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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Camco Intl | LSE:CAO | 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% | 3.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCCE
RNS Number : 3437A
Camco Clean Energy PLC
28 September 2015
RNS
28 September 2015
Camco Clean Energy plc
("Camco" or the "Company")
Interim Results 2015
Camco Clean Energy plc (AIM: CCE), the clean energy and energy storage company, is pleased to announce its results for the six months to 30 June 2015.
Scott McGregor, CEO of Camco said: "Our trading results in the first half of 2015, whilst exceeding our expectations, are a clear reflection and vindication of the ongoing strategic focus that has been driven throughout the group in the last three years, shifting away from legacy carbon business, and realigning our efforts on higher margin activity, and the exciting progression within our REDT Energy Storage business.
REDT Energy Storage business has a clear focus and path towards delivering a commercially and technically ground-breaking solution in the growing energy storage market sector. The initial twelve market seeding units are in production and will provide the platform to achieve volume commercial sales in 2016. The first of these units completes production this week and will shortly be shipped to our development centre in Wokingham where it will be available for customer demonstrations with the other market seeding and Gigha units following thereafter.
As has been the message in recent announcements, we continue to look forward to the future with a high degree of confidence and are very excited about the opportunities available to us, in particular with the ongoing development of REDT Energy. The senior management team are focused on securing and utilising the resources available to the group, in order to continue the positive development and growth of REDT Energy, and ultimately providing benefit to our shareholders."
FINANCIAL HIGHLIGHTS for the period ending 30 June 2015
Unaudited Unaudited Audited H1 2015 H1 2014 FY 2014 EUR'm EUR'm EUR'm Revenue 8.5 4.8 9.9 Gross Profit/(loss) 4.2 2.5 5.0 Administrative expenses (3.9) (3.4) (7.1) Results from operating activities 0.4 (0.7) (1.7) Total comprehensive income 0.1 (1.0) (1.9)
-- Continued significant improvement in bottom line with a total comprehensive profit of EUR0.1m posted compared to a loss in the corresponding prior period (H1 2014: EUR(1.0)m) - ahead of management expectations.
-- Revenue earned in the period increased by 77% to EUR8.5m (H1 2014: EUR4.8m) -- Gross profit increased by 68% to EUR4.2m (H1 2014: EUR2.5m)
-- The revenue and gross profit increase reflects US Carbon Credit portfolio sale and increase in US carbon credit sales prior to portfolio sale agreement.
-- Cash and cash equivalents remains in line with prior year closing the period at EUR4.2m (FY 2014: EUR4.1m)
-- Administration expenses across the group increased to EUR3.9m (H1 2014: EUR3.4m).
o This increase is due almost exclusively to the US business; USD / Euro FX impact of EUR0.25m and additional fees (EUR0.14m) in connection with ongoing strategic review of US business.
o The underlying group operating cost base remains in-line with the cost reduction strategy implemented in 2013, maintaining reduction of operational costs.
2015 OPERATIONAL HIGHLIGHTS
-- REDT* Energy Storage
o Production with our manufacturing partners Jabil Circuit Inc., one of the world's leading manufacturing solutions companies, is well underway at their facility in Livingston (Scotland), with twelve customer units being manufactured in parallel for production in 2015. These include; one 1.68 MWh unit, one 240 kWh unit and ten 40 kWh units. The 2015 REDT production is focussed on delivering market seeding units to place at customer locations with a view to demonstrating REDT's vanadium energy storage systems for key market segment applications.
o The first of the units has finished production and will shortly be shipped to our development centre in Wokingham where it will be available for customer demonstrations.
o Placement announced for four of the twelve customer market seeding units; Gigha 1.68MWh system for a Scottish wind utility application, Thaba hotel 240kWh for an African diesel weak grid application, Green Acorn 40kWh for a UK PV dairy farm application and one unit will be delivered to the company's development facility in Wokingham to be connected with PV. The remaining eight placements will be announced later this year as they occur.
o Awarded EUR400,000 by the Energy Environmental Partnership for Southern and East Africa ("EEP") to develop and install a hybrid energy storage solution in South Africa. REDT will install an innovative hybrid energy system consisting of a solar PV and REDT's patented Energy Storage System at Thaba Eco Hotel which currently has a weak grid connection and a back-up diesel generator.
