RNS Number : 5775E
Energy Asset Management PLC
30 September 2008
Energy Asset Management Plc
("EAM" or the "Company")
Interim Results for the Six Months Ended 30 June 2008
Highlights
The Group has:
* enjoyed record levels of activity;
* begun to benefit from its high operational gearing;
* traded profitably since February 2008, before accounting for share option costs ; and
* continued to achieve contract awards.
Chairman's Statement
The business continues to negotiate and win long term contracts; the historical mobilization delays experienced previously on these
contracts no longer seem to apply and momentum is now gathering to a level where meter installations are being completed at a rate currently
in excess of 450-500 per month and which is steadily increasing. This sustained increase has allowed EAL's operating profit to remain
positive during most months of the first half of the year. This trading improvement has had a dramatic impact on reducing the loss incurred
in the comparable period of last year.
Financial Results
In the six months to 30 June 2008 the Group's loss after taxation is �42,488 (before a share option charge of a further �56,573)
compared to a loss for the first six months of 2007 of �584,910 representing a total loss per share to 30 June 2008 of 0.03p (2007- loss
0.25p). The directors are confident that the orders currently in the pipeline will ensure this modest loss will be recovered before the
year-end.
Current Activity
The demand for Meter Asset Management ("MAM") and Automatic Meter Reading ("AMR") services continues to grow both from Gas Suppliers and
Gas Users and the Group continues in negotiation to secure further significant contracts. The Group has also demonstrated its ability to
complete the installation of metering systems and to successfully commission these systems to the satisfaction of its clients.
The Group continues to develop its multi-utility energy solution addressing Gas, Electricity and Water remote Automatic Meter Reading.
The Future
The Directors are satisfied with the progress being made and remain enthusiastic about the prospects for the business especially given
the importance now being attached by energy users, the government and the public to the efficient use of energy. We look forward to
reporting further progress.
John Shaw
Non-Executive Chairman
30 September 2008
Financials
Energy Asset Management Plc
Consolidated Income Statement
for the six month period ended 30 June 2008
Note 30-Jun 30-Jun 31-Dec
2008 2007 2007
� � �
Unaudited Unaudited Audited
Revenue 816,699 261,288 667,860
Cost of sales (268,942) (136,072) (360,374)
Gross Profit 547,757 125,216 307,486
Operating expenses (649,359) (767,877) (1,363,668)
Operating loss (101,602) (642,661) (1,056,182)
Finance Income 2,541 1,178 4,893
Loss before taxation (99,061) (641,483) (1,051,289)
Taxation - - -
Loss after taxation (99,061) (641,483) (1,051,289)
Retained loss for the period (99,061) (641,483) (1,051,289)
Attributable to
Equity holders of the Company (99,061) (648,928) (1,058,734)
Minority interest - 7,445 7,445
Retained loss for the period (99,061) (641,483) (1,051,289)
Loss per share basic and diluted (p) 2 (0.03) (0.25) (0.39)
Energy Asset Management Plc
Consolidated Balance Sheet
As at 30 June 2008
30-Jun 30-Jun 31-Dec
2008 2007 2007
� � �
Unaudited Unaudited Audited
Assets
Non current assets
Property, plant and equipment 1,153,631 173,090 476,092
Intangible assets- Goodwill 745,475 745,475 745,475
Total non current assets 1,899,106 918,565 1,221,567
Current assets
Trade and other receivables 465,883 203,847 95,200
Cash and cash equivalents 215,648 108,882 17,101
Inventories 136,125 124,395 131,984
Total current assets 817,656 437,124 244,285
Total Assets 2,716,762 1,355,689 1,465,852
Equity and liabilities
attributable to equity holders
of the Company
Share capital and reserves
Issued capital 3,327,684 2,787,684 2,787,684
Share premium account 1,145,899 1,163,929 1,163,929
Reserves (3,568,956) (3,173,235) (3,526,468)
Total Equity 904,627 778,378 425,145
Non-current liabilities Borrowings 1,050,587 - 425,374
Current liabilities
Borrowings 70,649 - 40,605
Trade and other payables 690,899 577,311 574,728
Total current liabilities 761,548 577,311 615,333
