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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Redt Energy Plc | LSE:RED | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.50 | 50.00 | 55.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMRED
RNS Number : 8996R
RedT Energy PLC
27 September 2017
This announcement contains inside information
27 September 2017
redT energy plc
("redT" or the "Company")
Interim Results 2017
redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce its results for the six months ended 30 June 2017. Furthermore, the Company can confirm that since the announcement of redT's FY 2016 results (on 24 April 2017), orders for redT units have increased 220% alongside a 78% increase in production and deployments.
Commenting on the results, redT CEO, Scott McGregor said:
"redT is now gaining momentum alongside the expanding energy storage sector and the Company has recently entered new markets with the potential for volume sales both organically and through distribution partners. This strategy has resulted in the delivery of commercial orders and an augmented pipeline.
We have invested in operations for delivery and growth during this crucial expansion phase of the Company. Our team has worked tirelessly to get redT's flagship 1MWh Olde House project ready for customer demonstration and I look forward to hosting both investors and potential customers at the site in the near future.
As highlighted in our AGM statement, H1 2017 was slower than expected as we scaled our operations for growth. I'm pleased to report that we have made significant progress and, following key recent achievements, we are now well on the way to delivering our strategic goals."
SUMMARY for the period ending 30 June 2017
FINANCIAL HIGHLIGHTS
-- EBITDA loss of EUR3.2m (H1 2016: loss EUR2.2m) in line with management expectations following strategic investment into the business, with headcount resources growing by 97% year-on-year
-- Revenue of EUR4.5m (H1 2016: EUR4.5m) in line with prior period as a result of revenue generation from the Company's Camco business
-- Cash and cash equivalents up on prior year closing the period at EUR13.2m (FY 2016: EUR2.8m) due to proceeds from the issue of share capital
OPERATIONAL HIGHLIGHTS
Commercial
-- Commercial orders for 6 units -- 1(st) Gen 2 15kW-75kWh machine shipped to customer Thaba Eco Lodge site in South Africa
-- Signed agreement for flagship 1MWh demonstration project at The Olde House, Cornwall, undertaken alongside UK energy and services company, Centrica plc
-- At the end of the period, redT had 2.25MWh of machines either deployed, in transit or in production
Operational
-- Company headcount increased by 97% year-on-year, with the focus on recruiting high quality personnel into the Commercial, Engineering, Implementation and Customer Service teams
-- Successful diversification of manufacturing facilities to reduce process risk and increase supply chain flexibility
-- The legacy Camco business has continued to provide revenue input into the Company across its Africa, Carbon and US operations.
POST PERIOD ACTIVITY
-- Commercial orders for 16 units, including a European solar firming project and a large commercial order expanding our African off-grid presence
-- Expansion into new territories with multiple partnership contracts signed with key global distributors including an initial commitment for 12 units, covering the following markets; Central and Eastern Europe, South East Asia, New Zealand and Pacific Islands including an existing qualified pipeline of in total, more than 300 units
-- Further investment in building out the redT team, including new hires in software, commercial and R&D teams, with key recruits including sector exports; Bengt Stahlschmidt as Global Business Development Lead and Adam Whitehead as Head of Research
Commercial Update (as at 27(th) September 2017)
Hot Features
Premium
September April 2017 % change
2017
--------------------- ------------------ -------------- ------------------
Production
& Deployment 16 units 9 units +78%
--------------------- ------------------ -------------- ------------------
Orders 16 units 5 units +220%
+ 12 distributor + 12 distributor
committed committed
--------------------- ------------------ -------------- ------------------
Final stages EUR16.5m EUR6.5m (101
customer selection (205 units) units) +154%
--------------------- ------------------ -------------- ------------------
Active customer
pipeline EUR323m EUR246m +32%
--------------------- ------------------ -------------- ------------------
Note: redT tank unit module ("unit") = the size of redT's liquid energy storage machines differ from large containers to small containers. In order to provide relative comparability across redT's product range, a uniform tank unit module metric is used. For example; a 300 kWh system contains four 75kWh tank modules whereas a small 20kWh unit contains just one tank module
Outlook
At our AGM, the Company informed the market of the slower than expected progress in H1 2017. redT are now pleased to report that significant progress has since been achieved.
