TIDMEQT
RNS Number : 9153N
EQTEC PLC
28 September 2023
28 September 2023
EQTEC plc
("EQTEC", the "Company" or the "Group")
Interim results for the six months ended 30 June 2023
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels and energy
generation announces its unaudited, interim results for the six
months ended 30 June 2023 ("H1 2023"), with post-period
progress.
Financial highlights
-- Revenue and other operating income: EUR0.145 million (H1 2022: EUR2.98 million)
-- Gross profit EUR0.036 million (H1 2022: EUR0.24 million)
-- EBITDA loss before significant and non-recurring items:
EUR1.92 million (H1 2022: EUR1.97 million)
-- Capital raise of GBP3.5 million (EUR4.05 million) through the placing of new shares
-- Reprofiling of existing loan facilities including the
conversion of existing debt into equity and settlement of strategic
supplier fees in new Ordinary Shares
Financial performance over the first half of 2023 declined
relative to previous periods as the Company makes a strategic shift
away from development of high-risk, legacy projects, toward focus
as a pure-play technology provider on pre-funded, risk-mitigated
projects owned and driven by credible infrastructure owners and
investors.
The Company views its H1 2023 financial underperformance as a
consequence of this transition, whilst it refocuses a majority of
its business development and engineering efforts on steady,
reliable revenues from higher-probability client projects.
As engineering work now underway across a number of client
projects completes in 2023 and early 2024, the Company anticipates
further, greater revenues from equipment sales, other engineering
services and licensing & maintenance support services, as well
as additional revenue from front-end engineering on new client
projects.
Business strategy and strategic investment
The Company announced its business strategy of moving out of
project development and into pure-play technology licensing and
innovation with its 2021 interim results and reaffirmed this
strategy in its 2021 and 2022 annual reports, at successive, annual
general meetings (the "AGMs") and in other public communications.
The Company's strategy emphasises: (1) continuously developing and
leveraging its IP-rich engineering and innovation capabilities; (2)
de-risking its portfolio by occupying a narrow segment of the value
chain, collaborating with the world's best value chain partners;
and (3) driving higher margins through licensing its IP for use by
owner-operators, deploying its engineering and design capabilities
to get its IP deployed into more places, for the best-suited
business models.
Despite the Company's well-publicised strategic focus, over the
past six months and particularly over the past week, the Company's
market valuation has declined dramatically. The Board regularly
reviews the apparent disconnect between the market's valuation of
the Company and the intrinsic value of its patented and proprietary
technology, its pipeline, its partners and its prospects for
integrating its technology into the right projects, as its business
strategy gains traction.
In response, the Board is conducting a review of available
options for required investment, with a particular focus on
long-term, strategic investors of sufficient scale and resources to
support the Company's growth and execution of its strategic vision.
To facilitate engagement with prospective investors, the Company
has, together with its advisors, including a major investment bank
announced by the Company in February 2023, established a 10-year
business plan built around its declared strategy.
Ian Pearson, Chairman of EQTEC, commented:
"The Board is committed to the Company's business strategy and
its leadership as it negotiates a difficult transition out of
EQTEC's project development past into its future business model as
a leading technology innovation business. To add momentum behind
execution of its strategy, the Company requires the sort of funding
that only one or more strategic investors can bring. It is
imperative that we respond to the AIM market's valuation of the
Company by finding investors of scale that understand and believe
in EQTEC's direction and full potential."
David Palumbo, CEO of EQTEC, commented:
"We remain committed to transitioning EQTEC from a broad-based
project developer, exposed to a wide range of commercial and
delivery risks, into a technology licensor and innovator focused on
what we do best. We forecast that 2023 would be a pivotal year in
that transition, and now we can begin to see its impact: an
increasing number of pre-funded projects held by larger, better
funded clients and co-delivered with a more reliable cadre of
partners. At the same time, and even after avoiding EUR18 million
in costs last year, we are having to make hard choices about making
good on completion of legacy projects or leaving them behind.
Either way, the impact of managing through the legacy work is
painful in financial terms, as our revenue and profit figures
indicate. But it is also temporary. The engineering work we are
undertaking now on the renewed portfolio will gradually convert to
equipment sales and paid fees for engineering, licensing &
maintenance support. As we strictly qualify, select and contract
new work, we expect increasingly smooth revenues across a busy
portfolio of client-led projects. The second half of 2023 is
focused on steady progression of our transition, including further
clean-up of legacy challenges and growing the depth and breadth of
our engagement with leading partners investing and building new
energy infrastructure in Europe and beyond."
Commercial and operational highlights, including post period
-- Italy Market Development Centre ("MDC"): The Group's
reference plant in Tuscany, Italy was commissioned, made
operational and handed over to Italian operating company EQTEC
Italia MDC Srl; the Group also carried out site visits with
prospective customers including large, European owner-operators.
Post period, the Group, which owns c. 20% of the operating company,
announced bank refinance of the plant worth EUR2.9 million, subject
to specified performance improvements due to be made by the end of
2023.
-- Biogaz Gardanne feasibility: The Group was awarded
feasibility work funded by the France government toward a potential
waste-to-renewable natural gas ("RNG") facility at the site of a
former coal-fired power station, with Wood as the prospective
methanation technology partner. Post period, the Company announced
successful completion of steam-oxygen gasification tests at its
R&D facility at the Université de Lorraine in Epinal, France
("UL"), as part of the Gardanne feasibility work. More broadly, the
tests confirmed that similar results to those achieved with EQTEC
steam-oxygen gasification technology at the UL facility can be
directly applied at commercial scale, for production of advanced
biofuels. The Group later announced completion of feasibility work
and progress toward paid engineering work, supported by the French
government and with emerging prospects for private-sector
investment.
-- Limoges project: In partnership with French utility company
Idex, the Group was awarded a project by the Limoges Métropole for
a waste-to-RNG facility; the project is due to order paid
engineering work from EQTEC in late 2023 or early 2024, with Wood
as prospective methanation technology partner.
