28th Sep 2023 07:00
28 September 2023
MOLECULAR ENERGIES PLC
("Molecular", "the Company" or "the Group")
Unaudited Interim Results for H1 2023
Current trading
Molecular Energies PLC (AIM:MEN), the international energy company, announces its unaudited interim results for the six months ended 30 June 2023.
Selected Results Summary
All numbers exclude discontinued operations and are in US$ '000 unless stated | H1 2023 | H1 2022 | F/Y 2022 |
Average daily production, boe | 1,559 | 1,885 | 1,656 |
Group turnover | 14,674 | 16,183 | 31,547 |
Adjusted EBITDA | 1,686 | 5,282 | 7,063 |
Profit after tax before non-cash items | 693 | 5,280 | 5,638 |
Group net debt of which: | 42,829 | 29,242 | 39,584 |
Third party debt (President Argentina) now removed from Group | 33,782 | 22,923 | 35,452 |
Corporate and Financial Summary
· Group turnover of US$14.7 million (H1 2022 US$16.2 million)
· Adjusted EBITDA of US$1.7 million (H1 2022 US$ 5.3 million)
· Profit after tax before non-cash items* of US$0.7 million (H1 2022 US$5.3 million)
· Third party financial borrowings in Argentina non-recourse to Group was US$33.8 million (H1 2022 US$22.9 million) all of which is now removed from Group pursuant to the sale in September 2023, of the Argentine business and assets.
· Mark to market value of holding in Atome Energy PLC (not taken into the Group accounts) as at 30 June 2023 of US$11.6 million (FY2022: US$11.6 million)
· In April 2023 the shareholder loan outstanding to IYA Global Limited was converted to an interest free long-term loan repayable at the end of 2025. There is no other Group financial debt as at the date hereof.
Operational Summary
· In Paraguay, work continued in relation to preparation for drilling of the high impact exploration well with our partner CPC, the State Energy Company of Taiwan.
· Green House Capital has been created with the purpose of becoming the alternative energy division of Molecular.
Current trading and developments
· Sale of business and assets in Argentina approved by shareholders on 21 September 2023 (the "Sale"). The Sale has been completed and all Argentine debt is now removed.
· The flow of monies to the Group resulting from the Sale is expected to commence in 2024 and to continue thereafter up to a period of five years providing the Group with base working capital.
· The exploration well in Paraguay is expected to commence drilling in October 2023 and will be subject to a separate announcement.
· Work on the proposed initial public offering on the AIM market of Green House Capital is progressing well with further updates planned in the coming weeks. A Chief Executive Officer has now been appointed with the professional team all in place. Further announcements are expected to be issued in October.
· As detailed in its RNS of 21 September 2023, Molecular's management team are evaluating alternative major energy projects to place the Group at the forefront of the ongoing energy revolution utilising its assets, knowhow, geographic location and reputation on the ground. Such projects now include sustainable aviation fuel production on a commercial scale with Aecom, the international engineering consultancy, having been commissioned to produce a feasibility report which will be available in Q4 2023. In the meantime, several non-disclosure agreements have been entered into and discussions taking place with equipment suppliers and potential off takers.
Commenting on today's announcement, Peter Levine, Chairman said:
"Times change and so must Molecular. By making plans to pivot to green fuel, the Company will benefit from its and its sister company's contacts, experience, know-how and location to create a major future fuel business.
"In the meantime, the existing business and assets of Molecular, now free from the large Argentine debt and all third-party financial debt, provide a solid and worthwhile base from which to grow."
* Adjusted EBITDA means Operating Profit before depreciation, depletion and amortisation, adjusted for non-cash share-based expenses and certain non-recurring items. Non-recurring items include where relevant workovers.
* Profit after tax before non-cash items which comprise depletion, depreciation, amortisation, impairment, non-operating gains/losses and deferred tax.
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront of energy development and has interests across the energy spectrum, from an oil and gas project to the green and alternative energy sector.
