REG - SIMEC AtlantisEnergy - Interim results
26/09/2024 07:00
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RNS Number : 7100F SIMEC Atlantis Energy Limited 26 September 2024
26 September 2024
SIMEC Atlantis Energy Limited
("SAE Renewables", "SAE" or the "Company")
Interim results
SAE announces its unaudited interim results for the six months ended 30 June
2024. A complete version of the interim results can be found on the Company
website (www.saerenewables.com/investor-relations/company-documents
(http://www.saerenewables.com/investor-relations/company-documents) ).
Key Highlights
· SAE received £7.0 million from the land sale contract with EL
(Uskmouth) Ltd
· SAE acquired 100% ownership of the AW1 120MW/240MWh Battery
Energy Storage System ("BESS") project
· SAE submitted a planning application for Section 36 consent for
the 300MW/1.2GWh "Mey BESS" project in the North of Scotland.
· The consolidated cash position of the Group as at 30 June 2024
was £7.7 million (as at 30 June 2023: £2.3 million)
· The Group reported revenues of £12.1 million for the six months
ended 30 June 2024 compared to revenues of £12.4m for the same period in 2023
· The loss before tax of £6.0 million for the six-month period to
30 June 2024 (H1 2023: profit £4.5 million) was largely a result of the
profit on the land sale contract with EL (Uskmouth) Ltd having been recognised
in 2023 whilst the revenue from the sale was realised during 2024.
Chairman's Statement
At the Annual General Meeting in July this year, SIMEC Atlantis Energy Limited
("SAE" or the Company") launched its new strategy - Building a Sustainable
Future to 2035. This strategy set out the Company's plans for becoming a
leading independent power producer ("IPP"), leveraging on our development,
construction and operational teams' experience as an IPP in tidal stream at
MeyGen and operations and maintenance at Uskmouth Power Station, to develop,
build, own and operate Battery Energy Storage System ("BESS") projects and
continue with the build out of the MeyGen project.
I'm very pleased to report that we have continued to make good progress in all
these areas. During the past three years, we have been working with several
organisations to help position SAE as one of the country's leading BESS and
tidal stream developers, owners and operators. This huge piece of work has
seen us reimagine and reinvent the Uskmouth power station and MeyGen sites
with a vision to deliver world leading integrated renewable energy generation
and storage facilities.
I am also pleased to report a strong financial start to 2024. We continue to
receive revenues from our first BESS project at Uskmouth and the MeyGen Phase
1 tidal array continues to break records with its predictable power
generation. MeyGen has now generated 68GWh, 65% of global tidal stream
generation and more than 80% of UK tidal stream generation, reinforcing
MeyGen's position as the world leader in this technology. We are on schedule
to redeploy the fourth MeyGen turbine in Q4-24 bringing the array up to its
full 6MW capacity.
Projects Updates
Battery Energy Storage
As a significant landowner at Uskmouth, SAE continues to benefit from the
competitive advantages that its strategic location provides. The site benefits
from the existing grid and logistical infrastructure located on the site, the
continuing support that the local planning authorities are providing for the
redevelopment of a brownfield site well established for energy facilities, and
the expertise of the local operations and maintenance team we retained from
the power station.
The first project, which we developed and divested, continues to deliver as
the construction of a 230MW BESS project continues apace, with the receipt of
£7.0 million in the first half of this year from the land sale contract with
EL (Uskmouth) Ltd. As the construction of this project reaches its conclusion,
SAE will be due the final £2.9 million of payments between now and the end of
Q1-25. This project has an option to expand its capacity by a further 120MW
which, if this option is exercised, would trigger a further development
premium under the agreements with Uskmouth Energy Storage Limited, (the now
owner of the project), and further land overage payments to SAE under
agreements with EL (Uskmouth) Ltd.
