TIDMCAP
RNS Number : 5252B
Clean Air Power Limited
04 April 2013
For immediate release 4 April 2013
Clean Air Power Limited
("Clean Air Power" or "the Company")
Preliminary Announcement of Results for the year ended 31
December 2012
Clean Air Power Limited (AIM:CAP) the developer of Dual-Fuel(TM)
combustion technology for heavy-duty diesel engines today announces
its Preliminary Results for the 12 month period ended 31 December
2012.
Financial Highlights
-- Group revenue increased by 73% to GBP7.94m, (2011:
GBP4.59m)
-- Revenue from Dual-Fuel(TM) division increased by 101% to
GBP6.64m, (2011: GBP3.30m
-- Gross profit increased to GBP3.52m (2011: GBP2.56m), driven
by Dual-Fuel(TM) systems and development revenue
-- GBP3.20m of cash at 31 December 2012, (2011: GBP2.42m)
-- GBP3.35m (before expenses) successfully raised through equity
issue in September 2012
Operational Highlights
-- Increasing interest in our European products resulted in a
total of 300 sales of our Dual-Fuel(TM) systems (70 system sales in
2011)
-- Major European Manufacturer commenced factory production of
Heavy Duty trucks incorporating Clean Air Power Dual-Fuel(TM)
engine management software
-- Successful evaluation of Genesis-EDGE product for the North
American market
-- Successful development and launch of Renault Magnum
Genesis-EDGE Dual-Fuel(TM) variant for the European market
-- Order delivered for 49 Genesis-EDGE Dual-Fuel(TM) systems to
Sainsbury's
-- Order delivered for 27 Genesis-EDGE Dual-Fuel(TM) systems for
a major logistics organisation in the UK
-- Order received for 82 Genesis-EDGE Dual-Fuel(TM) systems for
HAM Cryogenica
-- Payment received from Navistar for $1.3m for work done in
2010 on the Concept Ready Phase of a Dual-Fuel(TM) development
project
Post Period End
-- Euro 6 prototype R&D funding awarded by Niche Vehicle
Network for after-treatment packaging development in partnership
with Eminox Limited
-- Agreed two year funded research project in partnership with
Brunel University aimed at developing the next generation of
advanced Dual-Fuel combustion systems using natural gas and diesel.
The project will be carried out at Brunel University's Centre for
Advanced Powertrains and Fuels
Financial Headline Results
Year Ended Year Ended
31 December 2012 31 December 2011
GBP'000 GBP'000
---------------------------- ----------------- -----------------
Group Revenue 7,942 4,585
Operating Loss (2,221) (2,245)
Loss after tax (2,220) (2,240)
Basic and diluted loss per
share (1.53p) (2.13p)
Commenting on Clean Air Power's full year results, John Pettitt,
CEO said:
"The January 2012 European OEM production commencement has seen
Clean Air Power become a tier one system supplier under a Supply
Agreement for an initial period up to July 2015. This achievement
has been complemented by commercial success in Europe with our
Genesis-EDGE product including the delivery of 49 systems to
Sainsbury's and further deliveries to other major fleet operators
in the UK and Spain.
The Dual-Fuel(TM) division's sales increased by 101% during
2012, which was mainly supported by revenue from sales of our
European OEM product and Genesis-EDGE Dual-Fuel(TM) system sales
which totalled 300 during the year. Strong margins have been
maintained despite a change in sales mix during the year."
For further details please contact
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Citigate Dewe Rogerson Tel: +44 (0)20 7638 9571
Chris Gardner
Malcolm Robertson
Cantor Fitzgerald Europe Tel: +44 (0)20 7894 7684
Mark Percy / David Foreman (Corporate
Finance)
David Banks (Corporate Broking)
Notes to Editors:
About Clean Air Power
Clean Air Power is a developer and Tier 1 supplier of
Dual-Fuel(TM) engine management systems for heavy duty diesel
engines.
