Last checked at 8 Jul 2013 07:00
8 July 2013
Embargoed until 07:00
AFC Energy PLC
("AFC Energy" or the "Company")
Interim Results
AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its Interim results for the six month period ended 30 April 2013.
Highlights for the half year to end April 2013
·; Electrode life extended past nine months for the first time
·; €6.1 million EU grant earmarked for the Power Up project with a Beta+ test system built and delivered for initial hydrogen purity trials
·; Award of a further €1.96 million EU grant in connection with the Alkammonia project to develop ammonia-fed fuel cell systems
·; Acquisition of Diverse Energy Ltd's ("Diverse Energy") assets and intellectual property
·; Opening of office in South Korea in partnership with Intralink Ltd. and appointment of Robert Kelly as International Business Development Manager
·; Initiation of research relationship with Lancaster University
·; Initiation of developmental engineering relationship with Foster Wheeler
·; Cash balance at 30 April 2013: £8.90 million (30 April 2012: £4.49 million)
Tim Yeo, Chairman of AFC Energy, commented: "The Company has made further strong technical and commercial progress over the period. The investment from Ervington Investments in October 2012 has provided the financial resources to enable the Company to push forward with increased vigour on a number of fronts ranging from in-house production to international sales. As expected our costs are slightly up on last year, due to the increased scale of AFC Energy's development programme. We continue to maintain a tight rein on expenditure while developing important supplier and regional partnerships to underpin successful commercialisation of our fuel cells. The Company is in a sound financial position and we look forward to reporting further material progress in the balance of the year."
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive Ian Balchin, Deputy Chairman | +44 (0)1483 276726 |
Luther Pendragon - Public Relations Adviser Neil Thapar Alexis Gore Dan Wilson Craw | +44 (0)20 7618 9100 |
Peat & Co. - Corporate Broker Charlie Peat
Allenby Capital Limited - Nominated Adviser Jeremy Porter James Reeve | +44 (0)20 7104 2334
+44 (0)20 3328 5656 |
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
Chairman's statement
Overview
The first half of the year has again seen positive progress in a number of important areas.
The extension of electrode life in the laboratory past the nine month mark is very pleasing as it increasingly demonstrates that we have the ability to commercialise our intellectual property. There has also been progress in enhancing the power density of our electrodes, up over 60% year-on-year, significantly improving the effectiveness of the fuel cell. These improvements have been incorporated into the latest cartridge deployments to the Beta+ system trials and we continue to push for more power while maintaining longevity - the two key elements to a successful, commercialised product.
The low-cost production facility at Dunsfold used to manufacture the cells has been a great success over the past 12 months with a steady increase in volumes, aligned to our test programmes and married with consistency of product. Our eventual target is to have in-line production for much higher volumes and we will be looking further to automate the production process as the year progresses, which will enable our talented technical team to focus more of their time on enhancing the fuel cell technology rather than production.
Field testing of our systems continues at AkzoNobel ("Akzo"), where AFC Energy has two Beta+ test systems installed. This period has seen the Bitterfeld site undergoing some necessary refurbishment, reducing our ability to test. However, despite these challenges progress has been maintained with the system providing invaluable data and information. With refurbishment of the site now complete, we are continuing our test programme with Akzo.
As stated previously, South Korea represents an attractive market, given the beneficial incentives available, which enhance and encourage the development of alternative energy systems. As announced in February, we have partnered with Intralink Ltd, an international consultant with widespread knowledge of Korea and the region and high level local business contacts, to pursue the opportunity. In addition, the recruitment of Robert Kelly to spearhead our international development, beginning in South Korea, is a coup for the Company given his extensive international experience and knowledge of the industry. While the longer term goal is to develop fuel cells which are economic without the need for any support, in the shorter term, the lucrative potential market in South Korea demands our attention.
The earmark of two grants in the period underscores the positive attitude towards fuel cell technology by governments - at least at EU level. Firstly, as part of its Power Up project, AFC Energy has been backed by a €6.1 million EU grant, providing financial support over a four year period, to build the world's largest alkaline fuel cell system in the UK. The fuel cell facility will be installed in stages and eventually have enough electrical output to power 500 homes. A further €1.96 million EU grant is helping with the Alkammonia project. Ammonia is a rich source of readily available hydrogen and the project is centred on developing ammonia-fed alkaline fuel cells. This tied into AFC Energy's acquisition of the assets and intellectual property of Diverse Energy, a company with a proven track record in delivering ammonia fed fuel cell systems into markets such as the mobile phone mast power market. In addition one of the advantages of our recently announced link-up with Lancaster University is it allows us to better understand how alkaline fuel cells work with differing feedstocks, such as ammonia. The relationship with Lancaster University also helps us mitigate the need for additional test space at Dunsfold, although the Company continues to seek a longer term flexible solution to our facility requirements.
