News

Proton Motor Power Systems plc Issues Half Year Report

By August 18, 2020 25   min read  (3970 words)

August 18, 2020 |

Proton Motor Financials

Proton Motor Power Systems plc (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, announces its unaudited interim results for the six months ended 30 June 2020.

The highlights of the first half of 2020 are detailed in the Chairman´s report which is set out below.

Chairman´s report

We are pleased to report our unaudited results for the six months ended 30 June 2020.

Overview:

Proton Motor Power Systems plc (formerly Proton Power Systems plc) has made further progress this year in proving its technology, building on its strategic co-operations and sales pipeline. We have strengthened our organisation to be able to deliver complete power supply solutions. Inspite of the COVID-19 backdrop a further strengthening of industry and consumer demand for alternative sources of energy continues to be evident in the period under review. Proton Motor´s technology offer continues to mature to remain aligned with this growing demand and supports the continuing commercialisation process of the group. This is evidenced by the record order intake in Q1 2020; the potential sales order and production pipeline is strong as at the date of this report.

Highlights and Financial Results 1HY 2020:

 In Q1 2020 Proton Power achieved a record quarterly order intake of £5.8m. Order intake in 2020 to the date of this report amounts to £6.5m [including the recently announced first order recently received from Shell New Energies]. At the date of this report this results in a production backlog at sales value amounting to £6.4m. This backlog will result in deliveries of varying configurations of fuel cell systems to customers both in 2020 and

  • 80% of order intake in 2020 to the date of this report is derived from the stationary segment with other orders being spread across the mobile, maritime and rail segments.
  • During the first half of 2020, we also received orders from E-Trucks Europe for refuse collection trucks and from Vonovia SE for stationary systems and we entered into a framework agreement with APEX Energy Teterow GmbH for ten containerised 100kW fuel cell
  • Having implemented from the onset all recommended protective measures at its factory in Puchheim, to date Proton has not been affected by COVID-19 as there has not been a single case of COVID-19 amongst the Company staff. Whilst our staff have to maintain social distancing and other recommended measures to protect themselves against the virus, our factory in Puchheim remains fully open and our production capacity is unaffected, thus being able to focus on manufacturing and delivering the above mentioned order intake. Other effects such as material supply bottlenecks have not been experienced to
  • Sales in the first half of 2020 at £1,101k, when compared to the first half 2019 sales figure of £269k, have seen a substantial annual increase of 309%. Sales performance included deliveries to the stationary, mobile and maritime
  • Sales in the first half of 2020 at £1,101k exceed the full year sales figure of £769k achieved in 2019, i.e. already an increase of 43.1% over the full year
  • Excluding the impact of the embedded derivative together with exchange losses, the operating loss in the first half of 2020 was £2,830k vs. £2,750k in the first half of 2019 which is in line with our budgeted

The movement relating to the embedded derivative is a non-operating, non-cash item, required by IFRS financial reporting, which is based on gauging the potential effects of partial convertible interest on loan financing.

  • Cash burn from operating activities has increased during the period to £4.0m

£2.9m in the first half of 2019 reflecting the increased level of activities to deliver our sales pipeline. Cash flow is our key financial performance target and our objective is to achieve a positive cash flow in the shortest time possible. Current contracts are quoted with up-front payments reducing reliance on working capital as we continue to invest in our manufacturing capability. The cash position at 30 June 2020 was £337k vs. £930k at 30 June 2019.

Company history:

 In the expansion, realignment and constant development of its core technologies, Proton Motor has consistently demonstrated deep market awareness. Proton Motor has survived in the clean tech fuel cell technology business when many companies failed in 2008 following the financial crash. In terms of technology design, Proton Motor’s clean tech technology has always remained true to its vision and has driven innovation forwards into the new hydrogen world.

