TIDMPPS
RNS Number : 9909B
Proton Power Systems PLC
26 September 2018
Proton Power Systems plc
("Proton", "Proton Power" or the "Company")
Unaudited Interim Results for the six months to 30 June 2018
Proton Power Systems plc (AIM: PPS), the designer, developer and
producer of fuel cells and fuel cell electric hybrid systems, today
announces its unaudited interim results for the six months ended 30
June 2018.
The highlights of the first half of 2018 are detailed in the
Chairman's report which is set out below.
For further information:
Dr. Faiz Nahab, CEO
Roman Kotlarzewski, Group FD
Tel.: +49 (0) 171 950 1128
www.protonpowersystems.com
Stockdale Securities Limited
Nominated adviser and broker
Tel.: +44 (0) 20 7601 6100
Antonio Bossi / David Coaten
www.stockdalesecurities.com
About Proton Motor Fuel Cell GmbH
Proton Motor is an expert in Power Solutions using CleanTech
technologies such as industrial fuel cells, fuel cell and hybrid
systems with more than 20 years of experience in this sector. Based
in Puchheim near Munich, Proton Motor offers complete fuel cell and
hybrid systems from a single source - from the development and
production through the implementation of customized solutions. The
focus of Proton Motor is on back-to-base, for example, for mobile,
marine and stationary applications. The product portfolio consists
of fuel-cell-stacks, base-fuel cell systems, standard complete
systems, as well as customized systems.
Proton Motor serves IT, Telecoms, public infrastructure and
healthcare customers in Germany, Europe and Middle East with power
supply solutions for DC and AC power demand. In addition to power
supply, the SPower product range also offers solutions for Solar
Systems.
Proton Motor Fuel Cells GmbH is a wholly owned subsidiary of
Proton Power Systems plc. The Company has been listed on the London
Stock Exchange since October 2006 (code: PPS).
Chairman's report
We are pleased to report our unaudited results for the six
months ended 30 June 2018.
Proton Power has made further progress in the period with
delivery of commercial contracts in proven technology, strategic
co-operations and building our sales pipeline. Further investment
in our manufacturing capability has put us in a stronger strategic
position to capitalise in the marketplace and to deliver financial
performance. We have strengthened our organisation to be able to
deliver complete power supply solutions. We add value to our
clients through our fuel cell expertise and with our system and
solution know-how.
Financial Results: Sales were lower in the first half of 2018 at
GBP506k compared to the first half 2017 sales figure of GBP634k and
included the delivery in the first half of 2018 of an additional
order from Deutsche Bahnbau in line with the cooperation agreement
signed in 2015. The first half of 2017 included delivery of the
GBP523k order for the Orkney Island "Surf and Turf" stationary
power project. Excluding the impact of the embedded derivative
together with exchange losses, the operating loss in the first half
of 2018 was GBP2,193k vs. GBP2,490k in the first half of 2017 which
is in line with our expectations.
Cash burn from operating activities has decreased during the
period to GBP1,026k vs. GBP1,460k in the first half of 2017. Cash
flow is our key financial performance target and our objective is
to achieve a positive cash flow in the shortest time possible.
Current contracts are quoted with up-front payments reducing
reliance on working capital as we continue to invest in our
manufacturing capability. The cash position at 30 June 2018 was
GBP769k vs. GBP755k at 30 June 2017.
Highlights HY1 2018:
-- Completion of the generation four stack module.
-- Ramping up manufacturing capabilities in order to be able to
produce up to 1,000 fuel cells per year.
-- Pursuing the conclusion of several potentially significant
strategic partnerships in Europe.
-- Strengthening our organisation capability within the areas of
manufacturing and sales applications.
Company history:
In the expansion, realignment and constant development of its
core technologies, Proton Power has consistently demonstrated deep
market awareness. Proton Power has survived in the CleanTech Fuel
Cell technology business when many companies failed in 2008
following the financial crash. In terms of technology design,
Proton Power's CleanTech technology has always remained true to its
vision and has driven innovation forwards into the new hydrogen
world.
