24th Sep 2008 09:58
The following replaces the interim results released at 0700 BST under RNS number 1444E. The penultimate bullet point in the financial highlights has been amended from 30 June 2007 to 30 June 2008. The full amended release appears below.
24 September 2008
Gas Turbine Efficiency plc
Interim Results for the six months to 30 June 2008
Gas Turbine Efficiency plc ("GTE" or "the Group"), a leading provider of proprietary cleantech systems for enhancing the performance of aviation and industrial turbines, announces its unaudited results for the six months to 30 June 2008.
Financial Highlights
Revenues increased 58% to $14.7m (H1 2007: $9.3m) driven by strong organic growth and a continued ramp-up in sales to Original Equipment Manufacturers (OEMs)
Total order intake for the year to date increased 100% to $30m (2007: $15m)
Gross margin improved to 44% (H1 2007: 42%)
EBITDA, excluding exceptional legal costs, rose 220% to $0.77m (H1 2007: $0.24m)
Pre-tax profits were $0.4m (H1 2007: loss $0.8m)
Maiden net profits of $0.03m (H1 2007: loss $0.7m)
Cash and cash equivalents totalled $7.9m as at 30 June 2008
On track to accelerate revenue growth in the second half, underpinned by a robust order backlog
Operating Highlights
Industrial revenues up 98% to $11.3m (H1 2007: $5.7m), including $1.6m first time contribution from Fuel & Combustion product lines, launched in January 2008
Direct sales to leading industrial OEMs rose 156% to $7.1m
Significant progress on Oil & Gas product validation programs in Middle East and Russia
First half aviation revenues off 6% to $3.4m (H1 2007: $3.6m) due to a backlog conversion timing
Aviation revenues included orders from Pratt & Whitney as its GTE-enabled on-wing wash service signs major contracts including Singapore Airlines, Southwest and United Airlines
Total number of patents granted year to date increased to 11 from 8
Patent lawsuit initiated by GTE resolved successfully on 7 April 2008
Appointed Charles Cameron as Non Executive Director in April
Steven Zwolinski, Chief Executive Officer of GTE, said: "GTE achieved solid revenue growth in the first half of 2008 and also moved into profits for the first time. The results mark a tipping point in GTE's growth as it firmly establishes itself as a leading independent provider of proprietary cleantech solutions to the world's top turbine manufacturers and operators in the aviation, power generation, oil & gas and industrial sectors. With a robust order backlog providing excellent momentum for the second half, the Group remains on track to achieve another year of strong growth."
Enquiries:
|
Gas Turbine Efficiency plc |
|
|
Steven Zwolinski, CEO |
+44 (0)20 7977 0020 on the day |
|
+46 (0)8 546 10 528 |
|
|
Libertas Capital |
|
|
Aamir Quraishi, Anthony Rowland |
+ 44 (0)20 7569 9650 |
|
Corfin Communications |
|
|
Neil Thapar, Harry Chathli, Alexis Gore |
+44 (0)20 7977 0020 |
About GTE
Gas Turbine Efficiency plc designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing systems to the power generation, oil & gas and aviation industries. GTE's extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life.
The Group also provides solutions for burning a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends. Specific product and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; and fluid and control auxiliaries. The Group's systems and associated services are provided to turbine end users and OEMs including General Electric, Pratt & Whitney, Rolls Royce, Caterpillar-Solar and Siemens from operation centres in Europe and the USA. Gas Turbine Efficiency plc shares are traded on London Stock Exchange's AIM (Ticker: GTE).
Overview
GTE achieved strong revenue growth and maiden net profits in the first half of 2008 as the Group continued to experience a ramp-up in demand for its advanced cleantech solutions from OEMs and turbine operators worldwide. The Group's proprietary systems and services are increasingly sought after to save fuel, reduce carbon emissions as well as to maximise turbine use and flexibility in the aviation, power generation, oil & gas and industrial sectors.
These long term growth drivers, together with GTE's existing agreements with five of the world's major OEMs and a proven solutions portfolio, enabled the Group to make further inroads into the $10bn global turbine aftermarket during the first half. The Group's OEM customers are General Electric, Caterpillar-Solar, Pratt & Whitney, Rolls Royce and Siemens. End users of GTE solutions include US power producers such as Connectiv, Progress Energy and Calpine; oil companies such as BP and StatoilHydro; and airlines including SAS, Singapore Airlines and United Airlines.
