TIDMRGY
RNS Number : 6624Z
ReEnergy Group PLC
25 September 2009
25 September 2009
ReEnergy Group plc
("ReEnergy" or the "Company")
Interim Results for the six months to 30 June 2009
Chairman's Statement
ReEnergy, an investing company with an investment strategy seeking to acquire a
UK-based trading company involved primarily or preferably in renewable energy,
waste management or financial services capable of significant organic growth, is
pleased to announce its unaudited interim results for the six months ended 30
June 2009. Trading in the Company's shares was suspended on 31 July 2009, as the
Company was unable to implement its investing strategy by 31 July 2009, this
being the anniversary of the Extraordinary General Meeting of the Company at
which shareholders gave consent to the Company's investing strategy. Under rule
41 of the AIM Rules, ReEnergy has until 31 January 2010 to complete an
acquisition or investment in line with its investing strategy. The Company's
board has recently been restructured with the appointments of Michael Neville
and Daniel Jennings as Non-Executive Directors and the board are actively
pursuing acquisition opportunities for the Company.
Since the new board came together it has focused itself on looking for the most
appropriate transaction, one that will accrete value for all shareholders, and
give the enlarged company real prospects of growth and development over the
medium term. We continue in this vein and look forward to updating shareholders
as soon as an appropriate transaction is chosen, and one which meets the
criteria set by the board.
For further information please contact:
+-------------------------------------------+-+--------------------------------------+
| ReEnergy Group plc | |
+---------------------------------------------+--------------------------------------+
| Jonathan Allen, Non-Executive Director | Tel: +44 (0)20 7432 0340 |
+---------------------------------------------+--------------------------------------+
| | |
+---------------------------------------------+--------------------------------------+
| Allenby Capital Limited | |
+-------------------------------------------+----------------------------------------+
| Imran Ahmad | Tel: +44 (0)20 7510 8600 |
+-------------------------------------------+----------------------------------------+
| Nick Athanas | |
+-------------------------------------------+-+--------------------------------------+
ReEnergy Group plc
Consolidated Income Statement
For the six months ended 30 June 2009
+---------------------------+-----------------+--+----------------+--+-----------------+
| | Unaudited | | Unaudited | | Audited |
| | six months to | | six months to | | 12 months to |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | 30 June 2009 | | 30 June 2008 | | 31 December |
| | | | | | 2008 |
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | GBP000 | | GBP000 | | GBP000 |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Administration expenses | (146) | | (1,306) | | (2,047) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Loss from operations | (146) | | (1,306) | | (2,047) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Investment income | - | | 28 | | 36 |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Finance costs | - | | (58) | | (5) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Loss before tax | (146) | | (1,336) | | (2,016) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Taxation | - | | - | | - |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Loss after tax | (146) | | (1,336) | | (2,016) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Loss per ordinary share | (0.1)p | | (1.3)p | | (2.0)p |
| - basic and diluted | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
ReEnergy Group plc
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2009
+---------------------------+-----------------+--+----------------+--+-----------------+
| | Unaudited | | Unaudited | | Audited |
| | six months to | | six months to | | 12 months to |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | 30 June 2009 | | 30 June 2008 | | 31 December |
| | | | | | 2008 |
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | GBP000 | | GBP000 | | GBP000 |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Loss for the period | (146) | | (1,336) | | (2,016) |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Other comprehensive | | | | | |
| income | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Net exchange differences | | | | | |
| on | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| translating foreign | - | | 19 | | 60 |
| operations | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Other comprehensive | | | | | |
| income for | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| the period | - | | 19 | | 60 |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| Total comprehensive | | | | | |
| income | | | | | |
+---------------------------+-----------------+--+----------------+--+-----------------+
| for the period | (146) | | (1,317) | | (1,956) |
+---------------------------+-----------------+--+----------------+--+-----------------+
ReEnergy Group plc
Consolidated Balance Sheet
At 30 June 2009
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | Unaudited at | | Unaudited at | | Audited at |
| | 30 June 2009 | | 30 June 2008 | | 31 December 2008 |
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | GBP000 | | GBP000 | | GBP000 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Non-current assets | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Property, plant and equipment | - | | 1 | | - |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | - | | 1 | | - |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Current assets | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Trade and other receivables | - | | 287 | | 161 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Cash and cash equivalents | 468 | | 1,484 | | 510 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | 468 | | 1,771 | | 671 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Current liabilities | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Trade and other payables | (86) | | (524) | | (143) |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Net current assets | 382 | | 1,247 | | 528 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Total assets less current | 382 | | 1,248 | | 528 |