The Company has built a strong team and filled critical resource requirements in the months following the AGM. Excellent progress has been made in educating the wider market to differentiate between power and energy focussed solutions. redT continues to gain significant traction within its key home markets as a result, whilst also expanding into new high-value regions, closing orders and developing the customer pipeline further.
redT remains totally focussed on building a 2018 order book, closing short term opportunities and working to further improve and differentiate its market leading product proposition.
Enquiries:
redT energy plc +44 (0)207 121 6233 Scott McGregor, Chief Executive Officer Joe Worthington, Investor & Media Relations Cenkos Securities plc +44 (0)131 220 9100 Nick Tulloch Derrick Lee Celicourt (Financial PR) Mark Antelme Joanna Boon Jimmy Lea +44 (0)207 520 9266
Notes to Editors
About redT energy
redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of up to 25,000 full charge/discharge cycles and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.
Until now it has not been possible to directly compare variable renewable energy generation sources with diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT energy storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.
To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:
http://www.redtenergy.com/register-interest
For sales enquiries, please email enquiries@redtenergy.com or call +44 (0)207 061 6233
Financial review
Overall Group result
Financial results for the Group in H1 2017 were in line with overall management expectations. The redT business segment reported lower than expected revenue as a result of the short-term conversion of redT sales to orders being slower than anticipated, however this was counter balanced by the continuing strong performance of the legacy Camco segment. Critically, the key performance metric of EBITDA is in line with expectations, as the change in revenue mix has little impact on overall margin.
The Group recorded a loss for the period H1 2017 of EUR3.8m (H1 2016: loss EUR2.6m), with the key performance metric of EBITDA equating to a loss of EUR3.2m (H1 2017: loss EUR2.2m) - both were in line with management expectations due to continued investment in the redT business. Revenue was in line year-on-year with EUR4.5m recorded, with almost all revenue generation resulting from the Group's Camco business. Gross profit saw a year-on-year increase from EUR1.2m to EUR1.6m primarily as a result of the cost of the redT energy market seeding programme being incurred in the prior year. Underlying administrative expenses remain tightly controlled, with the increase from EUR3.6m to EUR5.2m directly related to the strategic growth and investment in the redT energy storage business. Group administration expenses includes a share based payment charge of EUR0.3m (H1 2016: EUR0.1m).
The successful fundraising (announced in December 2016), has strengthened the balance sheet and has enabled significant investment in the structural growth and ongoing development of the redT energy storage business during H1. Alongside redT, the Camco business continued to provide positive contribution to the Group across all key financial metrics.
redT energy storage business
The redT business is solely focussed on the on-going progression of its energy storage machine, with the business progressing with the critical commercialisation and operational growth phase of its life cycle.
With systems due to be installed and commissioned in H2, in line with revenue recognition rules, minimal revenue has been recognised in H1 2017. A gross margin profit of EUR0.2m was recorded in the period (H1 2016: loss EUR0.4m), with the prior year loss related exclusively to the deployment of the key market seeding programme which saw Gen 1 machines deployed to strategic partners across UK, Europe, and Africa.
An overall segmental loss of EUR3.4m was recorded (H1 2016: loss EUR2.5m), with the increased administration expenses in line with the continued strategic growth of the redT business, highlighted by the year on year increase in overall headcount resource from 27 to 53 (as at 30 June 2017).
As a supplementary note, with no revenue recognised in H1 2017 in relation to energy storage systems, amortisation of the Groups EUR6.8m Intangible Asset (note 4) has not commenced during this period, and will be reviewed going forward.
Camco business
The Camco business is comprised of the legacy business operations of Africa, US and Carbon, which combined generates positive cash contributions to the Group.
During the period Camco Africa managed the Renewable Energy Performance Platform (REPP) mandate in partnership with Greenstream Network Ltd. Camco US is focussed on the management of the previously disposed biogas assets via a service contract agreement, with Camco Carbon completing the legacy business segment, centred on ad hoc EU ETS Compliance Services.
