TIDMCPH2
RNS Number : 8294W
Clean Power Hydrogen
20 April 2023
20 April 2023
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group")
Maiden Financial Results for the Financial Year ended 31
December 2022
CPH2 (AIM: CPH2), the UK-based green hydrogen technology and
manufacturing company that has developed the IP-protected
Membrane-Free Electrolyser ("MFE"), is pleased to announce its
inaugural set of results and report for the year ended 31 December
2022 (the "Period").
Highlights
-- Successful admission to AIM, a market operated by the London
Stock Exchange, in February 2022, raising gross proceeds of
GBP30.5m
o Awarded the London Stock Exchange Green Economy Mark at
admission.
-- Three major license agreements for manufacture signed and strong order book momentum:
o Kenera Energy Solutions Limited ("Kenera"), a business unit of
our strategic shareholder, KCA Deutag Group.
o Fabrum Solutions Ltd (ex AFCyro), a New Zealand based advanced
technology developer and manufacturer.
o GHFG Ltd , an Irish company focused on developing combined
renewable energy and hydrogen production projects.
o As at 31 December 2022 CPH2 had five MFE220 electrolyser
orders, with combined sales value of GBP6.5m, of which GBP1.8m has
been received as deposits and has been treated as deferred
income.
o CPH2 continues to receive growing interest in the MFE
electrolyser and anticipates further demand for the technology
following delivery of the first MFE220 units in 2023.
-- GBP1.5m investment into ATOME Energy plc ("ATOME") as part of
ATOME's placing in December 2022.
o The investment follows ATOME's purchase order for the sale of
a 1-megawatt ("MW") MFE220 electrolyser in March 2022.
-- Strengthened the senior leadership team whilst significantly
investing in the workforce, increasing the head count from under 30
at IPO to 55 as at 31 December 2022.
-- Year end net asset position of GBP25.2m, of which GBP15.3m
was in cash or current assets investments (bank deposits).
Outlook
-- Focused on the successful commercial delivery of the MFE220
1MW electrolyser with key milestone contingent upon the completion
and acceptance testing of the MFE110.
-- Design of the MFE110 completed in Q1 2023 with CPH2 currently
testing the subsystems and expects to have full MFE110 units on
test in H1 of 2023.
-- Delivery of MFE110 to customer sites and subsequent testing
arranged with customers considering their timing requirements
scheduled to be completed in H2 of 2023.
-- Design modifications on the MFE220 has continued and results
from the MFE110 testing expected to be accommodated into the final
designs of the MFE220 for production.
-- Beyond completion and testing of the MFE220, CPH2 will
continue to invest in R&D, looking to enhance the operational
efficiencies of the MFE220 before finalising the design of the 2MW
MFE440 in 2024.
-- Company will continue to support licensing partners in
preparation for production at facilities across the world
including, Germany, New Zealand and Ireland.
-- Following successful commercialisation, CPH2 expects to see
strong and increasing customer demand for the MFE technology which
the Company can accommodate through in-house manufacturing and
through licencing partners.
Jon Duffy, CPH2 CEO commented:
"2022 was a pivotal year for the Company, as it listed on AIM,
significantly invested in the workforce and saw license agreement
and strong purchase order momentum globally. Customers have seen
the value of our low cost, highly robust membrane free electrolyser
technology owned, manufactured and licensed by CPH2.
Whilst we have encountered some issues with the technology, we
are still well positioned to meet our strategic objectives and are
focused on achieving commercial success. We have identified the
root of the potential issue and following a redesign of the MFE220,
we expect to begin delivering units in 2023. Over the past 12
months, we have learnt a great deal about our technology despite
our challenges and the MFE220 remains at the core of our
business."
Analyst and investor presentation
Chief Executive Officer, Jon Duffy and Chief Financial Officer,
James Hobson will host an analyst and investor presentation via the
London Stock Exchange ("LSEG") SparkLive platform on Tuesday 25(th)
April 2023 at 09:00 BST.
