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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rurelec Plc | LSE:RUR | London | Ordinary Share | GB00B01XPW41 | 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% | 0.425 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electric Services | 0 | -2.24M | -0.0040 | -1.05 | 2.36M |
From Apr 2019 to Apr 2024
TIDMRUR
RNS Number : 2642L
Rurelec PLC
30 September 2016
Rurelec PLC
("Rurelec" or "the Company")
Interim results for the six months ended 30 June 2016
Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces its unaudited interim results for the six months ended 30 June 2016.
Financial Highlights:
-- Turnover GBP116k (2015: GBP620k) -- Gross Profit GBP110k (2015: GBP487k)
-- Post tax profit / (loss) GBP2.0 million profit (2015: GBP14.1 million loss)
-- Profit / (Loss) per share 0.36 pence (2015: 2.52 pence loss) -- Net asset value per share 7.2 pence (2015: 7.7 pence)
Operational and Post Half-Year Highlights:
-- Revenues in the six months came from engineering and shared service fees.
-- GBP2.0 million profit for the period is primarily due to foreign exchange gains associated with loans to Argentine operations.
-- Finance expense was GBP0.2 million compared to GBP0.6 million for the same six months of 2015, the reduction is due to the sale of Canchayllo inclusive of its project debt.
-- Revenues in Argentina still performing well locally with Argentine Pesos Arg $204 million (2015: Arg $120 million). In US$ revenues were $14.0 million (2015: $13.5 million)
-- Peru - continues to explore the sale of its developments and receipt of US $1 million deferred consideration on the sale of its Canchayllo assets.
-- Chile - one project (255 MW) still under development. -- Administrative expenses decreased from GBP2.8 million to GBP1.2 million.
Commenting on the results, Simon Morris, Rurelec's Executive Director, said:
"The Company continues to pursue measures to restore value to the Company and its shareholders through developments in Argentina and Chile, whilst pursuing cost savings at the head office in London and the sale of the Peruvian assets."
For further information please contact:
Rurelec PLC WH Ireland Simon Morris Paul Shackleton Executive Director and James Bavister +44 (0)20 7025 8026/28 +44(0) 20 7220 1666
Executive Director's Statement
Review of Operations:
In Argentina our 50% owned operating entity, Energia del Sur S.A., and its parent company, Patagonia Energy Limited, have outstanding borrowings and interest before impairments of GBP37.5m due to the Group. The company is operating well at the local level however it has been subject to increases in its working capital requirements which restricted its ability to make repayments of outstanding loans to the UK. Within the last month the working capital requirements in Argentina have begun to ease. The Board is also expecting to appoint a consultant in the near future to help improve our dealings with the Argentine operation.
In Peru, the projects owned by the Group are still being actively marketed. Interest has been shown by a number of potential purchasers.
In Chile, the Illapa project is making progress.
A very tight rein continues to be maintained on overheads in the UK, leading to a reduction of over 50% in the six months compared to the same period last year.
As previously announced, the Group has arranged for extended facilities from BPAC, totalling GBP1.6 million. The funding position of the Group remains very tight, but stable. The funding position remains dependent upon the continued forbearance of certain creditors.
Given the progress on the sale of the Group's assets and the fact that the Directors are pursuing alternative sources of finance, the directors continue to adopt the going concern basis of accounting.
Review of future strategy
The strategy of the Group continues to be focussed on stabilising the financial position, keeping costs under tight control, whilst certain assets are sold. The underlying strategy is to preserve the value of the Group assets, which will in turn enable all creditors to be repaid and maximise returns to shareholders.