The Company began as Magnet Motor, starting fuel cell development in 1994 and opening its factory in 1998. The technology and application roadmap went from the world’s first fuel cell powered fork lift truck to a fuel cell ship. After that we developed the triple hybrid Skoda bus in 2008. Containerised power solutions completed the application portfolio. All these applications are powered by our own fuel cell stacks, with a robust design for a long lifetime. The Company established operations in the Munich area and was one of the first German designers and manufacturers of fuel cells

Global fuel cell market:

 The 2019 global fuel cells market size was valued at approximately USD 10.48 billion, according to a study conducted by the market research company Grand View Research. The upward trend in fuel cell demand is foreseen to continue throughout 2020 and beyond.

Expecting a CAGR of 15.5 % during the years 2020-2027, the market size will exceed USD 33 billion in 2027.

Source: www.grandviewresearch.com/industry-analysis/fuel-cell-market Increasing political commitment to hydrogen as an energy source: European Union (EU)

The EU originated European Clean Hydrogen Alliance (ECH2A) was announced as part of the New Industrial Strategy for Europe, which was launched on 8 July 2020 within the context of the hydrogen strategy for a climate-neutral Europe.

The European Clean Hydrogen Alliance aims at an ambitious deployment of hydrogen technologies by 2030, bringing together renewable and low-carbon hydrogen production, demand in industry, mobility and other sectors, and hydrogen transmission and distribution.

With the alliance, the EU wants to build its global leadership in this domain, to support the EU’s commitment to reach carbon neutrality by 2050.

https://www.ech2a.eu/

Proton Motor has been participating in the ECH2A founding process.

Proton Motor is already participating in the EU REVIVE project. REVIVE stands for ‘Refuse Vehicle Innovation and Validation in Europe’. The project has been running from the beginning of 2018 and will continue for 4 years until the end of 2021. The objective of REVIVE is to significantly advance the state of development of fuel cell refuse trucks, by integrating fuel cell powertrains into 15 vehicles and deploying them across 8 sites in Europe. It aims to deliver substantial technical progress by integrating fuel cell systems from three suppliers into a mainstream DAF chassis, and developing effective hardware and control strategies to meet highly demanding refuse truck duty cycles.

There is also the EU JIVE project. The JIVE (Joint Initiative for hydrogen Vehicles across Europe) project seeks to deploy 139 new zero emission fuel cell buses and associated refuelling infrastructure across five countries. JIVE is running for six years from January 2017 and is co-funded by a €32 million grant from the FCH JU (Fuel Cells and Hydrogen Joint Undertaking) under the European Union Horizon 2020 framework programme for research and innovation. The project consortium comprises 22 partners from seven countries.

Federal Republic of Germany

 On 3 June 2020 Germany´s coalition government presented a €130 billion (£114 billion) fiscal stimulus package worth 4 per cent of German gross domestic product over two years.

This package includes the following elements with regard to the role of hydrogen:

  • The ‘national fuel cell strategy’ will support the hydrogen industry with €7 The goal is to make Germany a global champion in the hydrogen industry and to export it on a global basis. By 2030, Germany plans to install 30 Gigawatt of electrolysers to produce green hydrogen from offshore and onshore alternative energy. Additionally, the German government is seeking to support the shift from fossil energy to hydrogen in all types of industrial processes.
  • The automotive (supplier) industry will receive a bonus programme worth €2 billion in the years 2020 and 2021 to invest into R&D for new
  • Subsidies worth €2 billion for public and private operators of buses and commercial vehicles with alternative power units.

Strategic segments:

 Within the context outlined above, the following market segments continue to be identified by Proton Power as key target markets:

Stationary

 This market includes applications for the supply of fuel cell based back-up power, e.g. in the areas of emergency or uninterruptible power supply, residential energy autonomy, grid stabilisation and energy storage and BEV supercharging. Specific applications include back up power supply for telecommunication towers, data centre installations, and replacing diesel generators.

Mobility

 Hydrogen Battery Hybrid zero emission vehicles. This market includes city buses, airport vehicles, trucks, off-road vehicles and fork lift trucks.

Maritime

 Building on our success with the tourist ship in Hamburg, we are receiving further orders within the maritime sector.