Excellent progress is being made towards achieving financial close of the next
BESS project at Uskmouth, a 120MW/240MWh BESS project known as Afon Wysg 1
("AW1") located on the site of the Uskmouth cooling towers. In January 2024,
we announced a major milestone as AW1 was granted planning consent after which
we immediately commissioned the demolition of cooling towers, clearing the
site in preparation for construction. In August 2024, we announced taking
full ownership of the project from the legacy developer alongside completion
of the demolition works programme and provided an update on our procurement
and financing programme. We are progressing well towards sourcing the project
finance for construction of the project, estimated at £65.0 million,
alongside finalising the equipment supply and construction agreements. The AW1
project's target grid connection date is October 2026 and once fully
operational is expected to generate annual revenues of £12.0 million.
The development of several additional BESS projects at Uskmouth and in
Scotland is being progressed at pace this year. We believe that we are very
well placed to take advantage of improved grid connection dates next year once
National Grid completes the implementation of its connections reform process.
This process changes the historic outdated queue system to a system which is
in essence "first ready first connect". Noting that SAE already has land
rights for all of our projects, we have a significant competitive advantage in
this new connections methodology which is accelerating projects with land
rights and where planning applications have been submitted. Hence our focus is
to progress all our projects to "Ready to Build" status, and I am very pleased
to provide the following progress updates across the portfolio of our BESS
development projects:
· In June 2024, SAE submitted its application for Section 36
consent for the 300MW/1.2GWh "Mey BESS" project in the North of Scotland. This
year the project secured the necessary land rights and received an increased
offer for grid capacity to 287MW alongside amending its grid connection to
be suitable for BESS.
· SAE continues to progress a further 250MW project on the Uskmouth
site and recently submitted a screening opinion request to Newport City
Council. This project is known as "AW2".
· In December 2023, we announced that SAE had secured an additional
349MW of grid capacity at our Uskmouth site. This project will be known as
"AW3". This project may receive an earlier grid connection date as the grid
connections reform process reaches its conclusions.
· Several additional BESS opportunities have been identified by the
management team. Whilst discussions are still at an early stage, they provide
the opportunity for us to grow our portfolio further and we look forward to
providing further details on these projects as they are progressed.
Tidal Stream
MeyGen Phase 1
The MeyGen Phase 1 array continues to operate successfully, with three
turbines in stable operations whilst the fourth is currently completing
preventative maintenance and upgrade works and is expected to return to
operation in Q4-24. The MeyGen operations team is doing an excellent job
operating and maintaining the MeyGen Phase 1 turbines and has developed
invaluable expertise and experience that is both enabling the ongoing
successful operation of MeyGen Phase 1 and which is being applied to the
development of MeyGen Phase 2.
MeyGen Phase 2
I was delighted by the result of the recent AR6 auction in which SAE was
successful in securing an additional 9MW of UK Government Contract for
Difference ("CFD") at £172/MWh, bringing the total CFD's won by the MeyGen
Phase 2 project in AR4, 5 and 6 to 59MW. Along with generation from the
existing array, MeyGen is best positioned to deliver this technology at scale
to the UK.
We continue to develop the MeyGen Phase 2 project with our partners and are
pleased to continue to receive support from all Scottish government
departments. I would particularly like to thank the MeyGen funders, Scottish
Enterprise and Crown Estate Scotland, for their continued unwavering support,
as well as the junior lenders, Engie and Morgan Stanley
................................
Summary of Results
The Group reported revenues of £12.1 million for the six months ended 30 June
2024 compared to revenues of £12.4m for the same period in 2023. Revenues
available to the Group, which excludes ring-fenced revenue earned by the
MeyGen tidal array, were £10.1 million compared to revenues of £10.3m for
the comparative period in 2023.
In March 2024, the completion milestone in the land sale contract with EL
(Uskmouth) Ltd was completed triggering the recognition of £9.9 million of
revenue in the reporting period. The Group received £7.0 million of this
total amount during the reporting period.
At the same time, the income statement reported a £9.9 million cost relating
to the transfer of land inventory being the profit that was recognised on the
land sale contract with EL (Uskmouth) Ltd in the 2023 Annual Report.
