TIDMPVCS
RNS Number : 2590X
PV Crystalox Solar PLC
27 August 2020
PV Crystalox Solar PLC
Interim report 2020
PV Crystalox Solar PLC (the "Group"), a long established
supplier to the global PV industry now also providing slicing
services for the high technology ceramics and optics industries in
Germany, announces its unaudited interim results for the six month
period ended 30 June 2020.
Highlights
-- Up to GBP2m capital return via a tender offer subject to
approval by shareholders at General Meeting to be held on 9
September
-- Cancellation of listing to take effect on 29 September
-- EUR0.8m received relating to the settlement of a legacy wafer supply contract
-- Focus on the transformation of German operations and resolution of outstanding tax issue
Financial Overview
-- Revenues EUR0.3m (H1 2019: EUR0.3m)
-- Loss before taxes (EBT) EUR(0.4)m (H1 2019: EUR(1.4)m)
-- Net cash EUR7.3m at 30 June 2020 (31 December 2019: EUR8.6m)
Iain Dorrity, Chief Executive Officer, commented:
"The Board will continue its endeavours to complete the
transformation of the manufacturing operation in Germany and to
resolve any potential challenge from the tax authorities there
regarding the distribution of payments received under the
arbitration settlement in 2018. A sale of the German business to a
third party or a transfer to the existing management team remains
the ultimate objective and together with a resolution of the tax
issues may enable a further cash return to shareholders in due
course."
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer and Group Secretary
About PV Crystalox Solar PLC
PV Crystalox Solar a long established supplier to the global PV
industry now also providing slicing services for the high
technology ceramics and optical industries in Germany.
Chairman and Chief Executive's joint statement
During the last two years the Board has explored various options
to maximise any value from the listing of the Group's shares on the
Official List but has been unable to identify any viable
opportunities.
In March 2019, following an extensive review of the strategic
options for the future of the Group, the Board concluded that
returning a large proportion of the Group's surplus capital, as
part of an orderly resolution of the Group's affairs, would be in
the best interests of shareholders. A capital return of EUR43.4
million (GBP38.5 million) was duly completed in June 2019.
On 19 March 2020, the Group announced that the Board had
concluded that a further return of capital would be an appropriate
course of action, followed by a Cancellation of the Listing. The
Board noted that this further return of capital was to be
contingent upon receipt of the payment relating to the settlement
of a legacy wafer supply contract.
On 29 June 2020, the Group announced that following receipt of
the payment relating to the settlement of a legacy wafer supply
contract, it will proceed to return up to GBP2 million of surplus
capital to Shareholders by way of a Tender Offer.
The Board has for some time been reviewing the benefits to, and
burdens on, the Group and Shareholders of continuing the Listing.
The Board has concluded that it is in the interests of Shareholders
to proceed with the Cancellation of Listing for the following
reasons:
(1) The Group has no intention of completing a public markets
transaction such as a secondary fundraise or an acquisition using
its Ordinary Shares as currency; and
(2) given the reduced size of the Group and its limited business
activity, the cost of maintaining the systems, procedures, staff
and advisers to comply with listed company requirements is not an
optimal use of the Group's financial resources.
The Cancellation of Listing is expected to take effect from 7.00
am on 29 September 2020. In accordance with UK Listing Rule 5.2.8,
the Group is required to give at least 20 business days' notice to
the London Stock Exchange of the intended Cancellation of Listing.
Shareholder approval is not required in order to effect the
Cancellation of Listing.
With around 20 employees now remaining in the downsized
operation in Germany , some silicon wafering capabilities have been
retained as limited contract wafering is periodically carried out
for a local PV customer. The funded PV related research and
development activities for which grants of EUR0.2 million were
received in H1 2020 are also continuing.
The key focus now is applying our wire sawing expertise to the
cutting and slicing of a variety of materials other than silicon to
meet the requirements of the optical, ceramic and semiconductor
industries in Germany. While we have been successful in developing
some new customer relationships and consolidating these into
regular contracting business, the overall performance has been
below expectations. Progress has been hampered by the Covid-19
coronavirus outbreak which has negatively impacted the global
economy and has led to a further contraction of the notoriously
cyclical semiconductor industry which in 2019 suffered its worst
downturn in almost two decades.
