TIDMHEGY
RNS Number : 0232J
Helius Energy Plc
31 March 2015
31st March 2015
Helius Energy plc
("Helius" or the "Company")
Helius Energy plc (AIM:HEGY) today issued its annual report and
accounts for the twelve months ended 30 September 2014. The annual
accounts are available on the Company's website
www.heliusenergy.com.
As announced on 20(th) March, 2015, Helius has signed a
conditional sale and purchase agreement regarding the disposal of
its interest in Helius CoRDe Limited for GBP12.3m representing a
value significantly in excess of Helius' initial investment of
GBP7.85m.
In addition, despite extensive efforts to secure finance over
the last three years, the Company has been unable to obtain the
equity funding to meet the construction costs of the Avonmouth
Project and, with planning consent for Avonmouth having expired on
26(th) March 2015, the Board does not consider the Company will be
able to deliver it or the Southampton Project.
The Board has resolved that the disposal of the Company's
interested in Helius CoRDe is the most appropriate route of
securing value for shareholders and is recommending the
cancellation of admission of the Ordinary Shares to trading on AIM
and the re-registration of the Company as a private limited
company. This will reduce overheads and simplify the mechanism for
returning cash to shareholders.
The proposals are subject to shareholder approval.
For more information please contact:
Helius Energy plc
John Seed, Executive Chairman
Alan Lyons, Chief Financial Officer
William Ingram Hill, Chief Operating Officer
Numis Securities Ltd Tel: +44 (0) 20 7260 1000
Jamie Lillywhite (as Nominated Adviser)
James Black (as Corporate Broker)
Citigate Dewe Rogerson Tel: +44 (0) 20 7282 2867
Chris Gardner
Malcolm Robertson
Chairman's Report
Overview
As you may now be aware and as was foreshadowed in our RNS on
the 14th January 2015, I am sorry to have to inform you that Helius
has been unable to obtain all of the necessary funding for its
Avonmouth Project within the available timescales, and the Board
does not now consider that the Company will be able to deliver
either it or the Southampton Project. We have therefore impaired
all related costs incurred to date and reflected this as a charge
to the income statement of GBP13.5million.
In these circumstances the Company was faced with the need to
raise additional financing to continue operating. The Board
therefore considered the options for maximising value for
shareholders and undertook a careful evaluation of the Company's
business plan, operational assets, development strategy, market
valuation and capital structure. These options included the
potential sale of all or part of its interest in the CoRDe project
and the Board now considers that the disposal of Helius CoRDe and
the subsequent return of available cash provides the best value for
our shareholders.
The Board is also recommending the cancellation of admission of
the Ordinary Shares to trading on AIM and the re-registration of
the Company as a private limited company. This will reduce
overheads and simplify the mechanism for returning cash to
Shareholders. These proposals are subject to Shareholder approval
at the General Meeting to be held on 7th April 2015. The Directors
have received irrevocable undertakings from Directors who hold
Ordinary Shares, together with certain other shareholders, in
respect of their own beneficial shareholdings which amount to
99,434,436 Ordinary Shares, equivalent to, in aggregate, 50.91
percent of the Company's current issued share capital.
Avonmouth and Southampton
The Company has held discussions with a number of potential
project equity partners over the last three years. However, it has
proved impossible to secure the total equity funding required to
ensure that the Avonmouth project would be commissioned and
operating in time to qualify for subsidy under the Renewables
Obligation; and the planning consent for the project under Section
36 of the Electricity Act 1989 expired on 26 March 2015. This is
despite the fact that the project was pre-qualified for a Treasury
Guarantee which would have supported a significant proportion of
the project debt, that all necessary consents had been obtained,
that all necessary contractual agreements had been agreed in
principle, and that the support of debt funders had been secured in
principle.
This disappointing failure of the Company's prolonged
negotiations on equity finance has been due, in part, to
uncertainty about the impact of policy and regulation on the
electricity market, including the Government's Electricity Market
Reform ("EMR") programme and suggestions by politicians that
electricity prices would be frozen or reduced. That uncertainty was
among the reasons cited by prospective investors when they withdrew
from negotiations with the Company. The recent fall in wholesale
electricity prices may also have been a contributory factor. Given
that it has not been possible to deliver the financing of the
Avonmouth project, and to secure development fees, the Board
considers that it will be impossible to complete Southampton
Project. This position is reflected in the impairment of the
Avonmouth and the Southampton Projects in the financial statements
and in our results generally. In the absence of a planning consent
or freehold interest in the land, the Company has not assigned any
future value to either project.
