RNS Number:6869E
KP Renewables PLC
28 September 2007
FOR IMMEDIATE RELEASE Date 28 September 2007
KP RENEWABLES PLC
(the "Company")
INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2007
("Interim Results")
CHAIRMAN'S STATEMENT
*Financial restructuring completed
*#750,000 cash raised through new equity
*Second-half year revenues expected from existing project portfolio
*New focus on larger energy projects
I am pleased to report the Interim Results for the Company for the six month
period to 30 June 2007, a period of successful transition for the Company.
Shareholders will already be aware of the financial difficulties experienced in
2006 and the early part of 2007 and the action taken by the Board to resolve
them. This action was necessary to ensure the Company's future and to secure
some value for creditors and shareholders. To this end a Company Voluntary
Arrangement ("CVA") was entered into with the Company's creditors, combined with
a capital reorganisation and fund raising, as previously described in the
circular to shareholders of 16 March 2007 and in my Chairman's Statement for the
year ended 31 December 2006.
The results for the period under review show a profit before taxation of
#370,214. However, this largely reflects an exceptional profit created by
adjustments resulting from the CVA and capital reorganisation, referred to in
the Profit and Loss Account as 'Exceptional reduction to expenses'. Since then,
the Company has been operating at a much reduced level of costs compared with
previous years.
Since the refinancing, we have been able to begin to resuscitate the Company's
existing business and to review new projects in wind, biomass and other energy
related areas. We have been able to advance a number of smaller projects from
our existing portfolio which had previously been frozen due to our financial
constraints last year. These projects are expected to generate some revenue for
the Company during the second half of the year, even though 60% of the net
revenue from any such projects will flow to creditors under the terms of the
CVA.
New projects of a larger scale that would transform the scale of the business
are now part of our future strategy. We are exploring a number of larger
potential developments in the United Kingdom and Europe and have also been
reviewing possible acquisitions. Such projects are likely to require significant
additional funding and the Board is considering its financing options.
John Bryant
Chairman
For further information please contact:
KP Renewables Plc
John Bryant Tel: +44 (0)7768 888 359
Peter Redmond Tel: +44 (0) 207 332 2200
First City Financial Limited Tel: +44 (0) 207 242 2666
KP Renewables plc
Condensed Consolidated Balance Sheet
At 30 June 2007
Unaudited Unaudited Audited
30 June 2007 30 June 2006 31 December
2006
# # #
ASSETS
Non-current assets
Goodwill - - -
Investment on product development - - -
----------- ----------- -----------
- - -
----------- ----------- -----------
Current assets
Project development
costs 22,161 - 13,505
Trade and other
receivables 48,566 107,727 38,380
Cash and cash
equivalents 609,832 57,995 12,436
----------- ----------- -----------
680,559 165,722 64,321
----------- ----------- -----------
Total assets 680,559 165,722 64,321
=========== =========== ===========
EQUITY AND LIABILITIES
Share capital 1,280,897 465,897 465,897
Shares to be issued 8,321 - -
Share option reserve 244,000 254,000 244,000
Share premium 3,681,847 3,734,347 3,734,347
Accumulated losses (4,656,196) (4,431,074) (5,026,410)
----------- ----------- -----------
Total Equity 558,869 23,170 (582,166)
=========== =========== ===========
Current liabilities
Trade and other
payables 121,690 142,552 646,487
----------- ----------- -----------
Total current
liabilities 121,690 142,552 646,487
----------- ----------- -----------
Total equity and
liabilities 680,559 165,722 64,321
=========== =========== ===========
KP Renewables plc
Condensed Consolidated Profit and Loss Account
For the six months ended 30 June 2007
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 2007 30 June 2006 31 December
2006
# # #
Turnover - - -
Administration expenses and
operating loss (186,436) (2,280,766) (2,876,102)
Exceptional reduction to
expenses (Note 4) 551,266 - -
Investment income 5,384 10,023 10,023
