PRESS RELEASE: ADM Energy PLC: Intermediate results -3-
Net increase/(decrease) in cash and cash equivalents from continuing and total operations 74 55 (27) Exchange translation difference 33 (18) 42 Cash and cash equivalents at beginning of period 30 15 15 Cash and cash equivalents at end of period 137 52 30 NOTES TO THE HALF-YEARLY REPORT 1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2020, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting methods as those used in the financial statements for the year ended. as of December 31, 2019. Interim Financial Information The financial statements have not been audited or reviewed in accordance with international standard on review engagements 2410 issued by the Auditing Practices Board.
Going concern As of June 30, 2021, the Group recorded a loss over the period of £ 1,599,000 and had a net current liability of £ 4,318,000 after taking into account cash balances of £ 137,000. The Directors have prepared cash flow forecasts for the period September 30, 2022 in order to assess whether the use of the going concern basis for the preparation of the financial statements is appropriate. In the short term, the Group will need additional additional financing in order to meet its commitments as they fall due and to continue to operate as a company. Directors took into consideration the level and timing of the Group’s working capital requirements (which takes into account recent cost reductions and discretionary spending controls to preserve cash flow) and also considered the likelihood of successfully obtain funding to meet these needs. In particular, account has been taken of ongoing discussions regarding other third party investments and the extent to which these discussions are advanced in both short and long term funding. The Directors acknowledge that while they expect funding to be obtained on the basis of this valuation, as of the date of approval of these financial statements, no such funding has been unconditionally committed. Therefore, while the Directors reasonably expect that the Group will be able to raise the additional funding necessary to continue its operational existence for the foreseeable future, the uncertainty surrounding the ability and likely timing of obtaining such financings indicates that a significant uncertainty exists likely to cast significant doubt on the Group’s ability to continue operating. If such funding were not assured, the Group would have no other realistic alternative than to shut down its activities and prepare its financial statements on a going concern basis. 2. Earnings per share Basic loss per share is calculated by dividing the loss attributable to shareholders by the weighted average number of shares outstanding.
Six months ended Six months ended Year ended 30 June 30 June 31 December 2021 2020 2020 (unaudited) (unaudited) (audited) Weighted average number of shares in the period 140,486,609 65,616,001 79,594,655 Loss from continuing and total operations (GBP1,537,000) (GBP975,000) (GBP6,904,000) Basic and diluted loss per share: From continuing and total operations (1.1)p (1.5)p (8.7)p 3. No interim dividend will be paid.
4. Copies of the interim report can be obtained from: Company Secretary, ADM Energy plc, 60, Gracechurch Street, London, EC3V 0HR and can be viewed and downloaded from the Company’s website: www.admenergyplc.com .
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Language: English Company: ADM Energy PLC 60 Gracechurch street EC3V 0HR London United Kingdom Phone: +44 (0)2077863555 E-mail: [email protected] Internet: www.admenergyplc.com ISIN: GB00BJFDXW97 WKN: A2PLC1 Listed: Foreign Exchange(s) London EQS News ID: 1237371 End of News DGAP News Service =------------
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(END) Dow Jones Newswires
September 30, 2021 12:39 ET (4:39 PM GMT)