TIDMIPSA
RNS Number : 3243T
IPSA Group PLC
29 March 2016
29 March 2016
IPSA GROUP PLC
('IPSA' or the 'Company')
Unaudited Results for the 6 month period ended 30 September
2015
IPSA, the AIM and Alt(x) dual listed independent power plant
developer, today announces its unaudited interim results for the 6
month period ended 30 September 2015.
Highlights:
-- Revenue of GBP1.8m (2014 - GBP1.9m).
-- Group loss after tax of GBP0.26m (2014 - GBP0.75m loss).
-- Post balance sheet sale of Newcastle Cogeneration Pty Limited.
-- The Company is now an AIM Rule 15 Cash Shell
Commenting, Richard Linnell, Chairman of IPSA, said:
"These are the last interims for IPSA Group PLC which include
the operations of Newcastle Cogeneration (Pty) Limited ("NewCogen")
which were sold in February 2016. The Company is now focusing its
attentions on the sale of the balance of plant equipment held for
sale in Italy in order to seek to settle outstanding creditors and
in finding a suitable reverse merger partner to maintain the
quotations in London and Johannesburg."
For further information contact:
Peter Earl, Director, IPSA Group PLC +44 (0)20 7793 7676
James Joyce, James Bavister WH Ireland Ltd (Nominated Adviser
and Broker) +44 (0)20 7220 1666
Riaan van Heerden, PSG Capital (Pty.) Limited, (South African Sponsors) +27 11 797 8400
Or visit IPSA's website: www.ipsagroup.co.uk
CHAIRMAN'S STATEMENT
These are the last interims for IPSA Group PLC ("IPSA") which
include the operations of Newcastle Cogeneration (Pty) Limited
("NewCogen") which were sold in February 2016.
As outlined in the Audited Results for the year ended March
31(st) 2015 announced last week, the Company is now focusing its
attentions on the sale of the balance of plant equipment held for
sale in Italy and in finding a suitable reverse merger partner to
maintain the quotations in London and Johannesburg. This focus is
critical to ensure that the Company meets its commitment to pay
outstanding sums to its principal creditor Ethos Energy Italia
S.p.A ("Ethos") which is expected to be met in part through receipt
of the remaining funds due from Rurelec PLC and in part from the
sale of the balance of plant
Whilst these negotiations are ongoing, there can be no guarantee
of success. The Company remains dependent not only on receipts due
from Rurelec PLC and the sale of the balance of plant but also on
the continuing forbearance of Ethos and its other creditors to
continue trading and as a consequence there remains a risk that the
Company may be put into administration.
The Suspension in trading in the Company's shares will remain in
place pending a further announcement.
As mentioned in the strategic report to shareholders in the
Annual Report and Accounts, Neil Bryson and I are not standing for
re-election at the Annual General Meeting on 7(th) April and the
overhead costs for the Company have been reduced to a minimum to
enable the Company as a quoted cash shell to achieve a suitable
strategic partnership. The AIM Rules allow a period of six months
following the disposal of the NewCogen assets on 29(th) February
2016 for this to occur.
On behalf of the board, I hope that the Company will succeed in
this endeavour that will allow the value of our dual listings to
endure for the benefit of shareholders.
Richard Linnell
Chairman
IPSA GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
for the 6 month period ended 30 September 2015
Notes 6 months 6 months 12 months
30/9/15 30/9/14 31/3/15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Revenue 1,748 1,888 3,649
Cost of sales (1,712) (1,930) (3,804)
Gross profit/(loss) 36 (42) (155)
Administrative expenses (629) (690) (1,482)
Operating loss (593) (732) (1,637)
Other (expense)/income 3 (67) 17 (78)
Impairment on NewCogen
Investment reduction/(increase) 438 - (5,144)
Net Finance expense (24) (32) (74)
Loss before tax (246) (747) (6,933)
Tax expense - - -
Loss after tax (246) (747) (6,933)
Other comprehensive
income:
Exchange differences
on - (348) (118)
translation of foreign
operation
Total comprehensive
loss (246) (1,095) (7,051)
attributable to
equity
Shareholders
Loss per ordinary
share (basic and
headline) 4 (0.23p) (0.69p) (6.45p)
IPSA GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited)
at 30 September 2015
Notes 30/9/15 30/9/14 31/3/15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant
and equipment 1,916 7,154 1,916
Current assets
Trade and other
receivables 3,732 3,556 3,421
Cash and cash equivalents 37 64 3
3,769 3,620 3,424
Non-current assets
classified as assets
held for sale 5 4,000 4,000 4,000
Total assets 9,685 14,774 9,341
Equity and liabilities
Equity attributable to equity holders
of the parent:
Share capital 2,150 2,150 2,150
Share premium account 26,767 26,767 26,767
Foreign currency
reserve (5,843) (6,072) (5,843)
Profit and loss
reserve (22,077) (15,644) (21,831)
Total equity 997 7,201 1,243
Current liabilities
Trade and other
payables 6 7,487 6,648 7,152
Borrowings 1,202 925 946
8,688 7,573 8,098
Total equity and
liabilities 9,685 14,774 9,341
IPSA GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
for the 6 month period ended 30 September 2015
6 months 6 months 12 months
30/9/15 30/9/14 31/3/15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Loss for the period (246) (746) (6,933)
Add back: net finance
expense 24 32 73
Adjustments for:
Depreciation and impairment 257 284 4,472
Group IAS 10 Write Down
re: Post (257) - 1,311
Unrealised exchange losses - (272) (30)