-- Colibrì projects: The Company announced a collaboration
framework agreement with Poseidon LNG Hub Srl of Italy toward
deployment of EQTEC technology in Italy for clean, waste-to-RNG
plants, starting with a portfolio of four projects in northern
Italy backed by a consortium including Linde plc, Wood, Alfa Laval
AB and Chemprod Srl.
-- France MDC: Post period, the Company announced the sale to
Idex of 95% of the share capital of Grande-Combe SAS, the project
company for the France MDC and the second project for the
partnership; the Group also announced that it and Idex had signed a
contract for front-end engineering design ("FEED") work expected to
start immediately and complete within 2023, with the Group expected
to receive revenues of EUR440,000 for engineering services.
However, subsequent rescheduling of the completion of FEED work to
December 2023 is expected to result in recognition of such revenues
being delayed to early 2024. The Group also confirmed that it
anticipates by early 2025 invoicing the project for a total of
EUR15 million for engineering services, equipment, commissioning
and licensing.
Current trading and outlook
The Company is accelerating its transition toward its target
business model of technology licensor and innovator, by recovering
or releasing legacy projects, qualifying and pursuing new
opportunities in target markets, continuing its programme of
applied research and trials for client projects at the Université
de Lorraine and driving operational and organisational changes to
the Group itself.
The Company's transition efforts in 2023 have focused on four
legacy projects, driving to re-establish value, recover cash or
exit them.
-- At the North Fork project in California, USA, the Company and
its fellow NFCP shareholders, with the support of the project's
bondholder, have replaced the project manager and are in the
process of exiting the lead contractor for the project. The change
follows restructuring of the project achieved through the
pre-packaged Chapter 11 bankruptcy announced by the Company in
October 2022 and a concerted push by shareholders and bondholder
for accelerated completion of construction, toward commissioning
and live operation of the intended 2.0 MWe forestry waste-to-power
and biochar plant. Additionally, NFCP has cancelled its contract
with the prospective operations and maintenance provider,
transitioning North Fork Community Power LLC ("NFCP") from simply a
shareholding entity to a full, operating company. NFCP has
appointed a highly experienced project management and consultancy
company to drive project progress and to support its ramp-up of the
operational capability.
-- At the Deeside project in Flintshire, UK, the Company
announced on 20 September 2023 that it had issued a legal claim
against project development partner Logik Developments Limited
("Logik Developments") and its wholly owned subsidiary Logik WTE
Limited (collectively, "Logik") in connection with payments made by
the Group and due to the Group, and for breach of the share
purchase agreement between Logik Developments and Deeside WTV,
EQTEC's wholly owned project company. The claim outlined a number
of payments due to the Group for reimbursement of loans made by the
Group to Logik, for reimbursement of direct payments made by the
Group on Logik's behalf and for work undertaken by EQTEC on behalf
of Logik, originally in Logik's scope of work. The total amounts
claimed by the Group total c. GBP4 million.
-- EQTEC commenced commissioning work in Larissa, Greece at the
0.5 MWe plant owned and to be operated by Agrigas Energy SA.
However, the Company is owed outstanding fees of EUR400,000 and is
unwilling to progress with completion of commissioning until these
are paid. The Company is actively working with project EPC ewerGy
GmbH to recover fees and proceed with commissioning.
-- The Company announced on 20 September 2023 that it would
cease activity on its Billingham project in Teesside, UK, given the
difficulties and costs past and future with developing the project
through to financial close. Recent withdrawals of private wire
offtaker candidates for the prospective plant, combined with the
decision by the grid connection provider to cancel the project's
grid connection, made it unfeasible for the Company to prioritise
the project against its emerging portfolio of work in France, Italy
and elsewhere.
The Company has sought to limit its priority activities to a
focused set of opportunities and projects as outlined above.
However, it has also kept in touch with emerging opportunities in
its go-to-markets and especially in France, Croatia, Ireland and
USA.
-- In France, the Group has engaged with one of Europe's largest
utility companies for provision of tailored solutions for
industrial clients. The utility is designing, deploying and
operating on-premise solutions for its industrial clients and sees
a range of opportunities for EQTEC's syngas technology as part of
its offering.
-- In Croatia, the Group continues to engage investors interested in funding the Croatia MDC in Belišće, Croatia toward full operation. The Group had intended to see the plant recommissioned by the end of 2023, but the prospective investors requested operational data from Italia MDC over an extended period of stable operations, thus pushing out the original schedule for Croatia MDC. As soon as EQTEC Italia MDC Srl is able to provide sufficient data, the Company anticipates proceeding toward full funding of the Belišće plant.
-- In Ireland, the Company announced on 25 July 2023 a
collaboration framework agreement with Irish development and
project management company Domi Ost Limited, for deployment of
EQTEC solutions into Ireland, especially for RNG, hydrogen or other
advanced applications such as ethanol or methanol. The Company
confirmed that the parties have identified four projects for joint
pursuit, one of which is now under active development.
-- In the USA, the Company is looking beyond California,
carefully qualifying opportunities that it could support with its
limited and Europe-based capability. It is in discussions with two
large owner-operators with interest in decarbonisation and new
energy infrastructure. Additionally, and with a view to longer-term
development of local engineering capability to support the US
market, the Company is in discussions with two top-tier, R1
research universities toward establishment of R&D facilities on
their premises, based on EQTEC technology.
The Group continued its programme of applied research and trials
for client projects with the Energy from Biomass and Wastes team,
part of the Laboratoire d'Etudes et de Recherche sur le Matériau
Bois at UL. In July 2023, the Group announced success with
steam-oxygen gasification trials for advanced applications such as
RNG, hydrogen and other biofuels. In October 2023, the Group will
carry out additional trials in support of at least one client
seeking to convert refused-derived fuel ("RDF") from municipal
solid waste into power or biofuels.