Dual-Fuel(TM) engines can run primarily on natural gas and this
provides a number of important cost and environmental benefits to
an operator without sacrificing the original diesel engine's
characteristic efficiency or reliability. Due to the lower cost of
natural gas compared to diesel, Dual-Fuel(TM) engines can
substantially reduce an operator's fuel costs. Furthermore, by
substituting diesel with up to 85% clean natural gas, greenhouse
gas emissions produced by heavy goods and commercial vehicles are
substantially reduced. The increasing abundance of natural gas and
the rollout of natural gas refueling infrastructure in Europe and
North America is further driving the growth of the company.
The Boards of many major operators have set clear objectives to
reduce the carbon produced by their road transport fleet but
without increasing costs. Clean Air Power's technology provides a
solution to these carbon reduction objectives, while actually
reducing their operating overheads. Governments throughout the
world are faced with the need to reduce carbon emissions which will
only be achieved by using alternate fuels such as natural gas.
Over GBP50m has been invested in the Company to develop the
engine management software since 1991 with the result that 69
patents are currently held or pending. The Company operates from
facilities in the UK, US and Australia with the holding Company of
the Group based in Bermuda. The Group was admitted to the AIM
market of the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at
www.cleanairpower.com
Chairman's Statement
Clean Air Power is a supplier of market leading technology that
delivers proven reductions in carbon emissions, along with
significant fuel cost savings to operators of trucks and other
vehicles.
2012 has been a year of strong progress for Clean Air Power with
Group revenues increasing to GBP7.94 million and revenues from
sales of our Dual-Fuel(TM) systems increasing to GBP6.64 million.
Growing interest in our European products resulted in a total of
300 sales of our Dual-Fuel(TM) systems, a combination of both our
own Genesis-EDGE product and sales to our European OEM partner.
The year began with the achievement of a key strategic milestone
when, in January 2012, our major European vehicle manufacturing
partner began factory production of heavy-duty trucks incorporating
our patented Dual-Fuel(TM) engine technology.
This OEM (Original Equipment Manufacturer) product provides
strong validation of Clean Air Power's Dual-Fuel(TM) engine
management system which underwent a process of detailed testing and
verification before being accepted by the one of the most quality
conscious manufacturers in the world.
We are also pleased with the progress made with our Genesis-EDGE
product in Europe where increasing interest amongst fleet operators
has resulted in significant sales of Genesis-EDGE to customers in
the UK and Spain during the year. Our Genesis-EDGE product can be
retrofitted directly onto customers' existing vehicles and whilst
the focus to progress with further OEM relationships remains,
Genesis-EDGE gives the Company greater control over the time to
market and helps to validate the technology to future OEMs.
Having successfully entered the European market with an OEM
partnership and a Euro 5 emissions compliant Genesis-EDGE product,
the current priority is to access the important North American
market by applying the same business model. North America has
abundant domestic natural gas resources and powerful economic,
environmental and energy security drivers.
In August 2012 the Board approved an 18 month development
program to bring a Genesis-EDGE product to the North American
market. Significant progress has since been made developing the
Genesis-EDGE product and the Company will exhibit the first
prototype vehicle at the Alternative Clean Transportation (ACT)
EXPO in June 2013. Six months into the project, the Company expects
the project costs to be slightly higher than first considered
although the timing of trial vehicle and product launch remains
broadly in line with the original plan. The Company's plans include
a significant grant that is anticipated to be received towards the
development activity and the fleet trials for our US Genesis-EDGE
program. The Company has already received interest from a number of
major fleet customers and anticipates that the first trial vehicles
will be on the road and undergoing validation by the end of 2013,
with production commencing in early 2014.
While we are excited by the prospect of addressing the North
American demand with our Genesis-EDGE product, our broader strategy
remains to establish OEM partnerships in North America to integrate
our Dual-Fuel(TM) engine management system on to their future
engine platforms.
The equity fundraising in September 2012, which raised a further
GBP3.35m before expenses, demonstrated continuing investor
confidence in our technology, strategy and commercial progress.
Our momentum has continued into the start of 2013 with customers
having already placed more than 150 new orders either with Clean
Air Power or our European OEM partner for Dual-Fuel(TM) systems.
Factory production by our European OEM partner has also increased
and we have delivered 20 of our Genesis-EDGE branded systems to a
customer in Spain.