In the comparative period last year, the Group recognised revenues of £10.0
million from the sale of development rights to the 230MW Battery Energy
Storage System to Uskmouth Energy Storage Ltd.
Revenues generated from the sale of electricity from the MeyGen Phase 1 tidal
array remained steady at £1.9 million (H1 2023, £2.1 million).
Operating costs reduced to £4.5 million (H1 2023: £4.6 million). Costs
associated with running the MeyGen array halved to £1.5 million (H1 2023:
£3.0 million) in the latest six-month period following the completion of
major turbine repair and maintenance in the first half of 2023 which have not
been repeated to the same extent for the current period. Offsetting this
reduction were higher employee costs of £1.9m (H1 2023: £1.0 million)
reflecting the investment in all of SAE's employees and reward for their
delivering the strong financial performance of the Group during 2023 and to 30
June 2024. Higher operating expenses of £1.0 million (H1 2023: £0.5 million)
due to increased development expenditure on specific BESS projects also
contributed to the increase in operating costs.
Financing costs increased to £0.9 million (H1 2023: £0.6 million) primarily
due to a higher discount rate applied to the Uskmouth decommissioning
provision creating a non-cash adjustment of £0.3 million. Interest payable to
bondholders during the six- month period remained unchanged at £0.6 million.
The loss before tax of £6.0 million for the six-month period to 30 June 2024
(H1 2023: profit £4.5 million) is largely a result of the profit on the land
sale contract with EL (Uskmouth) Ltd having been recognised in 2023 despite
the revenues from the sale being realised during 2024. The Group has improved
its liquidity position as £7.0 million of revenue from the land sale contract
with EL (Uskmouth) Ltd was received during the reporting period, in line with
forecast.
Business Segment Reporting
The Group expanded its Business Segment Reporting in the 2023 Annual Report to
include the Battery Storage segment. During the reporting period, the Battery
Storage segment reported EBITDA of £9.2 million arising primarily from the
completion of the land sale contract with EL (Uskmouth) Ltd.
The Tidal Stream segment, previously named Power Generation, reported EBITDA
of £0.4 million following a significant reduction in turbine maintenance
costs. The Tidal Stream segment's financial results are materially impacted by
the interest expense on the MeyGen project debt, which is predominantly
non-recourse to the Company.
The Project Development segment represents development expenditures incurred
on specific BESS projects.
The Corporate segment represents the costs associated with running an AIM
listed and Singapore incorporated group and employee costs not allocable to
another business segment and were in line with forecast.
Business Segment Analysis June 2024
Battery Storage Tidal Stream Project Dev't Corporate Total
£' 000 £' 000 £' 000 £' 000 £' 000
Revenues 10,167 1,882 0 43 12,092
Operating costs (963) (1,445) (682) (1,357) (4,447)
EBITDA 9,204 437 (682) (1,314) 7,645
Depreciation and amortisation 0 (956) 0 (78) (1,034)
Results from operating activities 9,204 (519) (682) (1,392) 6,611
Decommissioning Discount unwind (218) (34) 0 0 (252)
Interest expense 0 (1,632) 0 (795) (2,427)
Exceptionals* (9,900) (9,900)
Reportable segment profit/(loss) before tax (914) (2,185) (682) (2,187) (5,968)
*Transfer of land inventory on recognition of sale
The unaudited consolidated cash position of the Group as at 30 June 2024 was
£7.7 million (as at 30 June 2023: £2.3 million). Included in cash and cash
equivalents in the statement of financial position are encumbered deposits of
£0.7 million (as at 30 June 2023: £0.8 million).
