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Interim Results

29 Sep 2022 09:48

RNS Number : 1577B
Edenville Energy PLC
29 September 2022
 

29 September 2022

EDENVILLE ENERGY PLC

("Edenville", "Company" or the "Group")

 

Interim Results for the six months to 30 June 2022

 

Edenville Energy Plc (AIM: EDL) announces its unaudited interim results for the six months ended 30 June 2022.

 

CEO's report

 

Operational overview

 

The six month period to 30 June 2022 was one of transition for the Company and prior to the significant management and operational changes that took place post period end, as further detailed below.

 

On 3 February 2022 the Company's subsidiary Edenville International (Tanzania) Limited ("EITL") entered into a contract with Nextgen Coalmine Limited ("Nextgen") for the operation of the Company's Rukwa Coal Project ("Rukwa" or the "Project") in Tanzania. The agreement with Nextgen was subsequently terminated on 31 May 2022 following a lack of progress by Nextgen, allowing the Company to resume full control of the Project site and seek alternative arrangements for the operation of Rukwa in light of the macro changes that made the economics of the Project significantly more attractive.

 

Following a period of consultation with several key shareholders, a number of significant changes took place post period end. CEO Alistair Muir, Non-executive Chairman Jeff Malaihollo and Non-executive director Franco Caselli all resigned from the board and were replaced by Noel Lyons as CEO, Paul Ryan as Executive Director and Andre Hope as a Non-executive Director. Nick von Schirnding assumed the role of Non-Executive Chairman. In addition, there were several personnel changes within the Tanzania based team, leading to a more coordinated and dedicated team fully focused on stabilising output and striving to grow the monthly output.

 

Following their appointment, the newly appointed executive team signed an initial 12-month agreement (the "Agreement") with Brahma Energies Limited ("Brahma") on 16 August 2022, commencing immediately, to secure production and sales of a minimum of 4,000 tonnes of washed coal per month at the Company's Rukwa Project, with the potential to increase to a minimum 6,000 tonnes thereafter. Brahma are a local mine operator and commercial and logistics specialist having up to 70 transport vehicles on the roads of Tanzania. Their team is experienced in all aspects of operations, mine management and coal commercial sales. One of the significant attractions of Brahma to Edenville was an offtake which will enable Edenville to sell any of its washed coal produced to parties introduced by Brahma, as required.

Since the signing of the Agreement, Brahma have assumed full day-to-day operational management and control of the Rukwa mine, including covering all operational costs, with ultimate oversight continuing to be provided by Edenville. Given local demand, sales are currently expected to take place to customers in Tanzania and adjoining neighboring countries.

The revenue share arrangements under the Agreement give Edenville US$10 per tonne of washed coal sold at a minimum price of US$35 per tonne, plus 60% of any sales revenue above US$35 per tonne of washed coal. The global thermal coal price has reached new highs since entering into the Agreement and the Company is witnessing a knock-on positive effect on the domestic thermal coal price in Tanzania. The previously reported 'at gate' sales price range of US$35-50 per tonne for washed coal from Rukwa therefore appears robust. Once consistent production is established and Rukwa becomes a reliable source of coal for its clients, the Company anticipates its position in offtake negotiations is likely to be strengthened further.

Following extensive servicing and repairs on the main machinery and wash plant at the Rukwa site, and the purchase of two additional trucks, final works are expected to be completed shortly, with production recommencing sufficient to achieve up to 4000 tonnes by the end of October 2022. The targeted production and sales increase to 6,000 tonnes per month of washed coal is expected to take place after the rainy season ends in March/April 2023.

Edenville will continue to manage the Rukwa project and fund its corporate operational costs from its existing cash resources. Edenville, at its sole discretion, can also deploy additional capital to expedite production ramp up; any such capital deployed is to be repaid to Edenville before any profit share is paid.

Edenville and Brahma continue to work closely to ensure maximum efficiency and whilst Brahma have only been on site for a limited time, we are encouraged by their performance. We look forward to reporting on production levels and offtake contracts in due course.

Financial results

For the six month period ended 30 June 2022 the Company had revenue of £56,146 (H1 2021: £27,752). 

The Group made a total comprehensive loss for the period of £196,429 (H1 2021 loss of £513,497), which included a gain of £624,211 arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

The net assets at 30 June 2022 amounted to £6,926,616 (30 June 2021 £7,842,563). In addition, post period end, the Company reached agreement for certain costs, amounting to £180,000, to be recouped following an earlier aborted acquisition process, which will strengthen the Group's working capital position pending revenue from coal sales in the coming months.