The goal for 2013 will be to continue the significant progress
made in 2012 by growing sales of our Dual-Fuel(TM) system in Europe
and other target markets and by completing the development of our
Genesis-EDGE product for the North American market. At the same
time we will continue our discussions with partners aimed at future
OEM products
In conclusion I would like to thank John Pettitt and the team
for making 2012 such a successful year in terms of revenue growth
and building a platform for further growth in 2013 and beyond.
Financial Results
The Company has benefited from a strong performance from the
flagship Dual-Fuel(TM) division during this financial year which
saw group revenues increase to GBP7.94m (2011: GBP4.59m).
The gross profit margin for the Group remained strong at 44%
(2011: 56%), despite a change in sales mix.
Gross profit increased to GBP3.52m (2011: GBP2.56m) following
strong performance from the flagship Dual-Fuel(TM) division.
Operating losses for the year reduced to GBP2.22m (2011:
GBP2.24m).
Loss per share reduced to 1.53p (2011: 2.13p), following the
issue of new capital.
Cash on hand at 31 December 2012 was GBP3.20m (2011: GBP2.42m).
This reflects proceeds of the Placing of new ordinary shares in
October which raised approximately GBP3.35m before expenses.
The net assets of the Group at the year end totalled GBP7.13m
(2011: GBP6.22m). Net current assets at the year end amounted to
GBP3.29m (2011: GBP2.19m) of which GBP3.20m relates to cash
balances (2011: GBP2.42m).
Business Review
Clean Air Power has two commercial divisions: Dual-Fuel(TM)
vehicle systems and Components. Operations take place in the USA,
UK and Australia.
Dual-Fuel(TM) Division
There are three revenue streams derived from this division:
sales of Dual Fuel(TM) systems to manufacturers for installation on
their production lines, complete conversions of customers' vehicles
on a retrofit basis carried out by Clean Air Power and revenue from
engineering services provided to manufacturers or third
parties.
2012 was a successful year for the division as revenues
increased to GBP6.64m compared with GBP3.30m in 2011. This
represents a 101% increase mainly due to revenue from our European
OEM partner and Genesis-EDGE vehicle system sales. In addition to
increasing OEM volumes and orders from existing customers including
Sainsbury's, we secured new orders from a major logistics company,
and a European logistics operator to supply our Renault Magnum
Genesis-EDGE variant into Spain. Engineering development activity
with our OEM partners has also seen a significant increase.
Components Division
In 2012 sales remained steady at GBP1.30m from GBP1.28m in 2011,
which was in line with expectations. 2013 has begun positively and
forward orders in hand already total approximately GBP0.54m. Sales
and operational activities in relation to the former Emissions
Division have now been consolidated into our Components Division
following a relocation of this business from Houston, Texas to our
US facility in San Diego.
Outlook
A key milestone in 2012 was the start of OEM factory production
and Clean Air Power beginning to realise the benefits of a large
multinational manufacturer promoting and distributing our
Dual-Fuel(TM) engine management software. Increased sales levels,
in many cases to important and influential operators, have
increased product awareness in a number of markets and recognition
of the ability of our product to reduce emissions and fuel costs
for operators.
Clean Air Power's primary goal for 2013 is to begin to replicate
our success in Europe in the large and growing North American
market where the availability and relatively low cost of natural
gas is driving customer demand for natural gas vehicles. Our
ultimate strategy is to develop an OEM product with a US partner,
as we have in Europe. However, in the shorter term we are also
moving forwards with our US Genesis-EDGE program which will provide
the Company with better control over the development activity and
timings of a US product launch. This product will allow Clean Air
Power to meet demand from both existing and potential customers in
North America. To this end, Genesis-EDGE trucks are expected to be
commercially available in early 2014 and discussions with potential
US partners continue.
In Europe we are delighted to have made such good progress with
our OEM partner and we continue to discuss cooperation
opportunities with other potential partners in respect of future
engine platforms in this market.
We also intend to continue to grow sales of our Genesis-EDGE
product following the success of 2012 and will be working to
maintain the increased momentum in orders from our OEM partner.
