TIDMALK
RNS Number : 1194Z
Alkane Energy PLC
16 September 2009
16 September 2009
Alkane Energy plc
("Alkane", "the Group" or "the Company")
Unaudited interim results for the half year to 30 June 2009
Alkane Energy plc (AIM: ALK) the profitable alternative energy company that owns
and operates power generation plants using coal mine methane as fuel, today
announces its unaudited interim results for the six months to 30 June 2009.
Financial Highlights
* Revenue up 9% to GBP2.85m (2008: 2.60m)
* EBITDA up 26% to GBP1.40m (2008: GBP1.10m)
* Strong operating cash flow
* Receipts from sale of Pro2 currently GBP5.16m
* PBT before exceptional non cash accounting movements relating to the sale of
Pro2 was GBP0.79 million (H1 2008: GBP0.87 million)
Operational Highlights
* Good progress towards achieving target of 50MW capacity
* Proceeds from sale of Pro2 funding expansion programme
* Development of new natural gas for standby facilities
* New project pipeline progressing well
Commenting on the interim results, Chief Executive Officer, Neil O'Brien, said:
"It has been a very encouraging six months as we remain on track to reach our
medium term target of 50MW of installed coal mine methane capacity. Our strong
balance sheet, high cash generation and proceeds from the disposal of Pro2
provide a sound base to progress further."
For more information please contact:
+-----------------------------------+--------------------------------------+
| Alkane Energy plc | 020 7796 4133 (today), then 01623 |
| Neil O'Brien, Chief Executive | 827927 |
| Officer | 020 7796 4133 (today), then 01623 |
| Steve Goalby, Finance Director | 827927 |
| | |
+-----------------------------------+--------------------------------------+
| Altium Capital Limited | 0161 831 9133 |
| Adrian Reed - Financial Advisory | 020 7484 4040 |
| Chloe Ponsonby - Corporate | |
| Broking | |
| | |
+-----------------------------------+--------------------------------------+
| Hudson Sandler | 020 7796 4133 |
| Nick Lyon | |
| Hugo Jenkins | |
+-----------------------------------+--------------------------------------+
OPERATING AND FINANCIAL REVIEW
Introduction
Alkane is pleased to announce its unaudited interim results for the six months
ended 30 June 2009. The first half of 2009 has been a busy and constructive
period for the Group. The disposal of our German subsidiary, Pro2, has provided
Alkane with the financial resources to accelerate the Group's investment
programme in our core Coal Mine Methane ('CMM') business. Alkane's flexible low
cost operating model gives us significant competitive advantage over other
energy generators and we continue to invest in profitable projects even in these
difficult economic times.
The Group's entire minority interest in Pro2 was sold on 1 March 2009. The total
receipts are expected to be GBP6.63 million of which GBP5.16 million was
received in this half year; the balance is due within 18 months on loan
repayment schedules and the clearance of an escrow account. The capital
receipts from the disposal and continued strong operating cash flow have allowed
us to accelerate the expansion of the Group's operations and GBP4.76 million has
been invested in new projects during the six months to June 2009. This
investment programme is a key feature of our strategy as we strive to reach our
medium term target of 50MW of installed CMM capacity.
The following table shows our progress towards the 50MW target:
+---------------------+--------------+--------------+--------------+--------------+
| | | CATEGORY | | |
+---------------------+--------------+--------------+--------------+--------------+
| | Current | Projects | Pipeline | Total |
| | installed | being | projects | |
| | capacity |commissioned | under | |
| | | |construction | |
+---------------------+--------------+--------------+--------------+--------------+
| | MW | MW | MW | MW |
+---------------------+--------------+--------------+--------------+--------------+
| Electricity | 11 | 6 | 7.5 | 24.5 |
| Generation sites | | | | |
| | | | | |
+---------------------+--------------+--------------+--------------+--------------+
| Gas supply sites | 6 | - | 0.5 | 6.5 |
| (equivalent MW) | | | | |
| | | | | |
+---------------------+--------------+--------------+--------------+--------------+
| Total | 17 | 6 | 8 | 31 |
+---------------------+--------------+--------------+--------------+--------------+
During the first half the output from the Group's UK sites was 39.3GWh
(H1 2008: 40.8GWh). Output levels were slightly down due to a drop in production
at our Bevercotes site where, as previously announced, lower gas volumes have
resulted in the move of some capacity to other operating sites. Also during the
period we withdrew from the Group's only overseas site at Joarin in Germany.
Following a reduction in gas flows at the site and due to a lack of scale in
Germany the decision was made to redeploy the power generation plant back to the
UK where higher rates of return are available.
Financial
The first half saw revenue increase from GBP2.60 million (H1: 2008) to GBP2.85
million this year representing a 9% increase. The Company benefitted from
forward electricity contracts entered into in 2008 and achieved a 21% increase
in average selling price to GBP59.5/MWh (H1 2008: GBP49.3/MWh). Over the past
18 months market electricity prices have been volatile, and have fallen
considerably from the peaks reached in 2008. Unless there is a significant
upturn in market prices, our average selling price in 2010 will be lower than
this year. Output in the UK in the period was 39.3GWh (2008: 40.8GWh). The
decision to exit Joarin resulted in a revenue loss of GBP0.13 million compared
to the same period last year. Gas sales in the period were 1.7 million therms
(H1 2008: 1.8 million). The average gas selling price moved up by 16% to
29.4p/therm (H1 2008: 25.3p/therm).
