TIDMCCE
RNS Number : 3437A
Camco Clean Energy PLC
28 September 2015
RNS
28 September 2015
Camco Clean Energy plc
("Camco" or the "Company")
Interim Results 2015
Camco Clean Energy plc (AIM: CCE), the clean energy and energy
storage company, is pleased to announce its results for the six
months to 30 June 2015.
Scott McGregor, CEO of Camco said: "Our trading results in the
first half of 2015, whilst exceeding our expectations, are a clear
reflection and vindication of the ongoing strategic focus that has
been driven throughout the group in the last three years, shifting
away from legacy carbon business, and realigning our efforts on
higher margin activity, and the exciting progression within our
REDT Energy Storage business.
REDT Energy Storage business has a clear focus and path towards
delivering a commercially and technically ground-breaking solution
in the growing energy storage market sector. The initial twelve
market seeding units are in production and will provide the
platform to achieve volume commercial sales in 2016. The first of
these units completes production this week and will shortly be
shipped to our development centre in Wokingham where it will be
available for customer demonstrations with the other market seeding
and Gigha units following thereafter.
As has been the message in recent announcements, we continue to
look forward to the future with a high degree of confidence and are
very excited about the opportunities available to us, in particular
with the ongoing development of REDT Energy. The senior management
team are focused on securing and utilising the resources available
to the group, in order to continue the positive development and
growth of REDT Energy, and ultimately providing benefit to our
shareholders."
FINANCIAL HIGHLIGHTS for the period ending 30 June 2015
Unaudited Unaudited Audited
H1 2015 H1 2014 FY 2014
EUR'm EUR'm EUR'm
Revenue 8.5 4.8 9.9
Gross Profit/(loss) 4.2 2.5 5.0
Administrative expenses (3.9) (3.4) (7.1)
Results from operating activities 0.4 (0.7) (1.7)
Total comprehensive income 0.1 (1.0) (1.9)
-- Continued significant improvement in bottom line with a total
comprehensive profit of EUR0.1m posted compared to a loss in the
corresponding prior period (H1 2014: EUR(1.0)m) - ahead of
management expectations.
-- Revenue earned in the period increased by 77% to EUR8.5m (H1 2014: EUR4.8m)
-- Gross profit increased by 68% to EUR4.2m (H1 2014: EUR2.5m)
-- The revenue and gross profit increase reflects US Carbon
Credit portfolio sale and increase in US carbon credit sales prior
to portfolio sale agreement.
-- Cash and cash equivalents remains in line with prior year
closing the period at EUR4.2m (FY 2014: EUR4.1m)
-- Administration expenses across the group increased to EUR3.9m (H1 2014: EUR3.4m).
o This increase is due almost exclusively to the US business;
USD / Euro FX impact of EUR0.25m and additional fees (EUR0.14m) in
connection with ongoing strategic review of US business.
o The underlying group operating cost base remains in-line with
the cost reduction strategy implemented in 2013, maintaining
reduction of operational costs.
2015 OPERATIONAL HIGHLIGHTS
-- REDT* Energy Storage
o Production with our manufacturing partners Jabil Circuit Inc.,
one of the world's leading manufacturing solutions companies, is
well underway at their facility in Livingston (Scotland), with
twelve customer units being manufactured in parallel for production
in 2015. These include; one 1.68 MWh unit, one 240 kWh unit and ten
40 kWh units. The 2015 REDT production is focussed on delivering
market seeding units to place at customer locations with a view to
demonstrating REDT's vanadium energy storage systems for key market
segment applications.
o The first of the units has finished production and will
shortly be shipped to our development centre in Wokingham where it
will be available for customer demonstrations.
o Placement announced for four of the twelve customer market
seeding units; Gigha 1.68MWh system for a Scottish wind utility
application, Thaba hotel 240kWh for an African diesel weak grid
application, Green Acorn 40kWh for a UK PV dairy farm application
and one unit will be delivered to the company's development
facility in Wokingham to be connected with PV. The remaining eight
placements will be announced later this year as they occur.
o Awarded EUR400,000 by the Energy Environmental Partnership for
Southern and East Africa ("EEP") to develop and install a hybrid
energy storage solution in South Africa. REDT will install an
innovative hybrid energy system consisting of a solar PV and REDT's
patented Energy Storage System at Thaba Eco Hotel which currently
has a weak grid connection and a back-up diesel generator.
