TIDMPPS
RNS Number : 0632M
Proton Motor Power Systems PLC
17 September 2021
17 September 2021
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Unaudited Interim Results for the six months to 30 June 2021
Proton Motor Power Systems plc (AIM: PPS), the designer,
developer and producer of fuel cells and fuel cell electric hybrid
systems with a zero-carbon footprint, announces its unaudited
interim results for the six months ended 30 June 2021.
Highlights
- Order intake of GBP1.8m for a total order book at the period
end of GBP7.3m to be delivered by 2023, including repeat orders
from GKN, the international engineering and aerospace group
- Memorandum of understanding signed with Electra Commercial
Vehicles, which was followed by an initial order after the period
end
- Quotes currently with customers exceeding a value of EUR45m
- Sales of GBP922k in H1 2021 (H1 2020: GBP1.1m)
- Generating a positive gross margin
- Increased existing loan facilities with principal shareholders by approximately EUR12m
For further information:
Proton Motor Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Roman Kotlarzewski, CFO Tel.: +44 (0) 7866 122678
Brendan Bilton, Investor and
Business Relations Tel: +49 (0) 173 189 0923
Antonio Bossi, Non-Executive
Director, Investor Relations www.protonpowersystems.com
investor-relations@proton-motor.de
Shore Capital
Nominated adviser and broker
Tom Griffiths / David Coaten Tel: +44 (0) 20 7408 4050
www.shorecap.co.uk
About Proton Motor Fuel Cell GmbH
Proton Motor has more than 20 years of experience in power
solutions using clean technologies such as hydrogen fuel cells,
fuel cell and hybrid systems with a zero carbon footprint. Based in
Puchheim near Munich, Proton Motor offers complete fuel cell and
hybrid systems from a single source - from the development and
production through the implementation of customized solutions. The
focus of Proton Motor is on back-to-base applications, including
mobile, marine and stationary applications. The product portfolio
consists of base-fuel cell systems, standard complete systems, as
well as customized systems.
Proton Motor serves IT, Telecoms, public infrastructure and
healthcare customers in Germany, Europe and Middle East with power
supply solutions for DC and AC power demand. In addition to power
supply, SPower also offers solutions for Solar Systems as well as a
new product line for Solar Energy Storage.
Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of
Proton Motor Power Systems plc. The Company has been quoted on the
AIM market of the London Stock Exchange since October 2006 (code:
PPS).
Chairman's report
We are pleased to report our unaudited results for the six
months ended 30 June 2021.
Overview:
Proton Motor has made further progress in the first half of this
year in developing its strategic partnerships with some large
customers and building its sales pipeline.
We have strengthened our organisation to continue to deliver
complete zero emission power supply solutions with the addition of
staff in production and product development.
Despite the COVID-19 backdrop, a further strengthening of
industry and consumer demand for alternative sources of energy
continues, supported by various governments' strategies towards the
"hydrogen economy". Proton Motor's technological offering continues
to mature and remains aligned with this growing demand and supports
the continuing commercialisation of the group's products. The
potential sales order and production pipeline is strong and
expected to continue to grow.
Highlights and Financial Results H1 2021:
-- Order intake of GBP1.8m (H1 2020: GBP5.9m, which included a
single large order worth in excess of EUR5m) for a total order book
at the period end of GBP7.3m (H1 2020: GBP6.4m) to be delivered by
2023.
-- Gross profit of GBP97,000.
-- After the period end, we received:
o An initial order from Electra Commercial Vehicles ("Electra")
for a HyRange system
o A follow on order from E-Trucks Europe for seven HyRange 43
systems
o Two further orders from GKN for a total of nine PM Module S8
fuel cell systems.
-- 29% of order intake derived from the stationary segment, 46%
from the mobility segment with most of the remainder relating to an
order for engineering services coupled with the delivery of
specified prototypes.
-- Quotes currently with customers exceeding a value of EUR45m.
-- Having implemented all recommended protective measures from
the onset of the COVID-19 pandemic at its factory in Puchheim,
there have only been 5 isolated cases of COVID-19 amongst the
Company's staff. Whilst our staff have to maintain social
distancing and other recommended measures to protect themselves
against the virus, our factory in Puchheim remains fully
operational and our production capacity is unaffected.
-- Sales in the first half of 2021 were GBP922k, compared to the
first half 2020 sales of GBP1,101k. Order intake and sales income
are also being derived from service and maintenance agreements for
past and future sales.