Finally, and in support of redoubling its efforts in an
efficient and effective way toward accelerating its transition out
of legacy work and into target business, the Company is making
targeted operational and organisational changes:
-- The Company and CFO Nauman Babar have come to mutual
agreement for his transition out of the business before the end of
2023. Mr Babar is departing in light of family considerations that
require him to relocate outside the UK. The Board has commenced a
search for Mr Babar's replacement, and he has committed to support
the Company with orderly handover of his responsibilities. Mr.
Babar's replacement will be announced in due course.
-- Executive Directors have proposed, and the Board of Directors
has agreed that, in recognition of 2023 revenue underperformance
and the near-term requirement for cash preservation in the Company,
the short-term incentive bonus programme ("STI") and the long-term
incentive share options programme ("LTIP") for all Executive
Directors shall be suspended until further notice.
-- On 04 April 2023, the Executive Directors agreed that 24% of
their remuneration payable in 2023 could be satisfied, at the
discretion of the Company's remuneration committee, by the issue of
new Ordinary Shares. The Executive Directors have now agreed to
waive completely their entitlement to receive 24% of their
remuneration payable in 2023.
The principal, unaudited, condensed and consolidated financial
statements for the six months ended 30 June 2023 are set out
below:
EQTEC plc and Group
Unaudited, condensed, consolidated statement of profit or
loss
for the six months ended 30 June 2023
Notes 6 months 6 months
ended ended
30 June 2023 30 June 2022
EUR EUR
Revenue 6 145,293 2,981,006
Cost of sales (109,528) (2,742,168)
Gross profit 35,765 238,838
Operating income/(expenses)
Administrative expenses (2,124,280) (2,464,310)
Impairment of project costs - (1,872)
Other income 52,914 -
Other gains 7 182,833 -
Foreign currency (losses)/gains (68,897) 253,214
Operating loss (1,921,665) (1,974,130)
Share of loss from equity accounted
investments (102,996) (7,322)
Gains from sales to equity accounted
investments deferred - (83,504)
Gain/(loss) on revaluation of equity
accounted investment 16,726 (488)
Change in fair value of investments (6,822) (249,120)
Finance income 39,451 233,953
Finance costs (449,300) (199,751)
Loss before taxation 6 (2,424,606) (2,280,362)
Income tax 8 - -
LOSS FOR THE FINANCIAL PERIOD (2,424,606) (2,280,362)
Loss/(Profit) attributable to:
Owners of the company (2,424,594) (2,280,379)
Non-controlling interest (12) 17
(2,424,606) (2,280,362)
6 months 6 months
ended ended
30 June 2023 30 June 2022
EUR per share EUR per share
Basic loss per share:
From continuing operations 9 (0.0002) (0.0003)
From continuing and discontinued
operations 9 (0.0002) (0.0003)
Diluted loss per share:
From continuing operations 9 (0.0002) (0.0003)
From continuing and discontinued
operations 9 (0.0002) (0.0003)
EQTEC plc and Group
Unaudited, condensed, consolidated statement of other
comprehensive income
for the six months ended 30 June 2023
6 months 6 months
ended ended
30 June 2023 30 June 2022
EUR EUR
Loss for the financial period (2,424,606) (2,280,362)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Exchange differences arising on retranslation
of foreign operations 229,958 (235,360)
229,958 (235,360)
Total comprehensive loss for the
financial period (2,194,648) (2,515,722)
Attributable to:
Owners of the company (2,126,160) (2,574,813)
Non-controlling interests (68,488) 59,091
(2,194,648) (2,515,722)
EQTEC plc and Group
Unaudited, condensed, consolidated statement of financial
position
at 30 June 2023
Notes 30 June 2023 31 December
2022
ASSETS EUR EUR
Non-current assets
Property, plant and equipment 10 537,187 133,053
Intangible assets 11 17,515,929 17,578,231
Investments accounted for using the
equity method 12 7,758,573 7,619,514
Financial assets 3,838,754 3,728,434
Other financial investments 174,866 171,186
Total non-current assets 29,825,309 29,230,418
Current assets
Development costs 13 7,138,705 6,033,543
Loans receivable from project development 13 5,597,403 5,446,087
Trade and other receivables 14 7,083,640 7,221,046
Cash and cash equivalents 1,041,525 1,693,116
Total current assets 20,861,273 20,393,792
Total assets 50,686,582 49,624,210
EQUITY AND LIABILITIES EUR EUR
Equity
Share capital 15 28,906,359 26,799,584
Share premium 89,806,447 87,203,372
Other reserves 2,694,125 2,694,125
Accumulated deficit (79,432,079) (77,305,919)
Equity attributable to the owners
of the company 41,974,852 39,391,162
Non-controlling interests (2,327,011) (2,258,523)
Total equity 39,647,841 37,132,639
Non-current liabilities
Borrowings 2,281,341 1,064,598
Lease liabilities 17 370,163 -
Total non-current liabilities 2,651,504 1,064,598
Current liabilities
Trade and other payables 18 5,711,017 6,264,404
Borrowings 16 2,583,243 5,106,038
Lease liabilities 17 92,977 56,531
Total current liabilities 8,387,237 11,426,973
Total equity and liabilities 50,686,582 49,624,210
EQTEC plc and Group
Unaudited, condensed, consolidated statement of changes in
equity
for the six months ended 30 June 2023 and the six months ended
30 June 2022
Equity
attributable
to owners
Share Share Other Accumulated of the Non-controlling
Capital premium reserves deficit company interests Total
EUR EUR EUR EUR EUR EUR EUR
Balance at 1
January
2022 25,977,130 83,610,562 2,353,868 (66,177,072) 45,764,488 (2,384,189) 43,380,299
Transactions
with
owners - - - - - - -
Loss for the
financial
period - - - (2,280,379) (2,280,379) 17 (2,280,362)
Unrealised
foreign
exchange
gains/(losses) - - - (294,434) (294,434) 59,074 (235,360)
Total
comprehensive
loss for the
financial
period - - - (2,574,813) (2,574,813) 59,091 (2,515,722)
Balance at 30
June
2022 25,977,130 83,610,562 2,353,868 (68,751,885) 43,189,675 (2,325,098) 40,864,577
Balance at 1
January
2023 26,799,584 87,203,372 2,694,125 (77,305,919) 39,391,162 (2,258,523) 37,132,639
Issue of