The Camco business recorded revenue of EUR4.3m (H1 2016: EUR4.5m), gross margin EUR1.4m (H1 2016: EUR1.5m) and segmental profit EUR0.1m (H1 2016: EUR0.2m), with the marginal drop in year-on-year revenue, gross margin and profit relating to the impact of Camco Africa reaching a mutual agreement to bring to an end its involvement in the co-advisory mandate to Green Africa Power LLP (GAP) in November 2016.
Group operating expenses
Administration expenses incurred in H1 2017 were EUR5.2m (H1 2016: EUR3.6m), representing a year-on-year increase which is in line with management expectations, with capital raised from fundraising activity being utilised to grow and develop the business.
The redT business administration expenses during the period totalled EUR3.6m (H1 2016: EUR2.2m), with the increase being as a result of the continued expansion of the business, which saw overall headcount resource grow year-on-year from 27 to 53. The Camco business saw administration expenses remain in line with H1 2016 at EUR1.3m. During the period, the Group booked a share-based payment charge of EUR0.3m (H1 2016: EUR0.1m).
The Group continues to maintain tight control of expenditure, whilst focussed on growing its operational cost base to support the development, commercialisation and growth phase of the redT energy storage business.
Fundraising
As disclosed in full as a non-adjusting post balance sheet event in the 2016 Annual Report, on 30 December 2016 shareholders approved the issue of 150,000,000 ordinary shares through a placing to institutional and other investors, and an additional 26,774,374 ordinary shares by way of an open offer, to raise a total of GBP14.88m (before expenses).
Following the placing of the remaining 9,220,156 open offer shares with certain institutional investors, a total of 185,994,530 new ordinary shares were admitted to trading on AIM on 3 January 2017, resulting in a revised total issued and voting share capital comprising 653,923,424 ordinary shares.
The capital issue has been fully accounted within the H1 2017 Interim Financial Statements.
Cash and cash equivalents
At 30 June 2017, the Group held cash and cash equivalents of EUR13.2m (H1 2016: EUR5.5m), with all cash available to the Group for general working capital purposes, with the Group continuing to hold zero loans and borrowings.
The key movements in cash during H1 2017 were: proceeds from issue of share capital of EUR16.5m and cash outflow from operating activities of EUR5.3m. Movements in the period resulted in an increase of EUR10.4m cash held compared with prior Full Year (FY 2016: EUR2.8m).
Consolidated Statement of Financial Position
At 30 June 2017
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Non-current assets
Property, plant and equipment 221 95 103
Intangible assets and goodwill 4 14,989 14,989 14,989
Deferred tax assets 173 119 175
15,383 15,203 15,267
--------------- --------------- ----------
Current assets
Prepayments and accrued
income 5 994 369 509
Trade and other receivables 6 547 747 775
Corporation tax receivable 7 - 7
Cash and cash equivalents 7 13,204 5,525 2,753
14,752 6,641 4,044
--------------- --------------- ----------
Total assets 30,135 21,844 19,311
--------------- --------------- ----------
Current liabilities
Trade and other payables 8 (2,070) (3,498) (3,972)
Deferred income 9 (828) (524) (480)
Corporate tax payable - (147) -
(2,898) (4,169) (4,452)
--------------- --------------- ----------
Non-current liabilities
Deferred income 9 - (250) (222)
- (250) (222)
--------------- --------------- ----------
Total liabilities (2,898) (4,419) (4,674)
--------------- --------------- ----------
Net assets 27,237 17,425 14,637
--------------- --------------- ----------
Equity attributable to equity
holders of the parent
Share capital 6,539 4,617 4,679
Share premium 103,800 89,201 89,201
Share-based payment reserve 1,426 901 1,118
Retained earnings (83,088) (76,360) (79,340)
Translation reserve 376 725 729
Other reserve (1,621) (1,621) (1,621)
Non-controlling interest (195) (38) (129)
Total equity 27,237 17,425 14,637
--------------- --------------- ----------
Consolidated Statement of Comprehensive Income
For the 6 months to 30 June 2017