| liabilities | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Non-current liabilities | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Trade and other payables | - | | (81) | | - |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Total assets | 382 | | 1,167 | | 528 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| EQUITY AND LIABILITIES | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Share capital | 5,090 | | 5,090 | | 5,090 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Share premium | 24,101 | | 24,101 | | 24,101 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Merger reserve | 209 | | 209 | | 209 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Translation reserve | - | | (141) | | (100) |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Accumulated losses | (29,018) | | (28,092) | | (28,772) |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| | | | | | |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
| Total equity | 382 | | 1,167 | | 528 |
+-------------------------------+--------------------+---+-------------------+---+--------------------+
ReEnergy Group plc
Consolidated Statement of Changes in Shareholders' Equity
For the six months ended 30 June 2009
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | ----------------Attributable to equity holders |
| | of the company---------------- |
| | |
+------------------------+----------------------------------------------------------------------+
| | Share | Share | Share | Merger | Accum- | Trans- | Total |
| | Capital | premium | Option | reserve | ulated | lation | |
| | | account | Reserve | | losses | reserve | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| At 1 January 2008 | 5,090 | 24,101 | - | 209 | (26,756) | (160) | 2,484 |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Changes in equity for | | | | | | | |
| 2008 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Loss for the period | | | | | (1,336) | | (1,336) |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Movement on | | | | | | | |
| re-translation | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| of overseas | | | | | | 19 | 19 |
| subsidiaries | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| At 30 June 2008 | 5,090 | 24,101 | - | 209 | (28,092) | (141) | 1,167 |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Loss for the period | | | | | (680) | | (680) |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Movement on | | | | | | | |
| re-translation | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| of overseas | | | | | | 41 | 41 |
| subsidiaries | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| At 31 December 2008 | 5,090 | 24,101 | - | 209 | (28,772) | (100) | 528 |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Changes in equity for | | | | | | | |
| the | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Period ended 30 June | | | | | | | |
| 2009 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Loss for the six | - | - | - | - | (146) | - | (146) |
| months | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| Re-translation of | - | - | - | - | (100) | 100 | - |
| overseas subsidiaries | | | | | | | |
| upon dissolution | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| At 30 June 2009 | 5,090 | 24,101 | - | 209 | (29,018) | - | 382 |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+---------+---------+
ReEnergy Group plc
Consolidated Cash Flow Statement
For the six months ended 30 June 2009
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | Unaudited | | Unaudited | | Audited |
| | six months to | | six months to | | 12 months to |
+ +--------------------+--------------------+--------------------+--------------------+--------------------+
| | 30 June 2009 | | 30 June 2008 | | 31 December 2007 |
| | | | | | |
+ +--------------------------------------------+--------------------+--------------------+--------------------+--------------------+
| | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------------+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Operating cash flow before changes in | (146) | | (1,280) | | (1,929) |
| working capital and provisions | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Income taxes (paid) / refunded | - | | - | | - |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Interest paid | - | | (2) | | - |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Interest element of finance lease rental | - | | (2) | | (2) |
| payments | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | (146) | | (1,284) | | (1,931) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Movement in working capital | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Decrease in debtors | 161 | | 146 | 315,75 | 123 |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Decrease in creditors | (57) | | (313) | | (706) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Net cash used for operating activities | (42) | | (1,450) | | (2,514) |
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Cash flows from investing activities | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Interest received | - | | 28 | | 36 |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Acquisition of equipment | - | | (16) | | (16) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Acquisition of intangibles | - | | - | | - |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Disposal of subsidiary | - | | 1,356 | | 1,505 |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Net cash from investing activities | - | | | | |
| | | | 1,368 | | 1,525 |
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Cash flows from financing activities | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Repayment of finance leases | - | | (41) | | (41) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Loans repaid | - | | (58) | | (126) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Net cash used for financing activities | | | | | |
| | - | | (99) | | (167) |
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Net decrease in cash and cash equivalents | (42) | | (182) | | (1,156) |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Cash and cash equivalents at beginning of | 510 | | 1,666 | | 1,666 |
| the period | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
| Cash and cash equivalents at end of the | 468 | | 1,484 | | 510 |
| period | | | | | |
| | | | | | |
+--------------------------------------------+--------------------+--------------------+--------------------+--------------------+--------------------+
ReEnergy Group plc
Notes to the Interim Financial Statements
For the six months ended 30 June 2009
1. Accounting policies
Basis of preparation
This consolidated interim financial information was approved for issue by the
Board of Directors on 24 September 2009.
