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Novera Energy PLC (NVE)

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Thursday 23 July, 2009

Novera Energy PLC

Interim Results

RNS Number : 1326W
Novera Energy PLC
23 July 2009
 




23 July 2009

 

Novera Energy plc ('Novera' or 'the Group')

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009


Novera today announces its results for the six months ended 30 June 2009. 


HIGHLIGHTS


  • Revenue increased by 5 per cent. to £18.7 million (1H08: £17.9 million): 

  • Average price increase of 12 per cent. to £67/MWh (1H08: £60/MWh) more than compensating for generation decrease of 7 per cent. to 260 GWh (1H08: 278 GWh);

  • Gross profit before depreciation and amortisation increased by 8 per cent. to £9.0 million (1H08: £8.4 million); 

  • At 30 June 2009 Novera had £18.7 million cash in bank including restricted cash of £6.3 million. Net debt was £89.3 million (1H08: £78.2 million);

  • Lissett Airfield Wind Farm (30 MW) fully operational April 2009, contributing 14 GWh in the period;

  • Glenkerie Wind Farm (22 - 27 MW) grid access from June 2011 confirmed;

  • Gordonstown Hill Wind Farm (10-12.5 MW) planning approval received June 2009; and

  • Novera is well placed to benefit from the UK Government's commitment to renewables and a low carbon economy underlined with the launch of UK Low Carbon Transition Plan alongside the Renewable Energy Strategy.  


David Fitzsimmons, Chief Executive Officer, said: "We have made good progress with the development of or wind portfolio with Lissett entering full production, securing a grid connection at Glenkerie and being awarded planning consent for Gordonstown Hill. In the longer term, we continue to view the UK onshore wind market positively. I believe Novera is well placed to benefit from the Government's commitment to renewables and a low carbon economy."



For further information:


Novera Energy plc

Oriel Securities Limited (Nominated Adviser and Broker)

Kreab Gavin Anderson 

(Public Relations)

David Fitzsimmons 

Tel: +44 (0) 20 7845 9720

Richard Crawley / Michael Shaw

Tel: +44 (0) 20 7710 7600

Ken Cronin / Kate Hill / Michael Turner

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 2009 and present the unaudited consolidated results of the Group. 


Financial Review

In the six months ended 30 June 2009 revenue increased by £0.9 million (5 per cent.) to £18.7 million, with increased prices and the commissioning of Lissett Airfield Wind Farm compensating for a decrease in production across our other operating assets.


Average realised prices for power sold increased by 12 per cent. compared to the same period last year, rising from £60/MWh to £67/MWh. This was the result of a higher one-year PPA price from April 2009 for certain LFG sites across the portfolio, site expansions benefiting from a higher price and the commencement of generation at Lissett Airfield Wind Farm where the PPA is higher than the portfolio average price


Gross profit (before depreciation and amortisation) for the first half rose by £0.6 million to £9.0 million.  

Novera recorded a loss before tax of £2.1 million (1H08 £2.2 million)Pre-construction expensed costs increased by £0.6 million to £1.4 million reflecting not only an increase in early development activity but also an impairment of £0.5 million of prior period capitalised costs relating to the Mountboy project (which failed to win planning  approval in June). Administration expenses decreased to £1.6 million, (1H08: £2.0 million, of which £0.5 million were one-off costs incurred in connection with bid approaches).    


Cash generated from operations increased by £0.5 million to £4.7 million. Capital expenditure was £21.2 million in the period, of which £19.6 million was funded by a project finance facility on Lissett Airfield Wind Farm. 


At 30 June 2009 Novera had £18.7 million cash in bank including restricted cash of £6.3 million (1H08 £7.5 million cash in bank with £5.7 million in restricted accounts). Net debt at 30 June 2009 was £89.3 million (1H08: £78.2 million, 2H08: £70.5 million).