Rail

 Through the initial operation of the first fuel cell train by Alstom we see increasing interest from this sector.

Group activity

 Due to the successful product launch of the new fourth generation Stack Modules the group has been focusing on selling fuel cell systems with an installed fuel cell power of 30 kW up to 180 kW for mobile, stationary, maritime and rail applications. In addition, quotes for complete emergency power supply systems up to 25 kW electrical power output continue to be offered.

In addition, quotes for complete emergency power supply systems up to 25 kW electrical power output continue to be offered.

With these fourth-generation fuel cell stacks and systems the Group has set up strategic partnerships with electrical drive train manufacturers and industrial partners. The systems can be used in combination with a battery to a hybrid drive train for electric driven light duty vehicles, inner city buses or industrial power supply solutions. We also expect growing demand in the near future from truck manufacturers for municipality maintenance vehicles.

For our partner APEX Energy Teterow GmbH (APEX), the Group has designed a fuel cell package, integrated into a container, with an installed fuel cell power of 180 kW. The system will be used inside a hydrogen power plant. The hydrogen will be produced on-site via renewable energy. The fuel cell package from Proton Motor will convert the hydrogen into electrical energy and feed this into the AC grid. Additionally the heat generated will be used to heat a nearby production hall. The complete container was shipped on-site at the beginning of May 2020. The fuel cell package consists of five parallel fuel cell systems which are controlled by a master controller. A Stack Module 37.5 is integrated into each fuel cell system. Following this initial order, Proton Motor signed a framework agreement with APEX to deliver 10 more of these fuel cell systems in the next 2 years.

Proton Motor has commenced with the development of its next generation, fifth, Stack Module which is now ready for volume production, to be ready for the anticipated world- wide increase in demand for fuel cells. Therefore the automated fuel cell manufacturing line was installed in May 2019, with the objective of increasing manufacturing capacity up to 215 MW fuel cell power per year. With further investment the automated line capacity can be uplifted to 176 GW fuel cell power per year.

Furthermore the Group has designed a multi stack system for power demands beyond 100 kW for larger trucks, trains, ships and larger stationary applications. The first multi stack system, consisting of three Stack Modules 37.5, has been produced and is currently under testing. Two of these systems will be used inside a mobility related application and will be delivered at the beginning of 2021.

I personally thank all our customers who believe in us, our committed employees and our shareholders who have the vision to invest in our mission.

Helmut Gierse

Non-Executive Chairman

Consolidated income statement 

   

 

Note

Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

    £´000 £´000 £´000
Revenue   1,101 269 769
Cost of sales   (775) (288) (1,185)
Gross profit / (loss)   326 (19) (416)
Other operating income   28 25 267
Administrative expenses   (3,185) (2,938) (7,001)
Operating loss   (2,831) (2,750) (7,150)
Finance income   2 1 3
Finance costs incl. exchange differences   (7,438) (2,078) (657)
(Loss) for the period before embedded

derivatives

  (10,267) (4,827) (7,804)
Fair value (loss) on embedded derivatives   (210,919) (332,892) (183,899)
(Loss) for the period attributable to

shareholders

  (221,186) (337,719) (191,703)
 

(Loss) / Profit per share (expressed as pence per share)

       
Basic 7 (32.9) (52.3) (29.2)
Diluted 7 (32.9) (52.3) (29.2)
(Loss) / Profit per share (expressed as pence per share) excluding embedded derivative        
Basic 7 (1.5) (0.8) (1.2)
Diluted 7 (1.5) (0.8) (1.2)

 Consolidated statement of comprehensive income

  Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

  £´000 £´000 £´000
(Loss) / Profit for the period (221,186) (337,719) (191,703)
Other comprehensive (expense) / income      
Items that may not be reclassified to profit

and loss

     
Exchange differences on translating foreign

operations

(113) (10) 2
Total other comprehensive income /

(expense)

(113) (10) 2
Total comprehensive (expense) for the year (221,299) (337,729) (191,705)

