Embargoed: 0700hrs, 26 September 2007
Energy Asset Management Plc
("EAM" or the "Company")
Interim Results for the Six Months Ended 30 June 2007
Highlights
* Contracts secured at a greater rate than anticipated;
* Activity increasing as customers/energy suppliers experience and realise
benefits of EAL meter exchange solutions;
* Mobilisation slower than originally anticipated but activity and pipeline
of new business establishing a long term foundation for the business;
* Company expected to trade profitably in the second half and cash flow
positive Q4;
* Strategic Alliance signed with IMServ -UK's most experienced electricity
data collector;
* 2 contracts with major independent energy suppliers signed (others in
negotiation);
* End user contracts with M&S and Woolworths have been extended to provide
additional metering services.
Chairman's Statement
I reported in my statement accompanying the last accounts to 31 December 2006
that we have been successful in negotiating and winning contracts at a greater
rate than previously anticipated. The mobilisation of these contracts has been
at a slower rate than originally anticipated, thus resulting in our trading at
a loss for the first half of the year, the underlying resultant levels of
activity and pipeline of new business is establishing a long-term foundation
for a business that promises to surpass even our most optimistic beliefs.
Activity is steadily rising as both customers and energy suppliers experience
and realise the benefits of our metering solutions and, as a result, we expect
to be trading profitably in the second half of the year and cash flow positive
in the fourth quarter.
Financial Results
In the six months to 30 June 2007 the Group made a loss after taxation of �
584,910 (2006-loss �346,484), but before a further share option charge of �
56,573 representing a loss per share of 0.25p (2006- loss 0.21p).
Current Activity
The Group has signed a Strategic Alliance with IMServ, part of Invensys plc.
IMServ is the UK's most experienced independent electricity data collector with
a major presence in the collection and management of electricity energy data
through an established customer base who increasingly require similar solutions
for their gas consumption. Through this alliance Energy Assets provides IMServ
with the ability to confidently deliver its clients with a complete energy
solution addressing both electricity and gas remote automated meter reading.
This has already resulted in the development of significant new business which
we believe will lead to increased activity over the coming months and years.
The Group has in addition signed two contracts with major independent energy
suppliers, who cannot be named for reasons of confidentiality, with several
others under negotiation. These contracts, although slower to implement than
end user contracts, will in the longer term provide many times the number of
potential installations, as each energy supplier has a significant number of
customers, many of whom are large multi site portfolios similar to those end
user groups we have announced. Consequently we expect substantive growth will
come from independent energy suppliers.
In addition the end user contracts we have with Marks & Spencer and Woolworths
have been extended to provide additional gas and electricity services, these
will generate long-term sustainable revenues over the life of the contracts.
All of the above contracts have contributed to the Group's four figure
installed base of meters and dataloggers. The rate of installation is
increasing on a monthly basis and the number of installations based upon signed
long-term contracts is expected to increase by some two fold in the second half
and by a further three fold in 2008. The Group has high operational gearing
and the addition of these further installations will add only a small increment
to costs. Consequently we expect to see the full benefit of our current and
expected contracts and strategic alliance with IMServ come through in 2008.
We believe that the Group is operating in a market sector that has significant
growth prospects, encouraged by government and public support through the
increasing awareness of the importance of conserving energy. We look forward
to reporting further contract wins and progress.
Stephen Barclay
Non-Executive Chairman
25 September 2007
Financials
Energy Asset Management Plc
Consolidated Income Statement - By function of expense
for the six month period ended 30 June 2007
Note 30-Jun 30-Jun 31-Dec
2007 2006 2006
� � �
Unaudited Unaudited Audited
Revenue 261,288 450 20,768
Cost of sales (136,072) (300) (10,664)
Gross Profit 125,216 150 10,104
Operating expenses (767,877) (357,215) (2,811,165)
Operating loss (642,661) (357,065) (2,801,061)
Finance Income 1,178 10,581 18,791
Loss before taxation (641,483) (346,484) (2,782,270)
Taxation - - -
Loss after taxation (641,483) (346,484) (2,782,270)
Retained loss for the period (641,483) (346,484) (2,782,270)
Attributable to