Operational Review

 

Landfill Gas

Landfill Gas gross profit increased by £0.3 million (6 per cent.) to £6.2 million, reflecting improved pricing, offset by the effect of operating issues encountered at certain LFG sites in the first few months of the year. These issues caused a decrease in production in the half year of 10 per cent. from 237 GWh to 214 GWh. Programmes were put into place to improve LFG performance, which we expect to lead to an improved performance in the second half of 2009.


Wind, Hydro and other

Work on our 30 MW wind farm at Lissett Airfield in East Riding, Yorkshire was completed in April and it is now fully operational.  The project is expected to be completed under budget of £38.5 million once final costs are agreed


Production from Wind and Hydro increased by 10 per cent. from 42 GWh to 46 GWh and revenue increased 22 per cent. to £3.5 million due to Lissett Airfield Wind Farm achieving full production in April. Availability achieved on both the Mynydd Clogau Wind Farm and across the Hydro portfolio has been above target in the half year.  However, the growth in output was below expectations due to lower than average wind speeds and rainfall.  Production for the rest of the year will depend primarily on weather conditions. Gross profit increased by £0.million (12 per cent.) to £2.7 million. Other operations contributed £0.1 million of gross profit. 

 



Revenue

(£m)

Percentage movement

Generation

(GWh)

Percentage movement


1H 09

1H 08

1H 09

1H 08

Landfill Gas

14.0

13.7

2%

214

237

(10%)

Hydro

1.3

1.5

(13%)

18

23

(22%)

Wind

2.2

1.4

57%

28

19

47%

Contract Services

1.2

1.3

(8%)

-

-

-

TOTAL

18.7

17.9

5%

260

279

(7%)


 

Development Review

 

Following the approval of the planning application for the Glenkerie Wind Farm (22 - 27 MW), we have now received an offer from Scottish Power Distribution to connect to the grid from June 2011.  We are in the final stages of negotiations with turbine and other contractors and are confident of obtaining project financing. First production is expected in mid 2011


In June, Aberdeenshire Council approved Novera's five-turbine Gordonstown Hill Wind Farm, which will be located near TurriffScotland and is expected to have a capacity of 10 - 12.5MW, depending on turbines selected. We are now proceeding with the next steps in the development process, which include completion of the planning and Grid agreements and confirmation of the timing of the Grid connection. This will determine the timing of first production, which is currently expected in 2011.


We have accepted a Grid offer for A'Chruach (40 - 46 MWfor connection in 2013. We are continuing negotiations regarding advancement of this date and reviewing options to optimise site design and layout.


Five further sites with a combined potential capacity of 52 MW are awaiting planning decisions and an additional 15 sites with a combined potential capacity of 254 MW are in 'pre-planning' Beyond that, our site search activity is on-going and we are continuing to identify new sites to add to the portfolio.


Novera sold its East London Sustainability Energy Facility project in April 2009 to Biossence Ltd for a total of up to £1.25 million, which is contingent on achievement of certain milestones by the purchaser.  £0.2 million has been received during the first half of 2009.


Outlook

 

Performance is expected to benefit during the second half of the year versus the first half from an improvement in LFG operations over the first six months and full production from Lissett Wind Farm.  While wind and hydro production for the rest of the year will depend primarily on weather, a reversion to average conditions, from the poorer conditions in the first half, should also provide a small uplift. The average price per MWh is expected to increase further on an annual basis by the year-end as a result of a greater impact from Lissett Airfield Wind Farm with full operation and increased winter pricing.


In the longer term, we continue to view the UK onshore wind market positively. Binding targets from both the European Union and the UK Government on increasing levels of renewable electricity production and reducing levels of CO2 means that the UK will have to continue investing in proven, economically-viable technologies such as onshore wind. We are well placed to assist in meeting these targets with our wind development pipeline of Glenkerie, Gordonstown, A'Chruach and other wind farm developments.


Earlier this month the Government launched The UK Low Carbon Transition Plan alongside the Renewable Energy Strategy, the UK Low Carbon Industrial Strategy and a Low Carbon Transport Strategy. The Transition Plan underlines the Government's commitment to renewables and a low carbon economy and I believe Novera is well placed to benefit.