ordinary
shares 1,596,560 2,399,413 - - 3,995,973 - 3,995,973
Issue of
ordinary
shares in lieu
of
debt 510,215 621,674 - - 1,131,889 - 1,131,889
Share issue
costs - (418,012) - - (418,012) - (418,012)
Transactions
with
owners 2,106,775 2,603,075 - - 4,709,850 - 4,709,850
Loss/(profit)
for
the financial
period - - - (2,424,594) (2,424,594) (12) (2,424,606)
Unrealised
foreign
exchange
losses - - - 298,434 298,434 (68,476) 229,958
Total
comprehensive
loss for the
financial
period - - - (2,126,160) (2,126,160) (68,488) (2,194,648)
Balance at 30
June
2023 28,906,359 89,806,447 2,694,125 (79,432,079) 41,974,852 (2,327,011) 39,647,841
EQTEC plc and Group
Unaudited, condensed, consolidated statement of cash flows
for the six months ended 30 June 2023
Notes 6 months 6 months
ended ended
30 June 30 June
2023 2022
EUR EUR
Cash flows from operating activities
Loss for the financial period (2,424,606) (2,280,362)
Adjustments for:
Depreciation of property, plant
and equipment 92,823 117,055
Amortisation of intangible assets 62,301 62,301
Share of loss from equity accounted
investments 102,996 7,322
Gains from sales to equity accounted
investments deferred - 83,504
(Gain)/loss on revaluation of equity
accounted investment (16,726) 488
Change in fair value of investments 6,822 249,120
(Gain)/(loss) on debt for equity
swap (182,833) -
Unrealised foreign exchange movements 332,389 (468,471)
Operating cash flows before working
capital changes (2,026,834) (2,229,043)
(Increase)/decrease in:
Development costs (1,105,162) (1,444,134)
Trade and other receivables 102,061 (1,296,294)
Decrease in Trade and other payables (652,009) (186,641)
Cash used in operating activities
- continuing operations (3,681,944) (5,156,112)
Income taxes repaid 22,746 -
Finance income (39,451) (233,953)
Finance costs 449,300 199,751
Cash used in operating activities (3,249,349) (5,190,314)
Cash flows from investing activities
Additions to property, plant and
equipment (7,482) (26,465)
Additions to other investments (5,665) -
Deposit paid on land purchase - (593,799)
Investment in related undertakings - (356,279)
Loans advanced to equity accounted
investments (225,250) (2,715,253)
Loans repaid by equity accounted
investments 33,200
Other advances to equity accounted
investments (2,000) -
Loans advanced to project development
undertakings - (781,483)
Cash used in investing activities (207,197) (4,473,279)
Cash flows from financing activities
Proceeds from borrowings and lease
liabilities 906,540 5,981,262
Repayment of borrowings and lease
liabilities (2,006,943) (212,847)
Proceeds from issue of ordinary
shares 4,051,609 -
Share issue costs (247,173) -
Loan issue costs (9,097) (328,769)
Interest paid (2,101) (608)
Net cash generated from financing
activities 2,692,835 5,439,038
Net (decrease)/ increase in cash
and cash equivalents (763,711) (4,224,555)
Cash and cash equivalents at the
beginning of the financial period 1,693,116 6,446,217
Cash and cash equivalents at the
end of the financial period 929,405 2,221,662
EQTEC plc and Group
Notes to the unaudited, condensed, consolidated financial
statements
for the six months ended 30 June 2023
1. GENERAL INFORMATION
The unaudited interim condensed consolidated financial
statements of EQTEC plc ("the Company") and its subsidiaries ("the
Group") for the six months ended 30 June 2023 were authorised for
issue in accordance with a resolution of the directors on 27
September 2023.
EQTEC plc ("the Company") is a company domiciled in Ireland. The
Company's registered office is at Building 1000, City Gate, Mahon,
Cork T12 W7CV, Ireland. The Company's shares are quoted on the AIM
market of the London Stock Exchange plc.
The Group is a waste-to-value group, which uses its proven
proprietary Advanced Gasification Technology to generate safe,
green energy from nearly 60 different kinds of feedstock such as
municipal, agricultural and industrial waste, biomass, and
plastics. The Group collaborates with waste operators, developers,
technologists, EPC contractors and capital providers to build
sustainable waste elimination and green energy infrastructure.
Our income currently comes from the following streams:
gasification technology sales including software, engineering &
design and other related services; maintenance income from
operating plants; and we receive development fees from projects
where we invest development capital. In the future we expect to
receive potential revenue from licensing opportunities and revenue
from live operations where EQTEC has an equity stake in a
plant.
2. BASIS OF PREPERATION
The unaudited interim condensed consolidated financial
statements are for the six months ended 30 June 2023 and are
presented in Euro, which is the functional currency of the parent
company. They have been prepared on a going concern basis in
accordance with International Accounting Standard (IAS) 34 Interim
Financial Reporting.
The annual financial statements of the group are prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the EU. The condensed set of financial statements has
been prepared applying the accounting policies and presentation
that were applied in the preparation of the Company's published
consolidated financial statements for the financial year ended 31
December 2022, except for the adoption of new standards effective
as of 1 January 2023. The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is
not yet effective.
The financial information contained in this interim statement,
which is unaudited, does not constitute statutory accounts as
defined by the Companies Act, 2014. The interim condensed
consolidated financial statements do not include all the
information and disclosures required in the annual financial
statements and should be read in conjunction with the Group's
financial statements for the financial year ended 31 December 2022.
The financial statements of the Group were prepared in accordance
with IFRSs as adopted by the European Union and can be found on the
Group's website at www.eqtec.com .