Interest paid - - -
---------- ---------- ------------
Profit/(Loss) for the period
before tax 370,214 (2,270,743) (2,866,079)
Taxation - - -
---------- ---------- ------------
370,214 (2,270,743) (2,866,079)
========== ========== ============
Earnings/(Loss) per diluted
share (pence) - basic and
diluted (note 3) 0.94 (97.4) (123)
KP Renewables plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2007
Share Share Share Share option Accumulated Total
Capital Capital premium reserve losses
to be account
issued
# # # # # #
Balance
at 1
January
2006 465,897 - 3,734,347 244,000 (2,160,331) 2,283,913
Changes
in equity
for 2006
Loss for
the
year - - - - (2,866,079) (2,866,079)
-------- ------ ------- -------- -------- -------
Balance
at 31
December
2006 465,897 - 3,734,347 244,000 (5,026,410) (582,166)
Profit
for the
six
months - -- - - 370,214 370,214
Issue of
share
capital 815,000 8,321 - - 823,321
Costs of
issue
of
shares - - (52,500) - (52,500)
-------- ------ ------- -------- -------- -------
Balance
at 30
June
2007 1,280,897 8,321 3,681,847 244,000 (4,656,196) 558,869
======== ====== ======= ======== ======== =======
KP Renewables plc
Condensed Consolidated Cash Flow Statement
For the six months ended 30 June 2007
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 2007 30 June 2006 31 December
2006
# # #
Net cash flow from operating activities
Cash flow from
operating activities (186,436) (2,052,970) (2,658,306)
Exceptional item 551,266 -
--------- --------- ------------
364,830 (2,052,970) (2,658,306)
Movement in working capital
Increase in project
development costs (8,656) - (13,505)
(Increase)/decrease in
receivables (10,186) 916,247 985,594
Increase/(decrease) in
payables (516,476) 84,514 588,449
--------- --------- ------------
Net cash used in
operating activities (170,488) (1,052,209) (1,907,768)
========= ========= ============
Investing activities
Interest received 5,384 10,023 10,023
--------- --------- ------------
Net cash from investing
activities 5,384 10,023 10,023
========= ========= ============
Financing activities
Costs incurred in issue
of share capital (52,500) - -
Proceeds from issue of
share capital 815,000 - -
--------- --------- ------------
Net cash from financing
activities 762,500 - -
========= ========= ============
Net increase/(decrease)
in cash in the period 597,396 (1,042,186) (1,087,745)
Cash and cash
equivalents at
beginning of the period 12,436 1,100,181 1,100,181
--------- --------- ------------
Cash and cash
equivalents at end of
the period 609,832 57,995 12,436
========= ========= ============
KP Renewables plc
Notes to the Statement Statements
For the six months ended 30 June 2007
Notes:
1. The interim results are unaudited and do not comprise statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The results for the
year ended 31 December 2006 have been extracted from the Group accounts for that
period. Those financial statements have been filed with the Registrar of
Companies and included an auditor's report, which was modified in respect of an
emphasis of matter of going concern.
2. The interim results have been prepared in accordance with the accounting
policies adopted in the accounts for the year ended 31 December 2006, which have
been prepared under IFRS and to be adopted in respect of the year ending 31
December 2007.
3. Profit per share is based on a profit after taxation of #370,214 and on
39,384,468 ordinary shares, being the weighted average number in issue during
the period. The loss per share for comparative purposes has been restated to
reflect the share consolidation that took pace in April 2007.
4. Exceptional costs totalling #154,816 were incurred as a consequence of the
CVA and financial reorganisation. The exceptional reduction in expenses of
#551,266 is stated after deducting these exceptional costs.
5. As at 30 June 2007 the issued share capital comprised 83,829,483 ordinary
shares of 1p and 46,589,662 deferred shares of 0.95p. The deferred shares have
no voting or dividend rights. A total of 832,100 ordinary shares of 1p are to be
issued following the CVA.
6 No tax liability arises due the losses incurred in prior periods.
This information is provided by RNS
The company news service from the London Stock Exchange
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