The Group adopts a flexible but prudent policy on forward contracting for
electricity sales, ensuring that there is an even spread of rolling renewals
over any twelve month period to limit Group exposure to individual low price
periods. The Group has contracts in place for the next twelve months covering
58% of our current installed capacity at an average price of GBP48/MWh. Our
development and capital expenditure programmes are carefully managed to reflect
these external factors.
An important characteristic of the Group is the strong cash flow generated by
the Alkane business model, demonstrated by EBITDA from continuing operations for
the first half of GBP1.40 million (H1 2008:GBP1.10 million). The 2009 figure
shows EBITDA from continuing operations running at 49% of revenue (H1 2008:
42%). This cash flow is one of the major sources of finance for our investment
programme in new plant in the UK.
Following the disposal of Pro2, there are a number of exceptional,
non-cash, accounting movements related to the Group's holding in Pro2 and
certain loans made to Pro2 which were sold or rescheduled as part of the
disposal process. The profit before tax for the six months to June 2009 before
these exceptional items was GBP0.79 million (H1 2008: GBP0.87 million). The fall
in profit before tax is due to a rescheduling of depreciation charges so that
costs relating to major overhauls are now depreciated over a shorter period than
the plant itself. Total depreciation in H1 2009 was GBP0.59 million compared to
GBP0.28 million in H1 2008.
Earnings per share from continuing operations in the first half amounted to
0.45p (H1 2008: 1.08p). Excluding the impact of the Pro2 exceptional items
described above, earnings per share were 0.85p (H1 2008: 0.92p)
As at 30 June 2009, the Group had no net debt and cash balances of GBP3.51
million, the majority of which has been committed to funding future growth in
the Group's CMM portfolio.
Operations
The UK operations have performed creditably after a difficult start to the year.
Output levels in the UK were slightly down due to a drop in gas production at
our Bevercotes site where we have reduced capacity to 2.7MW.
The other UK sites have performed well. As previously indicated, the Group
withdrew from its one German site, from where the 1.35MW engine has been
redeployed for use in the UK. Current installed capacity, as set out above,
totals 17MW.
The cash receipts from the Pro2 disposal plus the Group's strong operating cash
flow has allowed the Group to push ahead with the rollout programme with GBP4.76
million invested in projects during the six months to June 2009. The projects
currently being commissioned, set out above, refers to the Group's new
Bilsthorpe and Shirebrook sites. The new site at Bilsthorpe is currently
operating at 3.1MW; maximum capacity at this site is 4.65MW dependent upon
future operating performance. It was first drilled in January of this year and
started exporting to the electricity network from June. This project was
delivered ahead of schedule and on budget and is one of our fastest ever
construction phases. Shirebrook has been a further project success. Until
recently it had been a 'gas only' site for the Group. After drilling a new
access pipe, output has been restored to the site and we have upgraded
facilities to operate our own electricity generators.
The new project pipeline, with sites under construction set out above, is
progressing extremely well. The Group has drilled and is gas testing at three
sites in Yorkshire, Nottinghamshire and Staffordshire. Whilst there is still a
large amount of administration and construction work to complete, we are hopeful
that all three sites will be exporting electricity within 9 to 18 months.
The Group's recent excellent performance on new projects shows the strength of
our project portfolio. Nonetheless, there are unavoidable uncertainties within
the business in respect of land acquisition and planning and also in respect of
the level and life span of gas reserves. One example of this is that the Group
has yet to find economically viable gas reserves within our South Wales licence
area, however work continues to identify commercially viable reserves.
The Group continues to work on a number of additional projects which will
provide us with a portfolio of potential new sites for 2010 and beyond.
Strategy
At the start of 2009, we set ourselves a target of reaching, within the medium
term, 50MW of installed CMM capacity. The table above shows that we are already
making excellent progress towards this strategic target, with capacity set to
rise to 31MW as the projects currently under construction are commissioned. The
Group remains committed to delivering on this target from within our current CMM
licence portfolio and from the existing resources available to the Group. The
Board firmly believe that the first half of 2009 has been a major step forward
in delivering on the potential of the Alkane Group.
Alkane also continues to look at other opportunities to improve the quality of
earnings of the Group. Work has started on creating an 8MW portfolio of natural
gas fired standby facilities using surplus capacity at Shirebrook and Markham.
When available, Alkane will be able to provide these facilities to utilise our
valuable grid and generating capacity to provide electricity, generated from
mains natural gas, at times of peak demand and associated electricity pricing.
The Group has a highly flexible engine fleet and expertise in remote management
facilities which enable us to support this new operating model and allow us to
extend the life of a site beyond the CMM reserve period.
The Group continues to research other areas of activity for Alkane to deploy our
expertise and asset management skills. As stated with our full year results, we
are committed to maximising the value of our current CMM operations whilst
looking at additional complementary and proven technology areas to expand the
Group.
