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RNS Number : 3141K
Aggregated Micro Power Holdings PLC
13 December 2018
 

Aggregated Micro Power Holdings plc

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

 

Interim Results for the six months ended 30 September 2018

 

Aggregated Micro Power Holdings plc (AIM: AMPH), trading as AMP Clean Energy, the specialist provider of distributed heat, power and renewable fuels, is pleased to announce results for the six months ended 30 September 2018.

 

Financial Highlights

 

·     Group revenues increased 55% to £17.39m (2017: £11.2m).

·     Gross profit increased 22% to £3.29m (2017: £2.7m).

·     Loss after tax increased to £3.54m (2017: £2.4m).

·     Net assets as at 30 September 2018 were £14.39m (31 March 2018: £18.1m).

·     In May, AMP underwent a capital reduction to create distributable reserves to enable the Company to make dividend payments in the future.

·     The balance sheet does not include any recognition for future deferred development fees that may be due from AMPIL(a).

 

Operational Highlights

 

·     Wood fuels business delivered over 80,000 tonnes of RHI compliant wood pellet and wood chip to nearly 4,000 customers and provides service and maintenance to around 900 boilers.

·     Over the summer, the Group successfully integrated the Wood Fuels segment into a single business unit.

·     The Project Development segment saw increased profits in part reflecting the sale of AMP's equity in a 20MW grid balancing project.

 

 

Post Period End

 

·     On 15 October 2018, AMP announced a successful £8.5m placing of new ordinary shares at 100 pence per ordinary share.

·     On 8 November 2018, the Company issued a Call Notice for the £10.01m nominal of 8% Convertible Loan Notes ("CLNs").

·     On 11 December 2018, AMP announced that 91.2% of the CLNs converted into 11,702,811 new Ordinary Shares and only £0.88m nominal of outstanding CLN holders opted to redeem their CLNs at par.

·     IncubEx(b), in conjunction with Nodal Exchange, launched a suite of North American Environmental products in November.

·     All Group brands were consolidated under a single brand: AMP Clean Energy as from 11 December 2018 in order to improve customer service and cross-sell clean energy activities across the Group.

·     Urban Reserve has developed a strong pipeline of projects and is targeting 40MW - 50MW of projects with planning permission by the end of March 2019.

 

Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:

 

"Group revenues have grown significantly year on year and our balance sheet has been simplified and strengthened by the recent equity fund raise and the conversion of loan notes into equity.  With our growing pipeline of Urban Reserve projects, the strength of our position in the wood fuels market and with the winter heating season now upon us, we look forward to the remainder of the financial year with confidence."

 

(a) Aggregated Micro Power Infrastructure 2 Limited ("AMPIL") is a special purpose vehicle which is wholly owned by Law Debenture Intermediary Corporation plc as trustee for general charitable purposes. AMPIL can issue listed loan notes to fund renewable energy projects acquired from AMP and/or other developers. AMPIL has to date raised £52m from institutional and other investors.

 

(b) IncubEx LLC is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development firm. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX) and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies. The IncubEx team is comprised of former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners. The company was founded in 2016 and currently has offices in Chicago and London. www.theincubex.com

 

The Company notifies a change to its corporate website address, which includes the information required by Rule 26 of the AIM Rules for Companies, now being www.ampcleanenergy.com.                                          

 

Contacts

 

Aggregated Micro Power Holdings plc                        020 7382 7800

Neil Eckert, Executive Chairman

Richard Burrell, CEO

Izzy Deterding, Investor Relations

 

finnCap Ltd                                                                         020 7220 0500

Ed Frisby / Simon Hicks (Corporate Finance)      

Andrew Burdis / Richard Chambers (ECM)

 

Whitman Howard Ltd                                                      020 7659 1234

Mark Murphy

Nick Lovering / Francis North

 

About Aggregated Micro Power Holdings plc

 

The Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. Trading as AMP Clean Energy, the Group sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation which aim to balance the transmission grid at times of peak demand.

 

www.ampcleanenergy.com

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

 

Executive Chairman's Statement

 

This Interim Report is in respect of the six month period to 30 September 2018.

 

Interim Results

 

Group revenues for the six months to 30 September 2018 increased 55% to £17.39m (2017: £11.2m), gross profit increased 22% to £3.29m (2017: £2.7m) and loss after tax increased to £3.54m (2017: loss of £2.4m).

 

These Interim Results reflect the seasonal reliance inherent in our wood fuels business as most of our turnover and future income is budgeted to be generated in the second half of the financial year (October through to March) where the heating season is at its busiest. Similarly, our project development business expects to complete or reach financial close on a number of projects during the second half of the financial year which is in line with budget and our prior year experience.

Net assets as at 30 September 2018 were £14.39m (31 March 2018: £18.1m). The balance sheet does not include any recognition for future deferred development fees that may be due from Aggregated Micro Power Infrastructure 2 plc ("AMPIL").

 

On 11 April 2018, the Company announced that it had received approval at a General Meeting of the resolution which proposed a reduction in the capital of the Company. The purpose of the Capital Reduction is to create distributable reserves.

 

Interim Review

AMP operates through three business divisions: Wood Fuels; Project Development; and Investments.