Finance
Proton Motor received orders for GBP1.8m in the first half year
including a number of repeat orders from customers. Repeat orders
allow better planning of production material purchases on more
favourable terms, which management expects will lead to an
improvement in margins.
Sales in H1 2021 were GBP922k (H1 2020: GBP1.1m), arising from
the 2020 order intake. GBP1.3m was invested in the development
programme and our workforce increased by 12 to 99 full time
employees. We added staff resources predominantly in the areas of
production and product development.
We generated a Gross Profit of GBP97,000 in the period.
Excluding the impact of the embedded derivative and exchange
losses, the operating loss in the first half of 2021 was GBP3.9m
vs. GBP2.8m in the first half of 2020 which was in line with our
budgeted expectations and resulted from further investments in
product development, production and staff in addition to
manufacturing infrastructure.
GBP197k was invested in equipment and infrastructure during the
period (H1 2020: GBP132k).
The "Fair value gain" in our financial results relating to the
embedded derivative is a non-operating, non-cash item, required by
IFRS financial reporting, which is based on gauging the potential
effects of partial convertible interest on loan financing. The main
value driver of the embedded derivative calculation is the market
price of the Company's ordinary shares. The movement on the
embedded derivative for the first half of 2021 results in a
substantial gain due to the change in the market price of the
shares between 1 January 2021 and 30 June 2021. The non-operating
result in the first half of 2021 was also positively affected by
the movement of exchange rates between Pound Sterling and the
Euro.
Cash burn from operating activities increased during the period
to GBP4.4m vs. GBP4.0m in the first half of 2020 reflecting the
increased level of activity to deliver our sales pipeline and from
further investment. Cash flow is our key financial performance
target and our objective is to achieve a positive cash flow in the
shortest time possible. Current contracts are quoted with up-front
payments reducing reliance on working capital as we continue to
invest in our manufacturing capability. The cash position at 30
June 2021 was GBP2.7m vs. GBP337k at 30 June 2020.
We were very pleased with the continued support of our principal
shareholders with whom we agreed to increase the existing financing
facilities by EUR11.9 million to ensure operational financing for
the Company into 2022. The principal and interest on these
additional facilities is not convertible and interest is charged at
LIBOR+3%.
The fuel cell market
The 2019 global fuel cells market size was valued at
approximately US$10.48 billion, according to a study conducted by
Grand View Research. The upward trend in fuel cell demand was
foreseen to continue throughout 2020 and beyond. Expecting a CAGR
of 15.5% during the years 2020-2027, the market size will exceed
US$33 billion in 2027.
Source:
www.grandviewresearch.com/industry-analysis/fuel-cell-market
The various European Government programmes intended to support
the hydrogen economy which we set out in our trading update of 4
March 2021 remain in place, and we also look forward to any
indication of further support ahead of, or during, the COP26
Climate Change Conference later this year. We were very pleased to
read the recently published UK Government's Hydrogen Strategy which
envisions kick starting a world-leading hydrogen economy set to
support over 9,000 UK jobs and unlock GBP4 billion investment by
2030.
Interestingly, we also note the recent legislative changes in
the UK which will restrict the entitlement to use red diesel and
rebated biodiesel from most sectors from April 2022. As a result,
most users of red diesel in the UK will have to use fuel taxed at
the standard rate for diesel from April 2022. This is likely to
make alternative solutions, such as fuel cells, more competitive in
many settings.
Group activity
I was particularly pleased that Proton Motor received repeat
orders from some of our key customers including GKN, the
international engineering and aerospace group, and from E-Trucks
Europe, which produces hydrogen-electric hybrid heavy duty
vehicles.
Repeat orders from these important customers are a validation of
both our technology and our commercial proposition.
We are also pleased to see the recent announcement by our
partner, Electra that their first unit comprising a Proton Motor
HyRange 43 system will be on the road in December 2021. Recently,
Electra has also been chosen as a sub-contractor to Sainsbury's and
Element Energy for their trial of hydrogen-powered heavy goods
vehicles in the Tees Valley area.
Following the successful product launch of the fourth generation
stack modules we have been focusing on selling fuel cell systems
with an electrical power output from 30 kW up to 150 kW for mobile,
stationary, maritime and rail applications. In addition, quotes for
complete power supply units are still being offered.
With these fourth-generation fuel cell stacks and systems, the
Company has set up strategic partnerships with electrical drive
train manufacturers and industrial partners. The systems can be
used in combination with a battery to power a hybrid drive train
for electric driven light duty vehicles, inner city buses or
industrial power supply solutions. We are also seeing growing
interest from truck manufacturers for municipality maintenance
vehicles.