People
As previously announced, Cameron Davies is retiring as an executive director on
31 October 2009. I am pleased to confirm that Cameron has agreed that upon his
retirement he will take on the role of non-executive director, thus ensuring
that the Group continues to benefit from his knowledge and experience. Also as
previously announced, David Oldham is to retire as Technical Director on 31 July
2010. We are pleased to have appointed Neil Shailer to the non-Board role of
managing director of the CMM business, and he is taking over the day-to-day
operations in an orderly handover from David.
Outlook
2009 is benefiting from stable capacity and strong pricing from forward
contracts entered into in 2008, alongside the shift change in the speed of
development of the new project pipeline. With new capacity already on line we
expect to see a rise in output in the second half. While pricing volatility is
likely to lead to lower power prices in 2010, an increase in output would
provide an offsetting factor.
Our balance sheet is robust with no net debt and a business model which
generates strong operating cash flows. Together with the funds from the disposal
of Pro2 this has allowed us to undertake the largest ever investment programme
for the Group, the benefit of which we will start to see during the rest of this
year and in the years to come.
Subject to any unforeseen operating changes, we remain confident of meeting City
expectations for the full year.
John Lander
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 months ended 30 June 2009
+------------------------------------+-------+------------+------------+------------+
| | | For the | For the | For the |
| | | six | six | year |
+------------------------------------+-------+------------+------------+------------+
| | | months | months | ended |
| | | ended | ended | |
+------------------------------------+-------+------------+------------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+------------------------------------+-------+------------+------------+------------+
| | | 2009 | 2008 | 2008 |
+------------------------------------+-------+------------+------------+------------+
| | | Unaudited | | Audited |
| | | | Unaudited | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Revenue | | 2,845 | 2,604 | 5,191 |
+------------------------------------+-------+------------+------------+------------+
| Cost of sales | | (952) | (826) | (2,093) |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Gross profit | | 1,893 | 1,778 | 3,098 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Administrative expenses | | (1,142) | (915) | (1,862) |
+------------------------------------+-------+------------+------------+------------+
| Non-recurring costs | 3 | - | (72) | (108) |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Return on operations | | 751 | 791 | 1,128 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Other operating income | | 54 | 30 | 63 |
+------------------------------------+-------+------------+------------+------------+
| Proceeds from surrender of leases | | - | - | 350 |
+------------------------------------+-------+------------+------------+------------+
| Impairment of gas assets | | - | - | (200) |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Profit on activities before | | 805 | 821 | 1,341 |
| finance income/(costs) | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Finance income | | 65 | 139 | 294 |
+------------------------------------+-------+------------+------------+------------+
| Exchange (loss)/gain arising from | | (365) | 145 | 495 |
| financing | | | | |
+------------------------------------+-------+------------+------------+------------+
| Finance costs | | (85) | (87) | (182) |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Net finance (costs)/income | | (385) | 197 | 607 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Profit before tax | 4 | 420 | 1,018 | 1,948 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Tax (charge)/credit | 5 | - | (21) | 60 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Profit for the period from | | 420 | 997 | 2,008 |
| continuing operations | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Discontinued operations: | | | | |
+------------------------------------+-------+------------+------------+------------+
| Net profit on disposal of | 6 | 767 | - | - |
| associate | | | | |
+------------------------------------+-------+------------+------------+------------+
| Share of loss/(profit) of | | - | (475) | 383 |
| associate | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Profit for the period attributable | | 1,187 | 522 | 2,391 |
| to equity holders of the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Other comprehensive income | | | | |
+------------------------------------+-------+------------+------------+------------+
| Exchange differences on | | - | 122 | 814 |
| translation of foreign operations | | | | |
+------------------------------------+-------+------------+------------+------------+
| Exchange difference on long-term | | - | 109 | 433 |
| loan | | | | |
+------------------------------------+-------+------------+------------+------------+
| Exchange difference transferred to | | (927) | - | - |
| profit or loss on disposal of | | | | |
| foreign operation | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Total comprehensive income for the | | | | |
| period | | | | |
+------------------------------------+-------+------------+------------+------------+
| attributable to equity holders of | | 260 | 753 | 3,638 |
| the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Earnings per share | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| From continuing operations: | | | | |
+------------------------------------+-------+------------+------------+------------+
| Basic, for profit for the period | 7 | 0.45p | 1.08p | 2.17p |
| attributable to equity holders of | | | | |
| the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
| Diluted, for profit for the period | 7 | 0.45p | 1.07p | 2.15p |
| attributable to equity holders of | | | | |
| the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| From continuing and discontinued | | | | |
| operations: | | | | |
+------------------------------------+-------+------------+------------+------------+
| Basic, for profit for the period | 7 | 1.28p | 0.57p | 2.59p |
| attributable to equity holders of | | | | |
| the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
| Diluted, for profit for the period | 7 | 1.26p | 0.56p | 2.56p |
| attributable to equity holders of | | | | |
| the parent | | | | |
+------------------------------------+-------+------------+------------+------------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 June 2009