Finally, in April we announced a partnership with the global contractor Foster Wheeler to peer review the designs and concepts for our large scale 250kW systems. The initial reviews have already been undertaken and have yielded very positive results with no significant issues identified and the engineering design concepts endorsed. Eventually, following the experience of the first systems, both sides hope this will develop into a preferred partner relationship where Foster Wheeler will design and install full-scale fuel systems, based on AFC Energy technology, in a wide range of industrial and utility-scale applications.
Intellectual property
The Company's patent estate continues to grow. As we have been developing our larger system we have been able to identify a number of novel concepts which warrant protection. Our patents around the cartridge itself also continue to increase and become more specific as we now focus on other parameters which affect the longer term performance of our fuel cells. The Company currently has 23 families of patents applied for. This represents a 45% growth year-on-year.
Management and Board
Following the investment of £8.6 million from Ervington Investments, we were pleased to welcome Eugene Schvidler and Eugene Tenenbaum to the Board in January 2013.
Outlook
The Company has made further strong technical and commercial progress over the period. The investment from Ervington Investments in October 2012 has provided the financial resources to enable the Company to push forward with increased vigour on a number of fronts ranging from in-house production to international sales. As expected our costs are slightly up on last year, due to the increased scale of AFC Energy's development programme. We continue to maintain a tight rein on expenditure while developing important supplier and regional partnerships to underpin successful commercialisation of our fuel cells. The Company is in a sound financial position and we look forward to reporting further material progress in the balance of the year.
Tim Yeo
Chairman
8 July 2013
Financial Review
During the six months to 30 April 2013, post-tax losses were £2.34 million (30 April 2012: £1.90 million). In the period, the Company continued to recognise income from its commercialisation agreement with Waste2Tricity ("W2T") and grant income under the European Framework Programme 7 Laser-cell project.
Operating costs rose by £0.46 million mainly as a consequence of the further strengthening of the Company's technical and manufacturing teams, commissioning of the manufacturing facility and increased costs associated with developing the Korean market.
The net cash outflow in the six months to 30 April 2013 was £2.03 million (30 April 2012: £1.48 million) reflecting the increase in operating costs. Increased capital expenditure was offset by receipts from the exercise of options and warrants.
The cash balance at 30 April 2013 was £8.90 million (30 April 2012: £4.49 million).
The Board of AFC Energy does not intend to declare a dividend in respect of this period.
Statement of Comprehensive Income
For the period ended 30 April 2013
Six months to 30 April | Six months to 30 April | Year to 31 October | ||
Note | 2013 | 2012 | 2012 | |
£ | £ | £ | ||
Unaudited | Unaudited | Audited | ||
Revenue | 101,374 | 180,498 | 357,367 | |
Cost of sales | 38,362 | 28,500 | 27,498 | |
Gross profit/(loss) | 63,012 | 151,998 | 329,869 | |
Other Income | - | - | 4,071 | |
Administrative expenses | (2,680,266) | (2,296,936) | (4,569,182) | |
Analysed as: | ||||
Administrative expenses | (2,295,393) | (1,898,844) | (3,980,578) | |
Equity-settled share-based payments | (384,783) | (398,092) | (588,604) | |
Operating loss | (2,617,254) | (2,144,938) | (4,235,242) | |
Financial income | 60,964 | 44,575 | 79,887 | |
Share of profit/(loss) of Associate | - | - | - | |
Loss before taxation | (2,556,290) | (2,100,363) | (4,155,355) | |
Taxation | 3 | 214,252 | 201,457 | 361,030 |
Loss for the financial year and total comprehensive loss attributable to owners of the Company | (2,342,038) | (1,898,906) | (3,794,325) | |
Basic loss per share | 4 | (1.08)p | (1.04)p | (2.05)p |
All amounts relate to continuing operations. | , |
Statement of Financial Position
As at 30 April 2013