Duncan Black
Chairman
Condensed consolidated statement of profit and loss and
other comprehensive income
For the six months ended 30 June 2024
Group
Six months ended
30 June 30 June
2024 2023
£'000 £'000
Revenue 12,013 12,440
Other gains and losses 79 507
Transfer of land inventory on recognition of sale (9,900) -
Employee benefits expense (1,933) (938)
Subcontractor costs (715) (2,422)
Depreciation and amortisation (1,034) (1,623)
Other operating expenses (1,799) (1,230)
Total expenses (15,381) (6,213)
Results from operating activities (3,289) 6,734
Finance costs (2,679) (2,258)
Profit/(loss) before tax (5,968) 4,476
Tax (charge)/ credit - -
Profit/(loss) for the period (5,968) 4,476
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 9 43
Total comprehensive income/(loss) for the period (5,959) 4,519
Profit/(loss) attributable to:
Owners of the Group (5,415) 5,228
Non-controlling interests (544) (752)
Total comprehensive income/(loss) attributable to:
Owners of the Group (5,415) 5,271
Non-controlling interests (544) (752)
Profit/(loss) per share (basic and diluted) (pence) 5 (0.01) 0.01
Condensed consolidated statement of financial position
As at 30 June 2024
Group
30 June 31 December 2023
2024
£'000 £'000
Assets
Property, plant and equipment 58,375 59,320
Investment Property 49,532 49,532
Intangible assets 1,465 1,465
Right-of-use assets 1,751 1,839
Investment in subsidiaries - -
Investment in joint ventures and other investments 133 133
Loans receivable 258 258
Non-current assets 111,514 112,547
Trade and other receivables 5,259 2,962
Inventories - 9,239
Cash and cash equivalents 7,735 4,127
Current assets 12,994 16,388
Total assets 124,508 128,935
Liabilities
Lease liabilities (213) (218)
Loans and borrowings (13,005) (11,471)
Trade and other payables (7,156) (7,567)
Current liabilities (20,374) (19,256)
Lease liabilities (1,509) (1,556)
Provisions (12,575) (12,323)
Loans and borrowings (43,373) (43,281)
Deferred tax liabilities (6,155) (6,155)
Non-current liabilities (63,612) (63,315)
Total liabilities (83,986) (82,571)
Net assets 40,522 46,364
Equity
Share capital 201,496 201,496
Capital reserve 12,665 12,665
Translation reserve 7,098 7,089
Share option reserve 286 488
Revaluation reserve 13,311 13,311
Accumulated losses (195,930) (190,825)
Total equity attributable to owners of the Company 38,926 44,224
Non-controlling interests 1,596 2,140
Total equity 40,522 46,364
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2024
Attributable to owners of the Company
Share Capital Translation reserve Share Accumulated losses Total Non- Total
reserve
controlling interest
capital option Revaluation Reserve
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Group
At 1 January 2023 201,496 12,665 7,058 420 - (216,285) 5,354 328 5,682
Total comprehensive income for the period
Profit/(Loss) for the period - - - - - 5,228 5,228 (752) 4,476
Other comprehensive income - - 43 - - - 43 - 43
Total comprehensive income for the period - - 43 - - 5,228 5,271 (752) 4,519
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 47 - - 47 - 47
Transfer between reserves - - - (48) - 48 - - -
Total transactions with owners - - - (1) - 48 47 - 47
At 30 June 2023 201,496 12,665 7,101 419 - (211,009) 10,672 (424) 10,248
Total comprehensive income for the period
Profit/(Loss) for the period - - - - - 20,166 20,166 (1,464) 18,702
Other comprehensive profit/(loss) - - (12) - 13,311 - 13,299 4,028 17,327
Total comprehensive income for the period - - (12) - 13,311 20,166 33,465 2,564 36,029
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 87 - - 87 - 87
Cancellation of share options - - - (18) - 18 - - -
Total transactions with owners - - - 69 - 18 87 - 87
At 31 December 2023 201,496 12,665 7,089 488 13,311 (190,825) 44,224 2,140 46,364
Total comprehensive income for the period
Profit/(Loss) for the period - - - - - (5,424) (5,424) (544) (5,968)
Other comprehensive income - - 9 - - - 9 - 9
Total comprehensive income for the period - - 9 - - (5,424) (5,415) (544) (5,959)
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 117 - - 117 - 117
Cancellation of share options - - - (319) - 319 - - -