The financial information for the six months ended 30 June 2023
and the comparative financial information for the six months ended
30 June 2022 have not been audited or reviewed by the Company's
auditors pursuant to guidance issued by the Auditing Practices
Board. The comparative figures for the financial year ended 31
December 2022 are not the Group's statutory accounts for that
financial year. Those accounts have been reported on by the
Company's auditor and will be delivered to the Company's
Registration Office in due course. The audit report on those
statutory accounts was unqualified.
The Group incurred a loss on continuing operations of
EUR2,424,606 (1H 2022: EUR2,280,362) during the six-month period
ended 30 June 2023 and had net current assets of EUR12,474,036 (31
December 2022: EUR8,966,819) and net assets of EUR39,647,841 (31
December 2022: EUR37,132,639) at 30 June 2023.
Going concern and future funding
These unaudited interim condensed consolidated financial
statements have been prepared on a going-concern basis, which
assumes the Company will have sufficient funds available to enable
it to trade for not less than twelve months from the date of
announcing these unaudited interim condensed consolidated financial
statements.
The management team has prepared financial forecasts to estimate
the likely cash requirements of the Company over the next twelve
months from the date of announcing these unaudited interim
condensed consolidated financial statements. These forecasts show
that the Company will require additional external debt or equity
funding going into the second half of 2024 to be able to continue
as a going concern.
The directors have assessed that there is a reasonable prospect
that the funding required for the Company to continue as a going
concern will be secured and therefore have prepared the unaudited
interim condensed consolidated financial statements on a
going-concern basis. In the event that additional funding is not
secured, the Company would not be a going concern and as a
consequence there is a material uncertainty relating to the
Company's ability to continue as a going concern.
The unaudited interim condensed consolidated financial
statements do not include any adjustments that would arise if the
Company were unable to continue as a going concern.
3. BASIS OF CONSOLIDATION
The unaudited interim condensed consolidated financial
statements include the financial statements of the Group and all
subsidiaries. The financial period ends of all entities in the
Group are coterminous.
4. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies used in preparing the
unaudited interim condensed consolidated financial information are
consistent with those disclosed in the Annual Report and Accounts
of EQTEC plc for the financial year ended 31 December 2022, except
for the amendment to the development assets policy and the adoption
of new standards and interpretations and revisions of existing
standards as of 1 January 2023 noted below:
New/revised standards and interpretations adopted in 2023
The following amendments to existing standards and
interpretations were effective in the period to 30 June 2023, but
were either not applicable or did not have any material effect on
the Group:
-- IFRS 17: Insurance Contracts;
-- Amendments to IAS 12: Income Taxes - International Tax Reform - Pillar Two Model Rules;
-- Amendments to IAS 12: Income Taxes - Deferred Taxes related
to Assets and Liabilities arising from a Single Transaction;
-- Amendments to IAS 8: Accounting Polices, Changes in
Accounting Estimates and Errors-Definition of Accounting Estimates;
and
-- Amendments to IAS 1: Presentation of Financial Statements and
IFRS Practice Statement 2 Making Materiality Judgements -
Disclosure of Accounting Policies.
The directors do not expect the adoption of the above amendments
and interpretations to have a material effect on the interim
condensed financial statements in the period of initial
application.
5. ESTIMATES
The preparation of the interim condensed consolidated financial
statements requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of certain assets, liabilities, revenues and expenses
together with disclosure of contingent assets and liabilities.
Estimates and underlying assumptions are reviewed on an on-going
basis. Revisions of accounting estimates are recognised in the
period in which the estimate is revised.
The judgements, estimations and assumptions applied in the
interim financial statements, including the key sources of
estimation uncertainty, were the same as those applied in the
Group's last annual financial statements for the financial year
ended 31 December 2022.
6. SEGMENT INFORMATION
Information reported to the chief operating decision maker for
the purposes of resource allocation and assessment of segment
performance focuses on the products and services sold to customers.
The Group's reportable segments under IFRS 8 Operating Segments are
as follows:
Technology Sales: Being the sale of Gasification Technology and
associated Engineering and Design Services; and
Power Generation: Being the development and operation of
renewable energy electricity and heat generating plants.
The chief operating decision maker is the Chief Executive
Officer. Information regarding the Group's current reportable
segment is presented below. The following is an analysis of the
Group's revenue and results from continuing operations by
reportable segment:
Segment Revenue Segment Profit/(Loss)
6 months ended 6 months ended
30 June 30 June 30 June 30 June
2023 2022 2023 2022
EUR EUR EUR EUR
Technology Sales 145,293 2,981,006 (781,496) (536,346)
Power Generation - - (99) (63)
Total from continuing
operations 145,293 2,981,006 (781,595) (536,409)
Central administration costs and directors'
salaries (1,306,920) (1,689,063)
Impairment of project costs - (1,872)
Other income 52,914
Other gains and losses 182,833 -
Foreign currency (losses)/gains (68,897) 253,214
Share of loss of equity accounted investments (102,996) (7,322)
Gains from sales to equity accounted
investments deferred - (83,504)
Gain/(loss) on revaluation of equity
accounted investment 16,726 (488)
Change in fair value of investments (6,822) (249,120)
Finance income 39,451 233,953
Finance costs (449,300) (199,751)
Loss before taxation (continuing operations) (2,424,606) (2,280,362)
Revenue reported above represents revenue generated from
associated undertakings and external customers. Inter-segment sales
for the financial period amounted to EURNil (2022: EURNil).
Included in revenues in the Technology Sales Segment are revenues
of EURNil (2022: EUR2,550,000) which arose from sales to associate
undertakings and joint ventures of EQTEC plc.
Segment profit or loss represents the profit or loss earned by
each segment without allocation of central administration costs and
directors' salaries, other operating income, share of losses of
jointly controlled entities, investment revenue and finance costs.
This is the measure reported to the chief operating decision maker
for the purposes of resource allocation and assessment of segment
performance.
