Camco Clean Energy plc. ("Camco" or the "Company") Interim Results 2013

Transcription

1 RNS 30 September Camc Clean Energy plc ("Camc" r the "Cmpany") Interim Results Camc Clean Energy plc (AIM: CCE), the experienced prject develper wrking t develp, cnstruct, deliver and perate prjects that cntribute t a sustainable future tday annunces its results fr the six mnths t. Sctt McGregr, CEO f Camc said: I am very pleased with hw Camc s staff and sharehlders have respnded t the challenges faced in the first half transitin. We enter the last quarter f and int 2014 with renewed ptimism recgnising that the effrts made s far in transitining the business need t cntinue t deliver a successful utcme. Outlk As was discussed at length in ur final results fr, the almst ttal cllapse in the EU carbn markets was a shck that many businesses in ur sectr did nt survive. We have nw cmpleted ur cst reductin prgram t structure the Cmpany with a lwer cst base mre apprpriate t ur current business initiatives and accelerated ur business activities in US, Africa and the UK t deliver tp-line results as quickly as pssible. We are nw psitined t benefit frm the significant increase in pprtunities that we have generated and fr the remainder f and 2014 we will fcus n delivering these. We cntinue t pursue ur pipeline f clean energy prjects in the US and in Africa whilst leveraging and expanding ur market leading ftprint in Sub-Saharan Africa where ur cnsulting practices have run and develped multiple clean energy prjects. Our expertise gained thrugh surviving the cllapse in the EU carbn markets is being used t augment ur leading psitin in the Califrnia carbn markets which is in the prcess f issuing its first credits. OPERATIONAL HIGHLIGHTS Nrth America pwer prjects Jerme 4.5MW Bigas Facility cntinues t meet mnthly pwer rate targets enabling it t fully benefit frm the fixed rate agreed in its pwer purchase agreement Reached agreement t acquire the Twin Falls 2.1MW Bigas Facility bringing the Cmpany s bigas prtfli t a capacity f 6.6MW. This acquisitin is expected t cmplete in Q4 Nrth America carbn Califrnia Air Resurces ( CAR ) Bard annunced n 24 September that it was issuing the first carbn ffset credits (Califrnia Carbn Offsets ( CCOs )) in the Califrnian carbn market As part f this first cmpliance ffset issue, Camc was issued 54,497 CCOs frm a prject which destrys zne depleting substances/gases, which wuld have therwise been emitted int the atmsphere Camc has als develped a significant number f the agricultural methane prjects currently listed under the Prgram which are under its management

2 Africa REDT* Current auctin flr price in the Califrnian carbn market is USD $10.71 and this flr price will increase by inflatin plus 5% each year, prviding mre verall price certainty fr market participants than the Eurpean Trading Scheme Upn issuance by CAR f ffset credits this will prvide the cmpany with imprtant cash flws frm its US carbn business Recent $1m USAID prject awarded t develp bimass pwer slutins frm agricultural waste fr lcal cmmunities in Tanzania and Benin t increasing agriculture prductivity The Suth African gvernment has annunced the schedule fr the Small IPP Prcurement Prgram with the first rund f prjects t be submitted in Octber. The Cmpany has previusly annunced it has signed a land lease ptin n a 5MW prject which it will submit in the first rund and als has under develpment a further 20MW pipeline f similar size PV prjects Passed the first selectin phase f the Energy Strage Technlgy Demnstratin Cmpetitin rganized by the UK Department f Energy & Climate Change (DECC). This phase invlved a feasibility study fr a 1.2 MWh strage system in Sctland UK Pilt system has perfrmed fr the last year as expected, with a prven rund-trip efficiency f > 75% China carbn Despite the cntinued lw carbn price envirnment ur team cntinues t deliver sme cash flw frm its CDM and VER prtfli. The Cmpany has als cmmenced trading activities in the EU t prvide services t EU cmpliance buyers and sellers Our team cntinues t wrk thrugh restructuring ur CDM cntracts prtecting the cmpany frm cntingent liabilities and addressing ur partners' best interests during the cllapse f the carbn market Suth East Asia Operatins Dispsed f its entire 60.1% interest in Camc Suth East Asia fr $6.01m with the prceeds being used t invest in the Cmpany's clean energy prject develpment business in the US and Africa and fr general wrking capital purpses As previusly annunced, the Cmpany cntinues t keep clse cntrl ver its cst base and reduce expenditure where pssible whilst maintaining peratinal functinality. The majrity f these actins have nw been taken including relcating three ffices t significantly lwer cst facilities * Camc Clean Energy plc, n a fully diluted basis, has an ecnmic interest f 49% in REDT. FINANCIAL HIGHLIGHTS fr the perid ending Cash and cash equivalents f 8.3m which includes cash held in escrw f 2.3m pending cmpletin f the acquisitin f the Twin Falls Bigas Facility. Adjusted net cash (1) f 6.0 millin representing 2.7 pence per share Revenue earned in the perid f 5.2m with n required carbn fair value adjustment. This cmpares with 3.7m revenue earned in H2 which the Directrs believe is a mre cmparative perid than H1 ( 12.2m) as a result f the carbn price fall during the secnd half f Grss prfit f 2.6m cmpared t a grss lss f 7.4m in H2 and a grss prfit f 7.6m in H1

