Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Novera Energy PLC (NVE)

  Print      Mail a friend

Thursday 27 September, 2007

Novera Energy PLC

Interim Results

Novera Energy PLC
27 September 2007


27 September 2007


                 Novera Energy plc ('Novera' or 'the Company')
             INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007


Novera, one of the leading listed independent UK renewable energy companies,
today announces its results for the six months to 30 June 2007.


HIGHLIGHTS*


•    Revenue increased by 9 per cent. to £17.3 million (1H06: £15.8 million):

     •    Generation increased by 3 per cent. to 281 GWh (1H06: 272GWh); and

     •    Average price achieved increased 6 per cent. to £57.23/MWh from 
          £54.06/MWh.

     As a result of consolidating the operating results from 22 January, actual
     revenue for the period from 22 January to 30 June was £15.0 million 
     (2006: £1.0 million).

•    Costs per MWh (excluding royalties) decreased reflecting successful
     initiation of operational improvements and the timing of major engine     
     overhauls.

•    On track to deliver acquisition operating efficiencies and synergies
     of £1.3 million per annum from 2008.

•    Gross profit increased 22 per cent. to £8.2 million (1H06: £6.7 million). 
     As a result of consolidating the operating results from 22 January,
     actual gross profit for the period from 22 January to 30 June was 
     £7.1 million (2006: £0.1 million).

•    EBITDA increased 15 per cent. to £5.5 million on a like for like basis     
     (1H06: £4.8 million).

•    £17.4 million cash in bank at 30 June 2007 with net debt of £72.6 million.

•    Good progress towards five year goal of developing wind portfolio of
     250 MW:

     •    Procurement and financing negotiations for Lissett Airfield Wind Farm
          largely completed.

     •    Lissett's capacity has increased from 24 MW to 30 MW.

     •    On target to have a further 70 MW of wind applications into planning 
          by the end of 2007.

•    Supportive Energy White Paper underpins investment in waste to energy 
     strategy.

Commenting on the results, David Fitzsimmons, CEO: "Today's results reflect the
success of our strategy of focusing on our current asset performance while
building our portfolio of new assets. Our development portfolio is on track to
deliver our forecast for projects (70MW) into planning by the end of the year
with an increase in investment in the second half of the year. We are greatly
encouraged by the continuing support of the renewables industry as stated in the
Government's Energy White Paper which under pins our optimism for the future."

* The Directors have presented the consolidated results of the Group in
accordance with IFRS. For the purposes of comparison the Directors have also
presented the results of the Group on a pro-forma basis which better reflects
the underlying performance of the businesses comprising the Group as at 30 June
2007, including 100 per cent. of Novera Macquarie Renewable Energy JV ('NMRE')
from 1 January 2006 (refer to Note 4). During 2006 and to 22 January 2007 the
Group actually owned 50 per cent of NMRE.


For further information:

Novera Energy plc          Oriel Securities Limited    Gavin Anderson & Company
David Fitzsimmons/Rory     Adrian McMillan/Michael     Ken Cronin/Kate Hill/
Quinlan                    Shaw                        Michael Turner

Tel: +44 (0) 20 7845 9720  Tel: +44 (0) 20 7710 7600   Tel: +44 (0) 20 7554 1400


Chairman's Statement


I am pleased to report on the activities of Novera for the six months ended 30
June 2007.

The Directors have presented the consolidated results of the Group in accordance
with IFRS in the Income Statement. Upon the acquisition of the other 50 per
cent. of NMRE on 22 January 2007, the revenue and expenses of the operating
business have been consolidated into each line of Novera's Income Statement,
rather than disclosed in one line as a profit/loss from joint ventures. For the
purposes of comparison, the Directors have also presented the results of the
Group on a basis which better reflects the underlying performance of the
businesses comprising the Group as at 30 June 2007, including 100 per cent. of
NMRE (refer to Note 4). The discussion below is on this basis.


Financial Performance

Revenue increased 9 per cent. to £17.3 million and gross profit increased 22 per
cent. to £8.2 million. These figures reflect an improved operating performance,
as described below. EBITDA increased 15 per cent. to £5.5 million, despite
one-off costs of £0.6 million associated with the acquisition of the 50 per
cent. of the operating business from Macquarie and our reincorporation in the
UK, and the reduction in income from DEFRA in support of ELSEF (our energy from
waste facility development project) of £0.7 million.

In the six months to 30 June 2007 Novera recorded a loss before tax of £1.3
million (2006: £1.7 million) on a pro-forma consolidated basis.