Proton Motor has been a member of the EU funded project REVIVE
consortium since 2019. As part of this project, a fuel cell system
for integration into a garbage truck has been designed. A PM400
Stack Module 144 is being integrated into a HyRange(R) fuel cell
system. The integration into the truck is being carried out
together with the vehicle manufacturer E-Trucks Europe
("E-Trucks"), based in Belgium. Several of these HyRange 43 fuel
cell systems were produced and shipped to Belgium at the beginning
of the project. In January 2020 and June 2021, E-Trucks placed
further orders for these systems and for the trucks in which the
systems will be installed as part of the REVIVE project.
As announced on 10 August 2020, Proton Motor is producing a
containerised fuel cell hybrid system intended to power Shell New
Energies' line of portable hydrogen refuelling units for buses and
trucks. The system comprises three PM Frame S43 fuel cell systems
in combination with a battery system installed inside a 20 feet
container. The container is currently being commissioned and will
be delivered in Q4.
We have now delivered and commissioned the 100kW fuel cell
package, integrated into a container, for our partner APEX Energy
Teterow GmbH (APEX). The system has been in operation since May
2021. Proton Motor is now working with APEX under the previously
announced framework agreement which envisages 10 more of these fuel
cell systems to be delivered in the next 3 years.
The system ordered by Linsinger, which was announced on 4
February 2020, has, after the period end, been delivered to the
customer. This system consists of two multistack systems each
including three PM400 Stack module 120. In total, the fuel cell
system package has an installed fuel cell power of 213 kW and will
be used to power a rail milling machine.
As previously announced, Proton Motor has continued the
development of its fifth generation stack modules. These new
generation stacks are ready for volume production through the
automated fuel cell manufacturing line which was installed in May
2019.
I personally thank all our customers who believe in us, our
committed employees and our shareholders who have the vision to
invest in our mission.
Helmut Gierse
Non-Executive Chairman
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
Note 2021 2020 2020
GBP'000 GBP'000 GBP'000
Revenue 922 1,101 1,893
Cost of sales (825) (775) (1,976)
--------------- ---------------- ------------------
Gross profit / (loss) 97 326 (83)
Other operating income 234 28 492
Administrative expenses (4,232) (3,185) (7,537)
--------------- ---------------- ------------------
Operating loss (3,901) (2,831) (7,128)
Finance income 1 2 3
Finance costs incl. exchange
differences 2,735 (7,438) (8,638)
(Loss) for the period before
embedded derivatives (1,165) (10,267) (15,763)
--------------- ---------------- ------------------
Fair value gain/(loss) on embedded
derivatives 212,739 (210,919) (386,870)
--------------- ---------------- ------------------
Gain/(Loss) for the period
attributable to shareholders 211,574 (221,186) (402,633)
--------------- ---------------- ------------------
Gain/(Loss) / Profit per share
(expressed as pence per share)
Basic 7 27.3 (32.9) (57.0)
Diluted 7 13.2 (14.8) (26.4)
(Loss) / Profit per share (expressed
as pence per share) excluding
embedded derivative
Basic 7 (0.2) (1.5) (2.2)
Diluted 7 (0.1) (0.7) (1.0)
OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------ ------------ ----------------
Gain/(Loss) / Profit for the
period 211,574 (221,186) (402,633)
------------ ------------ ----------------
Other comprehensive (expense)
/ income
------------ ------------ ----------------
Items that may not be reclassified
to profit and loss
Exchange differences on translating
foreign operations 185 (113) (761)
------------ ------------ ----------------
Total other comprehensive income
/ (expense) 185 (113) (761)
------------ ------------ ----------------
Total comprehensive (expense)
for the year 211,759 (221,299) (403,394)
============ ============ ================
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 97 29 64
Property, plant and equipment 1,434 1,451 1,484
Right-of-use assets 210 388 285
Fixed asset investments 11 11 11
------------ ------------ ----------------
Total non-current assets 1,752 1,879 1,844
Current assets
Inventories 2,842 2,580 1,790
Trade and other receivables 699 284 348
Cash and cash equivalents 2,702 337 2,739
------------ ------------ ----------------
Total current assets 6,243 3,201 4,877
------------ ------------ ----------------
Total Assets 7,995 5,080 6,721
============ ============ ================
Current Liabilities
Trade and other payables (5,019) (1,859) (4,389)
