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 |
---|---|---|---|---|---|
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 |
TIDMRUR
RNS Number : 6204K
Rurelec PLC
30 August 2019
30 August 2019 AIM: RUR
Rurelec PLC
("Rurelec" or "the Company")
Interim results for the six months ended 30 June 2019
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 2019.
Financial Highlights:
-- Post tax (loss) / profit GBP0.45 million loss (2018: GBP1.11 million profit)
-- Profit / (loss) per share 0.08 pence loss (2018: 0.20 pence profit)
-- Net asset value per share 4.3 pence (2018: 4.7 pence) -- Net cash inflow before loan repayments GBP1.06 million (2018: GBP0.24 million)
Operational and Post Half-Year Highlights:
-- The main factor behind the change in operating profitability from GBP0.52 million profit for 2018 to GBP0.43 million loss for 2019 is that the 2018 results included the GBP1.25 million one-off gain on the sale of the Peruvian operations completed in the first half of 2018.
-- Post half-year receipt of the final amounts due from the disposal of Peruvian operations. -- A 26% reduction in administrative expenses from GBP0.73 million to GBP0.54 million.
-- A significant improvement in cashflow - net cash inflow before repaying term loans increased from GBP0.24 million to GBP1.06 million.
-- A reduction in Group receivables from GBP18.49 million to GBP15.50 million due to debt repayments by the Argentinian operations and foreign exchange movements.
-- Significant reduction in current liabilities from GBP2.41 million to GBP0.92 million due to a GBP1.37 million reduction in borrowings and a GBP0.12 million reduction in trade payables.
-- Energia del Sur S.A.("EdS"), the Argentinian operating business, settled outstanding secured group debts in full, remitting GBP1.13 million of secured debt repayments (2018: GBP1.08 million) and GBP0.40 million of unsecured debt repayments (2018: GBPnil).
-- A major reduction in Group borrowings from GBP1.52 million to GBP0.15 million driven by the repayment of secured debt principal and interest owed to Bridge Properties (Arena Central) Ltd ("BPAC").
-- Commensurate with the fall in indebtedness, the interest costs of the Group fell to GBP50k (2018: GBP75k).
-- Chile -The Rurelec Board continues to explore options for the Chilean operations and the Group's two 128 MW Turbines.
Commenting on the results, Simon Morris and Andy Coveney, Rurelec's Executive Directors, said:
"The Board continues to pursue measures to restore value to the Company and its shareholders through prioritisation of receiving cash receipts from the power generation plant in Argentina, selling or developing its assets in Chile and reviewing options for its turbine assets, whilst pursuing cost savings at the head office in London."
For further information please contact:
Rurelec PLC WH Ireland Simon Morris Katy Mitchell Executive Director Lydia Zychowska Andrew Coveney Executive Director +44 (0)20 7549 2839 +44 (0)20 7220 1666
Executive Directors Statement
Review of Operations
Argentina
In January 2019, EdS, our 50%-owned operating entity, completed the US$6 million major overhaul and repair of its steam turbine and the refurbishment of one gas turbine. As a result, the combined cycle plant was able to resume full power generation after having run at reduced output for 17 months following the September 2017 steam turbine blade failure event and consequent plant shutdown.
This resumption of output enabled EdS to make secured and unsecured loan repayments to the UK, GBP1.63 million being remitted during the period (2018: GBP1.08 million).
In May 2019, EdS successfully completed the repayment of all outstanding secured debt principal and interest owed to the Group.
At 30 June 2019, Patagonia Energy Limited ("PEL"), the joint venture company which owns EdS and in which Rurelec has a 50% share, had outstanding borrowings and interest of GBP14.52 million (2018: GBP17.89 million) due to the Group after impairments. With the EdS plant back up to full operation, EdS has projected that in Q3/4 2019 it will commence the repayment of the unsecured debt it owes to PEL.
Chile
In Chile, the necessary environmental consents and land leases were maintained in order to extend the project and the Board continues to review options in the light of the risks versus rewards of undertaking this project.