3 Administratin expenses reduced t 4.8m cmpared t 5.8m in H2 and 6.5m in H1. Administratin expenses include depreciatin n the Jerme Facility f 0.4m (H2 : 0.4m, H1 : nil). A further reductin in administratin expenses is anticipated in the secnd half f the year which will benefit frm the full effect f the cst saving measures undertaken in H1 Revenue earned in the perid (excluding carbn price fair value adjustment) Unaudited H1 Audited FY Unaudited H2 Restated Unaudited H1 5,243 15,883 3,707 12,176 Carbn price fair value adjustment - (9,219) (7,154) (2,065) Revenue (including carbn price fair value adjustment) 5,243 6,664 (3,447) 10,111 Grss Prfit/(lss) 2, (7,390) 7,576 Administrative expenses (4,820) (12,356) (5,847) (6,509) Results frm perating activities (1,359) (19,540) (20,607) 1,067 (Lss)/prfit frm cntinuing peratins (2,737) (23,328) (23,943) 615 Ntes (1) Adjusted net cash is calculated as fllws: Unaudited H1 Audited FY Unaudited H1 Cash and cash equivalents 8,301 11,087 16,101 Less cash prvided by the lender fr sle use in cnstructin f the Jerme Facility Less cash held in escrw pending cmpletin f the acquisitin f the Twin Falls Bigas Facility - - (456) (2,318) - - Less unsecured lans - (4,000) (3,904) Adjusted net cash* 5,983 7,087 11,741 Adjusted net cash per share (pence) 2.7p 3.0p 5.0p * Cash and cash equivalents includes cash held as a debt reserve balance f 0.81m in relatin t the Jerme Facility (FY: 1.03m; HY: 0.97m). (2) H1 refers t the unaudited 6 mnth perid t r as at, FY refers t the audited 12 mnth perid t r as at, and H1 refers t the unaudited 6 mnth perid t r as at. H2 refers t the unaudited 6 mnth perid t. (3) Carbn Segment As at H1, the Carbn business had an effective net liability psitin f 4.5m, a psitive imprvement f 0.4m frm the effective net liability psitin f 4.9m as at FY. The Directrs cntinue t wrk

4 diligently t reduce the net liability psitin. The fllwing table sets ut this psitin and hw this has altered since FY. H1 Change (H1 - FY) Adjusted FY '000 '000 '000 Accrued Incme* - (516) 516 Intangible Assets - carbn in specie Wrk in Prgress Carbn Develpment Cntracts Other accruals CDC accruals (4,837) (1,662) (3,175) Payment n accunt received - 2,550 (2,550) Ttal (4,517) 378 (4,896) * excludes any carbn held in respect f Camc's Jerme bigas facility As disclsed in the annual reprt and accunts, in additin, a number f fixed price carbn purchase agreements are held in varius entities acrss the Grup. With the significant decline in the carbn price ver in the 18 mnth perid t, these fixed price cntracts result in a current (as at 30 September ) ptential un-prvided expsure acrss the Grup f 18.5m which had reduced by 2.2m frm 20.7m as at 27 June (the date the Annual Reprt and Accunts were published). This expsure, which is being experienced acrss the industry, arises where entities are required t purchase carbn credits under fixed price purchase agreements at a price that is higher than the current market price at which thse entities can sell the carbn credits. The ptential expsure quted assumes n revenue frm carbn credits sales. Alng with ther cmpanies in the market the Grup has been actively wrking with cunterparties t reslve these cntracts at terms that are mutually beneficial t bth parties; sme discussins are nging and uncertainties remain n the terms t be agreed. Since 2011 the Grup has successfully reslved 95 f its 107 fixed price cntracts. These reslved cntracts had a ptential expsure t the Grup f 74.7 millin; 12 cntracts remain t be agreed. The directrs cnsider they have made adequate prvisin in these accunts fr the csts that are likely t be brne, hwever at this stage there can be n certainty that further csts may nt arise. Enquiries: Camc Clean Energy +44 (0) Sctt McGregr, Chief Executive Officer Jnathan Marren, Chief Financial Officer N+1 Singer (Nminated Adviser and Brker) +44 (0) Andrew Craig Ben Wright

