EUR4.92 EUR5.15 Since 30 June 2012, the forward curve has reduced and as at 31 August 2012 was as follows: Futures Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Contract ECXprice per CER EUR2.80 EUR3.14 EUR3.35 EUR3.46 EUR3.49 EUR3.49 EUR3.56 EUR3.64 EUR3.84 Finally, our non-core UK Advisory business was sold in early 2012 for initial consideration of GBP3.25m (EUR3.8m) to allow the Company to focus on its core markets. We were also pleased to welcome Jonathan Marren to the role of Chief Financial Officer shortly after the period end. Outlook Over the last half year the Company has laid the groundwork to further expand its clean energy business in each of its regions. Clean energy opportunities in North America, Asia and Africa are now the Company's core focus and we anticipate an expansion of our clean energy project portfolio. In North America, Asia and Africa this utilizes two trends: the growth in regulatory incentives, feed-in tariffs and grants available; and the continuing reduction in clean tech technology costs. Camco is excellently positioned to benefit from these trends in each of its regions. Our technical expertise, project development prowess and established local experts have placed us in the lead in these markets. Our existing Asian carbon portfolio will deliver value to shareholders as it matures over the coming years. In North America, we hold a leading position in that carbon market. We expect our North American presence to expand as opportunities grow in an active compliance market after initial auctioning of allowances commences later this year. New regional carbon markets in Australia, Africa and China, commencing shortly, will provide Camco with great opportunities to expand its carbon development business alongside its clean energy development business
rat attack: howdlep - just to prove you were completely wrong! As soon as the results date is announced the share price is up 20%+ with the uncertainty removed/reduced!! Thats the way the city works!!
kirk2: pehaps there isnt 13 mill left now, hence the share price retrace
rat attack: Not sure its a one way ride, but cannot understand why so poor given that it has circa £15m of cash (assuming £2m burn in last 6 months) which would give a share price of 8p to equate to cash value!! At 4p would be a cash shell co!! Not to mention £5m+ of value attributable to hydrogen cell business!! Very strange...
ch1ck: The RNS today was excellent news but the price is down 5% during the day. I have seen this sort of irrational Market reaction before and is normally seen when a stock is over sold with an overhang of shares to clear. It's just a matter of time until the potential is spotted. I saw this with Avon rubber picking up stock for six months with good news coming out but watching the share price fall To 20p it then traded sideways for six months at 70p and now is 300+. I am not saying this stock is going todo the same but the potential is there and the fixation on Kyoto should be taken in contex as it's connection is only a part of this companies success and potential.
battlebus2: Hi davidosh good to see you are a holder here even if it is minimal. Lucky you! You're certainly right about corporate governance. Lets see what happpens to this given the present shareprice-As part of Camco's existing Long Term Incentive Plan, Scott McGregor (CEO) and Yariv Cohen (President) have each been awarded 2,750,000 Ordinary Shares at nominal value which may vest between now and 30 September 2012 should certain future share price and operational performance targets set by the board be met.They also don't have an contact email address which i have mentioned to management on several occasions. You maybe a little harsh on them reference the shareprice as in my opinion they are doing all the right things by diversifying and with a cash pile to back them up. At some point the carbon markets will recover meantime their other investments are key. Not sure how they tie up with the newly set up company AGpower or what profit share /stake we own. qvg which part of the business do you not understand?
davidosh: I am trying to arrange a few things so that I can attend. There are quite a few issues here than need resolving IMO before contemplating increasing my minimal investment but I am certainly watching this one closely. The AGM is six months late btw and corporate governance needs monitoring. There is no finance director for one thing and the non execs including the non exec chairman paid themselves over £300k last year. Do not ask what the execs received in cash on top of massive options as you will feel ill !? That was 2010 when shareholders got nil dividend and nil growth in the share price !! Shocking, truly shocking. Now look at the share price. As the carbon price and markets have collapsed I am sure they will be pleased to give back their cash bonuses....Errrr
rivaldo: Peel Hunt said Buy today and have a 30p target price which it looks like will soon move higher: "Portfolio on track CAO has published a six-monthly update for its carbon portfolio that suggests it is on track to deliver the expected quantities. While CAO's future also depends upon its strategy of building a long-term project business, the delivery of the portfolio will determine earnings in the short term. Investors have begun to appreciate CAO's re-positioning and exposure to rising carbon prices, but the share price has further to go. Buy.  Portfolio progress. The most immediately valuable part of the portfolio, that due for delivery before 2013 in specie, has increased slightly (3%) in the past six months to 26.6m tonnes. Importantly it continues to make good progress through the UN regulatory mechanism, with 70.3% of this now "registered", up from 62.2%.  Issuance progress. The last six months has seen CAO being issued 1.3m tonnes of its in specie carbon portfolio (to a total to date of 3.6m). This compares to the 2.0m tonnes issued in the 12 months to December 2010 and suggests CAO is on track to hit an issuance target for 2011 of 4.3m tonnes. This should then ratchet up to 7.1m tonnes in 2012 and 9.3m tonnes in 2013.  New projects CAO has been focusing its efforts on building a post 2012/13 portfolio and is also making good progress, with in-specie tonnage +33% in six months to 36.2m.  Valuation We have not yet adjusted our valuation for the increase in post 2012/13 tonnage, which we had previously valued at €8.9m NPV (after deducting a small level of corporate overheads out to 2015), but it is beginning to look conservative. Pricing post 2012/13 has also improved, with carbon for delivery in 2020 now fetching up to €17/tonne, compared to €13 for 2011 delivery, which suggests good forward momentum. Carbon prices have moved upwards since the Japanese nuclear accident, to the levels that we use as a base case, and could move higher. CAO is sensitive to such moves. We estimate that a €1 change impacts SOTP value by 4p/share.  Target price. Our fair value remains at 37p per share, which includes the value discussed for post 2012/13 credits as well as Russian ERUs, US projects, cash, and the Khazanah joint venture. We apply a 20% discount to this SOTP value to reflect complexity and risk, and this leaves us an unchanged target price of 30p. Buy."
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