Consolidated balance sheet

  Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

  £´000 £´000 £´000
Assets      
Non-current assets      
Intangible assets 29 55 31
Property, plant and equipment 1,451 1,274 1,406
Right-of-use assets 388 0 478
Fixed asset investments 11 7 11
  1,879 1,336 1,926
Current assets      
Inventories 2,580 2,096 2,408
Trade and other receivables 284 424 240
Cash and cash equivalents 337 930 1,028
  3,201 3,450 3,676
Total Assets 5,080 4,786 5,602
 

Current Liabilities

     
Trade and other payables 1,859 2,407 3,049
Lease debt 106 0 188
Borrowings 865 143 837
  2,830 2,550 4,074
Non-current liabilities      
Borrowings 75,852 63,319 64,869
Lease debt 289 0 299
Embedded derivatives on convertible interest 433,250 371,324 222,331
  509,391 434,643 287,499
Total Liabilities 512,221 437,193 291,573
 

Net liabilities

 

(507,141)

 

(432,407)

 

(285,971)

 

Equity

     
Capital and reserves attributable to equity

shareholders

     
Share capital 9,996 9,764 9,970
Share premium account 18,825 18,488 18,704
Merger reserve 15,656 15,656 15,656
Reverse acquisition reserve (13,861) (13,862) (13,861)
Share option reserve 948 949 968
Foreign translation reserve 12,887 10,390 10,437
Capital contributions 1,233 1,217 1,151
Accumulated losses (552,825) (475,010) (328,996)
Total equity (507,141) (432,407) (285,971)

Consolidated statement of changes in equity 

          Share        
        Reverse Based   Capital    
  Share Share Merger Acquisition Payment Translation Contribution Retained Total
  Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Equity
Balance at

1 January 2019

9,728

                                                                                                                                                                     

18,382 15,656 (13,861) 1,262 9,891 1,226 (136,792) (94,508)
Share based

payments credit

(314) (314)
Proceeds from

share issues

36 106 142
Currency

translation differences

Transactions

with owners

36

                                                                                                                                                                     

106 (314) (172)
Loss for the

period

(337,719) (337,719)
Other

comprehensive income:

                 
Currency

translation differences

498 (9) (499) (10)
Total

comprehensive income for the period

 

 

                                                                                                                                                                     

499 (9) (499) (10)
Balance at

30 June 2019

9,764 18,488 15,656 (13,861) 948 10,389 1,217 (475,009) (432,407)
 

Balance at 1 July 2019

 

9,764

                                                                                                                                                                     

 

18,488

 

15,656

 

(13,861)

 

948

 

10,389

 

1,217

 

(475,009)

 

(432,407)

Share based

payments credit

20 20
Proceeds from

share issues

206 216 422
Currency

translation differences

Transactions

with owners

206

                                                                                                                                                                     

216 20 442
Profit for the period 146,014 146,014
Other

comprehensive income:

                 
Currency

translation

48 (66) (19)

 

differences                  
Total

comprehensive income for the period

 

 

                                                                                                                                                                     

48 (66) 146,013 145,994
Balance at

31 December

2019

9,970 18,704 15,656 (13,861) 968 10,437 1,151 (328,996) (285,971)
           

 

 

 

 

Share

       
        Reverse Based   Capital    
  Share Share Merger Acquisition Payment Translation Contribution Retained Total
  Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Equity
Balance at

1 January 2020

9,970

                                                                                                                                                                     

18,704 15,656 (13,861) 968 10,436 1,151 (328,995) (285,971)
Share based

payments credit

(20) (20)
Proceeds from

share issues

26 122 148
Currency

translation differences

Transactions

with owners

26

                                                                                                                                                                     

122 (20) 128
Profit for the

period

(221,185) (221,185)
Other

comprehensive income:

                 
Currency

translation differences

2,450 82 (2,645) (113)
Total

comprehensive income for the period

 

 

                                                                                                                                                                     

2,450 82 (223,830) (221,298)
Balance at

30 June 2020

9,996 18,826 15,656 (13,861) 948 12,888 1,233 (552,826) (507,141)

Share premium account

Costs directly associated with the issue of the new shares have been set off against the premium generated on issue of new shares.

