Resultados intermedios del período finalizado el 31 de diciembre de 2023
| 28 de marzo de 2024 |
| OBJETIVO: RUR |
Autómata Rurelec
("Rurelec" o "la Empresa"
Y con sus filiales el "Grupo")
Resultados intermedios de los seis meses finalizados el 31 de diciembre de 2023
Rurelec PLC (AIM: RUR), the AIM rule cash shell and owner of Turbines, today announces its unaudited interim results for the six months ended 31 December 2023.
Aspectos financieros más destacados:
· Administrative expenses £0.31 million (restated 6 months to 31 December 2022: £0.48 million (audited 2022 restated £0.89 million);
· Operating loss: £0.32 million (restated 6 months to 31 December 2022: £2.35 million) (audited 2022 restated: £2.79 million);
· Post tax profit: £0.56 million (6 months to 31 December 2022 loss: £2.93 million) (audited 2022 loss: £2.24 million);
· Profit/(Loss) per share: 0.09 pence ((6 months to 31 December 2022: (0.51 pence)) (2022 audited: (0.39 pence));
· Net asset value per share: 1.6 pence (31 December 2022 audited: 2.2 pence);
· Net cash balance: £0.74 million (31 December 2022 audited: £0.50 million).
Following the Company's announcement of 29 December 2023, in which the Directors confirmed they had extended the Company's accounting reference date from 31 December to 30 June, this second set of unaudited interim results for the 6 months ended 31 December 2023, are published in accordance with the Company's regulatory requirements. The Company will publish audited final results for 18 months ended 30 June 2024 by 31 December 2024.
Operational and Post Six Months Highlights:
· 6 month Post-Tax profit of £0.56 million ((6 months to 31/12/2022 loss: £2.93 million) (2022 audited loss: £2.24 million)).
· Administration expenses were £0.31 million ((31/12/2022 6 months restated: £0.48 million) (2022 audited restated: £0.89 million)).
· Other income: £0.03 million ((31/12/2022 6 months: £0.03 million) (2022 audited: £0.03 million)) related to sale of Chilean interests in December 2023 (6 months to 31/12/22 and audited 2022: Directors fee income).
· Discontinued operations, from 31 December 2022 operations in Chile and Argentina are treated as discontinued operations no longer included in Group Financial Statements. From which direct costs, of £0.02 million are expensed in Rurelec PLC (the "Parent").
· Disposal of Chile interest in December 2023 resulted in one off reversal of the foreign currency reserve, £0.96 million.
· In July 2023 a dividend of £1.12 million, was declared and paid.
· Cash balance £0.74 million (2022 audited: £0.49 million).
· Continúan las conversaciones con respecto a la enajenación de dos generadores de turbina de gas Siemens Westinghouse de 701 MW ("128").
Actualización de estrategia
Having successfully reduced costs, stabilised the Company's financial condition and disposed of the Argentinian and Chilean interests, the Board's strategy is now to seek a reverse takeover through which to generate value for our shareholders, and to give the Company access to further resource thereby allowing more time to achieve a sale of the two Siemens 701 turbines.
While we continue to hold discussions with credible potential purchasers of the turbines, these initiatives are at an early stage following the withdrawal of counterparties to our earlier discussions for reasons unconnected with Rurelec. The timing of any potential sale of the turbines remains highly uncertain owing to the limited demand and infrequent occurrence of projects into which the turbines could be injected.
Following the successful sale of the Argentinian Interests on 9 June 2023, which was a fundamental change of business pursuant to the AIM Rules, the Company was deemed to be an AIM Rule 15 Cash Shell. The Company did not make an acquisition or acquisitions that constituted a reverse takeover under Rule 14 of the AIM Rules for Companies within 6 months of that date and the shares were suspended from trading on AIM on 11 December 2023. The admission of the Company's ordinary shares to trading on AIM will be cancelled on 12 June 2024 if a qualifying acquisition is not completed by Rurelec by that date. The Directors wish to retain the inherent value of the quotation as a mechanism to maximise shareholder value, and therefore finding a suitable acquisition is now a priority. The directors will only pursue acquisition opportunities that are both deliverable and which have a compelling investment case.