+------------------------------------+--------+-----------+------------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+------------------------------------+--------+-----------+------------+------------+
| | | 2009 | 2008 | 2008 |
+------------------------------------+--------+-----------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| NON-CURRENT ASSETS | | | | |
+------------------------------------+--------+-----------+------------+------------+
| Property, plant and equipment | 8 | 6,953 | 5,291 | 5,932 |
+------------------------------------+--------+-----------+------------+------------+
| Gas assets | 9 | 6,566 | 3,754 | 4,477 |
+------------------------------------+--------+-----------+------------+------------+
| Investments accounted for using | | - | 3,495 | - |
| the equity method | | | | |
+------------------------------------+--------+-----------+------------+------------+
| | | 13,519 | 12,540 | 10,409 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| CURRENT ASSETS | | | | |
+------------------------------------+--------+-----------+------------+------------+
| Inventories | | 188 | 101 | 144 |
+------------------------------------+--------+-----------+------------+------------+
| Trade and other receivables | | 3,980 | 3,019 | 5,334 |
+------------------------------------+--------+-----------+------------+------------+
| Other financial assets | | - | 350 | 350 |
+------------------------------------+--------+-----------+------------+------------+
| Cash and short-term deposits | | 3,507 | 2,133 | 1,826 |
+------------------------------------+--------+-----------+------------+------------+
| | | 7,675 | 5,603 | 7,654 |
+------------------------------------+--------+-----------+------------+------------+
| Assets held for sale | 6 | - | - | 3,322 |
+------------------------------------+--------+-----------+------------+------------+
| | | 7,675 | 5,603 | 10,976 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| TOTAL ASSETS | | 21,194 | 18,143 | 21,385 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| CURRENT LIABILITIES | | | | |
+------------------------------------+--------+-----------+------------+------------+
| Trade and other payables | | (1,663) | (2,282) | (2,799) |
+------------------------------------+--------+-----------+------------+------------+
| Financial liabilities | | (652) | (412) | (402) |
+------------------------------------+--------+-----------+------------+------------+
| Provisions | | (17) | (6) | - |
+------------------------------------+--------+-----------+------------+------------+
| | | (2,332) | (2,700) | (3,201) |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| NON-CURRENT LIABILITIES | | | | |
+------------------------------------+--------+-----------+------------+------------+
| Financial liabilities | | (1,965) | (1,625) | (1,507) |
+------------------------------------+--------+-----------+------------+------------+
| Provisions | | (1,346) | (1,459) | (1,399) |
+------------------------------------+--------+-----------+------------+------------+
| | | (3,311) | (3,084) | (2,906) |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| TOTAL LIABILITIES | | (5,643) | (5,784) | (6,107) |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| NET ASSETS | | 15,551 | 12,359 | 15,278 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| EQUITY | | | | |
+------------------------------------+--------+-----------+------------+------------+
| Share capital | | 464 | 463 | 464 |
+------------------------------------+--------+-----------+------------+------------+
| Share premium | | 72 | 33,318 | 72 |
+------------------------------------+--------+-----------+------------+------------+
| Cumulative translation adjustment | | - | 235 | 927 |
+------------------------------------+--------+-----------+------------+------------+
| Other reserves | | 8,544 | 107 | 8,531 |
+------------------------------------+--------+-----------+------------+------------+
| Retained earnings | | 6,471 | (21,764) | 5,284 |
+------------------------------------+--------+-----------+------------+------------+
| | | | | |
+------------------------------------+--------+-----------+------------+------------+
| TOTAL EQUITY | | 15,551 | 12,359 | 15,278 |
+------------------------------------+--------+-----------+------------+------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2009
+--------------------------+--+--------+----------+-------------+-------------+----------+----------+
| | | Attributable to equity holders of the parent |
+--------------------------+--+---------------------------------------------------------------------+
| | Issued | Share |Translation | Other | Retained | Total |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | capital | premium | of | reserves(1) | earnings | equity |
| | | | foreign | | | |
| | | | operations | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 1 January 2009 | 464 | 72 | 927 | 8,531 | 5,284 | 15,278 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Total comprehensive | - | - | (927) | - | 1,187 | 260 |
| income and expense for | | | | | | |
| the period | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Share-based payment | - | - | - | 13 | - | 13 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 30 June 2009 | 464 | 72 | - | 8,544 | 6,471 | 15,551 |
| (Unaudited) | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 1 January 2008 | 460 | 33,259 | 113 | 107 | (22,395) | 11,544 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Total comprehensive | - | - | 122 | - | 631 | 753 |
| income and expense for | | | | | | |
| the period | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Issue of share capital | 3 | 59 | - | - | - | 62 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 30 June 2008 | 463 | 33,318 | 235 | 107 | (21,764) | 12,359 |
| (Unaudited) | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 1 January 2008 | 460 | 33,259 | 113 | 107 | (22,395) | 11,544 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Total comprehensive | - | - | 814 | - | 2,824 | 3,638 |
| income and expense for | | | | | | |
| the period | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Share-based payment | - | - | - | 5 | - | 5 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Cancellation of share | - | (33,274) | - | 8,419 | 24,855 | - |
| premium | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| Issue of share capital | 4 | 87 | - | - | - | 91 |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| | | | | | | |
+--------------------------+-----------+----------+-------------+-------------+----------+----------+
| At 31 December 2008 | 464 | 72 | 927 | 8,531 | 5,284 | 15,278 |
| (Audited) | | | | | | |
