TIDMPPC
RNS Number : 7137A
President Energy PLC
27 September 2022
27 September 2022
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Unaudited Half Year Results for H1 2022
Current trading
President (AIM:PPC), the oil and gas upstream company with a
diverse portfolio of production and exploration assets focused
primarily in Latin America, announces its unaudited half year
results for the six months ended 30 June 2022.
Selected Results Summary
All numbers in US$ '000 unless stated H1 2022 H1 2021
Profit / (loss) after tax but before
non-cash items 5,620 (2,132)
-------- --------
Adjusted EBITDA 5,678 4,536
-------- --------
Free cash flow generation from core
operations 6,805 6,192
-------- --------
Revenue 17,632 17,104
-------- --------
Average daily production, boe (oil
& gas) 1,969 2,648
-------- --------
Average realised price per boe (US$) 53.4 39.6
-------- --------
Group net debt 29,242 16,746
-------- --------
Administrative expenses US$ per boe 4.9 4.0
-------- --------
Well operating costs US$ per boe 20.3 15.4
-------- --------
Corporate and Financial Summary
-- Profit after tax before non-cash items* of US$5.6 million (H1 2021 loss of US$2.1 million)
-- Group turnover of US$17.7 million (H1 2021 US$17.1 million)
-- Free cash flow from core operations of US$6.8 million up 10%
over the same period in 2021 (H1 2021 US$6.2 million)
-- Adjusted EBITDA of US$5.7 million up 25% over the same period in 2021
-- Third party financial borrowings in Argentina non-recourse to
Group of US$22.9 million (H1 2021 US$5.9 million) with such
increased borrowings arising from material new capex spending,
including drilling and investments made in Argentina. All debt in
Argentina being serviced in accordance with terms. Group debt of
US$11.3 million (H1 2021 US$11.4 million) to the UK parent is
covenant lite, long-term debt from IYA, an affiliate of the largest
shareholder and Chairman under an open line of credit
-- Mark to market value of holding in Atome Energy PLC as at 20
September 2022 of GBP9.8m (2021: nil) all of which is not shown in
the accounts due to the vagaries of accounting reporting
standards
-- Due to currency exchange restrictions in Argentina, the
amount paid back to the UK by its Argentina subsidiary was, and
still is, limited to servicing interest for part of the
intercompany loan with no capital repayments currently permitted by
law. By way of illustration, currently this monthly interest
payment back to Group amounts to some US$ 115k
Operational Summary
-- Average Group net daily production in the period of 1,969
boepd, down 26% on the previous year, impacted by production
outages in Argentina, delay in new wells coming on-stream and
Louisiana being offline for more than half of the period
-- Group production split 69% oil and 31% gas (H1 2021: 64% oil and 36% gas)
-- Group well operating costs per boe in the core Argentine
business increased by 27% over same period last year due to lower
production
-- In Louisiana, disappointing issues with workovers and
procuring of equipment resulted in no material contribution to
results in the period with wells shut-in for more than half the
period and sub-optimal flow levels for a longer period.
Accordingly, during that period of inactivity, no monies were
repaid to the Group and in fact, over US$ 1 million was paid by the
Group out of central resources in connection with workover
activities
-- In Paraguay, work continued in relation to preparation for
drilling of the exploration well with our partner CPC, the State
Energy Company of Taiwan
-- Green House Capital has been created with the purpose of
becoming the alternative energy division of President. That
division has taken first steps with potential Lithium
investment
-- Average price per barrel received during the Period was US$
64.75 in Argentina and US$104.44 in Louisiana
Current trading and developments
-- Further to the recent fire in our Puesto Flores Facility in
Rio Negro Argentina as announced on 11 August, the disruption has
impacted on production from the Puesto Flores oil field in August
and September with full and normal production there expected in the
first part of October. The Company has insurance coverage and there
were no injuries to personnel
-- All other of the Company's fields in Rio Negro, including gas
production, and Puesto Guardian have continued to produce normally
without disruption, with Salta, Argentina, production for August
showing an increase of over 70 % compared to the level of
production as at 1 January 2022
-- Sales price for oil in Argentina improving with current price
receivable in Rio Negro approximately US$65 per barrel and in Salta
US$68. The recent reduction in international oil prices has to date
not affected these levels
-- At the current time, the Company has no visibility as to when
principal loan repayments can start to be made to the Group from
Argentina with timing completely out of the hands of President
-- In Louisiana full production is now expected to resume in
October after final installation of the necessary gas lift
equipment with the wells having being offline for approximately 90%
of the time since the start of H2 2022 due to complications in
finalising agreements for the gas buyback and sourcing available
barges. Once online, profits can start to be repatriated to the
Group
-- In September new management in Louisiana have been installed
at operational level which has started to have a noticeable effect
in moving things forward. Until such a time as full production is
re-started it is imprudent to project steady state levels of flow
as this will be the first time that gas lift will be utilised in
the Triche well albeit, in theory, this is designed to stabilise
and enhance production levels and mitigate the annoying stop start
of recent periods.