The Company currently has an oil exploration asset in Paraguay. The Company has two separate subdivisions which are focused on early-stage opportunities in the green and/or alternative energy sub-sector.
Activities in the green and alternative energy space are being carried out direct through Molecular and under the Green House Capital brand and through AIM listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser company operating in Paraguay, Costa Rica and Iceland, in which Molecular currently has 20.5%.
With a strong strategic and institutional base of support, no third-party financial debt and a Chairman whose interests as the largest shareholder are aligned to those of its shareholders, Molecular gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Robert Shepherd, Finance Director.
Contact: Molecular Energies PLC Peter Levine, Chairman Rob Shepherd, Group FD |
+44 (0)20 7016 7950 |
Cavendish Corporate Finance Limited (Nominated Adviser and Broker) Simon Hicks, George Dollemore |
+44 (0)20 7220 0500 |
Tavistock (Financial PR & IR) Simon Hudson, Nick Elwes, Charles Baister
|
+44 (0)20 7920 3150 |
Glossary of terms
Boe(pd) Barrels of oil equivalent (per day)
Bopd Barrels of oil per day
DDA Depletion, depreciation and. amortisation
EV Enterprise value meaning market capitalisation plus debt
MMbbls Million barrels of oil
MMboe Million barrels of oil equivalent
MMBtu Million British Thermal Units (gas)
M3/d Cubic metres of production of gas or oil per day (as the case may be)
Condensed Consolidated Statement of Comprehensive Income
Six months ended 30 June 2023
6 months | 6 months | Year to | ||||
to 30 June | to 30 June | 31 Dec | ||||
2023 | 2022 | 2022 | ||||
(Unaudited) | (Unaudited) | (Note 2) | ||||
US$000 | US$000 | US$000 | ||||
Continuing Operations |
| |||||
Revenue |
| 14,674 | 16,183 | 31,547 | ||
Cost of sales |
| |||||
Depletion, depreciation & amortisation | (3,415) | (4,273) | (7,296) | |||
Other cost of sales | (10,643) | (10,294) | (20,174) | |||
Total cost of sales | 3 | (14,058) | (14,567) | (27,470) | ||
Gross profit/(loss) |
| 616 | 1,616 | 4,077 | ||
Administrative expenses | (2,678) | (1,380) | (4,070) | |||
Operating gain/(loss) | - | 500 | - | |||
Operating profit / (loss) before impairment charge |
| |||||
and non-operating gains / (losses) |
| (2,062) | 736 | 7 | ||
Impairment intangible asset in Paraguay | - | - | (8,583) | |||
Loss in associate undertaking | - | (25) | (25) | |||
Gain on disposal of USA business | 5 | 1,411 | - | - | ||
Other non-operating gains /(losses) | 5 | 1,280 | 351 | 1,269 | ||
Profit/(loss) after impairment and non-operating |
| |||||
gains and (losses) |
| 629 | 1,062 | (7,332) | ||
Finance income | 6 | 2,255 | 3,259 | 4,907 | ||
Finance costs | 6 | (2,877) | (3,029) | (6,617) | ||
Profit / (loss) before tax from continuing operations |
| 7 | 1,292 | (9,042) | ||
Income tax (charge)/credit |
| |||||
Current tax income tax (charge)/credit | (81) | - | (59) | |||
Deferred tax being a provision for future taxes | 156 | 2,030 | 2,033 | |||
Total income tax (charge)/credit | 75 | 2,030 | 1,974 | |||
Profit/(loss) for the period from continuing operations |
| 82 | 3,322 | (7,068) | ||
Profit/(loss) for the period from discontinued operations | 7 | (156) | 245 | (3,430) | ||