Financial Review
Group revenues in H1 2020 of EUR0.3million were at almost the
same level as H1 2019, as the negative impact of the Coronavirus
pandemic on the global economy hampered the Group's efforts to
develop the new slicing services business.
The Company's loss before taxes was EUR0.4 million (H1 2019:
loss of EUR1.4 million). This improvement was mainly driven by the
receipt of a EUR0.8 million distribution in respect of a legacy
wafer supply contract which is included in other income. Personnel
costs were higher in the period due to final redundancy costs in
connection with the closure of the UK office. Other income in H1
2020 of EUR1.1 million was significantly higher than H1 2019 when
EUR0.3 million was recognised. Currency gains of EUR0.1 million in
H1 2020 were an improvement on the EUR0.6 million loss in H1
2019.
Depreciation and impairment charges were negligible in H1 2020
as they were in H1 2019. Other expenses at EUR0.5 million in the
first six months of 2020 were marginally lower than in the same
period last year. The Group's net cash position at the end of the
period was EUR7.3 million, which was EUR1.3 million lower than the
net position of EUR8.6 million at the start of the year.
The Group's Employee Benefit Trust (EBT) has been closed and its
remaining shares sold. The net cash balance on closure of EUR1.1
million was returned to the Group on 8 July 2020. This amount is
included in the net cash shown in the accounts.
Risk factors
The principal risks and uncertainties affecting the business
activities of the Group were identified under the heading "Risk
management and principal risks" in the Strategic Report on pages 5
and 6 of the 2019 Annual Report, a copy of which is available on
the Group's website, www.pvcrystalox.com. The most significant of
these risks, is the "Transfer pricing risk", whereby tax
authorities in Germany may challenge the distribution of payments
received under the arbitration settlement in 2018 and which might
lead to an additional tax liability up to a maximum of EUR1.9
million. The Group's position which is supported by its legal and
tax advisers and is consistent with the treatment of a settlement
received in 2012 is that there is no further tax due to tax
authorities. In order to further mitigate this risk efforts are
being made to engage with the authorities to get clarity and early
resolution of this issue. In the view of the Board, the key risks
and uncertainties for the remaining six months of the financial
year continue to be those set out in the 2019 Annual Report.
Outlook
As part of the continuing resolution of the Group's affairs the
Board has implemented various measures to reduce costs. The UK
office has now been closed and the CFO/Group Secretary's role has
become part-time with effect from 1 July 2020. Non-executive
director fees were reduced by 50% from January 2020 and a similar
adjustment will be effected for the Chief Executive. The
Cancellation of Listing will deliver a further reduction in
overheads and Michael Parker will also step down at that time from
his position as a non-executive director. The Board will continue
its endeavours to complete the transformation of the manufacturing
operation in Germany and to resolve any potential challenge from
tax authorities there regarding the distribution of payments
received under the arbitration settlement in 2018. A sale of the
German business to a third party or a transfer to the existing
management team remains the ultimate objective and together with a
resolution of the tax issues may enable a further cash return to
shareholders in due course. As the Group's ability to accelerate
the liquidation process is limited and economic considerations make
such action unfavourable, the Board's focus is on minimising the
cash burn during the next 12-18 months while the outstanding issues
are resolved.
