REG - SIMEC AtlantisEnergy - Final Results

SIMEC Atlantis EnergyAnnouncement

29/06/2022 07:00

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RNS Number : 5273Q  SIMEC Atlantis Energy Limited  29 June 2022

 

 

 

RNS

29 June 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

Final Results Announcement

 

SAE announces its final results for the year ended 31 December 2021. A
complete version of the Annual Report and Accounts can be found here:
http://www.rns-pdf.londonstockexchange.com/rns/5273Q_1-2022-6-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5273Q_1-2022-6-28.pdf) , and
on the Company website (www.simecatlantis.com (http://www.simecatlantis.com)
).

 

Financial Highlights

 

·      The MeyGen project generated revenues of £1.6 million from the
sale of power and Renewable Obligation Certificates.

·      Green Highland Renewables was sold during the year, providing
£3.5m of necessary liquidity.

·      On 29 September 2021, the Company announced a placing which
raised gross proceeds of £2.6 million through the issue of 104,000,000 new
ordinary shares at 2.5 pence each.

·      Overall Group losses for the year were £74.1 million (2020:
£19.4 million). The increased loss is the result of recognition of impairment
losses on assets and in particular the recognition of £32 million of
impairment losses at Uskmouth Power station following the decision in April
2022 not to proceed with the power station conversion.

·      Group total equity at 31 December 2021 of £16.7 million (2020:
£81.8 million).

·      Your attention is drawn to the Going Concern basis of preparation
in Note 3(a) of the financial statements.

 

Post Year End Highlights

 

·      On 23 May 2022, the Company announced it had entered into an
agreement with Energy Optimisation Solutions and Quinbrook Infrastructure
Partners to deliver a 230MW/ 460 MWh battery energy storage system at the
Uskmouth site. This project, which will deliver c. £40m in revenue to the
Company over 30 years represents a cornerstone project in the redevelopment of
the Uskmouth site into a Sustainable Energy Park.

·      During June 2022, the Company announced that it had received
consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of
principal repayments due on 30 June 2022 until 30 June 2023. In addition, the
debenture holders agreed a 3 month deferral of interest payments due on 30
June 2022.

 

 

Duncan Black, Chairman, commented:

 

"The last 12 months have been a very challenging period for the Group in which
we have had to make a number of very difficult decisions, however, it has also
been a period in which we have been successful in identifying and securing a
number of new and exciting opportunities.  I believe that we end the period
with a clear path forward for the Group, a significantly streamlined business,
and a number of exciting projects under development that will deliver value to
shareholders.

 

 

Graham Reid, Chief Executive Officer, commented:

 

"We have been presented with many significant challenges, but I am incredibly
proud that we've overcome most of these and I know we have the team, skills
and assets in place to deliver long-term, sustainable growth for our business
and you, our shareholders.

 

2021 saw the Company make some difficult but important decisions. While these
have had short-term impacts on the business and our financial statements, I am
convinced they are the right decisions which will ultimately deliver value to
shareholders in the medium to long term."

 

 

 

 

For more information, please contact

 SIMEC Atlantis Energy Limited               +44 (0) 7739 832 446
 Sean Parsons, Director of External Affairs
 Investec Bank PLC - NOMAD and Joint Broker  +44 (0) 20 7597 5970
 Jeremy Ellis

 Ben Griffiths

 Arden Partners PLC - Joint Broker           +44 (0) 20 7614 5900

 Ruari McGirr

 Simon Johnson

 

Notes to Editors

 

SAE is a global developer, owner and operator of sustainable energy projects
with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/ (https://www.simecatlantis.com/)

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