TIDMALK
RNS Number : 3355I
Alkane Energy PLC
10 March 2010
10 March 2010
Alkane Energy plc
("Alkane", "the Group" or "the Company")
Unaudited preliminary results for the year ended 31 December 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 preliminary results for the year ended 31 December 2009.
Operational Highlights
· Delivery of CMM project pipeline
- Significant increase of 13MW in installed capacity; total now 30MW
- Commissioning of two new CMM sites
- Drilling and other preparatory work completed on three additional sites
scheduled for 2010
· Sale of our minority holding in Pro2 and funds re-invested in CMM
operations
· First move taken into Conventional Gas through tolling contract with GDF
Suez Energy UK ("GDF")
· Collaboration agreement signed with The TEG Group plc ("Teg") for the
development of biogas projects
Financial Highlights
· Revenue up 21% to GBP6.3m (2008: GBP5.2m)
· EBITDA up 42% to GBP3.7m (2008: GBP2.6m)
· Underlying PBT up 71% to GBP2.4m (2008: GBP1.4m)
Commenting on the preliminary results, Chief Executive Officer, Neil O'Brien,
said:
"2009 saw a step change in the performance of Alkane as we delivered record
electricity output as new sites came into production. In addition, we started to
see the benefits of developing new business streams based on our core skills.
The opportunities for growth, both in our core business and related conventional
gas and biogas sectors, leave us well placed to significantly develop our
business."
For more information please contact:
+------------------------------+--------------------------------+
| Alkane Energy plc | |
| Neil O'Brien, Chief | 020 7796 4133 (today), then |
| Executive Officer | 01623 827927 |
| Steve Goalby, Finance | 020 7796 4133 (today), then |
| Director | 01623 827927 |
+------------------------------+--------------------------------+
| Altium Capital Limited | |
| Adrian Reed - Financial | 0845 505 4343 |
| Advisory | 020 7484 4040 |
| Chloe Ponsonby - Corporate | |
| Broking | |
| | |
+------------------------------+--------------------------------+
| Hudson Sandler | |
| Nick Lyon | 020 7796 4133 |
| Kate Hough | |
+------------------------------+--------------------------------+
Introduction
The Board of Alkane Energy plc is delighted to report record results for the
year ended 31 December 2009. The year has been characterised by investment in
our core coal mine methane (CMM) operations funded by the proceeds from the sale
of our minority stake in Pro2 Anlagentechnik GmbH ('Pro2').
Notable successes in the year have been:
· commissioning of two new CMM sites;
· drilling and other preparatory work completed on three additional sites
scheduled for 2010;
· conventional gas power generation commenced through a tolling contract
with GDF;
· a collaboration agreement signed with Teg for the development of biogas
projects; and
· the sale of our minority holding in Pro2.
We have delivered record electricity output at 95GWh (2008: 90GWh) and our
turnover has risen by 21% to GBP6.3m (2008: GBP5.2m). Alkane Energy's
underlying profit before tax has also reached record levels with a 71% increase
to GBP2.4m (2008: GBP1.4m). The underlying earnings per share has risen by 70%
from 1.52 pence in 2008 to 2.59 pence this year. This has been achieved in an
environment of volatile power pricing, however due to our strategy of forward
selling, approximately 75% of our 2010 output is already covered at an average
selling price of GBP40/MWh.
Strategy
Our intention is to build an integrated multi-platform business around our core
gas to power skills. The business areas we intend to pursue are:
· core CMM, with the potential to grow to an installed capacity 50MW;
· conventional gas generation through tolling and peak period operation;
· biogas - our first move made through a collaboration agreement with Teg,
with other opportunities being explored; and
· others - we are continuing to explore other related areas, such as
exploiting our coal bed methane (CBM) licences, consolidation of CMM industry or
landfill gas.
We have set ourselves the target of expanding the Group's installed CMM capacity
to 50MW, which should allow us to export in excess of 300GWh per annum to the
grid. By the end of 2009 we had achieved an installed CMM capacity of 23MW and
have already drilled at three further sites that we expect to open during 2010.
We continue to explore a range of other sites and we would target to open three
to four sites per annum until we reach 50MW.
We have also invested in research on new business streams building on Alkane's
core skills. These skills are the proven ability to profitably operate gas to
power plants varying in size from 500kW to 10MW. We use flexible modular engine
units combined with remote site monitoring and mobile maintenance. This gives
us a flexible capital structure and a low cost operating model.
The Board is confident that progress in researching new income streams will
start to deliver. Firstly the Group now has 7MW of conventional gas fired
capacity on tolling contracts with GDF. The surplus engines are effectively
being "rented" to GDF who operate them at peak loads and when the grid calls for
balancing capacity. It is a straight forward route for us to extend the
economic life of a site as the CMM gas reserves begin to decline.