5 Cnslidated Statement f Financial Psitin at Restated Restated (audited) Nn-current assets Prperty, plant and equipment 15,496 17,794 16,558 Gdwill n acquisitin Intangible assets carbn in specie Investments in assciates and jint ventures 2,713 12,888 7,181 Other investments Deferred tax assets ,553 31,836 24,077 Current assets Wrk in prgress - carbn develpment cntracts - 3,337 - Prepayments and accrued incme 3 1,462 16,014 1,318 Trade and ther receivables 4 1,311 8,968 1,184 Cash and cash equivalents 5 8,301 16,101 11,087 11,074 44,420 13,589 Ttal assets 29,627 76,256 37,666 Current liabilities Lans and brrwings 6 (481) (10,271) (4,764) Trade and ther payables 7 (6,520) (14,645) (7,564) Deferred Incme 8 (307) (338) (409) Tax payable (230) (243) (173) (7,538) (25,497) (12,910) Nn-current liabilities Lans and brrwings 6 (10,737) (10,785) (10,797) Deferred Incme 8 (4,407) (4,868) (4,489) (15,144) (15,653) (15,286) Ttal liabilities (22,682) (41,150) (28,196) Net assets 6,945 35,106 9,470

6 Cnslidated Statement f Financial Psitin (cntinued) at (audited) Equity attributable t equity hlders f the parent Share capital 2,081 1,896 1,897 Share premium 75,640 75,565 75,565 Share-based payment reserve Retained earnings (71,392) (43,806) (68,583) Translatin reserve 329 1, Own shares (14) (116) (14) Ttal equity 6,945 35,106 9,470

7 Cnslidated Statement f Cmprehensive Incme fr the 6 mnths t Cntinuing peratins 6 mnths t Restated 6 mnths t 12 mnths t (audited) Revenue: Earned in the year 5,243 12,176 15,883 Carbn price fair value adjustment - (2,065) (9,219) Revenue 5,243 10,111 6,664 Cst f sales (2,596) (2,535) (6,478) Grss prfit 2,647 7, Other incme net gain n dispsal f jint venture Other incme net gain n dispsal f fixed assets 43-3 Administrative expenses (4,820) (6,509) (12,356) Impairment f Investment in assciates and jint ventures - - (3,118) Impairment f Gdwill - - (433) Restructuring charges - - (116) Impairment f Develpment csts - - (2,500) Impairment f receivables - - (1,206) Results frm perating activities (1,359) 1,067 (19,540) Financial incme Financial expenses (683) (537) (1,184) Net financing incme (508) 124 (1,108) Share f lss f equity accunted investees (802) (533) (2,573) (Lss)/ prfit befre tax (2,669) 658 (23,221) Incme tax (68) (43) (107) (Lss)/ prfit frm cntinuing peratins (2,737) 615 (23,328) Discntinued peratins (Lss)/ prfit frm discntinued peratin (net f tax) (72) 495 (339) (Lss)/prfit fr the perid (2,809) 1,110 (23,667) Other cmprehensive incme Exchange differences n translatin f freign peratins (247) Reclassificatin frm cumulative exchange reserve arising n dispsal f subsidiaries Ttal cmprehensive incme fr the perid (2,784) 1,715 (23,208) Lss/ prfit fr the perid attributable t: Equity hlders f the parent (2,809) 1,110 (23,667) (Lss)/prfit fr the perid (2,809) 1,110 (23,667) Ttal cmprehensive incme attributable t: Equity hlders f the parent (2,784) 1,715 (23,208) Ttal cmprehensive incme fr the perid (2,784) 1,715 (23,208)

