Embargoed: 0700hrs 29 September 2006
ENERGY ASSET MANAGEMENT PLC
INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2006
Chairman's Statement
Highlights
* First results post reverse takeover of Energy Assets Limited ("EAL") -
reflecting predominantly historic financials prior to acquisition
* Significant progress made in the following areas:
a. obtaining necessary regulatory and other approvals to allow EAL to service
contracts
b. installation and operation of the Company's information technology system
which enables electronic, remote data collection
c. product trials with major retail groups, subsequently leading to agreement
to provide services to a significant part of one retailer's portfolio of
stores
Chairman's Statement
These are the first results following the acquisition, in March of this year,
of Energy Assets Limited, a company set up to provide meter asset management
services, including utilising new forms of technology, to industrial and
commercial users of gas and electricity and their suppliers.
Losses before and after taxation for the period were �346,484.
The cash balances at the period end were �725,812 and remain under strict
control.
Since the acquisition of EAL on 9 March 2006, the Company has obtained the
necessary regulatory and other approvals to allow the servicing of contracts.
This has enabled us to begin to install and operate our information technology
system which enables energy suppliers to, among other things, collect data more
efficiently from industrial and commercial users of gas and electricity. In
this time we have commenced product trials with a number of major retail
groups, the success of which has led, so far, to one major retailer
commissioning our services for a significant part of their portfolio. We expect
similar positive outcomes and roll-outs as we continue to expand our product
trials.
It was previously anticipated that as contracts were successfully negotiated
with customers that their existing meter installations would be purchased from
National Grid. However, a review of key portfolios has resulted in a
significant percentage of existing industrial and commercial metering
installations being unable to provide for future "Smart Measurement" and
"Electronic Data Collection" requirements. We have developed a solution which
allows for upgrading older meter installations and subsequent provision of the
latest in "Smart Measurement Technology." This is an issue that customers have
faced for some time and has been readily accepted by the companies target end
user market, resulting in further trials with blue chip customers and a
contract negotiation for EAL's "bundled service" offering of gas meter asset
management, electricity meter ownership and data collection/management for both
Gas and Electricity.
We look forward to reporting further significant progress to you as it occurs.
Stephen Barclay Chairman
28 September 2006
For further information please contact
Stephen Barclay
Chairman
Tel. 07767 444 114
Alan McKeating
Chief Executive
Tel. 01506 425 660
Ben Simons
Hansard Group
Tel. 020 7245 1100
ENERGY ASSET MANAGEMENT PLC
UNAUDITED PROFIT AND LOSS ACCOUNT
For the six month period ended 30 June 2006
Note 30 30 31
December
June June
2005
2006 2005
� � �
Turnover 450 - -
Operating expenses (357,515) (8,655) (33,543)
Operating loss (357,065) (8,655) (33,543)
Interest income 10,581 1,903 8,657
Loss before taxation (346,484) (6,752) (24,886)
Taxation - - -
Loss after taxation (346,484) (6,752) (24,886)
Dividends paid - - -
Retained loss for the period (346,484) (6,752) (24,886)
Loss per share (pence) - basic 2 (0.21) p (0.04) p (0.12) p
and diluted
The Company's expenses all relate to continuing operations. The Company has no
recognised gains or losses other than the loss for the period, which has been
calculated on the historical cost basis.
The comparative results to 30 June 2005 reflect the four month period from
incorporation on 4 March 2005.
ENERGY ASSET MANAGEMENT PLC
UNAUDITED BALANCE SHEET
As at 30 June 2006
30 30 31
June June December
2006 2005 2005
� �
Fixed Assets
Tangible assets 22,531 - -
Intangible assets- Goodwill 2,480,019 - -
Current assets
Cash at bank 725,812 323,923 312,378
Debtors and prepayments 27,050 8,119 4,431
752,862 332,042 316,809
Creditors: amounts falling due (75,169) (12,258) (15,159)
within one year
Net current assets 677,693 319,784 301,650
Net assets 3,180,243 319,784 301,650
Capital and reserves
Called up share capital 3 2,467,684 219,351 219,351
Share premium account 1,083,929 107,185 107,185
Profit and loss account (371,370) (6,752) (24,886)
Shareholders' funds 3,180,243 319,784 301,650
Reconciliation of movements in shareholders' funds
for the period ended 30 June 2006
Share Share Profit & Total
Capital Premium Loss
Shareholders'
Account
Funds
� � � �
Balance at 31 December 2005 219,351 107,185 (24,886) 301,650
Acquisition of Energy Assets Ltd on 1,415,000 707,500 - 2,122,500
9 March 2006
Additional issues on 9 March 2006 833,333 416,667 - 1,250,000
Non capitalised costs - (147,423) - (147,423)
(Loss) for the period - - (346,484) (346,484)
Balance at 30 June 2006 2,467,684 1,083,929 (371,370) 3,180,243
ENERGY ASSET MANAGEMENT PLC
UNAUDITED CASHFLOW STATEMENT
For the Period ended 30 June 2006
30 June 30 June 31 December
2006 2005 2005
� � �
Reconciliation of
operating loss to net
cash outflow from
operating activities
Operating loss (357,065) (8,655) (33,543)
Increase in debtors (11,210) (8,119) (4,431)
Increase/(decrease) (53,081) 12,258 15,159
in creditors
Net cash outflow from (421,356) (4,516) (22,815)
operating activities
Cash flow statement
Net cash outflow from (421,356) (4,516) (22,815)
operating activities
Returns on investment
and servicing of
finance
Interest income 10,581 1,903 8,657
Capital expenditure
Payments to acquire (22,531) - -
tangible fixed assets
Acquisitions and
disposals
Purchase of (2,382,690) - -
subsidiary
undertaking
Cash acquired with 4,353 - -
subsidiary
Net cash outflow from (2,378,337) - -
acquisitions and
disposals -
Cash outflow before (2,811,643) (2,613) (14,158)
financing
Financing
Issue of shares 3,372,500 398,701 398,701
Costs of issue (147,423) (72,165) (72,165)
Net cash inflow from 3,225,077 326,536 326,536
financing
Increase in cash 413,434 323,923 312,378
ENERGY ASSET MANAGEMENT PLC
UNAUDITED CASHFLOW STATEMENT
For the Period ended 30 June 2006 continued
Analysis of changes in
net funds
Cash at bank:
At start of the period 312,378 - -
Cashflows 413,434 323,923 312,378
At period end 725,812 323,923 312,378
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 The financial information for the period ended 30 June 2006 is unaudited
and has been prepared on the basis of the Company's adopted accounting
policies. This financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985.
2 Loss per share
The loss per share has been calculated by dividing the loss after taxation
of �346,484 by the weighted average number of Ordinary Shares in issue for
the period of 163,080,420. As the Company incurred a loss for the period,
the warrants in existence do not have a dilutive effect and therefore the
basic and diluted loss per share are the same.
3 Share capital
At 30 June 2006 the Company had 246,768,383 Ordinary Shares of 1p each in
issue.
END
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