Equity holders of the Company (648,928) (346,484) (2,774,375)
Minority interest 7,445 - (7,895)
Retained loss for the period (641,483) (346,484) (2,782,270)
Loss per share basic and diluted (p) 2 (0.25) (0.21) (1.35)
Energy Asset Management Plc
Consolidated Balance Sheet
As at 30 June 2007
30-Jun 30-Jun 31-Dec
2007 2006 2006
� � �
Unaudited Unaudited Audited
Assets
Non current assets
Property, plant and equipment 173,090 22,531 20,405
Intangible assets- Goodwill 745,475 2,480,019 745,475
Total non current assets 918,565 2,502,550 765,880
Current assets
Trade and other receivables 203,847 27,050 53,335
Cash and cash equivalents 108,882 725,812 249,095
Inventories 124,395 - 9,360
Total current assets 437,124 752,862 311,790
Total Assets 1,355,689 3,255,412 1,077,670
Equity and liabilities
attributable to equity holders
of the Company
Share capital and reserves
Issued capital 2,787,684 2,467,684 2,467,684
Share premium account 1,163,929 1,083,929 1,083,929
Retained earnings (3,173,235) (371,370) (2,580,880)
778,378 3,180,243 970,733
Minority interest - - (7,445)
Total Equity 778,378 3,180,243 963,288
Current liabilities
Trade and other payables 577,311 75,169 114,382
Total equity and liabilities 1,355,689 3,255,412 1,077,670
Energy Asset Management Plc
Statement in changes in Equity
Share Share Retained Minority Total
Capital Premium Earnings Interest Equity
� � � � �
6 months to June 2006
Balance at 1 January 2006 219,351 107,185 (24,886) - 301,650
Acquisition of Energy Assets Ltd on
9 March 2006 1,415,000 707,500 - - 2,122,500
Additional issues on
9 March 2006 833,333 416,667 - - 1,250,000
Share issue costs - (147,423) - - (147,423)
Loss for the year attributable
to equity holders - - (346,484) - (346,484)
Balance at 30 June 2006 2,467,684 1,083,929 (371,370) - 3,180,243
6 months to June 2007
Balance at 1 January 2007 2,467,684 1,083,929 (2,580,880) (7,445) 963,288
Loss for the year attributable
to equity holders - - (648,928) - (648,928)
Profit for the year attributable
to minority interest - - - 7,445 7,445
Share based costs - - 56,573 - 56,573
Additional issues on 26 March 2007 320,000 80,000 - - 400,000
Balance at 30 June 2007 2,787,684 1,163,929 (3,173,235) - 778,378
Energy Asset Management Plc
Consolidated cash flow statement
For the six months ended 30 June 2007
30-Jun 30-Jun 31-Dec
2007 2006 2006
� � �
Unaudited Unaudited Audited
Cash flows from operating activities
Operating loss for the year as per
income statement (642,661) (357,065) (2,801,061)
Depreciation of non current assets 5,832 - 33,175
Impairment of goodwill - - 1,734,544
Share based reserve 56,573 218,381
(580,256) (357,065) (814,961)
Movements in working capital
Increase in trade and other
receivables (150,512) (11,210) (37,045)
Increase in inventories (115,035) - (9,360)
Increase / (decrease) in trade and
other payables 462,929 (53,081) (13,868)
Net cash outflow from operations (382,874) (421,356) (875,234)
Cash flows from investing activities
Interest received 1,178 10,581 18,791
Net purchase of subsidiary undertaking - (260,190) (260,190)
Cash acquired with subsidiary - 4,353 4,353
Purchase of non current assets (158,517) (22,531) (53,580)
Net cash expenditure from investing
activities (157,339) (267,787) (290,626)
Cash flows from financing activities
Net proceeds from issue of equity shares 400,000 1,102,577 1,102,577
Net (decrease)/increase in cash and cash
equivalents (140,213) 413,434 (63,283)
Cash and cash equivalents at the beginning
of financial period 249,095 312,378 312,378
Cash and cash equivalents at end of period 108,882 725,812 249,095
Notes to the unaudited financial statements
1. The financial information for the period ended 30 June 2007 is unaudited
and has been prepared on the, basis of the Group's adopted accounting policies.
This information does not constitute statutory accounts as defined in section
240 of the Companies Act 1985.
The financial information for the year ended 31 December 2006 has been
extracted from the Group's statutory accounts, which have been delivered to the
Registrar of Companies. The audit report for the year ended 31 December 2006
was unqualified.
2. Loss per share
The loss per share has been calculated by dividing the loss after taxation of �
648,928 by the weighted average number of Ordinary Shares in issue for the
period of 263,917,554 (2006- 163,080,420). As the Group incurred a loss for the
period, the share options and warrants in existence do not have a dilutive
effect and therefore the basic and diluted loss per share are the same.
3. Dividend
As previously no dividend is recommended.
4. Share capital
At 30 June 2007 the Company had 278,768,383 Ordinary shares of 1p each in
issue. (2006- 246,768,383)
For further information please contact,
Energy Asset Management Plc
Stephen Barclay, Non-Executive Chairman
Tel: 07767 444114
Alan McKeating, Managing Director
Tel: 07843 231372
Hansard Group
Ben Simons
Tel: 0207 245 1100
Ruegg & Co Limited
Gavin Burnell
Tel: 0207 584 3663
END
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