REDT Energy awarded prestigious Irish Times innovation award for 'Energy & The Environment
* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49.8% in REDT.
-- Africa Clean Energy
o Focus on securing additional fund advisory opportunities alongside our current mandate to act as joint investment advisors to Green Africa Power LLP ("GAP")
o Strategic focus remains on securing higher margin opportunities throughout the fund advisory business to complement the REDT activities in the region.
o Africa presence pivotal in identifying energy storage opportunities for REDT Energy.
-- US Clean Energy
o Deal concluded to assign rights to the future stream of certain California Carbon Offsets ("CCOs") generated between 2015 and 2020 from the majority of Agricultural Methane projects that Camco manages on behalf of its dairy partners. Transaction generated an initial cash payment of $2m, with a potential further deferred and conditional payment of up to $0.9m by 31 December 2015.
o Both operating biogas facilities (4.5MW Jerome Facility and 2.1MW Twin Falls Facility) continue to provide contributions to the Camco Group.
o Evaluation of strategic alternatives to realise additional value from the US biogas business activities continues to be ongoing. Target is to provide additional resource to enable further investment in Camco's other activities, namely REDT, its energy storage business.
Outlook
Financially, we have continued the recent trend of year on year improvement, significantly reducing the losses incurred by the group, with the recording of a total comprehensive profit for the period. This was achieved through ongoing tight cost control, the US future carbon sale agreement, continued refocus of the group on securing higher margined activity with the most efficient utilisation of resources available, and favourable FX translation rates for our USD held assets.
Enquiries:
+44 (0)207 121 Camco Clean Energy 6100 Scott McGregor, Chief Executive Officer Jonathan Marren, Chief Financial Officer +44 (0)207 220 finnCap Ltd (Nominated Adviser and Broker) 0500 Julian Blunt (Corporate Finance) Tony Quirke (Corporate Broking) Newgate (Financial PR) Tim Thompson Helena Bogle +44 (0)207 653 Ed Treadwell 9850
Financial Review
Overall Group result
During H1 2015 the Camco Group continued its recent trend of reducing losses since 2012, and reported a total comprehensive profit of EUR0.1m compared to a loss of (EUR1m) in H1 2014. The year on year improvement was principally due to the US Carbon Credit portfolio sale in the period. We also benefited from the positive effect of the approximate 8% depreciated value of the Euro, our reporting currency, against the USD, the currency in which the majority of our net assets are held, which generated EUR0.3m exchange gain on translation of foreign operations.
Gross Profit reported in the period was EUR4.2m compared to a gross profit of EUR2.5m in H1 2014. Gross Profit for US was EUR3m (H1 2014: EUR1.2m), Africa EUR0.6m (H1 2014: EUR0.5m), REDH (CCE) EUR0.2m (H1 2014: EUR0.025m) and Group (Other) EUR0.3m (H1 2014: EUR0.7m).
Revenue rose to EUR8.5m compared to revenue in H1 2014 of EUR4.8m. Revenue for US was EUR4.7m (H1 2014: EUR2.4m), Africa EUR1.1m (H1 2014: EUR0.8m), REDH (CCE) EUR0.2m (H1 2014: EUR0.025m) and Group (Other) EUR2.5m (H1 2014: EUR1.6m).