We have had held discussions with parties concerning potential fundraisings and acquisition opportunities. It is likely that any acquisition will need to be preceded by a fundraising. There can be no guarantee that any acquisition or fundraise will occur. In addition, the speculative costs associated with an acquisition, while maintaining the admission of Rurelec's ordinary shares to trading on AIM, will deplete cash at a significant rate. Therefore, in the event that funding is not secured in the short term, measures will need to be implemented to preserve the resource available for the disposal of the Turbines, and in the absence of a purchase for use in a power project, a decision to sell them for scrap will need to be made.
Al comentar sobre los resultados, Andy Coveney, Director Ejecutivo de Rurelec, dijo:
"I am pleased to report that the disposal of the Group's Argentinian investment, brought cash into the Group and created a position whereby the Company was able to make a distribution of £1.12 million in July 2023. This was the first dividend since 2008.
We are in discussions with parties concerning potential fundraisings and acquisition opportunities to optimise the value of the cash shell for shareholders. These are currently progressing, and there can be no guarantee that any transaction will occur, but the Directors are continuing to keep all options under review. Further updates will be provided as appropriate."
Para más información póngase en contacto:
Autómata Rurelec | WH Irlanda limitada |
andres coveney Directora Ejecutiva | katy mitchell james bavister |
44 0 7710 | 44 0 20 7220 1666 |
Declaración de los directores ejecutivos
Revisión de operaciones
701 Turbinas
Rurelec continues to pursue the sale of the 701 DU 125MW Turbines into power projects. A number of separate discussions have taken place with third parties with a view to selling the Turbines. Disappointingly a number of earlier discussions were not fruitful, but new interest has emerged. While this is encouraging discussions therefore remain at an early stage and this serves to highlight the complex nature of power projects. It is difficult to predict whether these potential counterparties will be able to enter into head of terms and secure the necessary finance such that a deposit can be paid.
Enajenaciones de activos
The disposal of Cochrane Power Limited and its Chilean subsidiaries (Rurelec Chile SpA, Rurelec Chile Limitada, Termoelectrica del Norte, S.A. and Central Illapa, S.A.) (together the "Cochrane Group") which were originally formed with the intention of developing, own and operate power stations in Chile, was completed on 8 December 2023 once all the conditions precedent were met and the total consideration of £25k was received.
As previously announced the Group's interests in Argentina were disposed of on 9 June 2023, on receipt of the initial consideration of US$3.0 million. Two additional tranches of US$1.0 million become due should defined conditions be met. The first of these will be triggered in the event of an increase in the remuneration payable by CAMMESA to Energia del Sur, S.A. within 12 months of Completion of the disposal. The economic outlook In Argentina, and the financial operating environment for power companies continues to be uncertain and it is now unlikely that the conditions will be met within the defined timeframe for the first of these additional contingent consideration payments to become due. The second additional contingent payment which relates to maintenance refunds is not due before 36 months after Completion. Both of these were fully provided for in in 30/6/23 Interims and 31/12/23 Interims.
Reglas AIM 15
As previously announced the disposal of the Argentinean Interests was a fundamental disposal pursuant to Rule 15 of the AIM Rules for Companies. As such, Rurelec was deemed to be an AIM Rule 15 cash shell. Accordingly, as the Company did not make an acquisition or acquisitions that constituted a reverse takeover under AIM Rule 14 within six months of that date, the Company's shares were suspended from trading on AIM on 11 December 2023. Furthermore, if a qualifying acquisition is not completed by 12 June 2024, the admission of the Company's ordinary shares to trading on AIM will be cancelled.
The Directors are keen, where possible, to retain the listing as a mechanism to maximise shareholder value, by making the Company attractive to potential high-quality acquisitions. This is intended to allow access to the resource necessary to preserve and realise the value of the Turbines which are the Company's largest asset.
Oficina central
Costs were substantially reduced at £0.31 million ((31/12/2022 6 months restated: £0.48 million) (2022 audited restated: £0.89 million)).
Flujo de fondos
Rurelec quedó libre de toda deuda garantizada y, por tanto, no tuvo que pagar ningún interés.
Balance of £0.74 million is after £1.12 million special dividend paid in July 2023. Balance at 31/12/2022 was £0.49 million.
Given the cash balances held by the Group, there is insufficient headroom in existing working capital resources beyond the summer, and the Company will need to seek funding. The Directors believe that such funding will be available and accordingly continuar adoptando la base contable de empresa en funcionamiento.