Note | Six months to 30 April | Six months to 30 April | Year to 31 October | ||
Assets | 2013 | 2012 | 2012 | ||
Non-current assets | £ | £ | £ | ||
Unaudited | Unaudited | Audited | |||
Intangible assets | 5 | 249,801 | 181,246 | 207,512 | |
Property, plant and equipment | 6 | 713,984 | 595,604 | 820,345 | |
Investment in associate | 2,500 | 2,500 | 2,500 | ||
966,285 | 779,350 | 1,030,357 | |||
Current assets |
| ||||
Inventory and work in progress | 117,224 | 96,242 | 127,019 | ||
Trade and other receivables | 7 | 993,218 | 786,485 | 677,448 | |
Cash and cash equivalents | 8,899,139 | 4,485,558 | 10,935,449 | ||
10,009,581 | 5,368,285 | 11,739,916 | |||
Total assets | 10,975,866 | 6,147,635 | 12,770,273 | ||
Capital and reserves attributable to owners of the Company | |||||
Equity attributable to shareholders | |||||
Share capital | 8 | 221,449 | 183,339 | 217,299 | |
Share premium | 27,360,501 | 18,966,789 | 27,221,606 | ||
Other reserves | 2,793,962 | 2,218,577 | 2,409,089 | ||
Retained deficit | (19,862,468) | (15,620,011) | (17,515,430) | ||
Total equity | 10,513,444 | 5,748,694 | 12,332,564 | ||
Current liabilities | |||||
Trade and other payables | 9 | 462,422 | 398,941 | 437,709 | |
Total equity and liabilities | 10,975,866 | 6,147,635 | 12,770,273 |
Cash flow statement
For the period ended 30 April 2013
Six months to 30 April | Six months to 30 April | Year to 31 October | |
2013 | 2012 | 2012 | |
Cash flows from operating activities | £ | £ | £ |
Unaudited | Unaudited | Audited | |
Loss before tax for the period | (2,556,290) | (2,100,363) | (4,155,355) |
Adjustments for: | |||
Depreciation and amortisation | 243,193 | 254,800 | 456,832 |
Impairment of plant and equipment | - | ||
Impairment of intangible assets | 1,611 | ||
Equity-settled share-based payment expenses | 384,873 | 398,092 | 588,604 |
Finance income | (60,964) | (44,575) | (79,887) |
Cash flows from operating activities before changes in working capital and provisions | (1,989,188) | (1,492,046) | (3,188,193) |
Corporation tax received | 354,822 | ||
Decrease/(increase) in trade and other receivables | (91,724) | 149,657 | 32,667 |
(Decrease)/increase in trade and other payables | 24,713 | (127,168) | (88,400) |
Cash absorbed by operating activities | (2,056,199) | (1,469,557) | (2,889,104) |
Cash flows from investing activities | |||
Purchase of plant and equipment | (123,096) | (14,664) | (438,583) |
Acquisition of patents | (56,025) | (43,225) | (73,956) |
Interest received | 60,964 | 44,575 | 79,887 |
Net cash absorbed by investing activities | (118,157) | (13,314) | (432,652) |
Cash flows from financing activities | |||
Proceeds from the issue of share capital | 138,045 | - | 8,712,937 |
Cost of issue of share capital | - | - | (424,160) |
Net cash from financing activities | 138,045 | - | 8,288,777 |
Net (decrease)/increase in cash and cash equivalents | (2,036,311) | (1,482,871) | 4,967,020 |
Cash and cash equivalents at start of the period | 10,935,449 | 5,968,429 | 5,968,429 |
Cash and cash equivalents at the end of the period | 8,899,138 | 4,485,558 | 10,935,449 |
Statement of Changes in Equity
As at 30 April 2013
Share capital | Share premium | Other reserve | Retained loss | Total | |
£ | £ | £ | £ | £ | |
Audited | Audited | Audited | Audited | Audited | |
Balance at 1 November 2011 | 183,339 | 18,966,789 | 1,820,485 | (13,721,105) | 7,249,508 |
Loss after tax for the period | - | - | - | (3,794,325) | (3,794,325) |
Total recognised income and expense for the period | - | - | - | (3,794,325) | (3,794,325) |
Issue of equity shares | 33,960 | 8,678,977 | - | - | 8,712,937 |
Share issue expenses | - | (424,160) | - | - | (424,160) |
Equity-settled share-based payments | - | - | 588,604 | - | 588,604 |
Balance at 31 October 2012 | 217,299 | 27,221,606 | 2,409,089 | (17,515,430) | 12,332,564 |
Share capital | Share premium | Other reserve | Retained loss | Total | ||
£ | £ | £ | £ | £ | ||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||
Balance at 1 November 2012 | 217,299 | 27,221,606 | 2,409,089 | (17,515,430) | 12,332,564 | |
Loss after tax for the period | - | - | - | (2,342,038) | (2,342,038) | |
Total recognised income and expense for the period | - | - | - | (2,342,038) | (2,342,038) | |
| Issue of equity shares | 4,150 | 138,895 | - | - | 143,045 |