-- In Paraguay, preparations for the new exploration well have
continued satisfactorily with all contractual payments by the
partner being paid on time and good relations enjoyed. The position
with the Rig contract remains to be fully resolved due to internal
complications with the current owner although this is expected to
be resolved by the end of November. At that stage, a spud date will
be determined
-- Green House Capital having taken first steps in relation to
Lithium in Argentina and is now seeking to expand its interests in
alternative energies and related technologies outside of that
country . This is an ongoing process.
-- The name of the Company is proposed to be changed to
Molecular Energies PLC together with consolidation of shares and
increase in authorities. General Meeting of shareholders due to be
held on 29 September 2022 .
Commenting on today's announcement, Peter Levine, Chairman
said:
"President has delivered a period of solid profits but we
recognise the difficulties of the Group's current reliance on
cashflow from its Argentine centric main business when it is not
possible to repatriate such profits to Group level. The formation
of Green House Capital, which intends to replicate the success of
the Atome transaction for the benefit of President shareholders, is
the first step in a diversification programme that is subject to
active internal debate.
"The disruption in hydrocarbon production in Argentina and
Louisiana has not in any event been helpful to our existing
business the effect of which is being felt in the second part of
this year. I have ordered action and change at country, field and
local management level to get us back on a consistent growth path
which is a necessity in any event. Notwithstanding my continuing
financial support for what will soon be Molecular Energies through
my private investment group, reducing the Group debt level
including at parent level is a priority over the next months. This
will place the Group in a stronger position whilst supporting its
evolution into more fertile fields of business where the prospects
are re-invigorating and exciting after the frustrating and
unrewarding battles of the last years.
"The change of name, image and related matters including the
creation of Green House Capital are evidence of our determination
to carry out the evolution as soon as possible. The appreciation of
approximately 30% in the Atome Energy share price since the start
of the year achieved with the right management team we put in place
is beneficial to our investment assets and is a precedent pointing
to our capability to enhance shareholder value by our evolved
strategy.
"The Group has a solid base, is profitable on a post-tax basis
excluding non-cash items and is operationally cash-flow positive.
As the board continues to implement its new strategy we look
forward to our future as Molecular Energies PLC capitalising and
repeating the success of Atome with a significant originated value
generation for shareholders".
Peter Levine
Chairman
27 September 2022
* Adjusted EBITDA means Operating Profit before depreciation,
depletion and amortisation, adjusted for non-cash share-based
expenses and certain non-recurring items. Non-recurring items
include where relevant workovers.
* Profit after tax after non-cash items which comprise
depletion, depreciation, amortisation, impairment, non-operating
gains/losses and deferred tax.
* Cost per boe metrics are adjusted for costs management
consider are exceptional and non-recurring in nature
* Free cash flow from core operations is defined in the 2021
Annual Report. The treasury income which has been included is the
exchange (losses)/gains on cash and cash equivalents as detailed in
the Consolidated Statement of Cashflows
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014.
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and the
Angostura exploration contract, all of which are situated in the
Río Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
It has also a 27.9% investment interest in Atome Energy PLC a
green hydrogen and ammonia producer whose shares are traded on AIM
of the London Stock Exchange.