+--------------------------+--+--------+----------+-------------+-------------+----------+----------+
(1) Other reserves comprise share-based payments of GBP125,000 (30 June 2008:
GBP107,000; 31 December 2008: GBP112,000), and a distributable reserve of
GBP8,419,000 (30 June 2008: nil; 31 December 2008: GBP8,419,000) created
following cancellation of the share premium account.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2009
+--------------------------------------+-------+------------+------------+------------+
| | | For the | For the | For the |
| | | six | six | year |
+--------------------------------------+-------+------------+------------+------------+
| | | months | months | ended |
| | | ended | ended | |
+--------------------------------------+-------+------------+------------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+--------------------------------------+-------+------------+------------+------------+
| | | 2009 | 2008 | 2008 |
+--------------------------------------+-------+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+-------+------------+------------+------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Operating activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Profit before tax from continuing | | 420 | 1,018 | 1,948 |
| operations | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Adjustments to reconcile operating | | | | |
| profit to net cash flows: | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Depreciation and impairment of | | 589 | 281 | 1,261 |
| property, plant and equipment and | | | | |
| gas assets | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Share-based payments expense | | 13 | - | 5 |
+--------------------------------------+-------+------------+------------+------------+
| Proceeds from surrender of leases | | - | - | (350) |
+--------------------------------------+-------+------------+------------+------------+
| Finance income | | (65) | (139) | (294) |
+--------------------------------------+-------+------------+------------+------------+
| Finance expense | | 85 | 87 | 182 |
+--------------------------------------+-------+------------+------------+------------+
| Movements in provisions | | (36) | (57) | (123) |
+--------------------------------------+-------+------------+------------+------------+
| Decrease/(increase) in trade and | | 1,271 | 29 | (377) |
| other receivables | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Increase in inventories | | (44) | - | (43) |
+--------------------------------------+-------+------------+------------+------------+
| (Decrease)/increase in trade and | | (78) | 17 | (25) |
| other payables | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Income tax refunded | | 19 | 9 | 16 |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Net cash flows from operating | | 2,174 | 1,245 | 2,200 |
| activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Cash flows from investing activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Proceeds from sale of investment in | | 3,161 | - | - |
| associate | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Proceeds from surrender of leases | | - | - | 350 |
+--------------------------------------+-------+------------+------------+------------+
| Interest received | | 129 | 198 | 401 |
+--------------------------------------+-------+------------+------------+------------+
| Dividends received | | - | - | 182 |
+--------------------------------------+-------+------------+------------+------------+
| Purchase of property, plant and | | (2,911) | (855) | (1,784) |
| equipment | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Purchase of gas assets | | (1,845) | (429) | (1,230) |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Net cash flows used in investing | | (1,466) | (1,086) | (2,081) |
| activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Cash flows from financing activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Issue of share capital | | - | 62 | 92 |
+--------------------------------------+-------+------------+------------+------------+
| Proceeds from sale and finance | | 957 | 402 | 402 |
| leaseback | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Sale and finance leaseback rentals | | (249) | (153) | (355) |
+--------------------------------------+-------+------------+------------+------------+
| Interest paid | | (85) | (87) | (182) |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Net cash flows from/(used in) | | 623 | 224 | (43) |
| financing activities | | | | |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Net increase in cash and cash | | 1,331 | 383 | 76 |
| equivalents | | | | |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Cash and cash equivalents at | | 2,176 | 2,100 | 2,100 |
| beginning of period | | | | |
+--------------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------------+-------+------------+------------+------------+
| Cash and cash equivalents at close | 11 | 3,507 | 2,483 | 2,176 |
| of period | | | | |
+--------------------------------------+-------+------------+------------+------------+
NOTES TO THE ACCOUNTS
1. CORPORATE INFORMATION
The interim condensed consolidated financial statements of the Group for the six
months ended 30 June 2009 were authorised for issue in accordance with a
resolution of the directors on 15 September 2009.
Alkane Energy plc is a public limited company incorporated and domiciled in
England whose shares are publicly traded. The Company's registered number is
2966946.
The principal activities of the Group are described in Note 4.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Basis of preparation
The interim condensed financial statements are unaudited and do not constitute
statutory financial statements within the meaning of section 435 of the
Companies Act 2006.
The comparative figures for the year ended 31 December 2008 were derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. Those accounts received an unqualified audit report which did not
contain statements under section 498(2) or (3) (accounting records or returns
inadequate, accounts not agreeing with records and returns or failure to obtain
necessary information and explanations) of the Companies Act 2006.
The interim condensed financial statements have been prepared in accordance with
IAS 34 'Interim Financial Reporting' as adopted by the European Union. This
report should be read in conjunction with the Group's Annual Report and Accounts
2008, which have been prepared in accordance with IFRSs as adopted by the
European Union.
Accounting policies
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those presented in the
Group's Annual Report and Accounts for the year ended 31 December 2008.