US business
The US business comprises two areas - US Carbon and Operating Assets (being the Jerome and Twin Falls facilities). The overall US business recorded revenue of EUR4.7m (H1 2014: EUR2.4m), gross margin EUR4.2m (H1 2014: EUR2.5m) and segmental profit EUR1.5m (H1 2014: EUR0.1m)
US Carbon recorded revenues of EUR3.1m (H1 2014: EUR0.9m) generating gross profit of EUR2.3m (H1 2014: EUR0.4m) as a result of the carbon portfolio sale - revenue and gross profit of EUR1.6m - and the sale of credits delivered from the agricultural methane projects for which CCOs have been issued under the California Program. As a result of the carbon portfolio sale, there will be a marked reduction in the ongoing carbon activity recognised within the US business.
Operating Assets generated revenues of EUR1.6m (H1 2014: EUR1.5m) with a corresponding gross profit of EUR0.7m (H1 2014: EUR0.8m). As with prior years, we do continue to expect to see seasonality in the revenue from power generated from both facilities with the second half of the year benefiting from higher power rates set out in the power purchase agreement.
Africa Clean Energy business
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The Africa Clean Energy business includes 5 offices in Africa, with the principle locations being Johannesburg (South Africa) and Nairobi (Kenya). The Africa business segment also contains a fund advisory business which commenced working on the GAP mandate in H2 2014 having previously incurred setup costs in H1 2014 (EUR0.1m). The overall Africa business recorded revenue of EUR1.1m (H1 2014: EUR0.8m), gross margin EUR0.6m (H1 2014: EUR0.5m) and segmental loss (EUR0.1m) (H1 2014: (EUR0.2m)). During the period a decision was made to significantly reduce the activities conducted by the office in Tanzania, resulting in additional cash being incurred in the first eight months of the year, but which is not expected to reoccur.
The Africa business continues to focus efforts on securing higher margin activity. The building of the fund advisory business is critical to the achievement of this. As fund advisory continues to grow, the rate of return and margins achieved should also increase. Currently Camco have the mandate to act as joint investment advisors to Green Africa Power LLP ("GAP"). The network of Camco offices throughout Africa is key to being able to fully service the GAP mandate and also to be positioned to win further similar mandates and build on this success. Camco has already started initial proceedings and ground work to secure a second fund advisory mandate, which will hopefully be announced in H2 2015.
REDH (CCE)
The REDH (CCE) segment comprises aspects of the Group's overheads allocated to the management and development of the REDT energy storage business.
Revenue in the year is reflective of the recovery of an apportionment of costs incurred and passed directly to the REDH business; EUR0.2m (H1 2014: EUR0.02). Taking into consideration the allocated Administrative expenses incurred on behalf of REDH, the segmental result reported a loss of (EUR0.1m) (H1 2014: (EUR0.4m)).
This segment also includes the Group's JV interest in REDH (53.8% holding; 49.8% on a fully diluted basis) from which H1 2015 yielded a share of loss of (EUR0.3m) (H1 2014: EUR0.04m).
Group (Other)
Group (Other) comprises the remaining Group costs as well as the legacy carbon business from which to date we have still been able to generate income and cash flow to help offset overhead expenditure.
This segment recorded revenue of EUR2.5m (H1 2014: EUR1.6m) and positive gross margin EUR0.3m (H1 2014: EUR0.7m). This reflects activity from legacy carbon trades, however as set out at length previously, the nature of the wider carbon market means that revenue and margin achieved is of an ad hoc nature and is not reflective of future performance, with Camco not expecting meaningful revenues to be repeated beyond the short term.
Administration expenses relating to the remaining group costs, not allocated out to other business segments, were EUR1.1m (H1 2014: EUR0.9m).
Group operating expenses
Overall administration expenses were marginally increased year on year, but with the underlying operating cost base in line with and maintaining the cost reduction strategy implemented in 2013 in order to reduce operational costs, providing Camco Group with a lean operating cost base to focus on its core business segments. Administration expenses incurred in H1 2015 were EUR3.9m, an increase of EUR0.46m from H1 2014 (EUR3.4m). The increase in Administration expenses were almost exclusively linked to the US business:
-- devaluing of Euro against USD [average FX 1.37 (H1 2014) / 1.12 (H1 2015)] resulted in additional retranslated group consolidated charges of cEUR0.25m
-- additional professional fees of EUR0.14m in connection with the ongoing strategic review of the US business
The Camco Group remains centred on maintaining tight expenditure control whilst achieving greater customer focus from the re-aligned cost base in supporting the strategic business segments.