Noel Lyons

Chief Executive Officer

29 September 2022

 

 

For further information please contact:

Edenville Energy Plc

Via IFC Advisory

Nick Von Schirnding - Chairman

Noel Lyons - CEO

Strand Hanson Limited

+44 (0) 20 7409 3494

(Financial and Nominated Adviser)

James Harris

Rory Murphy

Tavira Securities Limited

+44 (0) 20 7100 5100

(Broker)

Oliver Stansfield

Jonathan Evans

IFC Advisory Limited

+44 (0) 20 3934 6630

(Financial PR and IR)

Tim Metcalfe

Florence Chandler

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

Six months ended

30 June 22

Six months ended

30 June 21

Year

ended

31 Dec 21

Unaudited

Unaudited

As restated

 

Audited

Note

£

£

£

Revenue

56,146

27,752

105,228

Cost of sales

(452,484)

(280,320)

(684,848)

Gross loss

(396,338)

(252,568)

(579,620)

Administrative expenses

(423,627)

(332,209)

(875,564)

Share based payments

-

-

-

Group operating loss

(819,965)

(584,777)

(1,455,184)

Finance income

-

12

701

Finance costs

(675)

(2589)

(5,842)

Loss on operations before taxation

(820,640)

(587,354)

(1,460,325)

 

Taxation

-

-

(526)

 

Loss for the period after taxation

(820,640)

(587,354)

(1,460,851)

Other comprehensive income/(loss):

Gain on translation of overseas subsidiary

624,211

73,857

87,013

 

Total comprehensive loss for the period

 

(196,429)

 

(513,497)

 

(1,373,838

Attributable to:

Equity holders of the Company

(195,155)

(512,683)

(1,371,573)

Non-controlling interest

(1,274)

(814)

(2,265)

(196,429)

(513,497)

(1,373,838)

Loss per share

 

- basic and diluted (pence)

2

(3.79)

(4.43)

(8.04)

 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED statement of financial position

 

as at 30 June 2022

 

As at

30 June 22

As at

30 June 21

As at

31 Dec 21

 

Unaudited

Unaudited

Audited

 

 

 

 

Note

£

£

£

Non-current assets

Property, plant and equipment

4

5,906,709

5,466,165

5,451,921

Intangible assets

5

349,607

307,080

315,002

 

6,256,316

5,773,245

5,766,923

Current assets

Inventories

180,124

248,864

142,721

Trade and other receivables

353,457

429,672

415,479

Cash and cash equivalents

477,438

1,873,072

1,229,801

 

1,011,019

2,551,608

1,788,001

Current liabilities

Trade and other payables

(308,174)

(419,825)

(389,264)

Borrowings

(5,206)

(16,094)

(18,258)

(313,380)

(435,919)

(407,522)

Current assets less current liabilities

697,639

2,115,689

1,380,479

 

Total assets less current liabilities

6,953,955

7,888,934

7,147,402

 

Non - current liabilities

Borrowings

-

(23,517)

-

Environmental rehabilitation liability

(27,339)

(22,854)

(24,632)

6,926,616

7,842,563

7,122,770

 

Capital and reserves

Called-up share capital

6

4,176,601

4,176,601

4,176,601

Share premium account

22,254,317

22,373,442

22,254,317

Share based payment reserve

346,774

341,522

453,614

Foreign currency translation reserve

1,205,354

420,273

581,143

Retained earnings

(21,038,103)

(19,453,531)

(20,325,577)

Issued capital and reserves attributable to owners of the parent company

6,944,943

7,858,307

7,140,098

Non-controlling interest

(18,327)

(15,744)

(17,328)

 

Total equity

6,926,616

7,842,563

7,122,770

 

CONSOLIDATED statement of changes in equity

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

£

£

£

£

£

£

£

£

At 1 January 2022

4,176,601

22,254,317

(20,325,577)

453,614

581,143

7,140,098

(17,328)

7,122,770

Comprehensive Income for the year

Foreign currency translation

-

-

-

-

624,211

624,211

-

624,211

Loss for the year

-

-

(819,366)

-

-

(819,366)

(1,274)

(820,640)

Total comprehensive income for the year

-

-

(819,366)