| Share issue expenses | - | (5,000) | - | - | (5,000) |
| Equity-settled share-based payments | - | - | 384,873 | - | 384,873 |
| Balance at 30 April 2013 | 221,449 | 27,355,501 | 2,793,962 | (19,857,468) | 10,513,444
|
Share capital | Share premium | Other reserve | Retained loss | Total | |
£ | £ | £ | £ | £ | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |
Balance at 1 November 2011 | 183,339 | 18,966,789 | 1,820,485 | (13,721,105) | 7,249,508 |
Loss after tax for the period | - | - | - | (1,898,906) | (1,898,906) |
Total recognised income and expense for the period | - | - | - | (1,898,906) | (1,898,906) |
Equity-settled share-based payments | - | - | 398,092 | - | 398,092 |
Balance at 30 April 2012 | 183,339 | 18,966,789 | 2,218,577 | (15,620,011) | 5,748,694 |
Share capital is the amount subscribed for shares at their nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.
Other reserve represents the credit to equity in respect of equity-settled share-based payments.
Retained loss represents the cumulative loss of the Company attributable to equity shareholders.
Notes forming part of the interim financial statements | |
1 | Significant accounting policies |
Details of the significant accounting policies are set out below: | |
a | Basis of preparation |
b | The interim results for the six months ended 30 April 2013 are unaudited. The interim results have been drawn up using the accounting policies and presentation consistent with those disclosed and applied in the annual report and accounts for the year ended 31 October 2012. The comparative information contained in the report does not constitute the accounts within the meaning of S240 of the Companies Act 1985 and section 435 of the Companies Act 2006. The accounting policies used in the interim statement are consistent with those used in the financial statements for the year ended 31 October 2012 and are in accordance with International Financial Reporting Standards.
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, and other sales taxes or duty. Revenue arising from the provision of services is recognised when and to the extent that the Company obtains the right to consideration in exchange for the performance of its contractual obligations. Licence income is recognised in accordance with the substance of the agreement. When a licence has the right to use certain technology for a period of time, this is usually recognised on a straight-line basis over the life of the agreement in accordance with IAS 18. Revenue based grants are recognised in the profit and loss account in the same period as the expenditure to which the grant relates.
| |
c | Development costs |
Development expenditure does not meet the strict criteria for capitalization under IAS38 and has been recognised as an expense. | |
d | Intangible assets |
Expenditure on research activities is recognised in the income statement as an expense as incurred. Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and impairment losses.
Amortisation of intangible assets is charged using the straight-line method to administrative expenses over the following period: - Patents 20 years | |
e | Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Depreciation is charged to the income statement within cost of sales and administrative expenses on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows: - Leasehold improvements 1 to 3 years - Fixtures, fittings and equipment 1 to 3 years - Vehicles 3 to 4 years
| |
f | Leases |
Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are reflected in profit or loss. Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term. Operating lease rentals are charged to the Income Statement on a straight-line basis over the lease term.
|
g | Taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or recoverable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date together with any adjustment to tax payable in respect of previous years.
Deferred tax assets are not recognised due to the uncertainty of the period over which they will be recovered. | |
h | Equity-settled share-based payments |
Certain employees (including Directors and senior executives) of the Company receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments ('equity-settled transactions').
