-- 30MW Co-development Agreement: Reforce Energy signed a
co-development agreement in January 2013 with a private landowner
for three windfarm projects located in the North west of Ireland
with a minimum capacity of 10MWs each. The planning process for
these projects has already started and a formal submission will be
made in October 2013.
-- Other wind projects: The Group intends to finance groups of
small-scale projects together, thereby creating a small-scale wind
portfolio. Pluckanes, Altilow and Moneygorm will be the first of
such portfolios into which further projects can be added.
In addition to the above, the Group has made advances in other
areas, including:
-- Small-scale solar projects: Two projects are already planning
approved, with a plan to install and commission these during 2013.
There are further opportunities for solar projects within the
existing pipeline.
-- Anaerobic Digestion ("AD"): Planning has been approved with
waste permits in place Cork and Kerry AD 500kW projects. The Board
will review these projects pending the review of government support
scheme and project economies. At least two UK AD projects will be
brought forward in 2013.
Outlook
Against the positive backdrop of the successful balance sheet
restructuring, the sale of electricity from the Newry Biomass plant
and the progress made with the Group's portfolio of development
projects, the Company will continue to develop and review its
project pipeline and focus on its funding requirements including
raising additional project debt and project equity in 2013 and
securing additional funds to continue with its activities and its
planned development program.
The Board believes that the outlook for the Company is positive
and that Kedco has the right strategy, the right management team
and the right project portfolio to deliver sustained shareholder
value into the future.
Dermot O'Connell Gerry Madden
Non-Executive Chairman Chief Executive Officer
Kedco plc
Condensed Consolidated Income Statement
for the six months ended 31 December 2012
(Restated)
6 months ended 6 months ended
Notes 31 Dec 2012 31 Dec 2011
Continuing operations: EUR EUR
Revenue 5 1,764,791 7,380,542
Cost of sales (1,764,791) (7,258,735)
--------------- ---------------
Gross profit - 121,807
Operating expenses
Administrative expenses (760,313) (698,822)
(Losses)/gains on foreign exchange (144,728) 343,689
Revision of accounting estimates - 250,297
Other operating income 9,000 2,100
--------------- ---------------
Operating (loss)/profit (896,041) 19,071
Finance costs (125,933) (521,946)
Share of losses on joint ventures
after tax 9 (20,208) (190,437)
Finance income - 236
--------------- ---------------
Loss before taxation 5 (1,042,182) (693,076)
Income tax expense 6 - -
--------------- ---------------
Loss for the period from continuing
operations (1,042,182) (693,076)
--------------- ---------------
Discontinued operations
Profit for the period from discontinued
operations 13 164,322 326,380
Loss recognised on disposal
of subsidiary 13 (8,866) -
--------------- ---------------
155,456 326,380
--------------- ---------------
Loss for the period (886,726) (366,696)
=============== ===============
(Loss)/Profit attributable to:
Owners of the Company (919,591) (431,972)
Non-controlling interest 32,865 65,276
--------------- ---------------
(886,726) (366,696)
=============== ===============
6 months 6 months ended
ended
31 Dec 2012 31 Dec 2011
EUR EUR
Euro per Euro per share
share
Basic loss per share:
From continuing and discontinued
operations 7 (0.002) (0.001)
From continuing operations 7 (0.002) (0.003)
Diluted loss per share:
From continuing and discontinued
operations 7 (0.001) (0.001)
From continuing operations 7 (0.002) (0.002)
Kedco plc
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2012
(Restated)
6 months ended 6 months ended
31 Dec 2012 31 Dec 2011
EUR EUR
Loss for the financial period (886,726) (366,696)
Other comprehensive income
and expense
Elimination of profit recognised
in prior year from jointly
controlled entity that was (256,358) -
acquired as a subsidiary in
current period
Exchange differences arising
on retranslation
of foreign operations 51,185 (194,261)
--------------- ---------------
Total comprehensive income
and expense
for the period (1,091,899) (560,957)
=============== ===============
Attributable to:
Owners of the company (1,124,764) (626,233)
Non-controlling interests 32,865 65,276
--------------- ---------------
(1,091,899) (560,957)
=============== ===============
Kedco plc
Condensed Consolidated Statement of Financial Position
As at 31 December 2012
As at As at
Notes 31 Dec 2012 30 June
2012
ASSETS EUR EUR
Non-current assets
Goodwill 10 2,342,501 -
Property, plant and equipment 757,739 757,329
Share of net assets of jointly controlled
entities 9 246,539 -
Financial assets 8 6,517,534 7,608,687
Total non-current assets 9,864,313 8,366,016
------------- -------------
Current assets
Inventories - 50,000
Amounts due from customers under construction
contracts 790,267 1,355,212
Trade and other receivables 714,014 1,605,518
Cash and cash equivalents 433,843 144,764
------------- -------------
1,938,124 3,155,494
Assets classified as held for resale - 6,584,239
------------- -------------
Total current assets 1,938,124 9,739,733
------------- -------------
Total assets 11,802,437 18,105,749
============= =============
EQUITY AND LIABILITIES
Equity
Share capital 11 12,176,200 4,106,808
Share premium 19,097,472 19,375,525
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