CoRDe project performance in 2014
The Company originally invested c.GBP7.9m in the CoRDe project
on financial close in April 2011 and continues to hold its stake of
50% plus one share in the project company. The project is now fully
operational and exporting electricity to the grid, generating
revenues in excess of GBP1m per month. Despite meeting our targets
for electrical output for the year, technical issues led to
significantly higher than planned fuel costs and unplanned disposal
costs that exceeded GBP1m. Lower than expected prices for
electricity and ROC Recycle payments had a further profit impact of
around GBP0.5m. As a result, the plant made a small loss before
tax.
These technical issues were resolved in July 2014 as part of the
annual shutdown. Since then the plant has been operating well, with
availability levels at or above guaranteed levels, fuel costs in
line with expectations and no unforeseen disposal costs. This has
translated into the plant making a good start to the new financial
year with total project revenues for the three month period to
December 2014 of c.GBP3.65m, EBITDA of c.GBP1.61m and profit before
tax of c.GBP0.41m (unaudited), of which GBP0.2m is attributable to
Helius Energy as a 50% shareholder. I would like to pay tribute and
thanks to the CoRDe team at Rothes for their hard work in
delivering this result.
CoRDe project sale and de-listing
On 20 March 2015, the Board signed a sale and purchase agreement
with Leo Energy Ltd, a wholly owned subsidiary of iCON
Infrastructure Partners II L.P (iCON), for the sale of its interest
in the CoRDe project for GBP12.3m. The valuation achieved
represents around 15 times annualised profits before tax, based on
the Q1 unaudited results for the project. In the opinion of the
board this represents good value. On completion the Company will
receive 90% of the agreed sale proceeds and 10% will be held in
Escrow for a period of 12 months to support any potential warranty
claims. The transaction will also include a novation of the
Company's Management Service Agreement. The transaction is subject
to shareholder approval through an ordinary resolution and the
satisfaction of a small number of conditions precedent in the sale
and purchase agreement.
In order to reduce costs further and simplify the process of
returning cash to shareholders, the Company is also seeking
shareholder approval to cancel the company's admission to trading
on AIM. Going forward, the Company will oversee the delisting
process, reduce running costs, return capital to shareholders and
manage the warranty period and any further return of cash following
the end of the warranty period.
Going concern
The financial statements have been prepared on the going concern
basis which assumes that the Group will have sufficient funds
available to enable it to continue to trade for the foreseeable
future.
Further funds are required to ensure that the Company can meet
its liabilities as they fall due. As set out above, the Company has
signed a sale and purchase agreement for the sale of its joint
venture investment. This agreement is subject to shareholder
approval through an ordinary resolution, and the satisfaction of a
small number of routine conditions precedent included in the sale
and purchase agreement. The Directors have procured irrevocable
commitments from more than 50% of the shareholders to approve the
transaction and on this basis expect to receive payment for its
shares, net of any retentions, following the shareholder vote.
Should the sale of the joint venture investment not be achieved and
if the Group is unable to secure additional funding, the Group may
be unable to realise its assets and discharge its liabilities in
the normal course of business. The financial statements do not
include the adjustments that may be required if the Company is
unable to continue as a going concern.
Conclusion
I regret the loss in the value of your investment in Helius
Energy plc as a consequence of the impairment of the Avonmouth and
Southampton projects. Having considered the trade-off between
potential future returns and current value available for
Shareholders, the Board considers that the disposal of the
Company's interest in Helius CoRDe and the subsequent return of
available cash provides the best value for all Shareholders and now
ask for your support in delivering this at the General Meeting on
the 7(th) April 2015 as detailed in the Circular.
John Seed, Chairman
Business review
CoRDe Project
The CoRDe project is fully operational and exporting electricity
to the grid. Over the year the plant processes around half a
million tonnes of distillery residues producing around 40,000
tonnes of pot ale syrup for distribution into the animal feed
market.
The plant provides an essential disposal route for distillery
residues and produces significantly reduced CO2 emissions when
compared with some other disposal routes. All of these activities
resulted in the plant generating revenues in excess of GBP13m for
the reporting period, with the future expectation being that
revenues will be in excess of GBP1m per month, depending on
electricity and animal feed prices. During the period, the Company
received management service income of GBP0.2m from the project
under its ongoing management services agreement, slightly less than
the corresponding period in the previous year as a consequence of
the obligations under the operational Management Services Agreement
being less than they were in the construction phase. The Company's
share of losses generated by the plant for the period was GBP19k.