John Sleeman Dr Iain Dorrity
Chairman Chief Executive Officer
26 August 2020
Consolidated statement of comprehensive income
for the six months ended 30 June 2020
Six months Six months Year ended
ended ended 31 December
30 June 2020 30 June 2019 2019
Notes EUR'000 EUR'000 EUR'000
-------------------------------------------- ------- ----------------- ------------- ------------
Revenues 2 266 284 531
Cost of materials and services (152) (200) (387)
Personnel expenses (1,183) (618) (1,505)
Depreciation and impairment of property,
plant and equipment and amortisation
of intangible assets (6) (7) (25)
Other income 1,066 346 559
Other expenses (507) (667) (1,213)
Currency (losses) / gains 131 (590) (444)
-------------------------------------------- ------- ----------------- ------------- ------------
(Loss) / profit before interest and
taxes ("EBIT") (385) (1,415) (2,484)
Net finance income 2 37 46
-------------------------------------------- ------- ----------------- ------------- ------------
(Loss) / profit before taxes ("EBT") (383) 1,452 (2,438)
Income taxes 3 - - 158
-------------------------------------------- ------- ----------------- ------------- ------------
(Loss) / profit attributable to owners
of the parent (383) (1,415) (2,280)
-------------------------------------------- ------- ----------------- ------------- ------------
Other comprehensive income / (loss)
Items that may be reclassified subsequently
to profit or loss: (64) - -
Currency translation adjustment (508) 1,371 681
- -
-------------------------------------------- ------- ----------------- ------------- ------------
Total comprehensive (loss) / income
Attributable to owners of the parent (955) (44) (1,599)
-------------------------------------------- ------- ----------------- ------------- ------------
Basic and diluted (loss) / earnings
per share (EPS) in Euro cents
From (loss) / profit for the period
/ year 4 (5.3) (0.9) (3.2)
-------------------------------------------- ------- ----------------- ------------- ------------
The accompanying notes form an integral part of these financial
statements.
Consolidated balance sheet
as at 30 June 2020
As at
As at As at 31 December
30 June 2020 30 June 2019 2019
Notes EUR'000 EUR'000 EUR'000
---------------------------------- ----- ------------- ------------- ------------
Intangible assets 1 - 2
Property, plant and equipment 31 48 36
Other non-current assets - - -
---------------------------------- ----- ------------- ------------- ------------
Total non-current assets 32 48 38
---------------------------------- ----- ------------- ------------- ------------
Cash and cash equivalents 7,251 9,596 8,608
Trade accounts receivable 56 15 27
Inventories 64 77 72
Prepaid expenses and other assets 326 297 329
---------------------------------- ----- ------------- ------------- ------------
Total current assets 7,697 9,985 9,036
---------------------------------- ----- ------------- ------------- ------------
Total assets 7,729 10,033 9,074
---------------------------------- ----- ------------- ------------- ------------
Trade accounts payable 10 88 104
Accrued expenses 994 634 521
Provisions - - -
Tax liabilities 9 943 943
Other current liabilities 9 12 13
---------------------------------- ----- ------------- ------------- ------------
Total current liabilities 1,022 1,677 1,581
---------------------------------- ----- ------------- ------------- ------------
Share capital 326 326 326
Share premium - - -
Other reserves - - -
Shares held by the EBT 5 - (154) (61)
Share-based payment reserve - 139 125
Reverse acquisition reserve (3,601) (3,601) (3,601)
Retained earnings / (accumulated
losses) 14,153 15,365 (15,622)
Currency translation reserve (4,171) (3,719) (4,918)
---------------------------------- ----- ------------- ------------- ------------
Total equity 6,707 8,356 7,493
---------------------------------- ----- ------------- ------------- ------------
Total liabilities and equity 7,729 10,033 9,074
---------------------------------- ----- ------------- ------------- ------------
The accompanying notes form an integral part of these financial
statements.