H1 2017 H1 2016 FY 2016
Continuing operations (unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Revenue 4,489 4,533 10,829
Cost of sales (2,876) (3,374) (8,563)
----------- ----------- ---------
Gross profit 1,613 1,159 2,266
Administrative expenses (5,191) (3,564) (7,927)
----------- ----------- ---------
Results from operating activities (3,578) (2,405) (5,661)
----------- ----------- ---------
Financial income - 37 38
Financial expenses - - -
Foreign exchange movement (235) (173) (168)
----------- ----------- ---------
Net financing expense (235) (136) (130)
Loss before tax (3,813) (2,541) (5,791)
----------- ----------- ---------
Income tax credit (1) (1) 154
Loss from continuing operations (3,814) (2,542) (5,637)
----------- ----------- ---------
Discontinued operations
Loss from discontinued operation
(net of tax) 2 - (24) -
Loss for the period (3,814) (2,566) (5,637)
----------- ----------- ---------
Other comprehensive income
Exchange differences on translation
of foreign operations (353) (168) (164)
Total comprehensive income
for the period (4,167) (2,734) (5,801)
----------- ----------- ---------
Loss for the period attributable
to:
Equity holders of the parent (3,748) (2,537) (5,517)
Non-controlling interest (66) (29) (120)
----------- ----------- ---------
Loss for the period (3,814) (2,566) (5,637)
----------- ----------- ---------
Total comprehensive income
attributable to:
Equity holders of the parent (4,101) (2,705) (5,681)
Non-controlling interest (66) (29) (120)
----------- ----------- ---------
Total comprehensive income
for the period (4,167) (2,734) (5,801)
----------- ----------- ---------
Basic (loss)/profit per share
in EUR cents
From continuing operations 10 (0.48) (0.56) (1.23)
From continuing and discontinued
operations 10 (0.48) (0.57) (1.23)
Diluted (loss)/profit per
share in EUR cents
From continuing operations 10 (0.48) (0.56) (1.23)
From continuing and discontinued
operations 10 (0.48) (0.56) (1.23)
Consolidated Statement of Changes in Equity
For the 6 months to 30 June 2017
Total Equity
equity attributable
attributable to
to non-controlling
Share-based shareholders interest
Share Share payment Retained Translation Other of the Total
Capital premium reserve Earnings reserve reserve Company equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1
January 2017 4,679 89,201 1,118 (79,340) 729 (1,621) 14,766 (129) 14,637
Total
comprehensive
income
for the period
Loss for the
period - - - (3,748) - - (3,748) (66) (3,814)
Other
comprehensive
income
Foreign
currency
translation
differences - - - - (353) - (353) - (353)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
comprehensive
income
for the
period - - - (3,748) (353) - (4,101) (66) (4,167)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share-based
payments - - 308 - - - 308 - 308
Issuance of
shares 1,860 14,722 - - - - 16,582 - 16,582
Transaction
costs arising
on share
issues - (123) - - - - (123) - (123)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
contributions
by
and
distributions
to owners 1,860 14,599 308 - - - 16,767 - 16,767
_____ _____ _____ _____ _____ _____ _____ _____ _____
Changes in
ownership
interests
in
subsidiaries
Acquisition of - - - - - - - - -
subsidiary
through
issuance of
shares
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 30
June 2017 6,539 103,800 1,426 (83,088) 376 (1,621) 27,432 (195) 27,237
_____ _____ _____ _____ _____ _____ _____ _____ _____
For the 6 months to 30 June 2016
Total Equity
equity attributable
attributable to
to non-controlling
Share-based shareholders interest
Share Share payment Retained Translation Other of the Total
Capital premium reserve Earnings reserve reserve Company equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1
January 2016 4,098 85,375 773 (73,823) 893 (1,621) 15,695 (9) 15,686
Total
comprehensive
income
for the period
Loss for the
period - - - (2,537) - - (2,537) (29) (2,566)
Other
comprehensive
income
Foreign
currency
translation
differences - - - - (168) - (168) - (168)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
comprehensive
income
for the
period - - - (2,537) (168) - (2,705) (29) (2,734)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share-based
payments - - 128 - - - 128 - 128