In addition we announced in December 2009 that Alkane had signed a collaboration
agreement with Teg to jointly fund and operate anaerobic digestion sites. These
sites will use waste material from commercial and municipal sources to generate
methane that can be used as a renewable energy source for our existing engine
fleet. We will look to move into the build phase as soon as all the necessary
permits have been received.
Looking longer term the Group continues to monitor industry progress on CBM in
the UK. Alkane has a portfolio of CBM assets covering 500 sq km and the
mid-case resource estimate is calculated at over 350 billion cubic feet (BCF).
We are seeking ways to exploit these resources and the most likely route forward
would be a joint venture with a partner who is able to bring CBM operational
experience and access to funding.
Financial
Results
Underlying profit before tax was GBP2.4m (2008: GBP1.4m) and underlying earnings
per share was 2.59 pence (2008: 1.52 pence). Including the impact of the Pro2
disposal and other non-recurring costs, the published profit before tax was
GBP2.1m (2008: GBP1.9m) which represents 33% of turnover. The 2009 figures
include a charge of GBP0.1m for the start up phase of our biogas research.
Record CMM revenues were achieved in 2009 at GBP6.3m (2008: GBP5.2m) which is
the sixth successive year of growth in CMM revenues and the fourth successive
year of growth for electricity output for the Group which increased to 95GWh
(2008: 90GWh).
Selling prices have benefited from the contracts taken out in 2008 when market
prices were considerably higher than now. This has resulted in average selling
prices for the year being GBP56/MWh (2008: GBP48/MWh). Direct gas sales are
marginally down on 2008 at 3.4m therms (2008: 3.7m therms) but average pricing
in the year improved to 27 pence per therm (2008: 21 pence per therm).
EBITDA margins from CMM were 59% of turnover (2008: 50%) an improvement driven
by the higher selling prices. The strong EBITDA is a reflection of the cash
generation nature of the Group due to the level of non-cash depreciation in a
capital intensive business.
The disposal of Pro2 led to an accounting profit on disposal of GBP0.8m, which
is shown under the heading discontinued operations. There is uncertainty about
the recoverability of the outstanding amounts, and we have therefore taken the
prudent step of making an impairment charge of GBP1.4m which gives full cover
until the situation becomes clearer. As a result the overall profit on
continuing and discontinued operations is GBP1.4m (2008: GBP2.4m), and earnings
per share on this basis is 1.51 pence (2008: 2.59 pence).
The Board is not recommending the declaration of a dividend (2008: nil), but
continues to review this on an annual basis.
Balance Sheet and Cash Flow
The majority of our net assets are invested in active sites with the plant and
construction costs included under the heading Plant Property and Equipment. The
research, project work and grid connections needed to bring these sites on line
are classified as 'Gas Assets'. We do not capitalise any project costs until we
have reasonable expectation of a site going live.
At year end the net debt was GBP1.6m (2008: net cash GBP0.6m). This debt
represents asset financing of engine units with an extended repayment schedule.
Our growth plans for CMM are designed to exploit our current licence portfolio.
We are funding this programme by a combination of the Pro2 disposal, strong
EBITDA operating cash flows and the use of finance lease debt facilities on
engines. These sources of funding have been sufficient to fund our programme to
date, and we remain convinced that the Group can access sufficient facilities
for future CMM growth.
The cash flow statement is dominated by two items this year. Firstly the total
of GBP5.8m in cash returned to the business arising from the sale of our
minority interest in Pro2, GBP3.2m from the sale of the equity and GBP2.6m from
the repayment of loans. Secondly 2009 was a record year of investment for the
Group, with GBP10.7m spent on capital during this year (2008: GBP3.0m). The
investment programme has brought our first production online at Bilsthorpe and
Shirebrook. It has also funded the drilling and work programmes at three
further sites, all of which we aim to bring on-stream in 2010; completion of
these will involve GBP2.6m during 2010.
Power Pricing
The total UK electricity market is estimated to be in excess of 350TWh which has
seen a 6% decline in 2009 because of falling demand due to the recession. CMM
is part of the specialist onshore gas market along with landfill and biogas
generating round the clock baseload production. In total this specialist sector
has around 1,000MW of installed capacity.
The recession has resulted in a degree of excess capacity in the wider industry
and this has led, along with falling commodity prices, to a decline in industry
selling prices. Market electricity prices peaked at over GBP90/MWh in 2008 but
since have fallen back to around GBP40/MWh in late 2009. This means we are
expecting to see a decline in our selling prices in 2010 but the outlook for
prices is more positive in 2011 and beyond.
We have a rolling programme placing 12 month sales contracts. This ensures that
we are renewing some of our sales contracts each quarter to smooth out the worst
of the volatility in the market. Approximately 75% of our 2010 output is already
covered at an average selling price of GBP40/MWh.