Lease debt (206) (106) (196)
Borrowings (615) (865) (814)
------------ ------------ ----------------
Total current liabilities (5,840) (2,830) (5,399)
Non-current liabilities
Borrowings (80,023) (75,852) (79,238)
Lease debt (15) (289) (104)
Embedded derivatives on convertible
interest (396,462) (433,250) (609,201)
------------ ------------ ----------------
Total non-current liabilities (476,500) (509,391) (688,543)
------------ ------------ ----------------
Total Liabilities (482,340) (512,221) (693,942)
------------ ------------ ----------------
Net liabilities (474,345) (507,141) (687,221)
============ ============ ================
Equity
Capital and reserves attributable
to equity shareholders
Share capital 11,022 9,996 10,598
Share premium account 20,254 18,825 19,574
Merger reserve 15,656 15,656 15,656
Reverse acquisition reserve (13,861) (13,861) (13,861)
Share option reserve 961 948 949
Foreign translation reserve 9,448 12,887 11,038
Capital contributions 1,215 1,233 1,215
Accumulated losses (519,040) (552,825) (732,390)
------------ ------------ ----------------
Total equity (474,345) (507,141) (687,221)
============ ============ ================
STATEMENT OF CHANGES IN EQUITY
Reverse Share Foreign Capital
Share Share Merger Acquisition Option Translation Contribution Accumulated Total
Capital Premium Reserve Reserve Reserve Reserve Reserves Losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2020 9,970 18,704 15,656 (13,861) 968 10,437 1,151 (328,996) (285,971)
Share based
payments - - - - (20) - - - (20)
Proceeds from
share issues 26 121 - - - - - - 147
Currency
translation
differences - - - - - - - -
Transactions
with owners 26 121 - - (20) - - - 127
Loss for the
year - - - - - - - (221,185) (221,185)
Other
comprehensive
income:
Currency
translation
differences - - - - - 2,450 82 (2,644) (112)
Total
comprehensive
income for
the
year - - - - - 2,450 82 (223,829) (221,297)
Balance at 30
June 2020 9,996 18,825 15,656 (13,861) 948 12,887 1,233 (552,825) (507,141)
Balance at 1
July 2020 9,996 18,825 15,656 (13,861) 948 12,887 1,233 (552,825) (507,141)
Share based
payments - - - - 1 - - - 1
Proceeds from
share issues 602 749 - - - - - - 1,351
Currency
translation
differences - - - - - - - -
Transactions
with owners 602 749 - - 1 - - - 1,352
Loss for the
year - - - - - - - (181,448) (181,448)
Other
comprehensive
income:
Currency
translation
differences - - - - - (1,849) (18) 1,883 16
Total
comprehensive
income for
the
year - - - - - (1,849) (18) (179,565) (181,432)
Balance at 31
December 2020 10,598 19,574 15,656 (13,861) 949 11,038 1,215 (732,390) (687,221)
Balance at 1
January 2021 10,598 19,574 15,656 (13,861) 949 11,038 1,215 (732,390) (687,221)
Share based payments - - - - 12 - - - 12
Proceeds from
share issues 424 680 - - - - - - 1,104
Currency translation
differences - - - - - - - -
Transactions
with owners 424 680 - - 12 - - - 1,116
Loss for the
year - - - - - - - 211,574 211,574
Other comprehensive
income:
Currency translation
differences - - - - - (1,590) - 1,776 186
Total comprehensive
income for the
year - - - - - (1.590) - 213,350 211,760
------ ------ ------ -------- --- ------- ----- --------- ---------
Balance at 30
June 2021 11,022 20,254 15,656 (13,861) 961 9,448 1,215 (519,040) (474,345)
====== ====== ====== ======== === ======= ===== ========= =========
Share premium account
Costs directly associated with the issue of the new shares have
been set off against the premium generated on issue of new
shares.
Merger reserve
The merger reserve of GBP15,656,000 arose as a result of the
acquisition of Proton Motor Fuel Cell GmbH during 2006. The merger
reserve represents the difference between the nominal value of the
share capital issued by the Company and their fair value at 31
October 2006, the date of the acquisition.
Reverse acquisition reserve
The reverse acquisition reserve arose as a result of the method
of accounting for the acquisition of Proton Motor Fuel Cell GmbH by
the Company. In accordance with IFRS 3 the acquisition has been
accounted for as a reverse acquisition.
Share option reserve
The Group operates an equity settled share-based compensation
scheme. The fair value of the employee services received for the
grant of the options is recognised as an expense. The total amount
to be expensed over the vesting period is determined by reference
fair value of the options granted. At each balance sheet date the
Company revises its estimate of the number of options that are
expected to vest. The original expense and revisions of the
original estimates are reflected in the income statement with a
corresponding adjustment to equity. The share option reserve
represents the balance of that equity.