Simon Morris
Executive Director
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
for the half year ended 30 June 2016
(expressed in thousands of pounds)
________
Hot Features
Premium
Audited
Notes 6 months 6 months to 12 months to
to
30/06/16 30/06/15 31/12/15
GBP'000 GBP'000 GBP'000
---------------------------- ------ ------------------------- ------------ -------------
Revenue 116 620 179
Cost of sales (6) (133) (22)
---------------------------- ------ ------------------------- ------------ -------------
Gross profit 110 487 157
Administrative expenses (1,213) (2,779) (4,435)
---------------------------- ------ ------------------------- ------------ -------------
Operating loss (1,103) (2,292) (4,278)
Foreign exchange gains
/ (losses) 1,976 (1,599) (106)
Other expense 5,6 - (10,982) (17,572)
Finance income 1,318 1,308 2,385
Finance expense (156) (563) (458)
---------------------------- ------ ------------------------- ------------ -------------
Profit/ (Loss) before
tax 2,035 (14,128) (20,029)
Tax expense - (3) (3)
---------------------------- ------ ------------------------- ------------ -------------
Profit / (Loss) for
the period 2,035 (14,131) (20,032)
Profit / (Loss) per
share 3 0.36p (2.52)p (3.57)p
---------------------------- ------ ------------------------- ------------ -------------
Other comprehensive
income
Items that will be
subsequently reclassified
to Profit & Loss
Exchange differences
on translation of foreign
operations 927 831 999
Total other comprehensive
income 927 831 999
Total comprehensive
profit / (loss) for
the period 2,962 (13,300) (19,033)
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
at 30 June 2016
(expressed in thousands of pounds)
Audited
30/6/16 30/6/15 31/12/15
Notes GBP'000 GBP'000 GBP'000
------------------------------- -------- ----------------------- --------- ---------
Assets
Non-current assets
Property, plant and equipment 19,864 21,978 19,217
Intangible assets 29 400 23
Trade and other receivables - 22,299 -
Deferred tax assets - - -
------------------------------- -------- ----------------------- --------- ---------
19,893 44,677 19,240
------------------------------- -------- ----------------------- --------- ---------
Current assets
Trade and other receivables 24,747 4,382 20,866
Cash and cash equivalents 9 304 386
------------------------------- -------- ----------------------- --------- ---------
24,756 4,686 21,252
------------------------------- -------- ----------------------- --------- ---------
Assets Classified as
held for sale 4 3,355 13,266 3,644
------------------------------- -------- ----------------------- --------- ---------
Total assets 48,004 62,629 44,136
------------------------------- -------- ----------------------- --------- ---------
Equity and liabilities
Shareholders' equity
Share capital 11,228 11,228 11,228
Share premium account 22,754 22,754 22,754
Foreign currency reserve (1,285) (2,380) (2,212)
Share option reserve - 147 -
Plant reserves - 1,050 -
Other reserve 5 45,000 45,000 45,000
Profit and loss reserve (37,228) (34,547) (39,262)
------------------------------- -------- ----------------------- --------- ---------
Total equity attributable
to 40,469 43,252 37,508
shareholders of Rurelec
PLC
------------------------------- -------- ----------------------- --------- ---------
Non-controlling interest - - -
Total equity 40,469 43,252 37,508
Non-current liabilities
Future tax liabilities - - -
Deferred tax liabilities - - -
Borrowings - - -
------------------------------- -------- ----------------------- --------- ---------
- - -
------------------------------- -------- ----------------------- --------- ---------
Current liabilities
Trade and other payables 2,989 4,446 2,856
Current tax liabilities 19 85 -
Borrowings 3,710 4,253 3,054
------------------------------- -------- ----------------------- --------- ---------
6,718 8,784 5,910
------------------------------- -------- ----------------------- --------- ---------
Liabilities Classified
as held for sale 817 10,593 718
------------------------------- -------- ----------------------- --------- ---------
Total liabilities 7,535 19,377 6,628
------------------------------- -------- ----------------------- --------- ---------
Total equity and liabilities 48,004 62,629 44,136
------------------------------- -------- ----------------------- --------- ---------
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
for the half year ended 30 June 2016
(expressed in thousands of pounds)
Share Share Foreign Share Retained Other Plant Total Non-controlling Total
capital premium currency option earnings reserve reserve GBP'000 interest equity
GBP'000 GBP'000 reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Balance at
01.01.15 11,228 22,754 (3,211) 146 (20,426) 45,000 1,050 56,541 283 56,824
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Issue of share - - - - - - - - - -
----------------- ----------- ------------ ------------- ----------- ---------- ------------ ---------------- ------------
Non-controlling - - - - - - - - - -
interest
transfer to
assets
held for sale
----------------- ------------- ----------- ---------- ------------ ---------------- ------------
Total - - - - - - - - - -
transactions
with owners
----------- ----------- ------------- ----------
Loss for first 6
months - - - - (14,404) - - (14,404) - (14,404)
----------------- ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Exchange
differences - - 831 - - - - 831 - 831
----------- ----------- ---------- ------------ ---------------- ------------
Total
comprehensive
Loss - - 831 - (14,404) - - (13,753) - (13,573)
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Original Balance
at 30.06.15 11,228 22,754 (2,380) 146 (34,830) 45,000 1,050 42,968 283 43,251
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Issue of share - - - - - - - - - -
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Share issue - - - - - - - - - -
costs
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Charge for share
options - - (146) 146 - - - - -
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Plant reserve - - - - 1,050 - (1,050) - - -
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Non-controlling
interest
transfer to
Assets
for Sale - - - - - - - - (283) (283)
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Total
transactions
with owners - - - (146) 1,196 - (1,050) - (283) (283)
----------- ----------- ------------- ----------