Consolidated statement of changes in equity
for the six months ended 30 June 2020
Retained
Share- earnings
Shares based Reverse / Currency
Share Share Other held by payment acquisition (accumulated translation Total
capital premium reserves the EBT reserve reserve losses) reserve equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
As at 1 January
2019 12,332 50,511 25,096 (372) 162 (3,601) (7,194) (24,596) 52,338
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
Share based
payment
charge - - - 218 (23) - - - 195
Shareholder
return - - - - - - (44,133) - (44,133)
Capital
reorganisation (12,006) - - - - - 9,310 2,696 -
Capital
reorganisation - (50,511) - - - - 34,823 15,688 -
Capital
reorganisation - - (25,096) - - - 23,974 1,122 -
Transactions
with
owners (12,006) (50,511) (25,096) 218 (23) - 23,974 19,506 (44,110)
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
Loss for the
period - - - - - - (1,415) - (1,415)
Currency
translation
adjustment - - - - - - - 1,371 1,371
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
Total
comprehensive
income - - - - - - (1,415) 1,371 (44)
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
As at 30 June
2019 326 - - (154) 139 (3,601) 15,365 (3,719) 8,356
--------------- -------- -------- --------- -------- -------- ----------- ------------- ------------ --------
Retained
Share- earnings
Shares based Reverse / Currency
Share Share Other held by payment acquisition (accumulated translation Total
capital premium reserves the EBT reserve reserve losses) reserve equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
-------------- -------- -------- --------- -------- -------- ------------ ------------- ------------ --------
As at 1
January
2020 326 - - (61) 125 (3,601) 15,622 (4,918) 7,493
Loss for the
period - - - - - - (383) - (383)
Share based
payments - - - 61 (125) - - - (64)
Currency
translation
Adj - - - - - - - (339) (339)
Total
comprehensive
income - - - (61) 125 - (383) (339) (786)
-------------- -------- -------- --------- -------- -------- ------------ ------------- ------------ --------
As at 30 June
2020 326 - - - - (3,601) (15,408) (5,426) 6,707
-------------- -------- -------- --------- -------- -------- ------------ ------------- ------------ --------
Consolidated cash flow statement
for the six months ended 30 June 2020
Six months Six months Year ended
ended ended 31 December
30 June 2020 30 June 2019 2019
EUR'000 EUR'000 EUR'000
---------------------------------------------- ------------- ------------- ------------
(Loss) / profit before taxes (383) (1,415) (2,438)
Adjustments for:
Net interest income (2) (37) (46)
Depreciation, impairment and amortisation 6 7 25
Inventory writedown - - -
Credit / (charge) for retirement benefit
obligation and share-based payment charge (64) 195 (262)
Change in provisions - - -
Gain from disposal of property, plant and
equipment and intangibles - (49) (70)
Losses in foreign currency exchange (20) 414
(443) (1,319) (3,205)
Changes in working capital
Decrease in inventories 8 48 53
Decrease / (increase) in accounts receivables (29) 999 13
Decrease in accounts payables and deferred
revenue (94) (1,258) (375)
Decrease in other assets (3) 241 370
Decrease in other liabilities 469 (8) (8)
---------------------------------------------- ------------- ------------- ------------
(92) (1,297) (3,152)
Income taxes paid (934) (405) (394)
Interest received 2 37 46
---------------------------------------------- ------------- ------------- ------------
Net cash flows generated from / (used in)
operating activities (1,024) (1,665) (3,500)
---------------------------------------------- ------------- ------------- ------------
Cash flows from investing activities
Proceeds from sale of property, plant and
equipment - 49 70
Payments to acquire property,
plant and equipment and intangibles - (4) (12)
---------------------------------------------- ------------- ------------- ------------
Net cash flows generated from / (used in)
investing activities - 45 58
---------------------------------------------- ------------- ------------- ------------
Cash flows from financing activities
Capital return - (44,133) (43,423)
Interest paid - - 535
---------------------------------------------- ------------- ------------- ------------
Net cash flows used in financing activities - (44,133) (42,888)
---------------------------------------------- ------------- ------------- ------------
Cash (used in) / generated from operations (1,024) (45,753) (46,330)
Effects of foreign exchange rate changes
on cash and cash equivalents (333) 1,385 (974)
---------------------------------------------- ------------- ------------- ------------
Cash and equivalents at beginning of the
period 8,608 53,964 53,964
---------------------------------------------- ------------- ------------- ------------
Cash and equivalents at end of the period 7,251 9,596 8,608
---------------------------------------------- ------------- ------------- ------------
The accompanying notes form an integral part of these financial
statements.
Notes to the consolidated interim financial statements
for the six months ended 30 June 2020
1. Group accounting policies
Basis of preparation
These condensed consolidated interim financial statements are
for the six months ended 30 June 2020. They have been prepared in
accordance with International Accounting Standard ("IAS") 34,
'Interim Financial Reporting'. They do not include all the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2019.
The statements have been prepared applying the accounting
policies and presentation that were applied in the preparation of
the financial statements for the year ended 31 December 2019.