AMP's subsidiaries sell high quality, RHI compliant, wood chip and wood pellet to end customers throughout the UK in the form of fuel only contracts, heat contracts and/or fuels plus operation and maintenance. AMP sells fuel to around 4,000 customers and provides service and maintenance to over 900 biomass systems.

 

Wood Fuels Segment

 

Revenues from the Wood Fuels segment increased 60% to £16.7m (2017: £10.4m), gross profit increased 35% to £2.8m (2017: £2.1m) and the loss for the period increased to £2.3m (2017: loss of £0.9m). The increased loss reflects the warm weather and the seasonal nature of the Wood Fuels segment where revenues and gross profit were not sufficient to cover the fixed costs of our fleet and depots during the summer months. During the first six months of this financial year, volumes were also lower due to the very hot weather in May, June, July and August.  At the same time, there were a number of planned integration costs which were expensed during the period in relation to combining the Forest Fuels, Billington Bio-energy, CPL and Patchwork operations together into a single business unit.

 

Project Development Segment

 

AMP's project development division aims to deliver cost and carbon savings to high intensity heat and power users.  AMP also develops gas-fired peaking plants which provide flexible generation at times of peak demand and this business is branded Urban Reserve where development is increasingly concentrated on smaller sites in areas of high electricity demand in industrial and urban areas. These sites can be connected to the distribution network at lower voltage levels in areas where grid constraints offer significant system benefits in terms of avoided grid reinforcement costs and will potentially support the anticipated growth in electric vehicles and the electrification of heat. The recent suspension of the Capacity Market is unlikely to impact the development pipeline of Urban Reserve as forecast Capacity Market revenues in Urban Reserve projects are a relatively small proportion of the anticipated income stack and we expect that the most likely outcome in any event is that the European Commission will re-approve the existing Capacity Market in its current or a broadly similar form.

 

 

Revenues from the Project Development segment were £0.7m (2017: £0.9m), gross profit was £0.4m (2017: £0.6m) and the profit for the period increased to £0.4m (2017: £0.1m). Revenues and profits from Project Development reflect a combination of fees received from AMPIL in respect of biomass assets purchased and the sale of AMP's Investment in Warne Road, a 20MW grid balancing development asset which is now outside the scope of Urban Reserve which resulted in a profit of £923,000.

Investments Segment

AMP Investments aim to grow assets under management and to build up off-balance sheet deferred development fees and carried interest together with making long term equity investments in companies aligned to our corporate strategy. It also includes the overhead costs of the Board and related PLC expenses. 

AMP owns a 29.08% of IncubEx which is a business set up to design and promote financial products in environmental, energy, power and weather markets. On 16th November 2018 IncubEx launched a suite of North American products in partnership with Nodal, EEX's US Power Exchange.  IncubEx revenues are starting to grow due to EEX's increased market share in European Union Allowances ("EUAs").  In Q3, this has grown by 216% to 18.99% (2017: 8.78%).  In the EUA option market, EEX's market share in the nine months to 30 September 2018 has increased to 30.88% (2017: 0%).

Full Year Outlook

 

On 15 October 2018, AMP announced a successful placing of new Ordinary Shares raising gross proceeds of £8.5m at a price of 100 pence per share. This placing was supported by existing and a number of new institutional and other investors.

Proceeds from the placing enabled the Company to issue a Redemption Notice in respect of the £10.01m of 8% Convertible Loan Notes outstanding and on 10th December 2018, it was confirmed that £0.88m of CLNs were redeemed at par and £9.13m were converted into 11,702,811 new Ordinary Shares. 

The remainder of the net proceeds of the placing amounting to £7.2m will be used for the Wood Fuels business working capital and investment in growth, Urban Reserve and investment in our service and maintenance business.

On 5th December 2018 we launched the consolidation of all of our wholly owned businesses under a new single group brand identity - AMP Clean Energy.  This new brand is being rolled out across the business during the remainder of the financial year.  We believe this will significantly improve the customer experience and enable us to be more effective in the cross-sell of our clean energy activities across the Group.

 

The Board expects group turnover to be in excess of £50m for the full year as the second half of the financial year is when the heating season is at its busiest.  With the strength of our position in the wood fuels market and our growing pipeline of project developments in biomass and Urban Reserve, we look forward to the future with confidence.

 

 

 

 

 

Neil Eckert, Executive Chairman

12 December 2018

 

 

 

 

 

INDEPENDENT REVIEW REPORT TO Aggregated micro power holdings plc

Introduction

We have been engaged by the Company to review the set of financial statements in the half-yearly financial report for the six months ended 30 September 2018 which comprises the Consolidated statement of comprehensive income, Consolidated statement of financial position, Consolidated statement of changes in equity, Consolidated statement of cash flows and the accompanying notes to the Consolidated  financial statements.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the set of financial statements.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the Company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility

Our responsibility is to express to the Company a conclusion on the set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

 

    

 Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the set of financial statements in the half-yearly financial report for the six months ended 30 September 2018 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.