Group turnover increased by 58% to $14.7m (H1 2007: $9.3m) driven by strong organic growth in the industrial sector. The result included a first time revenue contribution of $1.6m from Advanced Fuel & Combustion, a new unit launched by GTE in January 2008 to provide a range of highly specialised products and services in the global energy services market.
Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding exceptional legal costs relating to a US lawsuit initiated by GTE to protect its intellectual property, rose by 220% to $0.77m (H1 2007: $0.24m). This action was successfully concluded in April 2008.
Operating review
Industrial
Revenues from the industrial sector (which includes power generation and oil & gas industries) almost doubled to $11.3m compared with revenues of $5.7m in the corresponding period last year. Sales to leading OEMs increased 156% from $2.8m to $7.1m as GTE continued to leverage its relationships with leading manufacturers by providing highly specialised and innovative value solutions into their installed customer base. End user sales increased 34% from $2.9m to $4m.
GTE's solutions are deployed on industrial turbines for many different applications. For example, the Group's advanced turbine wash systems are used by power utilities and offshore oil platforms to clean turbines so they operate more efficiently for longer, burning less fuel and with fewer shutdowns for maintenance or repairs. This enables utilities to maximise revenues by supplying power into the electricity grid or oil rigs to maximise production from wells.
GTE currently ships to all global markets, either directly to end users or through OEM or third party channels. Additional customer qualifications are progressing in the Middle East, Europe and Russia, and the US.
Fuel & Combustion
In January 2008, GTE broadened its products and services offering in the $10bn global turbine aftermarket by launching a suite of advanced Fuel & Combustion solutions. This unit has grown rapidly, with a first time revenue contribution of $1.6m which is included in the industrial segment. The unit's early success validates GTE's strategy to develop this business through the recruitment of a team of world-class industry experts and illustrates the great potential for growth in this area.
It provides a range of highly specialised services including product design, root cause analysis, manufacturing, and repair. GTE is currently working in this capacity with leading industry players and is expected to increase its contribution to revenues in the second half of 2008 and 2009. Demand for advanced fuel and combustion solutions is expected to grow strongly over the long term as turbine operators turn to fuel-flexible combustors that will more efficiently operate on conventional fuels and on a wider variety of fuels such as liquefied natural gas, clean coal, and bio-fuel blends to reduce costs and carbon emissions.
Aviation
Revenues from aviation systems, where GTE is the exclusive supplier of on-wing wash systems to Pratt & Whitney, were off to $3.4m (H1 2007: $3.6m) due to timing of backlog conversion. During the period, GTE developed the 'next generation' product line, designed to significantly increase the operational flexibility at airport hubs.
Underlying demand drivers in this segment remain strong as an increasing number of airlines as well as military aircraft operators aim to reduce their fuel costs, emissions and operational costs. GTE's on-wing wash systems form a crucial part of Pratt & Whitney's global EcoPower® aviation service business. Pratt & Whitney has deployed the services on more than 40 airlines and recent deals announced by Pratt & Whitney include wash services for United Airlines, Southwest Airlines and Singapore Airlines.
These systems can reduce fuel burn by as much as 1 percent and decrease exhaust gas temperature margin by as much as 15 degrees celsius. According to Pratt & Whitney, Singapore Airlines is expected to save close to $15m in fuel costs and reduce CO2 emissions by 128 million pounds per year by using Pratt & Whitney Global Services' EcoPower® wash services for its entire aircraft fleet.
Research & Development
The Group further expanded its intellectual property position through innovation. Total number of patents granted to GTE increased to 11 from 8 with another 26 patent applications filed or currently in the process of being filed. In addition, the Group also substantially strengthened its technology edge by investing at a run rate of over $3m in R&D. Development efforts were focused on previously mentioned aviation 'next generation' as well as emerging needs of the industrial gas turbine market, particularly in the areas of fuels, combustion and optimisation.
As previously announced, in keeping with the strategy of building a strong intellectual property portfolio and protecting customer relationships, the Group launched a patent defense lawsuit against a former employee during the first half of 2007. This lawsuit was resolved on 7 April 2008 to GTE's satisfaction and reinforces GTE's strong patent position.
Financial Review
Turnover increased by 58% to $14.7m (H1 2007: $9.3m) due to significant revenue increases in both the industrial sector and a first time contribution from the Advanced Fuel & Combustion business.