This consolidated interim financial information for the six months ended 30 June
2009 does not comprise statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31 December 2008
were approved by the Board on 21 June 2009 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified, did not
contain an emphasis of matter paragraph and did not contain any statement under
section 498 of the Companies Act 2006.
The consolidated financial statements of the group for the year ended 31
December 2008 are available from the company's registered office or website
(www.reenergygroup.com).
This consolidated interim financial information is unaudited.
This consolidated interim financial information for the six months ended 30 June
2009 has been prepared in accordance with the Disclosure and Transparency Rules
of the Financial Services Authority and with IAS 34, "Interim financial
reporting" as adopted by the EU. The consolidated interim condensed financial
information should be read in conjunction with the annual financial statements
for the year ended 31 December 2008 which have been prepared in accordance with
IFRS's as adopted by the EU.
The financial information is presented in pounds sterling and has been prepared
on the historical cost basis.
Accounting policies
Except as described below, the principal accounting policies adopted in the
preparation of this interim financial information are included in the
consolidated financial statements for the year ended 31 December 2008. These
policies have been consistently applied to all the periods presented.
No standards have been early adopted by the group. The implications for the
group of new standards, amendments to standards or interpretations which are
mandatory for the first time for the financial year ending 31 December 2009 are
summarised below.
New standards, amendments to standards or interpretations
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 January 2009:
IAS 1 (revised), "Presentation of financial statements", effective for annual
periods beginning on or after 1 January 2009, has resulted in the Statement of
Recognised income and Expense being renamed the Statement of Comprehensive
Income and the introduction of the Statement of Changes in Equity as a primary
statement. The interim financial statements have been prepared under the revised
disclosure requirements. IAS 1 (revised) has no impact on the group's net cash
flows, financial position, total comprehensive income or earnings per share.
In accordance with presentation requirements the Company has chosen to present
two statements, an income statement and a statement of comprehensive income.
IFRIC 16, "Hedges of a net investment in a foreign operation". This has not had
any impact on the group.
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009 but
are not currently relevant for the group:
IFRIC 13Customer loyalty programme
IFRIC 15Agreements for the construction of real estate
IAS 39 Financial instruments: Recognition and measurement (amendment)
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 January
2009 and have not been early adopted:
IFRS 3 Business combinations (revised)
IFRIC 17Distributions of non-cash assets to owners
IFRIC 18 Transfers of assets from customers
The Directors are assessing the impact of the new requirements although do not
believe that they are currently applicable to the Company at this time.
Going Concern
As of 30 June 2009, the Company had a cash balance of GBP468,000 and has reduced
its operations in an effort to secure a reverse takeover candidate for the
Company. The Directors have reviewed the Company's cash flow forecast up to
October 2010 and, based on the cash available and cash flow forecast in
anticipation of a merger, the Company will have adequate funds taking into
account all known risks and uncertainties. Accordingly, the going concern basis
has been adopted for the preparation of these interim financial statements.
Accounting estimates and judgements
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amount of income, expense, assets and liabilities. The
significant estimates and judgements made by management were consistent with
those applied to the consolidated financial statements for the year ended 31
December 2008.
Risks and uncertainties
The principal strategic risk facing the Company relates to the implementation of
its investing strategy as previously set out in the 30 July 2008 Extraordinary
General Meeting. Under rule 41 of the AIM Rules, ReEnergy has until 31 January
2010 to complete an acquisition or investment that constitutes a reverse
takeover under the AIM Rules in line with the Company's previously announced
investment strategy. In the event that such an acquisition has not been made by
the Company by such date trading in the Company's shares on the AIM will be
cancelled.
Forward-looking statements
This interim report contains forward-looking statements. Although the group
believes that the expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will prove to have
been correct. Due to the inherent uncertainties, including both economic and
business risk factors underlying such forward-looking information, actual
results may differ materially from those expressed or implied by these
forward-looking statements.
The group undertakes no obligation to update any forward-looking statements,
whether as result of new information, future events or otherwise.
