TIDMCAP
RNS Number : 3193C
Clean Air Power Limited
14 March 2014
Clean Air Power Limited
("Clean Air Power" or "the Company")
Preliminary Announcement of Results for the year ended 31
December 2013
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
2013.
Financial Highlights
-- Group revenue increased by 25% to GBP9.93m (2012: GBP7.94m)
-- Revenue from Dual-Fuel(TM) division increased by 24% to GBP8.23m (2012: GBP6.64m)
-- Gross profit increased to GBP4.37m (2012: GBP3.52m) driven by
Dual-Fuel(TM) systems and development revenue
-- Gross margin maintained at 44%
-- GBP4.00m in cash at 31 December 2013 (GBP3.20m as at 31 December 2012)
-- GBP5.10m equity raise (gross) successfully completed in
August 2013 with participation by two new strategic investors:
Ervington Investments Ltd, the ultimate beneficial owner of which
is Roman Abramovich, and Ms Zara Shvidler
Operational Highlights
-- 387 Dual-Fuel(TM) systems sold (2012: 300)
-- Co-operation agreement signed with Ricardo Inc. in September
2013 for the development of Dual-Fuel engines for potential OEM
partners significantly increasing capacity to bring new products to
market
-- Significant US development contract confirmed for
approximately GBP1.7m to support US Genesis-EDGE development -
funds provided by the California Energy Commission ('CEC')
-- Prototype US Genesis-EDGE product exhibited in June 2013 at
the Alternative Clean Transportation EXPO in Washington DC, the
largest alternative fuels vehicle exhibition in the world
-- Agreement reached with UPS in August 2013 to support fleet
trials for the US Genesis-EDGE product on 10 UPS vehicles ahead of
2014 planned launch
-- Two year funded research project commenced in January 2013 in
partnership with Brunel University aimed at developing the next
generation of advanced Dual-Fuel combustion system
-- Trials of Euro 5 Genesis-EDGE product commenced in December
2013 in Russia ahead of planned launch in 2014
Post Period End
-- The Ricardo cooperation delivered first revenue: a funded
concept study with a global truck manufacturer to develop a
Dual-Fuel engine for a South East Asian market
-- Further order received in February 2014 for 50 Genesis-EDGE
systems from Sainsbury's, a major supermarket in the UK, bringing
their Dual Fuel fleet to more than 100 trucks
-- Further GBP0.50m order for 19 Genesis-EDGE systems received
in February 2014 from global parcel company in the UK also bringing
their Dual Fuel fleet to more than 100 trucks
-- Components order for GBP0.30m received in February 2014 to
supply gas injectors for global truck manufacturer's new product
launch into Russia
Financial Headline Results
Year Ended Year Ended
31 December 2013 31 December 2012
GBP'000 GBP'000
---------------------------- ----------------- -----------------
Group Revenue 9,930 7,942
Operating Loss (1,997) (2,221)
Loss after tax (1,675) (2,220)
Basic and diluted loss per
share (0.85p) (1.53p)
Commenting on Clean Air Power's full year results, John Pettitt,
CEO said:
"In 2013 Clean Air Power has delivered a strong performance, in
line with market expectations, driven largely by the sales growth
of our European products. In 2014 we intend to launch our Dual Fuel
products into the US and Russian markets where domestic natural gas
reserves provide a strong driver for adoption and where we believe
there is latent demand.
Clean Air Power is established as a global leader in Dual Fuel
technology and we are very encouraged by the tangible progress and
further opportunities generated by our Ricardo cooperation
agreement. This will allow us to develop more products more quickly
to address the global growing demand that is evident from both
manufacturers and operators."
For further details please contact
Clean Air Power Citigate Dewe Cantor Fitzgerald Peat & Co (Joint
Ltd Rogerson Europe Broker)
(Nominated Adviser
& Joint Broker)
---------------- ------------------ ------------------------- -----------------
John Pettitt Chris Gardner Mark Percy/David Foreman Charlie Peat
(Corporate Finance)
---------------- ------------------ ------------------------- -----------------
Peter Rowse Malcolm Robertson David Banks/Paul Jewell Andy Cuthill
(Corporate Broking)
---------------- ------------------ ------------------------- -----------------
Tel: +44 1772 Tel : +44 20 Tel: +44 20 7894 7000 Tel: +44 20 3540
624499 7282 2867 1721
---------------- ------------------ ------------------------- -----------------
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 refuelling 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
I am pleased to report that 2013 has been a year of good
progress for Clean Air Power with Group revenues increasing by 25%
to GBP9.93m. Growing interest in our European products resulted in
a total of 387 sales of our Dual-Fuel(TM) systems, a combination of
both our own Genesis-EDGE product and sales to our European OEM
(Original Equipment Manufacturer) partner.