 

 

 

BDO LLP

Chartered Accountants

London

Date:

 

 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

 

 

 

 

 

Consolidated statement of comprehensive income

For the six months ended 30 September 2018  

 

 

Six months ended

Six months ended

Year ended

 

 

 30 Sep 2018

30 Sep 17

31 Mar 18

 

 

Unaudited

Unaudited

Audited

 

Note

£

£

£

Continuing operations

 

 

 

 

Revenue

3

17,391,663

11,249,021

43,162,969

Cost of sales

3

(14,106,336)

(8,578,439)

(33,669,621)

 

 

 

 

 

Gross profit

 

3,285,327

2,670,582

9,493,348

 

 

 

 

 

Other operating income

3

69,911

256,096

127,702

Profit on disposal of investment

 

923,135

-

-

 

 

 

 

 

Administrative expenses

 

(7,179,122)

(4,641,312)

(11,115,929)

Non-recurring administrative

 

-

 -

(461,951)

Restructuring expenses incurred

 

 -

 -

(1,119,046)

Restructuring provision

 

 -

 -

(569,678)

Total Administrative costs

 

(7,179,122)

(4,641,312)

(13,266,604)

 

 

 

 

 

Fair value adjustment on deferred consideration

 

 -

 -

(848,194)

Gain on financial asset at fair value through profit or loss

 

    

-

(90,729)

 

7,507,175

 

 

 

 

 

(Loss)/Profit from operations

 

(2,900,748)

(1,805,363)

3,013,427

Finance income

 

 -

142

3,105

Finance expense

5

(670,112)

(664,404)

(1,353,830)

 

 

 

 

 

(Loss)/Profit before tax

 

(3,570,860)

(2,469,625)

1,662,702

 

 

 

 

 

Tax credit

 

34,174

30,982

255,775

(Loss)/Profit for the year and other total comprehensive losses for the period

 

(3,536,686)

(2,438,643)

1,918,477

(Loss)/Profit for the year attributable to:

 

 

 

 

Owners of the parent

 

(3,500,374)

(2,375,179)

1,935,947

Non-controlling interest

 

(36,312)

(63,464)

(17,470)

 

 

(2,438,643)

1,918,477

Basic and diluted (loss)/earnings per share attributable to the ordinary equity holders of the parent

10

(8.10)

(6.28)

4.85

               

 

Company number: 08372177

Consolidated statement of financial position

As at 30 September 2018 

 

 

 30 Sep 2018

 30 Sep 2017

Restated

31 Mar 2018

 

 

Unaudited

Unaudited

Audited

 

Note

£

 

£

Non-current assets

 

 

 

 

Property, plant and equipment

4

5,991,220

3,842,895

6,314,203

Investment in associate

 

11,410,120

2,286,975

11,410,120

Intangibles

6

9,914,093

9,755,671

10,138,105

Total non-current assets

 

27,315,433

15,885,541

27,862,428

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

8,329,972

4,216,033

4,712,496

Trade and other receivables

 

7,817,079

7,187,559

12,013,708

Cash and cash equivalents

 

531,094

775,025

4,161,375

Total current assets

 

16,678,145

12,178,617

20,887,579

 

 

 

 

 

Total assets

 

43,993,578

28,064,158

48,750,007

Current liabilities

 

 

 

 

Trade and other payables

7

16,487,424

9,281,442

17,660,755

Provisions

 

397,963

 -

569,678

Loans and borrowings

8

597,313

431,474

631,244

Total current liabilities

 

17,482,700

9,712,916

18,861,677

 

 

 

 

 

Non-current liabilities

 

 

 

 

Loans and borrowings

8

10,656,053

9,306,298

10,304,022

Deferred Consideration

 

812,039

8,218

812,039

Deferred tax liability

 

652,412

656,373

695,157

Total non-current liabilities

 

12,120,504

9,970,889

11,811,218

 

 

 

 

 

Total liabilities

 

29,603,204

19,683,805

30,672,895

 

 

 

 

 

Net assets

 

14,390,374

8,380,353

18,077,111

Equity attributable to equity shareholders of the
parent company

 

 

 

 

Paid up share capital

9

215,956

189,052

215,956

Share premium

9

 -

12,519,616

16,192,845

Merger reserve

 

6,648,126

6,648,126

6,648,126

Other reserve

9

10,682,431

9,046,180

10,682,431

Convertible debt option reserve

 

994,276

1,307,837

1,149,255

Retained deficit

 

(4,510,091)

(21,677,199)

(17,207,491)

 

 

14,030,697

8,033,612

17,681,122

Non-controlling interest

 

359,677

346,741

395,989

Total equity

 

14,390,374

8,380,353

18,077,111

The financial statements were approved by the Directors on 12/12/18 and signed on their behalf by:

 

 

Richard Burrell, Chief Executive Officer

Consolidated statement of changes in equity

As at 30 September 2018

 

Share
capital

Share premium

Retained  deficit

Merger reserve

Other Reserve

Convertible debt option reserve

Total Attributable to Equity Holders of Parent

Non-Controlling Interests

Total Equity

 

£

£

£

£

£

£

£

£

£

Equity as at 1 April 2017

189,052

12,519,616

(19,447,786)

6,648,126

9,046,180

1,453,603

10,408,791

 -

10,408,791

Profits for the period

 

 -

1,935,947

 -

 -

 -

1,935,947

(17,470)