The fair value is determined by an external valuer using an appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award ('the vesting date'). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied. Where the terms of an equity-settled award are modified, the minimum expense recognised is the expense as if the terms had not been modified. An additional expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. | |
i | Financial Assets |
All of the Company's financial assets are loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets at fair value and comprise trade and other receivables and cash and cash equivalents. | |
2 | Segmental Analysis |
The Company operated in the period in one operating segment, the development of fuel cells, and in two principal geographic areas, the United Kingdom and Europe. Revenue was derived from a customer in the UK and from European grant. |
3 | Taxation | Six months to 30 April | Six months to 30 April | Year to 31 October |
2013 | 2012
| 2012 | ||
£ | £ | £ | ||
Recognised in the income statement: | Unaudited | Unaudited | Audited | |
Research and development tax credit - current year | 214,252 | 201,457 | 361,030 | |
Research and development credit - prior year adjustment | - | - | - | |
Total tax credit | 214,252 | 201,457 | 361,030 | |
Reconciliation of effective tax rates | ||||
Loss before tax | (2,566,290) | (2,100,363) | (4,155,355) | |
Domestic rate of corporation tax | 23.8% | 24.8% | 24.8% | |
Tax using domestic rates of corporation tax | 608,397 | 549,254 | 1,030,527 | |
Effect of: | ||||
Expenses not deductible for tax purposes | 92,485 | 172,133 | 147,504 | |
Research and development allowance | (463,563) | (200,113) | (411,404) | |
Research and development tax credit | 214,252 | 201,457 | 361,030 | |
Depreciation in excess of capital allowances | 16,898 | 14,271 | 39,228 | |
Losses surrendered for research and development | 463,562 | 400,227 | 771,597 | |
Other adjustments | - | - | - | |
Unutilised losses carried forward | 498,975 | 135,072 | 483,604 | |
Total tax credit for the period | 214,252 | 201,457 | 361,030 |
4 | Loss per share | Six months to 30 April | Six months to 30 April | Year to 31 October |
| 2013 | 2012
| 2012 | |
Unaudited | Unaudited | Audited | ||
The calculation of the basic loss per share is based on the net loss after tax attributable to the ordinary shareholders of £2,342,038 (30 April 2012: loss of £1,898,906; 31 October 2012: loss of £3,794,325) and a weighted average number of shares in issue for the period 1 November 2012 to 30 April 2013 of 217,861,421 (six months to 30 April 2012: 183,338,672; year to 31 October 2012: 185,298,945).
| ||||
Loss per share | (1.08)p | (1.04)p | (2.05)p | |
Diluted loss per share | ||||
The diluted loss per share is the same as the basic loss per share, as the loss for the six months ended 30 April 2013 has an anti-dilutive effect. | ||||
5 | Intangible assets | Patents | |
| £ | |||
Unaudited | |||
Cost | |||
At 31 October 2011 | 440,806 | ||
Additions | 43,225 | ||
At 30 April 2012 | 484,031 | ||
Additions | 30,731 | ||
At 31 October 2012 | 514,762 | ||
Additions | 56,025 | ||
At 30 April 2013 | 570,787 | ||
Amortisation | |||
At 31 October 2011 | 291,308 | ||
Charge for the period | 11,476 | ||
At 30 April 2012 | 302,784 | ||
Charge for the period | 2,855 | ||
Impairment | 1,611 | ||
At 31 October 2012 | 307,250 | ||
Charge for the period | 13,736 | ||
At 30 April 2013 | 320,987 | ||
Net book value | |||
At 30 April 2013 | 249,801 | ||
At 30 April 2012 | 181,246 | ||
At 31 October 2012 | 207,512 | ||
6 | Property, plant and equipment | Leasehold improvements | Fixtures, fittings and equipment | Total |
| £ | £ | £ | ||
Unaudited | Unaudited | Unaudited | ||
Cost | ||||
At 31 October 2011 | 216,197 | 1,799,886 | 2,016,083 | |
Additions | - | 14,664 | 14,664 | |
At 30 April 2012 | 216,197 | 1,814,552 | 2,030,749 | |
Additions | - | 423,917 | 423,917 | |
Re-classification | - | - | - | |
Disposals | - | - | - | |
