Interim Results

ITM Power PLC 30 September 2004 30 September 2004 ITM POWER PLC ('ITM Power' or 'the Company') FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004 ITM Power plc which aims to provide enabling technology for the hydrogen economy, was admitted to the AIM market on 11 June 2004. The Company's accounting year end is 30 April and interim results will be announced relating to the half year to 31 October 2004 in January 2005. However, in accordance with AIM Rule 16 (requiring the publication of results six months after previous results), the Company announces pro-forma financial results for the six months ended 30 June 2004. During this period, ITM was listed on AIM for just 21 days. Consequently, these results relate principally to the financial results of the forerunner company to the listed entity, ITM Fuel Cells Ltd, which is now a wholly owned subsidiary of the Company. Audited non-statutory accounts for the eight months ended 31 December 2003 were included in the Company prospectus related to the placing and admission to AIM. The Company successfully placed 20,000,000 new Ordinary Shares to raise £10 million before costs, and was admitted to the AIM market on 11 June 2004. In the three months since admission, ITM has made progress in line with its route to commercialisation plan as detailed in the Admission prospectus. In June, ITM announced that it had strengthened its Board with the appointment of Lord Walker as a non executive director. Lord Walker is a former Secretary of State for Trade & Industry, Chairman of Allianz Cornhill Insurance plc and a non-executive Director of The London International Financial Futures and Options Exchange. In addition, ITM has announced new patent applications to expand its key intellectual property portfolio and successful progress in the testing of its electrolyser technology. For further information please contact: Stephen Massey David Rae Gemma Smith Jim Heathcote Katherine Roe John West ITM Power Plc Durlacher Limited Tavistock Communications Tel: 01780 740574 Tel: 020 7459 3600 Tel: 020 7920 3150 fjh@itm-power.com gsmith@tavistock.co.uk PROFORMA CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED) Results for the six months ended 30 June 2004 Eight months Six months Six months ended 31 ended 30 ended 30 December June 2004 June 2003 2003 £ £ £ Administrative expenses - Research and development (295,233) (270,547) (387,171) - Other (216,186) (132,502) (199,141) _________ _________ _________ (511,419) (403,049) (586,312) Other operating income 48,259 9,809 161,785 _________ _________ _________ Operating loss (463,160) (393,240) (424,527) Interest receivable and similar income 25,439 11,886 8,834 _________ _________ _________ Loss on ordinary activities before taxation (437,721) (381,354) (415,693) Tax on loss on ordinary activities 24,805 44,435 33,195 Loss on ordinary activities after taxation, being retained loss for the financial period (412,916) (336,919) (382,498) _________ _________ _________ Loss per share Basic and diluted (0.6p) (0.5p) (0.5p) _________ _________ _________ There are no recognised gains or losses for the current financial period and preceding financial periods other than as stated in the profit and loss account. PROFORMA CONSOLIDATED BALANCE SHEET (UNAUDITED) Results for the six months ended 30 June 2004 As at 31 As at 30 As at 30 December June 2004 June 2003 2003 £ £ £ FIXED ASSETS Tangible assets 69,675 98,618 85,000 _________ _________ _________ CURRENT ASSETS Debtors 214,394 136,267 157,323 Investments - short term deposits 9,156,821 559,750 300,000 Cash at bank and in hand 14,434 13,262 103,481 _________ _________ _________ 9,385,649 709,279 560,804 _________ _________ _________ CREDITORS: amounts falling due within one year (179,058) (73,600) (86,184) _________ _________ _________ NET CURRENT ASSETS 9,206,591 635,679 474,620 _________ _________ _________ TOTAL ASSETS LESS CURRENT LIABILITIES, BEING NET ASSETS 9,276,266 734,297 559,620 _________ _________ _________ CAPITAL AND RESERVES Called up share capital 4,593,712 3,500,000 3,500,000 Share premium account 8,105,850 - - Other reserve - - 80,000 Merger reserve (1,972,820) (1,982,820) (1,982,820) Profit and loss account (1,450,476) (782,883) (1,037,560) _________ _________ _________ EQUITY SHAREHOLDERS' FUNDS 9,276,266 734,297 559,620 _________ _________ _________ PROFORMA CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) Results for the six months ended 30 June 2004 Eight months Six months Six months ended 31 ended 30 ended 30 December June 2004 June 2003 2003 £ £ £ Net cash outflow from operations (459,586) (355,545) (365,386) __________ __________ __________ Returns on investments and servicing of finance Interest received 25,439 11,886 8,834 __________ __________ __________ Taxation Research and development tax credit 74,591 7,869 7,870 __________ __________ __________ Capital expenditure and financial investment Purchase of tangible fixed assets (2,232) (8,493) (4,481) __________ __________ __________ Net cash outflow before management of liquid resources and financing (361,788) (344,283) (353,163) __________ __________ __________ Management of liquid resources Cash (placed) withdrawn from term deposits (8,856,821) 290,250 375,442 __________ __________ __________ Financing Issue of ordinary share capital (net of expenses) 9,129,562 - 80,000 __________ __________ __________ (Decrease) increase in cash (89,047) 54,033 102,279 __________ __________ __________ NOTES TO THE INTERIM RESULTS (UNAUDITED) Corporate restructuring During the period the Group carried out a corporate restructuring consisting of the introduction of a new holding company incorporated on 1 March 2004 under the name Quayshelfco 1070 PLC. On 4 May 2004, its name was changed to ITM Power Plc. On 29 April 2004 ITM Power Plc acquired the entire share capital of ITM Fuel Cells Limited in exchange for the issue of shares to shareholders on a seventy for one basis. The restructuring represented a change in the identity of the holding company rather than an acquisition of the business. Consequently, the restructuring has been accounted for using merger accounting principles. Therefore, although ITM Power Plc did not become the parent company of the Group until 29 April 2004, the Group financial information is presented as if the companies had always been part of the same group. In accordance with Sections 131 and 133 of the Companies Act 1985, ITM Power Plc has taken no account of any premium on the shares issued to acquire ITM Fuel Cells Limited and has recorded the cost of the investment at the nominal value of the shares issued. The resulting difference on consolidation has been debited to a merger reserve. Loss per share The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share. The calculation is based on information in the table shown below. Eight months Six months Six months ended 31 ended 30 ended 30 December June 2004 June 2003 2003 Losses (£) 412,916 336,919 382,498 Weighted average number of shares 72,942,793 70,000,000 70,202,857 Basis of interim figures These interim financials do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The results for the eight months ended 31 December 2003 have been extracted from the non-statutory accounts of ITM Fuels Cells Limited. The accounting policies that have been applied to these interim figures are consistent with those applied in the preceding annual accounts of ITM Fuel Cells Limited. This information is provided by RNS The company news service from the London Stock Exchange

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