1,918,477

Total comprehensive income

 -

 -

1,935,947

 -

 -

 -

1,935,947

(17,470)

1,918,477

Issue of share capital

26,904

3,681,229

 -

 -

1,591,878

 -

5,300,011

 -

5,300,011

Equity element of
convertible debt

 -

 -

304,348

 -

 -

(304,348)

 -

 -

 -

Fair value adjustment of EMI Options

 -

 -

 -

 -

44,373

 -

44,373

 

44,373

Share issue cost

 -

(8,000)

 -

 -

 -

 -

(8,000)

 -

(8,000)

Non-controlling interest arising on acquisition

 -

 -

 -

 -

 -

 -

 -

413,459

413,459

Year ended 31 March 2018

215,956

16,192,845

(17,207,491)

6,648,126

10,682,431

1,149,255

17,681,122

395,989

18,077,111

 

 

Share
capital

Share premium

Retained  deficit

Merger reserve

Other Reserve

Convertible debt option reserve

Total Attributable to Equity Holders of Parent

Non-Controlling Interests

Total Equity

 

£

£

£

£

£

£

£

£

£

Equity as at 1 April 2018

215,956

16,192,845

(17,207,491)

6,648,126

10,682,431

1,149,255

17,681,122

395,989

18,077,111

Retained income opening balance adjustment balance

 

 

(150,051)

 

 

 

(150,051)

 

(150,051)

Equity balance at 1 April 2018 (restated)

215,956

16,192,845

(17,357,542)

6,648,126

10,682,431

1,149,255

17,531,071

395,989

17,927,060

Loss for the period

 

 -

(3,500,374)

 -

 -

 -

(3,500,374)

(36,312)

(3,536,686)

Total comprehensive income

 -

 -

(3,500,374)

 -

 -

 -

(3,500,374)

(36,312)

(3,536,686)

Capital reduction

 -

(16,192,845)

16,192,845

 -

 -

 -

 -

 -

 -

Equity element of convertible debt

 -

 -

154,980

 -

 -

(154,980)

 -

 -

 -

Period  ended 30 September 2018

215,956

-

(4,510,091)

6,648,126

10,682,431

994,275

14,030,697

359,677

14,390,374

 

Share capital: Nominal value of shares issued.

Share premium: Amount subscribed for share capital in excess of the nominal value.

Retained deficit: All other net losses and transactions with owners (e.g. dividends) not recognised elsewhere.

Merger reserve: Created on the issue of shares on acquisition of its subsidiary accounted for in line with the

Companies Act 2006 provisions.

Other reserve: Amount raised through the use of a cashbox structure.

Convertible debt option reserve:  Amount recorded as equity on the initial fair value measurement of issued convertible loan notes.

Capital reduction: on 11 April 2018 there was a capital reduction where share premium was moved to retained earnings to create distributable reserves

 

Consolidated statement of cash flows

 For the six months ended 30 September 2018

 

 

Six months ended

Six months ended

Year ended

 

 

30-Sep-18

30-Sep-17

31-Mar-18

 

 

Unaudited

Unaudited

Audited

 

Note

£

£

£

Operating activities

 

 

 

 

Loss for the period after tax

 

(3,536,686)

(2,375,179)

1,918,477

Adjustments for:

 

 

 

 

IFRS 9 restatement in opening reserves

 

(150,051)

-

-

Provision for restructure

 

-

-

569,678

Tax credit

 

(34,174)

(30,982)

(64,624)

Interest Income

 

-

(142)

(3,104)

Fair value adjustment on financial liabilities at fair value through profit and loss

 

-

90,729

803,821

Gain on financial asset at fair value through profit and loss

 

-

-

(7,507,175)

(Profit)/Loss on disposal of Property, Plant & Equipment

 

483

35,124

18,351

(Profit)/Loss on disposal of Investments

 

(923,135)

-

-

Finance Cost

5

670,112

664,404

1,353,830

Movement in foreign exchange

 

136,143

-

640,099

Amortisation of intangibles

6

224,012

200,929

421,810

Depreciation of property, plant and equipment

4

681,351

323,416

950,129

Cash flows from operating activities before changes to working capital

 

(2,931,946)

(1,091,701)

(898,708)

(Increase)/decrease in inventories

 

(2,887,340)

(1,088,263)

(2,371,276)

(Increase)/decrease in trade and other receivables

 

5,724,572

4,358,038

(304,855)

Increase/(decrease) in trade and other payables        

 

(933,599)

(246,106)

6,536,981

Cash generated/(used) from operations

 

(1,028,313)

1,931,968

2,962,142

 

 

 

 

 

Investing activities

 

 

 

 

Acquisition of a subsidiary, net of cash acquired

 

-

(343,320)

-

Investment in associate

 

-

-

(1,500,000)

Purchase of intangibles

 

-

(9,156)

-

Purchase of property, plant and equipment

4

(472,525)

(829,053)

(1,661,474)

Proceeds from sale of assets

 

114,638

46,657

300,368

Interest received

 

-

142

3,104

Net cash used in investing activities

 

(357,887)

(1,134,730)

(2,858,002)

 

 

 

 

 

Financing activities

 

 

 

 

Share issue cost

 

-

-

(8,000)