Share of loss attributable to non-controlling interest | 282 | - | - | |||
Profit/(loss) for the period attributable to equity holders |
| 208 | 3,567 | (10,498) | ||
Other comprehensive income |
| |||||
- Items that may be reclassified subsequently to profit or loss | ||||||
Exchange differences on translating | ||||||
non-US Dollar operations | (35) | - | - | |||
Total comprehensive profit/(loss) for the period |
| |||||
attributable to the equity holders of the Parent Company | 173 | 3,567 | (10,498) | |||
Basic earnings/ (loss) per share |
| US cents | US cents | US cents | ||
Earnings/ (loss) per share from continuing operations | 8 | 3.5 | 32.3 | (68.7) | ||
Earnings / (loss) per share from discontinued operations | 8 | (1.5) | 2.4 | (33.3) | ||
2.0 | 34.7 | (102.0) | ||||
Diluted earnings/ (loss) per share |
| |||||
Earnings/ (loss) per share from continuing operations | 8 | 3.5 | 31.8 | (68.7) | ||
Earnings / (loss) per share from discontinued operations | 8 | (1.5) | 2.3 | (33.3) | ||
2.0 | 34.1 | (102.0) | ||||
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
30 June | 30 June | 31 Dec | ||||||
2023 | 2022 | 2022 | ||||||
(Unaudited) | (Unaudited) | (Audited) | ||||||
US$000 | US$000 | US$000 | ||||||
ASSETS |
| Note | ||||||
Non-current assets |
| |||||||
Intangible exploration and evaluation assets | 9 | 45,721 | 54,304 | 45,721 | ||||
Goodwill | 705 | 705 | 705 | |||||
Property, plant and equipment | 9 | 72,758 | 74,071 | 71,937 | ||||
119,184 | 129,080 | 118,363 | ||||||
Deferred tax | - | 356 | 45 | |||||
Other non-current assets | - | 103 | 103 | |||||
119,184 | 129,539 | 118,511 | ||||||
Current assets |
| |||||||
Trade and other receivables | 10 | 15,591 | 7,350 | 11,710 | ||||
Cash and cash equivalents | 3,093 | 4,970 | 7,941 | |||||
18,684 | 12,320 | 19,651 | ||||||
TOTAL ASSETS |
| 137,868 | 141,859 | 138,162 | ||||
LIABILITIES |
| |||||||
Current liabilities |
| |||||||
Trade and other payables | 11 | 23,316 | 22,891 | 20,708 | ||||
Borrowings | 12 | 19,897 | 12,521 | 18,391 | ||||
43,213 | 35,412 | 39,099 | ||||||
Non-current liabilities |
| |||||||
Trade and other payables | 11 | 3,144 | 4,059 | 3,362 | ||||
Long-term provisions | 7,038 | 7,963 | 7,854 | |||||
Borrowings | 12 | 26,025 | 21,691 | 29,134 | ||||
Deferred tax | 94 | 253 | 250 | |||||
36,301 | 33,966 | 40,600 | ||||||
TOTAL LIABILITIES |
| 79,514 | 69,378 | 79,699 | ||||
EQUITY |
| |||||||
Share capital | 36,180 | 36,179 | 36,179 | |||||
Share premium | 289 | 48 | 48 | |||||
Translation reserve | (50,270) | (50,240) | (50,235) | |||||
Profit and loss account | 64,855 | 78,712 | 64,647 | |||||
Other reserve | 7,582 | 7,782 | 7,824 | |||||
58,636 | 72,481 | 58,463 | ||||||
Non-controlling interest | (282) | - | - | |||||
TOTAL EQUITY |
| 58,354 | 72,481 | 58,463 | ||||
TOTAL EQUITY AND LIABILITIES |
| 137,868 | 141,859 | 138,162 |
Condensed Consolidated Statement of Changes in Equity
Share capital & share premium | Profit and loss account | Other reserves | Total | Non-controlling interest | Total Equity | |||||||
US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | |||||||
Balance at 1 January 2022 |
| 36,227 | 75,145 | (42,531) | 68,841 | - | 68,841 | |||||
Share-based payments | - | - | 73 | 73 | - | 73 | ||||||
Transactions with owners |
| - | - | 73 | 73 | - | 73 | |||||
Loss for the period | - | 3,567 | - | 3,567 | - | 3,567 | ||||||