Issuance of
shares 519 3,826 - - - - 4,345 - 4,345
Transaction - - - - - - - - -
costs arising
on share
issues
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
contributions
by
and
distributions
to owners 519 3,826 128 - - - 4,473 - 4,473
_____ _____ _____ _____ _____ _____ _____ _____ _____
Changes in
ownership
interests
in
subsidiaries
Acquisition of - - - - - - - - -
subsidiary
through
issuance of
shares
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 30
June 2016 4,617 89,201 901 (76,360) 725 (1,621) 17,463 (38) 17,425
_____ _____ _____ _____ _____ _____ _____ _____ _____
For the year ended 31 December 2016
Total Equity
equity attributable
attributable to
to non-controlling
Share-based shareholders interest
Share Share payment Retained Translation Other of the Total
Capital premium reserve Earnings reserve reserve Company equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1
January 2016 4,098 85,375 773 (73,823) 893 (1,621) 15,695 (9) 15,686
Total
comprehensive
income
for the year
Loss for the
year - - - (5,517) - - (5,517) (120) (5,637)
Other
comprehensive
income
Foreign
currency
translation
differences - - - - (164) - (164) - (164)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
comprehensive
income
for the year - - - (5,517) (164) - (5,681) (120) (5,801)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share-based
payments - - 345 - - - 345 - 345
Issuance of
shares 581 3,991 - - - - 4,572 - 4,572
Transaction
costs arising
on share
issues - (165) - - - - (165) - (165)
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total
contributions
by
and
distributions
to owners 581 3,826 345 - - - 4,752 - 4,752
_____ _____ _____ _____ _____ _____ _____ _____ _____
Changes in
ownership
interests
in
subsidiaries
Acquisition of - - - - - - - - -
subsidiary
through
issuance of
shares
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 31
December
2016 4,679 89,201 1,118 (79,340) 729 (1,621) 14,766 (129) 14,637
_____ _____ _____ _____ _____ _____ _____ _____ _____
Consolidated Statement of Cash Flow
For the 6 months to 30 June 2017
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Cash flows from operating
activities
Loss for the year (3,814) (2,566) (5,637)
Adjustments for:
Depreciation, amortisation
and impairment 38 30 57
Foreign exchange loss on
translation 235 173 168
Financial income - (37) (38)
Financial expense - - -
Impairment of receivables
- bad debt write-off - - (36)
Loss on sale of discontinued
operations, net of tax - 24 -
Equity settled share-based
payment expenses 308 128 345
Taxation 1 1 (59)
----------- ----------- ---------
(3,232) (2,247) (5,200)
(Increase)/decrease in trade
and other receivables (255) 334 170
Decrease in trade and other
payables (1,831) (1,696) (1,314)
----------- ----------- ---------
(2,086) (1,362) (1,144)
Net cash from operating activities (5,318) (3,609) (6,344)
----------- ----------- ---------
Cash flows from investing
activities
Proceeds from disposal of - - -
discontinued operations
Acquisition of a subsidiary, - - -
net of cash acquired
Acquisition of property,
plant & equipment (156) (23) (72)
Net cash from investing activities (156) (23) (72)
----------- ----------- ---------
Cash flows from financing
activities
Proceeds from the issue of
share capital 16,459 4,344 4,406
Proceeds from other financial
assets - 2,420 2,420
Interest received - 37 38
Interest paid - - -
Net cash from financing activities 16,459 6,801 6,864
----------- ----------- ---------
Net increase in cash and
cash equivalents 10,985 3,169 448
Net cash and cash equivalents
at 1 January 2,753 2,935 2,935
Effect of foreign exchange
rate fluctuations on cash
held (534) (579) (630)
Net cash and cash equivalents
at 30 June 13,204 5,525 2,753
----------- ----------- ---------
Notes
Significant accounting policies
redT energy plc (the "Company") is a public company incorporated in Jersey under Companies (Jersey) Law 1991. The address of its registered office is 3(rd) floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ. The consolidated interim financial report of the Company for the period from 1 January 2017 to 30 June 2017 comprises of the Company and its subsidiaries (together the "Group").
