REG - Active Energy Group - Half Yearly Report <Origin Href="QuoteRef">AEGR.L</Origin> - Part 2
17/10/2014 13:55
- Part 2: For the preceding part double click ID:nRSd9274Sa
Loss for the period (33,472) (320,323) (353,795)
Other segmented items included in the condensed statement of comprehensive
income:
Depreciation on property plant and equipment 8,542 6,315 15,447
Amortisation of intangibles - 84,661 84,661
H1 2013 H1 2013 H1 2013
MDFUnaudited BiomassUnaudited TotalUnaudited
£ £ £
Revenue from external customers - 105,538 105,538
Operating loss and loss before tax - (341,897) (341,897)
Tax credit - 17,877 17,877
Loss for the period - (324,020) (324,020)
Other segmented items included in the condensed statement of comprehensive
income:
Depreciation on property plant and equipment - 386 386
Amortisation of intangibles - 94,090 94,090
2. SEGMENTAL INFORMATION (CONTINUED) Full Year 2013 Full Year 2013 Full Year 2013
MDFAudited BiomassAudited TotalAudited
£ £ £
Revenue from external customers 981,303 4,265,239 5,246,542
Operating loss and loss before tax (98,869) (392,222) (491,091)
Tax credit - 6,015 6,015
Loss for the period (98,869) (386,207) (485,076)
Other segmented items included in the income statement:
Depreciation on property plant and equipment (4,902) (19,448) (24,350)
Amortisation of intangibles - (171,357) (171,357)
All assets and liabilities and capital expenditure for the period are
inter-changeable between the divisions and therefore no segmental analysis has
been presented.
Reconciliation of reportable segment profit or loss, assets and liabilities to
the Group's corresponding amounts are as follows:
H1 2014Unaudited H1 2013Unaudited Full year2013Audited
£ £ £
Total profit or loss from reportable segments (353,795) (324,020) (485,076)
Unallocated amount - corporate expenses (529,857) (293,465) (1,346,426)
Unallocated amount - finance income 5,200 6,182 13,958
Unallocated amount - finance expense (83,445) (10,413) (64,649)
Share based payments (85,858) - (385,434)
Loss for the period (1,047,755) (621,716) (2,267,627)
3. RECONCILIATION OF LOSS BEFORE TAXATION TO
CASH OUTFLOWS FROM OPERATING ACTIVITIES
6 months to30/06/14 6 months to30/06/13 12 months to31/12/13
Unaudited Unaudited Audited
£ £ £
Loss for the period (1,047,755) (621,716) (2,267,627)
Adjustments for:
Share based payment expense 85,858 - 385,434
Depreciation 15,447 386 24,350
Amortisation of intangibles 84,661 94,090 171,508
Loss on disposal of property, plant and equipment - - 31,910
Finance Income (5,200) (6,182) (13,958)
Finance costs paid 83,445 10,413 64,648
Income Tax (16,087) (17,887) (6,015)
(799,631) (540,896) (1,609,750)
Decrease / (Increase) Inventory 685,955 - (82,403)
Decrease / (Increase) in receivables (945,972) 70,492 344,775
Increase / (decrease) in payables 150,610 243,251 (1,232,728)
Net cash inflow/(outflow) from operating activities (909,038) (227,153) (2,580,106)
4. GOODWILL AND INTANGIBLE ASSETS
Goodwill Contractual Other Total
relationships
Unaudited£ Unaudited£ Unaudited£ Unaudited£
Cost
At 1 January 2014 1,343,239 1,713,568 213 3,057,020
Foreign exchange difference (43,878) (52,244) (2) (96,124)
At 30 June 2014 1,299,361 1,661,324 211 2,960,896
Accumulated amortisation
At 1 January 2014 - 342,714 151 342,865
Charge for year - 84,661 - 84,661
Foreign exchange difference - (7,463) - (7,463)
At 30 June 2014 - 419,912 151 420,063
Net book value
At 30 June 2014 1,299,361 1,241,412 60 2,540,833
At 31 December 2013 1,343,239 1,370,854 62 2,714,155
Goodwill arose on the acquisition of Nikofeso on 27 June 2013. Contractual
relationships comprise licenses granted by the Lyubomi Forest in the Ukraine.