In addition, we operate a flexible business model designed to maintain Alkane's
position as a low cost producer. We have modular standard plant which can be
re-deployed to other CMM sites or be transferred to tolling contracts or biogas
locations. Our cost base is controlled by having unmanned sites using remote
monitoring and being maintained by our in-house mobile engineering team.
So even at these lower selling prices we believe that our business model is
capable of continuing to produce trading profits and positive cash flow, leaving
the Group well placed as the market recovers.
Operations
The Group's strategy review completed by the Board at the start of 2009
re-confirmed the potential of our UK CMM business. This business offers growth
potential and attractive rates of return. Our core skills are in CMM and we
have established the UK's leading CMM licence portfolio together with the
project management and operational skills to open new sites and maximise engine
output. The funds from the Pro2 disposal have allowed us to embark on the
Group's largest ever investment programme.
Alkane started the year with 17MW of CMM capacity at 6 sites and has finished
the year with 30MW installed capacity at 9 sites covering both CMM and
conventional gas tolling contracts. In total the Group generated 95GWh (2008:
90GWh) and in addition we sold 3.4m therms to direct gas customers (2008: 3.7m
therms). It has been one of the busiest ever years for the Group with a number
of operational changes.
Our business model is designed to be as flexible as possible to mitigate against
a depletion of gas reserves. We have seen lower output at one of our major sites
at Bevercotes in Nottinghamshire, and we have withdrawn from our only German
based CMM site at Joarin. Even allowing for these reductions, the Group has
been able to show an increase to a record output with an especially strong
second half to the year. We will continue to monitor performance by site and
use the in-house experience to determine the most effective operating patterns
for the fleet.
The Group has historically presented its operations in terms of installed
capacity, i.e. MW per site. In respect of the core CMM operations the output of
sites will vary depending on the stage of the life cycle of the reserve
(start-up, steady state, decline). Accordingly in addition to installed
capacity in MW we will now also present actual energy delivery in units (GWh for
electricity and million therms for direct gas sales), so providing greater
transparency of revenue. The following table shows our progress in respect of
site development:
+------------------------+-----------+--------------+-------------+---------+
| | | CATEGORY | | |
+------------------------+-----------+--------------+-------------+---------+
| | Current | Projects | Projects | Total |
| |installed | being | under | |
| | capacity |commissioned |development | |
+------------------------+-----------+--------------+-------------+---------+
| | | | | |
+------------------------+-----------+--------------+-------------+---------+
| | MW | MW | MW | MW |
+------------------------+-----------+--------------+-------------+---------+
| CMM generation | 11 | 6 | 7.5 | 24.5 |
+------------------------+-----------+--------------+-------------+---------+
| Conventional gas | - | 7 | - | 7 |
| generation | | | | |
+------------------------+-----------+--------------+-------------+---------+
| Gas supply (equivalent | 6 | - | 0.5 | 6.5 |
| MW) | | | | |
+------------------------+-----------+--------------+-------------+---------+
| Total | 17 | 13 | 8 | 38 |
+------------------------+-----------+--------------+-------------+---------+
| | | | | |
+------------------------+-----------+--------------+-------------+---------+
Core CMM
We have seen record electrical output for the Group in 2009 as new sites come on
stream. We have commissioned two new sites during the second half of 2009 -
Shirebrook and Bilsthorpe. We have successfully drilled a borehole at
Shirebrook to enable CMM production of 2MW, and we are also running an
additional 6MW of tolling utilising conventional gas. Bilsthorpe started more
slowly than anticipated but we expect that the output will build up over time as
mining work in that area ceases.
The project team has been very busy in preparing sites for 2010. We have
already successfully drilled at three sites and we are expecting all of these to
come on stream later in 2010 as planning and grid connections are completed.
The project team are also working on a number of projects for 2011. These
negotiations are at varying stages with planners and landlords.
Conventional gas generation
2009 saw Alkane make its first move into a new business stream with the tolling
contract with GDF. Under this contract, Alkane effectively rents surplus
capacity at Shirebrook and Markham to GDF, who are responsible for the
conventional gas supply and the plant running regime for these engine units.
Whilst this is our first move into this new business area it is built on our
existing plant capacity and our core gas to power skills.
The Alkane Team
Full credit should be given to the Alkane team for these results. The
engineering team started the year managing 17MW of CMM capacity at 6 sites and
have finished the year with 30MW installed capacity, covering both CMM and
tolling, at 9 sites. The project team have also overseen the Group's largest
ever capital expenditure programme, which has opened the new sites and provided
for the preparation work on the three potential sites for 2010.
The Board would like to pass on its thanks for eight years Board service to
Peter Fraser, who retired in May. In addition the Board wishes to thank Cameron
Davies, one of the founders of Alkane, who stood down as an executive director
towards the end of 2009 and has taken up the role of non-executive director. I
am delighted to announce that Joe Darby joined the Board in January 2010, and we
look forward to benefiting from Joe's extensive energy industry experience.