Basis of preparation
The annual financial statements of the Group for the year ended 31 December 2016 have been prepared in accordance with IFRSs as adopted by the EU ("Adopted IFRSs"). The interim set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU. The interim set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 31 December 2016. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2016.
This interim financial information has been prepared on the historical cost basis. The accounting policies applied are consistent with those adopted and disclosed in the annual financial statements for the period ended 31 December 2016. The accounting policies have been consistently applied across all Group entities for the purpose of producing this interim financial report.
The financial information included in this document does not comprise of statutory accounts within the meaning of Companies (Jersey) Law 1991. The comparative figures for the financial year ended 31 December 2016 are not the company's statutory accounts for that financial year within the meaning of Companies (Jersey) Law 1991. Those accounts have been reported on by the company's auditors and delivered to the Jersey Financial Services Commission. The report of the auditors was unqualified.
Estimates
The preparation of the interim financial report in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
1 Segmental Reporting
Operating segments
The Group reports these results in line with the following main reporting segments:
1. redT: redT develops and supplies durable and robust energy storage machines based upon a proprietary vanadium redox flow technology for on and off-grid applications. This operating segment also contains the corporate costs of the Group.
2. Camco: Camco business segment comprises of Africa, US and Carbon. Camco Africa manages two investment advisory mandates; a co-advisory mandate to Green Africa Power LLP (GAP) through our partner EISER Infrastructure Partners LLP (contract ended November 2016), and Renewable Energy Performance Platform (REPP) mandate in partnership with Greenstream Network Ltd. The US is comprised of the management of the previously disposed biogas assets via a service contract agreement. Carbon contains the EU ETS Compliance Services business.
Inter segment transactions are carried out at arm's length.
Operating redT Camco Consolidated
segments
H1 H1 FY 2016 H1 H1 FY 2016 H1 H1 FY 2016
2017 2016 2017 2016 2017 2016
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
---------------- ------------ ------------ ---------- ------------ ------------ ---------- ------------ ------------ ----------
Segment revenue 198 82 302 4,291 4,451 10,527 4,489 4,533 10,829
Segment gross
margin 198 (353) (1,540) 1,415 1,512 3,806 1,613 1,159 2,266
---------------- ------------ ------------ ---------- ------------ ------------ ---------- ------------ ------------ ----------
Segment
administrative
expenses (3,589) (2,166) (4,680) (1,290) (1,270) (2,875) (4,879) (3,436) (7,555) Segment result (3,391) (2,519) (6,220) 125 242 931 (3,266) (2,277) (5,289) Impairment of receivables - - - (4) - 36 (4) - 36 Share-based payments (308) (128) (408) Results from operating activities (3,578) (2,405) (5,661) Finance income - 37 38 Finance expense - - - Foreign exchange movement (235) (173) (168) Taxation (1) (1) 154 Loss from - (24) - discontinued operation Loss for the period (3,814) (2,566) (5,637) Exchange differences on translation of foreign ops (353) (168) (164) ---------------- ------------ ------------ ---------- ------------ ------------ ---------- ------------ ------------ ---------- Total comprehensive income for the period (4,167) (2,734) (5,801) ---------------- ------------ ------------ ---------- ------------ ------------ ---------- ------------ ------------ ---------- 2 Discontinued operations
Summary results of discontinued operations - Group
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
US biogas income statement - - -
US biogas net gain from - - -
disposal
Kenya income statement - (3) -
net of FV loss on assets
Tanzania income statement - (21) -
net of FV loss on assets
--------------- --------------- -------------
- (24) -
3 Share based payments
During the period, the Group operated share-based incentive plans called the 2015 redT Employee Share Plan. The expense recognised in the period in respect to the plans is set out below.