Total comprehensive |
| |||||||||||
income/(loss) |
| - | 3,567 | - | 3,567 | - | 3,567 | |||||
Balance at 30 June 2022 |
| 36,227 | 78,712 | (42,458) | 72,481 | - | 72,481 | |||||
Share-based payments | - | - | 42 | 42 | - | 42 | ||||||
Transactions with owners |
| - | - | 42 | 42 | - | 42 | |||||
Profit for the period | - | (14,065) | - | (14,065) | - | (14,065) | ||||||
Exchange differences on | ||||||||||||
translation | - | - | 5 | 5 | - | 5 | ||||||
Total comprehensive |
| |||||||||||
income/(loss) |
| - | (14,065) | 5 | (14,060) | - | (14,060) | |||||
Balance at 1 January 2023 |
| 36,227 | 64,647 | (42,411) | 58,463 | - | 58,463 | |||||
Exercise of options | 242 | - | (242) | - | - | - | ||||||
Transactions with owners |
| 242 | - | (242) | - | - | - | |||||
Loss for the period | - | 208 | - | 208 | (282) | (74) | ||||||
Exchange differences on | ||||||||||||
translation | - | - | (35) | (35) | - | (35) | ||||||
Total comprehensive |
| |||||||||||
income/(loss) |
| - | 208 | (35) | 173 | (282) | (109) | |||||
Balance at 30 June 2023 |
| 36,469 | 64,855 | (42,688) | 58,636 | (282) | 58,354 |
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2023
6 months | 6 months | Year to | ||||
to 30 June | to 30 June | 31 Dec | ||||
2023 | 2022 | 2022 | ||||
(Unaudited) | (Unaudited) | (Note 2) | ||||
US$000 | US$000 | US$000 | ||||
Cash flows from continuing operations - (Note 13) |
| |||||
Cash generated/(consumed) by operations | (368) | 8,283 | 11,637 | |||
Interest received | 218 | 83 | 244 | |||
Taxes paid | (59) | - | - | |||
Cash generated/(consumed) by discontinued operations | (40) | 356 | (271) | |||
(249) | 8,722 | 11,610 | ||||
Cash flows from investing activities |
| |||||
Expenditure on exploration and evaluation assets | - | - | - | |||
Expenditure on development and production assets | ||||||
(excluding increase in provision for decommissioning) | (4,432) | (9,911) | (21,832) | |||
Insurance proceeds | - | - | 1,289 | |||
Recovery of previously impaired costs | - | - | 748 | |||
Acquisition & licence extension in Argentina | 1,280 | - | - | |||
Net cash used in investing activities in discontinued operations | - | (110) | (450) | |||
(3,152) | (10,021) | (20,245) | ||||
Cash flows from financing activities |
| |||||
Proceeds from issue of shares (net of expenses) | - | - | - | |||
Loan drawdown | 11,471 | 8,120 | 40,345 | |||
Repayment of borrowings | (12,784) | (3,018) | (21,747) | |||
Payment of loan interest and fees | (1,092) | (1,539) | (4,366) | |||
Repayment of obligations under leases | (424) | (640) | (947) | |||
Net cash used in financing activities in discontinued operations | (37) | (63) | (120) | |||
(2,866) | 2,860 | 13,165 | ||||
Net increase/(decrease) in cash and cash equivalents | (6,267) | 1,561 | 4,530 | |||
Opening cash and cash equivalents at beginning of year | 7,941 | 2,014 | 2,014 | |||
Exchange (losses)/gains on cash and cash equivalents | 1,419 | 1,395 | 1,397 | |||
Closing cash and cash equivalents |
| 3,093 | 4,970 | 7,941 |
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023
1 Nature of operations and general information
Molecular Energies PLC and its subsidiaries' (together," the Group") principal activities are the exploration for and the evaluation and emerging new energy projects.