Proceeds from invoice discounting

 

(1,892,070)

-

1,010,739

Proceeds from issue of convertible notes

 

-

-

-

Proceeds from issue of ordinary shares

 

-

-

3,752,496

Proceeds from finance lease drawdown

 

644,720

-

-

Payments of interest on borrowings 

 

(605,794)

(368,672)

(967,682)

Payments on finance lease    

 

(390,937)

(472,507)

(549,284)

Net cash used in financing activities

 

(2,244,081)

(841,179)

3,238,269

 

 

 

 

 

Net increase in cash and cash equivalents

 

(3,630,280)

(43,941)

3,342,409

Cash and cash equivalents at beginning of period

 

4,161,375

818,966

818,966

Cash and cash equivalents at end of period

 

531,094

775,025

4,161,375

 

Notes to the consolidated financial statements

For the six months ended 30 September 2018     

1. Basis of preparation

 

The financial information in these interim results is that of the holding company and all of its subsidiaries (the Group). It has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted for use in the EU (IFRSs).

 

The Group's results are considered to be affected by seasonal variations and do not yet fully reflect the positive impact of our wood fuels business acquisitions as most of this turnover and future income is anticipated to be generated in the second half of the financial year (October through to March) where the heating season is at its busiest.

 

The Group's annual report and accounts for the year ended 31 March 2018 have been delivered to the Registrar of Companies. The Group's independent auditor'sreport on those statutory accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. The comparative financial information for the year ended 31 March 2018 in this interim report does not constitute statutory accounts for that year.

The financial information for the half-years ended 30 September 2017 and 30 September 2018 is unaudited.

 

As at 30 September 2018 the group had £531k in cash and net current liabilities of £0.8m. The directors and management have prepared a cash flow forecast to December 2019, 12 months from the date this report has been approved, which shows the group will remain cash positive.

 

The directors and management note that given the seasonality of the fuels division revenues and the unpredictability of earning revenues on development fees, the forecast continues to contain sensitivity. The directors and management manage this sensitivity by:

 

-     Risk weighting the development fee revenues based on prudent chance of success of completion;

-     Managing working capital through enhanced debtor collection, constant communication with key suppliers and managing costs in line with movements in revenues;

-     In May 2018 the company drew down on a short term working capital facility which has provided £1.75m in further funding. This facility is secured on inventory. The loan balance was repaid in full on 8th November and the group subsequently agreed to extend the facility until the 31 December 2019 to provide working capital if required;

-     Monitoring other short-term credit lines available to the group;

-     On 15 October 2018 the group raised £8.5m further funds through an equity placing with both existing shareholders and new investors;

-     On 8 November the group issued a call to redeem the convertible loan notes. The total number of Convertible Loan Notes currently outstanding on the date of redemption was £10.01 million nominal.  On 10th December 2018, it was confirmed that £0.88m of CLNs were redeemed at par and £9.13m were converted into 11,702,811 new Ordinary Shares.  The directors and management have sensitised their forward looking cash flows to take account for this cash outlay in respect of CLNs redeemed at par.

 

 

 

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

Based on the information provided above the directors and management are confident that the group will trade in line with the forecasts prepared and have therefore prepared the accounts on a going concern basis.

Restatement

The following figures have been restated as a result of a consolidation adjustment identified during the statutory audit of the components within the group: Inventory (decreased by £730k), debtors (decreased by £328k), other debtors (decreased by £286k) and trade payables (decreased by £1,345k). The adjustments are an elimination of intercompany balances at cost, which took place between Forest Fuels and Billington Bioenergy. There is no impact on the income statement or on the underlying net assets.

2. Significant accounting policies

The group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2018 annual financial statements, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2018, and will be adopted in the 2019 annual financial statements. New standards impacting the Group that will be adopted in the interim half-yearly financial statements for the 6 months ended 30 September 2018, and which have given rise to changes in the Group's accounting policies are:

 

·      IFRS 9 Financial Instruments; and

·      IFRS 15 Revenue from Contracts with Customers

 

Details of the impact these two standards have had are given below. Other new and amended standards and Interpretations issued by the IASB that will apply for the first time in the next annual financial statements are not expected to impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.

 

IFRS 9 Financial Instruments

IFRS 9 has replaced IAS 39 Financial Instruments: Recognition and Measurement, and has had an effect on the Group in the following areas:

·      Impairment provision on financial assets measured at amortised cost (such as trade and other receivables) have been calculated in accordance with IFRS 9's expected credit loss model, which differs from the incurred loss model previously required by IAS 39. This has resulted in an increase/decrease to the impairment provision at 1 April 2018 from that previously reported of £48k.

 

The transition method requires a retrospective application for the first time adoption of IFRS 9, however the standard has allowed an exemption to not restate the comparative information with differences being recorded in opening retained earnings, these changes have been processed at the date of initial application (i.e. 1 April 2018), and presented in the statement of changes in equity for the 6 months to 30 September 2018.

 

IFRS 9 considerations

 

Classification and measurement

There was no impact to the interim consolidated financial position resulting from the Group applying the classification and measurement requirements of IFRS 9.