Cash and cash equivalents
At 30 June 2015, the Group held cash and cash equivalents of EUR4.2m (H1 2014: EUR4.1m), inclusive of cash held in debt reserve in relation to the Jerome Facility of (EUR0.7m) (H1 2014: (EUR1.175m)) which is not available to the Group for general working capital purposes.
Camco Group has two secured loan facilities; existing loans secured against Jerome (EUR12.4m - 2019 maturity) and Twin Falls (EUR0.6m - 2020 maturity). There are no un-secured loans held (H1 2014: Nil).
The key movements in cash during 2014 were: capital repayment of borrowings (EUR0.2m); interest paid (EUR0.5m); cash generated from operations EUR0.6m and other cash inflows EUR0.2m.
Consolidated Statement of Financial Position
at 30 June 2015
H1 2015 H1 2014 FY 2014 (unaudited) (unaudited) (audited) EUR'000 EUR'000 EUR'000 Non-current assets Property, plant and equipment 17,523 15,327 16,613 Intangible assets - carbon in - - - specie Investments in associates and joint ventures 2,388 2,636 2,533 Other investments - - - Deferred tax assets 120 27 109 20,031 17,990 19,255 --------------- --------------- ---------- Current assets Prepayments and accrued income 4 1,842 1,842 1,896 Trade and other receivables 5 1,610 880 1,591 Cash and cash equivalents 6 4,192 2,999 4,057 7,644 5,721 7,544 --------------- --------------- ---------- Total assets 27,675 23,711 26,799 --------------- --------------- ---------- Current liabilities Loans and borrowings 7 (566) (327) (384) Trade and other payables 8 (3,391) (3,493) (3,711) Deferred Income 9 (353) (423) (357) Tax payable (179) (180) (186) (4,489) (4,423) (4,638) --------------- --------------- ---------- Non-current liabilities Loans and borrowings 7 (12,436) (10,057) (11,747) Deferred Income 9 (4,450) (3,929) (4,251) (16,886) (13,986) (15,998) --------------- --------------- ---------- Total liabilities (21,375) (18,409) (20,636) --------------- --------------- ---------- Net assets 6,300 5,302 6,163 --------------- --------------- ----------
Consolidated Statement of Financial Position (continued)
at 30 June 2015
H1 2015 H1 2014 FY 2014 (unaudited) (unaudited) (audited) EUR'000 EUR'000 EUR'000 Equity attributable to equity holders of the parent Share capital 2,531 2,081 2,461 Share premium 76,917 75,640 76,917 Share-based payment reserve 756 701 756 Retained earnings (74,791) (73,337) (74,513) Translation reserve 887 217 542 Own shares - - - Total equity 6,300 5,302 6,163 ----------------- ----------------- ------------
Consolidated Statement of Comprehensive Income
for the 6 months to 30 June 2015
H1 2015 H1 2014 FY 2014 Continuing operations (unaudited) (unaudited) (audited) EUR'000 EUR'000 EUR'000 Revenue 8,518 4,843 9,948 Cost of sales (4,368) (2,351) (4,908) ----------- ----------- --------- Gross profit 4,150 2,492 5,040 Other income - 84 84 Other income - government grant income 169 139 289 Administration expenses (3,903) (3,356) (7,099) Impairment of Investment in associates - - - and joint ventures Restructuring charges - - - Impairment of Development costs - - - Impairment of receivables - (85) - Results from operating activities 416 (726) (1,686) ----------- ----------- --------- Financial income 9 8 26
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Financial expenses (461) (371) (771) Foreign exchange movement 23 - 250 ----------- ----------- --------- Net financing income (429) (363) (495) Share of profit/(loss) of equity accounted investees (263) 36 (126) (Loss)/ profit before tax (276) (1,053) (2,307) Income tax (2) 46 124 (Loss)/ profit from continuing operations (278) (1,007) (2,183) ----------- ----------- --------- Discontinued operations (Loss)/ profit from discontinued - - - operation (net of tax) ----------- ----------- --------- (Loss)/profit for the period (278) (1,007) (2,183) =========== =========== ========= Other comprehensive income Exchange differences on translation of foreign operations 345 8 333 Total comprehensive income for the period 67 (999) (1,850) ----------- ----------- --------- Loss/ profit for the period attributable to: Equity holders of the parent (278) (1,007) (2,183) (Loss)/profit for the period (278) (1,007) (2,183) ----------- ----------- --------- Total comprehensive income attributable to: Equity holders of the parent 67 (999) (1,850) Total comprehensive income for the period 67 (999) (1,850) ----------- ----------- ---------