Sign up for the presentation is available via the LSEG
website:
https://www.lsegissuerservices.com/spark/CLEANPOWERHYDROGEN/events/772df411-43bf-4b5b-8549-d576a259820b
Annual Report
The Annual Report will be available on the Company' website
today ( https://www.cph2.com ) and hard copies are expected to be
posted to Shareholders on 15 May 2023
For more information, please contact:
Clean Power Hydrogen pflc via Camarco
Jon Duffy, Chief Executive Officer
James Hobson, Chief Financial Officer
Cenkos Securities plc - NOMAD & Broker
+44 (0)131 220
Neil McDonald 9771
+44 (0)131 220
Peter Lynch 9772
+44 (0)131 220
Adam Rae 9778
+ 44(0) 20 3 757
Camarco PR 4980
Billy Clegg
Owen Roberts
Lily Pettifar
To find out more, please visit: https://www.cph2.com
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group
Limited ("Clean Power") which has almost a decade of dedicated
research and product development experience. This experience has
resulted in the creation of simple, safe and sustainable technology
which is designed to deliver a modular solution to the hydrogen
production market in a cost-effective, scalable, reliable and
long-lasting manner. The Group's strategic objective is to deliver
the lowest LCOH in the market in relation to the production of
green hydrogen. The Group's MFE technology is already commercially
available and demonstrating cost efficiencies and technological
advantages. CPH2 is listed on the AIM market and trades under the
ticker LON:CPH2.
Chair's Statement
I am delighted to present the inaugural Annual Report of Clean
Power Hydrogen plc ("CPH2" or the "Company").
2022 was a transformational year for CPH2. The IPO in February
2022, raising GBP30m and introducing new institutional and
strategic investors, was a significant achievement, especially in
the context of the market conditions that existed at the time. The
funding received has enabled us to accelerate our activities in
pursuit of our strategic objectives.
We are proud to be at the core of the green hydrogen industry
and its contribution towards the net zero transition and, despite
2022 being a very difficult year for local communities in the UK
and global economies, the market opportunity for hydrogen has never
been stronger and more real. We see this emphasised by the
Inflation Reduction Act in the United States, the EU's Green
Industrial Plan and more recently in the UK Government's "Powering
Up Britain" Strategy.
The Company's aim is to become a globally recognised and highly
profitable designer, manufacturer and licensor of its Membrane-Free
Electrolyser ("MFE"), with at least a 4GW production capacity by
2030.
We made strong commercial progress over the last twelve months,
signing three partnerships to licence manufacture in Germany, New
Zealand, Ireland and Oman, and to sell across multiple countries in
Europe, Middle East and Australasia. This lays the groundwork for
the rapid, controlled ramping up of our differentiated technology.
Our commercial strategy, underpinned by our strong IP, is a key
differentiator from our competitors.
A decade of dedicated research and product development has
resulted in the creation of a unique technology which is designed
to deliver a modular solution to the hydrogen production market in
a cost-effective, scalable, resilient, reliable and sustainable
way.
During 2022, the CPH2 team made good progress in our transition
from an R&D technology company towards a commercial
manufacturing operation. The delays we incurred and reported have
been frustrating and we are working hard to recover lost ground. In
the end the delays have, however, also proved to be a positive
learning event for the Company; as a result, we have significantly
improved our internal controls, project and risk management, and
engineering discipline, whilst making strong and necessary
improvements in the calibre of our senior management and respective
teams. I am confident that we are on a robust and disciplined
engineering pathway to address the issues, which we expect to
resolve in the near term.
The Company has a strong balance sheet with over GBP15m in cash
and term deposits as at 31 December 2022, as well as further
realisable assets of GBP3m. Net assets as at 31 December 2022 was
GBP25.2m. Prudent and careful cash management will continue to
ensure funds are well spent. The Company incurred a loss of GBP3.5m
after tax for the 2022 financial year and invested GBP4.3m into
development activities.
Board
This being the inaugural year of the parent company, I take this
opportunity to recognise and welcome fellow Directors. I am pleased
to report we have a strong, active and engaged Board with a passion
for CPH2 to reach its full potential. Clive Brook, who was
instrumental to the successful IPO in February 2022, retired from
CPH2 during the year and I would personally like to thank him for
all his hard work and dedication. We appointed James Hobson as
Chief Financial Officer in December 2022 and would like to welcome
him to his post.
I am pleased to report that the governance of the Group has
strengthened markedly during the year, with a focused effort
leading up to the IPO and beyond. Governance will continue to
improve in line with CPH2's growth and taking into account its size
and resources.
CPH2 is at the heart of the green hydrogen industry and is
playing a significant part in the drive towards clean energy and
net zero targets, making ESG a key factor in our investor
proposition. We look forward to publishing our ESG objectives and
strategy in the coming twelve months.