REDT Energy awarded prestigious Irish Times innovation award for
'Energy & The Environment
* Camco Clean Energy plc, on a fully diluted basis, has an
economic interest of 49.8% in REDT.
-- Africa Clean Energy
o Focus on securing additional fund advisory opportunities
alongside our current mandate to act as joint investment advisors
to Green Africa Power LLP ("GAP")
o Strategic focus remains on securing higher margin
opportunities throughout the fund advisory business to complement
the REDT activities in the region.
o Africa presence pivotal in identifying energy storage
opportunities for REDT Energy.
-- US Clean Energy
o Deal concluded to assign rights to the future stream of
certain California Carbon Offsets ("CCOs") generated between 2015
and 2020 from the majority of Agricultural Methane projects that
Camco manages on behalf of its dairy partners. Transaction
generated an initial cash payment of $2m, with a potential further
deferred and conditional payment of up to $0.9m by 31 December
2015.
o Both operating biogas facilities (4.5MW Jerome Facility and
2.1MW Twin Falls Facility) continue to provide contributions to the
Camco Group.
o Evaluation of strategic alternatives to realise additional
value from the US biogas business activities continues to be
ongoing. Target is to provide additional resource to enable further
investment in Camco's other activities, namely REDT, its energy
storage business.
Outlook
Financially, we have continued the recent trend of year on year
improvement, significantly reducing the losses incurred by the
group, with the recording of a total comprehensive profit for the
period. This was achieved through ongoing tight cost control, the
US future carbon sale agreement, continued refocus of the group on
securing higher margined activity with the most efficient
utilisation of resources available, and favourable FX translation
rates for our USD held assets.
Enquiries:
+44 (0)207 121
Camco Clean Energy 6100
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
+44 (0)207 220
finnCap Ltd (Nominated Adviser and Broker) 0500
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Newgate (Financial PR)
Tim Thompson
Helena Bogle +44 (0)207 653
Ed Treadwell 9850
Financial Review
Overall Group result
During H1 2015 the Camco Group continued its recent trend of
reducing losses since 2012, and reported a total comprehensive
profit of EUR0.1m compared to a loss of (EUR1m) in H1 2014. The
year on year improvement was principally due to the US Carbon
Credit portfolio sale in the period. We also benefited from the
positive effect of the approximate 8% depreciated value of the
Euro, our reporting currency, against the USD, the currency in
which the majority of our net assets are held, which generated
EUR0.3m exchange gain on translation of foreign operations.
Gross Profit reported in the period was EUR4.2m compared to a
gross profit of EUR2.5m in H1 2014. Gross Profit for US was EUR3m
(H1 2014: EUR1.2m), Africa EUR0.6m (H1 2014: EUR0.5m), REDH (CCE)
EUR0.2m (H1 2014: EUR0.025m) and Group (Other) EUR0.3m (H1 2014:
EUR0.7m).
Revenue rose to EUR8.5m compared to revenue in H1 2014 of
EUR4.8m. Revenue for US was EUR4.7m (H1 2014: EUR2.4m), Africa
EUR1.1m (H1 2014: EUR0.8m), REDH (CCE) EUR0.2m (H1 2014: EUR0.025m)
and Group (Other) EUR2.5m (H1 2014: EUR1.6m).
US business
The US business comprises two areas - US Carbon and Operating
Assets (being the Jerome and Twin Falls facilities). The overall US
business recorded revenue of EUR4.7m (H1 2014: EUR2.4m), gross
margin EUR4.2m (H1 2014: EUR2.5m) and segmental profit EUR1.5m (H1
2014: EUR0.1m)
US Carbon recorded revenues of EUR3.1m (H1 2014: EUR0.9m)
generating gross profit of EUR2.3m (H1 2014: EUR0.4m) as a result
of the carbon portfolio sale - revenue and gross profit of EUR1.6m
- and the sale of credits delivered from the agricultural methane
projects for which CCOs have been issued under the California
Program. As a result of the carbon portfolio sale, there will be a
marked reduction in the ongoing carbon activity recognised within
the US business.