Gross margins improved to 44% from 42%, reflecting first half product mix. Balance of the year gross margins are expected to be approximately 42%.
Operating profit amounted to $0.1m (H1 2007: loss $0.6m). The Group incurred legal fees of $0.3m relating to a US lawsuit initiated by GTE against a former employee to protect its intellectual property.
Basic and fully diluted profit per share was $0.000 (H1 2007: loss $0.013).
Cash and cash equivalents totaled $7.9m as at 30 June 2008 (H1 2007: $8.4m).
Outlook
GTE continues to experience robust demand for its systems as the Group benefits from increasing market penetration, strong relationships with leading OEMs and long term industry factors. The Group entered the second half with a solid momentum of new orders which is expected to contribute to stronger revenue growth for the full year, compared with the first half of 2008.
With a robust order backlog providing excellent visibility, the Group remains on track to achieve another year of strong growth and the Board looks forward to the future with confidence.
|
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||
|
for the period ended 30 June 2008 |
||||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
Note |
unaudited |
audited |
unaudited |
|||||||
|
$'000 |
$'000 |
$'000 |
||||||||
|
Continuing operations |
||||||||||
|
Revenue |
2 |
14 731 |
17 830 |
9 319 |
||||||
|
Cost of sales |
(8 311) |
(10 358) |
(5 360) |
|||||||
|
Gross Profit |
6 420 |
7 472 |
3 959 |
|||||||
|
Distribution and selling costs |
(1 433) |
(2 204) |
(1 055) |
|||||||
|
Research and development expenses |
(503) |
(1 130) |
(271) |
|||||||
|
Administrative expenses |
(4 408) |
(7 124) |
(3 285) |
|||||||
|
Other operating income |
0 |
78 |
34 |
|||||||
|
Operating profit/loss |
76 |
(2 908) |
(618) |
|||||||
|
Interest receivable |
619 |
164 |
198 |
|||||||
|
Finance costs |
(328) |
(150) |
(425) |
|||||||
|
Profit/loss before tax |
367 |
(2 894) |
(845) |
|||||||
|
Tax |
3 |
(338) |
880 |
193 |
||||||
|
PROFIT/LOSS FOR THE PERIOD ATTRIBUTABLE |
||||||||||
|
TO EQUITY HOLDERS OF THE PARENT |
29 |
(2 014) |
(652) |
|||||||
|
Profit/loss per share |
4 |
|||||||||
|
From continuing operations |
||||||||||
|
Basic and diluted profit / (loss) per share ($) |
0.000 |
(0.037) |
(0.013) |
|||||||
|
Earnings before interest, taxes, depreciation and amortisations (EBITDA) |
474 |
(2 425) |
(407) |
|||||||
|
Earnings before interest, taxes, amortisations and exceptional items (EBITAE) |
368 |
(1 749) |
33 |
|||||||
|
Earnings before interest, taxes, depreciation, amortisations and exceptional items (EBITDAE) |
766 |
(1 266) |
244 |
|||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||||
|
at 30 June 2008 |
||||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
unaudited |
audited |
unaudited |
||||||||
|
Note |
||||||||||
|
ASSETS |
||||||||||
|
Non-current assets |
||||||||||
|
Intangible assets |
||||||||||
|
Capitalised expenditure for R&D |
4 904 |
2 904 |
1 448 |
|||||||
|
Patents |
1 397 |
928 |
522 |
|||||||
|
Customer relationships |
370 |
421 |
473 |
|||||||
|
ERP system |
535 |
506 |
283 |
|||||||
|
Goodwill |
6 516 |
6 306 |
6 368 |
|||||||
|
13 722 |
11 065 |
9 094 |
||||||||
|
Tangible assets |
||||||||||
|
Equipment, tools, fixtures and fittings |
1 748 |
1 282 |
1 086 |
|||||||
|
Financial assets |
||||||||||
|
Available for sale investments |
189 |
187 |
211 |
|||||||
|
Deferred tax assets |
2 239 |
2 611 |
1 900 |
|||||||
|
Total non-current assets |
17 898 |
15 145 |
12 290 |
|||||||
|
Current assets |
||||||||||
|
Inventories |
5 |
2 886 |
1 525 |
1 187 |
||||||
|
Current receivables |
||||||||||
|
Accounts receivable - trade |
5 375 |
4 525 |
4 301 |
|||||||
|
Income taxes recoverable |
336 |
201 |
228 |
|||||||
|
Other receivables |
1 011 |