 


Roy A. Franklin

Chairman

  Novera Energy plc

Consolidated Income Statement

For the six months ended 30 June 2009




Unaudited

Unaudited

Audited



Six months to

Six months to

Year to



30-Jun-09

£'000

30-Jun-08

£'000

31-Dec-08

£'000

Continuing Operations

Revenue


18,743

17,852

35,514

Cost of sales before depreciation and amortisation


(9,759)

(9,496)

(18,944)

Gross profit before depreciation and amortisation.


8,984

8,356

16,570






Depreciation


(3,309)

(2,999)

(6,243)

Amortisation


(2,290)

(2,174)

(4,178)

Total cost of sales


(15,358)

(14,669)

(29,365)






Gross profit after depreciation and amortisation 


3,385

3,183

6,149






Pre-construction costs


(1,447)

(788)

(2,120)

Administrative expenses


(1,631)

(2,035)

(4,187)






Operating profit


307

360

(158)






Profits on sale of asset


200

-

-


Interest receivable


29

275

631

Interest payable and similar charges


(2,647)

(2,838)

(5,536)






Loss before tax


(2,111)

(2,203)

(5,063)






Taxation


   590

   590

1,519






Loss attributable to equity shareholders


   (1,521)

(1,613)

(3,544)







 

Novera Energy plc

Consolidated Balance Sheet

As at 30 June 2009



Notes

Unaudited

Unaudited

Audited



30-Jun-09

30-Jun-08

31-Dec-08

ASSETS


£'000

£'000

£'000

Non-current assets





Intangible assets


76,167

  80,460

78,456

Property, plant & equipment

4

101,283

75,992

89,796

method





Receivables


466

567

607

Deferred tax asset


1,034

881

1,034

Total non-current assets


178,950

157,900

169,893






Current assets

Inventories


165

-

128

Trade and other receivables


8,709

11,628

7,786

Financial assets - Derivative financial instruments


-

3,333

-

Cash and cash equivalents


18,747

7,491

20,385

Total current assets


27,621

22,452

28,299






LIABILITIES





Current liabilities





Trade and other payables  

Derivative financial instruments


(9,102)

(6,353)

(12,125)

-

(16,044)

(9,657)

Financial liabilities - Borrowings

5

(5,872)

(4,995)

(6,029)

Total current liabilities


(21,327)

(17,120)

(31,730)






Net current assets


6,294

5,332

(3,431)






Non-current liabilities





Financial liabilities - Borrowings

5

(102,221)

(80,665)

(84,903)

Retirement benefit obligation


(183)

(156)

(183)

Deferred tax


(22,495)

(23,910)

(23,084)

Total non-current liabilities


(124,899)

(104,731)

(108,170 






Net assets


60,345

58,501

58,292











EQUITY










Ordinary Shares

Share Premium


7,242

13,788

6,203

-

7,177

13,476

Merger Reserve


61,979

61,979

61,979

Other reserves


793

10,284

(2,404)

Accumulated losses


(23,457 )

(19,965)

(21,936)






Total equity


60,345

58,501

58,292


  Novera Energy plc

Consolidated Statement of Recognised Income and Expense

As at 30 June 2009




Unaudited

Unaudited

Audited


Six months to

Six months to

Year to


30-Jun-09

30-Jun-08

31-Dec-08


£'000

£'000

£'000





Net income recognised directly in equity

3,044

2,691

(10,339)





Loss for the current period

(1,521)

(1,613)

(3,544)





Total recognised income and expense for the year is attributable to the Members of Novera Energy plc

1,523

1,078

(13,883)


Novera Energy plc 

Consolidated Cash Flow Statement

For the six months ended 30 June 2009

 



    Unaudited

Unaudited

Audited



Six months to

Six months to

Year to



30-Jun-09

30-Jun-08

31-Dec-08


Notes

£'000

£'000

£'000

Continuing Operations

Cash flows from operating activities





Cash generated from operations

3

4,654

4,176

10,790

Interest received


29

227

543

Interest paid


(2,647)