The Company began as Magnet Motor, starting fuel cell
development in 1994 and opening its factory in 1998. The technology
and application roadmap went from the world's first fuel cell
powered fork lift truck to a fuel cell ship. After that we
developed the triple hybrid Skoda bus in 2008. Containerised power
solutions completed the application portfolio. All those
applications are powered by our own fuel cell stacks, with a robust
design for a long lifetime. The Company established operations in
the Munich area and was one of the first German designer and
manufacturer of fuel cells. International growth is now planned by
looking for good partners with the same vision.
The ongoing "Dieselgate" situation and the COP21 targets present
the industry as a whole, but in particular the automotive industry,
with a huge challenge and fuel cells are expected to provide part
of the solution.
Global fuel cell market:
The global fuel cell market was valued at US$3.83 billion in
2015 and this is expected to reach a market size of US$8.99 billion
by 2021, with a CAGR of 15.28 % between 2015 and 2021.
Source:
www.profsharemarketresearch.com/global-fuel-cell-market-news/
The following market segments have been identified by Proton
Power as key target markets:
Stationary for businesses and people
This market includes back up power for telecoms and data centre
installations.
Mobility
Hydrogen Battery Hybrid zero emission vehicles. This market
includes city buses, airport vehicles, trucks, off-road vehicles to
fork lift trucks.
Maritime
Building on our success with the tourist ship in Hamburg, we now
plan to sell the know-how capability to partners to evolve this
market.
Rail
Through the initial operation of the first fuel cell train by
Alstom we see increasing interest from this sector.
Product status and manufacturing capacity
In 2017 the Group initiated a new development program to design
the fourth generation of our fuel cell systems. The new fourth
generation high efficiency stacks and fuel cell systems are
currently undergoing validation tests which are expected to be
completed by the end of 2018. The new lighter weight and higher
integration single stack modular designs cover power ranges from 2
up to 16 kW in 2 kW steps in the lower power class (PM200) and from
15 to 75 kW in 7.5 kW steps in the upper power class (PM400). Both
power classes are available not just for stationary, but also for
logistic, automotive, rail and maritime applications.
With these fourth-generation fuel cell stacks and systems the
Group has set up strategic partnerships with electrical drive train
manufacturers and vehicle OEMs. The systems can be used in
combination with a battery and a hybrid drive train to power
electric driven light and heavy duty vehicles or inner city buses.
We also expect growing demand in the near future from truck
manufacturers for municipality maintenance vehicles. Additionally,
operation of our fuel cells as Range Extenders is possible. A Range
Extender, based on a hydrogen fuel cell, is used to support a
battery powered system. The benefits are a significant increase in
their range of operation, increase of payload, possibility for
multi shift operation (refilling instead of charging) support for
air-conditioning or heating devices with zero emissions. The Group
has carried out extensive testing in vehicles which proves the
benefit of range extension based on the combination of a battery
and a fuel cell system.
Also offered are multi stack systems for power demands beyond
100 kW for larger trucks, trains, ships and larger stationary
applications.
In 2017, in order to meet the worldwide increase in demand for
fuel cell systems, the Group initiated a program to ramp up
manufacturing capabilities in order to be able to produce up to
1,000 fuel cells per year. In the second step, an automated fuel
cell manufacturing line will be installed by the end of 2018, to
increase manufacturing capacity further up to 5,000 fuel cells per
year.
I personally thank all our customers who believe in us, our
committed employees and our shareholders who have the vision to
invest in our mission.