In order to access the 2014 target markets for our existing Euro
5 product, including Russia and Brazil, we also expect to undertake
some engineering activity to develop our technology in line with
enhancements made to the manufacturer's base diesel truck, for both
our Genesis-EDGE and OEM products.
The progress made in 2012 has demonstrated the strength of our
business model and demand for our products at a time when there is
exciting growth in the markets for natural gas vehicles. We have a
proven product offering and a strong team with excellent experience
that ensures that the Company is well placed to deliver the North
American Genesis-EDGE project and capitalise on other opportunities
for the future.
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
Notes 31 December 2012 31 December 2011
------------------------------------------------------------------------ ------ ----------------- -----------------
GBP'000 GBP'000
Revenue 1 7,942 4,585
Cost of sales (4,424) (2,022)
Gross profit 3,518 2,563
Administrative expenses (5,710) (4,668)
Share-based payments charge (29) (140)
Operating loss (2,221) (2,245)
Loss on ordinary activities before finance revenue, finance costs and
taxation (2,221) (2,245)
Finance revenue 2 5
Finance costs (1) -
Loss on ordinary activities before taxation (2,220) (2,240)
Tax expense - -
Loss for the year attributable to Equity holders of the parent (2,220) (2,240)
----------------- -----------------
Basic and diluted loss per share 2 (1.53p) (2.13p)
----------------- -----------------
All items dealt with in arriving at operating loss above relate to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 2012 31 December 2011
----------------------------------------------------------- ----------------- -----------------
GBP'000 GBP'000
Loss for the year (2,220) (2,240)
Exchange differences on translation of foreign operations (113) (9)
Other comprehensive loss for the year (113) (9)
Total comprehensive loss for the year (2,333) (2,249)
----------------- -----------------
Attributable to:
----------------- -----------------
Equity holders of the parent (2,333) (2,249)
----------------- -----------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Year ended Year ended
31 December 2012 31 December 2011
----------------------------------------------------- ------------------ ------------------
GBP'000 GBP'000
Assets
Non-current assets
Plant and equipment 235 190
Intangible assets 3,658 3,839
------------------ ------------------
3,893 4,029
------------------ ------------------
Current assets
Inventories 1,208 670
Trade and other receivables 1,102 816
Cash and cash equivalents 3,204 2,422
------------------ ------------------
5,514 3,908
------------------ ------------------
TOTAL ASSETS 9,407 7,937
------------------ ------------------
Equity and liabilities
Equity attributable to equity holders of the parent
Ordinary share capital 109 83
Share premium 22,346 19,160
Translation reserve 962 1,075
Other reserves 33,504 33,504
Accumulated loss (49,790) (47,599)
------------------ ------------------
Total equity 7,131 6,223
------------------ ------------------
Non current liabilities
Trade and other payables 11 -
Provisions 43 -
54 -
------------------ ------------------
Current liabilities
Trade and other payables 1,715 1,027
Provisions 425 393
Deferred revenue 82 294
------------------ ------------------
2,222 1,714
------------------ ------------------
TOTAL LIABILITIES 2,276 1,714
------------------ ------------------
TOTAL EQUITY AND LIABILITIES 9,407 7,937
------------------ ------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year ended
31 December 2012 31 December 2011
--------------------------------------------- --- ----------------- -----------------
GBP'000 GBP'000
Cash flows from operating activities
Loss on ordinary activities before taxation (2,220) (2,240)
Adjustments for:
Net finance revenue (1) (5)
Depreciation of plant and equipment 111 119
Amortisation of intangibles 1,019 311
Share-based payments 29 140
(Increase)/decrease in trade and other
receivables (286) 526
Increase/(decrease) in trade and other payables 665 (105)
(Increase)/decrease in inventories (538) 169
Increase/(decrease) in provisions 75 (67)
(Decrease)/increase in deferred revenue (212) 137
Other non-cash movements 14 4
Net cash outflow from operating activities (1,344) (1,011)
----------------- -----------------
Investing activities
Interest received 2 5
Payments to acquire plant and equipment (141) (49)