Operating Assets generated revenues of EUR1.6m (H1 2014:
EUR1.5m) with a corresponding gross profit of EUR0.7m (H1 2014:
EUR0.8m). As with prior years, we do continue to expect to see
seasonality in the revenue from power generated from both
facilities with the second half of the year benefiting from higher
power rates set out in the power purchase agreement.
Africa Clean Energy business
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The Africa Clean Energy business includes 5 offices in Africa,
with the principle locations being Johannesburg (South Africa) and
Nairobi (Kenya). The Africa business segment also contains a fund
advisory business which commenced working on the GAP mandate in H2
2014 having previously incurred setup costs in H1 2014 (EUR0.1m).
The overall Africa business recorded revenue of EUR1.1m (H1 2014:
EUR0.8m), gross margin EUR0.6m (H1 2014: EUR0.5m) and segmental
loss (EUR0.1m) (H1 2014: (EUR0.2m)). During the period a decision
was made to significantly reduce the activities conducted by the
office in Tanzania, resulting in additional cash being incurred in
the first eight months of the year, but which is not expected to
reoccur.
The Africa business continues to focus efforts on securing
higher margin activity. The building of the fund advisory business
is critical to the achievement of this. As fund advisory continues
to grow, the rate of return and margins achieved should also
increase. Currently Camco have the mandate to act as joint
investment advisors to Green Africa Power LLP ("GAP"). The network
of Camco offices throughout Africa is key to being able to fully
service the GAP mandate and also to be positioned to win further
similar mandates and build on this success. Camco has already
started initial proceedings and ground work to secure a second fund
advisory mandate, which will hopefully be announced in H2 2015.
REDH (CCE)
The REDH (CCE) segment comprises aspects of the Group's
overheads allocated to the management and development of the REDT
energy storage business.
Revenue in the year is reflective of the recovery of an
apportionment of costs incurred and passed directly to the REDH
business; EUR0.2m (H1 2014: EUR0.02). Taking into consideration the
allocated Administrative expenses incurred on behalf of REDH, the
segmental result reported a loss of (EUR0.1m) (H1 2014:
(EUR0.4m)).
This segment also includes the Group's JV interest in REDH
(53.8% holding; 49.8% on a fully diluted basis) from which H1 2015
yielded a share of loss of (EUR0.3m) (H1 2014: EUR0.04m).
Group (Other)
Group (Other) comprises the remaining Group costs as well as the
legacy carbon business from which to date we have still been able
to generate income and cash flow to help offset overhead
expenditure.
This segment recorded revenue of EUR2.5m (H1 2014: EUR1.6m) and
positive gross margin EUR0.3m (H1 2014: EUR0.7m). This reflects
activity from legacy carbon trades, however as set out at length
previously, the nature of the wider carbon market means that
revenue and margin achieved is of an ad hoc nature and is not
reflective of future performance, with Camco not expecting
meaningful revenues to be repeated beyond the short term.
Administration expenses relating to the remaining group costs,
not allocated out to other business segments, were EUR1.1m (H1
2014: EUR0.9m).
Group operating expenses
Overall administration expenses were marginally increased year
on year, but with the underlying operating cost base in line with
and maintaining the cost reduction strategy implemented in 2013 in
order to reduce operational costs, providing Camco Group with a
lean operating cost base to focus on its core business segments.
Administration expenses incurred in H1 2015 were EUR3.9m, an
increase of EUR0.46m from H1 2014 (EUR3.4m). The increase in
Administration expenses were almost exclusively linked to the US
business:
-- devaluing of Euro against USD [average FX 1.37 (H1 2014) /
1.12 (H1 2015)] resulted in additional retranslated group
consolidated charges of cEUR0.25m
-- additional professional fees of EUR0.14m in connection with
the ongoing strategic review of the US business
The Camco Group remains centred on maintaining tight expenditure
control whilst achieving greater customer focus from the re-aligned
cost base in supporting the strategic business segments.
Cash and cash equivalents
At 30 June 2015, the Group held cash and cash equivalents of
EUR4.2m (H1 2014: EUR4.1m), inclusive of cash held in debt reserve
in relation to the Jerome Facility of (EUR0.7m) (H1 2014:
(EUR1.175m)) which is not available to the Group for general
working capital purposes.