Consolidated Statement of Comprehensive Income (continued)
for the 6 months to 30 June 2015
Basic (loss)/ profit per share in Note EUR cents From continuing operations 2 (0.11) (0.48) (0.97) ------ ------ ------ From continuing and discontinued operations 2 (0.11) (0.48) (0.97) ------ ------ ------ Diluted (loss) / profit per share in EUR cents From continuing operations 2 (0.11) (0.48) (0.97) ------ ------ ------ From continuing and discontinued operations 2 (0.11) (0.48) (0.97) ------ ------ ------
Consolidated Statement of Changes in Equity
for the 6 months to 30 June 2015
Share-based Total Share Share payment Retained Translation parent Total Capital premium reserve Earnings reserve Own shares equity equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Balance at 1 January 2015 2,461 76,917 756 (74,513) 542 - 6,163 6,163 Total comprehensive income for the period Profit for the period - - - (278) - - (278) (278) Other comprehensive income Foreign currency translation differences - - - - 345 - 345 345 Total comprehensive income for the period - - - (278) 345 - 67 67 Transactions with owners, recorded directly in equity Contributions by and distributions to owners Share-based payments - - - - - - - - Issuance of shares 70 - - - - - 70 70 Own shares - - - - - - - - Total contributions by and distributions to owners 70 - - - - - 70 70 Balance at 30 June 2015 2,531 76,917 756 (74,791) 887 - 6,300 6,300
Consolidated Statement of Changes in Equity (continued)
for the 6 months to 30 June 2014
Share-based Total Share Share payment Retained Translation parent Total Capital premium reserve Earnings reserve Own shares equity equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Balance at 1 January 2014 2,081 75,640 646 (72,330) 209 - 6,246 6,246 Total comprehensive income for the period Profit for the period - - - (1,007) - - (1,007) (1,007) Other comprehensive income Foreign currency translation differences - - - - 8 - 8 8 Total comprehensive income for the period - - - (1,007) 8 - (999) (999) Transactions with owners, recorded directly in equity Contributions by and distributions to owners Issuance of shares - - 55 - - - 55 55 Own shares - - - - - - - - Total contributions by and distributions to owners - - 55 - - - 55 55 Total transaction with owners - - 55 - - - 55 55 Balance at 30 June 2014 2,081 75,640 701 (73,337) 217 - 5,302 5,302
Consolidated Statement of Changes in Equity (continued)
for the year ended 31 December 2014
Share-based Total Share Share payment Retained Translation parent Total capital premium reserve earnings reserve Own shares equity equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Balance at 1 January 2014 2,081 75,640 646 (72,330) 209 - 6,246 6,246 Total comprehensive income for the year Loss for the year - - - (2,183) - - (2,183) (2,183) Other comprehensive income Foreign currency translation differences - - - - 333 - 333 333 Total comprehensive income for the year - - - (2,183) 333 - (1,850) (1,850) Transactions with owners, recorded directly in equity Contributions by and distributions to owners Share-based payments - - 110 - - - 110 110 Issuance of shares 380 1,277 - - - - 1,657 1,657 Own shares - - - - - - - - Total contributions by and distributions to owners 380 1,277 110 - - - 1,767 1,767 Balance at 31 December 2014 2,461 76,917 756 (74,513) 542 - 6,163 6,163