Outlook
We are well positioned to leverage our technology and commercial
strategy differentiators to meet our strategic objectives. Our
focus is on the completion and acceptance testing of the de-rated
MFE110, which we expect to be a catalyst for the finalisation of
the MFE220 1MW electrolyser. This in turn will be the platform for
which the Company expects to achieve commercial success, whilst
continually developing and enhancing our technology. Once our
robust technology pathway is concluded, which should be in the near
term, we have great confidence in the demand for our product, given
the sales channels we have developed over the last 12 months.
Finally, I would like to thank our shareholders, the Board,
CPH2's valued employees and our partners for their continued
support and passion.
Christopher Train
Chair
Chief Executive's Review
The past year has seen significant commercial and operational
progress for CPH2. It began with final preparations for our IPO and
the admission of the Company's shares to trading on the AIM market
at a time when the whole technology sector was in neutral to
negative territory and the Russian army was camped on the border of
Ukraine. I would like to thank all those involved in the IPO
process which saw CPH2's shares successfully admitted to trading on
the London Stock Exchange; it is testament to the skill and
dedication of everyone involved that CPH2 was one of the few
successful IPOs on the AIM market in 2022.
IPO
The Company raised gross proceeds of over GBP30m in the IPO in
February 2022. The IPO process started nine months prior to this
and I would like to thank the advisers to the Company, Browne
Jacobson, Mazars and Cenkos Securities, and particularly Clive
Brook, our former CFO, who was instrumental in its success.
People
Our people are an incredibly important part of our organisation.
Prior to the IPO, we were successful at recruiting Chris Train as
the Company's Chair, Natalie Fortescue as Senior Non-Executive
Director, and persuading Rick Smith to step up from the Group
Operating Board to the CPH2 Board. Clive Brook and I filled the
executive roles.
Significant steps have been made to build out the team in a
measured way as we look to continue to improve the leadership,
capacity and capabilities of CPH2.
James Hobson joined the Company in December 2022 as Group CFO
and as a CPH2 Director, Arash Selahi joined as Head of Operations
and has subsequently been appointed Chief Operating Officer for the
Group. Senior leadership in Engineering and R&D has been
significantly upgraded with Hugh Reynolds, of Fabrum New Zealand,
stepping in as interim Chief Technology Officer whilst waiting for
the recruitment and arrival of Paul Cassidy who joined as permanent
Chief Technology Officer in March 2023.
Clive Brook retired as a CPH2 Director during the year but
remains as a non-executive director of CPH2's trading subsidiary.
Nigel Williamson retired as an employee but also remains as a
non-executive director of CPH's trading subsidiary whilst acting as
a consultant.
The real backbone of the business, though, are the unsung heroes
whose daily commitment and dedication does not get the deserved
attention. We have grown the overall workforce from 31 at the start
of the year to 55 staff at the end, which includes 20 in
Engineering and R&D, and 22 in Operations, Procurement and
Commissioning. The remaining staff are in business development,
administration, support, and senior management.
I want to show my appreciation and thanks to all our staff who
are helping to build CPH2 into an international business.
Market
The macro picture for green hydrogen continues to show huge
potential. The twin crises of global warming and energy security
are supportive for our market. The drive to net zero and the
realisation that energy security is no longer a given make
headlines daily. Global initiatives to address these issues are
being prioritised by both governments and corporations alike.
CPH2 is uniquely placed to help meet the subsequent demand for a
reliable, cheap and sustainable fuel. The Company remains fully
committed to being able to make a tangible difference and to leave
a legacy that is measured in societal and environmental
benefit.
Our strategic aim is to have 4GW of annual production by the end
of 2030. Our patented technology means we can license our
production to third parties. Of the 4GW, we expect 1GW will be
manufactured by CPH2 and 3GW will be manufactured under
licence.
Technology
As was reported during the year we have encountered scale up
issues which have delayed the roll out of the technology. In late
2022 the Company completed a thorough analysis of the MFE220
design, from technological, operational and control perspectives,
and successfully identified that a potential issue existed in the
cryostat (the component enabling separation of hydrogen and oxygen
using cryogenics). We made the decision to cease production until
we had resolved the situation. This work has now, largely been
completed including a redesign for new units which avoids the
issue.