This loss is a significantly less favourable outcome than expected
and was caused by a combination of additional costs of more than
GBP1m incurred by the plant as a consequence of a technical issue
with the drying system and a separate issue with throughput of the
evaporator plant, both of which are now fully resolved. Lower than
expected electricity and ROC recycle prices further reduced profits
by more than GBP0.5m.
The plant has made a good start to the new financial year with
total project revenues for the three month period to December 2014
of c.GBP3.65m, EBITDA of c.GBP1.61m and profit before tax of
c.GBP0.41m (unaudited). The outlook for project revenues is robust,
with c30% per cent derived from fixed gate fees, c.34% per cent
from sale of ROCs and c.20% per cent from sale of electricity (with
a large proportion of this supported by a floor price in the Power
Purchase Agreement). The balance of income is derived from other
revenue streams, including the sale of syrup into the animal feed
market and the operation of the Effluent Treatment Plant.
Avonmouth Project
The Company progressed discussions with a number of potential
project equity partners over the last three years but has failed to
secure a binding commitment to fund the total equity requirements
of the project. This disappointing outcome has been due, in part,
to investor uncertainty about the UK energy market and the impact
of the Government's Electricity Market Reform (EMR) programme.
At the end of the reporting period, the Company had incurred
costs of GBP9.6m on the project. At this time the board undertook a
review of the expected recoverable amount of the project and took
actions to minimise any further costs in relation to the project.
While the efforts made to reach financial close were maintained it
has not been possible to secure an equity investor before the
planning consent expired in March 2015. As a consequence of the
expiry of the planning consent on 26 March 2015, the lapse of the
option over the leasehold for the site, and the significant
payments required to maintain the grid connection, the board made
the assessment that the recoverable value of the project was
GBPnil. As a result the projects were impaired in full at the
reporting date and this is reflected in a charge to the income
statement.
Southampton Project
At the end of the reporting period, the Company had incurred
costs of GBP4.0m on the project. In parallel with the review of the
Avonmouth project, the board also considered the expected
recoverable value of this project. As a consequence of the failure
to secure an equity investor for the Avonmouth project and the
resultant lack of funding for further project development, the
board decided to impair all costs incurred to date and reflect this
as a charge to the income statement.
Outlook
The Board has considered its options to secure value for
shareholders given the difficulties attracting an investor for the
Avonmouth project and the challenges that developers face in the
current commodity price and regulatory market conditions. The board
has concluded that the sale of its interest in the CoRDe project
delivers significant value when compared with the Company's current
market valuation and ensures no erosion of value through further
development activity. The Board has signed a sale and purchase
agreement with Leo Energy Ltd, a wholly owned subsidiary of iCON
Infrastructure Partners II L.P (iCON), for the sale of its interest
in the CoRDe project for GBP12.3m. The valuation achieved
represents around 15 times annualised profits before tax, based on
the Q1 unaudited results for the project, of which GBP0.2m is
attributable to Helius (representing GBP0.8m on an annualised
basis). In the opinion of the board this represents good value. The
transaction will also include a novation of the Company's
Management Service Agreement in respect of the project. The
transaction is subject to shareholder approval through an ordinary
resolution and the satisfaction of a small number of conditions
precedent in the sale and purchase agreement.
Financial Position and Key Performance Indicators
During the financial year the Company expended GBP2.6 million
(2013: GBP5.1million) of cash through its operating and investing
activities. This was made up of GBP1.3 million (2013 GBP2.1m) of
corporate and administration costs (operating activities including
movements in working capital) and GBP1.3 million (2013 GBP3.0m) of
project development costs (investing activities). The primary focus
for this expenditure was the progression of the Avonmouth and
Southampton projects. Cash and short-term deposits held by the
Company as at 30 September 2014 were GBP0.6 million.
The Group is not making any further financial commitments to the
Avonmouth or Southampton projects and is reliant on cash receipts
from the CoRDe project in the form of sale proceeds from a
divestment of its shareholding in that project.
The Company has been working towards a disposal of its interest
in the CoRDe project and has a signed a sale and purchase agreement
with Leo Energy Ltd. The transaction is subject to shareholder
approval and a limited number of other conditions. In the unlikely
event that it becomes apparent that the disposal will not be
completed and that no dividends will be received from the project,
the Group will seek to secure additional funding from other sources
in order to meet its ongoing working capital requirements.
If the Group is unable to secure alternative funding, the Group
may be unable to realise its assets and discharge its liabilities
in the normal course of business. The financial statements do not
include the adjustments that may be required if the Company was
unable to continue as a going concern.
