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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
KP Renewables | LSE:KPR | London | Ordinary Share | GB00B1VNNX82 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6869E KP Renewables PLC 28 September 2007 FOR IMMEDIATE RELEASE Date 28 September 2007 KP RENEWABLES PLC (the "Company") INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2007 ("Interim Results") CHAIRMAN'S STATEMENT *Financial restructuring completed *#750,000 cash raised through new equity *Second-half year revenues expected from existing project portfolio *New focus on larger energy projects I am pleased to report the Interim Results for the Company for the six month period to 30 June 2007, a period of successful transition for the Company. Shareholders will already be aware of the financial difficulties experienced in 2006 and the early part of 2007 and the action taken by the Board to resolve them. This action was necessary to ensure the Company's future and to secure some value for creditors and shareholders. To this end a Company Voluntary Arrangement ("CVA") was entered into with the Company's creditors, combined with a capital reorganisation and fund raising, as previously described in the circular to shareholders of 16 March 2007 and in my Chairman's Statement for the year ended 31 December 2006. The results for the period under review show a profit before taxation of #370,214. However, this largely reflects an exceptional profit created by adjustments resulting from the CVA and capital reorganisation, referred to in the Profit and Loss Account as 'Exceptional reduction to expenses'. Since then, the Company has been operating at a much reduced level of costs compared with previous years. Since the refinancing, we have been able to begin to resuscitate the Company's existing business and to review new projects in wind, biomass and other energy related areas. We have been able to advance a number of smaller projects from our existing portfolio which had previously been frozen due to our financial constraints last year. These projects are expected to generate some revenue for the Company during the second half of the year, even though 60% of the net revenue from any such projects will flow to creditors under the terms of the CVA. New projects of a larger scale that would transform the scale of the business are now part of our future strategy. We are exploring a number of larger potential developments in the United Kingdom and Europe and have also been reviewing possible acquisitions. Such projects are likely to require significant additional funding and the Board is considering its financing options. John Bryant Chairman For further information please contact: KP Renewables Plc John Bryant Tel: +44 (0)7768 888 359 Peter Redmond Tel: +44 (0) 207 332 2200 First City Financial Limited Tel: +44 (0) 207 242 2666 KP Renewables plc Condensed Consolidated Balance Sheet At 30 June 2007 Unaudited Unaudited Audited 30 June 2007 30 June 2006 31 December 2006 # # # ASSETS Non-current assets Goodwill - - - Investment on product development - - - ----------- ----------- ----------- - - - ----------- ----------- ----------- Current assets Project development costs 22,161 - 13,505 Trade and other receivables 48,566 107,727 38,380 Cash and cash equivalents 609,832 57,995 12,436 ----------- ----------- ----------- 680,559 165,722 64,321 ----------- ----------- ----------- Total assets 680,559 165,722 64,321 =========== =========== =========== EQUITY AND LIABILITIES Share capital 1,280,897 465,897 465,897 Shares to be issued 8,321 - - Share option reserve 244,000 254,000 244,000 Share premium 3,681,847 3,734,347 3,734,347 Accumulated losses (4,656,196) (4,431,074) (5,026,410) ----------- ----------- ----------- Total Equity 558,869 23,170 (582,166) =========== =========== =========== Current liabilities Trade and other payables 121,690 142,552 646,487 ----------- ----------- ----------- Total current liabilities 121,690 142,552 646,487 ----------- ----------- ----------- Total equity and liabilities 680,559 165,722 64,321 =========== =========== =========== KP Renewables plc Condensed Consolidated Profit and Loss Account For the six months ended 30 June 2007 Unaudited Unaudited Audited 6 months to 6 months to Year ended 30 June 2007 30 June 2006 31 December 2006 # # # Turnover - - - Administration expenses and operating loss (186,436) (2,280,766) (2,876,102) Exceptional reduction to expenses (Note 4) 551,266 - - Investment income 5,384 10,023 10,023 Interest paid - - - ---------- ---------- ------------ Profit/(Loss) for the period before tax 370,214 (2,270,743) (2,866,079) Taxation - - - ---------- ---------- ------------ 370,214 (2,270,743) (2,866,079) ========== ========== ============ Earnings/(Loss) per diluted share (pence) - basic and diluted (note 3) 0.94 (97.4) (123) KP Renewables plc Consolidated Statement of Changes in Equity For the six months ended 30 June 2007 Share Share Share Share option Accumulated Total Capital Capital premium reserve losses to be account issued # # # # # # Balance at 1 January 2006 465,897 - 3,734,347 244,000 (2,160,331) 2,283,913 Changes in equity for 2006 Loss for the year - - - - (2,866,079) (2,866,079) -------- ------ ------- -------- -------- ------- Balance at 31 December 2006 465,897 - 3,734,347 244,000 (5,026,410) (582,166) Profit for the six months - -- - - 370,214 370,214 Issue of share capital 815,000 8,321 - - 823,321 Costs of issue of shares - - (52,500) - (52,500) -------- ------ ------- -------- -------- ------- Balance at 30 June 2007 1,280,897 8,321 3,681,847 244,000 (4,656,196) 558,869 ======== ====== ======= ======== ======== ======= KP Renewables plc Condensed Consolidated Cash Flow Statement For the six months ended 30 June 2007 Unaudited Unaudited Audited 6 months to 6 months to Year ended 30 June 2007 30 June 2006 31 December 2006 # # # Net cash flow from operating activities Cash flow from operating activities (186,436) (2,052,970) (2,658,306) Exceptional item 551,266 - --------- --------- ------------ 364,830 (2,052,970) (2,658,306) Movement in working capital Increase in project development costs (8,656) - (13,505) (Increase)/decrease in receivables (10,186) 916,247 985,594 Increase/(decrease) in payables (516,476) 84,514 588,449 --------- --------- ------------ Net cash used in operating activities (170,488) (1,052,209) (1,907,768) ========= ========= ============ Investing activities Interest received 5,384 10,023 10,023 --------- --------- ------------ Net cash from investing activities 5,384 10,023 10,023 ========= ========= ============ Financing activities Costs incurred in issue of share capital (52,500) - - Proceeds from issue of share capital 815,000 - - --------- --------- ------------ Net cash from financing activities 762,500 - - ========= ========= ============ Net increase/(decrease) in cash in the period 597,396 (1,042,186) (1,087,745) Cash and cash equivalents at beginning of the period 12,436 1,100,181 1,100,181 --------- --------- ------------ Cash and cash equivalents at end of the period 609,832 57,995 12,436 ========= ========= ============ KP Renewables plc Notes to the Statement Statements For the six months ended 30 June 2007 Notes: 1. The interim results are unaudited and do not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 31 December 2006 have been extracted from the Group accounts for that period. Those financial statements have been filed with the Registrar of Companies and included an auditor's report, which was modified in respect of an emphasis of matter of going concern. 2. The interim results have been prepared in accordance with the accounting policies adopted in the accounts for the year ended 31 December 2006, which have been prepared under IFRS and to be adopted in respect of the year ending 31 December 2007. 3. Profit per share is based on a profit after taxation of #370,214 and on 39,384,468 ordinary shares, being the weighted average number in issue during the period. The loss per share for comparative purposes has been restated to reflect the share consolidation that took pace in April 2007. 4. Exceptional costs totalling #154,816 were incurred as a consequence of the CVA and financial reorganisation. The exceptional reduction in expenses of #551,266 is stated after deducting these exceptional costs. 5. As at 30 June 2007 the issued share capital comprised 83,829,483 ordinary shares of 1p and 46,589,662 deferred shares of 0.95p. The deferred shares have no voting or dividend rights. A total of 832,100 ordinary shares of 1p are to be issued following the CVA. 6 No tax liability arises due the losses incurred in prior periods. This information is provided by RNS The company news service from the London Stock Exchange END IR OKOKPFBKDPCB
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