To ensure a robust development path in Q4 2022 we elected, with
our customers' support, to repurpose three electrolysers to build
de-rated 0.5MW units ("MFE110") for development purposes and
undertake a thorough testing regime both at CPH2 and then
subsequently at customer sites. The design of the MFE110 was
completed in Q1 2023 and we are currently testing the subsystems.
We expect to have the full MFE110 units on test in the first half
of 2023. Delivery of the MFE110 to customer sites and subsequent
testing have been arranged with customers considering their timing
requirements and are all scheduled to be completed in the second
half of 2023.
Whilst this work is being undertaken, design modifications on
the MFE220 has continued and the results from the MFE110 testing
are expected to be accommodated into the final designs of the
MFE220 for production. Most of the components with long lead times
have already been procured for first MFE220's, allowing for quicker
manufacturing build for the first MFE220's upon final design. As
first announced in November 2022, we continue to expect the first
MFE220's units to be manufactured, tested, and sent to customers
for delivery against sales orders by the end of 2023. Following
this the MFE110's will either be returned to CPH2 and repurposed or
potentially sold to customers in situ.
The delays, and the impact on our commercial progress, have
unquestionably been disappointing to all stakeholders concerned.
However, our engineering discipline and focus has significantly
improved as have our internal controls, project and risk management
processes. As discussed above, a robust technology pathway has been
implemented that encompasses both an element of retrofitting
existing orders and improving the design for future orders. We are
a lot stronger for what has been a difficult, but in the end
positive, learning experience and from which we believe we will
benefit from for years to come.
The MFE220 remains the core of our technology. The advantages of
using membrane free electrolysis has been proven in our test unit
that was previously deployed to Northern Ireland. We continue to
invest in R&D as we look to improve overall efficiencies in
every aspect of the system from stack performance right through to
cryogenic separation, as well as reducing build costs.
Licencing and Manufacturing
It is our stated aim to get to 3GW of annual production through
licensing and 1GW of production at CPH2 facilities by 2030 in
accordance with our commercial strategy. Our unique and patented
technology allows us to expand production quickly, utilising
partners, with limited capital outlay through such deals.
During the last twelve months we signed the following licence
and manufacturing agreements:
-- KCA Deutag - Two-year licensing deal for the manufacture of
MFE units in their Bad Bentheim facility in Germany. They will
produce for orders from CPH2 as well as their own customers.
Following the initial two-year period, they will also be able to
manufacture in Oman, and sell exclusively to certain countries in
the Middle East up to 2GW over a 10-year period. They will also
manufacture and sell, on a non-exclusive basis, to their customers
in Germany, Scotland, Denmark, and Azerbaijan up to 150MW per
annum.
-- Fabrum - 10-year licensing deal for the manufacture of MFE
units in their Christchurch facility in New Zealand. This deal also
encompasses a non-exclusive sales agreement for New Zealand and
Australia, with no upper limit to manufacturing volumes.
-- GHFG - 20-year licensing deal for the manufacture of MFE
units in an Ireland facility for up to 2GW for their own use.
We will also continue to manufacture our own units and are
targeting 1GW of annual production from CPH2 facilities:
-- Doncaster - We will continue to build MFE units at our own
facility in Doncaster. However, it is envisaged that Doncaster
will, eventually, become the R&D centre as well as the
manufacturing site for our heat exchangers and stacks.
-- Northern Ireland - It is still our intention, subject to the
relevant agreements being in place, to open a CPH2 run
manufacturing site in Northern Ireland, where a number of potential
sites have been assessed.
The combination of licensing deals and manufacturing agreements
means we are well placed to meet future demand in a rapid,
controlled, financially lean and de-risked manner. We have begun to
see the positive output of our strategic decisions, with Fabrum
receiving their first direct order under the manufacturing deal in
March 2023 from Obayashi Corporation.
Customers
The Company continues to receive strong interest in our MFE from
new customers. Despite the loss of the Octopus contract that was
due to be deployed in Q4 of 2022, we continue to receive support
from the rest of our existing customers who have held firm with
their commitments. We have communicated fully with them; they
understand the issues and they are working with us to deliver their
units on the revised schedules.
Currently we are preparing to deliver units to Northern Ireland
Water, Fabrum in New Zealand, ATOME in Paraguay, and GHFG in
Ireland. Fabrum placed a second order for a 1MW MFE220 for
deployment in New Zealand to a customer developing a green hydrogen
refuelling network. Following its IPO, ATOME placed an order for a
1MW MFE220 for their Paraguay mobility project. Paraguay has
abundant renewable electricity from hydroelectric power. Their
long-term plan is to develop green ammonia to turn into green
nitrogen fertiliser to enable the country to become self-sufficient
in this agricultural commodity.