At 31 October 2012 | 216,197 | 2,238,469 | 2,454,666 | |
Additions | 5,315 | 117,781 | 123,096 | |
At 30 April 2013 | 221,512 | 2,356,250 | 2,577,762 | |
Depreciation | ||||
At 31 October 2011 | 178,337 | 1,013,481 | 1,191,819 | |
Charge for the period | 9,574 | 233,750 | 243,324 | |
At 30 April 2012 | 187,911 | 1,247,233 | 1,435,144 | |
Charge for the period | 8,667 | 190,510 | 199,177 | |
At 31 October 2012 | 196,578 | 1,437,743 | 1,634,321 | |
Charge for the period | 9,029 | 220,427 | 229,456 | |
At 30 April 2013 | 205,607 | 1,658,170 | 11,863,777 | |
Net book value | ||||
At 30 April 2013 | 15,905 | 698,080 | 713,984 | |
At 30 April 2012 | 28,286 | 567,318 | 595,604 | |
At 31 October 2012 | 19,619 | 800,726 | 820,345 |
7 | Trade and other receivables | 30 April | 30 April | 31 October |
| 2013 | 2012 | 2012 | |
£ | £ | £ | ||
Unaudited | Unaudited | Audited | ||
Trade receivables | 9,600 | - | - | |
Corporation Tax receivable | 575,281 | 556,279 | 361,030 | |
Other receivables | 408,337 | 230,206 | 316,418 | |
993,218 | 786,485 | 677,448 |
8 | Share capital | 30 April | 30 April | 31 October |
| 2013 | 2012 | 2012 | |
£ | £ | £ | ||
Unaudited | Unaudited | Audited | ||
Issued | ||||
221,448,544 Ordinary shares of 0.1p each | 221,449 | 183,339 | 217,299 |
9 | Trade and other payables | 30 April | 30 April | 31 October |
| 2013 | 2011 | 2012 | |
£ | £ | £ | ||
Unaudited | Unaudited | Audited | ||
Trade payables | 176,856 | 154,701 | 185,365 | |
Deferred income | 34,048 | 96,242 | 68,744 | |
Other payables | 182,736 | 115,074 | 75,223 | |
Accruals | 68,782 | 32,924 | 108,377 | |
462,422 | 398,941 | 437,709 |
Related-party Transactions
During the six months ended 30 April 2013:
- £12,500 (plus VAT) was invoiced by Richards & Appleby Ltd (a company registered in England & Wales) for services of Mitchell Field as a Director of AFC Energy plc (April 2012: £12,500). Mr Field is also a Director and shareholder of Richards & Appleby Ltd. At 30 April 2013, the sum owing to Richards & Appleby Ltd was £2,083 (April 2012: £2.083).
- £33,636 (plus VAT) was invoiced by Hudson Raine Ltd (a company registered in England & Wales) for services including David Marson as a Director of AFC Energy plc (April 2012: £40,379). Mr Marson is also a Director and shareholder of Hudson Raine Ltd. At 30 April 2013, the sum owing to Hudson Raine Ltd was £27,582 (April 2012: £7,742).
- £72,000 (plus VAT) was invoiced by Cranwood Management Ltd (a company registered in England & Wales) for consultancy services (April 2012:£ 62,000). The company is owned by Adam White. Members of Mr White's family are nominated beneficiaries of the Age of Reason Foundation, which is a major shareholder in the Company. At 30 April 2013, the sum owing to Cranwood Ltd was nil (April 2012: nil)
- £16,750 (ex VAT) was invoiced by Locana Corporation Ltd (a company registered in England & Wales) for consultancy services (April 2012: £ 13,400). Mr Tim Yeo is a Director and shareholder of Locana Corporation Ltd. At 30 April 2013, the sum owing to Locana Corporation Ltd was £2,792 (April 2011: £nil).
- £6,222 was invoiced by Eugene Tenenbaum for services as a Director of AFC Energy plc (April 2012: nil). At 30 April 2013, the sum owing to Eugene Tenenbaum was £1,667 (April 2012: nil).
- £6,222 was invoiced by Eugene Shvidler for services as a Director of AFC Energy plc (April 2012: nil). At 30 April 2013, the sum owing to Eugene Shvidler was £1,667 (April 2012: nil).
Publication of Non-Statutory Accounts
The financial information contained in this interim statement does not constitute accounts as defined by the Companies Act 2006. The financial information for the preceding period is based on the statutory accounts for the year ended 31 October 2012. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
Copies of the interim statement may be obtained from the Company Secretary, AFC Energy PLC, Unit 71.4 Dunsfold Park, Cranleigh, Surrey GU6 8TB, and can be accessed from the company's website at www.afcenergy.com.