Press Releases 2013

Audited results for year ended 31 December 2012

Details

Published: Friday, 07 June 2013 21:17

Rurelec PLC (AIM: RUR), the electricity utility focused on ownership and operation of power generation plants in Latin America, announces its audited results for the year ended 31 December 2012. The annual report will be posted to shareholders on 7 June 2013.

Highlights

• • Focus of Rurelec on replacing lost capacity with 295 MW of thermal plants under development in Chile, and 255 MW under development in Peru of which 5 MW of Peruvian run of river hydro capacity already under construction and due to reach commercial operation in January 2014.
  • Loss before tax of £2.5 million (2011: profit £1.9 million)
  • Revenues steady at  £13.4 million (2011: £13.5 million)
  • Group borrowings of £13.6 million (2011: £1.7 million)
  • Loss per share 0.75p (2011: earnings 0.47p)
  • Net Asset Value per share 19.33p (2011: 20.41p)

Commenting on the results, Peter Earl, Rurelec's Chief Executive, said:

"Our operations in Argentina continue to show strong cash flow and good operating performance.  They have maintained revenue levels and held administrative expenses steady over the past year. Our Group loss is mainly attributable to balance sheet foreign exchange adjustments and provisions for the loss of carbon credit income following the collapse of the CER market.

“While the legal process to recover value for our expropriated assets continued in 2012, we have now laid the foundations of the Group’s future growth through the acquisition of development projects in Chile and Peru.  We completed the hearings in connection with the Bolivian Claim in April 2013.  I am pleased that we will be able to concentrate on delivering new power capacity while we await the final outcome of the arbitration.

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