Other segment information: Depreciation and Additions to non-current
amortisation assets
6 months ended 6 months ended
30 June 30 June 30 June 30 June
2023 2022 2023 2022
EUR EUR EUR EUR
Technology sales 57,429 61,794 496,612 26,465
Power Generation - - - -
Head Office 97,695 117,563 - -
155,124 179,357 496,612 26,465
The Group operates in four principal geographical areas:
Republic of Ireland (country of domicile), the European Union,
United States and the United Kingdom. The Group's revenue from
continuing operations from external customers and information about
its non-current assets* by geographical location are detailed
below:
Revenue from Associates Non-current assets*
and External Customers
6 months 6 months
ended ended As at As at
30 June 30 June 30 June 31 December
2023 2022 2023 2022
EUR EUR EUR EUR
Republic of Ireland - - - -
European Union 145,293 2,981,006 2,769,657 2,392,776
United States - - - -
United Kingdom - - - 35,049
145,293 2,981,006 2,769,657 2,427,825
*Non-current assets excluding goodwill, financial instruments,
deferred tax and investment in jointly controlled entities and
associates.
The management information provided to the chief operating
decision maker does not include an analysis by reportable segment
of assets and liabilities and accordingly no analysis by reportable
segment of total assets or total liabilities is disclosed.
7. OTHER GAINS AND LOSSES
6 months ended 6 months ended
30 June 2023 30 June 2022
EUR EUR
Gain on debt for equity swap 182,833 -
During the financial period, the Group extinguished some of its
borrowings by issuing equity instruments. In accordance with IFRIC
19 Extinguishing Financial Liabilities with Equity Instruments, the
gain recognised on these transactions was EUR182,833 (H1 2022:
EURNil).
8. INCOME TAX
6 months ended 6 months ended
30 June 2023 30 June 2022
EUR EUR
Income tax expense comprises:
Current tax expense - -
Deferred tax credit - -
Adjustment for prior financial - -
periods
Tax expense - -
An income tax charge does not arise for the six months ended 30
June 2023 or 30 June 2022 as the effective tax rate applicable to
expected total annual earnings is Nil as the Group has sufficient
tax losses coming forward to offset against any taxable profits. A
deferred tax asset as not been recognised for the losses coming
forward.
9. LOSS PER SHARE
6 months ended 6 months ended
30 June 2023 30 June 2022
EUR per share EUR per share
Basic loss per share
From continuing operations (0.0002) (0.0003)
From discontinued operations - -
Total basic loss per share (0.0002) (0.0003)
Diluted loss per share
From continuing operations (0.0002) (0.0003)
From discontinued operations - -
Total diluted loss per share (0.0002) (0.0003)
The loss and weighted average number of ordinary shares used in
the calculation of the basic and diluted loss per share are as
follows:
6 months 6 months
ended ended
30 June 2023 30 June 2022
EUR EUR
Loss for period attributable to
equity holders of the parent (2,424,594) (2,280,379)
Profit for the period from discontinued
operations used in the calculation
of basic earnings per share from
discontinued operations - -
Losses used in the calculation of
basic loss per share from continuing
operations (2,424,594) (2,280,379)
No. No.
Weighted average number of ordinary
shares for
the purposes of basic loss per share 10,474,682,261 8,599,024,945
Weighted average number of ordinary
shares for
the purposes of diluted loss per
share 10,474,682,261 8,599,024,945
Dilutive and anti-dilutive potential ordinary shares
The following potential ordinary shares were excluded in the
diluted earnings per share calculation as they were
anti-dilutive.
30 June 2023 30 June 2022
Share warrants in issue 2,053,846,832 462,472,488
Share options in issue 67,304,542 67,304,542
Convertible loans 276,698,306 93,457,944
LTIP Shares in issue 374,779,879 23,045,003
Total anti-dilutive shares 2,772,629,559 646,279,977
10. PROPERTY, PLANT AND EQUIPMENT
During the six-month period ended 30 June 2023, the Group
acquired property, plant and equipment to the value of EUR489,130
financed by new leases (H1 2022 - EURNil) and EUR7,482 financed by
cash. (H1 2022: EUR26,465).
11. INTANGIBLE ASSETS
Included are the following amounts relating to goodwill in
intangible assets:
Goodwill Patents Total Goodwill Patents Total
30-Jun-23 30-Jun-23 30-Jun-23 31-Dec-22 31-Dec-22 31-Dec-22
Cost EUR EUR EUR EUR EUR EUR
At start and
at end of
the
financial
period 16,710,497 2,492,059 19,202,556 16,710,497 2,492,059 19,202,556
Amortisation and impairment
At start of
the
financial
period 1,427,038 197,287 1,624,325 1,427,038 72,685 1,499,723
Amortisation
for the
period 62,300 62,300 124,602 124,602
Impairment - -
losses
At end of the
financial
period 1,427,038 259,587 1,686,625 1,427,038 197,287 1,624,325
Carrying value
At start and
at end of
the
financial
period 15,283,459 2,232,470 17,515,929 15,283,459 2,294,772 17,578,231
12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Investments accounted for using the equity method are made up as
follows:
30 June 2023 31 December
2022
EUR EUR
Investment in associate undertakings 4,399,974 4,263,604
Investment in joint ventures 3,358,599 3,355,910
7,758,573 7,619,514
The carrying amount of equity-accounted investments has changed
as follows in the six months to June 2023:
Associate Joint
Undertakings Ventures
6 months 6 months
ended ended
30 June 2023 30 June 2023
EUR EUR
Beginning of the period 4,263,604 3,355,910
Loans advanced in period 218,750 6,500
Loans repaid in period (32,000) (1,200)
Interest accrued on loans in period 31,597 -
Share of loss on equity-accounted
investments in period (99,241) (3,755)
Gain on revaluation of equity accounted 16,726 -
investment
Exchange differences 538 1,144
4,399,974 3,358,599
13. DEVELOPMENT ASSETS
30 June 31 December
2023 2022
EUR EUR
Costs associated with project development
Loan receivable from project development
undertakings 7,138,705 6,033,543
* Convertible loans 2,908,147 2,824,572
* Other loans 2,689,256 2,621,515
5,597,403 5,446,087
The Group uses its expertise in engineering, project management,
permitting, planning and financing to develop waste to value
projects. Once the projects reach a certain level of maturity,
third party investors are allowed invest in the project SPV. The
Group charges a premium to the project SPV for the development
services over and above the costs incurred in developing the
project.