Total transactions with owners - - - (202) - 319 117 - 117
At 30 June 2024 201,496 12,665 7,098 286 13,311 (195,930) 38,926 1,596 40,522
Condensed consolidated statement of cash flows
For the six months ended 30 June 2024
Group
Six months ended
30 June 30 June
2024 2023
£'000 £'000
Cash flows from operating activities
Profit/(loss) before tax for the period (5,968) 4,476
Adjustments for:
Depreciation of property, plant and equipment 1,034 1,623
Amortisation of intangible asset -
Interest income (63) (31)
Finance costs 2,679 2,258
Share-based payments 117 47
Provision movement -
Net foreign exchange 10 (83)
Operating cash flows before movements in working capital (2,191) 8,290
Movement in trade and other receivables (2,297) (3,344)
Decrease in inventories 9,239 -
Movement in trade and other payables (411) 195
Interest received 63 31
Net cash used in operating activities 4,403 5,172
Cash flows from financing activities
Repayment of borrowings - (6,000)
Deposits (pledged) / released (18) (13)
Payment of lease liabilities (119) (44)
Interest paid (737) (571)
Net cash from financing activities (874) (6,628)
Net (decrease)/increase in cash and cash balances 3,529 (1,456)
Cash and cash equivalents at beginning of period 3,473 2,929
Effect of foreign exchange on cash held in currency 1 24
Cash and cash equivalents at end of period 7,003 1,497
Included in cash and cash equivalents in the statements of financial position
is £0.8 million (2023: £0.8 million) of encumbered deposits.
Notes to the Consolidated Interim Financial Statements
The condensed consolidated statement of financial position of SIMEC Atlantis
Energy Limited (the "Company") and its subsidiaries (the "Group") as at 30
June 2024, the condensed consolidated statement of profit or loss and other
comprehensive income, the condensed consolidated statement of changes in
equity and the condensed consolidated statement of cash flows for the Group
for the six-month period then ended and certain explanatory notes (the
"Consolidated Interim Financial Statements"), were approved by the Board of
Directors for issue on the 25(th) September 2024.
These notes form an integral part of the Consolidated Interim Financial
Statements.
The Consolidated Interim Financial Statements do not comprise statutory
accounts of the Group within the meaning in the provisions of the Singapore
Companies Act, Chapter 50. The Group's statutory accounts for the year ended
31 December 2023 were prepared in accordance with Singapore Financial
Reporting Standards (International) (SFRS(I)) and International Financial
Reporting Standards (IFRS). SFRS(I)s are issued by the Accounting Standards
Council Singapore, which comprise standards and interpretations that are
equivalent to IFRS issued by the International Accounting Standards Board. All
references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in these
financial statements unless otherwise specified.
The Group's statutory accounts for the year ended 31 December 2023 were
approved by the Board of Directors on 24 June 2024.
1 Domicile and activities
SIMEC Atlantis Energy Limited (the "Company") is a company incorporated in
Singapore. The address of the Company's registered office is Level 4, 21
Merchant Road, #04-01 Royal Merukh S.E.A, Singapore 058267. The principal
place of business is 26 Dublin Street, Edinburgh, EH3 6NN, United Kingdom.
The principal activities of the Group are being a developer, builder, owner
and operator of sustainable energy projects. The principal activities of the
Company are those of a holding company.
2 Material Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with Singapore
Financial Reporting Standards (International) ("SFRS(I)") and IFRS. SFRS(I)s
are issued by Accounting Standards Council Singapore, which comprise standards
and interpretations that are equivalent to IFRS issued by International
Accounting Standards Board.
Selected explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in financial position
and performance of the Group since the last annual consolidated financial
statements as at and for the year ended 31 December 2023.
