Interim Results
26 Septiembre 2007 - 2:02AM
UK Regulatory
RNS Number:4859E
Aspen Clean Energy PLC
26 September 2007
26 September 2007
Aspen Clean Energy Plc
("Aspen" or "the Company")
Unaudited interim report for the six months to 30 June 2007
Chairman's Statement
The Company's sole activity during the period under review has been to evaluate
a variety of businesses with a view to making a suitable acquisition. To date
your Directors have not found a sufficiently attractive opportunity.
The Board is very conscious that cash is especially attractive in the current
turbulent markets and the Company's resources are deployed in the money markets
with large financial institutions.
Your Directors continue to seek suitable investment opportunities with the main
criteria being that any potential acquisition offers the prospect of long term
growth.
K R Smith
Chairman
26 September 2007
Aspen Clean Energy plc
Jonathan Bradley-Hoare 020 7467 1700
John East & Partners Limited
John East 020 7628 2200
Unaudited Income Statement
for the six months to 30 June 2007
Six months Six months Year ended
to 30 June to 30 June 31 December
2007 2006 2006
Notes #'000 #'000 #'000
Revenue - - -
Cost of Sales - - -
---------- ---------- ---------
Gross Profit - - -
Administrative expenses (88) (54) (240)
---------- ---------- ---------
Loss from operations (88) (54) (240)
Interest and similar income
receivable 69 12 162
---------- ---------- ---------
Loss before taxation from
continuing operations (19) (42) (78)
Taxation - - -
---------- ---------- ---------
Loss for the period from continuing
operations (19) (42) (78)
Loss from discontinued operations - (150) (150)
---------- ---------- ---------
Loss for the period attributable to
equity shareholders (19) (192) (228)
========== ========== =========
Earnings per share 2
From total operations
Basic and fully diluted loss per
share (0.03p) (0.11p) (0.18p)
From continuing operations
Basic and fully diluted loss per
share (0.03p) (0.02p) (0.06p)
========== ========== =========
Unaudited Balance Sheet
At 30 June 2007
As at As at As at
30 June 30 June 31 December
2007 2006 2006
#'000 #'000 #'000
Assets
Current Assets
Trade and other receivables 1,115 1,142 1,113
Cash and cash equivalents 2,640 12,766 2,664
--------- -------- ----------
3,755 13,908 3,777
--------- -------- ----------
Total assets 3,755 13,908 3,777
========= ======== ==========
Equity and liabilities
Equity attributable to equity holders of the
company
Called up Share capital 695 1,695 695
Share premium account 4,452 13,450 4,452
Retained Earnings (1,417) (1,329) (1,398)
--------- -------- ----------
Total equity 3,730 13,816 3,749
Current liabilities
Trade and other payables 25 92 28
--------- -------- ----------
25 92 28
--------- -------- ----------
Total equity and liabilities 3,755 13,908 3,777
========= ======== ==========
Unaudited Cash Flow Statement
For the six months to 30 June 2007
Six months to Six months to Year ended
30 June 30 June 31 December
2007 2006 2006
#'000 #'000 #'000
Operating activities
Operating loss (88) (54) (240)
Increase in
receivables ( 2) (1,097) (1,068)
Decrease in
payables ( 3) (111) (175)
--------- --------- ----------
Cash outflow from
operating
activities (93) (1,262) (1,483)
--------- --------- ----------
Investing activities
Net proceeds from
disposal of
subsidiary - 13,221 13,221
Interest income 69 12 162
--------- --------- ----------
Net cash inflow
from investing
activities 69 13,233 13,383
--------- --------- ----------
Financing activities
Repayment of
capital - - (10,031)
--------- --------- ----------
Net cash used in
financing
activities - - (10,031)
--------- --------- ----------
Cash flow for the year
Net
increase/(decreas
e) in cash and
cash equivalents (24) 11,971 1,869
Cash and cash
equivalents at
beginning of
period 2,664 795 795
--------- --------- ----------
Cash and cash
equivalents at
end of period 2,640 12,766 2,664
========= ========= ==========
Unaudited statement of changes in equity
for the six months to 30 June 2007
Share Share Retained Total
Capital Premium earnings
#'000 #'000 #'000 #'000
Balance at 1 January 2006 1,695 13,450 (1,137) 14,008
Loss for the period - - ( 192) (192)
-------- ------- --------- -------
Balance at 30 June 2006 1,695 13,450 (1,329) 13,816
-------- ------- --------- -------
Balance at 1 January 2007 695 4,452 (1,398) 3,749
Loss for the period - - (19) ( 19)
-------- ------- --------- -------
Balance at 30 June 2007 695 4,452 (1,417) 3,730
======== ======= ========= =======
Notes to the Unaudited Financial Statements for the six months to 30 June 2007
1. Accounting policies
The financial statements have been prepared under the historical cost
convention, in accordance with applicable accounting standards and the
accounting policies applied by the Company in the 2006 annual report.
The financial statements for the six months to 30 June 2007 are unaudited and do
not constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the year ended 31 December 2006 is extracted
from the audited statutory accounts for the year then ended which have been
delivered to the Registrar of companies. The audit report on these accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1995.
In the opinion of the directors the financial information for the six months to
30 June 2007 presents fairly the financial position, results of operations and
cash flows for the period in conformity with International Financial Reporting
Standards which have been consistently applied. The interim statement for the
six months ended 30 June 2007 was approved by the directors on 27 September
2007.
2. Earnings per share
Six months Six months Year ended 31
ended ended December 2006
30 June 30 June
2007 2006
#'000 #'000 #'000
Earnings for the purpose of earnings per
share:
Continuing operations (19) (42) (78)
Discontinued operations - (150) (150)
--------- --------- ---------
Total operations (19) (192) (228)
========= ========= =========
Number of shares '000 '000 '000
Weighted average number of ordinary
shares in issue during the period 69,475 169,450 127,794
========= ========= =========
Basic and fully diluted loss per share:
Continuing operations (0.03p) (0.02) (0.06p)
Total operations (0.03p) (0.11p) (0.18p)
========= ========= =========
3. Contingent liabilities
Following the sale of Aspen Clean Fuels Limited 15 million Swedish Krona are
held in an escrow account (approx #1.1 million) as part of the sale agreement
with Lantemannen for warranty claims. This money will be released to Aspen Clean
Energy Plc in January 2008. No warranty claims have been made to date and the
directors do not expect any.
4. Ultimate parent undertaking
Aspen Clean Energy Plc's majority shareholder is Europanel AB a company
registered in Sweden whose only shareholder is Sven Jan Lindblad. Europanel AB
holds 52.5 per cent of Aspen Clean Energy Plc's issued share capital.
5. Dividend
No dividend is proposed for the six months ended 30 June 2007.
6. Copies of Interim Report
Copies of the interim report can be obtained by writing to The Company
Secretary, Aspen Clean Energy Plc, 31 Harley Street, London W1G 9QS or on the
Company's website www.aspencleanenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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