5. PROPERTY, PLANT AND EQUIPMENT
Plant and equipment Furniture and office equipment Total
Unaudited£ Unaudited£ Unaudited£
Cost
At 1 January 2014 139,157 14,860 154,017
Additions 650,440 - 650,440
Foreign exchange difference (4,361) (70) (4,431)
At 30 June 2014 785,236 14,790 800,026
Accumulated amortisation
At 1 January 2014 29,607 12,407 42,014
Charge for year 15,286 161 15,447
Foreign exchange difference (1,407) (71) (1,478)
At 30 June 2014 43,486 12,497 55,983
Net book value
At 30 June 2014 741,750 2,293 744,043
At 31 December 2013 109,550 2,453 112,003
6. TRADE AND OTHER RECEIVABLES
30/06/14Unaudited 30/06/13Unaudited 31/12/13Audited
£ £ £
Trade receivables 935,341 300,825 150,331
Provision for impairment - (31,294) (46,632)
Trade receivables - net 935,341 269,531 103,699
Other debtors 225,985 556,427 154,716
VAT 36,910 32,847 18,662
Prepayments and accrued income 268,451 - 254,390
1,466,687 858,805 531,467
7. TRADE AND OTHER PAYABLES
30/06/14Unaudited 30/06/13Unaudited 31/12/13Audited
£ £ £
Trade payables 627,892 702,117 270,523
Accruals and deferred income 259,976 1,241,744 231,329
Other payables 133,995 - -
1,021,863 1,943,861 501,852
8. LOANS AND BORROWINGS
30/06/14 30/06/13 31/12/13
Unaudited Unaudited Audited
£ £ £
Current
Loans 1,066,099 - -
Non-current
Convertible loans 896,808 857,160 876,808
Loans 1,665,280 - -
2,562,088 857,160 876,808
Current loans of £1,066,099 were issued in the period. £1,007,399 comprises a
20 million Ukrainian Hryvnias (UAH) unsecured loan from an unrelated Ukrainian
company, Industrial-Financial Company Ruteks Limited provided under a
Ukrainian Fiscal Incentive Programme and is repayable by 31 December 2014.
Under the terms of this agreement, Ruteks is entitled to a participation fee
of US$5 per tonne on all shipments financed under this agreement. The
remaining £58,700 consists of short term borrowing from the Group's largest
shareholder, the Gravendonck foundation, which has been repaid subsequent to
period end.
8. LOANS AND BORROWINGS (CONTINUED)
Non-current loans of £1,665,280 issued in the period comprises $3,000,000 of
unsecured loans from the group's largest shareholder, the Gravendonck
Foundation, repayable by Gravendonck giving not less than 12 months and 1 days
notice. In respect of these loans $2,000,000 accrues interest at an annual
rate of 15% payable quarterly in arrears and $1,000,000 is interest free. The
fair value of the liability component on the interest free loan was £510,435,
calculated using a determined market rate of interest of 15% for an equivalent
interest bearing loan, is included in non-current borrowings. The residual
equity component of £76,584 is included in reserves.
9. SHARE CAPITAL
Ordinary shares of 1p each
Number £
Allotted, called up and fully paid
Ordinary As at 1 January 2014 618,625,570 6,186,256
Shares issued 400,000 4,000
As at 30 June 2014 619,025,570 6,190,256
On 9 May 2014, 400,000 ordinary shares of 1p each were issued to settle an
outstanding liability for professional fees of £9,000. Included in shares
issues are 77,710,000 of own shares held.
10. LOSS PER SHARE
6 months to 30/06/14 6 months to 30/06/13 12 months to31/12/13
Unaudited UnauditedRestated Audited
£ £ £
Weighted average number of ordinary shares in issue 541,030,487 241,498,259 391,315,205
Loss after taxation (1,047,755) (621,716) (2,267,627)
Loss per share (pence) - basic and fully diluted 0.19 0.26 0.58
11. SUBSEQUENT EVENTS
On 16 July 2014 450,000 ordinary shares of 1 pence each were issued in
satisfaction of a former employee's share options. On 16th July Share Options
were issued. 450,000 shares were issued in satisfaction of share options
belonging to a former employee of the company.
On 18 July 2014 the Company entered into a new joint venture agreement to
exclusively commercialise mature forestry assets in Alberta, Western Canada.
On 23 July 2014 the Company entered into an agreement with Alpha Prospects plc
("Alpha") for the transfer of £255,000 principal amount of loan notes 2016
issued by Derlite Ltd., a former subsidiary of the Company, held by the
company and the associated issue to Alpha of 2,000,000 ordinary shares in the
Company, in consideration for which the Alpha will issue the Company
12,200,000 ordinary shares in Alpha.
12. Copies of the interim report will be available to download from the
Company's website www.active-energy.com
This information is provided by RNS
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