Molecular Energies PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. Following the sale of business and assets in Argentina approved by shareholders on 21 September 2023, the Group has onshore exploration assets in Paraguay and interests in emerging alternative energy projects. The address of Molecular Energies PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG. Molecular Energies PLC's shares are listed on the AIM of the London Stock Exchange.
These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 27 September 2023. The financial information for the year ended 31 December 2022 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2023 and 30 June 2022 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2022 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006
2 Basis of preparation
The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2022, which have been prepared under UK adopted international accounting standards ("IFRS").
These financial statements have been prepared under the historical cost convention. The accounting policies adopted in the 2023 interim financial statements are the same as those adopted in the 2022 Annual report and accounts.
The 31 December 2022 audited results have been re-presented to disclose the operations discontinued in 2023, in accordance with IFRS 5.
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
6 months | 6 months | Year to | |||||
to 30 June | to 30 June | 31 Dec | |||||
2023 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Note 2) | |||||
US$000 | US$000 | US$000 | |||||
3 Cost of Sales |
| ||||||
Depreciation | 3,415 | 4,273 | 7,296 | ||||
Release of abandonment provision | - | - | (711) | ||||
Royalties & production taxes | 2,364 | 3,161 | 4,968 | ||||
Well operating costs | 8,279 | 7,133 | 15,917 | ||||
14,058 | 14,567 | 27,470 | |||||
4 Adjusted EBITDA |
| ||||||
Adjusted EBITDA | 1,686 | 5,282 | 7,063 | ||||
Non-recurring items | (290) | (159) | (252) | ||||
EBITDA excluding share options | 1,396 | 5,123 | 6,811 | ||||
Release of abandonment provision | - | - | 711 | ||||
Depreciation, depletion & amortisation | (3,458) | (4,314) | (7,400) | ||||
Share based payment expense | - | (73) | (115) | ||||
Operating profit / (loss) | (2,062) | 736 | 7 |
5 Non-operating (gains) / losses |
| ||||||
Recovery of impaired costs | - | - | (748) | ||||
Gain on insurance proceeds | (1,280) | - | (115) | ||||
Arising on lease modifications | - | 4 | (51) | ||||
Other (gains) / losses | - | (355) | (355) | ||||
Gain on USA disposal | (1,411) | - | - | ||||
(2,691) | (351) | (1,269) | |||||
6 Finance income & costs |
| ||||||
Interest income | 218 | 83 | 244 | ||||
Exchange gains | 2,037 | 3,176 | 4,663 | ||||
Finance income |
| 2,255 | 3,259 | 4,907 | |||
Interest & similar charges | 2,877 | 3,029 | 6,617 | ||||
Exchange losses | - | - | - | ||||
Finance costs |
| 2,877 | 3,029 | 6,617 | |||
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
7 Discontinued Operations |
| 6 months | 6 months | Year to | ||||
to 30 June | to 30 June | 31 Dec | ||||||
2023 | 2022 | 2022 | ||||||
(Unaudited) | (Unaudited) | (Note 2) | ||||||
US$000 | US$000 | US$000 | ||||||
Discontinued Operations |
| |||||||
Revenue |
| 346 | 1,449 | 1,686 | ||||
Cost of sales | (414) | (833) | (2,874) | |||||
Gross profit/(loss) |
| (68) | 616 | (1,188) | ||||
Administrative expenses | (30) | (361) | (473) | |||||
Operating profit / (loss) before impairment charge |