We were pleased with this acceptance of our Genesis-EDGE product
by operators in Europe where increasing interest amongst fleet
operators has resulted in significantly increased sales. This is
despite some constraints on the production levels of Dual-Fuel
vehicles by our European OEM partner ahead of the introduction of
Euro 6 emissions standards in Europe in 2014. However, the high
level of Euro 5 vehicle purchases made by operators at the end of
2013 has also led to an increased supply of vehicles available to
retrofit in 2014.
Having gained success entering the European market with an OEM
partnership and a Genesis-EDGE retro-fit product, much of our
engineering activity during the year has focused on the development
of a Genesis-EDGE product for the North American market. North
America has abundant domestic natural gas resources and powerful
economic, environmental and energy security drivers to use this gas
as opposed to imported oil. We intend to distribute and install our
US Genesis-EDGE product using truck dealers for a major global
truck OEM company. In doing so we access a wide geographical area
with a variable cost sales and installation resource. Discussions
with these dealers are progressing well.
In June 2013 we exhibited our Genesis retro fit product at the
Alternative Clean Transportation (ACT) EXPO. We generated a high
level of interest at the show that led to an agreement with UPS for
our Genesis conversions being installed on 10 of their trucks for
testing and optimisation. These installations commenced service in
December 2013 and initial feedback has been very positive.
We are encouraged by the public statements made by President
Obama and President Putin confirming firm intention to increase the
use of their respective domestic natural gas reserves in order to
reduce reliance on imported oil.
Accordingly, we have taken significant steps to develop the
growing Russian market where the Government has set out ambitious
plans to encourage the use of natural gas as a road fuel throughout
the country. Our plans include relatively prudent sales volumes for
Russia during this initial launch year with a stronger ramp up in
2015 and thereafter.
Important new strategic investors were attracted in the equity
fundraising in August 2013, which raised a further GBP5m before
expenses. Ervington Investments Ltd, whose beneficial owner is
Roman Abramovich, and Ms Zara Shvidler, committed to subscribe if
necessary for the whole GBP5m, but were scaled back due to
significant institutional interest. They now each hold
approximately 1.5% of the enlarged share capital of the
Company.
Our clear medium term goal remains to develop new OEM
relationships and this strategy has been greatly enhanced by the
co-operation agreement signed with Ricardo Inc in September. This
five year agreement provides additional credibility, expertise and
variable cost engineering resource as we seek to accelerate the
adoption of our technology by global manufacturers. The funded
concept study with a South East Asian global truck manufacturer to
develop a Dual-Fuel engine is the first tangible result of this
partnership.
In conclusion, I would like to thank John Pettitt and the team
for making 2013 such a successful year in terms of revenue growth
and building a platform for further growth in 2014 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 GBP9.93m (2012: GBP7.94m).
The gross profit margin for the Group remained strong at 44%
(2012: 44%), despite a change in sales mix.
Gross profit increased to GBP4.37m (2012: GBP3.52m) following
strong performance from the flagship Dual-Fuel(TM) division.
Operating losses for the year reduced to GBP1.99m (2012:
GBP2.22m).
Loss per share reduced to 0.85p (2012: 1.53p), following the
issue of new capital.
Cash on hand at 31 December 2013 was GBP4.00m (2012:
GBP3.20m).
Net current assets at 31 December 2013 were GBP5.52m (2012: Net
current assets GBP3.29m), mainly due to higher cash balances
following equity raise in August 2013.
Business Review
Clean Air Power is now demonstrably a leading provider of
Dual-Fuel technology worldwide evidenced by the sales growth of our
European products achieved in 2013, plans to launch Genesis-EDGE
products into the US and Russian markets and the cooperation
agreement entered into with Ricardo.
A total of more than 2,500 vehicles have already been converted
using Clean Air Power's Dual-Fuel(TM) technology in many countries
around the world. These vehicles, along with the successful launch
of an OEM product in partnership with a major European truck
manufacturer, provide strong validation of the quality of our
technology and of the credibility of the Company.