(2,806)

(5,479)

Net cash inflow from operating activities


2,036

1,597

5,854






Cash flows from investing activities





Proceeds from sale of assets


381

16

208

Payments for property, plant and equipment


(21,163)

(2,613)

(13,900)

Net cash (outflow) from investing activities


(20,782)

(2,597)

(13,692)



Cash flows from financing activities


Net proceeds from issue of share capital Proceeds from borrowings


  -

  19,819

-


14,451

7,674

Repayment of borrowings


   (2,711)

(2,312)

  (4,705)

Net cash inflow/(outflow) from financing activities


17,108

(2,312)

17,420






Net  (decrease)/ increase in cash and cash equivalents


(1,638)

(3,312)

9,582

Cash at the beginning of the period


20,385

10,803

10,803

Cash at the end of period


18,747

7,491

20,385


  

Novera Energy plc 

Notes to the interim accounts for the six months ended 30 June 2009


1. Basis of Preparation


These interim financial results for the six months ended 30 June 2009 have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The interim results should be read in conjunction with the annual report and financial statements for the year ended 31 December 2008, which are available from the Group's website www.noveraenergy.com.  The accounting policies, methods of computation and presentation followed are consistent with those applied in the annual report and financial statements, which are prepared in accordance with IFRS as adopted by the European Union. 

The interim results do not constitute statutory results within the meaning of section 240 of the Companies Act 1985. The interim results to 30 June 200
9 are neither audited nor reviewed by the auditors. The financial information for the full preceding year is based on the statutory accounts for the year ended 31 December 2008, upon which the auditors issued an unqualified opinion and which have been filed with the Registrar of Companies. 

This interim report does not comply with IAS 34 "Interim Financial Reporting", as is currently 
permissible under the rules on the Alternative Investment Market ("AIM").


2. Dividends


There were no dividends provided or paid during the six months


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


30-Jun-09

30-Jun-08

31-Dec-08





Loss from ordinary activities before income tax

(2,111)

(2,203)

(5,063)

Depreciation

3,309

2,999

6,243

Amortisation

2,290

2,174

4,178

Share based payment expense

247

194

496

Foreign exchange

-

-

32

Interest income

(29)

(275)

(631)

Interest expense

2,647

2,838

5,536

(Increase) in trade & other receivables

(922)

(175)

590

(Decrease) in trade & other payables

(777)

(1,376)

(591)

Cash inflow from operating activities

4,654

4,176

10,790



4. Property, Plant and Equipment


Fixtures and Fittings

Plant and machinery

Wind farm assets

Assets under

 construction

Pre-

construction Assets

Total

Cost

£'000

£'000

£'000

£'000

£'000

£'000








At 1 January 2009

585

60,372

12,345

23,526

3,951

100,779

Additions

72

-

-

14,517

728

15,317

Transfers

-

1,215

35,274

(36,489)

-

-

Impairment

-

-

-

-

(521)

(521)

At 30 June 2009

657

61,587

47,619

1,554

4,158

115,575








Accumulated Depreciation







At 1 January 2009

261

9,457

1,265

-

-

10,983

Charge for the year

95

2,594

620

-

-

3,309

At 30 June 2009

356

12,051

1,885

-

-

14,292








Net Book Value at 31 December 2008

324

50,915

11,080

23,526

3,951

89,796

Net Book Value at 30 June 2009

301

49,536

45,734

1,554

4,158

101,283



5. Borrowings
 
30-Jun-09
30-Jun-08
31-Dec-08
Due within 1 year
 
 
 
Syndicated loan facility
4,953
4,995
5,241
Lissett loan facility
919
-
788
 
5,872
4,995
6,029
Due greater than 1 year
 
 
 
Syndicated loan facility
75,725
80,665
78,017
Lissett loan facility
26,496
-
6,886
 
102,221
80,665
84,903
 
 
 
 
Total borrowings
108,093
85,660
90,932

 



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