Head office
A very tight rein continues to be maintained on overheads in the UK and administration costs for the period fell to GBP0.54 million (2018 - 0.73 million). On 1 August 2019, the Head Office relocated, which will enable further cost savings to be achieved.
Debt repayments and Cash flow
In the period Rurelec received sufficient receipts from Argentina to enable it to pay off most of the secured BPAC debt which fell from GBP1.52 million at 30 June 2018 to GBP0.15 million at 30 June 2019. As previously announced, in May 2019 the Group was able to extend to 30 June 2020 its GBP0.15 million of remaining debt facility with BPAC. The Board anticipates the achievement of complete settlement of the BPAC debt by Rurelec by the end of Q4 2019.
Although there were improvements in the Group's finances in the period, liquidity has remained a significant issue for the Group. However, the Group has been able to cope with variability in the timing and quantum of cash receipts from Argentina due to significant reductions in Group operating costs. The cash position is expected to recover further in line with the stabilisation of remittances from EdS and PEL and when sales of certain assets are achieved by the Group.
Given the progress on the sale of certain assets of the Group and the expected cash remittances from our Argentine operation, 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 of Rurelec to be repaid and will maximise returns to shareholders.
Simon Morris and Andy Coveney
Executive Directors
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
for the half year ended 30 June 2019
(expressed in thousands of pounds)
_________
Audited Notes 6 months 6 months 12 months to to to 30/06/19 30/06/18 31/12/18 GBP'000 GBP'000 GBP'000 ------------------------------------- ------ --------- ----------- ---------- Administrative expenses (541) (731) (1,510) Other income 107 1,250 1,250 Other expense - - (2,665) Operating (loss) / profit (434) 519 (2,925) Foreign exchange gains 30 661 1,724 Finance income - - 756 Finance expense (50) (75) (177) ------------------------------------- ------ --------- ----------- ---------- (Loss) / Profit before tax (454) 1,105 (622) Tax expense - - - ------------------------------------- ------ --------- ----------- ---------- (Loss) / Profit for the period (454) 1,105 (622) (Loss) / Profit per share 3 (0.08p) 0.20p (0.11p) ------------------------------------- ------ --------- ----------- ---------- Other comprehensive income Items that will be subsequently reclassified to Profit & Loss: Exchange differences on translation of foreign operations 595 80 215 Total other comprehensive income 595 80 215 Total comprehensive profit / (loss) for the period 141 1,185 (417) ------------------------------------- ------ --------- ----------- ----------
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
at 30 June 2019
(expressed in thousands of pounds)
___
Audited 30/6/19 30/6/18 31/12/18 Notes GBP'000 GBP'000 GBP'000 ------------------------------- -------- ------------------------- -------------------------- --------- Assets Non-current assets Property, plant and equipment 10,048 9,922 10,038 Current assets Trade and other receivables 15,503 18,485 16,394 Cash and cash equivalents 310 398 351 15,813 18,883 16,745 ------------------------------- -------- ------------------------- -------------------------- --------- Total assets 25,861 28,805 26,783 ------------------------------- -------- ------------------------- -------------------------- --------- 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 1,382 652 787 Other reserve 4 45,000 45,000 45,000 Profit and loss reserve (55,421) (53,240) (54,967) ------------------------------- -------- ------------------------- -------------------------- --------- Total equity 24,943 26,394 24,802 Current liabilities Trade and other payables 762 879 774 Current tax liabilities 5 8 7 Borrowings 151 1,524 1,200 918 2,411 1,981 ------------------------------- -------- ------------------------- -------------------------- --------- Total liabilities 918 2,411 1,981 ------------------------------- -------- ------------------------- -------------------------- --------- Total equity and liabilities 25,861 28,805 26,783 ------------------------------- -------- ------------------------- -------------------------- ---------
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
for the half year ended 30 June 2019
(expressed in thousands of pounds)
_