 

Impairment

The adoption of IFRS 9 has changed the Group's accounting for impairment losses for financial assets by replacing IAS 39's incurred loss approach with a forward-looking expected credit loss approach.

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

To incorporate forward-looking information into the expected credit loss model, the following information was used; the debtor's age analysis, the bad debt allowance history for the past three years, and the credit score against each customer. Management have used this information to support their assumptions when compiling a provision matrix.

 

The Group will apply the simplified approach on all trade receivables and contract assets.

 

The increase in loss allowance resulted in a reduction to opening reserves, at 1 April 2018, as follows:

 

Accounts affected

£

Trade and other receivables

(150,051)

Total current assets

(150,051)

 

 

Cumulative transition adjustment

 

Retained Earnings

150,051

 

IFRS 15 considerations

 

IFRS 15 established a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

 

Sale of goods

 

The group historically recognised wood fuel sales on delivery to the customer. The Group's contracts with customers for the sale of wood fuels generally includes one performance obligation being the delivery of such wood fuel. The Group has concluded that the revenue from the sale of wood fuel should be recognised at a point in time when control of the asset is transferred to the customer which is upon delivery. This is consistent with current recognition and the adoption of IFRS 15 does not have any impact on revenue recognition on wood fuel sales.

 

Rendering of services

 

Operations and maintenance contracts

The Group's contracts with customers to provide operations and maintenance contracts includes combined services, which can be separated into two distinct services streams, being scheduled maintenance services and the emergency call out services.

 

Maintenance service revenue has historically been recognised on a straight line basis rather than on delivery of the service. Adoption to IFRS 15 requires revenue to be recognised when the services performance obligations i.e. the services required under the contract are completed. There is no impact at the 31 March 2019 year-end on any potential difference between revenue and delivery of the performance obligations as the contract terms run concurrently with the year end. The impact at interim is not significant and no adjustment has been made to these financial statements.

 

Historically emergency call out services and any spare parts used during these call outs are recognised at a point in time when the service is requested and adoption of IFRS 15 would not impact this recognition.

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

RHI support and consultancy service

The Group's RHI support and consultancy services are provided throughout the year and the revenue should be recognised over time as the services are rendered as the customers simultaneously receive and

consume the benefits provided by the Group. There is no impact on the revenue recognition following the adoption of IFRS 15.

 

Heat Supply sales

The Group's contracts with customers to provide heat supply sales is a combined contract which includes:

·      the delivery of wood fuel to provide the heat and

·      the provision of operations and maintenance services.

Each of which have been established as distinct performance obligations with different timing of delivery. Revenue from these contracts have been recognised on a per Kilowatt-hour. Following the adoption of IFRS 15 these individual streams should be recognised when the performance obligations under each has been completed.

 

There are no changes to the revenue recognition on wood fuel as the contract is a heat supply contract not a wood fuel delivery contract and revenue is recognised when the wood fuel is used and the heat generated. 

The operations and maintenance services revenue is a small percentage of the revenue generated from these contracts, these contracts run concurrently with the financial year. Therefore, the adoption of IFRS 15 did not have any impact on revenue recognition of the Heat supply sales.

 

Project revenue

The Group's contracts with customers to provide asset management services, asset development, and portfolio management service generally all have one performance obligation.

 

Asset management services are recognised on a straight-line basis over time, as the benefits provided by the Group are received and consumed at the same time.

Asset development fees are recognised when they are probable, which is at a point in time when projects have been brought to a financial close. Contract assets relating to costs incurred to the date of financial close are considered for impairment in line with IFRS 9 using the simplified model.

 

Portfolio management service fees are recognised on a straight-line basis over time, as the benefits provided by the Group are received and consumed at the same time.

Therefore, the adoption of IFRS 15 did not have any impact on revenue recognition of the above services.

 

Use of estimates and judgements

 

There have been no material revisions to the nature and amount of estimates of amounts reported in prior periods except where the implementation of IFRS 9 and IFRS 15 discussed above requires a different approach to the accounting previously applied. Significant estimates and judgements that have been required for the implementation of these new standard are:

·      estimating the lifetime losses of short-term trade receivables for the purposes of IFRS 9's expected credit loss model

·      estimating the amount of variable consideration under IFRS 15 for which it is highly unlikely there would be a significant future reversal in the future

·      assessing whether goods and services identified in some of the Group's consultancy contracts are distinct within the context of the contract and, to the extent they are, estimating the standalone selling prices for the purposes of allocating the transaction price on a relative stand-alone basis to the performance obligations identified

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

3. Segmental information

For management purposes, the Group is organised into business units based on its products and services. The results have been prepared using consistent accounting policies for each segment as detailed in Note 1 to the consolidated financial statements for the year ended 31 March 2018.

 

The Group was exclusively focused on UK operations. The performance of each segment is reported below.

