Interim Results

30 Sep 2005 07:01

KP Renewables PLC30 September 2005 KP RENEWABLES PLCINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2005 KP Renewables plc ("KPR"), a start up company planning to generate power fromrenewable resources, is pleased to announce its interim results for the sixmonths ended 30 June 2005. HIGHLIGHTS • £3.9m raised in public offering • Admitted to AIM on 29 July 2005 • 520MW of forward sold power contracts • Listing on three German exchanges Dr Jim Watkins, Chief Executive, comments: "Since its incorporation on 1 December 2003 and as set out in its recentAdmission Document, KPR has successfully negotiated put option contracts withthree major power providers to supply up to 520MW of electricity over a ten yearperiod. With sufficient funds having been raised the company was admitted to theAlternative Investment Market ("AIM") on 29 July 2005. We are now working with developers to bring projects to market and are currentlynegotiating the finance to enable this to happen". John Bryant, Chairman, comments: "The Admission of KPR to AIM has enabled us to commence our plan to be a majorsupplier of renewable energy to a market currently short on volume. What we have achieved so far is only the start on a long journey of what webelieve will be successful project development and delivery". ______________________________________________________________________________ For further information please contact: Dr Jim Watkins, Chief ExecutiveKP Renewables plc 020 8231 8820 CHAIRMAN'S STATEMENT We successfully completed the Admission of KPR to AIM on 29 July following theraising of £3.9 million by way of an Offer for Subscription. Since then the management has been working to bring to fruition a number ofprojects already identified in which we intend to successfully invest. We believe that with the price of energy at record highs, and showing littlesign of reducing significantly in the near future, the prospects for renewableenergy are very favourable. It was interesting to note that at this week'sLabour Party Conference the Energy Minister, Malcolm Wicks, reiterated, "I'mconfident that by 2020, we're going to be getting 20 per cent (of electricity)from renewables." Operations The operation of projects has yet to commence. A team of project developers iscurrently assessing a range of deals which were being considered beforeflotation plus 18 more which have been identified since 29 July. KPR plans to operate with a small core of experts in its corporate centre andoutsource all non-essential activities to third parties wherever possible. Thisapproach will continue to be adopted in the short term as the company expands. Outlook The opportunities now facing KPR are numerous. Our management team is activelypursuing a wide range of projects across several technologies as set out in theAdmission Document. I look forward to announcing our first development. John BryantChairman KP Renewables plcConsolidated Profit and Loss AccountSix months ended 30 June 2005 Unaudited Unaudited Audited 6 months to 7 months to 13 months ended 30 June 2005 30 June 2004 31 December 2004 £ £ £ Turnover Nil Nil Nil Operating Loss (83,865) (87,328) (220,951) Loss before tax (83,865) (87,328) (220,951) Tax 0 0 0 Loss for the period (83,865) (87,328) (220,951) Loss per share (pence) - basic and diluted (0.20) (0.54) (0.92) KP Renewables plcConsolidated Balance Sheet at 30 June 2005 Unaudited Unaudited Audited 30 June 2005 30 June 2004 31 December 2004 £ £ £Fixed assetsIntangible assets 514,791 514,791 514,791 Current assetsDebtors 109,735 68,373 88,220Cash at bank and in hand 1,037 609 10,740 110,772 68,982 98,960CreditorsAmounts falling due within one year (221,097) (59,299) (156,660) Net current (liabilities) / assets (110,325) 9,683 (57,700) Net Assets 404,466 524,474 457,091 Capital and reserves Called-up share capital 412,970 372,018 404,464 Share premium account 296,312 239,784 273,578 Profit and loss account (304,816) (87,328) (220,951) Equity shareholders' funds 404,466 524,474 457,091 KP Renewables plcConsolidated Cash Flow StatementSix months ended 30 June 2005 Unaudited Unaudited Audited 6 months to 7 months to 13 months ended 30 June 2005 30 June 2004 31 December 2004 £ £ £ Operating loss (83,865) (87,328) (220,951)Creditors 64,437 59,299 136,664Debtors (21,515) (68,373) (65,630)Shares issued in lieu of payment 0 0 1,250Net cash outflow from operating activities (40,943) (96,402) (148,667) Acquisition Net cash acquired with acquisition of 0 0 14,367 subsidiary undertaking Cash outflow before financing (40,943) (96,402) (134,300) Financing: Issue of ordinary share capital 31,240 45,793 95,040 Loan from parent undertaking 0 50,000 50,000 Increase/(decrease) in cash in the period (9,703) 609 10,740 Notes: 1. The interim results are unaudited and do not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 31 December 2004 have been extracted from the Group accounts for that period. Those financial statements have been filed with the Registrar of Companies and included an auditor's report which was unqualified. 2. The interim results have been prepared in accordance with the accounting policies adopted in the accounts for the year ended 31 December 2004 and to be adopted in respect of the year ending 31 December 2005. 3. Loss per share is based on a loss after taxation of £83,865 and on 41,151,291 ordinary shares, being the weighted average number in issue during the period. This information is provided by RNS The company news service from the London Stock Exchange