Consejo de Administración
No hubo cambios en el Directorio durante el período cubierto por estos estados financieros condensados.
Andy Coveney
Directora Ejecutiva
RUELEC PLC
ESTADO DE RESULTADOS INTEGRAL CONSOLIDADO CONDENSADO (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
(expresado en miles de libras)
|
|
| auditado | |
Notas | meses a 6 | meses a 6 | meses a 12 | |
| 31/12/2023 | 31/12/2022 | 31/12/2022 | |
000 £ | 000 £ | 000 £ | ||
Administrative expenses - 6mths 6/22 & 12mths 12/22 restated | 4 | (309) | (447) | (889) |
Otros ingresos | 25 | 25 | 25 | |
Otro gasto | (35) | (1,924) | (1,924) | |
Pérdida operativa |
| (319) | (2,346) | (2,788) |
Divisas (pérdidas) / ganancias | (2) | (525) | 661 | |
Pérdida por operaciones discontinuadas | (17) | - | - | |
Loss on Assets Held for Sale - 6mths 12/22 & 12mths 12/22 restated | 4 | (61) | (60) | (109) |
Diferencias de cambio en la conversión de operaciones en el extranjero | 956 | - | - | |
Ingresos financieros | 2 | - | - | |
Gastos financieros | - | - | - | |
Beneficio / (Pérdida) antes de impuestos |
| 559 | (2,931) | (2,236) |
Gasto de impuestos | - | - | - | |
Beneficio / (Pérdida) del período |
| 559 | (2,931) | (2,236) |
Profit / (Loss) per share pence | 3 | 0.09p | (0.51p) | (0.39p) |
Otro resultado integral | ||||
Partidas que serán reclasificadas posteriormente a Pérdidas y Ganancias: |
|
| ||
Diferencias de cambio en la conversión de operaciones en el extranjero | (956) | (391) | (122) | |
Total de otros gastos integrales |
| (956) | (391) | (122) |
Pérdida integral total del período |
| (397) | (3,322) | (2,358) |
__________________
RUELEC PLC
ESTADO DE SITUACIÓN FINANCIERA CONSOLIDADO CONDENSADO (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
(expresado en miles de libras)
|
| auditado | |
| 31/12/2023 | 31/12/2022 | |
Notas | 000 £ | 000 £ | |
Activos |
| ||
Activos no corrientes |
| ||
Propiedad, planta y equipo. | - | - | |
Inversión en Joint Venture | - | - | |
Comerciales y otras cuentas a cobrar | - | - | |
Los activos mantenidos para la venta |
| 7,773 | 10,108 |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 97 | 91 | |
Efectivo y equivalentes de efectivo | 738 | 449 | |
| 835 | 540 | |
los activos totales |
| 8,608 | 10,648 |
Patrimonio y pasivos |
| ||
Accionistas |
| ||
Capital social | 5,614 | 5,614 | |
Compartir cuenta premium | - | - | |
Reserva de moneda extranjera | - | 956 | |
Reserva de pérdidas y ganancias | 2,567 | 3,582 | |
Equidad total |
| 8,181 | 10,152 |
|
| ||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 421 | 496 | |
Pasivos por impuestos corrientes | 6 | - | |
|
| 427 | 496 |
Pasivos totales |
| 427 | 496 |
| |||
Total patrimonio y pasivos |
| 8,608 | 10,648 |
___________
RUELEC PLC
ESTADO DE CAMBIOS EN EL PATRIMONIO CONSOLIDADO CONDENSADO (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
(expresado en miles de libras)
___
Capital social en miles de libras esterlinas | Reserva de divisas £'000 | Ganancias retenidas £ '000 | Patrimonio total en miles de libras esterlinas | |
Saldo a los 30.06.22 | 5,614 | 1,347 | 6,513 | 13,474 |
Pérdida del período | - | - | (2,931) | (2,931) |
Diferencias de cambio en la traducción | - | (391) | - | (391) |
Pérdida integral total | - | (391) | (2,931) | (3,322) |
Saldo a los 31.12.22 | 5,614 | 956 | 3,582 | 10,152 |
Pérdida durante los primeros 6 meses | - | - | (454) | (454) |
Diferencias de cambio en la traducción | - | - | - | - |
Pérdida integral total | - | - | (454) | (454) |
Saldo a los 30.06.23 | 5,614 | 956 | 3,128 | 9,698 |
Transacciones con propietarios: | ||||
Dividendo de capital | - | - | (1,120) | (1,120) |
Total de transacciones con propietarios | - | - | (1,120) | (1,120) |
Loss for the second 6 months | - | - | (397) | (397) |
Diferencias de cambio en la traducción | - | (956) | 956 | - |
Pérdida integral total | - | (956) | 559 | (397) |