Loss for the
Period - - - - (5,628) - - (5,628) - (5,628)
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Exchange
differences - - 168 - - - - 168 - 168
Total
comprehensive
Loss - - 168 - (5,628) - - (5,460) - (5,460)
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Balance at
31.12.15 11,228 22,754 (2,212) - (39,262) 45,000 - 37,508 - 37,508
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Gain (Loss) for
the
first 6 months - - - - 2,035 - - 2,035 - 2,035
----------------- ----------- ---------- ------------- ------------ ---------------- ------------
Exchange
differences - - 927 - - - - 927 - 927
---------- ------------ ---------------- ------------
Total
comprehensive
Loss - - 927 - 2,035 - - 2,962 - 2,962
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
Balance at
30.06.15 11,228 22,754 (1,285) - (37,228) 45,000 - 40,469 - 40,469
----------------- ----------- ------------ ----------- ---------- ------------- ----------- ---------- ------------ ---------------- ------------
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
for the half year ended 30 June 2016
(expressed in thousands of pounds)
Audited
Notes 6 months 6 months 12 months
to to to
30/06/16 30/06/15 31/12/15
---------------------------------- ------- --------- --------- ----------
Result for the period before
tax 2,035 (14,128) (20,029)
from continuing operations
Net finance (income) /
costs (1,161) (745) (2,385)
Adjustments for:
Depreciation 48 245 48
Unrealised exchange (gains)
/ losses (1,976) 1,599 106
Impairment of Goodwill - 921 17,327
Impairment Assets held
for sale - 4,940 245
Change in trade and other
receivables (142) 6,131 348
Change in trade and other
payables 264 (24) (1,205)
------------------------------------------- --------- --------- ----------
Cash generated from / (used
in) operations (933) (1,062) (5,545)
------------------------------------------- --------- --------- ----------
Taxation paid (3) (3) (3)
Interest paid - (560) -
Net cash generated from
/ (used in) operations (936) (1,625) (5,548)
Cash flows from investing
activities
Proceeds from Sale of Subsidiary - - 4,358
Purchase of plant and equipment (97) - -
Repayments from / (loans
to) joint venture companies 178 904 2,417
Net cash used in investing
activities 81 904 6,775
------------------------------------------- --------- --------- ----------
Net cash outflow before (855) (721) 1,227
financing activities
---------------------------------- ------- --------- --------- ----------
Cash flows from financing
activities
Issue of shares - - -
Deferred Consideration - - (1,237)
Loan drawdowns 1,150 926 1,861
Repayment of loans (671) (184) (1,748)
Net cash generated from 479 742 (1,124)
financing activities
---------------------------------- ------- --------- --------- ----------
(Decrease) / increase in
cash (376) 21 103
and cash equivalents
---------------------------------- ------- --------- --------- ----------
Cash and cash equivalents
at 385 283 282
start of period
---------------------------------- ------- --------- --------- ----------
Cash and cash equivalents
at end of period 9 304 385
RURELEC PLC
Notes to the Interim Statement
for the six months ended 30 June 2016
1. Basis of preparation
These condensed consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2015 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts were unqualified. The financial information contained in this interim statement has been prepared in accordance with all relevant International Reporting Standards as adopted by the European Union and expected to apply to the Group's results for the year ending 31 December 2016 and on interpretations of those Standards released to date.
2. Accounting policies
These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the Group's financial statements for the year ended 31 December 2015.
3. Earnings per share 6 months 6 months 12 months
to to to
30/6/16 30/6/15 31/12/15
--------- ----------- -----------
Basic and diluted
Average number of shares 561m 561m 561m
in issue during the period
Profit / (Loss) attributable GBP2.0m GBP(14.1m) GBP(20.0m)
to equity holders of the parent
from continuing operations
Basic and diluted profit /
(loss) per share on continuing
operations 0.36p (2.52p) (3.57p)
--------- ----------- -----------
4. Assets held for Sale
As reported in the December 2015 financial statements, the assets held for sale relate to entities within Peru, which have been held for sale following the commitment of the Group to restructure the business. Two disposals have been identified, one of which is the outstanding amounts due to the sale of Canchayllo run-of-river hydro plant with the rest of the assets included within the second group.
The Company completed the construction of the 5.3MW Canchayllo run-of-river hydro-electric project in Peru during December 2014 and the plant entered commission during January 2015. In July 2015, the Company completed the sale of the plant to Energias Renovables de los Andes SAC for US $6.8 million. In addition, a further US $1 million is due to be received by way of reimbursement of amounts advanced towards the completion of the plant. The amount of US $1 million has not yet been collected.
At 30(th) June 2016, the Group has been in discussions with a number of potential buyers for the rest of the Group's Peruvian assets. No further provision has been made against the carrying value of these assets since the latest annual financial statements.
5. Other Reserve
The Capital Reduction that took place during December 2014 resulted in the creation of a non-distributable reserve. The condition for this reserve to become distributable is for the outstanding creditors in December 2014 to be settled. At the date of approval of these accounts there are some GBP1.6 million of these creditors outstanding. The Board of Directors consider that these amounts will be settled in the short term and therefore the GBP45 million remains within the Other Reserve, which is non-distributable until these settlements have occurred.
6. The Board of Directors approved this interim statement on 29(th) September 2016. This interim statement has not been audited.
7. Copies of this statement are available at the Company's website www.rurelec.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDCXUDBGLC
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
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