The Board would like to take this opportunity to thank the entire Alkane team
for their sterling efforts, hard work and contribution to such a busy 2009.
Outlook
In 2009 Alkane carried out its largest ever investment programme and produced
record levels of power generation. With the production from the sites developed
last year, together with the new sites currently under development, we expect to
increase production again in 2010. As previously announced, prices in 2010 will
be weaker as current wholesale prices are significantly lower than in 2009.
However, it is widely expected that prices will rise in the medium to longer
term, and with its increased production the Group is well placed to benefit.
Meanwhile the Board continues to explore other opportunities within the gas to
power sector to take advantage of its proven skills in managing small scale,
flexible and low cost power generation. We believe that this gives us an ideal
platform to grow in the alternative energy sector. We have started to deliver
on this potential with our first moves into conventional gas and biogas. This
programme should provide us with an extended arena to grow into in future years.
John Lander
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
for the year ended 31 December 2009
+---------------------------------------+-------+---------+----------+
| | | 2009 | 2008 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| |Notes | GBP'000 | GBP'000 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Revenue | | 6,292 | 5,191 |
+---------------------------------------+-------+---------+----------+
| Cost of sales | | (2,026) | (2,093) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Gross profit | | 4,266 | 3,098 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Administrative expenses | | (1,933) | (1,862) |
+---------------------------------------+-------+---------+----------+
| Non-recurring costs | 3 | - | (108) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Return on Group operations | | 2,333 | 1,128 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Other operating income | | 152 | 63 |
+---------------------------------------+-------+---------+----------+
| Proceeds from surrender of leases | | - | 350 |
+---------------------------------------+-------+---------+----------+
| Impairment of gas assets | | (18) | (200) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Profit on activities before finance | | 2,467 | 1,341 |
| income/(costs) | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Finance income | | 109 | 294 |
+---------------------------------------+-------+---------+----------+
| Exchange (loss)/gain arising from | | (307) | 495 |
| financing | | | |
+---------------------------------------+-------+---------+----------+
| Finance costs | | (185) | (182) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Net finance (costs)/income | | (383) | 607 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Profit before tax | | 2,084 | 1,948 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Tax (charge)/credit | 5 | (1) | 60 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Profit for the period from continuing | | 2,083 | 2,008 |
| operations | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Discontinued operations: | | | |
+---------------------------------------+-------+---------+----------+
| Net profit on disposal of associate | 6 | 767 | - |
+---------------------------------------+-------+---------+----------+
| Impairment charge | 6 | (1,448) | - |
+---------------------------------------+-------+---------+----------+
| Share of profit of associate | | - | 383 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Profit for the year attributable to | | 1,402 | 2,391 |
| equity holders of the parent | | | |
+---------------------------------------+-------+---------+----------+
| Other comprehensive income | | | |
+---------------------------------------+-------+---------+----------+
| Exchange differences on translation | | - | 814 |
| of foreign operations | | | |
+---------------------------------------+-------+---------+----------+
| Exchange difference on long-term loan | | - | 433 |
+---------------------------------------+-------+---------+----------+
| Exchange difference transferred to | | (927) | - |
| profit or loss on disposal of foreign | | | |
| operation | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Total comprehensive income for the | | | |
| year attributable to equity | | | |
+---------------------------------------+-------+---------+----------+
| holders of the parent | | 475 | 3,638 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Earnings per ordinary share | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| From continuing operations: | | | |
+---------------------------------------+-------+---------+----------+
| Basic, for profit for the year | 7 | 2.24p | 2.17p |
| attributable to equity holders of the | | | |
| parent | | | |
+---------------------------------------+-------+---------+----------+
| Diluted, for profit for the year | 7 | 2.22p | 2.15p |
| attributable to equity holders of the | | | |
| parent | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| From continuing and discontinued | | | |
| operations: | | | |
+---------------------------------------+-------+---------+----------+
| Basic, for profit for the year | 7 | 1.51p | 2.59p |
| attributable to equity holders of the | | | |
| parent | | | |