Costs associated with project development, including loans
advanced to project undertakings (together "Total Project Costs")
comprise expenses associated with engineering, project management,
permitting, planning, financing and other services, incurred in
furthering the development of a project towards financial close.
Total Project Costs set out above represent the cost of delivery of
project development services and are transferred to cost of sales
when the project SPV is invoiced by the Group for project
development work.
Included in loans receivable from project development
undertakings is an amount of EUR450,000 which is receivable, along
with accrued interest, 18 months from the date of drawdown.
Interest is charged at 15% per annum. At 30 June 2023, the loan is
valued at EUR605,177 (31 December 2022: EUR597,329).
Included in loans receivable is an amount of GBP2,500,000 (31
December 2022: GBP2,500,000) arising from development service fees
to Shankley Biogas Limited which has been converted into a
convertible loan note secured by a fixed and floating charge on the
assets and business of Shankley Biogas Limited. The loan note,
which is interest-free, is due to be paid to the company following
sale of, or investment into Shankley Biogas Limited by any third
party. At 30 June 2023, the loan is valued at EUR2,908,147 (31
December 2022: EUR2,824,572).
The remaining loans receivables were issued with no interest and
no fixed repayment date.
14. TRADE AND OTHER RECEIVABLES
Included in trade and other receivables is an amount of
EUR884,077 (31 December 2022: EUR858,670) being a deposit towards
the purchase of land on which the proposed up to 25 MWe Billingham
waste gasification and power plant at Haverton Hill, Billingham,
UK, will be constructed.
15. EQUITY
During the 6-month period ended 30 June 2023, 2,106,774,908
shares (6 months ended 30 June 2022: Nil shares) were issued as
follows:
Amounts of shares 6 months 6 months
ended ended
30 June 30 June
2023 2022
Ordinary Shares of EUR0.001 each
issued and fully paid
Beginning of the period 9,421,479,112 8,599,024,945
Issued in lieu of borrowings and 510,214,516 -
settlement of payables
Share issue for cash - public and 1,596,560,373 -
private placement
Total Ordinary shares of EUR0.001
each authorised, issued and fully
paid at the end of the period 11,528,254,001 8,599,024,945
16. BORROWINGS
During the six months ended 30 June 2023, the following occurred
in relation to debt securities:
Altair Facility
On 21 March 2023, it was announced that Altair Group Investments
Limited ("Altair"), the largest shareholder of the Company, has
agreed to subscribe for GBP1.5 million pursuant to the Placing
announced on that date. In addition, the Company has an existing
GBP2 million loan facility with Altair, as announced on 9 December
2022 (the "Altair Facility"). The Company and Altair entered into
an agreement through which Altair's participation in the Placing
will be applied towards reducing the outstanding amount of GBP1.8
million under the Altair Facility and to increase the maximum
amount of such facility to GBP3.5 million, with GBP1.7 million
remaining available for drawdown following the Altair Placing and
intended repayment (the "Facility Extension"). All other terms of
the Altair Facility remain unchanged.
Lenders' Facility
On 21 March 2023, the Company announced that the Company had an
existing GBP10 million loan facility with Riverfort Global
Opportunities PCC Limited and YA II PN Limited (the "Lenders" and
the "Lenders Facility"). As at 21 March 2023, the outstanding
balance of the Lenders Facility is GBP5,137,500. The Lenders
agreed, conditional upon admission of the placing shares pursuant
to the GBP3.5 million placing as announced on 21 March 2023, to
convert GBP887,500 of the current outstanding loan balance into
403,409,091 units at the placing price comprising 403,409,091 new
Ordinary Shares ("Lender Shares") and 201,704,540 share purchase
warrants on the same terms as the Warrants.
The Lenders have also agreed to reprofile the monthly repayment
schedule of the Lenders' Facility for the period until 31 December
2024, with repayments starting on 30 June 2023. A one-off reprofile
fee of 3% of the Lenders' Facility will be added to the outstanding
balance. Following the reprofile, the outstanding balance of the
Lenders' Facility will be GBP4.25 million and a fixed-interest
monthly coupon of GBP31,875 will be payable when repayments
commence.
The Lenders will also receive warrants over 965,909,091 Ordinary
Shares as part of the debt reprofile, exercisable for a period of
two years from the date of grant at a 100 percent premium over the
Placing Price ("Lender Warrants"). However, the Lender Warrants
will be exercisable only once the mid-market closing price of the
Ordinary Shares is equal to or exceeds 0.55 pence at the time of
exercise.
17. LEASES
Lease liabilities are presented in the statement of financial
position as follows:
30 June 31 December
2023 2022
EUR EUR
Current 92,977 56,531
Non-current 370,163 -
463,140 56,531
The Group has a lease for its offices in Iberia, Spain and
London, United Kingdom. The lease liabilities are secured by the
related underlying asset. Further minimum lease payments at 30 June
2023 were as follows:
Minimum lease payments due
Within 1-2 2-3 3-4 4-5 After Total
1 year years years years years 5 years
EUR EUR EUR EUR EUR EUR EUR
30 June 2023
Lease payments 105,600 105,600 105,600 105,600 74,800 - 497,200
Finance charges (12,623) (9,795) (6,881) (3,878) (883) - (34,060)
Net Present
Values 92,977 95,805 98,719 102,722 73,917 - 463,140
31 December
2022
Lease payments 56,849 - - - - - 56,849
Finance charges (318) - - - - - (318)
Net Present
Values 56,531 - - - - - 56,531
18. TRADE AND OTHER PAYABLES
Included in trade and other payables at 30 June 2023 is an
amount of EUR2,559,169 (GBP2,200,000) (31 December 2022:
EUR2,485,623 (GBP2,200,000)) relating to consideration payable
under the share purchase contract to acquire Logik WTE Limited.