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
2015 redT Employee Share
Plan 308 128 345
NIC on exercised options -
Camco 2006 Executive Share
Plan - - 63
--------------- --------------- -------------
308 128 408
4 Intangible fixed assets
Goodwill - Subsidiary acquisition
(REDH)
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Cost at 1 January 8,167 8,167 8,167
Acquisitions - - -
--------------- --------------- -------------
Cost at 30 June 8,167 8,167 8,167
Intangible assets - R&D (REDH)
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Cost at 1 January 6,822 6,822 6,822
Acquisitions - - -
--------------- --------------- -------------
Cost at 30 June 6,822 6,822 6,822
Total Goodwill & Intangible
Assets
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Cost at 1 January 14,989 14,989 14,989
Acquisitions - - -
--------------- --------------- -------------
Cost at 30 June 14,989 14,989 14,989
5 Prepayments and accrued income
H1 2017 H1 2016 FY 2016
(unaudited) (audited)
(unaudited)
EUR'000 EUR'000 EUR'000
Prepayments 894 269 409
Accrued income 100 100 100
--------------- ---------------- -------------
994 369 509
6 Trade and other receivables
H1 2017 H1 2016 FY 2016
(unaudited) (audited)
(unaudited)
EUR'000 EUR'000 EUR'000
Trade receivables 345 286 573
Other receivables 202 461 202
--------------- ---------------- -------------
547 747 775
7 Cash and cash equivalents
H1 2017 H1 2016 FY 2016
(unaudited) (audited)
(unaudited)
EUR'000 EUR'000 EUR'000
Cash on deposit 13,204 5,525 2,753
13,204 5,525 2,753
8 Trade and Other Payables
H1 2017 H1 2016 FY 2016
(unaudited) (audited)
(unaudited)
EUR'000 EUR'000 EUR'000
Trade payables 1,565 2,994 1,782
Other accruals 505 504 2,190
--------------- ---------------- -------------
2,070 3,498 3,972
9 Deferred Income
H1 2017 H1 2016 FY 2016
(unaudited) (audited)
(unaudited)
EUR'000 EUR'000 EUR'000
Non-current liabilities
Deferred income - 250 222
- 250 222
Current liabilities
Deferred income 828 524 480
828 524 480
10 Profit/(loss) per share
Profit per share attributable
to equity holders of the company
is as follows:
H1 2016 H1 2015 FY 2015
(unaudited) (unaudited) (audited)
EUR cents EUR cents EUR cents
per share per share per share
Basic loss per share
From continuing operations (0.48) (0.56) (1.23)
From continuing and discontinued
operation (0.48) (0.57) (1.23)
___________ __________ ___________
Diluted loss per share
From continuing operations (0.48) (0.56) (1.23)
From continuing and discontinued
operation (0.48) (0.56) (1.23)
___________ __________ ___________
Loss used in calculation of
basic and diluted loss per share EUR'000 EUR'000 EUR'000
From continuing operations (3,814) (2,542) (5,637)
From continuing and discontinued
operation (3,814) (2,566) (5,637)
Weighted average number of shares
used in calculation
Basic 802,924,567 451,867,175 459,941,919
Diluted 802,924,567 456,532,883 459,941,919
___________ __________ ___________
H1 2017 H1 2016 FY 2016
(unaudited) (unaudited) (audited)
Number Number Number
Number in issue at 1 January 467,928,894 409,833,227 409,833,227
Effect of share options exercised - 1,578,107 3,923,709
Effect of shares issued in the
year 334,995,673 40,455,841 46,184,983
___________ __________ ___________
Weighted average of basic shares
at end of period 802,924,567 451,867,175 459,941,919
___________ __________ ___________
Effect of share options granted
not yet exercised - 4,665,708 -
___________ __________ ___________
Weighted average number of diluted
shares at end of period 802,924,567 456,532,883 459,941,919
___________ __________ ___________
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KQLFLDKFBBBF
(END) Dow Jones Newswires
September 27, 2017 02:01 ET (06:01 GMT)
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