| |||||||
and non-operating gains / (losses) |
| (98) | 255 | (1,661) | ||||
Impairment charge | - | - | (1,433) | |||||
Non-operating gains /(losses) | - | - | 1 | |||||
Profit/(loss) after impairment and non-operating |
| |||||||
gains and (losses) |
| (98) | 255 | (3,093) | ||||
Finance income | - | - | - | |||||
Finance costs | (13) | (16) | (32) | |||||
Profit / (loss) before tax |
| (111) | 239 | (3,125) | ||||
Income tax (charge)/credit |
| |||||||
Current tax income tax (charge)/credit | - | - | - | |||||
Deferred tax being a provision for future taxes | (45) | 6 | (305) | |||||
Total income tax (charge)/credit | (45) | 6 | (305) | |||||
Profit/(loss) for the period from discontinued operations |
| (156) | 245 | (3,430) |
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
6 months | 6 months | Year to | |||||
to 30 June | to 30 June | 31 Dec | |||||
2023 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Note 2) | |||||
US$000 | US$000 | US$000 | |||||
8 Earnings / (loss) per share |
| ||||||
Net profit / (loss) for the period attributable | |||||||
to the equity holders of the | |||||||
Parent Company from continuing operations | 364 | 3,322 | (7,068) | ||||
Net profit / (loss) for the period from | |||||||
discontinued operations | (156) | 245 | (3,430) | ||||
Number | Number | Number | |||||
'000 | '000 | '000 | |||||
Weighted average number | |||||||
of shares in issue | 10,355 | 10,290 | 10,290 | ||||
Earnings /(loss) per share from continuing operation | US cents | US cents | US cents | ||||
Basic | 3.5 | 32.3 | (68.7) | ||||
Diluted | 3.5 | 31.8 | (68.7) | ||||
Earnings /(loss) per share from discontinued operations | US cents | US cents | US cents | ||||
Basic | (1.5) | 2.4 | (33.3) | ||||
Diluted | (1.5) | 2.3 | (33.3) | ||||
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2022 - continued
9 Non-current assets |
| ||||||
Property | |||||||
E&E | Plant and | Total | |||||
Assets | Equipment | ||||||
US$000 | US$000 | US$000 | |||||
Cost |
| ||||||
At 1 January 2022 | 146,725 | 163,197 | 309,922 | ||||
Additions | - | 18,961 | 18,961 | ||||
Acqusition in USA | - | - | - | ||||
Right of use assets (IFRS16) | - | 377 | 377 | ||||
At 30 June 2022 | 146,725 | 182,535 | 329,260 | ||||
Additions | - | 5,359 | 5,359 | ||||
Acquisition of well in USA | - | 600 | 600 | ||||
Damaged by fire | - | (1,249) | (1,249) | ||||
Disposals of Right of Use Assets (IFRS!^) | - | (1,404) | (1,404) | ||||
At 1 January 2023 | 146,725 | 185,841 | 332,566 | ||||
Additions | - | 4,547 | 4,547 | ||||
Disposal of USA | - | (12,514) | (12,514) | ||||
Right of use assets (IFRS16) | - | - | - | ||||
At 30 June 2023 | 146,725 | 177,874 | 324,599 | ||||
Depreciation/Impairment |
| ||||||
At 1 January 2022 | 92,421 | 104,049 | 196,470 | ||||
Charge for the period | - | 4,415 | 4,415 | ||||
At 30 June 2022 | 92,421 | 108,464 | 200,885 | ||||
Impaired | 8,583 | 1,433 | 10,016 | ||||
Disposals | - | (293) | (293) | ||||
Damaged by fire | - | (75) | (75) | ||||
Charge for the period | - | 4,375 | 4,375 | ||||
At 1 January 2023 | 101,004 | 113,904 | 214,908 | ||||
Disposal of USA | - | (12,304) | (12,304) | ||||
Charge for the period | - | 3,516 | 3,516 | ||||
At 30 June 2023 | 101,004 | 105,116 | 206,120 | ||||
Net Book Value 30 June 2023 |
| 45,721 | 72,758 | 118,479 | |||
Net Book Value 30 June 2022 |
| 54,304 | 74,071 | 128,375 | |||
Net Book Value 31 December 2022 |