Share Share Foreign Retained Other Total capital premium currency earnings reserve equity GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000 GBP'000 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Balance at 01.01.18 11,228 22,754 572 (54,345) 45,000 25,209 Gain for the first 6 months - - - 1,105 - 1,105 Exchange differences on translation - - 80 - - 80 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Total comprehensive profit - - 80 1,105 - 1,185 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Balance at 30.06.18 11,228 22,754 652 (53,240) 45,000 26,394 Loss for the Period - - - (1,727) - (1,727) Exchange differences on translation - - 135 - - 135 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Total comprehensive loss - - 135 (1,727) - (1,593) ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Balance at 31.12.18 11,228 22,754 787 (54,967) 45,000 24,802 Loss for the first 6 months - - - (454) - (454) Exchange differences on translation - - 595 - - 595 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Total comprehensive loss - - 595 (454) - 141 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------ Balance at 30.06.19 11,228 22,754 1,382 (55,241) 45,000 24,943 ---------------------- ----------- ------------ ----------- ----------- ----------- ------------
RURELEC PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
for the half year ended 30 June 2019
(expressed in thousands of pounds)
_
Audited 6 months 6 months 12 months to to to 30/06/19 30/06/18 31/12/18 GBP'000 GBP'000 GBP'000 -------------------------------------- --------- --------- ---------- Result for the period before tax (454) 1,105 (622) from operations Net finance income (50) (75) (579) Adjustments for: Unrealised exchange (gains) / losses (30) (661) (1,735) Write down of loans - - 2,429 Gain on disposal - (1,250) (1,250) Impairment of Assets - - 236 Change in trade and other receivables 78 158 23 Change in trade and other payables (118) (57) 157 -------------------------------------- --------- --------- ---------- Cash used in operating activities (574) (780) (1,341) -------------------------------------- --------- --------- ---------- Taxation paid - - - -------------------------------------- --------- --------- ---------- Net cash used in operating activities (574) (780) (1,341) -------------------------------------- --------- --------- ---------- Cash flows from investing activities Proceeds from sale of subsidiary - 132 Repayments from joint venture company 1,633 1,082 2,029 Settlement of Deferred Consideration - (67) (232) -------------------------------------- --------- --------- ---------- Net cash generated from investing activities 1,633 1,015 1,929 -------------------------------------- --------- --------- ---------- Net cash inflow before financing activities 1,059 235 588 -------------------------------------- --------- --------- ---------- Cash flows from financing activities Loan Principal Repayments (1,050) - - Loan Interest Repayments (50) - (400) -------------------------------------- --------- --------- ---------- Net cash used in financing activities (1,100) - (400) -------------------------------------- --------- --------- ---------- (Decrease) / Increase in cash and cash equivalents (41) 235 188 -------------------------------------- Cash and cash equivalents at start of period 351 163 163 -------------------------------------- --------- --------- ---------- Cash and cash equivalents at end of period 310 398 351 -------------------------------------- --------- --------- ----------
RURELEC PLC
Notes to the Interim Statement
for the six months ended 30 June 2019
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 2018 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts were qualified. 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 2019 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 2018.
3. Earnings per share 6 months 6 months 12 months to to to 30/6/19 30/6/18 31/12/18 ----------- --------- ----------- Basic and diluted Average number of shares in issue during the period 561m 561m 561m (Loss) / Profit attributable to equity holders of the parent from continuing operations (GBP0.46m) GBP1.11m GBP(0.62m) Basic and diluted (loss) / profit per share on continuing operations (0.08p) 0.20p (0.11p) ----------- --------- -----------
4. 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 GBP0.09 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.
5. The Board of Directors approved this interim statement on 30 August 2019. This interim statement has not been audited.
6. Copies of this statement are available at the Company's website www.rurelec.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR KMGZRKLDGLZM
(END) Dow Jones Newswires
August 30, 2019 02:00 ET (06:00 GMT)
1 Year Rurelec Chart |
1 Month Rurelec 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