We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Renew. Energy | LSE:REH | London | Ordinary Share | GB00B063PD00 | 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% | 0.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMREH
RNS Number : 7130A
Renewable Energy Holdings plc
30 September 2015
Renewable Energy Holdings plc
("Renewable Energy Holdings" or the "Company")
Interim Report for the six months ended 30 June 2015
Renewable Energy Holdings announces its interim results for the six months to 30 June 2015, which are set out below. A copy is available to download from the Company's website www.reh-plc.com
For further information, please contact:
Renewable Energy Holdings plc Tel: +44 (0)16 2464 David Weir, Non-Executive Chairman 1199 Clive Callister, Chief Operating Officer Strand Hanson Limited Tel: +44 (0)20 7409 Rory Murphy / James Spinney 3494
Chairman's statement
For the six months ended 30 June 2015
Once again the main activity in the half year has been directed towards the planning application for the Mynydd y Gwynt windfarm project in mid Wales and to attempt to sell the Polish windfarm project.
Financial performance
The Group made a loss from Operations of GBP291k, slightly higher than the previous year and partly due to the appointment in December 2014 of a full time finance director (now outsourced again). Finance costs on the Utilico loans were GBP483k and with ongoing costs in Poland of GBP27k the Loss for the Period was GBP801k.
Wales
The planning examination process closed on 20th May 2015 and a decision is due by 20th November 2015. The Examiner submitted his recommendation to the Secretary of State for Energy and Climate Change on 20th August 2015 in accordance with the statutory timetable.
We have previously reported that if consent is granted the windfarm would need to be connected to the proposed mid Wales hub substation, however the outcome of the mid Wales conjoined public inquiry has thrown the future of that substation into serious doubt. The inquiry considered five proposed wind farms in mid Wales, with four of them connecting to the hub, but DECC has refused planning consent for all four. Presently no decision has been made on the future of the hub and we are keeping in close communication with SP Manweb and others.
On 18th June the Secretary of State for Energy and Climate Change, Amber Rudd, said: "we are driving forward our commitment to end new onshore wind subsidies and give local communities the final say over any new windfarms. Onshore wind is an important part of our energy mix and we now have enough subsidised projects in the pipeline to meet our renewable energy commitments".
The status of our project in relation to this statement and its eligibility for subsidy is unclear. Whilst the consent decision will be made this year, the grid substation delays mean it probably will not be connected before 2020. It is looking increasingly unlikely that any 2020 onshore wind projects will be allowed access to future Contract for Difference rounds. The Minister's view, as stated above, is that onshore wind must survive without subsidy support. We and others within the renewables industry feel that we still have some way to go to achieve this condition. At the very least the uncertainty of wholesale electricity prices makes financing for windfarm projects, and therefore their valuations for sale, very difficult.
We are, however, pleased to see that the Welsh Government recognises that onshore wind is a vital component in meeting carbon reduction targets and that windfarms provide an economic benefit to rural communities not just in the construction phase but throughout their operation. We are encouraged by the supportive written statement on onshore wind issued by Edwina Hart AM, Minister for Economy, Science and Transport and Carl Sargeant AM, Minister for Natural Resources on 21st September 2015.
Poland
We have continued to market the project but have yet to attract a buyer. Although we noted some progress with the Polish Energy Act in our year end accounts, there has been no further progress in finalising the details of the auction system. These ongoing issues have not helped to stimulate the market.
Carnegie Wave Energy Limited ("CWE")
The Perth Wave Energy Project demonstrator at Garden Island (CETO 5) continues to operate, allowing CWE to gain experience of operating and maintaining the CETO technology. In parallel CWE continues to develop a CETO 6 Project with a 3 unit array with 3MW total capacity and a 2017 target date. Two sites are being considered including Garden Island, Western Australia and Wave Hub, Cornwall UK.