8 Cnslidated Statement f Cmprehensive Incme fr the 6 mnths t Basic (lss)/ prfit per share in cents Nte Frm cntinuing peratins 2 (1.41) 0.33 (12.34) Frm cntinuing and discntinued peratins 2 (1.45) 0.59 (12.52) Diluted (lss) / prfit per share in cents Frm cntinuing peratins 2 (1.41) 0.32 (12.34) Frm cntinuing and discntinued peratins 2 (1.45) 0.59 (12.52)

9 Cnslidated Statement f Changes in Equity fr the 6 mnths t Share Capital Share premium Share-based payment reserve Retained Earnings Translatin reserve Own shares Ttal parent equity Nncntrlling interest Ttal equity Balance at 1 January 1,897 75, (68,583) 304 (14) 9,470-9,470 Ttal cmprehensive incme fr the perid Prfit fr the perid (2,809) - - (2,809) - (2,809) Other cmprehensive incme Freign currency translatin differences Ttal cmprehensive incme fr the perid (2,809) 25 - (2,784) - (2,784) Transactins with wners, recrded directly in equity Cntributins by and distributins t wners Share-based payments Issuance f shares Own shares Ttal cntributins by and distributins t wners Ttal transactin with wners Balance at 2,081 75, (71,392) 329 (14) 6,945-6,945

10 Cnslidated Statement f Changes in Equity (cntinued) fr the 6 mnths t Share Capital Share premium Share-based payment reserve Retained Earnings Translatin reserve Own shares Ttal parent equity Nncntrlling interest Ttal equity Balance at 1 January 1,892 75, (44,916) (155) (243) 32,679-32,679 Ttal cmprehensive incme fr the perid Prfit fr the perid , ,110-1,110 Other cmprehensive incme Reclassificatin frm cumulative exchange reserve arising n dispsal f subsidiaries Freign currency translatin differences Ttal cmprehensive incme fr the perid ,110 1,311-2,421-2,421 Transactins with wners, recrded directly in equity Cntributins by and distributins t wners Share-based payments Issuance f shares (27) Own shares - - (154) Ttal cntributins by and distributins t wners 5 23 (148) Ttal transactin with wners 5 23 (148) Balance at 1,896 75, (43,806) 1,156 (116) 35,106-35,106

11 Cnslidated Statement f Changes in Equity (cntinued) fr the year ended Share capital Share premium Share-based payment reserve Retained earnings Translatin reserve Own shares Ttal parent equity Nncntrlling interest Ttal equity Balance at 1 January 1,892 75, (44,916) (155) (243) 32,679-32,679 Ttal cmprehensive incme fr the year Prfit fr the year (23,667) - - (23,667) - (23,667) Other cmprehensive incme Reclassificatin frm cumulative exchange reserve arising n dispsal f subsidiaries Freign currency translatin differences (247) - (247) - (247) Ttal cmprehensive incme fr the year (23,667) (23,208) - (23,208) Transactins with wners, recrded directly in equity Cntributins by and distributins t wners Share-based payments - - (1) (1) - (1) Issuance f shares (28) Own shares - - (257) Ttal cntributins by and distributins t wners 5 23 (258) (1) - (1) Ttal transactin with wners 5 23 (258) (1) - (1) Balance at 1,897 75, (68,583) 304 (14) 9,470-9,470

12 Cnslidated Statement f Cash Flw fr the 6 mnths t Cntinuing and discntinued peratins 6 mnths t 6 mnths t 12 mnths t (audited) Nte Cash flws frm perating activities Cash generated by peratins (a) (3,175) (1,214) (6,309) Incme tax paid - (57) (125) Net cash frm perating activities (3,175) (1,271) (6,434) Cash flws frm investing activities Dispsal f discntinued peratins, net f cash dispsed (72) - 3,979 Prceed frm sales f investments 4,613 3, Investment in jint venture (106) - - Dispsal/(acquisitin) f prperty, plant & equipment 724 (1,342) (1,113) Net cash frm investing activities 5,159 2,537 2,902 Cash flws frm financing activities Prceeds frm the issue f share capital Prceeds frm new lan Prceeds frm Capital Grants - - 5,170 Repayment f brrwings Interest paid (4,507) (488) (123) (149) (5,080) (537) Net cash frm financing activities (4,736) Net increase in cash and cash equivalents (2,752) 1,625 (3,348) Cash and cash equivalents at 1 January 11,087 14,270 14,270 Effect f exchange rate fluctuatins n cash held (34) Cash and cash equivalents held* 8,301 16,101 11,087