Going concern
The Group's directors are required to make an assessment as to
whether it is appropriate to prepare the financial statements on a
going concern basis by considering the Group's ability and
intention to continue in business.
The Group have been operating a cash conservation strategy to
maximise cash held and to enable the Group to manage its operations
whilst market conditions remain difficult. A description of the
market conditions and the Group's plans are included in the
Strategic Report.
On 30 June 2020 there was a net cash balance of EUR7.3 million.
As part of its normal business practice, the Group regularly
prepares both annual and longer-term plans which are based on the
directors' expectations concerning key assumptions. The directors,
after careful consideration and after making appropriate enquiries,
are of the opinion that the levels of net cash outflows remain low
such that Group has sufficient cash to continue in operational
existence for at least twelve months from the date of approval of
the financial statements, in August 2020.
The Group intends to continue operations at PV Crystalox Solar
Silicon GmbH, in Germany which involve the cutting of silicon and
non-silicon materials together with a continued focus on research
and development activities. A sale to a third party or a transfer
of the business to the existing management team remains the
ultimate objective.
As a result of this assessment the directors have concluded that
the Group has the ability and the intention to continue in
business. It should be noted that whilst the accounts of the Group
and PV Crystalox Solar Silicon GmbH have been prepared on a going
concern basis, Crystalox Limited ceased manufacturing operations in
the United Kingdom in H2 2017 and accordingly its accounts have
been prepared to reflect this.
Basis of consolidation
The Group financial statements consolidate those of the parent
company and its subsidiary undertakings drawn up to 30 June 2020.
Subsidiaries are entities over which the Group has the power to
control the financial and operating policies so as to obtain
benefits from its activities. The Group obtains and exercises
control through voting rights.
The results of any subsidiary sold or acquired are included in
the Consolidated Statement of Comprehensive Income up to, or from,
the date control passes.
Consolidation is conducted by eliminating the investment in the
subsidiary with the parent's share of the net equity of the
subsidiary.
All intra-group transactions, balances, income and expenses are
eliminated upon consolidation.
Functional and presentational currency
Items included in the financial statements of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates (the "functional
currency"). The functional currency of the parent company is
Sterling. The financial information has been presented in Euros,
which is the Group's presentational currency. The Euro has been
selected as the Group's presentational currency as this is the
currency used in its significant contracts. The financial
statements are presented in round thousands.
2. Segment reporting
The chief operating decision maker, who is responsible for
allocating resources and assessing performance, has been identified
as the Group Board. The Group is organised around the production
and supply of wafers from silicon and non-silicon materials.
Accordingly, the Board reviews the performance of the Group as a
whole and there is only one operating segment. Disclosure of
reportable segments under IFRS 8 is therefore not made.
Geographical information for the six months ended 30 June
2020
United Rest of Rest of
Japan Taiwan Canada Germany Kingdom Europe World Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
Revenues
By entity's country
of domicile - - - 266 - - - 266
By country from which
derived - - - 250 16 - - 266
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
Non-current assets*
By entity's country
of domicile - - - 31 - - - 31
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
* Excludes financial instruments, deferred tax assets and
post-employment benefit assets.
Three customers accounted for more than 10% of Group revenue
each and sales to these customers were (figure in EUR'000):
1. Germany 79
2. Germany 70
3. Germany 50
Geographical information for the six months ended 30 June
2019
United Rest of Rest of
Japan Taiwan Canada Germany Kingdom Europe World Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
Revenues
By entity's country
of domicile - - - 284 - - - 284
By country from which
derived - - - 179 - 105 - 284
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
Non-current assets*
By entity's country
of domicile - - - 48 - - - 48
---------------------- -------- -------- -------- -------- -------- -------- -------- --------
* Excludes financial instruments, deferred tax assets and
post-employment benefit assets.
3. Income tax
The average taxation rate shown in the Consolidated Statement of
Comprehensive Income is nil% (H1 2019: nil%).
The anticipated long-term average tax rate for the Group,
normalised on the basis that the Group returns to profitability, is
approximately 32%.
