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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aspen Energy | LSE:ACEP | London | Ordinary Share | GB00B17M5331 | 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% | 4.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6350J Aspen Clean Energy PLC 28 September 2006 28 September 2006 Aspen Clean Energy Plc Unaudited Interim Report for the period 1 January 2006 to 30 June 2006 Chairman's Statement The Directors are pleased to present the interim results for the period ended 30 June 2006. These show a loss before tax of #154,000. The results include the trading profit of Aspen Clean Fuels Limited and its wholly owned subsidiary Aspen Invest AB from 1 January 2006 to 31 May 2006, the date upon which the disposal of Aspen Clean Fuels Limited was completed. The profit generated by these two companies in this period was approximately #315,000. However, the terms of the disposal agreement provided that any profits generated in the period since 1 January 2006 were for the benefit of the acquirer and as a result the net assets of Aspen Clean Fuels Limited on disposal were increased by a similar amount. The result of this was to increase the loss on disposal which has been reflected in the account as #426,000 which has the effect of removing the profit attributed to Aspen Clean Fuels Limited in the period being reported on. After removing the profit attributed to these companies the loss of #154,000 is largely due to, an accrued tax liability, professional fees incurred in regard to the disposal and capital reduction together with the limited running costs of the business during the period. At 30 June 2006, the Company had cash and cash equivalents of #13.7 million of which #1.1 million is being held in a contingency reserve against any warranty claims arising from the sale of the operating subsidiary. I am pleased to report that the Directors consider the amount held in escrow to be in excess of any potential claim the Company might be subject to and they believe the likelihood of a claim to be very low. On 3 August 2006, the Company, as part of a capital reorganisation, made a capital repayment of 5.1p per share totalling approximately #10,000,000 and as a result the cash balances were reduced to #3.7 million. The Directors are actively investigating potential acquisitions and shareholders will be informed as soon as a suitable target has been identified. K R Smith Chairman 28 September 2006 Consolidated Income Statement for the period 1 January 2006 to 30 June 2006 Six months Period from 22 ended October 2004 to 30 June 2005 30 June 2006 (Unaudited) (Unaudited) Notes #'000 #'000 Revenue 7,714 - Cost of Sales (5,909) - --------- --------- Gross Profit 1,805 - Other operating income 107 Administrative expenses (1,363) (60) Foreign exchange losses (4) --------- --------- Profit from operations 545 (60) Share of profit of associate 22 - Loss on sale of subsidiary (426) Interest and similar income receivable 12 8 Interest and similar charges payable (57) - --------- --------- Profit before taxation 96 (52) Taxation (250) - --------- --------- Loss attributable to equity shareholders (154) (52) ========= ========= Earnings per share Basic and fully diluted loss per share (0.091p) (0.5p) ========= ========= Consolidated Balance Sheet At 30 June 2006 As at 30 June 30 June 2006 2005 Notes #'000 #'000 Assets Current Assets Other financial assets 56 - Cash and cash equivalents 13,728 759 -------- -------- 13,784 759 -------- -------- Total assets 13,784 759 ======== ======== Equity and liabilities Equity attributable to equity holders of the company Called up Share capital 1,694 221 Share premium account 13,254 552 Retained Earnings (1,290) (52) -------- -------- Total equity 13,658 721 Current liabilities Accrued expenses and deferred income 126 38 -------- -------- Total current liabilities 126 38 -------- -------- Total liabilities 126 38 -------- -------- Total equity and liabilities 13,784 759 ======== ======== Consolidated Cash Flow Statement For the period 1 January 2006 to 30 June 2006 Six months Period from 22 ended October 2004 to 30 June 2005 30 June 2006 (Unaudited) (Unaudited) Notes #'000 #'000 Operating activities Profit after financial items (154) (52) Adjustment for items not included in cash flow 111 - --------- --------- Cash outflow from operating activities before changes in working capital (43) (52) Cash flow from changes in working capital (Increase)/dec rease in receivables (10) - Increase in payables (77) 38 --------- --------- Cash (outflow)/infl ow from operating activities (87) 38 Cash flow from investing activities Proceeds on sale of subsidiary 13,293 - Less sale costs (105) --------- --------- Net cash inflow from investment activities 13,188 - Cash flows from financing activities Net proceeds on issue of shares - 773 --------- --------- Net cash from financing activities - 773 Cash flow for the year Net increase in cash and cash equivalents 13,058 759 Cash and cash equivalents at beginning of year 670 - --------- --------- Cash and cash equivalents at 30 June 2006 13,728 759 ========= ========= Notes to the Financial Statements for the period 1 January 2006 to 30 June 2006 1. Accounting policies The financial information contained in this interim report does not constitute statutory accounts within the meaning of s240 of the Companies Act 1985, and has not been audited or reviewed. The interim statement has been prepared on the basis of accounting policies expected to be applied consistently for the foreseeable future. The interim accounts were approved by the directors on 27 September 2006. The Interim consolidated financial statements for the period ended 30 June 2006 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union for the first time including International Accounting Standards ("IAS") and Interpretations issued by the International Accounting Standards Board. Under IFRS there were no adjustments required to the comparative figures and as such no reconciliation has been performed. The principal accounting policies adopted in the preparation of the consolidated financial information are set out below: Presentation of financial information These consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS required the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Basis