At 30 June 2007 Novera had £17.4 million cash in bank. Net debt at 30 June 2007
was £72.6 million.


Operational Review

Management initiatives undertaken during the first six months have delivered
operational improvements across the portfolio. We are on track to deliver the
operating improvements and synergies identified at the time of the NMRE
acquisition. During the first half of 2007, our generation output increased by 3
per cent., from 272 GWh to 281 GWh and our revenue increased by 9 per cent. to
£17.3 million while costs per MWh (excluding royalties) decreased.


                   Revenue     Percentage    Generation    Percentage 
                                increase                    increase  
                    (£m)                        (GWh)     

                 1H 07   1H 06               1H 07   1H 06 
----------------------------------------------------------------------
Landfill Gas      13.3    12.5      6          240     237      1     
----------------------------------------------------------------------
Hydro              1.7     1.5     13           26      24      8     
----------------------------------------------------------------------
Wind               1.1     0.7     57           15      11     36      
----------------------------------------------------------------------
Contract               
Services           1.2     1.1      9            -       -      - 
----------------------------------------------------------------------
TOTAL             17.3    15.8      9          281     272      3     
----------------------------------------------------------------------


Landfill gas revenue increased due to higher generation and higher prices being
achieved. Increased generation was achieved through two new developments
commencing operation and site expansions from drilling additional wells. Higher
prices were achieved due to four former Non Fossil Fuel Obligation (NFFO) sites
now receiving higher revenue under Renewable Obligation Certificate (ROC)
contracts. Furthermore, the site expansions and new developments are under the
higher revenue ROC contracts. There has also been increased management focus on
the higher revenue sites.

Operating initiatives, such as engine relocations, improved working arrangements
with landfill site operators, and engine automation have already shown positive
results, and are expected to increase generation and revenue further during the
second half of 2007. Gas field management is a continuing area of focus,
including improved data collection and maintenance, and establishment of an
in-house gas field team.

Gross profit benefited from the increase in revenue and the reduction in costs
per MWh (excluding royalties). Unit costs reduced as a result of the successful
initiation of operational improvements, timing differences of major engine
overhauls and the fixed nature of wind and hydro costs.

Operational improvements in the first half of 2007 have focussed on outsourced
engine maintenance and in particular under-generation charges from external
engine maintenance providers. Following successful contract negotiation and
implementation of measures to minimise engine down time a saving of £0.4 million
was realised in the six months, of which £0.2 million represents an ongoing
benefit. Further operational improvements have achieved cost savings of £0.1
million from our procurement strategy and gas field maintenance cost reductions.

Wind generation and revenue increased as a result of six months of full
production in 2007 compared to the same period in 2006, after the phased
commissioning of the turbines at Mynydd Clogau in Powys, mid-Wales during the
first half of last year.

Hydro generation has increased by 8 per cent. to 26 GWh and revenue increased by
13 per cent. to £1.7 million due to increased rainfall in the six months.


Development Review

Wind

During the first half of 2007, Novera expanded its wind team and made tangible
progress towards its five-year goal of having 250 MW in operation from onshore
wind development by 2011.

The Lissett Airfield Wind Farm Planning Agreement with the Local Planning
Authority was completed and the Planning Notice issued in July 2007.
Negotiations for the Power Purchase Agreement, the Engineering, Procurement and
Construction Contract and the Term Sheet for the Debt Facility have now been
largely completed. Financial close is expected after the expiry of the Planning
Notice objection period in October. The turbines selected will increase
installed capacity of Lissett from 24MW to 30 MW.

Good progress has been made on the rest of the wind development portfolio. We
expect to submit planning applications for three new sites by end 2007, at
Townhead (Cumbria), Glenkerie (Scottish Borders) and A'Chruach (Argyll,
Scotland) which have an aggregate capacity of over 70 MW. These are in addition
to the 6 MW wind farm at Mountboy in Angus, Scotland, for which a planning
application was submitted in January 2007

In addition, our site search programme is delivering good results. So far this
year we have identified 11 new sites with a potential capacity of 152 MW. We
remain on target to deliver 250 MW into production by the end of 2011.


Energy from Waste

Our ELSEF project received a favourable outcome from the Energy White Paper,
which proposed to double the support available for renewable power from
gasification.

We are now moving forward to close the commercial agreements, and intend to sign
a conditional Engineering, Procurement and Construction contract with our
preferred bidder by the end of the year. This will allow us to secure finance
for the project when the Energy Bill becomes law.