Strategy
The broad strategy for Clean Air Power remains to enter into
agreements with engine or truck manufacturers whereby our
technology is installed in their vehicles as an OEM (interfaced)
option and distributed through their normal sales channels. This
strategy is designed to provide wide market access and the
opportunity for the rapid volume growth that will create real value
for our shareholders.
The relationship that we are developing with Ricardo has put
Clean Air Power in a position to progress this strategy more
quickly than ever before as demonstrated by the recent concept
development agreement signed with a South East Asian OEM.
Our agreement with Ricardo and the progress made this year
developing the US and Russian markets mean that we are well placed
to benefit from the worldwide trend towards the use of natural gas
as a road fuel. In the US and Russia in particular, the low cost of
natural gas compared to diesel and the expansion of the gas
refuelling network is driving demand for natural gas vehicles.
In the short-term, sales of our Genesis-EDGE retrofit system in
Europe along with contributions from the US and Russian markets,
will continue to generate strong revenues for the Group.
Importantly these retrofit sales also validate our technology and
demonstrate to potential OEMs the value of our technology to
vehicle operators.
Dual-Fuel(TM) Division
The majority of our 387 Dual-Fuel(TM) system sales were in
Europe, a mixture of sales to our European OEM partner and our
Genesis EDGE retrofit system sales sold directly to operators. This
part of the business has been showing increasing activity and we
expect that momentum to continue into 2014 as sales of our
Genesis-EDGE retrofit system grow.
The demonstration of our US Genesis-EDGE product at the ACT Expo
in Washington DC created considerable interest and we are on track
to certify the system in the first half of 2014; at which time
sales will commence. We had a similar positive response when our
Euro 5 Genesis EDGE product was exhibited at the GasSuf2013
exhibition in Moscow in October 2013. The first demonstration truck
is now running in Russia and we are progressing towards
homologation by end of Q2 2014.
Components Division
The increasing demand for natural gas vehicles has created new
customers for our range of natural gas components such as
injectors, shut off valves and filters. The recent order to supply
natural gas injectors for a global truck manufacturer will further
enhance the contribution from this division and we intend to
increase the marketing of these products to engine developers and
OEMs.
Outlook
Global demand for natural gas vehicles is growing strongly and
we are seeing increased interest in our products from operators,
and also from a number of global automotive manufacturers.
Our strategy is clear: we need to work with these manufacturers
to develop OEM agreements whereby our technology is adopted and
offered as an OEM option. The partnership with Ricardo has already
delivered tangible results in this area and we intend to explore
further opportunities to commence development projects with other
manufacturers in conjunction with Ricardo.
In the third quarter of 2014 we expect to conclude the concept
development project that is now underway funded by a South East
Asian global truck manufacturer. If the concept phase is
successful, we expect to commence a more substantial second phase
to bring an advanced Dual-Fuel engine to the start of
production.
In 2014 we expect to continue to increase revenues from our
existing retrofit products by increasing sales in Europe and
launching products into the US and Russian markets. We will also
look to enter into new agreements with OEM partners. These OEM
agreements will generate revenues in the medium term, as Clean Air
Power is paid for the engineering services required to apply its
technology to different OEM engines.
In the longer term, Clean Air Power's revenues will be generated
by the sales of parts and software that is installed on
manufacturer's engines into the rapidly expanding global markets
for natural gas vehicles.
The progress made in 2013 has put Clean Air Power in a strong
position to capitalise on the increasing use of natural gas as a
road fuel taking place in many parts of the world. We have a proven
product offering, a valuable strategic partner in Ricardo and a
strong management team with excellent experience. We will continue
to execute our strategy in 2014 and establish new OEM relationships
as well as accessing new markets with our Genesis-EDGE product.
Group Income Statement
Year ended Year ended
Notes 31 December 2013 31 December 2012
------------------------------------------------------------------------ ------ ----------------- -----------------
GBP'000 GBP'000
Revenue 1 9,930 7,942
Cost of sales (5,562) (4,424)
Gross profit 4,368 3,518
Administrative expenses (6,321) (5,710)
Share-based payments charge (44) (29)
Operating loss (1,997) (2,221)
Loss on ordinary activities before finance revenue, finance costs and
taxation (1,997) (2,221)
Finance revenue 9 2
Finance costs (13) (1)
Loss on ordinary activities before taxation (2,001) (2,220)
Income tax credit (Research & Development related) 326 -
Loss for the year attributable to Equity holders of the parent (1,675) (2,220)
----------------- -----------------
Basic and diluted loss per share 2 (0.85p) (1.53p)
----------------- -----------------
All items dealt with in arriving at operating loss above relate to continuing operations.