Basis of consolidation
Under the share purchase agreements dated 13 December 2004 and 17 March 2005 the
Company acquired the entire issued share capital of ReEnergy USA Inc. (formerly
Renergy Pacific Corp.) by means of a share for share exchange. The Company
gained control of ReEnergy USA Inc. on 13 December 2004. IFRS 3 has not been
applied as this business consolidation falls outside the scope of IFRS 3. The
transfer of ownership has therefore been accounted for in accordance with the
principles of merger accounting hence the assets and liabilities of ReEnergy USA
Inc. and associated undertakings have been brought in at their book values. The
ReEnergy USA Inc. subsidiary was dissolved on 19 June 2009.
2. Segmental analysis
The Group's Board reviews the group's internal reporting as the basis for
assessing performance and allocating resources. The group was primarily
controlled on a country by country basis, in line with the legal structure, and
accordingly the operating segments are unchanged from those previously
reported. As of 19 June 2009, all U.S. based subsidiaries had been dissolved.
Segmental results include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis.
Segmental result
+----------------------------------------------------------+------------+
| | Total |
+----------------------------------------------------------+------------+
| | |
+----------------------------------------------------------+------------+
| Six months ended 30 June 2009 | GBP000 |
+----------------------------------------------------------+------------+
| | |
+----------------------------------------------------------+------------+
| Europe | (144) |
+----------------------------------------------------------+------------+
| United States of America | (2) |
+----------------------------------------------------------+------------+
| Total | ) |
+----------------------------------------------------------+------------+
+----------------------------------------------------------+------------+
| Assets and (Liabilities) | Total |
+----------------------------------------------------------+------------+
| | GBP000 |
+----------------------------------------------------------+------------+
| Europe | |
+----------------------------------------------------------+------------+
| Assets | 468 |
+----------------------------------------------------------+------------+
| Liabilities | (86) |
+----------------------------------------------------------+------------+
| | 382 |
+----------------------------------------------------------+------------+
| United States of America | |
+----------------------------------------------------------+------------+
| Assets | - |
+----------------------------------------------------------+------------+
| Liabilities | - |
+----------------------------------------------------------+------------+
| | - |
+----------------------------------------------------------+------------+
| | |
+----------------------------------------------------------+------------+
| Net assets | 382 |
+----------------------------------------------------------+------------+
+----------------------------------------------------------+------------+
| Additions to property, plant, equipment, and intangible | Total |
| assets | |
+----------------------------------------------------------+------------+
| | GBP000 |
+----------------------------------------------------------+------------+
| Europe | - |
+----------------------------------------------------------+------------+
| United States of America | - |
+----------------------------------------------------------+------------+
| | - |
+----------------------------------------------------------+------------+
3. Events after the balance sheet date
In accordance with the Board's proposed investing strategy of acquiring a U.K.
based trading company involved primarily in renewable energy, waste management
or financial services, ReEnergy Group is engaged in the process of meeting with
a number of potential candidates. In assessing investment opportunities, the
Board will seek relevant commercial advice from market consultants as deemed
appropriate. In addition, relevant legal and financial due diligence will be
undertaken by suitably qualified advisers in order to determine the feasibility
and risks associated with any potential acquisition or investment.
4. Loss per share
Loss per share is based on a loss after taxation of GBP146,000 (2008:
GBP1,136,000) and on 101,806,460 (2008: 101,806,460) ordinary shares, being the
calculated weighted average number in issue during the six months ended 30 June
2009.
+-----------------------------------+--------------+--+--------------+--+--------------+
| | Unaudited | | Unaudited | | Audited |
| | 6 months to | | 6 months to | | Year ended |
+-----------------------------------+--------------+--+--------------+--+--------------+
| | 30 June 2009 | | 30 June 2008 | | 31 December |
| | | | | | 2008 |
+-----------------------------------+--------------+--+--------------+--+--------------+
| | No. | | No. | | No. |
+-----------------------------------+--------------+--+--------------+--+--------------+
| Basic weighted average number of | 101,806,460 | | 101,806,460 | | 101,806,460 |
| shares | | | | | |
+-----------------------------------+--------------+--+--------------+--+--------------+
The loss for the period and the weighted average number of ordinary shares for
calculating the diluted earnings per share is identical for all periods to those
used for the basic earnings per share. This is because the outstanding share
options would have the effect of reducing the loss per ordinary share and would
therefore not be dilutive.
5. Interim report
A copy of the interim report is available for inspection at the registered
office of the company, 66 Chiltern Street, London, W1U 4JT. The 2009 interim
results and other information about ReEnergy are available, in accordance with
rule 26 of the AIM Rules for Companies, on the company's website at
www.reenergygroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GRGDCDDDGGCU
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