Camco Group has two secured loan facilities; existing loans
secured against Jerome (EUR12.4m - 2019 maturity) and Twin Falls
(EUR0.6m - 2020 maturity). There are no un-secured loans held (H1
2014: Nil).
The key movements in cash during 2014 were: capital repayment of
borrowings (EUR0.2m); interest paid (EUR0.5m); cash generated from
operations EUR0.6m and other cash inflows EUR0.2m.
Consolidated Statement of Financial Position
at 30 June 2015
H1 2015 H1 2014 FY 2014
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Non-current assets
Property, plant and equipment 17,523 15,327 16,613
Intangible assets - carbon in - - -
specie
Investments in associates and
joint ventures 2,388 2,636 2,533
Other investments - - -
Deferred tax assets 120 27 109
20,031 17,990 19,255
--------------- --------------- ----------
Current assets
Prepayments and accrued income 4 1,842 1,842 1,896
Trade and other receivables 5 1,610 880 1,591
Cash and cash equivalents 6 4,192 2,999 4,057
7,644 5,721 7,544
--------------- --------------- ----------
Total assets 27,675 23,711 26,799
--------------- --------------- ----------
Current liabilities
Loans and borrowings 7 (566) (327) (384)
Trade and other payables 8 (3,391) (3,493) (3,711)
Deferred Income 9 (353) (423) (357)
Tax payable (179) (180) (186)
(4,489) (4,423) (4,638)
--------------- --------------- ----------
Non-current liabilities
Loans and borrowings 7 (12,436) (10,057) (11,747)
Deferred Income 9 (4,450) (3,929) (4,251)
(16,886) (13,986) (15,998)
--------------- --------------- ----------
Total liabilities (21,375) (18,409) (20,636)
--------------- --------------- ----------
Net assets 6,300 5,302 6,163
--------------- --------------- ----------
Consolidated Statement of Financial Position (continued)
at 30 June 2015
H1 2015 H1 2014 FY 2014
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Equity attributable to equity holders
of the parent
Share capital 2,531 2,081 2,461
Share premium 76,917 75,640 76,917
Share-based payment reserve 756 701 756
Retained earnings (74,791) (73,337) (74,513)
Translation reserve 887 217 542
Own shares - - -
Total equity 6,300 5,302 6,163
----------------- ----------------- ------------
Consolidated Statement of Comprehensive Income
for the 6 months to 30 June 2015
H1 2015 H1 2014 FY 2014
Continuing operations (unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Revenue 8,518 4,843 9,948
Cost of sales (4,368) (2,351) (4,908)
----------- ----------- ---------
Gross profit 4,150 2,492 5,040
Other income - 84 84
Other income - government grant
income 169 139 289
Administration expenses (3,903) (3,356) (7,099)
Impairment of Investment in associates - - -
and joint ventures
Restructuring charges - - -
Impairment of Development costs - - -
Impairment of receivables - (85) -
Results from operating activities 416 (726) (1,686)
----------- ----------- ---------
Financial income 9 8 26
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Financial expenses (461) (371) (771)
Foreign exchange movement 23 - 250
----------- ----------- ---------
Net financing income (429) (363) (495)
Share of profit/(loss) of equity
accounted investees (263) 36 (126)
(Loss)/ profit before tax (276) (1,053) (2,307)
Income tax (2) 46 124
(Loss)/ profit from continuing operations (278) (1,007) (2,183)
----------- ----------- ---------
Discontinued operations
(Loss)/ profit from discontinued - - -
operation (net of tax)
----------- ----------- ---------
(Loss)/profit for the period (278) (1,007) (2,183)
=========== =========== =========
Other comprehensive income
Exchange differences on translation
of foreign operations 345 8 333
Total comprehensive income for the
period 67 (999) (1,850)
----------- ----------- ---------
Loss/ profit for the period attributable
to:
Equity holders of the parent (278) (1,007) (2,183)
(Loss)/profit for the period (278) (1,007) (2,183)
----------- ----------- ---------
Total comprehensive income attributable
to:
Equity holders of the parent 67 (999) (1,850)
Total comprehensive income for the
period 67 (999) (1,850)
----------- ----------- ---------
Consolidated Statement of Comprehensive Income (continued)
for the 6 months to 30 June 2015
Basic (loss)/ profit per share in Note
EUR cents
From continuing operations 2 (0.11) (0.48) (0.97)
------ ------ ------
From continuing and discontinued