Operating segments - Six Months Ending 30 September 2018

Wood fuels

Project development

Investments

Total

 

£

£

£

£

Revenue

16,714,499

677,164

 -

17,391,663

Cost of sales

(13,868,391)

(237,945)

 -

(14,106,336)

Gross profit

2,846,108

439,220

 -

3,285,327

Other operating income

69,871

 -

40

69,911

P&L on sale of Investments

 -

923,135

 -

923,135

Administrative expenses

(4,306,649)

(955,442)

(875,526)

(6,137,617)

EBITDA

(1,390,671)

406,913

(875,486)

(1,859,243)

Depreciation

(613,802)

 -

(67,549)

(681,351)

Finance Expense

(184,765)

 -

(485,347)

(670,112)

Amortisation Intangibles

 -

 -

(224,012)

(224,012)

FX Gain/(Loss)

(136,143)

 -

 -

(136,143)

Tax credit

 -

 -

34,174

34,174

Profit / (Loss) from operations

(2,325,380)

406,913

(1,618,219)

(3,536,686)

Segment assets

16,402,707

1,397,717

26,193,154

43,993,578

Segment liabilities

(17,556,770)

(1,826,471)

(10,219,963)

(29,603,204)

 

(1,154,063)

(428,754)

15,973,191

14,390,374

 

Operating segments - Six Months Ending 30 September 2017

Wood Fuels

Project development

Investments

Total

 

£

£

£

£

Revenue

10,390,142

858,879

-

11,249,021

Cost of sales

(8,281,814)

(296,625)

 -

(8,578,439)

Gross profit

2,108,328

562,254

-

2,670,582

Other operating income

63,019

193,219

 -

256,238

Administrative expenses

(2,496,916)

(697,752)

(539,323)

(3,733,991)

Adjusted EBITDA

(325,569)

57,721

(539,323)

(807,171)

Depreciation

(318,069)

 -

(5,347)

(323,416)

Finance Expense

(172,147)

 -

(492,257)

(664,404)

Amortisation Intangibles

 -

 -

(200,929)

(200,929)

P&L on sale of Assets

(35,124)

 -

 -

(35,124)

Other Non-Recurring Costs

 -

 -

(347,852)

(347,852)

Fair Value Adjustment - Investment in Associate

-

-

(90,729)

(90,729)

Tax credit

 -

-

30,982

30,982

Profit/ (Loss) from operations

(850,909)

57,721

(1,645,455)

(2,438,643)

Segment assets

11,229,204

2,326,569

14,508,388

28,064,058

Segment liabilities

(10,203,079)

(337,558)

(9,143,170)

(19,683,805)

 

1,026,125

1,989,011

5,365,218

8,380,354

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018     

 

4. Property, plant and equipment

 

Assets
Under
Construction

Farm & Upgrade

Land and Buildings

Plant &
Machinery

Office
Equipment

Motor
Vehicles

Total

 

£

£

 

£

£

£

£

Cost

 

 

 

 

 

 

 

As at 1 April 2017

47,740

6,906,294

 -

2,315,931

286,753

733,157

10,289,875

Additions from Business Combinations

 -

 -

278,462

1,585,606

312,005

1,840,336

4,016,409

Additions for the period

16,650

-

32,494

1,601,796

448,160

617,252

2,716,352

Disposals for the period

 -

 -

 -

(269,455)

(169,789)

(20,659)

(459,903)

As at 31 March 2018

            64,390

     6,906,294

      310,956

           5,233,878

           877,129

           3,170,086

    16,562,733

Additions for the period

 -

-

 14,188

81,898

325,577

50,861

472,524

Disposals for the period

 -

 -

 -

(23,500)

(64,358)

(44,699)

(132,557)

As at 30 September 2018

            64,390

     6,906,294

      325,084

           5,292,276

       1,138,348

           3,176,248

    16,902,700

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

As at 1 April 2017

47,740

6,906,294

 -

814,091

61,958

95,045

7,925,128

Additions from Business Combinations

 -

 -

 -

662,327

215,980

636,154

1,514,461

Charge for the period

3,000

-

17,488

670,417

70,545

188,677

950,127

Disposals for the period

 -

 -

 -

(132,145)

(9,043)

 -

(141,188)

As at 31 March 2018

50,740

6,906,294

17,488

2,014,691

339,441

919,876

10,248,530

Charge for the period

7,858

-

4,437

304,366

119,336

245,354

681,351

Disposals for the period

 -

 -

 -

 -

(3,169)

(15,232)

(18,401)

As at 30 September 2018

58,598

6,906,294

21,925

2,319,057

455,607

1,149,998

10,911,478

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

As at 1 April 2017

 -

 -

 -

1,501,840

224,795

638,112

2,364,747

As at 31 March 2018

13,650

-

293,408

3,219,187

537,688

2,250,272

6,314,206

As at 30 September 2018

5,792

-

303,159

2,973,219

682,741

2,026,312

5,991,220

 

5

Finance expense

 

 

 

 

 

Period ended

Period ended

Year ended

 

 

 30 Sep 2018

30 Sep 2017

31 Mar 2018

 

 

£

£

£

 

Interest expense

204,868

80,278

207,727

 

Convertible Loan Note interest

555,906

398,750

1,074638

 

Amortisation of convertible Loan notes

-

152,796

-

 

Finance lease

(90,662)

32,580

71,465

 

 

670,112

664,404

1,353,830

 

 

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

6. Intangible assets

 

Long term contracts and customer relationships

Brand

Goodwill

Total

 

£

£

£

£

Cost

 

 

 

 