-

624,211

(195,155)

(1,274)

(196,274)

Transactions with owners

Lapsed share options

-

-

106,840

(106,840)

-

-

-

-

Total transactions with owners

-

-

106,840

(106,840)

-

-

-

-

Non- controlling interest share of goodwill

 

-

 

-

 

-

 

-

 

-

 

-

 

275

 

275

At 30 June 2022

4,176,601

22,254,317

(21,038,103)

346,774

1,205,354

6,944,943

(18,327)

6,926,616

  

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

£

£

£

£

£

£

£

£

At 1 January 2021

4,041,601

19,390,849

(18,866,991)

301,174

494,130

5,360,763

(14,902)

5,345,861

Comprehensive Income for the year

Foreign currency translation

-

-

-

-

(73,857)

(73,857)

(28)

(73,885)

Loss for the year

-

-

(586,540)

-

-

(586,540)

(814)

(587,354)

Total comprehensive income for the year

-

-

(586,540)

-

(73,857)

(660,397)

(842)

(661,239)

Transactions with owners

Issued share capital

135,000

3,240,000

-

-

-

3,375,000

-

3,375,000

Share issue costs

-

(217,059)

-

-

-

(217,059)

-

(217,059)

Share based payment

-

(40,348)

-

40,348

-

-

-

-

 

 

 

Total transactions with owners

135,000

2,982,593

-

40,348

-

3,157,941

-

3,157,941

At 30 June 2021

4,176,601

22,373,442

(19,453,531)

341,522

420,273

7,858,307

(15,744)

7,842,563

 

 

 

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

£

£

£

£

£

£

£

£

At 1 January 2021

4,041,601

19,390,849

(18,866,991)

301,174

494,130

5,360,763

(14,902)

5,345,861

Comprehensive Income for the year

Foreign currency translation

-

-

-

-

87,013

87,013

-

87,013

Loss for the year

-

-

(1,458,586)

-

-

(1,458,586)

(2,265)

(1,460,851)

Total comprehensive income for the year

-

-

(1,458,586)

-

87,013

(1,371,573)

(2,265)

(1,373,838)

Transactions with owners

Issue of share capital

135,000

3,240,000

-

-

-

3,375,000

-

3,375,000

Share issue costs

-

(224,092)

-

-

-

(224,092)

-

(224,092)

Share options/warrants charge

-

(152,440)

 

152,440

 

-

 

Total transactions with owners

135,000

2,863,468

-

152,440

-

3,150,908

-

3,150,908

Non- controlling interest share of goodwill

 

-

 

-

 

-

 

-

 

-

 

-

 

(161)

 

(161)

At 31 December 2021

4,176,601

22,254,317

(20,325,577)

453,614

581,143

7,140,098

(17,328)

7,122,770

 

 

consolidated CASH FLOW STATEMENT

 

Six months

ended

30 June 22

Six months

ended

30 June 21

Year

 ended

31 Dec 21

Unaudited

Unaudited

Audited

£

£

£

Cash flows from operating activities

Operating loss

(819,965)

(584,777)

(1,455,184)

Depreciation

144,039

113,420

264,677

Movement in inventories

(20,310)

-

17,799

Movement in trade and other receivables

185,761

(169,082)

(116,768)

Movement in trade and other payables

(112,135)

(222,450)

(286,968)

Loss on foreign exchange

(115,391)

(4,597)

(2,687)

Net cash used in operating activities

(738,001)

(867,486)

 

(1,579,131)

 

Cash flows from investing activities

 

 

Finance income

48

12

701

----

Net cash used in investing activities

48

12

701

Cash flows from financing activities

Repayment of convertible loan notes

-

(432,226)

(120,000)

Repayment of lease liabilities

(14,078)

(8,267)

(30,214)

Lease interest

(723)

(2,589)

(3,451)

Proceeds on issue of ordinary shares

-

3,375,000

3,375,000

Share issue costs

-

(217,059)

(224,092)

 

Net cash generated from financing activities

(14,801)

2,714,859

2,997,243

 

 

Net decrease in cash and cash equivalents

(752,754)

 

1,847,385

1,204,111

Cash and cash equivalents at beginning of year

1,229,801

25,690

25,690

Exchange losses on cash and cash equivalents

391

(3)

-

Cash and cash equivalents at end of year

477,438

1,873,072

1,229,801

 

NOTES TO THE INTERIM REPORT

 

1. Financial information and basis of preparation

 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2022 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2021 together with audited comparatives for the year ended 31 December 2021.