operations 2 (0.11) (0.48) (0.97)
------ ------ ------
Diluted (loss) / profit per share
in EUR cents
From continuing operations 2 (0.11) (0.48) (0.97)
------ ------ ------
From continuing and discontinued
operations 2 (0.11) (0.48) (0.97)
------ ------ ------
Consolidated Statement of Changes in Equity
for the 6 months to 30 June 2015
Share-based Total
Share Share payment Retained Translation parent Total
Capital premium reserve Earnings reserve Own shares equity equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 January 2015 2,461 76,917 756 (74,513) 542 - 6,163 6,163
Total comprehensive income for
the period
Profit for the period - - - (278) - - (278) (278)
Other comprehensive income
Foreign currency translation
differences - - - - 345 - 345 345
Total comprehensive income for
the period - - - (278) 345 - 67 67
Transactions with owners,
recorded
directly in equity
Contributions by and
distributions
to owners
Share-based payments - - - - - - - -
Issuance of shares 70 - - - - - 70 70
Own shares - - - - - - - -
Total contributions by and
distributions
to owners 70 - - - - - 70 70
Balance at 30 June 2015 2,531 76,917 756 (74,791) 887 - 6,300 6,300
Consolidated Statement of Changes in Equity (continued)
for the 6 months to 30 June 2014
Share-based Total
Share Share payment Retained Translation parent Total
Capital premium reserve Earnings reserve Own shares equity equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 January 2014 2,081 75,640 646 (72,330) 209 - 6,246 6,246
Total comprehensive income for
the period
Profit for the period - - - (1,007) - - (1,007) (1,007)
Other comprehensive income
Foreign currency translation
differences - - - - 8 - 8 8
Total comprehensive income for
the period - - - (1,007) 8 - (999) (999)
Transactions with owners,
recorded
directly in equity
Contributions by and
distributions
to owners
Issuance of shares - - 55 - - - 55 55
Own shares - - - - - - - -
Total contributions by and
distributions
to owners - - 55 - - - 55 55
Total transaction with owners - - 55 - - - 55 55
Balance at 30 June 2014 2,081 75,640 701 (73,337) 217 - 5,302 5,302
Consolidated Statement of Changes in Equity (continued)
for the year ended 31 December 2014
Share-based Total
Share Share payment Retained Translation parent Total
capital premium reserve earnings reserve Own shares equity equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 January 2014 2,081 75,640 646 (72,330) 209 - 6,246 6,246
Total comprehensive income
for the
year
Loss for the year - - - (2,183) - - (2,183) (2,183)
Other comprehensive income
Foreign currency translation
differences - - - - 333 - 333 333
Total comprehensive income
for the
year - - - (2,183) 333 - (1,850) (1,850)
Transactions with owners,
recorded
directly in equity
Contributions by and
distributions
to owners
Share-based payments - - 110 - - - 110 110
Issuance of shares 380 1,277 - - - - 1,657 1,657
Own shares - - - - - - - -
Total contributions by and
distributions
to owners 380 1,277 110 - - - 1,767 1,767
Balance at 31 December 2014 2,461 76,917 756 (74,513) 542 - 6,163 6,163
Consolidated Statement of Cash Flow
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for the 6 months to 30 June 2015
Continuing and discontinued operations
H1 2015 H1 2014 FY 2014
(unaudited) (unaudited) (audited)
Note EUR'000 EUR'000 EUR'000
Cash flows from operating activities
Cash generated by operations (a) 618 (1,104) (1,780)
Income tax paid - - -
Net cash from operating activities 618 (1,104) (1,780)
----------- ----------- ---------
Cash flows from investing activities
Disposal of discontinued operations, - - -
net of cash disposed
Proceed from sales of investments - - -
Loan to joint venture - - -
Acquisition of property, plant &
equipment (35) - (31)
Disposal of property, plant & equipment - 84 84
Net cash from investing activities (35) 84 53
----------- ----------- ---------
Cash flows from financing activities
Proceeds from the issue of share
capital 70 - 1,657
Proceeds from new loan - - 625
Repayment of borrowings (184) (105) (260)
Interest received 9 9 26
Interest paid (460) (369) (771)
Net cash from financing activities (565) (465) 1,277
----------- ----------- ---------
Net increase in cash and cash equivalents 17 (1,485) (450)
Cash and cash equivalents at 1 January 4,058 4,472 4,472
Effect of exchange rate fluctuations
on cash held 117 12 36