With a strong strategic and institutional base of support,
including the international commodity trader and logistics company
Trafigura, an in-country management team as well as the Chairman
whose interests as the largest shareholder are aligned to those of
its shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
For further information, please visit www.presidentenergy.com or
contact:
President Energy PLC +44 (0)20 7016 7950
Rob Shepherd, Finance Director info@presidentpc.com
Nikita Levine, Investor Relations
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0)20 7220 0500
Tavistock (financial PR)
Simon Hudson, Nick Elwes, Charles Baister +44 (0)20 7920 3150
Glossary of terms
Boe(pd) Barrels of oil equivalent (per day)
Bopd Barrels of oil per day
DDA Depletion, depreciation and. amortisation
EV Enterprise value meaning market capitalisation plus debt
MMbbls Million barrels of oil
MMboe Million barrels of oil equivalent
MMBtu Million British Thermal Units (gas)
M(3) /d Cubic metres of production of gas or oil per day (as the case may be)
Condensed Consolidated Statement of Comprehensive Income
Six months ended 30 June 2022
6 months 6 months Year to
to 30
to 30 June June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Note US$000 US$000 US$000
Continuing Operations
Revenue 17,632 17,104 34,147
Cost of sales
Depletion, depreciation & amortisation (4,374) (5,108) (11,374)
Other cost of sales (11,026) (11,493) (22,057)
------------ ------------ ----------
Total cost of sales 3 (15,400) (16,601) (33,431)
------------ ------------ ----------
Gross profit/(loss) 2,232 503 716
Administrative expenses 4 (1,741) (1,942) (5,764)
Operating gain/(loss) 500 - -
Operating profit / (loss) before
impairment charge
------------ ------------ ----------
and non-operating gains / (losses) 991 (1,439) (5,048)
Presented as:
Adjusted EBITDA 5,678 4,536 7,526
Non-recurring items (199) (581) (751)
EBITDA excluding share options 5,479 3,955 6,775
Depreciation, depletion & amortisation (4,415) (5,134) (11,456)
Share based payment expense (73) (260) (367)
Operating profit / (loss) 991 (1,439) (5,048)
------------------------------------------ ----- ------------ ------------
Impairment charge 5 - - (51)
Profit / (loss) in associate undertaking (25) - -
Non-operating gains /(losses) 6 351 2 14,494
Profit/(loss) after impairment
and non-operating
------------ ------------ ----------
gains and (losses) 1,317 (1,437) 9,395
Finance income 7 3,259 855 1,633
Finance costs 7 (3,045) (2,418) (5,324)
Profit / (loss) before tax 1,531 (3,000) 5,704
Income tax (charge)/credit
Current tax income tax (charge)/credit - - -
Deferred tax being a provision
for future taxes 2,036 (376) (1,125)
Total income tax (charge)/credit 2,036 (376) (1,125)
Profit/(loss) for the period
from continuing operations 3,567 (3,376) 4,579
Other comprehensive income
Total comprehensive profit/(loss)
for the period
attributable to the equity holders
of the Parent Company 3,567 (3,376) 4,579
============ ============ ==========
Earnings/ (loss )per share from
continuing operations US cents US cents US cents
Basic earnings/ (loss) per share 8 0.17 (0.17) 0.23
Diluted earnings / (loss) per
share 8 0.17 (0.17) 0.22
============ ============ ==========
Condensed Consolidated Statement of Financial Position
As at 30 June 2022
30 June 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
ASSETS Note
Non-current assets
Intangible exploration and evaluation
assets 9 54,304 52,794 54,304
Goodwill 705 705 705
Investment in associate - - 25
Property, plant and equipment 9 74,071 56,787 59,148
------------ ------------ ----------
129,080 110,286 114,182
Deferred tax 356 507 350
Other non-current assets 103 103 103
129,539 110,896 114,635
------------ ------------ ----------
Current assets
Trade and other receivables 10 7,350 6,299 11,887
Inventory - 1,336 1,336
Cash and cash equivalents 4,970 555 2,014
12,320 8,190 15,237
------------ ------------ ----------
TOTAL ASSETS 141,859 119,086 129,872
============ ============ ==========
LIABILITIES