+---------------------------------------+-------+---------+----------+
| Diluted, for profit for the year | 7 | 1.49p | 2.56p |
| attributable to equity holders of the | | | |
| parent | | | |
+---------------------------------------+-------+---------+----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
at 31 December 2009
+---------------------------------------+-------+---------+----------+
| | | 2009 | 2008 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| |Notes | GBP'000 | GBP'000 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| NON-CURRENT ASSETS | | | |
+---------------------------------------+-------+---------+----------+
| Property, plant and equipment | 8 | 9,355 | 5,932 |
+---------------------------------------+-------+---------+----------+
| Gas assets | 9 | 8,937 | 4,477 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | 18,292 | 10,409 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| CURRENT ASSETS | | | |
+---------------------------------------+-------+---------+----------+
| Inventories | | 223 | 144 |
+---------------------------------------+-------+---------+----------+
| Trade and other receivables | | 1,450 | 5,334 |
+---------------------------------------+-------+---------+----------+
| Other financial assets | | - | 350 |
+---------------------------------------+-------+---------+----------+
| Cash and short-term deposits | | 904 | 1,826 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | 2,577 | 7,654 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| Assets held for sale | 6 | - | 3,322 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | 2,577 | 10,976 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| TOTAL ASSETS | | 20,869 | 21,385 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| CURRENT LIABILITIES | | | |
+---------------------------------------+-------+---------+----------+
| Trade and other payables | | (1,019) | (2,799) |
+---------------------------------------+-------+---------+----------+
| Finance lease obligations | | (665) | (402) |
+---------------------------------------+-------+---------+----------+
| Provisions | | (13) | - |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | (1,697) | (3,201) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| NON-CURRENT LIABILITIES | | | |
+---------------------------------------+-------+---------+----------+
| Finance lease obligations | | (2,045) | (1,507) |
+---------------------------------------+-------+---------+----------+
| Provisions | | (1,348) | (1,399) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | (3,393) | (2,906) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| TOTAL LIABILITIES | | (5,090) | (6,107) |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| NET ASSETS | | 15,779 | 15,278 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| EQUITY | | | |
+---------------------------------------+-------+---------+----------+
| Share capital | | 464 | 464 |
+---------------------------------------+-------+---------+----------+
| Share premium | | 72 | 72 |
+---------------------------------------+-------+---------+----------+
| Cumulative translation adjustment | | - | 927 |
+---------------------------------------+-------+---------+----------+
| Other reserves | | 8,557 | 8,531 |
+---------------------------------------+-------+---------+----------+
| Retained earnings | | 6,686 | 5,284 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
| TOTAL EQUITY | | 15,779 | 15,278 |
+---------------------------------------+-------+---------+----------+
| | | | |
+---------------------------------------+-------+---------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
for the year ended 31 December 2009
+---------------------+----------+-----+----------+-------------+-------------+-------------+------------+
| | | Attributable to equity holders of the parent |
+---------------------+----------+-----------------------------------------------------------------------+
| | Issued | Share | Translation | Other | Retained | Total |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | capital | premium | of | reserves(1) | earnings(2) | 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) | - | 1,402 | 475 |
| income and expense | | | | | | |
| for the period | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| Share based payment | - | - | - | 26 | - | 26 |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| At 31 December 2009 | 464 | 72 | - | 8,557 | 6,686 | 15,779 |
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| 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 | - | (33,274) | - | 8,419 | 24,855 | - |
| share premium | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| Issue of share | 4 | 87 | - | - | - | 91 |
| capital | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| At 31 December 2008 | 464 | 72 | 927 | 8,531 | 5,284 | 15,278 |
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | |
+---------------------+----------------+----------+-------------+-------------+-------------+------------+
| | | | | | | | |
+---------------------+----------+-----+----------+-------------+-------------+-------------+------------+
(1) Other reserves comprise share-based payments of GBP138,000 (2008:
GBP112,000), and a distributable reserve of GBP8,419,000 (2008: GBP8,419,000)
created following cancellation of the share premium.
(2) The balance of the foreign currency translation reserve at 31 December
2009 was nil (31 December 2008: GBP555,000).