Novera was developing the ELSEF project under an agreement with the UK
Government (DEFRA), through which DEFRA purchased development services from
Novera. However the delay in financial close, caused by the DTI's Renewable
Obligation Review has resulted in this agreement being terminated. Payments made
under the contract to date are unaffected. We anticipate the benefit from the
increased support announced in the White Paper to exceed the loss in DEFRA
support.


Outlook

The demand for renewable energy is growing at an unprecedented rate, with
Government support for wind power and land fill gas undiminished and increasing
support for new technologies such as energy from waste. Our strategy aims to
respond to this demand by providing solutions which deliver renewable energy
using our existing and planned assets. Our operational performance continues to
improve and our development portfolio grows in line with our expectations, with
increased investment in the second half of 2007. Investment in renewable energy
will be enhanced further by the commitment of the EU and UK to reach 20 per
cent. by 2020. Novera believes that the company is well placed to benefit from
all these developments and the Board looks forward with optimism for the future.


Roy A. Franklin
Chairman



Novera Energy plc
Consolidated Income Statement
For the six months ended 30 June 2007


                                          Unaudited       Unaudited      Audited
                                      Six months to   Six months to      Year to
                                          30-Jun-07       30-Jun-06    31-Dec-06

                                              £'000           £'000        £'000
Revenue                                      14,980           1,092        2,183
Cost of sales                                (7,899)         (1,013)      (2,021)
                                     --------------------------------------------
Gross profit                                  7,081              79          162

Other income                                     25             734        1,133

Development costs                              (915)         (1,352)      (2,405)

Restructuring costs                            (622)           (125)        (130)
Other administrative expenses                (1,081)           (901)      (1,979)
                                     --------------------------------------------
Administrative expenses                      (1,703)         (1,026)      (2,109)

Depreciation                                 (2,386)            (28)         (33)
Amortisation                                 (1,323)              -            -
                                     --------------------------------------------

Operating profit / (loss)                       779          (1,593)      (3,252)
                                     --------------------------------------------
Interest receivable                             447              99          202
Interest payable                             (2,689)              -           (2)
                                                  -               -            -
Share of net profit of a joint                  
venture entity accounted for
using the equity method                         211             291           36
                                     --------------------------------------------

Loss before income tax                       (1,252)         (1,203)      (3,016)

Taxation                                          -               -            -
                                     --------------------------------------------
Loss attributable to equity              
shareholders                                 (1,252)         (1,203)      (3,016)
                                     --------------------------------------------



Novera Energy plc
Consolidated Balance Sheet
As at 30 June 2007


                                            Unaudited   Unaudited    Audited
                                            30-Jun-07   30-Jun-06  31-Dec-06
ASSETS                                          £'000       £'000      £'000
Non-current assets
Intangible assets                              53,259           -          -
Property, plant & equipment                    68,693          79         76
Investments accounted for using the               
equity method                                     366      16,456     14,608
Receivables                                       652         735        785
                                          -----------------------------------
Total non-current assets                      122,970      17,270     15,469
                                          -----------------------------------

Current assets
Trade and other receivables                     9,595       1,612      1,267
Financial assets - Derivative                   
financial instruments                           4,480           -          -
Cash and cash equivalents                      17,400       1,966      3,693
                                           ----------------------------------
Total current assets                           31,475       3,578      4,960
                                           ----------------------------------
Total assets                                  154,445      20,848     20,429
                                           ----------------------------------

LIABILITIES
Current liabilities
Trade and other payables                        9,364       1,014      1,982
Deferred revenue                                    -         154        154
Financial liabilities - Borrowings              4,372           -          -
                                           ----------------------------------
Total current liabilities                      13,736       1,168      2,136

Non-current liabilities
Financial liabilities - Borrowings             85,673           -          -
Deferred revenue                                    -       2,681      2,605
Deferred tax                                    1,846           -          -
Total non-current liabilities                  87,519       2,681      2,605
                                           ----------------------------------
Total liabilities                             101,255       3,849      4,741
                                           ----------------------------------
Net assets                                     53,190      16,999     15,688
                                           ==================================

EQUITY

Share Capital / Contributed equity              6,198      32,243     32,243
Share premium                                  61,927           -          -
Other reserves                                  3,403          31        533
Accumulated losses                            (18,338)    (15,275)   (17,088)
                                            ---------------------------------
Total equity                                   53,190      16,999     15,688
                                            =================================



Novera Energy plc
Consolidated Statement of Changes in Equity
As at 30 June 2007



                                         Unaudited       Unaudited       Audited
                                     Six months to   Six months to       Year to
                                         30-Jun-07       30-Jun-06     31-Dec-06
                                             £'000           £'000         £'000