Current liabilities
Trade and other payables 11 22,891 14,897 17,424
Borrowings 12 12,521 1,584 7,014
35,412 16,481 24,438
------------ ------------ ----------
Non-current liabilities
Trade and other payables 11 4,059 4,631 4,580
Long-term provisions 7,963 6,985 7,480
Borrowings 12 21,691 15,717 22,250
Deferred tax 253 1,691 2,283
33,966 29,024 36,593
------------ ------------ ----------
TOTAL LIABILITIES 69,378 45,505 61,031
============ ============ ==========
EQUITY
Share capital 36,179 35,868 36,179
Share premium 48 258,162 48
Translation reserve (50,240) (50,240) (50,240)
Profit and loss account 78,712 (178,007) 75,145
Other reserve 7,782 7,798 7,709
TOTAL EQUITY 72,481 73,581 68,841
============ ============ ==========
TOTAL EQUITY AND LIABILITIES 141,859 119,086 129,872
============ ============ ==========
Condensed Consolidated Statement of Changes in Equity
Share Share Translation Profit Other Total
capital premium reserve and loss reserve
account
US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 January
2021 35,708 257,992 (50,240) (174,631) 7,538 76,367
--------- ---------- ------------ ---------- --------- ---------
Share-based payments - - - - 260 260
Subscriptions 160 170 - - - 330
Transactions with owners 160 170 - - 260 590
Loss for the period - - - (3,376) - (3,376)
Total comprehensive
income/(loss) - - - (3,376) - (3,376)
Balance at 30 June 2021 35,868 258,162 (50,240) (178,007) 7,798 73,581
Share-based payments - - - - 107 107
Debt conversion 82 58 - - - 140
Subscription 81 84 - - - 165
Exercise of options 148 48 - - (196) -
Capital reduction - (258,304) - 258,304 -
Dividend in specie - - - (13,130) (13,130)
Transactions with owners 311 (258,114) - 245,174 (89) (12,718)
Profit for the period - - - 7,955 - 7,955
Exchange differences on
translation - - 23 - - 23
Reclassified to profit
and loss - - (23) 23 - -
Total comprehensive
income/(loss) - - - 7,978 - 7,978
Balance at 1 January
2022 36,179 48 (50,240) 75,145 7,709 68,841
Share-based payments - - - - 73 73
Transactions with owners - - - - 73 73
Loss for the period - - - 3,567 - 3,567
Total comprehensive
income/(loss) - - - 3,567 - 3,567
Balance at 30 June 2022 36,179 48 (50,240) 78,712 7,782 72,481
========= ========== ============ ========== ========= =========
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2022
6 months 6 months Year to
to 30
June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Cash flows from operating activities
- (Note 13)
Cash generated/(consumed) by operations 8,639 3,571 11,078
Interest received 83 39 145
Taxes paid - - -
8,722 3,610 11,223
------------ ------------ ----------
Cash flows from investing activities
Expenditure on exploration and evaluation
assets - (91) (1,652)
Expenditure on development and production
assets
(excluding increase in provision for
decommissioning) (10,021) (2,446) (19,431)
Expenditure on decommissioning costs - - -
Proceeds from asset sales - 31 29
Proceeds from Paraguay farm out - - 4,000
Acquisition & licence extension in
Argentina - (284) (284)
Release of bond with state authorities - - (1)
(10,021) (2,790) (17,339)
------------ ------------ ----------
Cash flows from financing activities
Proceeds from issue of shares (net
of expenses) - 330 495
Loan drawdown 8,120 1,410 11,731
Repayment of borrowings (3,018) (1,965) (3,130)
Payment of loan interest and fees (1,539) (857) (1,338)
Repayment of obligations under leases (703) (638) (1,332)
2,860 (1,720) 6,426
------------ ------------ ----------
Net increase/(decrease) in cash and
cash equivalents 1,561 (900) 310
Opening cash and cash equivalents at
beginning of year 2,014 1,144 1,144
Exchange (losses)/gains on cash and
cash equivalents 1,395 311 560
Closing cash and cash equivalents 4,970 555 2,014
============ ============ ==========
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2022
1 Nature of operations and general information
President Energy PLC and its subsidiaries' (together, "the
Group") principal activities are the exploration for and the
evaluation and production of oil and gas.