13 Ntes t the Cnslidated Statement f Cash Flw 6 mnths t 6 mnths t 12 mnths t (a) Cash flws frm perating activities (audited) Prfit fr the perid (2,809) 1,110 (23,667) Adjustments fr: Depreciatin Impairment f prject plant and equipment Amrtisatin f deferred incme (146) - (111) Impairment f investments in assciates and jint ventures - - 3,118 Carbn price fair value adjustment - 2,065 9,219 Impairment lss n CDC assets ,203 CDC accruals and CDC accrued incme (534) - - Nn CDC accrued incme (422) - - Impairment f gdwill Impairment f receivables - - 1,206 Share f lss f equity accunted investees Lss n sale f discntinued peratin, net f tax Gain n sale f investment (495) 2, (3) Share-based payment transactins Gain n sale f asset (151) - - Incme tax expense Finance cst ,161 Finance incme (2) (596) (76) Freign exchange lss/(gain) n translatin 25 (41) 23 Interest received (5) Interest paid - (5) (1) Impairment lss n develpment csts 40-2,109 Operating cash flws befre mvements in wrking capital (2,598) 3, Changes in wrking capital (Increase)/decrease in CDC assets - (478) - Decrease in intangible assets (7) (Increase)/decrease in prepayments (69) (142) 522 (Increase) in financial assets (90) - - Change in CDC accruals and CDC accrued incme (372) - (2,710) (Increase)/decrease in accrued incme ther 189 (1,292) 120 Decrease/(increase) in trade and ther receivables (61) 280 1,236 Decrease in trade and ther payables (167) (3,178) (6,631) (Decrease)/increase in tax prvisin - (25) - Cash generated by peratins (3,175) (1,214) (6,309)

14 Ntes Significant accunting plicies Camc Clean Energy plc (the "Cmpany") is a public cmpany incrprated in Jersey under Cmpanies (Jersey) Law The address f its registered ffice is Channel Huse, Green Street, St Helier, Jersey JE2 4UH. The cnslidated interim financial reprt f the Cmpany fr the perid frm 1 January t cmprises f the Cmpany and its subsidiaries (tgether the "Grup"). Basis f preparatin The annual financial statements f the Grup fr the year ended have been prepared in accrdance with IFRSs as adpted by the EU ( Adpted IFRSs ). The interim set f financial statements included in this half-yearly reprt has been prepared in accrdance with the recgnitin and measurement requirements f IFRSs as adpted by the EU. The interim set f financial statements has been prepared applying the accunting plicies and presentatin that were applied in the preparatin f the cmpany's published cnslidated financial statements fr the year ended. They d nt include all f the infrmatin required fr full annual financial statements, and shuld be read in cnjunctin with the cnslidated financial statements f the Grup as at and fr the year ended 31 December. This interim financial infrmatin has been prepared n the histrical cst basis. The accunting plicies applied are cnsistent with thse adpted and disclsed in the annual financial statements fr the perid ended. The accunting plicies have been cnsistently applied acrss all Grup entities fr the purpse f prducing this interim financial reprt. The financial infrmatin included in this dcument des nt cmprise f statutry accunts within the meaning f Cmpanies (Jersey) Law The cmparative figures fr the financial year ended 31 December are nt the cmpany's statutry accunts fr that financial year within the meaning f Cmpanies (Jersey) Law Thse accunts have been reprted n by the cmpany's auditrs and delivered t the Jersey Financial Services Cmmissin. The reprt f the auditrs was unqualified. Estimates The preparatin f the interim financial reprt in cnfrmity with IFRS requires management t make judgements, estimates and assumptins that affect the applicatin f plicies and reprted amunts f assets and liabilities, incme and expenses. The estimates and assciated assumptins are based n histrical experience and ther factrs that are believed t be reasnable under the circumstances, the results f which frm the basis f making the judgements abut carrying values f assets and liabilities that are nt readily apparent frm ther surces. Actual results may differ frm these estimates. The estimates and underlying assumptins are reviewed n an nging basis. Revisins t accunting estimates are recgnised in the perid in which the estimate is revised if the revisin affects nly that perid r in the perid f the revisin and future perids if the revisin affects bth current and future perids. Restatement f prir year During the year, the Cmpany clarified its accunting plicy in relatin t the US Gvernment Grant received in. The grant was classified as deferred incme within Current liabilities. Subsequent t the clarificatin, the majrity f the deferred incme balance has been reclassified t Nn-current liabilities. As part f the December audited financial statements, any gains and lsses in relatin t the dispsal f ur Advisry business were allcated t the Discntinued Operatins segment within the Cnslidated Statement f Cmprehensive Incme. In rder t ensure all cmparisns remained cnsistent, the Cmpany has reclassified Other Incme gain n sale f investment f 495,000 t (Lss)/ prfit frm discntinued peratin (net f tax).