Total equity at the beginning of       
the period                                  15,688          16,866        16,866
                                     --------------------------------------------
Movement in fair value of interest          
rate swaps - cash flow hedges                2,304               -             -
Share of movement in JV reserves               453           1,287         1,720
Employee share options                         114              17            86
                                     --------------------------------------------
Net income recognised directly in           
equity                                       2,871           1,304         1,806

Loss for the current period                 (1,252)         (1,203)       (3,016)
                                     --------------------------------------------
Total recognised income and expense         
for the period                               1,619             101        (1,210)
                                     --------------------------------------------

Transactions with equity holders in
their capacity as equity holders:
Issue of new share capital net of          
transaction costs                           35,883              32            32
                                     --------------------------------------------
Total equity at the end of the             
period                                      53,190          16,999        15,688
                                     --------------------------------------------

Total recognised income and expense
for the period is attributable to
Novera Energy plc                            1,619             101        (1,210)
                                     --------------------------------------------




Novera Energy plc
Consolidated Cash Flow Statement
For the six months ended 30 June 2007

                                                  Unaudited    Unaudited      Audited
                                                 Six months   Six months      Year to
                                                         to           to
                                                  30-Jun-07    30-Jun-06    31-Dec-06
                                        Notes         £'000        £'000        £'000

Cash flows from operating activities
Cash generated from operations              3         4,631         (724)        (202)
Development costs                                      (915)      (1,352)      (2,405)
Interest received                                       360           47           98
Interest paid                                        (2,975)           -
Distribution received                                     -          442        1,600
                                                 -------------------------------------
Net cash inflow / (outflow) from                      
operating activities                                  1,101       (1,587)        (909)
                                                 -------------------------------------

Cash flows from investing activities
Acquisition of subsidiaries (net of                
cash acquired)                                      (20,376)           -            -
Proceeds from sale of property, plant                   
and equipment                                           202            -            -
Payments for property, plant and                    
equipment                                            (1,377)         (19)         (22)
Proceeds from/(payments for) vending of                 
business                                                375         (300)        (119)
Receipts to decrease the investment in                    
NMRE                                                      -            -          870
Repayments / advances of borrowings -                    
related parties                                           -          (25)         (24)
                                                 -------------------------------------
Net cash (outflow) / inflow from                   
investing activities                                (21,176)        (344)         705
                                                 -------------------------------------

Cash flows from financing activities
Net proceeds from issue of share                     
capital                                              35,883           32           32
Repayment of borrowings                              (2,101)           -            -
                                                 -------------------------------------
Net cash inflow from financing                       
activities                                           33,782           32           32
                                                 -------------------------------------

Net increase / (decrease) in cash and                
cash equivalents                                     13,707       (1,899)        (172)
Cash at the beginning of the period                   3,693        3,865        3,865
                                                 -------------------------------------
Cash at the end of period                            17,400        1,966        3,693
                                                 -------------------------------------
Reconciliation of cash balances
Cash at bank                                         17,400        1,966        3,693
                                                 -------------------------------------



Novera Energy plc
Notes to the interim accounts for the six months ended 30 June 2007


1.    Basis of Preparation

This financial information comprises the consolidated interim balance sheet
as at 30 June 2007, 30 June 2006 and 31 December 2006 and related
consolidated interim statements of income, cash flows and changes in equity
and related notes numbered 1 to 3 for the six and twelve months then ended
of Novera Energy plc (hereinafter referred to as 'financial statements').
The interim consolidated financial statements for the half years ended 30
June 2007 and 30 June 2006 are unaudited and do not comprise statutory
accounts within the meaning of section 240 of the Companies Act 1985.

These interim financial statements have been prepared in accordance with
International Financial Reporting Standards and IFRIC interpretations as
adopted by the EU and with those parts of the Companies Act 1985 applicable
to companies reporting under IFRS. The Group has chosen not to adopt IAS
34, 'Interim financial statements' in preparing its interim financial
statements. The financial statements have been prepared under the
historical cost convention.

The comparative figures for the financial year ended 31 December 2006 are
not the Group's statutory accounts for the financial year, but have been
extracted from the statutory accounts, which were unqualified by the
auditors and did not contain statements under section 237(2) or (3) of the
Companies Act 1985 and have been delivered to the Registrar of Companies.


In the opinion of directors the financial statements for this period
presents fairly the financial position, results of operations and cash
flows for the period in conformity with International Financial Reporting
Standards (IFRS) consistently applied. The interim report for the six
months ended 30 June 2007 was approved by the directors on 26 September
2007.