Going Concern and Future Funding
The Directors are of the opinion that, utilising the remainder of the current loan support from Utilico, the Company has sufficient resources to enable it to continue to operate until the planning decision is made. Should consent be received future funding would then be necessary. However factors such as the grid situation in mid Wales and assessments of the likelihood of qualifying for any financial support mechanism for onshore windfarms will all be considered together with the Company's current indebtedness by any potential funder. If no further funding were to be available the Group would likely commence liquidation.
David Weir
Chairman
September 2015
Interim consolidated income statement
For the six months ended 30 June 2015
30 June 30 June 31 December 2014 2015 2014 (Audited) (Unaudited) (Unaudited) GBP000's Note GBP000's GBP000's ------------------------------- ------ ------------- ------------- ------------ Revenue - - - Cost of sales - - - ------------------------------- ------ ------------- ------------- ------------ Gross profit / (loss) - - - Other operating income 11 - - Development expenditure (4) (1) (4) Administrative expenditure (298) (223) (458) ------------------------------- ------ ------------- ------------- ------------ Loss from operations (291) (224) (462) Finance income - - - Finance costs (483) (409) (889) ------------------------------- ------ ------------- ------------- ------------ Loss before income tax (774) (633) (1,351) Income tax credit / (expense) - - - ------------------------------- ------ ------------- ------------- ------------ Loss for the period from continuing operations (774) (633) (1,351) Discontinued operations: Loss for the period from discontinued operations 2 (27) (78) (2,300) ------------------------------- ------ ------------- ------------- ------------ Loss for period (801) (711) (3,651) ------------------------------- ------ ------------- ------------- ------------ Loss attributable to: Owners of the Parent (801) (711) (3,651) Non-controlling interests - - - ------------------------------- ------ ------------- ------------- ------------ (801) (711) (3,651) ------------------------------- ------ ------------- ------------- ------------ Loss per share attributable to the equity holders of the Parent during the period: Basic and diluted (1.11) p (0.91) (1.94) p From continuing operations (0.04) p p (3.30) p From discontinued operations (0.11) p ------------------------------- ------ ------------- ------------- ------------ (1.02) (1.15) p p (5.24) p ------------------------------- ------ ------------- ------------- ------------
Interim consolidated statement of comprehensive income
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:43 ET (09:43 GMT)
For the six months ended 30 June 2015
30 June 30 June 31 December 2014 2015 2014 (Audited) (Unaudited) (Unaudited) GBP000's GBP000's GBP000's -------------------------------------- ------------- ------------- ------------ Loss for the period (801) (711) (3,651) Other comprehensive income / (expenditure): Exchange differences on translating foreign operations Gain / (loss) arising on revaluation of (84) (152) (119) Available for sale financial assets (726) 282 576 -------------------------------------- ------------- ------------- ------------ Total comprehensive income / (expenditure) for the period (1,611) (581) (3,194) -------------------------------------- ------------- ------------- ------------ Total comprehensive income / (expense) attributable to the equity holders of the Parent during the period: From continuing operations From discontinued operations (1,584) (503) (894) (27) (78) (2,300) -------------------------------------- ------------- ------------- ------------ (1,611) (581) (3,194) -------------------------------------- ------------- ------------- ------------
Consolidated statement of changes in equity
For the six months ended 30 June 2015
Share Foreign Share-based Non-controlling Share premium exchange payment Available Retained interests capital reserve reserve reserve Merger for earnings Total GBP000's Total GBP000's GBP000's GBP000's GBP000's reserve sale GBP000's GBP000's equity GBP000's reserve GBP000's GBP000's ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Balance at 1 January 2015 696 26,740 (462) 1,134 4,410 655 (33,248) (75) (532) (607) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Comprehensive expenditure Loss for the period - - - - - - (801) (801) - (801) Other comprehensive Income / (expenditure): Exchange differences on translating foreign operations Gain / (loss) arising on revaluation of Available - - (84) - - - - (84) - (84) for sale Financial assets - - - - - (726) - (726) - (726) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Total comprehensive income / (expenditure) for the period - - (84) - - (726) (801) (1,611) - (1,611) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Transactions with owners - - - - - - - - - - Share based payment charge ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- - - - - - - - - - - Balance at 30 June 2015 696 26,740 (546) 1,134 4,410 (71) (34,049) (1,686) (532) (2,218) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ----------