15 Ntes (cntinued) 1 Segmental Reprting Operating segments The Grup cmprises f the fllwing reprting segments: 1. Carbn: The Carbn Prject Develpment teams prvide CDC cnsultancy services n carbn asset develpment, cmmercialisatin and prtfli management. 2. Prjects: The Clean Energy Prject Develpment teams cllabrate with industry, prject develpers, equipment prviders and investr grups t create emissins-t-energy prjects and maximise sustainable energy prductin acrss a range f industries; including agricultural methane, industrial energy efficiency, cal mine methane, municipal slid waste, bimass and landfill gas. Inter segment transactins are carried ut at arm s length. Carbn Prjects Ttal 6 mnths t 6 mnths t 6 mnths t '000 '000 '000 Revenue 1,853 3,390 5,243 Fair value adjustment Ttal segment revenue 1,853 3,390 5,243 Segment grss prfit 583 2,064 2,647 Other Incme Fixed Asset Dispsal Segment administrative expenses (1,138) (2,240) (3,378) Segment result (555) (133) (688) Net gain n dispsal f jint venture 771 Unallcated expenses (1,443) Results frm perating activities (1,359) Net finance incme (508) Share f lss equity-accunted investees (802) Taxatin (68) Prfit fr the perid frm cntinuing peratins (2,737) Discntinued peratin (72) Prfit fr the perid (2,809)

16 Ntes (cntinued) 1 Segmental Reprting (cntinued) Carbn Prjects Ttal 6 mnths t 6 mnths t 6 mnths t '000 '000 '000 Revenue 10,184 1,992 12,176 Inter-segment revenue (2,065) - (2,065) Ttal segment revenue 8,119 1,992 10,111 Segment grss prfit 6,262 1,314 7,576 Segment administrative expenses (1,930) (2,696) (4,626) Segment result 4,332 (1,382) 2,950 Net gain n dispsal f investment 495 Unallcated expenses (1,877) Share-based payments (6) Restructuring charges - Results frm perating activities 1,562 Net finance incme 124 Share f lss equity-accunted investees (533) Taxatin (43) Prfit fr the perid frm cntinuing peratins 1,110 Discntinued peratin - Prfit fr the perid 1,110 Carbn Prjects Ttal 12 mnths t 12 mnths t 12 mnths t (audited) (audited) (audited) '000 '000 '000 Revenue 10,752 5,131 15,883 Re-measurement f past revenue (9,219) - (9,219) Ttal segment revenue 1,533 5,131 6,664 Segment grss prfit (2,607) 2, Other Incme gain n sale f investment Segment administrative expenses (3,542) (5,379) (8,921) Segment result (6,149) (2,583) (8,732) Unallcated expenses (3,434) Share-based payments (1) Restructuring charges (116) Impairment f investment (3,118) Impairment f gdwill (433) Impairment f develpment csts (2,500) Impairment f receivables (1,206) Results frm perating activities (19,540) Net finance expense (1,108) Share f lss f equity accunted investees (2,573) Taxatin (107) Lss fr the perid frm cntinuing peratins (23,328) Discntinued peratin (339) Lss fr the perid (23,667)