2.    Dividends

There were no dividends provided or paid during the six months.


3.    Reconciliation of loss from ordinary activities after income tax to net 
      cash flow

                                            30-Jun-07    30-Jun-06  31-Dec-06

Loss from ordinary activities after          
income tax                                    (1,252)     (1,203)      (3,016)
Depreciation                                   2,386          28           33
Amortisation                                   1,323           -            -
Share based payment expense                      114          17           86
Release of deferred revenue                       (2)        (77)        (153)
Interest income                                 (447)        (99)        (202)
Interest expense                               2,689           -            2
Development costs                                915       1,352        2,405
Share of profits from JV not received          
as distributions                                (211)       (291)         (36)
Completion payment                                 -          25           25
(Increase) in trade & other receivables         (452)       (420)        (256)
(Decrease) / increase in trade & other          
payables                                        (432)        (56)         910
                                             ----------------------------------
Cash inflow / (outflow) from operating         
activities                                     4,631        (724)        (202)
                                             ----------------------------------



4.    Pro-forma Income Statement and Balance Sheet

The Income Statement presents the consolidated results of the Group in
accordance with IFRS. The Group's 50 per cent. investment in NMRE has been
equity accounted up until acquisition of the remaining 50 per cent. on 22
January 2007, and subsequent to that date the results of what was NMRE have been
100 per cent. consolidated on a line by line basis.

Given the significance of the acquisition of NMRE to Novera's Income Statement,
for the purposes of comparison, the Income Statement prepared on a pro-forma 100
per cent. consolidated basis, from 1 January 2006, is set out below as
additional information for shareholders. The 2006 numbers have been adjusted to
exclude discontinued operations, being the German wind farms and the Tower
Colliery contract.



                                       Pro-forma       Pro-forma
                                   Six months to   Six months to
                                       30-Jun-07       30-Jun-06

                                           £'000           £'000
Revenue                                   17,272          15,822
Cost of sales                             (9,116)         (9,080)
                                 ---------------------------------
Gross profit                               8,156           6,742

Other income                                  25             734

Development costs                           (915)         (1,352)

Relocation costs                            (622)           (125)
Other administrative expenses             (1,176)         (1,237)
                                  --------------------------------
Administrative expenses                   (1,798)         (1,362)

EBITDA                                     5,468           4,762

Depreciation                              (2,670)         (2,296)
Amortisation                              (1,505)         (1,551)
                                  --------------------------------

Operating profit                           1,293             915

Interest receivable                          475             359
Interest payable                          (3,037)         (2,943)

Share of net loss of a joint           
venture entity accounted for
using the equity method                      (37)              -
                                  --------------------------------
Loss before income tax                    (1,306)         (1,669)

Taxation                                       -               -
                                  --------------------------------
Loss attributable to equity                                             
shareholders                              (1,306)         (1,669)                           
                                  --------------------------------



In addition, a consolidated balance sheet at 31 December 2006 has also been
prepared on a pro-forma basis as though Novera had owned 100 per cent. of NMRE
at that date.

                                                Unaudited    Pro-forma
                                                30-Jun-07    31-Dec-06
ASSETS                                              £'000        £'000
Non-current assets
Intangible assets                                  53,259       55,534
Property, plant & equipment                        68,693       70,254
Investments accounted for using the equity            
method                                                366          538
Receivables                                           652          785
                                               ------------------------
Total non-current assets                          122,970      127,111
                                               ------------------------

Current assets
Trade and other receivables                         9,595        7,617
Financial assets
- Derivative financial instruments                  4,480        1,272
Cash and cash equivalents                          17,400       18,368
                                               ------------------------
Total current assets                               31,475       27,257
                                               ------------------------

Total assets                                      154,445      154,368
                                               ------------------------

LIABILITIES
Current liabilities
Trade and other payables                            9,364       10,319
Deferred revenue
Financial liabilities
- Borrowings                                        4,372        4,202
                                                -----------------------
Total current liabilities                          13,736       14,521
                                                -----------------------

Non-current liabilities
Financial liabilities
- Borrowings                                       85,673       87,909
Deferred revenue
Deferred tax                                        1,846        2,075
                                                -----------------------
Total non-current liabilities                      87,519       89,984
                                                -----------------------

Total liabilities                                 101,255      104,505
                                                -----------------------

Net assets                                         53,190       49,863
                                                -----------------------






                      This information is provided by RNS
            The company news service from the London Stock Exchange