Our pipeline remains robust and we continue to receive growing
interest in our electrolysers thanks in part to the sales channels
we have developed over the last 12 months. The strong interest
received gives us great confidence that we will receive numerous
new orders from new and existing customers, once our technology
pathway is concluded and have working units in the field in the
second half of 2023.
Outlook
As discussed above, our priority for 2023 is to rectify the
scale up issues which in turn delayed the roll out of our
technology and have working units in the field. The MFE110 design
has been completed in Q1 2023 and subsystems are currently being
tested. We expect that building and then testing the MFE110 in the
first half of 2023 will be the precursor to final design of the
MFE220. The completion and delivery of first customer orders should
prove to be a catalyst for increased demand from existing and new
customers, making the next 12 months a pivotal and exciting period
for the Company.
With the groundwork set for manufacturing in Germany, New
Zealand and Ireland, we will be supporting our licensing partners
in preparing for their own production to begin first units in New
Zealand and Germany by the end of 2023. Plans for increased
manufacturing capacity within CPH2, potentially in Northern
Ireland, will also be progressed.
We will continue to invest in R&D and upon the completion
and testing the MFE110 followed quickly by the MFE220, work will
turn to improving the operational efficiencies of the MFE220 and
finalising the design of CPH2's 2MW MFE440 in 2024, which is
expected to provide a step change in efficiency. Internally, we are
looking to broaden the supply chain and develop our own systems,
controls and capabilities.
I would like to take this opportunity to thank shareholders for
their patient support and the fantastic team we have at CPH2 for
their dedication, hard work, perseverance and passion.
Jon Duffy
Chief Executive Officer
Financial Review
In February 2022, the Group successfully raised over GBP30m in
an IPO and CPH2's shares were admitted to trading on the AIM market
in the midst of very challenging market conditions. This provided
CPH2 with the funds for accelerating its commercial, development
and operational activities as well as beginning the relationships
with its strategic partner KCA Deutag, new institutional investors
and other new shareholders. Expenses incurred during the IPO were
GBP2.7m, of which GBP0.6m was expensed and GBP2.1m allocated
against share premium account (2021: GBP0.1m IPO costs which were
expensed).
CPH2 has attracted new commercial opportunities, formalising
manufacturing licences with three parties covering countries in
Europe, the Middle East as well as Australia and New Zealand. In
2022, two new electrolyser orders were received while one customer
withdrew its order.
As at 31 December 2022 customers have ordered five MFE220
electrolysers with combined sales value of GBP6.5m, of which
GBP1.8m has been received as deposits and has been treated as
deferred income. Revenue in respect to the orders will be
recognised upon successful completion of site acceptance
testing.
Operating loss before tax was GBP3.8m for the 2022 financial
year (2021: GBP3.4m) as the Company's activities increased and
workforce expanded. Included in administrative expenses is GBP0.6m
of expensed IPO costs (2021: GBP0.1m) and share based payment
credit of GBP1.4m (2021: expense of GBP1.4m) details of which are
set out in note 22 to the financial statements.
Referring to the tactical changes as set out in the Chief
Executive's Review on page --, three electrolysers were repurposed
to build de-rated MFE110 units for development purposes and as such
has been capitalised to development costs. Capitalised development
costs for the year ended 31 December 2022 was GBP4.3m (GBP2021:
GBP0.4m). Minimal spend was incurred in plant and equipment GBP0.3m
(2021: GBP0.3m excluding right of use assets relating to property
lease GBP1.1m).
During 2022 the sole key performance indicator was the
completion of the Company's MFE220 electrolyser. In 2023 the Board
will formulate and approve a suite of financial and non-financial
key performance indicators for CPH2's expected full transition to
commercial manufacturing operations in the next twelve months.
Cash
The operating cash spend was GBP7.2m for the year (2021:
GBP2.1m) largely driven by spend on electrolyser production and
inventory held. Investment in development work and securing patents
was GBP4.3m (2021: GBP0.4m). In December 2022, the Company acquired
shares for GBP1.5m in ATOME Energy Plc, an AIM listed business
focused on the commercial production of ammonia, which at 17 April
2023 was valued at GBP1.4m. The Company's net cash proceeds from
the IPO was GBP27.4m, while receiving GBP0.4m for the exercise of
options and proceeds during the year.