 

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2021 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors contained an Emphasis of matter paragraph on going concern, the recoverability of VAT in Tanzania and on the recoverability of inventory. Aside from the Emphasis of matter paragraphs referred to aboveabove, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

 

The interim consolidated financial statements for the six months ended 30 June 2022 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2022. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2021. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

 

 

2. Loss per share

 

The calculation of the basic and diluted loss per share is based on the following data:

 

30 June 22

30 June 21

31 December 21

 

£

£

£

 

Loss after taxation

(820,640)

(587,354)

(1,460,851)

Weighted average number of shares in the period

 

21,645,575

 

13,270,575

 

18,144,205

Basic and diluted loss per share (pence)

(3.79)

(4.43)

(8.04)

 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

 

 

 

3. Dividends

No dividends are proposed for the six months ended 30 June 2022 (six months ended 30 June 2021: £nil, year ended 31 December 2021: £nil).

4. Property, plant and equipment

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2022

5,230,294

1,201,831

7,191

193,620

6,632,936

Foreign exchange adjustment

574,580

131,210

334

19,437

725,561

At 30 June 2022

5,804,874

1,333,041

7,525

213,057

7,358,497

 

 

Accumulated depreciation

As at 1 January 2022

114,026

925,484

7,045

134,460

1,181,015

Depletion/Charge for the year

3,587

132,234

18

8,200

144,039

Foreign exchange adjustment

12,518

100,880

334

13,002

126,734

At 30 June 2022

130,131

1,158,598

7,397

155,662

1,451,788

 

Net book value

As at 30 June 2022

5,674,743

174,443

128

57,395

5,906,709

 

 

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2021

 

5,164,384

 

1,186,781

 

7,153

 

191,390

 

6,549,708

Foreign exchange adjustment

(58,917)

(16,770)

318

(1,993)

(77,362)

At 30 June 2021

5,105,467

1,170,011

7,471

189,397

6,472,346

 

 

Accumulated depreciation

As at 1 January 2021

106,209

678,472

6,958

113,494

905,133

Depletion/Charge for the year

-

103,800

44

9,576

113,420

Foreign exchange adjustment

(1,212)

(10,260)

162

(1,062)

(12,372)

At 30 June 2021

104,997

772,012

7,164

122,008

1,006,181

 

Net book value

As at 30 June 2021

5,000,470

397,999

307

67,389

5,466,165

 

 

 

4. Property, plant and equipment (continued)

 

 

 

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2021

 

5,164,392

 

1,186,781

 

7,153

 

191,390

 

6,549,716

Foreign exchange adjustment

65,902

15,050

38

2,230

83,220

At 31 December 2021

5,230,294

1,201,831

7,191

193,620

6,632,936

 

 

Accumulated depreciation

As at 1 January 2021

106,215

678,472

6,958

113,494

905,139

Depletion/Charge for the year

6,464

238,444

49

19,720

264,677

Foreign exchange adjustment

1,347

8,568

38

1,246

11,199

At 31 December 2021

114,026

925,484

7,045

134,460

1,181,015

 

Net book value

As at 31 December 2021

5,116,268

276,347

146

59,160

5,451,921

 

 

5. Intangible assets

 

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2022

 

1,489,604

 

1,489,604

Foreign exchange adjustment

163,644

163,644

 

At 30 June 2022

1,653,248

1,653,248

 

 

 

 

Accumulated amortisation and impairment

 

 

As at 1 January 2022

1,174,602

1,174,602

Foreign exchange adjustment

129,039

129,039

 

At 30 June 2022

1,303,641

1,303,641

 

Net book value

As at 30 June 2022

349,607

349,607

 

 

5. Intangible assets (continued)

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2021

 

1,470,833

 

1,470,833

Foreign exchange adjustment

(17,185)

(17,185)

At 30 June 2021

1,453,648

1,453,648

 

 

Accumulated amortisation and impairment

As at 1 January 2021

1,159,801

1,159,801

Foreign exchange adjustment

(13,233)

(13,233)

At 30 June 2021

1,146,568

1,146,568

 

Net book value

As at 30 June 2021

307,080

307,080

 

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2021

 

1,470,833

 

1,470,833

Foreign exchange adjustment

18,771

18,771

At 31 December 2021

1,489,604

1,489,604

 