Merger reserve

The merger reserve of £15,656,000 arose as a result of the acquisition of Proton Motor Fuel Cell GmbH during 2006. The merger reserve represents the difference between the nominal value of the share capital issued by the Company and their fair value at 31 October 2006, the date of the acquisition.

Reverse acquisition reserve

The reverse acquisition reserve arose as a result of the method of accounting for the acquisition of Proton Motor Fuel Cell GmbH by the Company. In accordance with IFRS 3 the acquisition has been accounted for as a reverse acquisition.

Share option reserve

The Group operates an equity settled share-based compensation scheme. The fair value of the employee services received for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference fair value of the options granted. At each balance sheet date the Company revises its estimate of the number of options that are expected to vest. The original expense and revisions of the original estimates are reflected in the income statement with a corresponding adjustment to equity. The share option reserve represents the balance of that equity.

Consolidated statement of cash flows

  Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

  £´000 £´000 £´000
Cash flows from operating activities      
(Loss) / Profit for the period (221,186) (337,719) (191,703)
Adjustments for:      
Depreciation and amortisation 275 154 462
Loss on disposal of property, plant and

equipment

0 0 59
Impairment of investment 0 0 7
Interest income (2) (1) (3)
Interest expense 2,509 2,171 4,500
Share based payments (20) (313) (294)
Movement in inventories (172) (659) (971)
Movement in trade and other receivables (44) (16) 168
Movement in trade and other payables (1,190) 639 1,281
Movement in fair value of embedded

derivatives

210,919 332,892 183,899
Exchange rate movements 4,929 (93) (3,843)
Net cash used in operations (3,982) (2,945) (6,438)
 

Cash flows from investing activities

     
Purchase of intangible assets (8) (5) (4)
Purchase of property, plant and equipment (120) (265) (579)
Investment in associate company 0 0 (11)
Interest received 2 1 3
Net cash used in investing activities (127) (269) (591)
 

Cash flows from financing activities

     
Proceeds from issue of loan instruments 3,617 3,149 6,158
Proceeds from issue of new shares 147 142 564
New obligations of lease debt 0 0 594
Repayment of obligations under lease debt (93) 0 (107)
Repayment of short term borrowings 0 (34)
Net cash generated from financing activities 3,671 3,257 7,209
 

Net increase in cash and cash equivalents

 

(438)

 

43

 

180

Effect of foreign exchange rates (253) 46 7
Opening cash and cash equivalents 1,028 841 841
Closing cash and cash equivalents 337 930 1,028

Notes to the interim report

Basis of preparation

These interim consolidated financial statements of Proton Power Systems plc were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to those companies under IFRS. They were also prepared under the historical cost convention and in accordance with IFRS interpretations (IFRICS) except for embedded derivatives which are carried at fair value through the income statement and on the basis that the Group continues to be a going concern. The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the 31 December 2019 statutory audited financial statements. No new accounting standards have been adopted by the group since preparing its last annual report.

The Group has chosen not to adopt IAS 34 (Interim Financial Statements) in preparing these financial statements therefore the interim financial information is not in full compliance with IFRS.

The financial information for the half year ended 30 June 2020 set out in this interim report is unaudited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s audited statutory financial statements for the year ended 31 December 2019 have been filed with the Registrar of Companies. The independent auditor’s report on those financial statements was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

Until such time as the Group achieves operational cash inflows through becoming a volume producer of its products to a receptive market it will remain dependent on its ability to raise cash to fund its operations from existing and potential shareholders and the debt market.

In preparing the consolidated financial information, Proton Motor Fuel Cell GmbH has been deemed to be the acquirer and the Company, the legal parent, has been deemed to be the acquiree. Under IFRS 3 “Business Combinations”, the acquisition of Proton Motor Fuel Cell GmbH by the Company has been accounted for as a reverse acquisition and the consolidated IFRS financial information of the Company is therefore a continuation of the financial information of Proton Motor Fuel Cell GmbH.

Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

Goodwill is reviewed for impairment at least annually, or more frequently where circumstances suggest an impairment may have occurred. Any impairment is recognised immediately in income statement and is not subsequently reversed.

On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

2.               Critical accounting estimates and judgements

 The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

Recognition of development costs

Self-developed intangible assets are recognised where the Group can estimate that it is probable that future economic benefits will flow to the entity.

Impairment of goodwill

The carrying value of goodwill must be assessed for impairment annually, or more frequently if there are indications that goodwill might be impaired. This requires an estimation of the value in use of the cash generating units to which goodwill is allocated. Value in use is dependent on estimations of future cash flows from the cash generating unit and the use of an appropriate discount rate to discount those cash flows to their present value.

Classification and fair value of financial instruments

The Group uses judgement to determine the classification of certain financial instruments, in particular convertible loans advanced during the year. Judgement is applied to determine whether the instrument is a debt, equity or compound instrument and whether any embedded derivatives exist within the contracts.

Judgements have been made regarding whether the conversion feature meets the “fixed for fixed” test in each instrument. In the case of each instrument it is deemed it is not met on the basis that the loan is in Euros and shares are in Sterling.

The Group uses valuation techniques to measure the fair value of these financial instruments. In applying these valuation techniques, management use estimates and assumptions that are, as far as possible, consistent with observable market data. Where applicable market data is not observable, management uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.

3.               Segmental information

An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other operating segments for which discreet financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”).

Based on an analysis of risks and returns, the Directors consider that the Group has only one identifiable operating segment, green energy.

All non-current assets are located in Germany.

4.               Share based payments

The Group has incurred an expense in respect of share options and shares issued to directors as follows:

  Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

  £´000 £´000 £´000
Share options 20 (313) 261
Shares                 26                      27                           27
  (46) 286 288

5.               Finance costs including exchange differences

  Unaudited

At 30 June

2020

Unaudited

At 30 June

2019

Audited

At 31 December

2019

  £´000 £´000 £´000
Interest 2,509 2,171 4,500
Exchange (gain) on shareholder loans 0 (93) (3,843)
Exchange loss on shareholder loans           4,929                0                          0
  7,438 2,078 657

6. Taxation

Due to losses within the Group, no expenses for tax on income were required in either the current or prior periods.

7.        Profit / (Loss) per share

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares, share options; however these have not been included in the calculation of loss per share because they are anti- dilutive for these periods.

  Unaudited   Unaudited   Audited  
At 30 June   At 30 June   At 31
2020   2019   December
        2019
£´000 £´000 £´000 £´000 £´000 £´000
Basic Diluted Basic Diluted Basic Diluted
(Loss) / Profit (221,186) (221,186) (337,719) (337,719) (191,705) (191,705)
attributable to equity            
holders of the            
company            
Weighted average

number of ordinary

671,451 671,451 646,001 646,001 656,118 656,118
shares in issue            
(thousands)            
Effect of dilutive

potential ordinary

shares from share            
options and            
convertible debt            
(thousands)            
Adjusted weighted

average number of

671,451 671,451 646,001 646,001 656,118 656,118
ordinary shares            
  Pence per Pence per Pence per Pence per Pence per Pence
  share share share share share per
            share
(Loss) / Profit per

share (pence per

(32.9) (32.9) (52.3) (52.3) (29.2) (29.2)
share)            
(Loss) per share

(pence per share)

(1(.15.)5) (1(1.5.5) ) ((0..88)) ((00..88)) ((11..22)) (1.2)
excluding embedded            
derivative            

The adjustment to the weighted average number of shares used in the calculation of diluted loss per share reflects share options in issue where the exercise price exceeds the average market price of shares in the period.

No interim dividend has been proposed or paid in relation to the current or prior interim period.

A copy of the interim report is available from the Company’s website at www.protonpowersystems.com

FuelCellsWorks

Author FuelCellsWorks

More posts by FuelCellsWorks
error: Alert: Content is protected !!