Preliminary Results for the year ended 31 December 2008 (Audited)
Details
30th June 2009
Highlights
Guaracachi - record results in local Bolivian accounting terms and excellent progress on conversion of 96MW "CCGT" capacity
EdS - 60MW of new capacity now in operation
Group turnover increased by 29 % to £29.1m (2007: £22.6m)
Operating loss of £0.2m (2007: profit £2.3m) and loss after tax of £4.2m (2007: loss £0.4m) affected by increased fuel expense in Guaracachi, consolidation of 100% of EdS before new and more efficient capacity has been brought into use, and higher interest charges
Decision on dividend proposal delayed until 3rd quarter of 2009
Post year end highlights
Raised £7.3m from issue of new equity
Sale of 50% of EdS to reduce Group borrowings
Estimated pro-forma Net Asset Value per share of 29p, based on equity shareholders' funds at 31 December 2008 (£52m) adjusted by 119.6m shares issued after the year-end in respect of capital raising and loan capitalisation conducted at 8p per share.
Jimmy West, Chairman, said: "2008 has seen significant progress despite the difficult economic conditions. The additional capacity which will be brought on-line in 2009 should see a marked improvement in results and the addition of expected income from CERs in 2010 should see the Group begin to generate positive cashflow and increasing dividends for shareholders"
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