 

Accumulated amortisation and impairment

As at 1 January 2021

1,159,801

1,159,801

Foreign exchange adjustment

14,801

14,801

At 31 December 2021

1,174,602

1,174,602

 

Net book value

As at 31 December 2021

315,002

315,002

6. Share capital

 

 

No

No

£

No

£

£

Ordinary shares of 1p each

Ordinary shares of 0.02p each

Ordinary shares of 0.02p/1p each

Deferred shares of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

At 1 January 2021

-

8,145,575,094

1,629,116

241,248,512,346

2,412,485

4,041,601

On 5 January the company consolidated and then subdivided the brought forward shares* 

8,145,575

(8,145,575,094)

 

 

 (1,547,659)

154,765,925,000

1,547,659

-

On 21 January the company issued 3,600,000 1p shares at 0.25p

 

3,600,000

 

-

 

36,000

 

-

 

-

 

36,000

On 26 May the company issued 9,900,000 1p shares at 0.25p

 

9,900,000

 

-

 

99,000

 

-

 

-

 

99,000

As at 30 June 2021,31 December 2021 and 30 June 2022

21,645,575

-

216,457

396,014,437,346

3,960,144

4,176,601

 

*On 5 January 2021 the Company reduced the number of issued ordinary shares of £0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), Following the Consolidation the Company sub-divided each consolidated ordinary share of £0.20 each in the capital of the Company, into 1 ordinary share of £0.01 each in the capital of the Company and 19,000 new deferred shares of £0.00001 each in the capital of the Company.

 

7. Distribution of interim report to shareholders

 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/. Further copies are available on request.

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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2nd Jun 202311:25 amRNSHolding(s) in Company
2nd Jun 20237:00 amRNSProposed Change of Name
1st Jun 20239:05 amRNSStrategic Investment and Board Changes
24th May 202312:33 pmRNSHolding(s) in Company
23rd May 20234:01 pmRNSHolding(s) in Company
11th Apr 20237:00 amRNSRukwa Production Update
28th Mar 20239:16 amRNSRukwa Operational Update
24th Mar 20234:54 pmRNSHolding(s) in Company
9th Feb 20237:00 amRNSRukwa Operational Update
16th Dec 20229:07 amRNSHolding(s) in Company
14th Dec 20229:26 amRNSHolding(s) in Company
13th Dec 202211:38 amRNSHolding(s) in Company
13th Dec 202210:21 amRNSRejection of Unfair Dismissal Claim
7th Dec 20229:39 amRNSHolding(s) in Company
6th Dec 20227:00 amRNSPlacing to raise £0.4 million & Operational Update
9th Nov 20227:00 amRNSRukwa Operational Update & Corporate Update
13th Oct 20227:00 amRNSDirectors’ Dealings
11th Oct 20227:00 amRNSRukwa Coal Project Operational Update
29th Sep 20229:48 amRNSInterim Results
18th Aug 20225:20 pmRNSDirectors’ Dealings
16th Aug 20227:00 amRNSNew Coal Mining Agreement
4th Aug 20227:00 amRNSDirectorate Change
3rd Aug 20222:05 pmRNSSecond Price Monitoring Extn
3rd Aug 20222:00 pmRNSPrice Monitoring Extension
3rd Aug 202212:00 pmRNSCorporate Update
3rd Aug 202211:27 amRNSResult of AGM
8th Jul 20224:30 pmRNSNotice of AGM
5th Jul 20227:00 amRNSBoard Changes
30th Jun 20227:00 amRNSResults for the year ended 31 December 2021
31st May 20227:00 amRNSTermination of Coal Mining Agreement
26th May 20223:46 pmRNSHolding(s) in Company
18th May 20221:15 pmRNSOperational Update Rukwa Coal Project
4th May 20223:52 pmRNSOperational Update Rukwa Coal Project
3rd Feb 20221:20 pmRNSNew Coal Mining Agreement Signed
12th Jan 20227:00 amRNSAppointment of Broker
4th Jan 20227:00 amRNSAppointment of Interim Broker
7th Dec 20212:06 pmRNSSecond Price Monitoring Extn
7th Dec 20212:01 pmRNSPrice Monitoring Extension
7th Dec 202111:06 amRNSSecond Price Monitoring Extn
7th Dec 202111:00 amRNSPrice Monitoring Extension

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