As at 31 March 2018

3,993,816

972,833

5,865,237

10,831,886

Additions for the period

 -

 -

 -

 -

Additions on acquisition of subsidiary

 -

 -

 -

 -

As at 30 September 2018

3,993,816

972,833

5,865,237

10,831,886

 

 

 

 

 

Amortisation

 

 

 

 

As at 31 March 2018

506,210

90,271

97,300

693,781

Amortisation charge for the period

199,691

24,321

 -

224,012

Impairment of Goodwill

 -

 -

-

 -

As at 30 September 2018

705,901

114,592

97,300

917,793

 

 

 

 

 

Net book value

 

 

 

 

As at 31 March 2018

3,487,606

882,562

5,767,937

10,138,105

As at 30 September 2018

3,287,915

858,241

5,767,937

9,914,093

 

7

Trade payables

 

 

 

Restated

 

 

Period ended

Period ended

Year ended

 

 

 30 Sep 2018

30 Sep 2017

31 Mar 2018

 

 

£

£

£

 

Trade payables

5,594,863

4,954,261

8,947,784

 

Accruals

2.568,633

1,227,226

794,429

 

Other payables

5,797,823

895,757

3,211,450

 

Invoice discounting

2,244,927

1,964,557

4,136,998

 

VAT payables

143,893

195,548

524,381

 

Employment tax and Social security

137,283

44,092

45,713

 

 

16,487,424

9,281,442

17,660,755

 

8

Loans and borrowings

 

 

Period Ended 30 Sep 2018

Period Ended 30 Sep 2017

Year Ended 31 31 Mar 2018

 

 

 

 

£

£

£

 

Current Liabilities

 

 

 

 

 

 

Other loan - finance lease

 

 

         597,313

         431,474

        631,244

 

 

 

 

         597,313

         431,474

        631,244

 

 

 

 

 

 

 

 

Financial Liabilities

 

 

Period Ended 30 Sep 2018

Period Ended 30 Sep 2017

Year Ended 31 31 Mar 2018

 

 

 

 

£

£

£

 

Convertible Loan Notes

 

 

     9,017,824

     8,713,201

    8,862,845

 

Other loan- finance lease

 

 

     1,638,229

         593,097

    1,441,177

 

 

 

 

   10,656,053

     9,306,298

  10,304,022

The fair value of non-current liabilities are not materially different to their carrying value.

Notes to the consolidated financial statements (continued)

For the six months ended 30 September 2018

 

9

Share Capital

 

 

 

 

 

31 March 2018

No of shares

Issued capital

Share premium

Other reserves

 

 

Nos.

£

£

£

 

Ordinary shares of £0.005 each

 

 

 

 

 

As at 31st March 2017

     37,810,422

          189,053

          12,519,616

           9,046,180

 

Issued for cash during the period

       3,756,356

            18,782

            3,681,229

                        -  

 

Issued as consideration as part of business combination

       1,624,365

              8,121

                         -  

           1,591,878

 

Share issue expense

                        -

-

(8,000)

                        -  

 

Fair value adjustments of EMI options

                        -

-

-

                44,373

 

As at 31 March 2018

     43,191,143

          215,956

          16,192,845

         10,682,431

 

 

 

 

 

 

 

As at 1 April 2018

     43,191,143

          215,956

          16,192,845

         10,682,431

 

Capital reduction*

                        -

-

(16,192,845)

-

 

As at 30 September 2018

     43,191,143

          215,956

                          -

         10,682,431

*on 11 April 2018 there was a capital reduction where share premium was moved to retained earnings to create distributable reserves.

 

10. Loss per share

 

Six months ended

Six months ended

Year ended

 

30-Sep-18

30-Sep-17

31-Mar-18

 

Unaudited

Unaudited

Audited

 

£

£

£

(Loss)/earnings attributable to equity holders of the company

(3,500,374)

(2,375,179)

1,935,947

Weighted average number of shares

43,191,143

37,810,422

39,948,247

Continuing operations basic (Pence)

(8.10)

(6.28)

4.85

 

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year. The convertible options are considered anti-dilutive because the exercise of these would have the effect of reducing the loss per share.

 

We have considered the impact of the Share options and convertible loan notes on the diluted EPS.  These are anti-dilutive in both 2017 and 2018 and thus diluted EPS has not been presented for either year

 

 

11. Events after the reporting period

 

On 15 October 2018, AMP announced a successful placing of new Ordinary Shares raising gross proceeds of £8.5m at a price of 100 pence per share.  This placing was supported by existing and a number of new investors.

Proceeds from the placing enabled the Company to issue a Redemption Notice in respect of the £10.01m of 8% Convertible Loan Notes outstanding and on 10th December 2018, it was confirmed that £0.88m of CLNs were redeemed at par and £9.13m were converted into 11,702,811 new Ordinary Shares. 

The number of Ordinary Shares in issue following the admission of placing shares was 51,691,143 and this will increase to 63,393,957 shares following the issue of new Ordinary Shares which will be issued pursuant to CLN holders who have opted to convert.

 

On 8 November 2018 the existing loan facility of £1.75m provided by AMPIL was repaid, and extended until 31 December 2019 to provide working capital if required.


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 [email protected] or visit www.rns.com.
 
END
 
 
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