TIDMSAE
RNS Number : 1658H
SIMEC Atlantis Energy Limited
26 July 2023
26 July 2023
SIMEC Atlantis Energy Limited
("SAE Renewables", "SAE" or the "Company")
Final results for the year ended 31 December 2022 and notice of
the AGM
SAE announces its final results for the year ended 31 December
2022. A complete version of the 2022 Annual Report and Accounts
("2022 Annual Report") can be found here:
http://www.rns-pdf.londonstockexchange.com/rns/1658H_1-2023-7-25.pdf
The 2022 Annual Report, a notice of Annual General Meeting
("AGM") and a Proxy Form, have been posted to shareholders, and
copies are available on the Company's website at
www.saerenewables.com
The Company's shares were temporarily suspended from trading on
AIM on 3 July 2023, as the Company was not able to publish and post
the 2022 Annual Report by 30 June 2023. As a result of this
announcement, restoration to trading of the Company's shares is
expected to take effect at 7:30am this morning.
The AGM will be held at the offices of Ashurst LLP, London Fruit
& Wool Exchange, 1 Duval Square, London, E1 6PW at 11:00am on
11 August 2023.
Financial Highlights
-- Group losses for the year fell to GBP11.1 million (2021:
GBP74.1 million). The improvement in results was driven by a GBP5.0
million reduction in operating expenses coupled with a GBP2.0
million improvement in the Uskmouth sustainable energy park
valuation compared to the recognition of GBP53.1 million of
non-cash impairment provisions in 2021, and a reduction of GBP7.4
million in depreciation and amortisation expenses. The Group also
recognised a GBP2.4 million loss on sale of the Advanced Tidal and
Engineering services division.
-- Group revenue fell from GBP9.3 million in 2021 to GBP8.5
million in 2022. This reflected the completion of the Japanese
consulting contract in 2021 and the impact of the sale of Green
Highland Renewables in 2021 offset by an improvement in the
performance of MeyGen and income from the sale of metals and
consumables at the Uskmouth power station.
-- Power sales from the MeyGen tidal power project were GBP3.9
million, a rise of GBP2.3 million from 2021 reflecting the
successful deployment of two turbines in March and September
2022.
-- Total expenses for the year were GBP11.6 million, down from
GBP16.6 million in 2021.The reduction in expenses reflects the
completion of the restructuring of the Group during 2022 with
average headcount falling from 81 to 22 full time employees and
lower costs incurred on MeyGen operations.
-- Group total equity at 31 December 2022 of GBP5.7 million (2021: GBP16.7 million)
-- Attention is drawn to the Report on the Audit of the
Financial Statements: Material Uncertainty Related to Going
Concern, paragraph 8 of the financial statements.
Post Year End Events
-- On 28 March 2023 the Atlantis Future Energy PLC debenture
holders voted to accept the deferral of the principal repayment of
GBP4.97 million from 31 March 2023 until 31 March 2024. The coupon
increased from 8% to 10% per annum for the period from 1 April
2023.
-- On 23 May 2023 Uskmouth Energy Storage Limited ("UESL") gave
formal notice of their exercise of the option to take a lease of
land at the Group's Uskmouth site for one of the UK's largest
battery energy storage projects (230 MW/460 MWh), subsequent to
which, in June 2023, UESL entered into the 30-year lease, the Group
satisfied the charge held over all of the undertaking property and
assets of SIMEC Uskmouth Power Limited, and, on 24 July 2023 the
Group received the final instalment of GBP4.0 million of the
development premium from UESL.
-- On 20 June 2023 the Atlantis Ocean Energy PLC debenture
holders voted to accept the deferral of the principal repayment of
GBP4.95 million from 30 June 2023 until 30 June 2024. The coupon
increased from 8% to 10% per annum for the period from 1 July
2023.
-- On 11 July 2023, the Group received a demand from the
European Union commission ("EU") for the repayment of historical
grant monies totalling GBP1.1 million due within two weeks of
receipt of the demand letter. This claim from the EU was first
raised in 2021 and this latest letter is part of the continuing
correspondence with them on this matter. The Group continues to be
of the view that there are grounds to dispute any clawback of this
grant and has not paid the requested amount to the EU.
Duncan Black, Chairman of SAE Renewables , commented:
"Following the significant restructuring of the business in the
first part of 2022, I am pleased to report that during 2022 and
into the current year we have seen the Group make solid progress on
its key projects. Key highlights have been the execution of the
lease agreement and receipt of the final instalment of the GBP10
million upfront premium on our first battery energy storage system
project at Uskmouth, strong operating performance at MeyGen Phase
1A, and the award of a 28 MW Contract for Difference for MeyGen
Phase 2."
Graham Reid, Chief Executive Officer of SAE Renewables,
commented:
"The business has made significant progress since the beginning
of 2022, and I am incredibly proud to have led the committed and
dedicated team who delivered this change, ensuring that we are in a
strong position to deliver an exciting future for our Company and
our shareholders.
We have worked across the business to set clear objectives and
focus on four strategic priorities:
-- Create a streamlined business, which can identify, respond,
and deliver opportunities for the Company.
-- Significantly reduce costs and improve efficiency, aligned
around two business areas: tidal stream and battery energy storage
systems.
-- Maximise the return on our assets at Uskmouth and MeyGen.
-- Dispose of non-core businesses.
We have made significant gains against these priorities, with
the business streamlined and focused on delivery."
For further information, please contact:
SAE Renewables
Sean Parsons, Director of External
Affair +44 (0)7739 832 446
Strand Hanson Limited (Nominated
and Financial Adviser)
Richard Johnson
Rory Murphy
David Asquith +44 (0)20 7409 3494
Zeus Capital Limited (Broker)
Louisa Waddell
Simon Johnson +44 (0)20 3829 5000
Notes to Editors
SAE Renewables is a global developer, owner and operator of
sustainable energy projects. The Group holds equity positions in
the world's flagship tidal stream project, MeyGen, and the Uskmouth
sustainable energy park that will initially house battery energy
storage projects.
https://www.saerenewables.com/
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END
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