Consolidated income statement
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
Note 2018 2017 2017
Restated
GBP'000 GBP'000 GBP'000
------- ------------ ------------ ----------------
Revenue 506 634 1,115
------- ------------ ------------ ----------------
Cost of sales (490) (977) (1,976)
------- ------------ ------------ ----------------
Gross profit / (loss) 16 (343) (861)
------- ------------ ------------ ----------------
Other operating income 25 210 165
------- ------------ ------------ ----------------
Administrative expenses (2,235) (2,357) (5,055)
------- ------------ ------------ ----------------
Operating loss (2,193) (2,490) (5,751)
------- ------------ ------------ ----------------
Finance income 1 1 2
------- ------------ ------------ ----------------
Finance costs (1,752) (2,433) (4,784)
------- ------------ ------------ ----------------
Fair value (loss) / profit
on embedded derivatives (1,093) 5,037 (3,199)
------- ------------ ------------ ----------------
(Loss) / Profit for the period
attributable to shareholders (5,036) 115 (13,732)
------- ------------ ------------ ----------------
(Loss) / Profit per share (expressed
as pence per share)
------- ------------ ------------ ----------------
Basic 6 (0.08) 0.02 (2.1)
------- ------------ ------------ ----------------
Diluted 6 (0.08) 0.02 (2.1)
------- ------------ ------------ ----------------
Consolidated statement of comprehensive income
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
------------ ------------ ----------------
(Loss) / Profit for the period (5,036) 115 (13,732)
------------ ------------ ----------------
Other comprehensive (expense)
/ income
------------ ------------ ----------------
Items that may not be reclassified
to profit and loss
------------ ------------ ----------------
Exchange differences on translating
foreign operations 1 (225) (42)
------------ ------------ ----------------
Total other comprehensive income
/ (expense) 1 (225) (42)
------------ ------------ ----------------
Total comprehensive (expense)
for the year (5,035) (110) (13,774)
------------ ------------ ----------------
Consolidated balance sheet
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
------------ ------------ ----------------
Assets
------------ ------------ ----------------
Non-current assets
------------ ------------ ----------------
Intangible assets 90 111 89
------------ ------------ ----------------
Property, plant and equipment 994 909 1,048
------------ ------------ ----------------
1,084 1,020 1,137
------------------------------------- ------------ ------------ ----------------
Current assets
------------ ------------ ----------------
Inventories 1,181 1,182 914
------------ ------------ ----------------
Trade and other receivables 287 177 414
------------ ------------ ----------------
Cash and cash equivalents 769 755 795
------------ ------------ ----------------
2,237 2,114 2,123
------------------------------------- ------------ ------------ ----------------
Total Assets 3,321 3,134 3,260
------------ ------------ ----------------
Liabilities
------------ ------------ ----------------
Current liabilities 1,175 1,352 1,913
------------ ------------ ----------------
Borrowings 470 525 226
------------ ------------ ----------------
1,645 1,877 2,139
------------------------------------- ------------ ------------ ----------------
Non-current liabilities
------------ ------------ ----------------
Borrowings 52,042 42,068 47,243
------------ ------------ ----------------
Embedded derivatives on convertible
interest 19,633 10,304 18,540
------------ ------------ ----------------
71,675 52,372 65,783
------------------------------------- ------------ ------------ ----------------
Total Liabilities 73,320 54,249 67,922
------------ ------------ ----------------
Net liabilities (69,999) (51,115) (64,662)
------------ ------------ ----------------
Equity
------------ ------------ ----------------
Capital and reserves attributable
to equity shareholders
------------ ------------ ----------------
Share capital 9,728 9,722 9,722
------------ ------------ ----------------
Share premium account 18,382 18,362 18,362
------------ ------------ ----------------
Merger reserve 15,656 15,656 15,656
------------ ------------ ----------------
Reverse acquisition reserve (13,862) (13,862) (13,862)
------------ ------------ ----------------
Share option reserve 1,306 1,518 1,635
------------ ------------ ----------------
Foreign translation reserve 9,912 9,092 9,345
------------ ------------ ----------------
Capital contributions 1,208 1,195 1,208
------------ ------------ ----------------
Accumulated losses (112,329) (92,798) (106,728)
------------ ------------ ----------------
Total equity (69,999) (51,115) (64,662)
------------ ------------ ----------------
Consolidated statement of changes in equity
Share
Reverse Based Capital
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share Share Merger Acquisition Payment Translation Contribution Retained Total
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Equity