Group Statement of Comprehensive Income
Year ended Year ended
Notes 31 December 2013 31 December 2012
----------------------------------------------------------------------- ------- ----------------- -----------------
GBP'000 GBP'000
Loss for the year (1,675) (2,220)
Other comprehensive loss to be reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign operations (156) (113)
Total comprehensive loss for the year (1,831) (2,333)
----------------- -----------------
Attributable to:
----------------- -----------------
Equity holders of the parent (1,831) (2,333)
----------------- -----------------
Group Statement of Financial Position
Notes 31 December 2013 31 December 2012
----------------------------------------------------- ------- ----------------- -----------------
GBP'000 GBP'000
Assets
Non-current assets
Plant and equipment 286 235
Intangible assets 4,276 3,658
----------------- -----------------
4,562 3,893
----------------- -----------------
Current assets
Inventories 1,759 1,208
Trade and other receivables 2,755 1,102
Cash and cash equivalents 4,006 3,204
----------------- -----------------
8,520 5,514
----------------- -----------------
TOTAL ASSETS 13,082 9,407
----------------- -----------------
Equity and liabilities
Equity attributable to equity holders of the parent
Ordinary share capital 144 109
Share premium 27,001 22,346
Translation reserve 806 962
Other reserves 33,504 33,504
Accumulated loss (51,421) (49,790)
Total equity 10,034 7,131
----------------- -----------------
Non current liabilities
Trade and other payables 5 11
Provisions 43 43
----------------- -----------------
48 54
----------------- -----------------
Current liabilities
Trade and other payables 1,804 1,715
Provisions 912 425
Deferred revenue 284 82
----------------- -----------------
3,000 2,222
----------------- -----------------
TOTAL LIABILITIES 3,048 2,276
----------------- -----------------
TOTAL EQUITY AND LIABILITIES 13,082 9,407
----------------- -----------------
Group Statement of Cash Flows
Year ended Year ended
Notes 31 December 2013 31 December 2012
--------------------------------------------------- ------- ----------------- -----------------
GBP'000 GBP'000
Cash flows from operating activities
Operating loss for the year (1,997) (2,221)
Adjustments for:
Depreciation of plant and equipment 153 111
Amortisation of intangibles 1,212 1,019
Share-based payments 44 29
Increase in trade and other receivables (1,653) (286)
Increase in trade and other payables 89 665
Increase in inventories (428) (519)
Write back of inventory (124) (19)
Increase in provisions 487 75
Increase/(decrease) in deferred revenue 202 (212)
Non-Cash foreign exchange movements (181) 14
(2,196) (1,344)
Income tax received 326 -
Interest received 9 2
Interest paid (13) (1)
----------------- -----------------
Net cash outflow from operating activities (1,874) (1,343)
----------------- -----------------
Investing activities
Payments to acquire plant and equipment (202) (141)
Sale of plant and equipment 3 (6)
Payments to acquire intangible assets (1,844) (954)
Net cash outflow from investing activities (2,043) (1,101)
----------------- -----------------
Financing activities
Proceeds from the issue of ordinary share capital 5,104 3,357
Share issue costs (414) (145)
Net cash inflow from financing activities 4,690 3,212
----------------- -----------------
Net increase in cash and cash equivalents 773 768
Net foreign exchange differences 29 14
Cash and cash equivalents at 1 January 3,204 2,422
Cash and cash equivalents at 31 December 4,006 3,204
----------------- -----------------
Group Statement of Changes In Equity
Ordinary Share Translation Other Accumulated Total
share premium reserve reserves loss equity
capital
--------------- --------- --------- ------------ --------- ------------ ----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- --------- ------------ --------- ------------ ----------
Balance at 1
January 2012 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
--------------- --------- --------- ------------ --------- ------------ ----------
Comprehensive
income
--------------- --------- --------- ------------ --------- ------------ ----------
Loss for the
year - - - - (1,675) (1,675)
--------------- --------- --------- ------------ --------- ------------ ----------
Other
comprehensive
income
--------------- --------- --------- ------------ --------- ------------ ----------
Exchange
differences
on
retranslation
of overseas
operations - - (156) - - (156)