Cash and cash equivalents held* 4,192 2,999 4,058
----------- ----------- ---------
Notes to the Consolidated Statement of Cash Flow
H1 2015 H1 2014 FY 2014
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
(a) Cash flows from operating activities
Loss for the period (278) (1,007) (2,183)
Adjustments for:
Depreciation 618 504 1,063
Gain on sale of fixed assets - (84) (84)
Amortisation of deferred income (169) (139) (313)
Impairment of investments in associates - - -
and joint ventures
CDC accruals and CDC accrued income - - -
Non CDC accrued income - - -
Impairment of receivables - 85 60
Share of (profit)/ loss of equity accounted
investees 263 (36) 126
Loss on sale of discontinued operation, - - -
net of tax
Gain on sale of investment - - -
Gain on sale of subsidiary - - -
Share based payment transaction - 55 110
Income tax expense - (55) (124)
Finance cost 452 360 745
Foreign exchange loss/(gain) on translation (23) (118) 113
Restructuring costs - - -
Impairment loss on development costs - - -
Impairment of project plant and equipment - - -
Operating cash flows before movements
in working capital 863 (435) (487)
Changes in working capital
(Increase)/decrease in intangible assets - - -
(Increase)/decrease in prepayments (136) (185) (302)
Decrease/(increase) in trade and other
receivables 20 402 (284)
Change in CDC accruals and CDC accrued
income (29) (385) (514)
(Increase)/decrease in accrued income
- Non CDC 111 (218) (274)
Decrease/(increase) in trade and other
payables (211) (283) 81
(Increase) in financial assets - - -
Cash generated by operations 618 (1,104) (1,780)
----------- ----------- ---------
Notes
Significant accounting policies
Camco Clean Energy plc (the "Company") is a public company
incorporated in Jersey under Companies (Jersey) Law 1991. The
address of its registered office is 3(rd) floor, Standard Bank
House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ. The
consolidated interim financial report of the Company for the period
from 1 January 2015 to 30 June 2015 comprises of the Company and
its subsidiaries (together the "Group").
Basis of preparation
The annual financial statements of the Group for the year ended
31 December 2014 have been prepared in accordance with IFRSs as
adopted by the EU ("Adopted IFRSs"). The interim set of financial
statements included in this half-yearly report has been prepared in
accordance with the recognition and measurement requirements of
IFRSs as adopted by the EU. The interim set of financial statements
has been prepared applying the accounting policies and presentation
that were applied in the preparation of the company's published
consolidated financial statements for the year ended 31 December
2014. They do not include all of the information required for full
annual financial statements, and should be read in conjunction with
the consolidated financial statements of the Group as at and for
the year ended 31 December 2014.
This interim financial information has been prepared on the
historical cost basis. The accounting policies applied are
consistent with those adopted and disclosed in the annual financial
statements for the period ended 31 December 2014. The accounting
policies have been consistently applied across all Group entities
for the purpose of producing this interim financial report.
The financial information included in this document does not
comprise of statutory accounts within the meaning of Companies
(Jersey) Law 1991. The comparative figures for the financial year
ended 31 December 2014 are not the company's statutory accounts for
that financial year within the meaning of Companies (Jersey) Law
1991. Those accounts have been reported on by the company's
auditors and delivered to the Jersey Financial Services Commission.
The report of the auditors was unqualified.
Estimates
The preparation of the interim financial report in conformity
with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
Notes (continued)
1 Segmental Reporting
Operating segments
The Group comprises of the following reporting segments:
1. US: In America, the Group operates biogas projects generating
energy from organic waste. CCE currently owns the Jerome and Twin
Falls facilities which produce sustainable energy generated by
using agricultural methane from dairy farms. The Group also
develops Californian offset projects.