of Consolidation The consolidated financial statements include the accounts of Aspen Clean Fuels Limited, Aspen Invest AB up until 31st May 2006 and all those enterprises and companies that it controls by way of, directly or indirectly holding more than half of the votes of all shares, or in some other way has a controlling influence. On acquisition or when control is achieved, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition or at the date control is achieved. Any excess of the cost of acquisition over the fair values of the identifiable next assets acquired is recognised as goodwill. The result of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries in order to bring the accounting policies in line with those adopted by the Group. All significant intra-group transactions and balances between the Group's companies are eliminated on consolidation. Trade payables Trade payables are stated at their nominal value. Revenue Recognition All revenues are derived from the group's continuing operations which comprise the blending; packaging and distribution of environmentally friendly fuels for use in small, motorised tools such as chain saws, lawnmowers and other two-stroke and four-stroke engines. These activities are subject to seasonal fluctuations based on the usage patterns for small motorised tools which tend to increase during the summer months. Sales of goods are recognised when the goods are delivered and title has passed. Interest income is accrued on the time basis, by reference to the principal outstanding and at the interest rate applicable. Foreign currency translation Group companies The consolidated financial statements are presented in Sterling, which is considered by management to be the most appropriate presentation currency for its consolidated financial information. The functional currency is Swedish Krona ("SEK") Transactions in foreign currencies other than Swedish Krona "SEK" are initially recorded at the rates of exchange prevailing on the dates of the transaction. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the balance sheet date. Profits and losses arising on exchange are included in the net profit or loss for the period. All translation differences are recognized as a separate component of equity. Fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Transactions and balances Transactions in currencies other than Sterling are recorded at the rates of exchange prevailing on the dates of the transactions or translated at the average exchange rates for the period. Exchange differences resulting from the settlement of transactions denominated in foreign currency are included in the statement of income using the exchange rate ruling on that date. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Foreign currency gains and losses arising from the translation of assets and liabilities are reflected in the income statement as foreign exchange translation movements. Financial instruments The carrying value of accounts receivable and accounts payable and accrued liabilities approximates to their fair values at the date of the transaction due to the relatively short term maturity of these instruments. Fair value represents the amount that would be exchanged in an arm's length transaction between willing parties and is best evidenced by a quoted market price. Comparative information The comparative information for the period ended 30 June 2005 relates to when Aspen Clean Energy Plc was a shell company on AIM with no subsidiary companies. 2. Disposal On 15 December 2005, Aspen Clean Fuels Limited entered into a reverse take over agreement with Aspen Clean Energy Plc. Under the terms of the agreement, Aspen Clean Energy Plc issued 143,100,000 ordinary shares for all the issued and outstanding shares of Aspen Clean Fuels Limited. This resulted in the former shareholders of Aspen Clean Fuels Limited obtaining 85.9 per cent. of the issued ordinary shares in Aspen Clean Energy Plc. The acquisition was accounted for as a reverse take over. For the purposes of accounting for this transaction, Aspen Clean Fuels Limited is treated as the acquiree and Aspen Clean Energy Plc the acquirer. The net assets of Aspen Clean Energy Plc at the date of acquisition consisted of share capital of #773,000 and an accumulated loss of #52,000. 3. Earnings per share Six months Period from 22 ended October 2004 to 30 June 2005 30 June 2006 (Unaudited) (Unaudited) #'000 #'000 Profit Earnings for the purpose of basic earnings per share (154) (52) Effect of dilutive options and warrants - - --------- --------- Earnings for the purpose of diluted profit per share (154) (52) ========= ========= Number of shares '000 '000 Weighted average number of ordinary shares in issue during the period 169,450 10,400 ========= ========= There were no dilutive instruments in issue during the period under review. Basic and fully diluted earnings per share (0.091p) (0.5p) ========= ========= 4. Contingent liabilities Following the sale of Aspen Clean Fuels Limited 15 million Swedish Krona are held in an escrow account (approx #1.1million) as part of the sale agreement with LantemTM?nnen for warranty claims. This money will be released to Aspen Clean Energy Plc in January 2007. No warranty claims have been made to date and the directors do not expect any. 5. Post Balance sheet events Following the sale of Aspen Clean Fuels Limited to LantemTM?nnen on 1 June 2006, Aspen Clean Energy Plc had cash balances of approximately #13.9 million. Following the shareholder approval for a capital reduction, #10 million was returned back to the shareholders on 3 August 2006. 6. Ultimate parent undertaking Aspen Clean Energy Plc's majority shareholder is Europanel AB a company registered in Sweden whose only shareholder is Sven Jan Lindblad. Europanel AB holds 52.5 per cent. of Aspen Clean Energy Plc's issued share capital. 7. Dividend No dividend is proposed for the six months ended 30 June 2006 8. Copies of Interim Report Copies of this interim report are being posted to all of the Company's shareholders. Further copies can be obtained by writing to The Company Secretary, Aspen Clean Energy Plc, 31 Harley Street, London W1G 9QS. This information is provided by RNS The company news service from the London Stock Exchange END IR SEEFDASMSEDU
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