17 Ntes (cntinued) 2 Prfit/(lss) per share Prfit per share attributable t equity hlders f the cmpany is as fllws; (audited) cents cents cents per share per share per share Basic (lss)/ prfit prfit per share Frm cntinuing peratins (1.41) 0.33 (12.34) Frm cntinuing and discntinued peratin (1.45) 0.59 (12.52) Diluted (lss)/ prfit per share Frm cntinuing peratins (1.41) 0.32 (12.34) Frm cntinuing and discntinued peratin (1.45) 0.59 (12.52) llss)/ prfit used in calculatin f basic and diluted lss per share-n dilutive effects '000 '000 '000 Frm cntinuing peratins (2,737) 615 (23,328) Frm cntinuing and discntinued peratin (2,809) 1,110 (23,667) Weighted average number f shares used in calculatin Basic 194,064, ,602, ,018,078 Diluted 194,064, ,354, ,018,078 (audited) Weighted average number used in calculatin (basic): Number Number Number Number in issue at start f perid 189,678, ,178, ,178,093 Effect f wn shares held - (1,409,549) (1,427,655) Effect f new shares issued in the perid 4,638,035 60, ,448 Effect f share ptins exercised - 773, ,192 Weighted average f basic shares at end f perid 194,316, ,602, ,018,078 Weighted average number used in calculatin (diluted): Number Number Number Weighted average number f rdinary shares (basic) 194,316, ,602, ,018,078 Effect f share ptins n issue - 751,463 - Weighted average f diluted shares at end f perid 194,316, ,354, ,018,078

18 Ntes (cntinued) 3 Prepayments and accrued incme (audited) Prepayments Accrued incme CDC accruals* - 14, Accrued incme ther 1, ,462 16,014 1,318 4 Trade and ther receivables (audited) Trade receivables 912 1, Other receivables 399 7, ,311 8,968 1,184 5 Cash and cash equivalents (audited) Cash n depsit 5,037 14,434 10,057 Cash held fr restricted use* 3,264 1,667 1,030 Cash and cash equivalents 8,301 16,101 11,087 * Included within cash and cash equivalents is a debt reserve balance f 812,000 (FY : 1,030,000; HY : 974,000) in relatin t the Jerme facility and Nil (FY : Nil; HY : 456,000) prvided by the lender fr sle use in the cnstructin f the Jerme facility. This balance als includes 2,318,000 (: Nil) held in an Escrw accunt subject t the cmpletin f the Twin Falls Facility. 6 Lans and brrwings (audited) Nn-current liabilities Secured lans * 10,737 10,785 10,797 10,737 10,785 10,797 Current liabilities Unsecured lans - 3,904 4,000 Secured lans * 481 6, Finance Lease liabilities ,271 4,764 * The lans f 481,000 current and 10,737,000 nn-current are secured against the assets and peratins f the Jerme prject.

19 Ntes (cntinued) 7 Trade and Other Payables Restated Restated (audited) Trade payables and nn CDC accruals 1,683 2,486 1,839 Other accruals CDC accruals 4,837 7,849 3,175 Payment n accunt received - 4,310 2,550 6,520 14,645 7,564 8 Deferred Incme Restated Restated (audited) Nn-current liabilities Deferred incme - grant 4,407 4,868 4,489 4,407 4,868 4,489 Current liabilities Deferred incme - grant Deferred incme - ther *The and numbers have been adjusted t reclassify the nn-current prtin f deferred incme int Nn-current liabilities. 9 Cntingent Liabilities As disclsed in the annual reprt and accunts, a number f fixed price carbn purchase agreements are held in varius entities acrss the Grup. With the significant decline in the carbn price ver in the 18 mnth perid t, these fixed price cntracts result in a current (as at 30 September ) ptential un-prvided expsure acrss the Grup f 18.5m which had reduced by 2.2m frm 20.7m as at 26 June (the date the Annual Reprt and Accunts were signed). This expsure, which is being experienced acrss the industry, arises where entities are required t purchase carbn credits under fixed price purchase agreements at a price that is higher than the current market price at which thse entities can sell the carbn credits. The ptential expsure quted assumes n revenue frm carbn credits sales. Alng with ther cmpanies in the market the Grup has been actively wrking with cunterparties t reslve these cntracts at terms that are mutually beneficial t bth parties; sme discussins are nging and uncertainties remain n the terms t be agreed. Since 2011 the Grup has successfully reslved 95 f its 107 fixed price cntracts. These reslved cntracts had a ptential expsure t the Grup f 74.7 millin; 12 cntracts remain t be agreed. The directrs cnsider they have made adequate prvisin in these accunts fr the csts that are likely t be brne, hwever at this stage there can be n certainty that further csts may nt arise.