--------------- --------- --------- ------------ --------- ------------ ----------
Total
comprehensive
loss for the
year - - (156) - (1,675) (1,831)
--------------- --------- --------- ------------ --------- ------------ ----------
Share-based
payments - - - - 44 44
--------------- --------- --------- ------------ --------- ------------ ----------
On issue of
new shares 35 5,169 - - - 5,204
--------------- --------- --------- ------------ --------- ------------ ----------
Share issuance
costs - (514) - - - (514)
--------------- --------- --------- ------------ --------- ------------ ----------
Balance at 31
December 2013 144 27,001 806 33,504 (51,421) 10,034
--------------- --------- --------- ------------ --------- ------------ ----------
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 2013 GBP'000
------------------------------------------- ----------------------------------------------------
Dual-Fuel(TM) Components Adjustments Total
and
eliminations
------------------------------------------- -------------- ----------- ------------- --------
Revenue
Third party sale of goods (1)(7) 7,256 1,704 - 8,960
Third party rendering of services (1)(7) 970 - - 970
Inter-segment (2) 1,785 - (1,785) -
Total revenue 10,011 1,704 (1,785) 9,930
============== =========== ============= ========
Depreciation and amortisation (3) (1,328) (52) 15 (1,365)
Operating loss(4) (2,754) 296 461 (1,997)
Other taxable credit 326
Net finance expense (4)
Loss for the year (1,675)
========
Assets
Operating assets (5) 7,547 989 (16) 8,520
============== =========== ============= ========
Provisions 901 54 - 955
Operating liabilities including provisions 2,753 290 - 3,043
============== =========== ============= ========
Other disclosures
Capital expenditure
(6) 2,046 - - 2,046
========= ========== ============== =================
1. Dual-Fuel(TM) conversion segment includes revenue arising from
development activity
2. Inter-segment revenues are eliminated on consolidation (GBP1,785K)
3. Amortisation eliminated (GBP15K) following transfer of intangible
assets to Clean Air Power Inc.
4. Elimination of intragroup management charges (GBP48K) and intragroup
foreign exchange gains and losses (GBP413K)
5. Adjustment to profit in inventory (GBP16K)
6. Capital expenditure consists of additions to plant and equipment
and intangible assets
7. Revenue from one customer amounted to GBP5,443K arising from
sales related to the Dual-Fuel(TM) and Components segment
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 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 (GBP918K)
3. Depreciation eliminated (GBP19K) following transfer of intangible
assets to Clean Air Power Inc.
4. Elimination of intragroup management charges (GBP64K) and intragroup
foreign exchange gains and losses (GBP22K)
5. Adjustment to profit in inventory (GBP49K)
6. Adjustment to provisions (GBP7K)
7. Capital expenditure consists of additions to plant and machinery
and intangibles
8. Revenue from one customer amounted to GBP2,265K arising from
sales related to the Dual-Fuel(TM) and Components segment
9. In 2012 the Emissions Reduction segment merged with the Components
segment.
Geographical Information
Year ended Year ended
31 December 2013 31 December 2012
Revenues from external customers: GBP'000 GBP'000
UK 904 2,115
USA 2,462 1,969
Australia 596 103
Rest of Europe 5,860 3,749
Rest of World 108 6
----------------- -----------------
9,930 7,942
----------------- -----------------
The revenue information is based on the location of the customer.
Non-current assets
Year ended Year ended
31 December 2013 31 December 2012
GBP'000 GBP'000
UK 1,337 1,633
USA 3,224 2,257
Australia 1 3
4,562 3,893
----------------- -----------------
Non-current assets for this purpose consist of plant and equipment and intangible assets.
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.
2013 2012
GBP'000 GBP'000
----------------------------------- ------------ ------------
Loss for the year (1,675) (2,220)
Weighted average number of shares 196,217,430 145,321,900
Basic and diluted loss per share (0.85p) (1.53p)
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 2013 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
2013. 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 2013 have
been approved by the Directors on 14 March 2014. Our auditors have
issued an unqualified audit report on the results for the year
ended 31 December 2013.
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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