Key financial highlights
Income statement 2014 2013
GBP'000 GBP'000
--------------------------------------------- ----------- ---------
Revenue (management service agreements) 226 277
Cost of sales (223) (246)
Administrative costs including share based
payments (1,564) (1,349)
Project impairment (13,554) -
Operating loss (15,115) (1,318)
Net finance (expense)/ income - (14)
Share of post tax loss from joint venture (184) (105)
--------------------------------------------- ----------- ---------
Loss for the period (15,299) (1,437)
--------------------------------------------- ----------- ---------
As a requirement of the project finance facility, the CoRDe
joint venture company entered into hedging agreements for foreign
currency and interest rates in order to mitigate any risk
associated with volatility in those rates. The Group has recognised
its share of the movement in the fair value of the hedging
agreements in the period to 30 September 2014 which was a loss of
GBP0.2m (2013: a gain of GBP1.2m) in the share of post tax loss
line in the above table. In the prior year the gain was recognised
in the statement of other comprehensive income.
The following milestones were achieved during the year:
-- The CoRDe project completed its first full year of operation
-- Management service income of GBP226k arising from services provided to the CoRDe project
-- Administrative cost reductions delivered
-- A secondary placing of GBP0.7m providing additional working capital for the group
Since the year end:
-- Significant restructuring programme delivered resulting in
material operating cost reductions
-- Sale of shareholding in CoRDe project agreed for GBP12.3m, subject to shareholder approval
Principal risks and uncertainties
The Company is exposed to a number of risks and
uncertainties:
1. Those risks associated with delivery of the business
model
1.1 Sale of joint venture investment
There are two keys risks associated with the sale of the CoRDe
project. First, there is a risk that the transaction does not
receive shareholder approval or that other conditions of the sale
are not met. No payment would then be made to Helius under the
terms of the sale and purchase agreement (SPA) with iCON and the
Company would require additional funding. This risk has been
mitigated by obtaining irrevocable commitments from certain
shareholders and from all board members to vote in favour of the
sale and by agreeing in principle a form of bank consent and waiver
in respect of the iCON transaction.
Secondly there is a risk of warranty or indemnity claims during
the limitation period of one year from the date of completion of
the SPA. This may affect the ability of the board to return the
amount held in retention of GBP1.23miliion to shareholders at the
end of the warranty period. This risk is mitigated through the
negotiation of warranties that the Company believe are reasonable.
It is further mitigated by disclosure in respect of the
warranties.
a. Operational risks
The CoRDe Project entered into commercial operation in 2013. It
represents the Group's first ongoing revenue and cash generating
asset. The CoRDe plant is exposed to a number of operational risks
which could impact on the revenue from the project, including
(without limitation):
-- unplanned outages due to break-down or force majeure;
-- the completed plant failing to perform to the required
levels;
-- supplier default or insolvency; and
-- failure of the plant to comply with EU, UK and/or local
environmental and health and safety laws and regulations which
could result in civil or criminal liability, the limitation,
suspension or termination of operations, the imposition of clean-up
costs, fines or penalties or large expenditures, which may
adversely affect the Group's business, results from operations or
financial condition.
These risks are mitigated through the application by the CoRDe
Project of good operational practices and procedures, through the
appointment and retention of appropriately qualified staff and
management to oversee the operation and maintenance of the plant,
and through arrangements with the distillers to mitigate events
that may lead to a reduced processing capability.
2. General risks
Liquidity
The cash requirements of the Company are forecast by the Board
annually in advance and reviewed monthly by management, enabling
the Company's cash requirements to be anticipated. The cash
forecast includes assumptions with respect to the timing of receipt
of funds from the sale of its shareholding in the CoRDe project.
Any delay in receipt of these funds would lead to a requirement for
additional working capital.
Electricity and biomass market
The Company's plans are exposed to electricity and biomass
market price risk through variations in the wholesale price of
electricity and biomass material. Currently the Company has not
entered into any forward contracts to fix prices of these
commodities. The directors will continue to monitor the benefit of
entering into such contracts.
Sustainability
The Company is a responsible and ethical company and is totally
committed to being a sustainable business but is exposed to
legislative risks associated with sustainability regulations and
related compliance. The directors monitor possible changes to
legislation and where possible engage in the consultation process
to safeguard the Company's interests. The Company's sustainability
strategy is designed to ensure ecological, social and climate
change impacts are minimised, particularly in its feedstock
procurement, to ensure the business exceeds UK and EU targets
associated with these areas.