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
1 January
2017 9,712 18,346 15,656 (13,862) 1,518 6,569 1,161 (90,131) (51,031)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share - - - - - - - - -
based
payments
credit
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Proceeds
from share
issues 10 16 - - - - - - 26
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency - - - - - - - - -
translation
differences
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Transactions
with owners 10 16 - - - - - - 26
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Loss for
the period - - - - - - - 115 115
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Other
comprehensive
income:
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency
translation
differences - - - - - 2,523 34 (2,782) (225)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Total
comprehensive
income
for the
period - - - - - 2,523 34 (2,782) (225)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
30 June
2017 9,722 18,362 15,656 (13,862) 1,518 9,092 1,195 (92,798) (51,115)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
1 July
2017 9,722 18,362 15,656 (13,862) 1,518 9,092 1,195 (92,798) (51,115)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share
based
payments
credit - - - - 117 - - - 117
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Proceeds - - - - - - - - -
from share
issues
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency
translation
differences - - - - - 295 13 (83) -
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Transactions
with owners - - - - 117 295 13 (83) 117
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Loss for
the period - - - - - - - (13,617) (13,617)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Other
comprehensive
income:
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency
translation
differences - - - - - (42) - - (42)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Total
comprehensive
income
for the
period - - - - - (42) - (13,617) (13,617)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
31 December
2017 9,722 18,362 15,656 (13,862) 1,635 9,345 1,208 (106,728) (64,661)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Consolidated statement of changes in equity
Share
Reverse Based Capital
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share Share Merger Acquisition Payment Translation Contribution Retained Total
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Equity
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
1 January
2018 9,722 18,362 15,656 (13,862) 1,635 9,345 1,208 (106,728) (64,661)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share
based
payments
credit - - - - (329) - - - (329)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Proceeds
from share
issues 6 20 - - - - - - 26
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency - - - - - - - - -
translation
differences
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Transactions
with owners 6 26 - - (329) - - - (303)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Profit
for the
period - - - - - - - (5,036) (5,036)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Other
comprehensive
income:
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Currency
translation
differences - - - - - 566 (565) 1
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Total
comprehensive
income
for the
period - - - - - 566 (565) 1
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Balance
at
30 June
2018 9,728 18,382 15,656 (13,862) 1,306 9,911 1,208 (112,329) (69,999)
-------- -------- -------- ------------ -------- ------------ ------------- ---------- ---------
Share premium account
Costs directly associated with the issue of the new shares have
been set off against the premium generated on issue of new
shares.
Merger reserve
The merger reserve of GBP15,656,000 arose as a result of the
acquisition of Proton Motor Fuel Cell GmbH during 2006. The merger
reserve represents the difference between the nominal value of the
share capital issued by the Company and their fair value at 31
October 2006, the date of the acquisition.
Reverse acquisition reserve
The reverse acquisition reserve arose as a result of the method
of accounting for the acquisition of Proton Motor Fuel Cell GmbH by
the Company. In accordance with IFRS 3 the acquisition has been
accounted for as a reverse acquisition.
Share option reserve
The Group operates an equity settled share-based compensation
scheme. The fair value of the employee services received for the
grant of the options is recognised as an expense. The total amount
to be expensed over the vesting period is determined by reference
fair value of the options granted. At each balance sheet date the
Company revises its estimate of the number of options that are
expected to vest. The original expense and revisions of the
original estimates are reflected in the income statement with a
corresponding adjustment to equity. The share option reserve
represents the balance of that equity.