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
for the year ended 31 December 2009
+-----------------------------------------+-------+----------+---------+
| | | 2009 | 2008 |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| | Notes | GBP'000 | GBP'000 |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Operating activities | | | |
+-----------------------------------------+-------+----------+---------+
| Profit before tax from continuing | | 2,084 | 1,948 |
| operations | | | |
+-----------------------------------------+-------+----------+---------+
| Adjustments to reconcile operating | | | |
| profit to net cash flows: | | | |
+-----------------------------------------+-------+----------+---------+
| Depreciation and impairment of | | | |
| property, plant and equipment and | | | |
+-----------------------------------------+-------+----------+---------+
| gas assets | | 1,225 | 1,261 |
+-----------------------------------------+-------+----------+---------+
| Share-based payments expense | | 26 | 5 |
+-----------------------------------------+-------+----------+---------+
| Proceeds from surrender of leases | | - | (350) |
+-----------------------------------------+-------+----------+---------+
| Finance income | | (109) | (294) |
+-----------------------------------------+-------+----------+---------+
| Finance expense | | 185 | 182 |
+-----------------------------------------+-------+----------+---------+
| Movements in provisions | | (38) | (123) |
+-----------------------------------------+-------+----------+---------+
| Decrease/(increase) in trade and other | | 2,235 | (377) |
| receivables | | | |
+-----------------------------------------+-------+----------+---------+
| Increase in inventories | | (79) | (43) |
+-----------------------------------------+-------+----------+---------+
| Decrease in trade and other payables | | (214) | (25) |
+-----------------------------------------+-------+----------+---------+
| Income tax refunded | | 132 | 16 |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Net cash flows from operating | | 5,447 | 2,200 |
| activities | | | |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Cash flows from investing activities | | | |
+-----------------------------------------+-------+----------+---------+
| Proceeds from sale of investment in | | 3,162 | - |
| associate | | | |
+-----------------------------------------+-------+----------+---------+
| Proceeds from surrender of leases | | - | 350 |
+-----------------------------------------+-------+----------+---------+
| Interest received | | 176 | 401 |
+-----------------------------------------+-------+----------+---------+
| Dividends received | | - | 182 |
+-----------------------------------------+-------+----------+---------+
| Purchase of property, plant and | | (5,709) | (1,784) |
| equipment | | | |
+-----------------------------------------+-------+----------+---------+
| Purchase of gas assets | | (4.964) | (1,230) |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Net cash flows used in investing | | (7,335) | (2,081) |
| activities | | | |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Cash flows from financing activities | | | |
+-----------------------------------------+-------+----------+---------+
| Issue of share capital | | - | 92 |
+-----------------------------------------+-------+----------+---------+
| Proceeds from sale and finance | | 1,417 | 402 |
| leaseback | | | |
+-----------------------------------------+-------+----------+---------+
| Sale and finance leaseback rentals | | (616) | (355) |
+-----------------------------------------+-------+----------+---------+
| Interest paid | | (185) | (182) |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Net cash flows from/(used in) financing | | 616 | (43) |
| activities | | | |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Net (decrease)/increase in cash and | | (1,272) | 76 |
| cash equivalents | | | |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Cash and cash equivalents at 1 January | | 2,176 | 2,100 |
+-----------------------------------------+-------+----------+---------+
| | | | |
+-----------------------------------------+-------+----------+---------+
| Cash and cash equivalents at 31 | 11 | 904 | 2,176 |
| December | | | |
+-----------------------------------------+-------+----------+---------+
NOTES TO THE ACCOUNTS
1. CORPORATE INFORMATION
The interim condensed consolidated financial statements of the Group for the
year ended 31 December 2009 were authorised for issue in accordance with a
resolution of the directors on 9 March 2010.
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 activity of the Group is described in Note 4.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and with
those parts of the Companies Act 2006 applicable to companies reporting under
IFRS. The accounting policies which follow set out those policies which apply
in preparing financial statements for the Group and the Company. The Company
has taken advantage of the exemption provided under section 408 of the Companies
Act 2006 not to publish its individual statement of comprehensive income and
related notes. The result for the year of that Company is a loss of GBP301,000
(2008: GBP407,000).
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgment in the process of applying the Group's accounting
policies.
The policies set out in the most recently published full accounts have been
followed. The Group has adopted all of the standards and interpretations that
were mandatory for accounting periods beginning on or after 1 January 2009 that
are relevant to the operations of the Group.
3. NON-RECURRING COSTS
The following table is an analysis of non-recurring costs:
+-------------------------------+-----------------+-----------+---------+
| | | 2009 | 2008 |
| | | unaudited | |
+-------------------------------+-----------------+-----------+---------+
| | | GBP'000 | |
| | | | GBP'000 |
+-------------------------------+-----------------+-----------+---------+
| Costs of corporate | | - | 108 |
| transactions | | | |
+-------------------------------+-----------------+-----------+---------+
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
The tax charge of GBP1,000 for the year ended 31 December 2009 and tax credit of
GBP60,000 for the year ended 31 December 2008 relate to our site in Germany and
comprises 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.
+--------------------------------+---------+---------+---------+
| | Equity | Loans | Total |
+--------------------------------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------+---------+---------+
| Book value of net assets at 31 | 2,617 | - | 2,617 |
| December 2008 | | | |
+--------------------------------+---------+---------+---------+
| Goodwill | 705 | - | 705 |
+--------------------------------+---------+---------+---------+
| Assets held for sale at 31 | 3,322 | - | 3,322 |
| December 2008 | | | |
+--------------------------------+---------+---------+---------+
| Shareholder loans | - | 1,873 | 1,873 |
+--------------------------------+---------+---------+---------+
| | 3,322 | 1,873 | 5,195 |
+--------------------------------+---------+---------+---------+
| Sale proceeds received | 2,570 | 956 | 3,526 |
+--------------------------------+---------+---------+---------+
| Exchange rate movement | 2 | 64 | 66 |
+--------------------------------+---------+---------+---------+
| Deferred amounts | 640 | 853 | 1,493 |
+--------------------------------+---------+---------+---------+
| Loss on disposal before costs | (110) | - | (110) |
+--------------------------------+---------+---------+---------+
| Cost of disposal | (50) | - | (50) |
+--------------------------------+---------+---------+---------+
| | (160) | - | (160) |
+--------------------------------+---------+---------+---------+
| Release of translation | 927 | - | 927 |
| reserves from equity | | | |
+--------------------------------+---------+---------+---------+
| Net profit on disposal | 767 | - | 767 |
+--------------------------------+---------+---------+---------+
Alkane has placed EUR720,000 (GBP640,000) from the consideration into an escrow
account to act as collateral against any warranties or other claims. Of the
shareholder loan of EUR1,960,000 (GBP1,873,000) made to Pro2 Anlagentechnik GmbH,
EUR1,000,000 (GBP956,000) was sold at face value on 2 March 2009. The balance is
due to be repaid in instalments during 2010: EUR50,000 (GBP45,000) was received on
5 January with further instalments of EUR50,000 on 4 June, EUR100,000 on 4
September, EUR260,000 on 4 December and EUR500,000 on 31 December.