633 |
636 |
|||||||
|
Prepaid expenses and accrued income |
1 607 |
469 |
933 |
|||||||
|
8 329 |
5 828 |
6 100 |
||||||||
|
Cash and cash equivalents |
7 864 |
2 284 |
8 369 |
|||||||
|
Total current asets |
19 079 |
9 637 |
15 656 |
|||||||
|
TOTAL ASSETS |
36 977 |
24 782 |
27 947 |
|||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||||
|
at 30 June 2008 (continued) |
||||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
unaudited |
audited |
unaudited |
||||||||
|
EQUITY AND LIABILITIES |
||||||||||
|
Equity |
||||||||||
|
Share capital |
267 |
207 |
207 |
|||||||
|
Share premium |
31 043 |
20 705 |
20 705 |
|||||||
|
Capital reserve |
2 636 |
2 636 |
2 636 |
|||||||
|
Share based payment reserve |
655 |
540 |
396 |
|||||||
|
Revaluation reserve |
(41) |
(8) |
66 |
|||||||
|
Translation reserves |
2 256 |
1 966 |
1 779 |
|||||||
|
Retained earnings |
(6 648) |
(6 677) |
(5 315) |
|||||||
|
Total equity attributable toequity holders of the parent |
30 168 |
19 369 |
20 474 |
|||||||
|
Current liabilities |
||||||||||
|
Financial liabilities - borrowings |
620 |
243 |
1 848 |
|||||||
|
Accounts payable - trade |
2 676 |
2 550 |
3 709 |
|||||||
|
Other liabilities |
367 |
307 |
250 |
|||||||
|
Accrued expenses |
2 829 |
1 957 |
1 235 |
|||||||
|
6 492 |
5 057 |
7 042 |
||||||||
|
Non-current liabilities |
||||||||||
|
Financial liabilities - borrowings |
88 |
90 |
155 |
|||||||
|
Deferred tax liabilities |
229 |
266 |
276 |
|||||||
|
317 |
356 |
431 |
||||||||
|
Total liabilities |
6 809 |
5 413 |
7 473 |
|||||||
|
TOTAL EQUITY AND LIABILITIES |
36 977 |
24 782 |
27 947 |
|||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOW |
||||||||||
|
for the period ended 30 June 2008 |
||||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
unaudited |
audited |
unaudited |
||||||||
|
Note |
||||||||||
|
Cash flow from operating activities |
||||||||||
|
Profit / (loss) after financial items |
367 |
(2 894) |
(845) |
|||||||
|
Adjustments to operating cash flows |
6 |
223 |
668 |
436 |
||||||
|
Cash flow from operating activates before changes |
||||||||||
|
in working capital |
590 |
(2 226) |
(409) |
|||||||
|
Cash flow from changes in working capital |
||||||||||
|
(Increase)/decrease in inventories |
(1 347) |
(327) |
(107) |
|||||||
|
(Increase)/decrease in receivables |
(2 448) |
(1 580) |
(2 032) |
|||||||
|
Increase/(decrease) in liabilities |
1 692 |
937 |
1 419 |
|||||||
|
(1 513) |
(3 196) |
(1 129) |
||||||||
|
Cash used by operations |
||||||||||
|
Income taxes recovered |
- |
- |
- |
|||||||
|
Interest received |
619 |
151 |
198 |
|||||||
|
Finance costs |
(329) |
(169) |
(237) |
|||||||
|
Net cash used by operating activities |
(1 223) |
(3 214) |
(1 168) |
|||||||
|
Cash flow from investing activities |
||||||||||
|
Purchase of financial assets |
(40) |
- |
- |
|||||||
|
Purchase of intangible non current assets |
(2 679) |
(2 931) |
(878) |
|||||||
|
Purchase of tangible non current assets |
(728) |
(667) |
(340) |
|||||||
|
Operations acquired |
- |
(2 524) |
(2 502) |
|||||||
|
Sale of tangible non current assets |
- |
- |
- |
|||||||
|
Net cash used by investing activities |
(3 447) |
(6 122) |
(3 720) |
|||||||
|
Cash flows from financing activities |
||||||||||
|
New share issue (net of issue costs) |
10 398 |
10 572 |
10 572 |
|||||||
|
Loans taken |
26 |
158 |
159 |
|||||||
|
Loans repaid |
(183) |
(2 015) |
(296) |
|||||||
|
Net cash generated by/(used in) financing activities |
10 241 |
8 715 |
10 435 |
|||||||
|
Net change in cash and cash equivalents |
5 571 |
(621) |
5 547 |
|||||||
|
Cash and cash equivalents at beginning of the period |
2 284 |
2 855 |
2 855 |
|||||||
|
Effect of foreign exchange rate changes |
9 |
50 |
(33) |
|||||||
|
Cash and cash equivalents at the end of the period |
7 864 |