Consolidated income statement
For the year ended 30 September 2014
Year ended Year ended
30 September 30 September
2014 2013
GBP GBP
-------------------------------------------------------- -------------- --------------
Revenue 226,156 276,949
Cost of sales (223,025) (246,355)
--------------------------------------------------------- -------------- --------------
Gross profit 3,131 30,594
--------------------------------------------------------- -------------- --------------
Other administrative expenses (1,563,823) (1,348,791)
Impairment of development projects (13,553,823) -
Total administrative expenses (15,117,646) (1,348,791)
Operating loss (15,114,515) (1,318,197)
Finance income - 3,341
Finance expense - (17,449)
--------------------------------------------------------- -------------- --------------
Share of post-tax loss from joint venture (184,385) (105,036)
--------------------------------------------------------- -------------- --------------
Loss before tax (15,298,900) (1,437,341)
Tax expense - -
-------------------------------------------------------- -------------- --------------
Loss for the year attributable to equity holders
of the parent company (15,298,900) (1,437,341)
--------------------------------------------------------- -------------- --------------
Basic loss per share attributable to equity holders
of the parent company (pence) (8.32) (0.89)
Diluted loss per share attributable to equity holders
of the parent company (pence) (8.32) (0.89)
--------------------------------------------------------- -------------- --------------
Consolidated statement of comprehensive income
For the year ended 30 September 2014
Year ended Year ended
30 September 30 September
2014 2013
GBP GBP
----------------------------------------------------- ---------------- ---------------
Loss for the year attributable to equity
holders of the parent company (15,298,900) (1,437,341)
Other comprehensive income net of tax - -
Share of other comprehensive income, net
of tax, from Joint Venture 879,667 1,216,801
------------------------------------------------------ ---------------- ---------------
Total comprehensive loss for the year attributable
to equity holders of the parent company (14,419,233) (220,540)
------------------------------------------------------ ---------------- ---------------
The other comprehensive income from Joint Venture which relates
to the share of movements in cash flow hedges in Helius CoRDe
Limited may be reclassified to the profit or loss section of the
income statement in the future.
Consolidated statement of financial position
As at 30 September 2014
Year ended Year ended
30 September 30 September
2014 2013
GBP GBP
--------------------------------------------- ------------------------------ --------------
Non-current assets
Property, plant and equipment 7,451 12,274,890
Investment in joint venture 8,850,254 8,154,972
---------------------------------------------- ------------------------------ --------------
Total non-current assets 8,857,705 20,429,862
---------------------------------------------- ------------------------------ --------------
Current assets
Trade and other receivables 224,322 1,076,462
Cash and cash equivalents 612,615 2,431,174
---------------------------------------------- ------------------------------ --------------
Total current assets 836,937 3,507,636
---------------------------------------------- ------------------------------ --------------
Total assets 9,694,642 23,937,498
---------------------------------------------- ------------------------------ --------------
Current liabilities
Trade and other payables (553,034) (538,543)
---------------------------------------------- ------------------------------ --------------
Total current liabilities (553,034) (538,543)
---------------------------------------------- ------------------------------ --------------
Total liabilities (553,034) (538,543)
---------------------------------------------- ------------------------------ --------------
Total net assets 9,141,608 23,398,955
---------------------------------------------- ------------------------------ --------------
Total capital and reserves attributable to
equity holders of the parent company
Share capital 1,953,005 1,828,100
Share premium reserve 17,347,877 16,681,756
Capital redemption reserve 10,130 10,130
Merger reserve - 410,833
Cash flow hedge reserve (1,239,982) (2,119,649)
Retained earnings (8,929,422) 6,587,785
---------------------------------------------- ------------------------------ --------------
Total equity 9,141,608 23,398,955
---------------------------------------------- ------------------------------ --------------
Consolidated statement of cash flows
For the year ended 30 September 2014
Year ended Year ended
30 September 30 September
2014 2013
GBP GBP
-------------------------------------------------------- -------------- --------------
Operating activities
Loss for the year (15,298,900) (1,437,341)
Impairment of property, plant and equipment 13,553,823 -
Depreciation 10,162 29,377
Finance income - (3,341)
Finance expense - 17,449
Share of post-tax loss from joint venture 184,385 105,036