The preparation of interim financial statements requires management to make
judgments, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. There have been
no significant changes in the bases upon which estimates have been determined
compared to those applied at 31 December 2008, and no change in estimate has had
a material effect on the current period. All significant estimates and judgments
have been disclosed in the Group's Annual Report and Accounts for the year ended
31 December 2008. Actual results may differ from these estimates.
These condensed consolidated interim financial statements have been prepared on
the basis of IFRSs in issue that are effective at the Group's annual reporting
date as at 31 December 2009.
3. NON-RECURRING COSTS
The following table is an analysis of non-recurring costs:
+-------------------------------------+--+-------------+------------+-------------+
| | | Six months | Six | Year |
| | | | months | |
+-------------------------------------+--+-------------+------------+-------------+
| | | ended | ended | ended |
+-------------------------------------+--+-------------+------------+-------------+
| | | 30 June | 30 June | 31 December |
+-------------------------------------+--+-------------+------------+-------------+
| | | 2009 | 2008 | 2008 |
+-------------------------------------+--+-------------+------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-------------------------------------+--+-------------+------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+--+-------------+------------+-------------+
| | | | | |
+-------------------------------------+--+-------------+------------+-------------+
| Costs of corporate transactions | | - | 72 | 108 |
+-------------------------------------+--+-------------+------------+-------------+
4. SEGMENT INFORMATION
Operating segments
The directors consider that there is only one operating segment being the
extraction of gas from coal measures for power generation and burner tip use.
The disclosures for this operating segment have already been given in these
financial statements.
Seasonality of operations
There is no significant seasonal nature to the Group's business of the
extraction and use of gas.
5. TAXATION
There is no tax charge for the current period. The tax charge of GBP21,000 for
the six months ended 30 June 2008 and tax credit of GBP60,000 for the year ended
31 December 2008 relate to our site in Germany and comprise advance payments to
the German tax authorities net of a refund received that relates to prior years.
6. SALE OF ASSOCIATE
On 2 March 2009 the Group completed the sale of its 38% equity interest in Pro2
Anlagentechnik GmbH for a consideration of EUR3,600,000. The net profit on
disposal is GBP767,000.
The economic effective date for the sale is 1 January 2009. Calculation of the
net profit on disposal is therefore based on the net assets of Pro2
Anlagentechnik GmbH at 31 December 2008.
+-------------------------------------------+----------------------+----------+
| | | GBP'000 |
+-------------------------------------------+----------------------+----------+
| | | |
+-------------------------------------------+----------------------+----------+
| Book value of net assets at 31 December | | 2,617 |
| 2008 | | |
+-------------------------------------------+----------------------+----------+
| Goodwill | | 705 |
+-------------------------------------------+----------------------+----------+
| Assets held for sale at 31 December 2008 | | 3,322 |
+-------------------------------------------+----------------------+----------+
| Sale proceeds received | | 3,212 |
+-------------------------------------------+----------------------+----------+
| Loss on disposal before costs | | (110) |
+-------------------------------------------+----------------------+----------+
| Cost of disposal | | (50) |
+-------------------------------------------+----------------------+----------+
| | | (160) |
+-------------------------------------------+----------------------+----------+
| Release of translation reserves from | | 927 |
| equity | | |
+-------------------------------------------+----------------------+----------+
| Net profit on disposal | | 767 |
+-------------------------------------------+----------------------+----------+
Alkane has placed EUR720,000 from the consideration into an escrow account to act
as collateral against any warranties or other claims. Subject to no claims, the
sum in escrow will be released to Alkane in 2010.
The shareholder loan of EUR1,960,000 made to Pro2 Anlagentechnik GmbH has been
treated as follows:
EUR1,000,000 was sold at face value on 2 March 2009. The balance is repayable in
two instalments, EUR460,000 on 31 December 2009 and EUR500,000 on 31 December 2010.
Repayment of these instalments is dependent on the continuing success of Pro2
Anlagentechnik GmbH. There are no indications that the instalments will not be
recovered when due.
The EUR2,000,000 outstanding balance of the EUR3,000,000 working capital loan made
to Pro2 in 2005 was repaid in full on 10 February 2009.
7. EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing net profit for the
period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing net profit for the
period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the period plus the
weighted average number of ordinary shares that would be issued on the
conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted
earnings per share computations:
+--------------------------------------+-------------+------------+------------+
| | Six months | Six months | Year ended |
+--------------------------------------+-------------+------------+------------+
| | ended 30 | ended 30 | 31 |
| | June | June | December |
+--------------------------------------+-------------+------------+------------+
| | 2009 | 2008 | 2008 |
+--------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+--------------------------------------+-------------+------------+------------+
| | | | |
+--------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------------+------------+------------+
| | | | |
+--------------------------------------+-------------+------------+------------+
| Profit for the period from | 420 | 997 | 2,008 |
| continuing operations | | | |
+--------------------------------------+-------------+------------+------------+
| | | | |
+--------------------------------------+-------------+------------+------------+
| Profit attributable to equity | 1,187 | 522 | 2,391 |
| holders of the parent | | | |
+--------------------------------------+-------------+------------+------------+
| | | | |
+--------------------------------------+-------------+------------+------------+
| | No. | No. | No. |
+--------------------------------------+-------------+------------+------------+
| | | | |
+--------------------------------------+-------------+------------+------------+
| Basic weighted average number of | 92,883,878 | 92,146,067 | 92,488,613 |
| ordinary shares | | | |
+--------------------------------------+-------------+------------+------------+
| Dilutive effect of share options | 952,106 | 977,006 | 765,596 |
+--------------------------------------+-------------+------------+------------+
| Diluted weighted average number of | 93,835,984 | 93,123,073 | 93,254,209 |
| ordinary shares | | | |
+--------------------------------------+-------------+------------+------------+
There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of completion of these
financial statements.
