REG - Ceres Power Holdings - Half Yearly Report <Origin Href="QuoteRef">CWR.L</Origin> - Part 2

Ceres Power HoldingsAnnouncement

25/02/2016 07:11

- Part 2: For the preceding part double click  ID:nRSY0838Qa 

Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion. 
 
Emphasis of matter - Going concern 
 
In forming our opinion on the condensed set of financial statements, which is
not modified, we have considered the adequacy of the disclosure made in Note 1
to the consolidated financial statements concerning the Group's ability to
continue as a going concern. The Group incurred a loss for the period ended 31
December 2015 of £5.5 million and plans to raise funds in order to finance the
Group's operations and to continue as a going concern for at least the next 12
months. However, there is no assurance that the Group will be able to obtain
adequate finance through a fundraising in the future. This condition indicates
the existence of a material uncertainty which may cast significant doubt about
the Group's ability to continue as a going concern. The financial statements
do not include the adjustments that would result if the Group was unable to
continue as a going concern. 
 
Independent review report to Ceres Power Holdings plc 
 
Conclusion 
 
Apart from the emphasis of matter paragraph above, nothing has come to our
attention that causes us to believe that the condensed set of financial
statements in the half-yearly report for the six months ended 31 December 2015
is not prepared, in all material respects, in accordance with IAS 34 as
adopted by the EU and the AIM Rules. 
 
James Ledward (Senior Statutory Auditor) 
 
for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 
 
1 Forest Gate 
 
Brighton Road 
 
Crawley, 
 
West Sussex 
 
RH11 9PT 
 
24 February 2016 
 
1    Equity free cash outflow (EFCF) is the net change in cash and cash
equivalents in the year less net cash generated from financing activities less
the movement in short term investments. 
 
2        Cash operating costs being operating costs less depreciation and
share based payments charge. 
 
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