| 45,721 | 71,937 | 117,658 | |||
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
30 June | 30 June | 31 Dec | |||||
2023 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Audited) | |||||
US$000 | US$000 | US$000 | |||||
10 Trade and other receivables |
| ||||||
Trade and other receivables | 7,522 | 6,092 | 8,805 | ||||
Prepayments | 8,069 | 1,258 | 2,905 | ||||
15,591 | 7,350 | 11,710 | |||||
11. Trade and other payables |
| ||||||
Current | |||||||
Trade and other payables | 8,903 | 9,176 | 7,707 | ||||
Drilling, workover and operation accruals | 13,359 | 12,519 | 12,317 | ||||
Current portion of leases | 1,054 | 1,196 | 684 | ||||
23,316 | 22,891 | 20,708 | |||||
Non-current | |||||||
Non-current trade and other payables | 2,719 | 2,409 | 2,569 | ||||
Non-current portion of leases | 425 | 1,650 | 793 | ||||
3,144 | 4,059 | 3,362 | |||||
Total carrying value | 26,460 | 26,950 | 24,070 | ||||
12 Borrowings |
| ||||||
Current | |||||||
Bank loan | 951 | 1,680 | 1,183 | ||||
Promissory notes & bonds | 18,946 | 10,841 | 17,208 | ||||
19,897 | 12,521 | 18,391 | |||||
Non-Current | |||||||
IYA Loan | 12,140 | 11,289 | 12,073 | ||||
Bank loan | 2,009 | 2,342 | 1,072 | ||||
Promissory notes & bonds | 11,876 | 8,060 | 15,989 | ||||
26,025 | 21,691 | 29,134 | |||||
Total carrying value of borrowings | 45,922 | 34,212 | 47,525 | ||||
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
6 months | 6 months | Year to | |||||
to 30 June | to 30 June | 31 Dec | |||||
2023 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Note 2) | |||||
US$000 | US$000 | US$000 | |||||
Profit/(loss) from operations before taxation |
| 7 | 1,292 | (9,042) | |||
Interest on bank deposits | (218) | (83) | (244) | ||||
Interest payable and loan fees | 2,877 | 3,029 | 6,617 | ||||
Depreciation and impairment of property, | |||||||
plant and equipment | 3,458 | 4,314 | 7,400 | ||||
Release of abandonment provision | - | - | (711) | ||||
Impairment charge | - | - | 8,583 | ||||
Loss on associate investment | - | 25 | 25 | ||||
Gain on non-operating transaction | (1,280) | (351) | (1,269) | ||||
Gain on disposal of USA business | (1,411) | - | - | ||||
Share-based payments | - | 73 | 115 | ||||
Foreign exchange difference | (2,037) | (3,176) | (4,663) | ||||
Operating cash flows before movements |
| ||||||
in working capital |
| 1,396 | 5,123 | 6,811 | |||
(Increase)/decrease in receivables | (4,565) | 1,638 | (3,137) | ||||
(Increase)/decrease in inventory | - | 1,687 | 1,691 | ||||
(Decrease)/increase in payables | 2,801 | (165) | 6,272 | ||||
Net cash generated by/(used in) |
| ||||||
operating activities |
| (368) | 8,283 | 11,637 | |||
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2023 - continued
14 Atome Energy plc |
| ||||||
6 months | 6 months | Year to | |||||
to 30 June | to 30 June | 31 Dec | |||||
2023 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Audited) | |||||
Selected key financial extracts |
| US$000 | US$000 | US$000 | |||
Group Statement of Comprehensive Income |
| ||||||
Gain / (loss) on Atome associate investment | - | (25) | (25) | ||||
- | (25) | (25) | |||||
Company Profit & Loss Statement |
| ||||||
Gain arising on mark to market of investment | 49 | 580 | 1,414 | ||||
49 | 580 | 1,414 | |||||
Company Statement of Financial position |
| ||||||
Investment in Atome Energy plc at market value | 11,638 | 10,755 | 11,589 | ||||
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