2 284 |
8 369 |
|||||||
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|||||||||||||||||
|
for the period ended 30 June 2008 |
|||||||||||||||||
|
Share |
Share |
Capital |
Share based |
Revaluation |
Translation |
Retained |
Total share- |
||||||||||
|
Capital |
premium |
reserve |
payment reserve |
reserve |
reserve |
earnings |
holders equity |
||||||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||||||
|
Balance at 31 December 2006 |
156 |
8 225 |
2 636 |
355 |
59 |
1 621 |
(4 663) |
8 389 |
|||||||||
|
New share issue, 5 144 954 shares at nominal £ 0.002 |
20 |
4 480 |
- |
- |
- |
- |
- |
4 500 |
|||||||||
|
New share issue, 250 000 |
|||||||||||||||||
|
shares at nominal £ 0.002 |
1 |
- |
- |
- |
- |
- |
- |
1 |
|||||||||
|
New share issue, 7 456 140 shares at nominal £ 0.002 |
29 |
8 363 |
- |
- |
- |
- |
- |
8 392 |
|||||||||
|
Placing costs |
- |
(423) |
- |
- |
- |
- |
- |
(423) |
|||||||||
|
New share issue, 100 000 |
|||||||||||||||||
|
shares at nominal £ 0.002 |
1 |
60 |
- |
- |
- |
- |
- |
61 |
|||||||||
|
Credit to equity for equity-settled share-based payments |
- |
- |
- |
41 |
- |
- |
- |
41 |
|||||||||
|
Increase in fair value of available-for-sale investments |
- |
- |
- |
- |
7 |
- |
- |
7 |
|||||||||
|
Exchange differences arising on |
- |
- |
- |
- |
- |
158 |
- |
158 |
|||||||||
|
translation of foreign operations |
|||||||||||||||||
|
Net loss for the year |
- |
- |
- |
- |
- |
- |
(652) |
(652) |
|||||||||
|
Balance at 30 June 2007 |
207 |
20 705 |
2 636 |
396 |
66 |
1 779 |
(5 315) |
20 474 |
|||||||||
|
Credit to equity for equity-settled share-based payments |
- |
- |
- |
144 |
- |
- |
- |
144 |
|||||||||
|
Decrease in fair value of available- for-sale investments |
- |
- |
- |
- |
(74) |
- |
- |
(74) |
|||||||||
|
Exchange differences arising on |
- |
- |
- |
- |
- |
187 |
- |
187 |
|||||||||
|
translation of foreign operations |
|||||||||||||||||
|
Net loss for the year |
- |
- |
- |
- |
- |
- |
(1 362) |
(1 362) |
|||||||||
|
Balance at 31 December 2007 |
207 |
20 705 |
2 636 |
540 |
(8) |
1 966 |
(6 677) |
19 369 |
|||||||||
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) |
|||||||||||||||||
|
for the period ended 30 June 2008 |
|||||||||||||||||
|
Share |
Share |
Capital |
Share based |
Revaluation |
Translation |
Retained |
Total share- |
||||||||||
|
Capital |
premium |
reserve |
payment reserve |
reserve |
reserve |
earnings |
holders equity |
||||||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
||||||||||
|
Balance at 31 December 2007 |
207 |
20 705 |
2 636 |
540 |
(8) |
1 966 |
(6 677) |
19 369 |
|||||||||
|
New share issue, 2 231 000 shares at nominal £ 0.002 |
9 |
1 388 |
- |
- |
- |
- |
- |
1 397 |
|||||||||
|
New share issue, 8 989 000 shares at nominal £ 0.002 |
35 |
6 682 |
- |
- |
- |
- |
- |
6 717 |
|||||||||
|
New share issue, 4 000 000 shares at nominal £ 0.002 |
16 |
2 987 |
- |
- |
- |
- |
- |
3 003 |
|||||||||
|
Placing costs |
- |
(719) |
- |
- |
- |
- |
- |
(719) |
|||||||||
|
Credit to equity for equity-settled share-based payments |
- |
- |
- |
115 |
- |
- |
- |
115 |
|||||||||
|
Decrease in fair value of available-for-sale investments |
- |
- |
- |
- |
(33) |
- |
- |
(33) |
|||||||||
|
Exchange differences arising on |
- |
- |
- |
- |
- |
290 |
- |
290 |
|||||||||
|
translation of foreign operations |
|||||||||||||||||
|
Net profit for the period |
- |
- |
- |
- |
- |
- |
29 |
29 |
|||||||||
|
Balance at 30 June 2008 |
267 |
31 043 |
2 636 |
655 |
(41) |
2 256 |
(6 648) |
30 168 |
|||||||||
Notes to the financial statements
Note 1 Accounting policies
The unaudited interim accounts for the 6 months ended 30 June 2008 have been prepared using accounting policies that are consistent with the company's statutory accounts for the year ended 31 December 2007.