Consolidated statement of cash flows
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
------------ ------------ ----------------
Cash flows from operating activities
------------ ------------ ----------------
(Loss) / Profit for the period (5,036) 115 (13,732)
------------ ------------ ----------------
Adjustments for:
------------ ------------ ----------------
Depreciation and amortisation 117 120 262
------------ ------------ ----------------
Interest income (1) (1) (2)
------------ ------------ ----------------
Interest expense 1,841 1,244 3,129
------------ ------------ ----------------
Share based payments (303) 26 117
------------ ------------ ----------------
Movement in inventories (267) (139) 129
------------ ------------ ----------------
Movement in trade and other
receivables 504 204 (33)
------------ ------------ ----------------
Movement in trade and other
payables 1,112 820 (261)
------------ ------------ ----------------
Movement in fair value of embedded
derivatives 1,093 (5,037) 3,199
------------ ------------ ----------------
Exchange rate movements (89) 1,188 1,655
------------ ------------ ----------------
Net cash used in operations (1,026) (1,460) (5,537)
------------ ------------ ----------------
Cash flows from investing activities
------------ ------------ ----------------
Purchase of intangible assets (26) (22) (30)
------------ ------------ ----------------
Purchase of property, plant
and equipment (42) (53) (259)
------------ ------------ ----------------
Interest received 1 1 2
------------ ------------ ----------------
Net cash used in investing
activities (67) (74) (287)
------------ ------------ ----------------
Cash flows from financing activities
------------ ------------ ----------------
Proceeds from issue of loan
instruments 3,054 3,651 6,670
------------ ------------ ----------------
Proceeds from issue of new
shares 26 26 26
------------ ------------ ----------------
Repayment of short term borrowings 0 (2,137) (2,662)
------------ ------------ ----------------
Net cash generated from financing
activities 3,080 1,540 4,034
------------ ------------ ----------------
Net increase in cash and cash
equivalents 1,983 6 (1,790)
------------ ------------ ----------------
Effect of foreign exchange
rates (2,014) (1,718) 118
------------ ------------ ----------------
Opening cash and cash equivalents 795 2,467 2,467
------------ ------------ ----------------
Closing cash and cash equivalents 769 755 795
------------ ------------ ----------------
Notes to the interim report
1. Basis of preparation
The 31 December 2017 consolidated financial statements of Proton
Power Systems plc were prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB) as adopted by the European Union
and with those parts of the Companies Act 2006 applicable to those
companies under IFRS. They were also prepared under the historical
cost convention and in accordance with IFRS interpretations
(IFRICS) except for embedded derivatives which are carried at fair
value through the income statement and on the basis that the Group
continues to be a going concern. The condensed consolidated interim
financial statements have been prepared in accordance with the
accounting policies adopted in the 31 December 2017 statutory
audited financial statements. No new accounting standards have been
adopted by the group since preparing its last annual report.
The Group has chosen not to adopt IAS 34 (Interim Financial
Statements) in preparing these financial statements therefore the
interim financial information is not in full compliance with
IFRS.
The financial information for the year ended 31 December 2017
set out in this interim report is unaudited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Group's audited statutory financial statements for the
year ended 31 December 2017 have been filed with the Registrar of
Companies. The independent auditor's report on those financial
statements was unqualified and did not contain statements under
Section 498(2) or (3) of the Companies Act 2006.
Until such time as the Group achieves operational cash inflows
through becoming a volume producer of its products to a receptive
market it will remain dependent on its ability to raise cash to
fund its operations from existing and potential shareholders and
the debt market.
In preparing the consolidated financial information, Proton
Motor Fuel Cell GmbH has been deemed to be the acquirer and the
Company, the legal parent, has been deemed to be the acquiree.
Under IFRS 3 "Business Combinations", the acquisition of Proton
Motor Fuel Cell GmbH by the Company has been accounted for as a
reverse acquisition and the consolidated IFRS financial information
of the Company is therefore a continuation of the financial
information of Proton Motor Fuel Cell GmbH.
Goodwill arising on consolidation represents the excess of the
cost of acquisition over the Group's interest in the fair value of
the identifiable assets and liabilities of a subsidiary, associate
or jointly controlled entity at the date of acquisition. The cost
of an acquisition is measured as the fair value of the assets
given, equity instruments issued and liabilities incurred or
assumed at the date of exchange. Goodwill is initially recognised
as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. Goodwill is reviewed for impairment
at least annually, or more frequently where circumstances suggest
an impairment may have occurred. Any impairment is recognised
immediately in income statement and is not subsequently
reversed.
On disposal of a subsidiary, the attributable amount of goodwill
is included in the determination of the profit or loss on
disposal.
2. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. Estimates and judgements are
continually evaluated and are based on historical experience and
other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial period are discussed below.