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.
Pro2's trading during 2009 has been impacted by the economic recession as a
result of which there is a fundamental uncertainty as to the recovery of the
balance of the deferred amounts of GBP1,493,000 shown in the table above. An
impairment charge has therefore been taken against that amount, less the
GBP45,000 that has been received in 2010.
7. EARNINGS PER ORDINARY 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 year.
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 year 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:
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | unaudited | |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+--------------------------------------------+------------+------------+
| Profit for the year from continuing | 2,083 | 2,008 |
| operations | | |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Profit attributable to equity holders of | 1,402 | 2,391 |
| the parent | | |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| | No. | No. |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Basic weighted average number of ordinary | 92,883,878 | 92,488,613 |
| shares | | |
+--------------------------------------------+------------+------------+
| Dilutive effect of share options | 1,134,040 | 765,596 |
+--------------------------------------------+------------+------------+
| Diluted weighted average number of | 94,017,918 | 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 year ended 31 December 2009, the Group acquired assets with a cost of
GBP4,386,000 (2008: GBP2,801,000). There were no disposals during the period
(2008: nil).
Sale and finance leaseback
During the year 31 December 2009, the Group entered into 2 new lease agreements
for 3 items of plant with a total cost of GBP1,310,000 (2008: one agreement with
a cost of GBP402,000).
9. GAS ASSETS
Acquisitions and disposals
During the year ended 31 December, the Group acquired assets with a cost of
GBP4,722,000 (2008: GBP1,666,000). There were no disposals during the year
(2008: nil).
10. CAPITAL COMMITMENTS
At 31 December 2009, the Group had capital commitments contracted for but not
provided in the financial statements of GBP71,000 for the acquisition of
property, plant and equipment (2008 GBP1,142,000) and of GBP443,000 for the
acquisition of gas assets (2008: GBP284,000).
11. ADDITIONAL CASH FLOW INFORMATION
Analysis of net debt
+---------------------+---------+---------+-----------+-------------+-----------+
| | 1 | Cash | Other | Exchange | 31 |
| | January | flow | non-cash | rate | December |
| | 2009 | | movements | differences | 2009 |
+---------------------+---------+---------+-----------+-------------+-----------+
| | | | | | Unaudited |
+---------------------+---------+---------+-----------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+---------+-----------+-------------+-----------+
| Cash at bank and in | 1,826 | (922) | - | - | 904 |
| hand | | | | | |
+---------------------+---------+---------+-----------+-------------+-----------+
| Liquid resources | 350 | (350) | - | - | - |
+---------------------+---------+---------+-----------+-------------+-----------+
| Cash and cash | 2,176 | (1,272) | - | - | 904 |
| equivalents | | | | | |
+---------------------+---------+---------+-----------+-------------+-----------+
| Sale and finance | (1,909) | (831) | - | 30 | (2,710) |
| leaseback | | | | | |
+---------------------+---------+---------+-----------+-------------+-----------+
| Net (debt)/funds | 267 | (2,103) | - | 30 | (1,806) |
+---------------------+---------+---------+-----------+-------------+-----------+
| Securities | 305 | 503 | (620) | - | 188 |
+---------------------+---------+---------+-----------+-------------+-----------+
| Adjusted net | 572 | (1,600) | (620) | 30 | (1,618) |
| (debt)/funds* | | | | | |
+---------------------+---------+---------+-----------+-------------+-----------+
+---------------------+-------+---------+---------+-------------+----------+
| | | 1 | Cash | Exchange | 31 |
| | | January | flow | rate | December |
| | | 2008 | | differences | 2008 |
+---------------------+-------+---------+---------+-------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+-------+---------+---------+-------------+----------+
| Cash at bank and in | | 1,750 | 76 | - | 1,826 |
| hand | | | | | |
+---------------------+-------+---------+---------+-------------+----------+
| Liquid resources | | 350 | - | - | 350 |
+---------------------+-------+---------+---------+-------------+----------+
| Cash and cash | | 2,100 | 76 | - | 2,176 |
| equivalents | | | | | |
+---------------------+-------+---------+---------+-------------+----------+
| Sale and finance | | (1,788) | (47) | (74) | (1,909) |
| leaseback | | | | | |
+---------------------+-------+---------+---------+-------------+----------+
| 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:
+------------------------------------------------+-----------+---------+
| | 2009 | 2008 |
+------------------------------------------------+-----------+---------+
| | unaudited | |
+------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+------------------------------------------------+-----------+---------+
| (a) Sales of goods and services | | |