The adoption of the following IFRSs has not impacted the unaudited interim accounts.
• IFRS 7 Financial Instruments: Disclosure and the related amendment to IAS 1 on capital disclosures
• IFRIC 7 Applying the Reassessment Approach under IAS • IFRIC 8 Scope of IFRS2 • IFRIC 9 Reassessment of embedded derivatives
• IFRIC 10 Interim Financial Reporting and Impairment
Note 2 Segment information
For management purposes, the Group is currently organised into the following two operating divisions: Eastern and Western hemisphere, where Western hemisphere relates to US and the Americas and Eastern relates to Europe and the rest of the world. These divisions are the basis on which the Group reports its primary and only segment information. Inter-segment sales are charged at prevailing market rates.
|
6 months ended 30 June 2008 |
||||||||||
|
Continuing operations |
Western |
Eastern |
Elimination |
Total for group |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Revenue from sales |
||||||||||
|
External sale of goods |
10 236 |
4 495 |
- |
14 731 |
||||||
|
Inter-segment sale of goods & services |
4 |
509 |
(513) |
- |
||||||
|
Segment result - operating profit |
131 |
(40) |
(15) |
76 |
||||||
|
Other interest income and similar profit/loss items |
619 |
|||||||||
|
Interest expense for group companies |
(328) |
|||||||||
|
Profit before tax |
367 |
|||||||||
|
Tax |
(338) |
|||||||||
|
Profit for the period |
29 |
|||||||||
|
Other information |
||||||||||
|
Capital additions |
2 593 |
854 |
3 447 |
|||||||
|
Depreciation, amortisation and write downs |
(182) |
(216) |
(398) |
|||||||
|
Unallocated |
||||||||||
|
assets/ |
||||||||||
|
Western |
Eastern |
liabilities |
Total for group |
|||||||
|
Balance sheet |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Assets: |
||||||||||
|
Segment assets: |
14 070 |
12 469 |
10 438 |
36 977 |
||||||
|
Liabilities |
||||||||||
|
Segment liabilities: |
3 613 |
2 259 |
937 |
6 809 |
||||||
|
Note 2 Segment information (continued) |
||||||||||
|
12 months ended 31 December 2007 |
||||||||||
|
Continuing operations |
Western |
Eastern |
Elimination |
Total for group |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Revenue from sales |
||||||||||
|
External sale of goods |
10 203 |
7 627 |
- |
17 830 |
||||||
|
Inter-segment sale of goods & services |
2 150 |
320 |
(2 470) |
- |
||||||
|
Segment result - operating loss |
(2 205) |
(523) |
(180) |
(2 908) |
||||||
|
Other interest income and similar profit/loss items |
164 |
|||||||||
|
Interest expense for group companies |
(150) |
|||||||||
|
Loss before tax |
(2 894) |
|||||||||
|
Tax credit |
880 |
|||||||||
|
Loss for the period |
(2 014) |
|||||||||
|
Other information |
||||||||||
|
Capital additions |
594 |
3 004 |
3 598 |
|||||||
|
Depreciation, amortisation and write downs |
(233) |
(250) |
(483) |
|||||||
|
Unallocated |
||||||||||
|
assets/ |
||||||||||
|
Western |
Eastern |
liabilities |
Total for group |
|||||||
|
Balance sheet |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Assets: |
||||||||||
|
Segment assets: |
10 106 |
9 580 |
5 096 |
24 782 |
||||||
|
Liabilities |
||||||||||
|
Segment liabilities: |
2 803 |
2 011 |
599 |
5 413 |
||||||
|
Note 2 Segment information (continued) |
||||||||||