Change in trade and other
receivables (311) 20 153
Change in trade and other
payables 334 47 311
Cash used in operations (198) (635) (642)
Interest paid (6) (5) (13)
Net cash used in operations (204) (640) (655)
Cash flows from Investing
Activities
Purchase of plant and
Equipment - - (99)
- - (99)
Cash flow from Financing
Activities
Loans received 586 694 729
Loans repaid (348) (51) (33)
238 643 696
Increase / (decrease)
in cash and cash equivalents 34 3 (58)
Cash and cash equivalents 3 61 61
at start of period
Cash and cash equivalents 37 64 3
at end of period
IPSA GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
for the 6 month period ended 30 September 2015
Share Share Foreign Profit Total
Capital Premium Currency and Loss Equity
Account Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 01.04.14 2,150 26,767 (5,725) (14,898) 8,294
Loss for the period - - - (746) (746)
Exchange differences - - (348) - (348)
Total recognised
expense - - (348) (746) (348)
for the period
At 30.09.14 2,150 26,767 (6,073) (15,644) 7,200
Loss for the period - - - (6,187) (6,187)
Exchange differences - - 230 - 230
Total recognised
expense - - 230 (6,187) (5,957)
for the period
At 01.04.15 2,150 26,767 (5,843) (21,831) 1,243
Loss for the period - - - (246) (246)
Exchange differences - - - - -
Total recognised
expense - - - (246) (246)
for the period
At 30.09.14 2,150 26,767 (5,843) (22,077) 997
Notes to the unaudited Interim Statement for the 6 month period
ended 30 September 2014
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 March 2014 were derived from the statutory accounts for that
period which have been delivered to the Registrar of Companies.
Those accounts, which contained a qualified audit report, did not
contain any statements under Sections 489(2) or (3) of the
Companies Act 2006. The financial information contained in this
interim statement has been prepared in accordance with all relevant
International Financial Reporting Standards ("IFRS") as adopted by
the European Union in force and expected to apply to the Group's
results for the year ending 31 March 2015 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 Group's IFRS accounting
policies. These policies are set out in the Group's financial
statements for the year ended 31 March 2015.
3. Other (expense)/income 6 months 6 months 12 months
30/9/15 30/9/14 31/3/15
GBP'000 GBP'000 GBP'000
Exchange gains(1) 69 225 288
Storage and insurance
costs(2) (136) (208) (366)
Total (67) 17 (78)
(1) Exchange gains/(losses) arising on the EUR denominated
unpaid balance owing to EthosEnergy Italia SpA ("EthosEnergy") in
respect of the refurbishment costs of the Turbines;
(2) Storage and insurance costs in respect of the Turbines and
balance of plant;
4. Loss per share 6 months 6 months 12 months
30/9/15 30/9/14 31/3/15
Average number of
shares 107.5m 107.5m 107.5m
in issue during
the period
Loss for the period GBP0.246m GBP0.746m GBP9.933m
Loss per ordinary
share - basic and
headline 0.23p 0.69p 6.45p
Loss per ordinary
share - diluted 0.23p 0.69p 6.45p
5. Assets held for sale
This comprises directors' valuation of the balance of plant
which was not sold to Rurelec PLC and is currently available for
sale.
6. Trade and other payables
Trade and other payables include:
a) An amount of GBP4.4 million claimed by EthosEnergy in respect
of the balance due for refurbishment work completed in 2008, plus
storage charges and interest.
b) An accrual of GBP1.9 million in respect of remuneration due
to the directors and which is subject to a waiver agreed in
February 2016. There will be a credit of GBP0.7million in the next
set of accounts.
7. Post balance sheet events
Since the balance sheet date, the disposal of Blazeway
Engineering Limited ("Blazeway") was announced on 28(th) January
2016 for a total consideration of GBP1.9m. The sale includes 100%
of the share capital of NewCogen, loss making owner of the Group's
only operational asset. Under IFRS accounting standards the
directors consider this an adjusting event relating to IAS 10 -
Events After the Reporting Period, as the Group no longer expects
to receive the future cash flows of the disposed entities. It is
therefore appropriate that entity and consolidation adjustments are
made to the carrying value of Blazeway to reflect the sale
proceeds. The directors recognise that following this fundamental
disposal, IPSA will become a cash shell and under AIM rule 15 will
be deemed to be an investing company.
The Board of Directors approved this interim statement on 24
March 2016. This interim statement has not been audited.
Copies of this announcement are being sent to all shareholders
on the register at today's date. Copies may be obtained from 17th
Floor, Millbank Tower, 21-24 Millbank, London SW1P 4QP.
About IPSA:
IPSA Group PLC ("IPSA") is a British company established to
develop power generation projects in Southern Africa. It is managed
by a team with a strong track record in developing power projects
worldwide and with considerable experience in Southern Africa.
IPSA floated on the AIM market of the London Stock Exchange in
September 2005 and obtained a dual listing on the Alt(x) market of
the Johannesburg Stock Exchange in October 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAEDPALNKEAF
(END) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
Ipsa (LSE:IPSA)
Historical Stock Chart
From Apr 2024 to May 2024
Ipsa (LSE:IPSA)
Historical Stock Chart
From May 2023 to May 2024