8. PROPERTY, PLANT AND EQUIPMENT
Acquisitions and disposals
During the six months ended 30 June 2009, the Group acquired assets with a cost
of GBP1,494,000 (six months ended 30 June 2008: GBP1,542,000; year ended 31
December 2008: GBP2,801,000). There were no disposals during the period (six
months ended 30 June 2008: nil; year ended 31 December 2008: nil).
Sale and finance leaseback
During the six months ended 30 June 2009, the Group entered into a new lease
agreement for two items of plant with a total cost of GBP969,000.
9. GAS ASSETS
Acquisitions and disposals
During the six months ended 30 June 2009, the Group acquired assets with a cost
of GBP2,204,000 (six months ended 30 June 2008: GBP581,000; year ended 31
December 2008: GBP1,666,000). There were no disposals during the period (six
months ended 30 June 2008: nil; year ended 31 December 2008: nil).
10. CAPITAL COMMITMENTS
At 30 June 2009, the Group had the following capital commitments contracted for
but not provided in the financial statements:
Acquisition of property, plant and equipment GBP1,382,000 (30 June 2008:
GBP133,000; 31 December 2008 GBP1,142,000);
Acquisition of gas assets GBP263,000 (30 June 2008: GBP334,000; 31 December
2008: GBP284,000).
11. ADDITIONAL CASH FLOW INFORMATION
Analysis of net funds
+-------------------------------+----------+----------+-------------+-----------+
| | 1 | Cash | Exchange | 30 June |
| | January | flow | rate | 2009 |
| | 2009 | | differences | |
+-------------------------------+----------+----------+-------------+-----------+
| | Audited | | | Unaudited |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| Cash at bank and in hand | 1,826 | 1,727 | (46) | 3,507 |
+-------------------------------+----------+----------+-------------+-----------+
| Liquid resources | 350 | (350) | - | - |
+-------------------------------+----------+----------+-------------+-----------+
| Cash and cash equivalents | 2,176 | 1,377 | (46) | 3,507 |
+-------------------------------+----------+----------+-------------+-----------+
| Sale and finance leaseback | (1,909) | (753) | 45 | (2,617) |
+-------------------------------+----------+----------+-------------+-----------+
| Net funds | 267 | 624 | (1) | 890 |
+-------------------------------+----------+----------+-------------+-----------+
| Securities | 305 | 509 | (29) | 785 |
+-------------------------------+----------+----------+-------------+-----------+
| Adjusted net funds* | 572 | 1,133 | (30) | 1,675 |
+-------------------------------+----------+----------+-------------+-----------+
+-------------------------------+----------+----------+-------------+-----------+
| | 1 | Cash | Exchange | 30 June |
| | January | flow | rate | 2008 |
| | 2008 | | differences | |
+-------------------------------+----------+----------+-------------+-----------+
| | Audited | | | Unaudited |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| Cash at bank and in hand | 1,750 | 349 | 34 | 2,133 |
+-------------------------------+----------+----------+-------------+-----------+
| Liquid resources | 350 | - | - | 350 |
+-------------------------------+----------+----------+-------------+-----------+
| Cash and cash equivalents | 2,100 | 349 | 34 | 2,483 |
+-------------------------------+----------+----------+-------------+-----------+
| Sale and finance leaseback | (1,788) | (249) | - | (2,037) |
+-------------------------------+----------+----------+-------------+-----------+
| Net funds | 312 | 100 | 34 | 446 |
+-------------------------------+----------+----------+-------------+-----------+
| Securities | 443 | (115) | - | 328 |
+-------------------------------+----------+----------+-------------+-----------+
| Adjusted net funds* | 755 | (15) | 34 | 774 |
+-------------------------------+----------+----------+-------------+-----------+
+-------------------------------+----------+----------+-------------+-----------+
| | 1 | Cash | Exchange | 31 |
| | January | flow | rate | December |
| | 2008 | | differences | 2008 |
+-------------------------------+----------+----------+-------------+-----------+
| | Audited | | | Audited |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+----------+----------+-------------+-----------+
| | | | | |
+-------------------------------+----------+----------+-------------+-----------+
| Cash at bank and in hand | 1,750 | 76 | - | 1,826 |
+-------------------------------+----------+----------+-------------+-----------+
| Liquid resources | 350 | - | - | 350 |
+-------------------------------+----------+----------+-------------+-----------+
| Cash and cash equivalents | 2,100 | 76 | - | 2,176 |
+-------------------------------+----------+----------+-------------+-----------+
| Sale and finance leaseback | (1,788) | (47) | (74) | (1,909) |
+-------------------------------+----------+----------+-------------+-----------+
| Net funds | 312 | 29 | (74) | 267 |
+-------------------------------+----------+----------+-------------+-----------+
| Securities | 443 | (138) | - | 305 |
+-------------------------------+----------+----------+-------------+-----------+
| Adjusted net funds* | 755 | (109) | (74) | 572 |
+-------------------------------+----------+----------+-------------+-----------+
*This includes the effect of securities paid on finance lease transactions that
are closely related to those items.
12. RELATED PARTY TRANSACTIONS
Transactions entered into and trading balances outstanding with related parties
are as follows:
+----------------------------------+-------------+-------------+------------+
| | Six months | Six months | Year ended |
+----------------------------------+-------------+-------------+------------+
| | ended 30 | ended 30 | 31 |
| | June | June | December |
+----------------------------------+-------------+-------------+------------+
| | 2009 | 2008 | 2008 |
+----------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------+-------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------------+-------------+------------+
| (a) Sales of goods and services | | | |
+----------------------------------+-------------+-------------+------------+
| * Associate1 | - | 23 | 230 |
+----------------------------------+-------------+-------------+------------+
| * A-TEC Anlagentechnik GmbH2 | - | 141 | 48 |
+----------------------------------+-------------+-------------+------------+
| | - | 164 | 278 |
+----------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------+-------------+-------------+------------+
| (b) Purchases of goods and | | | |
| services | | | |
+----------------------------------+-------------+-------------+------------+
| * Associate1 | - | 1,351 | 1,525 |
+----------------------------------+-------------+-------------+------------+
| * A-TEC Anlagentechnik GmbH2 | - | 97 | 174 |
+----------------------------------+-------------+-------------+------------+
| | - | 1,448 | 1,699 |
+----------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------+-------------+-------------+------------+
| (c) Period-end balances arising | 30 June | 30 June | 31 |
| from sales/purchases of | 2009 | 2008 | December |
| goods/services | | | 2008 |
+----------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------+-------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------------+-------------+------------+
| Receivables from related | | | |
| parties: | | | |
+----------------------------------+-------------+-------------+------------+
| * Associate1 | - | 23 | 48 |
+----------------------------------+-------------+-------------+------------+
| * A-TEC Anlagentechnik GmbH2 | - | 10 | 14 |
+----------------------------------+-------------+-------------+------------+
| Payments to related parties: | | | |
+----------------------------------+-------------+-------------+------------+
| * Associate1 | - | 1,354 | 1,532 |
+----------------------------------+-------------+-------------+------------+
| * A-TEC Anlagentechnik GmbH2 | - | 10 | 12 |
+----------------------------------+-------------+-------------+------------+
Outstanding balances arising from the sale and purchase of goods and services
between related parties are unsecured and interest free.
+----------------------------------+-------------+-------------+------------+
| | Six months | Six months | Year ended |
+----------------------------------+-------------+-------------+------------+
| | ended 30 | ended 30 | 31 |
| | June | June | December |
+----------------------------------+-------------+-------------+------------+
| | 2009 | 2008 | 2008 |
+----------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------+-------------+-------------+------------+
| (d) Key management compensation | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------+-------------+-------------+------------+
| Salaries and other short-term | 363 | 267 | 562 |
| employee benefits | | | |
+----------------------------------+-------------+-------------+------------+
| Long-term benefits | 29 | 23 | 42 |
+----------------------------------+-------------+-------------+------------+
| Share-based payments | 13 | - | 5 |
+----------------------------------+-------------+-------------+------------+
| | 405 | 290 | 609 |
+----------------------------------+-------------+-------------+------------+
+----------------------------------+-------------+-------------+------------+
| (e) Loans to associate | 30 June | 30 June | 31 |
| | 2009 | 2008 | December |
| | | | 2008 |
+----------------------------------+-------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------+-------------+-------------+------------+
| At 1 January | 3,847 | 3,086 | 3,086 |
+----------------------------------+-------------+-------------+------------+
| No longer classed as a related | (3,847) | - | - |
| party1 | | | |
+----------------------------------+-------------+-------------+------------+
| Interest charged | - | 85 | 195 |
+----------------------------------+-------------+-------------+------------+
| Interest received | - | (143) | (307) |
+----------------------------------+-------------+-------------+------------+
| Exchange difference | - | 220 | 873 |
+----------------------------------+-------------+-------------+------------+
| At period end | - | 3,248 | 3,847 |
+----------------------------------+-------------+-------------+------------+
The loans to associate relate to Pro2 Anlagentechnik GmbH which was a 38.01%
associate undertaking up to 31 December 2008 (see note 6).
1Up to 31 December 2008 Pro2 Anlagentechnik GmbH was a 38.01% associate company.
Effective from 1 January 2009, the investment in Pro2 Anlagentechnik GmbH was
sold.
2Achim Wörsdörfer, a director and shareholder of Pro2 Anlagentechnik GmbH, an
associate company up to 31 December 2008, is also a director of A-TEC
Anlagentechnik GmbH.
13. GENERAL NOTE
Copies of this interim report will be sent to registered shareholders and
further copies will be available from the Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKPKPABKDQCD
Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Set 2023 a Set 2024