|
6 months ended 30 June 2007 |
||||||||||
|
Continuing operations |
Western |
Eastern |
Elimination |
Total for group |
||||||
|
$'000 |
$'000 |
$'000 |
$'000 |
|||||||
|
Revenue from sales |
||||||||||
|
External sale of goods |
4 629 |
4 690 |
- |
9 319 |
||||||
|
Inter-segment sale of goods & services |
773 |
28 |
(801) |
- |
||||||
|
Segment result - operating loss |
(676) |
58 |
- |
(618) |
||||||
|
Other interest income and similar profit/loss items |
198 |
|||||||||
|
Interest expense for group companies |
(425) |
|||||||||
|
Loss before tax |
(845) |
|||||||||
|
Tax credit |
193 |
|||||||||
|
Loss for the period |
(652) |
|||||||||
|
Other information |
||||||||||
|
Capital additions |
537 |
681 |
1 218 |
|||||||
|
Depreciation, amortisation and write downs |
(102) |
(109) |
(211) |
|||||||
|
Unallocated |
||||||||||
|
assets/ |
||||||||||
|
Western |
Eastern |
liabilities |
Total for group |
|||||||
|
Balance sheet |
$'000 |
$'000 |
$'000 |
$'000 |
||||||
|
Assets: |
||||||||||
|
Segment assets: |
9 532 |
8 460 |
9 955 |
27 947 |
||||||
|
Liabilities |
||||||||||
|
Segment liabilities: |
2 650 |
2 555 |
2 279 |
7 473 |
||||||
|
Note 3 Taxation |
||||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
unaudited |
audited |
unaudited |
||||||||
|
$'000 |
$'000 |
$'000 |
||||||||
|
Current tax - Continuing operations |
(26) |
- |
- |
|||||||
|
Deferred tax assets |
(351) |
840 |
176 |
|||||||
|
Deferred tax liabilities |
39 |
40 |
17 |
|||||||
|
(338) |
880 |
193 |
||||||||
|
Note 4 Profit / loss per share |
Basic profit or loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
|
6 months ended |
12 months ended |
6 months ended |
||||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||||
|
unaudited |
audited |
unaudited |
||||||||
|
Profit / (loss) attributable to equity holders of the Company |
29 000 |
(2 014 000) |
(651 940) |
|||||||
|
Weighted average number of ordinary shares in issue |
61 891 292 |
53 960 288 |
51 209 176 |
|||||||
|
Basic and diluted profit / (loss) per share - $ per share - Continuing operations |
0.000 |
(0.037) |
(0.013) |
|||||||
|
There are no dilutive potential ordinary shares. |
||||||||||
|
Note 5 Inventories per segment |
||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||
|
unaudited |
audited |
unaudited |
||||||
|
$'000 |
$'000 |
$'000 |
||||||
|
Western |
1 762 |
745 |
622 |
|||||
|
Eastern |
1 124 |
780 |
565 |
|||||
|
2 886 |
1 525 |
1 187 |
|
Note 6 Adjustments to operating cash flow |
||||||||
|
6 months ended |
12 months ended |
6 months ended |
||||||
|
30 June 2008 |
31 December 2007 |
30 June 2007 |
||||||
|
unaudited |
audited |
unaudited |
||||||
|
$'000 |
$'000 |
$'000 |
||||||
|
Depreciation of tangible and intangible assets |
398 |
464 |
211 |
|||||
|
Loss on disposal of fixed assets |
- |
14 |
||||||
|
Impairment loss on intangible assets |
- |
19 |
||||||
|
Share based payments |
115 |
185 |
41 |
|||||
|
Finance costs |
328 |
150 |
425 |
|||||
|
Interest received |
(619) |
(164) |
(198) |
|||||
|
Financial leasing charges |
1 |
- |
(43) |
|||||
|
223 |
668 |
436 |
Note 6: Basis of preparation
This interim report was approved by the Board on 23 September 2008. It is not the company's statutory accounts.
Related Shares:
Gran Tierra