Consolidated Statement of Cash Flow
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for the 6 months to 30 June 2015
Continuing and discontinued operations H1 2015 H1 2014 FY 2014 (unaudited) (unaudited) (audited) Note EUR'000 EUR'000 EUR'000 Cash flows from operating activities Cash generated by operations (a) 618 (1,104) (1,780) Income tax paid - - - Net cash from operating activities 618 (1,104) (1,780) ----------- ----------- --------- Cash flows from investing activities Disposal of discontinued operations, - - - net of cash disposed Proceed from sales of investments - - - Loan to joint venture - - - Acquisition of property, plant & equipment (35) - (31) Disposal of property, plant & equipment - 84 84 Net cash from investing activities (35) 84 53 ----------- ----------- --------- Cash flows from financing activities Proceeds from the issue of share capital 70 - 1,657 Proceeds from new loan - - 625 Repayment of borrowings (184) (105) (260) Interest received 9 9 26 Interest paid (460) (369) (771) Net cash from financing activities (565) (465) 1,277 ----------- ----------- --------- Net increase in cash and cash equivalents 17 (1,485) (450) Cash and cash equivalents at 1 January 4,058 4,472 4,472 Effect of exchange rate fluctuations on cash held 117 12 36 Cash and cash equivalents held* 4,192 2,999 4,058 ----------- ----------- ---------
Notes to the Consolidated Statement of Cash Flow
H1 2015 H1 2014 FY 2014 (unaudited) (unaudited) (audited) EUR'000 EUR'000 EUR'000 (a) Cash flows from operating activities Loss for the period (278) (1,007) (2,183) Adjustments for: Depreciation 618 504 1,063 Gain on sale of fixed assets - (84) (84) Amortisation of deferred income (169) (139) (313) Impairment of investments in associates - - - and joint ventures CDC accruals and CDC accrued income - - - Non CDC accrued income - - - Impairment of receivables - 85 60 Share of (profit)/ loss of equity accounted investees 263 (36) 126 Loss on sale of discontinued operation, - - - net of tax Gain on sale of investment - - - Gain on sale of subsidiary - - - Share based payment transaction - 55 110 Income tax expense - (55) (124) Finance cost 452 360 745 Foreign exchange loss/(gain) on translation (23) (118) 113 Restructuring costs - - - Impairment loss on development costs - - - Impairment of project plant and equipment - - - Operating cash flows before movements in working capital 863 (435) (487) Changes in working capital (Increase)/decrease in intangible assets - - - (Increase)/decrease in prepayments (136) (185) (302) Decrease/(increase) in trade and other receivables 20 402 (284) Change in CDC accruals and CDC accrued income (29) (385) (514) (Increase)/decrease in accrued income - Non CDC 111 (218) (274) Decrease/(increase) in trade and other payables (211) (283) 81 (Increase) in financial assets - - - Cash generated by operations 618 (1,104) (1,780) ----------- ----------- ---------
Notes
Significant accounting policies
Camco Clean 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 2015 to 30 June 2015 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 2014 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 2014. 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 2014.
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 2014. 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 2014 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.
Notes (continued)
1 Segmental Reporting
Operating segments
The Group comprises of the following reporting segments:
1. US: In America, the Group operates biogas projects generating energy from organic waste. CCE currently owns the Jerome and Twin Falls facilities which produce sustainable energy generated by using agricultural methane from dairy farms. The Group also develops Californian offset projects.