19. RELATED PARTY TRANSACTIONS
The Group's related parties include Altair Group Investment
Limited ("Altair"), who at 30 June 2023 held 15.91% of the shares
in the Company, the associate and joint venture companies and key
management.
Transactions with Altair
During the six-month period ended 30 June 2023, Altair advanced
EUR906,540 (H1 2022: EURNil) by way of borrowings and was repaid
EUR1,707,919 (H1 2022: EURNil) with respect to these loans.
Interest payable to Altair for the six-month period ended 30 June
2023 amounted to EUR42,295 (H1 2022: EURNil). Included in
borrowings, net of amortisation costs, at 31 December 2022 is an
amount of EUR372,130 (31 December 2022: EUR1,064,598) due to Altair
from the Group
Transactions with associate undertakings and joint ventures
The following aggregated transactions were made with associate
undertakings and joint ventures in the six months ended 30 June
2023:
6 months 6 months ended
ended 30 June 2022
30 June 2023
Loans to associated undertakings EUR EUR
and joint ventures
Beginning of the financial period 5,174,551 3,621,307
Loans advanced in period 225,250 2,715,253
Loans repaid in period (33,200) -
Reclassified as equity (254,470) -
Interest accrued on loans in period 31,597 186,251
Exchange differences 2,450 203,103
At end of the financial period 5,146,178 6,725,914
6 months 6 months ended
ended 30 June 2022
30 June 2023
Sales of goods and services EUR EUR
Technology sales - 2,550,000
Other income 52,913 -
30 June 2023 31 December
2022
Period-end balances EUR EUR
Included in trade receivables 5,113,553 4,243,628
Re-charge of costs 31,482 27,508
Transactions with key management
Key management of the Group are the members of EQTEC plc's board
of directors. There have been no non-remuneration transactions with
key management in the six months ended 30 June 2023.
20. EVENTS AFTER THE BALANCE SHEET DATE
Sale of subsidiary
On 12 July 2023, the Company announced that it had agreed with
French infrastructure owner and utility company Idex to the sale of
95% of the share capital of its 100% subsidiary, Grande-Combe SAS
("Grande-Combe"), the project company for the Company's France
Market Development Centre ("MDC") and the project to construct and
commission it ("France MDC"). Idex's acquisition of Grande-Combe
from the Company has been formalised through execution of a
share-purchase agreement (the "SPA") and a shareholders' agreement
(together with the SPA, the "Agreement"). Under the terms of the
Agreement, Idex acquires the project for construction and
commissioning of France MDC and EQTEC remains the integrator and
licensor of core technology, also retaining the right to utilise
France MDC as an MDC.
The main elements of the Agreement are as follows:
-- Under the SPA, Idex acquires 95% of the share capital in
Grande-Combe, with the Company retaining a 5% carried interest;
EQTEC's carried interest requires no financial investment by
EQTEC;
-- In respect of the acquired share capital, the Company
receives a fixed consideration of EUR750,000, payable at completion
of the transaction (the "Fixed Consideration");
-- In addition to the Fixed Consideration, the Company is
eligible to receive additional payments up to full commissioning of
the France MDC, subject to achieving performance milestones and for
a combined total of up to EUR750,000;
-- In addition, under the Agreement, EQTEC will receive fees for
engineering services, equipment, commissioning and licensing over
the period Q4 2023 - Q1 2025, estimated to amount in total c. EUR15
million; and
-- Under the Agreement, the Company is entitled to utilise
France MDC for one prospective client visit per month, with more
visits possible under specific terms.
Discontinuation of Billingham Project
On 20 September 2023, the Company announced its intention to
cease activity on its Billingham project at Haverton Hill,
Teesside, UK (the "Project"). The Company's decision comes amidst
challenging market conditions in the UK and following recent
setbacks with the project that make it increasingly inappropriate
for the Company to prioritise the Project against opportunities
elsewhere. Given its investments into development of the Project in
recent years and the likelihood the Company will be unable to
recover all of them, the Company anticipates writing some of them
off. At 30 June 2023, the total costs capitalised in the Project
amounted to EUR4,721,316.
Legal claim against Logik Developments Limited and Logik WTE
Limited re: Deeside
On 20 September 2023, the Company initiated legal proceedings in
the London Circuit Commercial Court of the Business and Property
Courts of England and Wales by submitting a Particulars of Claim
against Logik Developments Limited and Logik WTE Limited. The Claim
outlines the case against Logik for failure to pay for the services
rendered, costs incurred and loans made by EQTEC plc and its
subsidiaries to Logik and for breach of the share purchase
agreement between the two parties originally executed on 07
December 2020 and amended several times since that date (the
"SPA"). The amounts claimed by the Group total c. GBP4 million.
In relation to the Deeside project, as at 30 June 2023 the full
consideration of EUR3,838,754 (or GBP3,454,878) (31 December 2022:
EUR3,728,434 (or GBP3,300,000)) has been recognised as an
Investment in Related Undertakings and the balance of consideration
payable of EUR2,559,169 (GBP2,303,252) (31 December 2022:
EUR2,485,623 (GBP2,200,000)) has been recognised as a liability in
Other Payables. In addition, the total costs capitalised in
relation to the Project amounted to EUR3,548,873 of which
EUR1,464,794 was classified as Development Costs and EUR2,084,079
as Loans Receivable from Project Development Undertakings.
21. APPROVAL OF FINANCIAL STATEMENTS
The condensed consolidated financial statements for the six
months ended 30 June 2023, which comply with IAS 34, were approved
by the Board of Directors on 27 September 2023.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
ENQUIRIES
EQTEC plc
David Palumbo / Nauman Babar +44 20 3883 7009
Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard Johnson +44 20 7409 3494
Panmure Gordon - Broker
John Prior / Hugh Rich +44 20 7886 2500
Instinctif - Media & investor relations EQTEC@instinctif.com
enquiries +44 791 717 8920 / +44 788
Guy Scarborough / Tim Field 788 4794
About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development, EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions. EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
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IR FFFVLARIDFIV
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