4. Earnings per share
Net earnings per share is computed by dividing the net loss for
the period attributable to ordinary shareholders of EUR0.4 million
(H1 2019: loss of EUR1.4 million) by the weighted average number of
ordinary shares outstanding during the year.
Diluted net earnings per share is computed by dividing the
(loss) / profit for the year by the weighted average number of
ordinary shares outstanding and, when dilutive, adjusted for the
effect of all potentially dilutive shares, including share
options.
The calculation of the weighted average number of ordinary
shares is set out below:
Six months Six months
ended ended
30 June 2020 30 June 2019
----------------------------------------------------- ------------- -------------
Number of shares 7,285,408 160,278,975
Weighted average number of EBT shares held (1,973,063)
Share consolidation (including EBT shares) (10,059,851)
----------------------------------------------------- ------------- -------------
Weighted average number of shares for basic earnings
per share calculation 7,285,408 148,246,061
Dilutive share options 742,982
----------------------------------------------------- ------------- -------------
Weighted average number of shares for fully diluted
EPS calculation 7,285,408 148,989,043
----------------------------------------------------- ------------- -------------
5. Share Capital
Ordinary shares of 3.0206 pence each (2019: 3.0206 pence)
2020 2019
----------------------------------- --------- -------------
Allotted, called up and fully paid
At 1 January 7,285,408 160,278,975
Share consolidation (152,993,567)
At 30 June 7,285,408 7,285,408
----------------------------------- --------- -------------
As a result of a Share Capital Consolidation Shareholders
received 1 New Ordinary Share for every 22 Existing Ordinary
Shares, effective from 7 June 2019.
6. Shares held by the Employee Benefit Trust ("EBT")
As at 30 June 2020 the EBT held zero shares (0.0%) of the issued
share capital in the Company (30 June 2019: 89,685 shares (1.2%)).
It held these shares in trust for the benefit of employees. The EBT
has been closed, the remaining shares sold and the final cash
balance of EUR1,138,477 was returned to the Company in July 2020.
The cash balance held by the EBT on 30 June 2019 was
EUR1,127,000.
7. Return of Capital
In June 2019 a return of cash was made to all shareholders of 24
pence per share to shareholders on the register at the time of the
Return of Capital, This was implemented through a reduction of the
capital reserves. The reduction of the Company's share premium
account and of the nominal value of the Ordinary Shares enabled the
Company to make a Return of Capital to Shareholders of EUR44.1
million in aggregate.
Six months Six months
ended ended
30 June 2020 30 June 2019
EUR'000 EUR'000
------------------------- ------------- -------------
Total shareholder return - 44,133
------------------------- ------------- -------------
8. Changes in contingent assets and liabilities
There were no changes in contingent assets and liabilities.
9. Related party disclosures
Related parties as defined by IAS 24 comprise the senior
executives of the Group including their close family members and
also companies that these persons could have a material influence
on as related parties as well as other Group companies. During the
reporting period, none of the shareholders had control over or a
material influence in the parent company.
Transactions between the Company and its subsidiaries have been
eliminated on consolidation.
10. Approval of interim financial statements
The unaudited consolidated interim financial statements for the
six months ended 30 June 2020 were approved by the Board of
Directors on 26 August 2020.
The financial information for the year ended 31 December 2019
set out in this Interim Report does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31
December 2019 have been filed with the Registrar of Companies. The
Auditors' Report on those financial statements was unqualified and
did not contain statements under Section 498(2) or Section 498(3)
of the Companies Act 2006.
Statement of directors' responsibilities
to the members of PV Crystalox Solar PLC
The directors confirm that this condensed set of financial
statements has been prepared in accordance with IAS 34, 'Interim
Financial Reporting' as adopted by the European Union and that this
Interim Report includes a fair review of the information required
by the Disclosure and Transparency Rules of the Financial Services
Authority, paragraphs DTR 4.2.7 and DTR 4.2.8.
The directors of PV Crystalox Solar PLC are listed at the end of
this Interim Report and their biographies are included in the PV
Crystalox Solar PLC Annual Report for the year ended 31 December
2019.
By order of the Board
Peter Finnegan
Chief Financial Officer and Group Secretary
26 August 2020
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