President Energy PLC is the Group's ultimate parent company. It
is incorporated and domiciled in England. The Group has onshore oil
and gas production and reserves in Argentina and the USA. The Group
also has onshore exploration assets in Paraguay and Argentina. The
address of President Energy PLC's registered office is Carrwood
Park, Selby Road, Leeds, LS15 4LG. President Energy PLC's shares
are listed on the Alternative Investment Market of the London Stock
Exchange.
These condensed consolidated interim financial statements (the
interim financial statements) have been approved for issue by the
Board of Directors on 26(th) September 2022. The financial
information for the year ended 31 December 2021 set out in this
interim report does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The financial information
for the six months ended 30 June 2022 and 30 June 2021 was neither
audited nor reviewed by the auditor. The Group's statutory
financial statements for the year ended 31 December 2021 have been
filed with the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498(2) or (3) of the Companies Act 2006
2 Basis of preparation
The interim financial statements 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 for the year ended 31 December 2021, which
have been prepared under IFRS.
These financial statements have been prepared under the
historical cost convention, except for any derivative financial
instruments which have been measured at fair value. The accounting
policies adopted in the 2022 interim financial statements are the
same as those adopted in the 2021 Annual report and accounts.
6 months 6 months Year to
to 30 to 30
June June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
3 Cost
of Sales
Depreciation 4,374 5,108 11,374
Royalties & production
taxes 3,575 3,535 6,031
Well operating costs 7,451 7,958 16,026
15,400 16,601 33,431
============ ============ ==========
4 Administrative expenses
Directors and staff cost 1,102 1,306 2,530
Share-based payments 73 260 367
Depreciation 41 26 82
Other 525 350 2,785
1,741 1,942 5,764
============ ============ ==========
5 Impairment (credit) / charge
Matorras & Ocultar in Argentina
(intangible) - - 51
- - 51
============ ============ ==========
6 Non-operating (gains) / losses
Gain on dividend in specie
of Atome shares - - (13,130)
Reversal of provision for
doubtful taxes - 29 -
Arising on lease modifications 4 - (18)
Other (gains) / losses (355) (31) (29)
Gain on Atome transition
to an associate investment - - (1,317)
(351) (2) (14,494)
============ ============ ==========
7 Finance income & costs
Interest income 83 39 145
Exchange gains 3,176 816 1,488
Finance income 3,259 855 1,633
============ ============ ==========
Interest & similar charges 3,045 2,418 5,324
Finance costs 3,045 2,418 5,324
============ ============ ==========
8 Earnings / (loss) per share
Net profit / (loss) for
the period attributable
to the equity holders
of the
Parent Company 3,567 (3,376) 4,579
============ ============ ==========
Number Number Number
'000 '000 '000
Weighted average number
of shares in issue 2,058,074 2,030,951 2,031,855
============ ============ ==========
Earnings /(loss) per share US cents US cents US cents
Basic 0.17 (0.17) 0.23
Diluted 0.17 (0.17) 0.22
============ ============ ==========
9 Non-current assets
Property
Plant
E&E and Total
Assets Equipment
US$000 US$000 US$000
Cost
At 1 January 2021 145,124 147,289 292,413
Additions 91 5,968 6,059
Acquisition in USA - - -
Right of use assets (IFRS16) - 1,464 1,464
At 30 June 2021 145,215 154,721 299,936
Additions 1,510 8,732 10,242
Disposals - (256) (256)
At 1 January 2022 146,725 163,197 309,922
Additions - 18,961 18,961
Right of use assets (IFRS16) - 377 377
At 30 June 2022 146,725 182,535 329,260
======== ========== ========
Depreciation/Impairment
At 1 January 2021 92,421 92,800 185,221
Charge for the period - 5,134 5,134
-------- ---------- --------