Share option costs (629,140) 29,403
Cash flow from operations before changes in working
capital (2,179,670) (1,259,417)
Decrease/(increase) in trade and other receivables 852,140 (414,102)
Increase/(decrease) in trade and other payables 14,491 (457,849)
--------------------------------------------------------- -------------- --------------
Total changes in working capital 866,631 (871,951)
--------------------------------------------------------- -------------- --------------
Net cash used in operating activities (1,313,039) (2,131,368)
Investing activities
Investment in development projects in progress (1,296,546) (3,011,377)
Interest received - 3,341
--------------------------------------------------------- -------------- --------------
Net cash used in investing activities (1,296,546) (3,008,036)
Financing activities
Interest paid and finance expenses - (17,449)
Share issue 791,026 5,618,243
Net cash from financing activities 791,026 5,600,794
--------------------------------------------------------- -------------- --------------
Net (decrease)/ increase in cash and cash equivalents (1,818,559) 461,390
Cash and cash equivalents at the beginning of the
year 2,431,174 1,969,784
--------------------------------------------------------- -------------- --------------
Cash and cash equivalents at the end of the year 612,615 2,431,174
--------------------------------------------------------- -------------- --------------
Consolidated statement of changes in equity
For the year ended 30 September 2014
Capital
redemption Share Share Merger Cash flow Retained
hedge
reserve capital premium reserve reserve earnings Total
2013 GBP GBP GBP GBP GBP GBP GBP
--------------------- ------------ ----------- ------------ --------- ------------- ------------- -------------
Changes in equity
At 1 October 2012 10,130 1,328,537 11,563,076 410,833 (3,336,450) 7,995,723 17,971,849
Loss for the year - - - - - (1,437,341) (1,437,341)
Other comprehensive
income - - - - 1,216,801 - 1,216,801
--------------------- ------------ ----------- ------------ --------- ------------- ------------- -------------
Total comprehensive
loss for the year - - - - 1,216,801 (1,437,341) (220,540)
--------------------- ------------ ----------- ------------ --------- ------------- ------------- -------------
Issue of share
capital - 499,563 5,495,199 - - - 5,994,762
Capital raised
costs - - (376,519) - - - (376,519)
Share-based
payments - - - - - 29,403 29,403
At 30 September
2013 10,130 1,828,100 16,681,756 410,833 (2,119,649) 6,587,785 23,398,955
--------------------- ------------ ----------- ------------ --------- ------------- ------------- -------------
Capital
redemption Share Share Merger Cash flow Retained
hedge
reserve capital premium reserve reserve earnings Total
2014 GBP GBP GBP GBP GBP GBP GBP
----------------- ------------ ----------- ------------ ----------- ------------- -------------- --------------
Changes in
equity
At 1 October
2013 10,130 1,828,100 16,681,756 410,833 (2,119,649) 6,587,785 23,398,955
Loss for the
year - - - - - (15,298,900) (15,298,900)
Other
comprehensive
income - - - - 879,667 - 879,667
----------------- ------------ ----------- ------------ ----------- ------------- -------------- --------------
Total
comprehensive
loss for the
year - - - - 879,667 (15,298,900) (14,419,233)
----------------- ------------ ----------- ------------ ----------- ------------- -------------- --------------
Issue of share
capital - 124,905 749,429 - - - 874,334
Capital raised
costs - - (83,308) - - - (83,308)
Share-based
payments - - - - - (629,140) (629,140)
Subsidiary
Helius
Power
dissolved - - - (410,833) - 410,833 -
At 30 September
2014 10,130 1,953,005 17,347,877 - (1,239,982) (8,929,422) 9,141,608
----------------- ------------ ----------- ------------ ----------- ------------- -------------- --------------
1. Accounting policies
Basis of preparation
These consolidated financial statements have been using
accounting policies consistent with International Financial
Reporting Standards ("IFRS") and IFRIC Interpretations issued by
the International Accounting Standards Board ("IASB") as adopted by
the EU and with those parts of the Companies Act 2006 applicable to
companies preparing their accounts under IFRS. The same accounting
policies, presentation and methods of computation have been
followed in the preparation of these results as were applied in the
Company's latest annual audited financial statements.
The financial information set out in this announcement does not
constitute the Group's statutory accounts for the years ended 30
September 2013 or 30 September 2014 within the meaning of section
435 of the Companies Act 2006, but is derived from those accounts.
Statutory accounts for the year ended 30 September 2013 have been
delivered to the Registrar of Companies and those for 30 September
2014 will be delivered following the Company's Annual General
Meeting. The reports of the auditors for the years ended 30
September 2013 and 30 September 2014 did not contain statements
under s498(2) or (3) of the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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