Total equity and liabilities 2,716,762 1,355,689 1,465,852
Energy Asset Management Plc
Statement in Changes in Equity
Share Share Retained Minority Total
Capital Premium Earnings Interest Equity
� � � � �
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 period attributable - - (648,928) - (648,928)
to equity holders
Loss for the period attributable - - - 7,445 7,445
to minority interest
Share based payments - - 56,573 - 56,573
Shares issued 320,000 80,000 - - 400,000
Balance at 30 June 2007 2,787,684 1,163,929 (3,173,235) - 778,378
6 months to June 2008
Balance at 1 January 2008 2,787,684 1,163,929 (3,526,468) - 425,145
Loss for the period attributable - - (99,061) - (99,061)
to equity holders
Share based payments - - 56,573 - 56,573
Shares issued 540,000 - - - 540,000
Share issue costs - (18,030) - (18,030)
Balance at 30 June 2008 3,327,684 1,145,899 (3,568,956) - 904,627
Energy Asset Management Plc
Consolidated Cash Flow Statement
For the six months ended 30 June 2008
30-Jun 30-Jun 31-Dec
2008 2007 2007
� � �
Unaudited Unaudited Audited
Cash flows from operating activities
Operating loss for the year as per income statement (101,602) (642,661) (1,056,182)
Depreciation of non current assets 29,696 5,832 22,576
Share based payments 56,573 56,573 113,146
(15,333) (580,256) (920,460)
Movements in working capital
Increase in trade and other receivables (370,683) (150,512) (41,865)
Increase in inventories (4,141) (115,035) (122,624)
Increase in trade and other payables 116,171 462,929 460,346
Net cash outflow from operations (273,986) (382,874) (624,603)
Cash flows from investing activities
Interest received 2,541 1,178 4,893
Purchase of non current assets (707,235) (158,517) (478,263)
Net cash outflow from investing activities (704,694) (157,339) (473,370)
Cash flows from financing activities
Net proceeds from issue of equity shares 521,970 400,000 400,000
Inflow from new leases 683,614 - 475,853
Capital element of finance lease rental payments (28,357) - (9,874)
Net cash flows from financing activities 1,177,227 400,000 865,979
Net increase/(decrease) in cash and cash equivalents 198,547 (140,213) (231,994)
Cash and cash equivalents at the beginning of period 17,101 249,095 249,095
Cash and cash equivalents at end of period 215,648 108,882 17,101
Notes to the unaudited financial statements
1. Basis of Preparation
The interim financial statements of the Group for the six months ended 30 June 2008 have been prepared on a going concern basis in
accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRSs) endorsed by the European
Union and the AIM Rules for Companies. The interim financial statements have been prepared on a basis consistent with the accounting
policies set out in the Group's consolidated annual financial statements for the year ended 31 December 2007. They have not been audited, do
not include all the information required for full annual financial statements, and should be read in conjunction with the Group's
consolidated annual financial statements for the year ended 31 December 2007. The report of the auditors on those consolidated annual
financial statements was unqualified. This information does not constitute statutory accounts as defined in section 240 of the Companies Act
1985.
As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
2. Loss per share
The loss per share has been calculated by dividing the loss after taxation of �99,061 by the weighted average number of Ordinary Shares
in issue for the period of 328,021,130 (2007- 263,917,554). The diluted loss per share is the same as the basic loss per share as the
options that were in existence have an anti-dilutive effect on the loss per share and therefore have not been taken into account..
3. Dividend
No dividend is recommended.
4. Share capital
At 30 June 2008 the Company had 332,768,383 Ordinary shares of 1p each in issue. (2006 - 278,768,383).
For further information please contact:
Energy Asset Management Plc
John Shaw, Non-Executive Chairman
Tel: 07973 826613
Alan McKeating, Managing Director
Tel: 07843 231372
Ruegg & Co Limited
Gavin Burnell
Tel: 0207 584 3663
This information is provided by RNS
The company news service from the London Stock Exchange
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