The Group operates in two principal geographical areas: Republic
of Ireland (country of domicile), and the United Kingdom. The
Group's revenue from continuing operations from external customers
and information about its non-current assets* by geographical
location are detailed below:
Revenue from Jointly Non-current assets*
Controlled Entities
and External Customers
(Restated)
6 Months 6 Months As at As at
to to
31 Dec 2012 31 Dec 2011 31 Dec 2012 30 Jun
2012
EUR EUR EUR EUR
Republic of Ireland - 45,608 2,571,224 757,329
United Kingdom 1,764,791 7,334,934 529,016 -
1,764,791 7,380,542 3,100,240 757,329
* Non-current assets excluding financial instruments and
investment in jointly controlled entities.
The management information provided to the chief operating
decision maker does not include an analysis by reportable segment
of assets and liabilities and accordingly no analysis by reportable
segment of total assets or total liabilities is disclosed.
6 months 6 months
ended ended
6. INCOME TAX EXPENSE 31 Dec 2012 31 Dec
2011
Income tax expense comprises: EUR EUR
Current tax - -
Deferred tax - -
Income tax expense recognised in profit - -
or loss
An income tax charge does not arise for the six months ended 31
December 2012 or 31 December 2011 as the effective tax rate
applicable to expected total annual earnings is Nil as the Group
has sufficient tax losses coming forward to offset against any
taxable profits. A deferred tax asset has not been recognised for
the losses coming forward.
(Restated)
7. LOSS PER SHARE 6 months 6 months
ended ended
31 Dec 2012 31 Dec 2011
EUR EUR
Basic (loss)/earnings per share
From continuing operations (0.002) (0.003)
From discontinued operations - 0.002
Total basic loss per share (0.002) (0.001)
Diluted (loss)/earnings per share
From continuing operations (0.002) (0.002)
From discontinued operations 0.001 0.001
Total diluted loss per share (0.001) (0.001)
Basic (loss)/earnings per share
The loss and weighted average number of ordinary shares used in
the calculation of the basic (loss)/earnings per share are as
follows:
6 months 6 months
ended ended
31 Dec 2012 31 Dec 2011
EUR EUR
Loss for period attributable to equity
holders of the parent (886,726) (366,696)
Profit for period from discontinued operations
used in the calculation of basic earnings
per share from discontinued operations 155,456 326,380
Losses used in the calculation of basic
loss per share from continuing operations (1,042,182) (693,076)
Weighted average number of ordinary shares
for
the purposes of basic loss per share 551,919,336 225,281,916
Diluted (loss)/earnings per share
The loss used in the calculation of all diluted earnings per
share measures is the same as those for the equivalent basic
earnings per share measures, as outlined above.
The weighted average number of ordinary shares for the purposes
of diluted loss per share reconciles to the weighted average number
of ordinary shares used in the calculation of basic loss per share
as follows:
6 months 6 months
ended ended
31 Dec 2012 31 Dec 2011
Weighted average number of ordinary
shares used
in the calculation of basic loss per
share 551,919,336 255,281,916
"A" Shares in issue 99,117,952 99,117,952
Weighted average number of ordinary
shares used in the
calculation of diluted earnings per
share 651,037,288 354,399,868
Share warrants which could potentially dilute basic earnings per
share in the future have not been included in the calculation of
diluted earnings per share as they are anti-dilutive for the
periods presented. The dilutive effect as a result of share
warrants in issue as at 31 December 2012 would be to increase the
weighted average number of shares by 37,511,646 (31 December 2011:
32,592,915).
Convertible preference shares which could potentially dilute
basic earnings per share in the future have not been included in
the calculation of diluted earnings per share as they are
anti-dilutive for the periods presented. The dilutive effect as a
result of preference shares in issue as at 31 December 2012 would
be to increase the weighted average number of shares by 3,125,000
(31 December 2011: 3,125,000).
Convertible loans which could potentially dilute basic earnings
per share have not been included in the calculation of diluted
earnings per share as they are anti-dilutive for the periods
presented. The dilutive effect as a result of loans in issue as at
31 December 2012 would be to increase the weighted average of
shares by Nil (31 December 2010: 21,000,000).
As noted in note 14 below, the Kedco Group will be required to
make a further issue of 59,737,418 ordinary shares in Kedco plc to
the former shareholders of Reforce Energy Limited ("Reforce") when
Reforce obtains eight planning permissions for renewable energy
projects from its project pipeline, as part of the agreement to
purchase Reforce. If this transaction had taken place prior to 31
December 2012, they would have affected the calculation of the
weighted average number of shares in issue for the purposes of
calculating both the basic earnings per share and diluted earnings
per share by 9,956,236 (assuming the shares were issued in December
2012).
8. FINANCIAL ASSETS
31 Dec 2012 30 June
2012
EUR EUR
Loans advanced to Jointly Controlled
Entities
Balance at start of period 7,608,687 7,351,666
Loan eliminated as part of acquisition
of jointly (990,000) -
controlled entity
Foreign currency exchange movement (101,153) 257,021
Balance at end of period 6,517,534 7,608,687
9. INVESTMENT IN JOINTLY CONTROLLED ENTITIES
Details of the Group's interests in jointly controlled entities
at 31 December 2012 are as follows:
Name of jointly Country of Shareholding Principal activity
controlled entity incorporation
Newry Biomass Limited Northern Ireland 50%* Energy utility
company
Asdee Renewables Republic of 50% Energy utility
Limited Ireland company
Bridegreen Energy Republic of 50% Energy utility
Limited Ireland company
* Under the terms of the joint venture agreement for Newry
Biomass Limited, the split of the share of profits in the company
are on the basis of (1) the aggregate amount of called up share
capital in the company and (2) the nominal holdings of loan notes
issued by the company. As a result of the loan notes issued by
Newry Biomass Limited in the period ended 31 December 2011, the
share of the profits/losses to which the Group is entitled to is
92%.
Summarised financial information in respect of the group's
interests in jointly controlled entities is as follows:
31 Dec 30 June
2012 2012
EUR EUR
Non-current assets 13,325,399 11,095,301
Current Assets 99,804 4,863,923
Non-current liabilities (6,787,407) (6,892,749)
Current liabilities (6,090,189) (9,705,017)
Net assets/(liabilities) 547,607 (638,542)
Group's share of net assets/liabilities of
jointly controlled entities 246,539 (509,599)
6 months 6 months
ended ended
31 Dec 2012 31 Dec 2011
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