At 30 June 2021 92,421 97,934 190,355
Impaired - - -
Disposals - (207) (207)
Charge for the period - 6,322 6,322
-------- ---------- --------
At 1 January 2022 92,421 104,049 196,470
Impaired - - -
Charge for the period - 4,415 4,415
At 30 June 2022 92,421 108,464 200,885
======== ========== ========
Net Book Value 30 June 2022 54,304 74,071 128,375
======== ========== ========
Net Book Value 30 June 2021 52,794 56,787 109,581
======== ========== ========
Net Book Value 31 December 2021 54,304 59,148 113,452
======== ========== ========
30 June 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
10 Trade and other receivables
Trade and other receivables 6,092 6,155 6,406
Due from Atome - - 1,291
Prepayments 1,258 144 4,190
7,350 6,299 11,887
============ ============ ==========
11. Trade and other payables
Current
Trade and other payables 9,176 8,997 10,679
Drilling, workover and
operation accruals 8,268 5,026 1,959
Paraguay drilling obligations
and accruals 4,251 - 4,000
Current portion of leases 1,196 874 786
22,891 14,897 17,424
============ ============ ==========
Non-current
Non-current trade and other
payables 2,409 1,990 2,399
Non-current portion of
leases 1,650 2,641 2,181
4,059 4,631 4,580
============ ============ ==========
Total carrying value 26,950 19,528 22,004
============ ============ ==========
12 Borrowings
Current
Bank loan 1,680 84 2,053
Promissory notes & bonds 10,841 1,500 4,961
12,521 1,584 7,014
Non-Current
IYA Loan 11,289 11,442 11,284
Bank loan 2,342 4,275 2,016
Promissory notes & bonds 8,060 - 8,950
21,691 15,717 22,250
------------ ------------ ----------
Total carrying value of
borrowings 34,212 17,301 29,264
============ ============ ==========
13 Reconciliation of operating profit to net
cash outflow from operating activities
6 months 6 months Year to
to 30 to 30
June June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Profit/(loss) from operations before
taxation 1,531 (3,000) 5,704
Interest on bank deposits (83) (39) (145)
Interest payable and loan fees 3,045 2,418 5,324
Depreciation and impairment of property,
plant and equipment 4,415 5,134 11,456
Impairment charge - - 51
Loss on associate investment 25 - -
Gain on non-operating transaction (351) (2) (14,494)
Share-based payments 73 260 367
Foreign exchange difference (3,176) (816) (1,488)
Operating cash flows before movements
in working capital 5,479 3,955 6,775
(Increase)/decrease in receivables 1,638 (1,933) (2,430)
(Increase)/decrease in inventory 1,687 - -
(Decrease)/increase in payables (165) 1,549 6,733
Net cash generated by/(used in)
operating activities 8,639 3,571 11,078
============= ============= ==========
14 Atome Energy plc
6 months 6 months Year to
to 30 to 30
June June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Selected key financial extracts US$000 US$000 US$000
Group Statement of Comprehensive
Income
Include in Administrative expense - - (1,397)
Gain / (loss) on Atome associate
investment (25) - 1,317
Gain on dividend in specie of Atome
shares - - 13,130
(25) - 13,050
============ ============ =============
Group Statement of Financial position
Non-current Investment in associate
at cost - - 25
============ ============ =============
Current receivable due from Atome - 405 1,291
============ ============ =============
Company Profit & Loss Statement
Gain on dividend in specie of Atome
shares - - 13,096
Gain arising on mark to market of
investment 1,600 - 10,150
Foreign exchange loss on valuation
of investment (1,020) - -
580 - 23,246
============ ============ =============
Company Statement of Financial position
Investment in Atome Energy plc at
market value 10,755 - 10,175
============ ============ =============
-ends-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BCGDCXXDDGDL
(END) Dow Jones Newswires
September 27, 2022 02:01 ET (06:01 GMT)
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Molecular Energies (LSE:MEN)
Historical Stock Chart
From Jul 2023 to Jul 2024