Sale of plant and equipment (6) 4
Payments to acquire intangible assets (954) (1,915)
Net cash outflow from investing activities (1,099) (1,955)
----------------- -----------------
Financing activities
Interest expense (1) -
Proceeds from the issue of ordinary share capital 3,357 3,129
Share issue costs (145) (149)
Net cash inflow from financing activities 3,211 2,980
----------------- -----------------
Net increase in cash and cash equivalents 768 14
Net foreign exchange differences 14 (2)
Cash and cash equivalents at 1 January 2,422 2,410
Cash and cash equivalents at 31 December 3,204 2,422
----------------- -----------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary share Share premium Translation Other reserves Accumulated Total equity
capital reserve loss
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Balance at 1
January 2011 44 16,219 1,084 33,504 (45,499) 5,352
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Comprehensive
income
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Loss for the
year - - - - (2,240) (2,240)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Other
comprehensive
income
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Exchange
differences on
retranslation
of overseas
operations - - (9) - - (9)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Total
comprehensive
loss for the
year - - (9) - (2,240) (2,249)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Share-based
payments - - - - 140 140
On issue of new
shares 39 3,090 - - - 3,129
Share issuance
costs - (149) - - - (149)
Balance at 31
December 2011 83 19,160 1,075 33,504 (47,599) 6,223
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Comprehensive
income
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Loss for the
year - - - - (2,220) (2,220)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Other
comprehensive
income
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Exchange
differences on
retranslation
of overseas
operations - - (113) - - (113)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Total
comprehensive
loss for the
year - - (113) - (2,220) (2,333)
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
Share-based
payments - - - - 29 29
On issue of new
shares 26 3,331 - - - 3,357
Share issuance
costs - (145) - - - (145)
Balance at 31
December 2012 109 22,346 962 33,504 (49,790) 7,131
---------------- ---------------- -------------- ---------------- --------------- ---------------- -------------
NOTES :
1. Segment information
For management purposes the Group is organised into business units based on their products
and services, and has two reportable segments.
Year ended 31 December 2012 GBP'000
------------------------------------------- ----------------------------------------------------
Dual-Fuel(TM) Components Adjustments Total
and
eliminations
------------------------------------------- -------------- ----------- ------------- --------
Revenue
Third party sale of goods (1)(8) 5,400 1,305 - 6,705
Third party rendering of services (1)(8) 1,237 - - 1,237
Inter-segment (2) 918 - (918) -
Total revenue 7,555 1,305 (918) 7,942
============== =========== ============= ========
Depreciation and amortisation (3) (1,125) (24) 19 (1,130)
Operating loss(4) (2,381) 196 (36) (2,221)
Net finance income 1
Loss for the year (2,220)
========
Assets
Operating assets (5) 5,329 234 (49) 5,514
============== =========== ============= ========
Provisions (6) 400 75 (7) 468
Operating liabilities including provisions
(6) 1,988 284 (7) 2,265
============== =========== ============= ========
Other disclosures
Capital expenditure
(7) 1,087 31 - 1,118
======== ======== ============== ===================
1. Dual-Fuel(TM) conversion segment includes revenue arising from
development activity
2. Inter-segment revenues are eliminated on consolidation (GBP918,000)
3. Depreciation eliminated (GBP19,446) following transfer of intangible
assets to Clean Air Power Inc.
4. Elimination of intragroup management charges (GBP63,759) and
intragroup foreign exchange gains and losses (GBP22,094)
5. Adjustment to profit in inventory (GBP48,536)
6. Adjustment to provisions (GBP7,210)
7. Capital expenditure consists of additions to plant and equipment
and intangible assets
8. Revenue from one customer amounted to GBP2,265,108 arising
from sales related to the Dual-Fuel(TM) and Components segment.
9. During the year the Emissions Reduction segment merged with
the Components segment.