The Consolidated Interim Financial Statements, which do not include the full
disclosures of the type normally included in a complete set of financial
statements, are to be read in conjunction with the last issued consolidated
financial statements of the Group as at and for the year ended 31 December
2023.
Accounting policies
The accounting policies and method of computation used in the Consolidated
Interim Financial Statements are consistent with those applied in the last
issued consolidated financial statements of the Group for the year ended 31
December 2023.
3 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In preparing this set of Consolidated Interim Financial Statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31
December 2023.
4 Going concern basis
In adopting the going concern basis for preparing the Consolidated Interim
Financial Statements, the Board has considered the Group's business
activities, together with factors likely to affect its future development, its
performance and principal risks and uncertainties.
The Board has undertaken the assessment of the going concern assumptions using
financial forecasts for the period to 31 December 2025. Management's forecasts
through to 31 December 2025 anticipate revenues from trading will meet all of
the working capital requirements of the Group.
Management has prepared a forecast through to 31 December 2025 based on
contractually committed revenues and costs, an estimate of additional costs
required and the income arising from development projects that are expected to
be delivered within the forecast period.
The Directors' assessment of the appropriate use of the going concern basis
included the following risk factor:
· Timing of the potential repayment of historical grant funding of
an amount of £3.8 million as reported in the consolidated financial
statements for the year ended 31 December 2023.
The Board has identified sufficient evidence of success that includes
achievable new sources of revenue that mitigate against the risk of having to
repay the grant funding. These included:
· Sale of a ready-to-build site for a 120MW battery energy storage
system at Uskmouth.
Accordingly, the Board of Directors concluded that it is appropriate to adopt
the going concern basis of accounting in preparing the Interim Financial
Statements.
5 Other notes
In respect of the six months to 30 June 2024, the diluted earnings per share
is calculated on a loss attributable to owners of the Company of £5.4 million
on the weighted average of 722,812,335 ordinary shares (H1 2023: profit of
£5.3 million and basic weighted average shares of 722,812,335). Share options
were excluded from the diluted weighted average number of ordinary shares
calculation as their effect would have been anti-dilutive. No dividend has
been declared (2023: nil).
6 Events after the reporting date
On 6 August 2024, SAE completed a Share Purchase Agreement ("SPA") with Enso
Green Holdings Limited ("EGHL"), a joint venture between Cero Generation
Limited and Enso Energy Limited, to purchase all the shares in a 120MW/240MWh
BESS project at its Uskmouth Sustainable Energy Park. SAE paid EGHL an initial
consideration of £0.3 million under the SPA, to acquire 100% ownership of the
development vehicle, Enso Green Holdings E Limited, the vehicle which EGHL
used to develop the BESS project and hold the grid connection, land option and
planning application. Under the SPA, when the project reaches financial close,
SAE will pay EGHL an additional amount of £3.9 million as deferred
consideration, in recognition of EGHL's contribution to the project
development to date.
On 2 September 2024, MeyGen plc secured a Contract for Difference (CfD) in the
sixth allocation round for the MeyGen site. The CfD contract guarantees a
price of £172/MWh, for 15 years for 9MW of tidal generation.
- Ends -
For further information, please contact:
SAE Renewables +44 (0)7739 832 446
Sean Parsons, Director of External Affair
Strand Hanson Limited (Nominated and Financial Adviser) +44 (0)20 7409 3494
Richard Johnson
Rory Murphy
David Asquith
Zeus Capital Limited (Broker) +44 (0)20 3829 5000
Louisa Waddell
Simon Johnson
Notes to Editors
SAE Renewables is a global developer, owner and operator of sustainable energy
projects and as a result is proud to have received the London Stock Exchange's
Green Economy Mark. SAE owns the world's flagship tidal stream project,
MeyGen. SAE is also the owner of the Uskmouth Power Station site that is being
repurposed into a sustainable energy park, initially housing one of the UK's
largest battery energy storage projects. https://www.saerenewables.com/
(https://www.saerenewables.com/)
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