CASH FLOW STATEMENT
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit / (Loss) for the period 211,574 (221,186) (402,633)
------------ ------------ -------------------------
Adjustments for:
Depreciation and amortisation 201 275 574
Loss on disposal of property, - - -
plant and equipment
Impairment of investment - - -
Interest income (1) (2) (3)
Interest expense 721 2,509 5,192
Share based payments (12) (20) (19)
Movement in inventories (1,052) (172) 618
Movement in trade and other
receivables (351) (44) (108)
Movement in trade and other
payables 630 (1,190) 1,340
Movement in fair value of embedded
derivatives (212,739) 210,919 386,870
Exchange rate movements (3,456) 4,929 3,446
------------ ------------ -------------------------
Net cash used in operations (4,485) (3,982) (4,723)
------------ ------------ -------------------------
Cash flows from investing activities
Purchase of intangible assets (45) (8) (56)
Purchase of property, plant
and equipment (152) (120) (373)
Purchase value of leased assets (21) - -
Investment in associate company - - -
Interest received 2 2 3
------------ ------------ -------------------------
Net cash used in investing
activities (216) (127) (426)
------------ ------------ -------------------------
Cash flows from financing activities
Proceeds from issue of loan
instruments 4,423 3,617 5,776
Proceeds from issue of new
shares 30 147 1,498
New obligations of lease debt 21 - -
Repayment of obligations under
lease debt (106) (93) (187)
Repayment of short term borrowings (175) - (69)
------------ ------------ -------------------------
Net cash generated from financing
activities 4,193 3,671 7,018
------------ ------------ -------------------------
Net increase in cash and cash
equivalents (508) (438) 1,869
Effect of foreign exchange
rates 471 (253) (158)
Opening cash and cash equivalents 2,739 1,028 1,028
------------ ------------ -------------------------
Closing cash and cash equivalents 2,702 337 2,739
============ ============ =========================
Notes to the interim report
1. Basis of preparation
These interim consolidated financial statements of Proton Power
Systems plc were prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB) as adopted by the European Union
and with those parts of the Companies Act 2006 applicable to those
companies under IFRS. They were also prepared under the historical
cost convention and in accordance with IFRS interpretations
(IFRICS) except for embedded derivatives which are carried at fair
value through the income statement and on the basis that the Group
continues to be a going concern. The condensed consolidated interim
financial statements have been prepared in accordance with the
accounting policies adopted in the 31 December 2020 statutory
audited financial statements. No new accounting standards have been
adopted by the group since preparing its last annual report.
The Group has chosen not to adopt IAS 34 (Interim Financial
Statements) in preparing these financial statements therefore the
interim financial information is not in full compliance with
IFRS.
The financial information for the half year ended 30 June 2021
set out in this interim report is unaudited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Group's audited statutory financial statements for the
year ended 31 December 2020 have been filed with the Registrar of
Companies. The independent auditor's report on those financial
statements was unqualified and did not contain statements under
Section 498(2) or (3) of the Companies Act 2006.
Until such time as the Group achieves operational cash inflows
through becoming a volume producer of its products to a receptive
market it will remain dependent on its ability to raise cash to
fund its operations from existing and potential shareholders and
the debt market.
In preparing the consolidated financial information, Proton
Motor Fuel Cell GmbH has been deemed to be the acquirer and the
Company, the legal parent, has been deemed to be the acquiree.
Under IFRS 3 "Business Combinations", the acquisition of Proton
Motor Fuel Cell GmbH by the Company has been accounted for as a
reverse acquisition and the consolidated IFRS financial information
of the Company is therefore a continuation of the financial
information of Proton Motor Fuel Cell GmbH.
Goodwill arising on consolidation represents the excess of the
cost of acquisition over the Group's interest in the fair value of
the identifiable assets and liabilities of a subsidiary, associate
or jointly controlled entity at the date of acquisition. The cost
of an acquisition is measured as the fair value of the assets
given, equity instruments issued and liabilities incurred or
assumed at the date of exchange. Goodwill is initially recognised
as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. Goodwill is reviewed for impairment
at least annually, or more frequently where circumstances suggest
an impairment may have occurred. Any impairment is recognised
immediately in income statement and is not subsequently
reversed.
On disposal of a subsidiary, the attributable amount of goodwill
is included in the determination of the profit or loss on
disposal.
2. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. Estimates and judgements are
continually evaluated and are based on historical experience and
other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial period are discussed below.
Recognition of development costs
Self developed intangible assets are recognised where the Group
can estimate that it is probable that future economic benefits will
flow to the entity.
Impairment of goodwill
The carrying value of goodwill must be assessed for impairment
annually, or more frequently if there are indications that goodwill
might be impaired. This requires an estimation of the value in use
of the cash generating units to which goodwill is allocated. Value
in use is dependent on estimations of future cash flows from the
cash generating unit and the use of an appropriate discount rate to
discount those cash flows to their present value.
Classification and fair value of financial instruments
The Group uses judgement to determine the classification of
certain financial instruments, in particular convertible loans
advanced during the year. Judgement is applied to determine whether
the instrument is a debt, equity or compound instrument and whether
any embedded derivatives exist within the contracts.
Judgements have been made regarding whether the conversion
feature meets the "fixed for fixed" test in each instrument. In the
case of each instrument it is deemed it is not met on the basis
that the loan is in Euros and shares are in Sterling.
The Group uses valuation techniques to measure the fair value of
these financial instruments. In applying these valuation
techniques, management use estimates and assumptions that are, as
far as possible, consistent with observable market data. Where
applicable market data is not observable, management uses its best
estimate about the assumptions that market participants would make.
These estimates may vary from the actual prices that would be
achieved in an arm's length transaction at the reporting date.
3. Segmental information
An operating segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other operating segments
for which discreet financial information is available and is
regularly reviewed by the Chief Operating Decision Maker
("CODM").
Based on an analysis of risks and returns, the Directors
consider that the Group has only one identifiable operating
segment, green energy.
All non-current assets are located in Germany.
4. Share based payments
The Group has incurred an expense in respect of share options
and shares issued to directors as follows:
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Share options 10 20 (19)
Shares 65 26 188
------------ ------------ ----------------
75 46 169
============ ============ ================
5. Finance costs including exchange differences
Unaudited Unaudited Audited
At 30 June At 30 June At 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Interest 721 2,509 5,192
Exchange (gain) on shareholder loans (3,456) - -
Exchange loss on shareholder loans - 4,929 3,446
----------- ----------- ---------------
Net finance cost (gain)/loss (2,735) 7,438 8,638
=========== =========== ===============
6. Taxation
Due to losses within the Group, no expenses for tax on income
were required in either the current or prior periods.
7. Profit / (Loss) per share
Unaudited Unaudited Audited
At 30 At 30 At 31
June June December
2021 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Basic Diluted Basic Diluted Basic Diluted
(Loss) before
embedded derivative (1,165) (1,165) (10,267) (10,267) (15,763) (15,763)
Fair value gain/(loss)
Embedded derivative 212,739 212,739 (210,919) (210,919) (386,870) (386,870)
------------ ------------ ------------ ------------ ------------ ------------
Profit / (Loss)
attributable
to equity holders
of the company 211,574 211,574 (221,186) (221,186) (402,633) (402,633)
------------ ------------ ------------ ------------ ------------ ------------
Weighted average
number of ordinary
shares (thousands) 774,285 1,597,816 671,451 1,495,601 706,344 1,523,093
------------ ------------ ------------ ------------ ------------ ------------
Pence Pence Pence Pence
per share per share Pence Pence per share per share
per share per share
Profit / (Loss)
per share (pence
per share) 27.3 13.2 (32.9) (14.8) (57.0) (26.4)
Profit / (Loss)
per share (pence
per share) excluding
embedded derivative (0.2) (0.1) (1.5) (0.7) (2.2) (1.0)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company has two
categories of dilutive potential ordinary shares, these being share
options and shares on eligible interest conversion; of which the
share options have not been included in the calculation of loss per
share because they are anti-dilutive for these periods. No interim
dividend has been proposed or paid in relation to the current or
prior interim period.
Further to expirations of share options granted to three
executive directors, the Remuneration Committee is considering
alternatives in order to continue to incentivise the management
team including a possible extension of the terms of these existing
options for a further three years. A further announcement will be
made once the Remuneration Committee has finalised the new
incentive plan.
A copy of the interim report and the information required by AIM
Rule 26 is available from the Company's website at
www.protonmotor-powersystems.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR EQLFFFKLZBBV
(END) Dow Jones Newswires
September 17, 2021 01:59 ET (05:59 GMT)
Proton Motor Power Systems (LSE:PPS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Proton Motor Power Systems (LSE:PPS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