Outlook
We are pleased to advise that the Company is in a strong
financial position with cash resources of GBP15.3m (comprising term
deposits, and cash and cash equivalents) at 31 December 2022, which
excludes a large VAT debtor of GBP1.5m which was received in March
2023.
We are focused on ensuring that cash spend is focused on the
route to commercialisation, and tight expenditure controls remain
in place while the Company is pre-revenue.
James Hobson
Chief Financial Officer
Consolidated statement of comprehensive income
for the year ended 31 December 2022
2022 2021
GBP'000 GBP'000
---------------------------------------------- --------- --------
Revenue - 28
Cost of sales - (25)
----------------------------------------------- --------- --------
Gross profit - 3
Other operating income - 42
Administrative expenses excluding exceptional
items (4,765) (2,145)
Exceptional net credit/(costs) 986 (1,335)
----------------------------------------------- --------- --------
Total administrative expenses (3,779) (3,480)
----------------------------------------------- --------- --------
Operating loss (3,779) (3,435)
Finance income 216 7
Finance expense (55) (37)
Loss before taxation (3,618) (3,465)
Taxation 174 148
----------------------------------------------- --------- --------
Loss for the financial year (3,444) (3,317)
----------------------------------------------- --------- --------
Other comprehensive (expense)/income
Items that may be reclassified subsequently
to profit or loss:
Foreign currency translation differences (19) 20
Fair value decrease in respect of investments (3) -
---------------------------------------------- --------- --------
Total comprehensive expense for the year (3,466) (3,297)
----------------------------------------------- --------- --------
Basic and diluted earnings per share
(pence) (1.35) (1.8)
----------------------------------------------- --------- --------
Consolidated statement of financial position
as at 31 December 2022
Note 31 December 31 December
2022 2021
GBP'000 GBP'000
----------------------------------- ----- ------------ -------------
Assets
Non-current assets
Intangible assets 5,476 1,176
Property, plant and equipment 1,387 1,327
Fair value through OCI investments 1,497 -
Trade and other receivables 120 120
8,480 2,623
Current assets
Inventories 2,363 2,082
Trade and other receivables 3,239 847
Current asset investments 13,500 -
Cash and cash equivalents 1,790 480
------------------------------------------- ------------ -------------
20,892 3,409
----------------------------------------- ------------ -------------
Total assets 29,372 6,032
------------------------------------------- ------------ -------------
Liabilities
Current liabilities
Trade and other payables (844) (917)
Deferred income (1,858) (2,237)
Lease liabilities (121) (131)
------------------------------------------- ------------ -------------
(2,823) (3,285)
Non-current liabilities
Accruals - (1,965)
Deferred income (641) (278)
Lease liabilities (737) (856)
(1,378) (3,099)
----------------------------------------- ------------ -------------
Total liabilities (4,201) (6,384)
------------------------------------------- ------------ -------------
Net assets/(liabilities) 25,171 (352)
------------------------------------------- ------------ -------------
Equity
Called up share capital 2,654 9
Share premium account 27,638 5,545
Merger reserve 3,702 -
Currency translation reserve (15) 4
Accumulated loss (8,808) (5,910)
------------------------------------------- ------------ -------------
Total equity 25,171 (352)
------------------------------------------- ------------ -------------
Consolidated statement of changes in equity
for the year ended 31 December 2022
Called Share Merger Foreign Accumulated
up share premium reserve currency loss Total
capital account GBP'000 reserve GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- --------- -------- -------- --------- ----------- ---------
Balance as at 1 January
2021 9 4,995 - (16) (2,793) 2,195
Loss for the financial
year - - - - (3,317) (3,317)
Other comprehensive expense
Foreign currency differences - - - 20 - 20
----------------------------- --------- -------- -------- --------- ----------- ---------
Total comprehensive expense
for the year - - - 20 (3,317) (3,297)
----------------------------- --------- -------- -------- --------- ----------- ---------
Share based payments - - - 200 200
Issue of share capital - 550 - - - 550
----------------------------- --------- -------- -------- --------- ----------- ---------
Total contributions by
owners - 550 - - 200 750
----------------------------- --------- -------- -------- --------- ----------- ---------
Balance as at 31 December
2021 9 5,545 - 4 (5,910) (352)
Loss for the financial
year - - - (3,444) (3,444)
Other comprehensive expense - - - (19) (3) (22)
----------------------------- --------- -------- -------- --------- ----------- ---------