Year ended 31 December 2011 GBP'000
------------------------------------------- ----------------------------------------------------
Dual-Fuel(TM) Components Adjustments Total
and
eliminations
------------------------------------------- -------------- ----------- ------------- --------
Revenue
Third party sale of goods (1)(8) 2,474 1,281 - 3,755
Third party rendering of services (1)(8) 830 - - 830
Inter-segment (2) 516 - (516) -
Total revenue 3,820 1,281 (516) 4,585
============== =========== ============= ========
Depreciation and amortisation (3) (399) (37) 6 (430)
Operating loss (4) (1,717) (394) (134) (2,245)
Net finance income 5
Loss for the year (2,240)
========
Assets
Operating assets (5) 2,306 1,645 (43) 3,908
============== =========== ============= ========
Provisions (6) 216 186 (9) 393
Operating liabilities including provisions 1,256 467 (9) 1,714
============== =========== ============= ========
Other disclosures
Capital expenditure
(7) 1,939 25 - 1,964
======= ======= =============== ===========
1. Dual-Fuel(TM) conversion segment includes revenue arising from
development activity
2. Inter-segment revenues are eliminated on consolidation (GBP516,000)
3. Depreciation eliminated (GBP6,367) following transfer of intangible
assets to Clean Air Power Inc.
4. Elimination of intragroup management charges (GBP77,000) and
intragroup foreign exchange gains and losses (GBP53,027)
5. Adjustment to profit in inventory (GBP42,602)
6. Adjustment to provisions (GBP9,244)
7. Capital expenditure consists of additions to plant and machinery
and intangibles
8. Revenue from one customer amounted to GBP1,843,953 arising
from sales related to the Dual-Fuel(TM) and Components segment.
9. In 2012 the Emissions Reduction segment merged with the Components
segment. All prior year results have been restated within the
Components segment.
Geographical Information
Year ended Year ended
31 December 2012 31 December 2011
Revenues from external customers: GBP'000 GBP'000
UK 2,115 385
USA 1,969 965
Australia 103 1,072
Rest of Europe 3,749 1,996
Rest of World 6 167
----------------- -----------------
7,942 4,585
----------------- -----------------
The revenue information is based on the location of the customer.
Non-current assets
Year ended Year ended
31 December 2012 31 December 2011
GBP'000 GBP'000
UK 1,633 1,338
USA 2,257 2,685
Australia 3 6
3,893 4,029
----------------- -----------------
2. Loss per Share
Basic
Basic loss per share is calculated by dividing net loss for the year attributable to equity
holders of the parent by the weighted average number of Common Shares in issue during the
year.
2012 2011
GBP'000 GBP'000
----------------------------------- ------------ ------------
Loss for the year (2,220) (2,240)
Weighted average number of shares 145,321,900 104,983,416
Basic and diluted loss per share (1.53p) (2.13p)
The loss for the year and the weighted average number of ordinary
shares for calculating the diluted earnings per share for the year
to 31 December 2012 are identical to those used for the basic earnings
per share. This is because the outstanding share options would
have the effect of reducing the loss per ordinary share and would
therefore not be dilutive.
3. Dividend Policy
In accordance with the Company's policy as set out in its
admission document the Company does not propose to declare a
dividend.
4. Accounting Polices
The preliminary results have been prepared on the same basis as
the Group and Company's annual financial statements which were
prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the EU as they apply to the
financial statements of the Group for the year ended 31 December
2012. There have been no changes in accounting policies during the
year.
The Group has long-term relationships with a number of customers
and suppliers in different countries and industries which provide
an element of comfort to support the prospects for different areas
of the business. However, it is acknowledged that, in the current
economic climate, it is difficult to predict the timing and extent
of future revenues with certainty for a company at this stage of
potentially rapid growth.
After making enquiries and preparing forecasts of trading
results which consider the potential effect on cash of reasonably
foreseeable sales variances, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the annual report and financial statements.
The preliminary results for the year ended 31 December 2012 have
been approved by the Directors on 3 April 2013. Our auditors have
issued an unqualified audit report on the results for the year
ended 31 December 2012.
5. Annual Report and Accounts
Copies of the Annual Report will be posted to shareholders
shortly and together with this document will be available on the
Company's website, www.cleanairpower.com and from the Company's
registered office at Clarendon House, 2 Church Street, Hamilton HM
11, Bermuda and from the Company's UK office at Aston Way, Leyland,
Lancashire, PR26 7UX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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