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2. Africa: Africa manages investment of public and private finance into clean energy projects. CCE has five offices across Africa and an office on London which provides consulting services and the development of clean energy projects across Africa. Currently this segment operates an investment advisory mandate to manage a debt facility for both Green Africa Power (GAP) and United Nations Environment Programme (UNEP).
3. REDH (CCE): The REDH (CCE) segment comprises aspects of the Group's overheads allocated to the management and development of the REDT energy storage business, with revenue reflective of the recovery of an apportionment of the costs incurred and passed directly to the REDH business. The operating segment also includes the share of profit / loss on an equity accounted basis from REDT, as well as the value of the investment held within the Camco Group.
4. Other: This segment contains all remaining Group costs in addition to the Group's remaining non US carbon business - comprising CDM Carbon and EU ETS Compliance Services.
Inter segment transactions are carried out at arm's length.
Notes (continued)
US Africa REDH (CCE) Group Total H1 2015 H1 2015 H1 2015 H1 2015 H1 2015 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Segment revenue 4,709 1,090 211 2,508 8,518 ------------ ------------ ------------ ------------ ------------ Segment gross margin 3,010 630 211 299 4,150 Other Income - gain on - - - - - disposal Other Income - deferred income 169 - - - 169 Segment administrative expenses (1,685) (773) (310) (1,135) (3,903) Restructuring charges - - - - - Impairment of development - - - - - costs Impairment of investment - - - - - ------------ ------------ ------------ ------------ ------------ Segment result 1,494 (143) (99) (836) 416 Unallocated income - - gain on disposal Share-based payments - Impairment of receivables - ------------ Results from operating activities 416 Finance income 9 Finance expense (461) Foreign exchange movement 23 Share of profit of equity accounted investees (263) Taxation (2) (Loss) from discontinued - operation (net of income tax) ------------ Loss for the period (278)
Notes (continued)
US Africa REDH (CCE) Group Total H1 2014 H1 2014 H1 2014 H1 2014 H1 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Segment revenue 2,413 808 25 1,597 4,843 ------------ ------------ ------------ ------------ ------------ Segment gross margin 1,248 480 25 739 2,492 Other Income - gain on disposal 84 - - - 84 Other Income - deferred income 139 - - - 139 Segment administrative expenses (1,338) (654) (451) (858) (3,301) Restructuring charges - - - - - Impairment of development - - - - - costs Impairment of investment - - - - - ------------ ------------ ------------ ------------ ------------ Segment result 133 (174) (426) (119) (586) Unallocated income - - gain on disposal Share-based payments (55) Impairment of receivables (85) ------------ Results from operating activities (726) Finance income 8 Finance expense (371) Foreign exchange movement - Share of profit of equity accounted investees 36 Taxation 46 (Loss) from discontinued - operation (net of income tax) ------------ Loss for the period (1,007)
Notes (continued)
US Africa REDH (CCE) Group Total FY 2014 FY 2014 FY 2014 FY 2014 FY 2014 (audited) (audited) (audited) (audited) (audited) EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Segment revenue 5,317 1,820 237 2,574 9,948 ---------- ---------- ------------- ---------- ---------- Segment gross margin 2,793 1,170 237 840 5,040 Other Income - gain on disposal 84 - - - 84 Other Income - deferred income 289 - - - 289 Segment administrative expenses (2,827) (1,330) (703) (2,129) (6,989) Restructuring charges - - - - - Impairment of development - - - - - costs Impairment of investment - - - - - ---------- ---------- ------------- ---------- ---------- Segment result 339 (160) (466) (1,289) (1,576) Unallocated income - - gain on disposal Share-based payments (110) Impairment of receivables - ---------- Results from operating activities (1,686) Finance income 26 Finance expense (771) Foreign exchange movement 250 Share of loss of equity accounted investees (126) Taxation 124 (Loss) from discontinued - operation (net of income tax) ---------- Loss for the period (2,183)
Notes (continued)
2 Profit/(loss) per share
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