Total comprehensive expense
for the year - - - (19) (3,447) (3,466)
----------------------------- --------- -------- -------- --------- ----------- ---------
Share based payments - - - - 549 549
Capital reorganisation 1,843 (5,545) 3,702 - - -
Issue of share capital
net of costs 802 27,638 - - - 28,440
----------------------------- --------- -------- -------- --------- ----------- ---------
Total contributions by
owners 2,645 22,093 3,702 - 549 28,989
----------------------------- --------- -------- -------- --------- ----------- ---------
Balance as at 31 December
2022 2,654 27,638 3,702 (15) (8,808) 25,171
----------------------------- --------- -------- -------- --------- ----------- ---------
Consolidated cash flow statement
for the year ended 31 December 2022
2022 2021
GBP'000 GBP'000
---------------------------------------------- --------- --------
Cash flow from operating activities
Loss for the financial year (3,444) (3,317)
Adjustment for:
Depreciation and amortisation 249 165
Impairment - 28
Loss on disposal 5 17
Share based payments (1,416) 1,427
Foreign exchange (25) -
Net finance (income) / costs (161) 30
Taxation credit (174) (148)
Changes in working capital :
Increase in inventories (281) (2,074)
Increase in trade and other receivables (2,361) (837)
Increase in trade and other payables 293 2,602
----------------------------------------------- --------- --------
Cash used in operations (7,315) (2,107)
Income tax received 143 5
----------------------------------------------- --------- --------
Net cash used in operating activities (7,172) (2,102)
----------------------------------------------- --------- --------
Cash flows from investing activities
Current asset investments made (13,500) -
Purchase of property, plant and equipment (292) (319)
Government capital grants received - 141
Purchase of intangible assets (4,316) (418)
Purchase of investments (1,500) -
Net cash used in investing activities (19,608) (596)
----------------------------------------------- --------- --------
Cash flows from financing activities
Issue of share capital (net of costs) 28,440 -
Interest received 216 7
Related party loan repaid (382) -
Cash proceeds from financial asset - 400
Interest paid (55) (37)
Payment of lease liabilities (129) (129)
Net cash generated from financing activities 28,090 241
----------------------------------------------- --------- --------
Net increase/(decrease) in cash and
cash equivalents 1,310 (2,457)
Cash and cash equivalents at the beginning
of the year 480 2,937
----------------------------------------------- --------- --------
Cash and cash equivalents at the end
of the year 1,790 480
----------------------------------------------- --------- --------
NOTES
1. Summary of significant accounting policies and general information
Clean Power Hydrogen plc is a public company incorporated in the
United Kingdom and listed on the Alternative Investment Market
('AIM'). The registered address of the company is Unit D Parkside
Business Park, Spinners Road, Doncaster, England, DN2 4BL.
The summary accounts set out above do not constitute statutory
accounts as defined by Section 434 of the UK Companies Act 2006.
The summarised consolidated statement of financial position at 31
December 2022, the summarised consolidated income statement and
other comprehensive income, the summarised consolidated statement
of changes in equity and the summarised consolidated cash flow
statement for the year then ended have been extracted from the
Group's 2022 statutory financial statements upon which the
auditor's opinion is unqualified and did not contain a statement
under either sections 498(2) or 498(3) of the Companies Act
2006.
The summary accounts are based on the Group financial statements
have been prepared in accordance with UK adopted international
accounting standards ("IFRS") and in accordance with the
requirements of the Companies Act 2006.
Going concern
The Company listed on AIM on 16 February 2022 and raised net
proceeds of GBP27.4m of new equity in order to fund investment in
the manufacturing operations, working capital and continuing
development work. The Group's forecasts and projections to 31
December 2024 based on the current trends in development and
trading and after taking account of the funds currently held, show
that the company and the Group will be able to operate within the
level of cash reserves.
The Directors therefore have a reasonable expectation that the
Company and Group have adequate resources to continue in
operational existence for a period of 12 months from the date of
approval of these financial statements and consider the going
concern basis to be appropriate.
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END
FR KKLFFXZLEBBB
(END) Dow Jones Newswires
April 20, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Clean Power Hydrogen (LSE:CPH2)
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