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2. Africa: Africa manages investment of public and private
finance into clean energy projects. CCE has five offices across
Africa and an office on London which provides consulting services
and the development of clean energy projects across Africa.
Currently this segment operates an investment advisory mandate to
manage a debt facility for both Green Africa Power (GAP) and United
Nations Environment Programme (UNEP).
3. REDH (CCE): The REDH (CCE) segment comprises aspects of the
Group's overheads allocated to the management and development of
the REDT energy storage business, with revenue reflective of the
recovery of an apportionment of the costs incurred and passed
directly to the REDH business. The operating segment also includes
the share of profit / loss on an equity accounted basis from REDT,
as well as the value of the investment held within the Camco
Group.
4. Other: This segment contains all remaining Group costs in
addition to the Group's remaining non US carbon business -
comprising CDM Carbon and EU ETS Compliance Services.
Inter segment transactions are carried out at arm's length.
Notes (continued)
US Africa REDH (CCE) Group Total
H1 2015 H1 2015 H1 2015 H1 2015 H1 2015
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment revenue 4,709 1,090 211 2,508 8,518
------------ ------------ ------------ ------------ ------------
Segment gross margin 3,010 630 211 299 4,150
Other Income - gain on - - - - -
disposal
Other Income - deferred
income 169 - - - 169
Segment administrative
expenses (1,685) (773) (310) (1,135) (3,903)
Restructuring charges - - - - -
Impairment of development - - - - -
costs
Impairment of investment - - - - -
------------ ------------ ------------ ------------ ------------
Segment result 1,494 (143) (99) (836) 416
Unallocated income - -
gain on disposal
Share-based payments -
Impairment of receivables -
------------
Results from operating
activities 416
Finance income 9
Finance expense (461)
Foreign exchange movement 23
Share of profit of equity
accounted investees (263)
Taxation (2)
(Loss) from discontinued -
operation (net of income
tax)
------------
Loss for the period (278)
Notes (continued)
US Africa REDH (CCE) Group Total
H1 2014 H1 2014 H1 2014 H1 2014 H1 2014
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment revenue 2,413 808 25 1,597 4,843
------------ ------------ ------------ ------------ ------------
Segment gross margin 1,248 480 25 739 2,492
Other Income - gain on
disposal 84 - - - 84
Other Income - deferred
income 139 - - - 139
Segment administrative
expenses (1,338) (654) (451) (858) (3,301)
Restructuring charges - - - - -
Impairment of development - - - - -
costs
Impairment of investment - - - - -
------------ ------------ ------------ ------------ ------------
Segment result 133 (174) (426) (119) (586)
Unallocated income - -
gain on disposal
Share-based payments (55)
Impairment of receivables (85)
------------
Results from operating
activities (726)
Finance income 8
Finance expense (371)
Foreign exchange movement -
Share of profit of equity
accounted investees 36
Taxation 46
(Loss) from discontinued -
operation (net of income
tax)
------------
Loss for the period (1,007)
Notes (continued)
US Africa REDH (CCE) Group Total
FY 2014 FY 2014 FY 2014 FY 2014 FY 2014
(audited) (audited) (audited) (audited) (audited)
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment revenue 5,317 1,820 237 2,574 9,948
---------- ---------- ------------- ---------- ----------
Segment gross margin 2,793 1,170 237 840 5,040
Other Income - gain on
disposal 84 - - - 84
Other Income - deferred
income 289 - - - 289
Segment administrative
expenses (2,827) (1,330) (703) (2,129) (6,989)
Restructuring charges - - - - -
Impairment of development - - - - -
costs
Impairment of investment - - - - -
---------- ---------- ------------- ---------- ----------
Segment result 339 (160) (466) (1,289) (1,576)
Unallocated income - -
gain on disposal
Share-based payments (110)
Impairment of receivables -
----------
Results from operating
activities (1,686)
Finance income 26
Finance expense (771)
Foreign exchange movement 250
Share of loss of equity
accounted investees (126)
Taxation 124
(Loss) from discontinued -
operation (net of income
tax)
----------
Loss for the period (2,183)
Notes (continued)
2 Profit/(loss) per share
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