Recognition of development costs
Self developed intangible assets are recognised where the Group
can estimate that it is probable that future economic benefits will
flow to the entity.
Impairment of goodwill
The carrying value of goodwill must be assessed for impairment
annually, or more frequently if there are indications that goodwill
might be impaired. This requires an estimation of the value in use
of the cash generating units to which goodwill is allocated. Value
in use is dependent on estimations of future cash flows from the
cash generating unit and the use of an appropriate discount rate to
discount those cash flows to their present value.
Classification and fair value of financial instruments
The Group uses judgement to determine the classification of
certain financial instruments, in particular convertible loans
advanced during the year. Judgement is applied to determine whether
the instrument is a debt, equity or compound instrument and whether
any embedded derivatives exist within the contracts.
Judgements have been made regarding whether the conversion
feature meets the "fixed for fixed" test in each instrument. In the
case of each instrument it is deemed it is not met on the basis
that the loan is in Euros and shares are in Sterling.
The Group uses valuation techniques to measure the fair value of
these financial instruments. In applying these valuation
techniques, management use estimates and assumptions that are, as
far as possible, consistent with observable market data. Where
applicable market data is not observable, management uses its best
estimate about the assumptions that market participants would make.
These estimates may vary from the actual prices that would be
achieved in an arm's length transaction at the reporting date.
3. Segmental information
An operating segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other operating segments
for which discreet financial information is available and is
regularly reviewed by the Chief Operating Decision Maker
("CODM").
Based on an analysis of risks and returns, the Directors
consider that the Group has only one identifiable operating
segment, green energy.
All non-current assets are located in Germany.
4. Share based payments
The Group has incurred an expense in respect of share options
and shares issued to directors as follows:
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
------------ ------------ ----------------
Share options (329) - 117
------------ ------------ ----------------
Shares 26 26 26
------------ ------------ ----------------
(303) 26 143
------------ ------------ ----------------
5. Taxation
Due to losses within the Group, no expenses for tax on income
were required in either the current or prior periods.
6. Profit / (Loss) per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company has one
category of dilutive potential ordinary shares, share options;
however these have not been included in the calculation of loss per
share because they are anti-dilutive for these periods.
Unaudited Unaudited Audited
At 30 At 30 At 31
June June December
2018 2017 2017
GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
---------- ---------- ----------- --------- ----------- -----------
Basic Diluted Basic Diluted Basic Diluted
---------- ---------- ----------- --------- ----------- -----------
(Loss) /
Profit
attributable
to equity
holders
of the
company (5,036) (5,036) 115 115 (13,732) (13,732)
---------- ---------- ----------- --------- ----------- -----------
Weighted
average
number of
ordinary
shares in
issue
(thousands) 644,378 644,378 644,269 644,269 643,975 643,975
---------- ---------- ----------- --------- ----------- -----------
Effect of - - - -
dilutive - -
potential
ordinary
shares from
share options
and
convertible
debt
(thousands)
---------- ---------- ----------- --------- ----------- -----------
Adjusted
weighted
average
number
of ordinary
shares 644,378 644,378 644,269 644,269 643,975 643,975
---------- ---------- ----------- --------- ----------- -----------
Pence Pence Pence Pence
per share per share Pence Pence per share per share
per share per
share
---------- ---------- ----------- --------- ----------- -----------
(Loss) /
Profit
per share
(pence
per share) (0.8) (0.8) 0.02 0.02 (2.1) (2.1)
---------- ---------- ----------- --------- ----------- -----------
The adjustment to the weighted average number of shares used in
the calculation of diluted loss per share reflects share options in
issue where the exercise price exceeds the average market price of
shares in the period.
No interim dividend has been proposed or paid in relation to the
current or prior interim period.
A copy of the interim report is available from the Company's
website at www.protonpowersystems.com
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.
END
IR GIGDCRBDBGIL
(END) Dow Jones Newswires
September 26, 2018 04:30 ET (08:30 GMT)
Proton Motor Power Systems (LSE:PPS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Proton Motor Power Systems (LSE:PPS)
Historical Stock Chart
From Oct 2023 to Oct 2024