Saldo a los 31.12.23 | 5,614 | - | 2,567 | 8,181 |
RUELEC PLC
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO CONDENSADO (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
(expresado en miles de libras)
__
|
| auditado | |
meses a 6 | meses a 6 | meses a 12 | |
31/12/23 | 31/12/22 | 31/12/22 | |
Result for the period before tax from operations | 559 | (2,931) | (2,236) |
Gastos financieros netos | - | - | - |
Ajustes para: | |||
Pérdidas / (ganancias) cambiarias no realizadas | 2 | 1,034 | (160) |
Anotar préstamos/inversiones | - | 1,679 | 1,679 |
Operaciones discontinuadas | 17 | - | - |
Cambio en cuentas por cobrar comerciales y otras | 89 | (411) | (220) |
Cambio en cuentas comerciales y otras cuentas por pagar | (106) | 257 | 25 |
Efectivo utilizado en actividades operativas | 557 | (372) | (912) |
Impuestos pagados | - | - | - |
Net cash generated from / (used) in operating activities | 557 | (372) | (912) |
Flujos de efectivo de actividades de inversión | |||
Reembolsos de la empresa conjunta | - | (75) | 599 |
Reversal of foreign exchange translation reserve | (956) | - | - |
Ingresos netos de la venta de la empresa conjunta | - | - | - |
Net cash (used) in / generated from investing activities | (956) | (75) | 599 |
Net cash outflow before financing activities | (399) | (447) | (313) |
Flujos de efectivo de actividades de financiación | |||
Dividendo de capital pagado | (1,120) | - | - |
Reembolsos de intereses de préstamos | - | - | - |
Efectivo neto utilizado en actividades de financiación. | (1,120) | - | - |
Disminución de efectivo y equivalentes de efectivo | (1.519) | (447) | (313) |
Efectivo y equivalentes de efectivo al inicio del período | 2,257 | 879 | 745 |
Efectivo y equivalentes de efectivo al final del período | 738 | 432 | 432 |
RUELEC PLC
Notas a la Declaración Provisional
por los seis meses terminados el 31 de diciembre de 2023
1. Base de preparación
These condensed consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2022 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The financial information contained in this interim statement has been prepared in compliance with International Financial Reporting Standards ("IFRSs") and in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and expected to apply to the Group's results for the year ending 30 June 2024 and on interpretations of those Standards released to date.
2. Políticas contables
Estos estados financieros intermedios resumidos consolidados han sido preparados de acuerdo con las políticas contables establecidas en los estados financieros del Grupo para el año terminado el 31 de diciembre de 2022.
3. Beneficio por acción
meses a 6 | meses a 6 | meses a 12 | |
| 31/12/2023 | 31/12/2022 | 31/12/2022 |
Básico y diluido | |||
Número medio de acciones | 561m | 561m | 561m |
en circulación durante el período | |||
Profit / (Loss) attributable to equity holders of the parent from continuing operations | 0.56m | (£ 2.93 millones) | (£ 2.24 millones) |
Basic and diluted profit / (loss) per share on continuing operations | |||
0.09p | (0.51p) | (0.39p) |
No existen instrumentos financieros en emisión (2022: ninguno) que puedan liquidarse mediante la entrega de acciones.
4. Restatement of comparative administrative expenses
| auditado | |
meses a 6 | meses a 12 | |
31/12/2022 | 31/12/2022 | |
000 £ | 000 £ | |
Administrative expenses - as reported | (507) | (998) |
Transfer to Other Expense: | ||
Loss on Assets Held for Sale | 60 | 109 |
Administrative expenses - as restated | (447) | (889) |
Operating loss - as reported | (381) | (2,897) |
Transfer from Administrative expenses | (60) | (109) |
5. The Board of Directors approved this interim statement on 28 March 2024. This interim statement has not been audited.
6. Copies of this statement are available at the Company's website www.rurelec.com
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