Consolidated statement of changes in equity
For the six months ended 30 June 2014
Share Foreign Share-based Non-controlling Share premium exchange payment Available Retained interests capital reserve reserve reserve Merger for earnings Total GBP000's Total GBP000's GBP000's GBP000's GBP000's reserve sale GBP000's GBP000's equity GBP000's reserve GBP000's GBP000's ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Balance at 1 January 2014 696 26,740 (343) 1,134 4,410 79 (29,597) (3,119) (532) 2,587 ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Comprehensive expenditure Loss for the period - - - - - - (711) (711) - (711) Other comprehensive Income / (expenditure): Exchange differences on translating foreign operations Gain / (loss) arising on revaluation of Available - - (152) - - - - (152) - (152) for sale Financial assets - - - - - 282 - 282 - 282 ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Total comprehensive income / (expenditure) for the period - - (152) - - 282 (711) (581) - (581) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Transactions with owners - - - - - - - - - - Share based payment charge ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- - - - - - - - - - - Balance at 30 June 2015 696 26,740 (495) 1,134 4,410 361 (30,308) (2,538) (532) 2,006 ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ----------
Consolidated statement of changes in equity
For the year ended 31 December 2014
Share Foreign Share-based Non-controlling Share premium exchange payment Available Retained interests capital reserve reserve reserve Merger for earnings Total GBP000's Total GBP000's GBP000's GBP000's GBP000's reserve sale GBP000's GBP000's equity GBP000's reserve GBP000's GBP000's ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Balance at 1 January 2014 696 26,740 (343) 1,134 4,410 79 (29,597) 3,119 (532) 2,587 ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Comprehensive expenditure Loss for the
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:43 ET (09:43 GMT)
period - - - - - - (3,651) (3,651) - (3,651) Other comprehensive Income / (expenditure): Exchange differences on translating foreign operations Gain / (loss) arising on revaluation of Available - - (119) - - - - (119) - (119) for sale Financial assets - - - - - 576 - 576 - 576 ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Total comprehensive income / (expenditure) for the period - - (119) - - 576 (3,651) (3,194) - (3,194) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- Transactions with owners - - - - - - - - - - Share based payment charge ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ---------- - - - - - - - - - - Balance at 30 June 2015 696 26,740 (462) 1,134 4,410 655 (33,248) (75) (532) (607) ---------------- ---------- ---------- ---------- ------------- ---------- ----------- ---------- ---------- ----------------- ----------
Consolidated balance sheet
As at 30 June 2015
30 June 30 June 31 December 2014 2015 2014 (Audited) (Unaudited) (Unaudited) GBP000's Note GBP000's GBP000's -------------------------------- ------ ------------- ------------- ------------ Non-current assets Property, plant and equipment 2,664 1,788 2,133 -------------------------------- ------ ------------- ------------- ------------ Total non-current assets 2,664 1,788 2,133 -------------------------------- ------ ------------- ------------- ------------ Current assets Cash and cash equivalents 111 193 94 Trade and other receivables 847 842 852 Available for sale financial asset 2,468 2,809 3,194 Assets of a disposal group classified as held for sale 1,977 4,327 2,094 -------------------------------- ------ ------------- ------------- ------------ Total current assets 5,403 8,171 6,234 -------------------------------- ------ ------------- ------------- ------------ Total assets 3 8,067 9,959 8,367 -------------------------------- ------ ------------- ------------- ------------ Current liabilities Trade and other payables (304) (1,941) (267) Liabilities directly associated with assets of a disposal group classified as held for sale (461) (559) (521) Borrowings (9,020) (4,953) (7,686) -------------------------------- ------ ------------- ------------- ------------ Total current liabilities (9,785) (7,453) (8,474) -------------------------------- ------ ------------- ------------- ------------ Non-current liabilities Borrowings (500) (500) (500) -------------------------------- ------ ------------- ------------- ------------ Total non-current liabilities (500) (500) (500) -------------------------------- ------ ------------- ------------- ------------ Total liabilities 3 (10,285) (7,953) (8,974) -------------------------------- ------ ------------- ------------- ------------ Net assets / (liabilities) (2,218) 2,006) (607) -------------------------------- ------ ------------- ------------- ------------ Capital and reserves attributable To equity holders of the Parent Share capital 696 696 696 Share premium 26,740 26,740 26,740 Foreign exchange reserve (546) (495) (495) Share-based payment reserve 1,134 1,134 1,134 Merger reserve 4,410 4,410 4,410 Available for sale reserve (71) 361 655 Retained earnings (34,049) (30,308) (33,248) -------------------------------- ------ ------------- ------------- ------------ (1,686) 2,538 (75) Non-controlling interests (532) (532) (532) -------------------------------- ------ ------------- ------------- ------------ Total equity (2,218) 2,006 607 -------------------------------- ------ ------------- ------------- ------------
Interim consolidated cash flow statement
For the six months ended 30 June 2015
30 June 30 June 31 December 2014 2015 2014 (Audited) (Unaudited) (Unaudited) GBP000's Note GBP000's GBP000's --------------------------------- ------- --- ------------- ------------- ------------ Cash flows from operating activities Result for the period Adjustments for: (801) (711) (3,651) Depreciation expense Foreign exchange gain - 1 - Impairment of asset classified - - (4) as held for sale - - 2,169 Finance income - - - Finance costs 483 409 889 ----------------------------------------------- ------------- ------------- ------------ (318) (301) (597) Change in trade and other receivables 38 8 (7) Change in trade and other payables (23) 48 (40) ----------------------------------------------- ------------- ------------- ------------ Cash generated from / (used in) operations (303) (245) (644) Income taxes paid - - - --------------------------------- ------- --- ------------- ------------- ------------ Net cash from operating activities (303) (245) (644) ----------------------------------------------- ------------- ------------- ------------ Investing activities Purchased of property, plant and equipment (531) (300) (670) Finance income received - - - ----------------------------------------------- ------------- ------------- ------------ Net cash from / (used in) investing activities (531) (300) (670) ----------------------------------------------- ------------- ------------- ------------ Financing activities Loans received 851 400 1,075
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:43 ET (09:43 GMT)
Loan repayments - - - Finance costs paid - - - ----------------------------------------------- ------------- ------------- ------------ Net cash provided / (used in) financing activities 851 400 1,075 ----------------------------------------------- ------------- ------------- ------------ Effect of movement in exchange rates on cash - 1 (4) ----------------------------------------------- ------------- ------------- ------------ Net increase / (decrease) in cash and cash equivalents 17 (144) (243) Cash at beginning of the period 95 38 338 ----------------------------------------------- ------------- ------------- ------------ Cash at end of period 112 194 95 ----------------------------------------------- ------------- ------------- ------------ Cash included in assets held for sale (1) (1) (1) ----------------------------------------------- ------------- ------------- ------------ 111 193 94 --------------------------------------------- ------------- ------------- ------------
Notes to the interim consolidated financial information
For the six months ended 30 June 2015
1. Basis of preparation
This unaudited consolidated interim financial information has been prepared using the recognition and measurement principles of International
Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively IFRSs).
The principal accounting policies used in preparing the interim results are those the Company expects to apply in its Financial Statements for
the year ended 31 December 2015 and are unchanged from those disclosed in the Company's audited Annual Report and Financial Statements
for the year ended 31 December 2014 which are available at www.reh-plc.com.
In assessing the going concern basis of preparation of the financial information for the period ended 30 June 2015, the Directors have taken into
account the status of current negotiations on the sale of assets, forecasts and projections through to June 2016. The Directors consider that the
Group has sufficient facilities for its ongoing operations and therefore have continued to adopt the going concern basis in preparing the June 2015
financial results.