+------------------------------------------------+-----------+---------+
| Sale of goods | | |
+------------------------------------------------+-----------+---------+
| - A-TEC Anlagentechnik GmbH1 | - | 230 |
+------------------------------------------------+-----------+---------+
| Sale of services | | |
+------------------------------------------------+-----------+---------+
| - Associate2 | - | 48 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| | - | 278 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| (b) Purchases of goods and services | | |
+------------------------------------------------+-----------+---------+
| Purchase of goods | | |
+------------------------------------------------+-----------+---------+
| - Associate2 | - | 1,508 |
+------------------------------------------------+-----------+---------+
| Purchase of services | | |
+------------------------------------------------+-----------+---------+
| - Associate2 | - | 17 |
+------------------------------------------------+-----------+---------+
| - A-TEC Anlagentechnik GmbH1 | - | 174 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| | - | 1,699 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| (c) Year-end balances arising from | | |
| sales/purchases of goods/services | | |
+------------------------------------------------+-----------+---------+
| Receivables from related parties: | | |
+------------------------------------------------+-----------+---------+
| - Associate2 | - | 48 |
+------------------------------------------------+-----------+---------+
| - A-TEC Anlagentechnik GmbH1 | - | 14 |
+------------------------------------------------+-----------+---------+
| Payments to related parties: | | |
+------------------------------------------------+-----------+---------+
| - Associate2 | - | 1,532 |
+------------------------------------------------+-----------+---------+
| - A-TEC Anlagentechnik GmbH1 | - | 12 |
+------------------------------------------------+-----------+---------+
| |
+----------------------------------------------------------------------+
| Outstanding balances arising from the sale and purchase of goods |
| and services between related parties are unsecured and interest |
| free. |
+----------------------------------------------------------------------+
| | | |
+------------------------------------------------+-----------+---------+
| (d) Key management compensation | | |
+------------------------------------------------+-----------+---------+
| | 2009 | 2008 |
+------------------------------------------------+-----------+---------+
| | Unaudited | |
+------------------------------------------------+-----------+---------+
| | GBP'000 | GBP'000 |
+------------------------------------------------+-----------+---------+
| Salaries and other short term employee | 695 | 562 |
| benefits | | |
+------------------------------------------------+-----------+---------+
| Long term benefits | 55 | 42 |
+------------------------------------------------+-----------+---------+
| Share-based payments | 26 | 5 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| | 776 | 609 |
+------------------------------------------------+-----------+---------+
| |
+----------------------------------------------------------------------+
| (e) Loans to related parties | | |
+------------------------------------------------+-----------+---------+
| Loans to associate2: | | |
+------------------------------------------------+-----------+---------+
| - beginning of year | 3,847 | 3,086 |
+------------------------------------------------+-----------+---------+
| - opening adjustment - equity interest in | (3,847) | - |
| associate sold | | |
+------------------------------------------------+-----------+---------+
| - interest charged | - | 195 |
+------------------------------------------------+-----------+---------+
| - interest received | - | (307) |
+------------------------------------------------+-----------+---------+
| - exchange difference | - | 873 |
+------------------------------------------------+-----------+---------+
| | | |
+------------------------------------------------+-----------+---------+
| - end of year | - | 3,847 |
+------------------------------------------------+-----------+---------+
The loans to associate relate to former associate company Pro2 Anlagentechnik
GmbH.
1Achim Wörsdörfer, a director and shareholder of our former associate company
Pro2 Anlagentechnik GmbH, is also a director of A-TEC Anlagentechnik GmbH.
2Refers to transactions with our former associate company Pro2 Anlagentechnik
GmbH.
13. GENERAL NOTE
a. The preliminary unaudited financial information set out above does not
constitute full accounts within the meaning of Section 435 of the Companies Act
2006.
b. Audited statutory accounts in respect of the year ended 31 December 2008
have been delivered to the Registrar of Companies and those accounts were
subject to an unqualified report by the auditors.
c. Copies of the audited annual report and accounts for the year ended 31
December 2009 will be sent to shareholders during April 2009 and will be
available from the Company's registered office - Edwinstowe House, High Street,
Edwinstowe, Nottinghamshire NG21 9PR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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