Press Releases 2010

Final Results

Details

Published: Thursday, 03 June 2010 15:42

3 June 2010 

Rurelec PLC (AIM:RUR), the power plant developer and owner operator of power generation assets in Latin America, announces final results for the year ended 31 December 2009.

Highlights

• Annual output increases to over 2,100 GWh
• Group after tax loss of £2.9m (2008 loss - £4.2m)
• Basic loss per share 1.89p (2008 loss - 5.23p)
• Net asset value per share (based on the number of shares in issue at 24 May 2010) 24.4p

Post year end highlights

• Rurelec's controlling stake in Guaracachi nationalised on 1^st May 2010
• Bolivian Government has confirmed that it must pay fair market value by way of compensation
• Fair market value is far higher than the £50m of value as calculated by reference to Bolivian book value of Guaracachi together with the previously declared and approved dividends owed to Rurelec.
• Energia del Sur ("EdS") in full operation and close to launching US $40 million refinancing of the completed Comodoro Rivadavia CCGT plant

Jimmy West, Chairman, said: "Solid progress made during 2009 has been overshadowed by recent events in Bolivia.  The seizure and expropriation of our interest in Guaracachi is an unwelcome blow to the Company. However, the Company retains a significant asset in the form of its interest in EdS as well as the firm expectation that Bolivia will honour its pledge to pay fair compensation for our controlling stake in Guaracachi."

The financial information contained in this announcement does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006 in respect of 2009 accounts or Section 240(3) of the Companies Act 1985 in respect of 2008 accounts. This announcement was approved by the Board on June 2 2010. Statutory Accounts of the Group in respect of the financial year ended 31 December 2009, upon which the Company's auditor has given a qualified opinion because of the effect of the limitation of evidence available following the nationalisation of Guaracachi and an emphasis of matter in regard to going concern, will be delivered to the Registrar of Companies. The auditor's opinion on the parent company financial statements is not qualified and contains an emphasis of matter in regard to going concern.

In accordance with the AIM Rules, copies of the results are also available on the Company's website, www.rurelec.com

Download pdf of full RNS announcement