While the financial information included in this consolidated interim financial information has been prepared in accordance with the AIM Rules for
Companies and with IFRSs, this interim consolidated financial information does not itself contain sufficient information to comply fully with IFRSs.
As permitted, the Company has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing these interim financial statements.
The financial information for the six months ended 30 June 2015 and 30 June 2014 is unaudited and does not constitute the Company's statutory
financial statements for those periods. The comparative financial information for the full year ended 31 December 2014 has, however, been derived
from the statutory financial statements for that period. The auditors' report on those accounts was unqualified and did not contain a statement under
section 15.4 of the Isle of Man Companies Act 1982. Without qualifying their report, the auditors drew attention by way of emphasis of matter, the
disclosures relating to the Group's ability to continue as a going concern.
2. Discontinued operations
Plan to dispose of wind farm project
On 30 April 2012 the Group announced the orderly sale of its assets and the return of cash to shareholders. The Group is actively seeking a buyer for its
Polish wind farm project. It is the Director's judgement that the Polish wind farm project meets the criteria under IFRS 5 "Non Current Assets and Discontinued
Operations" to be classified as held for sale. Accordingly the Group's Polish operations have been presented as discontinued operations.
Analysis of loss for the period from discontinued operations
The results of the discontinued operations (i.e. the Polish wind farm project) included in the Consolidated income statements are set out below.
The comparative loss and cash flows from discontinued operations have been re-presented to include those operations classified as discontinued in the current year.
30 June 30 June 31 December 2014 2015 2014 (Audited) (Unaudited) (Unaudited) GBP000's GBP000's GBP000's ------------------------------ --- ------------- ------------- ------------ Impairment of asset of Polish Wind Farm - - (2,169) Cost of sales (7) (43) (84) Expenses other than finance costs (20) (35) (47) Finance costs - - - ----------------------------------- ------------- ------------- ------------ Profit / (loss) before tax from discontinued operations (27) (78) (2,300) Tax - - - ----------------------------------- ------------- ------------- ------------ Profit / (loss) before tax from discontinued operations (27) (78) (2,300) ----------------------------------- ------------- ------------- ------------ 3. Segmented information 30 June 2015 CETO Head Development Wind farms Wind farms office Australia Poland Wales Total Isle GBP000's GBP000's GBP000's GBP000's of man GBP000's ------------------------------- ----------- ------------- ------------- ------------- ----------- Investment in wind farms - - 1,895 3,412 5,307 Available for sale financial assets - 2,468 - - 2,468 Other assets 188 - 82 21 291 ------------------------------- ----------- ------------- ------------- ------------- ----------- Reportable segment assets 188 2,468 1,977 3,433 8,067 ------------------------------- ----------- ------------- ------------- ------------- ----------- Reportable segment liabilities (9,248) - (461) (576) (10,285) ------------------------------- ----------- ------------- ------------- ------------- ----------- 30 June 2014 CETO Head Development Wind farms Wind farms office Australia Poland Wales Total Isle GBP000's GBP000's GBP000's GBP000's of man GBP000's ------------------------------- ----------- ------------- ------------- ------------- ----------- Investment in wind farms - - 4,234 2,539 6,773 Available for sale financial assets - 2,809 - - 2,809 Other assets 177 - 93 107 377 ------------------------------- ----------- ------------- ------------- ------------- ----------- Reportable segment assets 177 2,809 4,327 2,646 9,959 ------------------------------- ----------- ------------- ------------- ------------- ----------- Reportable segment liabilities (6,717) - (559) (677) (7,953) ------------------------------- ----------- ------------- ------------- ------------- ----------- 31 December 2014 CETO Head Development Wind farms Wind farms
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 05:43 ET (09:43 GMT)
1 Year Renewable Energy Chart |
1 Month Renewable Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions