Interim / Quarterly Report • Aug 25, 2016
Interim / Quarterly Report
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Interim report
| 2016 | 2015 | 2016 | 2015 | 2015 | |
|---|---|---|---|---|---|
| (Unaudited figures NOK million) | Q2 | Q2 | YTD | YTD | Full year |
| Operational revenue | 13.5 | 16.0 | 39.5 | 33.6 | 99.9 |
| Total operating cost | 29.9 | 24.9 | 66.0 | 44.6 | 118.2 |
| EBITDA | -14.0 | -5.3 | -21.6 | -3.8 | -2.7 |
| EBIT | -16.5 | -9.0 | -26.6 | -11.0 | -18.3 |
| Pre-tax profit | -16.0 | -8.6 | -26.1 | -10.1 | -27.8 |
| Net profit | -15.6 | -7.6 | -25.3 | -8.3 | -21.7 |
| Net cash flow from operating activities | -24.2 | -1.5 | -45.6 | -7.9 | -37.8 |
| Cash balance end of period | 265.9 | 152.2 | 265.9 | 152.2 | 313.0 |
Nel reported revenues in the second quarter of NOK 13.5 million, reflecting the fluctuating nature of the company's project business, as well as initiation of certain projects being postponed to the second half of 2016. Operating earnings impacted by the high activity level within business development in new markets, investments, and preparation for production ramp-up.
The underlying project development pipeline is strong, and the company experiences a high activity level for its prospects and ongoing tender processes.
EBIT was negative NOK 16.5 million (-9.0), including NOK 2.5 million in depreciation of physical and intangible assets. Net loss for the quarter was NOK 15.6 million, compared to a loss of NOK 7.6 million in the same quarter last year.
Total assets were NOK 773.3 million at the end of the second quarter 2016, compared to NOK 815.6 million at the end of 2015. Total equity was NOK 704.3 million. Thus, the equity ratio was 91 percent.
Net cash flow from operating activities in the second quarter 2016 was negative NOK 24.2 million, compared to negative NOK 1.5 million in the same quarter last year. Net cash flow from investment activities was negative NOK 8.6 million (-75.4). Net cash flow from financing activities was NOK 9.7 million, compared to NOK 64.7 million in the corresponding quarter last year. Nel's cash balance at the end of the second quarter was NOK 265.9 million, up from NOK 152.2 million at the end of the second quarter in 2015.
In the first half year of 2016, Nel reported revenues of NOK 39.5 million (1H 2015: 33.6) and a negative EBITDA of NOK 21.6 million (-3.8). EBIT was negative NOK 26.6 million (-11.0). Net loss for the period was NOK 25.3 million, compared to a loss of NOK 8.3 million in the first half of 2015.
Net cash flow from operating activities in the first half of 2016 was negative NOK 45.6 million, compared to negative NOK 7.9 million in the same period last year. Net cash flow from investment activities was negative NOK 11.5 million (-75.5). Net cash flow from financing activities was NOK 9.9 million, compared to NOK 139.2 million in the corresponding period last year.
Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. The company serves industries, energy and gas companies with leading hydrogen technology. Since its foundation in 1927, Nel has a proud history of development and continual improvement of hydrogen plants. Our hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today.
The company has three divisions, covering the entire hydrogen value chain: Nel Hydrogen Electrolyser, Nel Hydrogen Fueling, and Nel Hydrogen Solutions.
Nel Hydrogen Electrolyser is a world-leading supplier of hydrogen production plants based on alkaline water electrolyser technology. The company dates back to 1927, when Norsk Hydro developed large-scale electrolyser plants, providing hydrogen for use in ammonia production with fertiliser as the end-product. Since then, the electrolyser technology has been improved continuously, and Nel Hydrogen Electrolyser has accumulated unique experience and knowledge about hydrogen fueling stations and power-to-gas systems.
Traditionally, hydrogen is used as an input to a number of industrial applications, including as industrial feedstock, to provide a protective atmosphere, and for other purposes. Relevant sectors include food production, chemicals/refining, metallurgy, glass production, electronics, generator cooling, and the production of polysilicon for use in PV solar panels.
Looking ahead, hydrogen will increasingly be utilised as an energy carrier, both to maximise the utilisation of renewable energy and, subsequently, as a sustainable fuel for zero-emission FCEVs. With the commercial introduction of FCEVs already taking place, Nel Hydrogen Electrolyser intends to supply the hydrogen fueling, energy storage and power-to-gas markets.
The water electrolyser market currently accounts for only a small fraction of the total hydrogen market, but is expected to grow significantly in the coming years, primarily driven by increased fueling and energy storage demand. By 2020, 40 percent of renewable electricity is expected to take the form of wind and solar power (Source: IEA).
A number of energy storage projects have been initiated worldwide, and Nel Hydrogen Electrolyser expects this development to be a main driver of demand for hydrogen energy storage in the medium term. The sector has specific interest in Nel Hydrogen Electrolyser, because the market growth is making Nel Hydrogen Electrolyser's portfolio of large-scale products increasingly relevant.
Nel Hydrogen Electrolyser started commercial sales of electrolysers in the 1970s, and has sold more than 500 electrolyser units to a broad range of industries across Europe, South America, Africa and Asia. The company has production facilities in Notodden, Norway, and has a global reach through its in-house sales apparatus and extensive network of agents.
Nel Hydrogen Electrolyser's water electrolysis and atmospheric pressure technologies are considered world-class. The company's long experience in the electrolysis field and sustained research and development efforts over the past 89 years give it a unique technological platform.
The company's Nel A electrolysers are widely respected for their robustness, reliability and energy efficiency. The products set a benchmark for competitors. When the products' flexibility, ease-of-use, high capacity and safety record are added to the list, the solutions are simply unmatched.
A new technology to be commercialised is the containerised solution pre-assembled before delivery. This pre-assembled solution will reduce time for installation and commissioning.
In addition, the company is developing the RotoLyzer®, a pressurised, compact electrolyser, which utilises a vertical, rotating cell pack, providing full operational flexibility, while allowing for low production costs. This opens up new market segments for Nel Hydrogen Electrolyser, and provides an ideal solution for hydrogen fueling stations where space is limited, or integration with renewable energy sources. The technology is patented and has been verified through extensive testing.
Nel Hydrogen Fueling (former H2 Logic) is a leading manufacturer of H2Station® hydrogen fueling stations that provides FCEVs with the same fast fueling and long range as conventional vehicles today. Since incorporation in 2003, Nel Hydrogen Fueling has invested significantly in R&D, bringing H2Station® to a level where products are offered to the early market for roll-out of larger networks of hydrogen fueling stations.
Today, Nel Hydrogen Fueling is one of few global leaders on fast fueling for FCEVs. H2Station® technology is in operation in several European countries, providing hydrogen fueling for fuel cell electric vehicles from major car manufacturers.
Nel Hydrogen Fueling was among the first to achieve fast fueling of hydrogen in compliance with the SAE J2601 standard required by the major car manufacturers. In Denmark, Nel Hydrogen Fueling has delivered H2Station® technology for the entire Danish network of
hydrogen fueling stations, operated in collaboration with leading oil, energy and gas companies.
Aside from providing fast fueling, H2Station® technology has a long proven track-record of reliable operation with more than 99 percent availability – one among the highest recorded in the world for a scattered network of 24-hour public available hydrogen fueling stations. The ambition is to keep this position and act as a preferred supplier of H2Station® for international infrastructure operators such as oil, energy and gas companies.
NEL Hydrogen Solution offers efficient system integration, project development and sales across segments and is the only provider of integrated solutions along the entire value chain:
Nel Hydrogen Solutions aims to be the preferred business partner for the hydrogen industry in California, Japan and Germany for the development of hydrogen solutions across the value chain, from hydrogen fueling stations networks to large-scale renewable hydrogen production plants. Nel Hydrogen Solutions leverages on the experience from delivering and operating the entire Danish hydrogen network, in collaboration with leading oil-, energy- and gas companies.
Nel Hydrogen Solutions will also be responsible for the deployment of equipment to Uno-X Hydrogen and the building of a network of hydrogen fueling stations that will enable fuel cell electric vehicles to operate between all the major cities in Norway within 2020.
Bent Skisaker was appointed Chief Financial Officer of Nel with effect from 1 September 2016. Skisaker comes from a position as Chief Financial Officer (CFO) of Eureka Pumps and has more than ten years' experience as CFO in various companies in the Aker Group. Skisaker has also served eight years as an auditor and financial advisor at Ernst & Young/Arthur Andersen.
Skisaker holds a Master in Accounting and Auditing from the Norwegian School of Economics (NHH), a B.A. of Business Organisation from Heriot-Watt University, and is qualified as a State Authorised Public Accountant in Norway.
Skisaker succeeds CFO Lars Christian Stugaard, who has served as both interim CEO and CFO in Nel. In the related stock exchange announcement, CEO Jon André Løkke commented: "He has played an important role in the development of the company, following the road from inception as a listed company to where Nel stands today. Lars Christian will continue to support Nel during the transition phase and I would like to thank him for his dedication and great efforts to Nel".
Nel Hydrogen Electrolyser has continued the development of a turn-key, containerised solution, pre-assembled before delivery. The new offering will bring reduced time for installation and commissioning.
In addition, the company initiated the work to install a pressurised electrolyser to the hydrogen fueling station with integrated on-site hydrogen production at Kjørbo in Norway. The fueling station is build and operated by Uno-X Hydrogen AS.
Nel Hydrogen Electrolyser is progressing as planned with the commercialisation of the RotoLyzer® electrolyser, targeting a commercial unit of 10 Nm3/h by 2017, and a larger unit by 2018.
Nel also entered into a Letter of Intent with Meløy Energi AS and Meløy Næringsutvikling AS to establish Glomfjord Hydrogen AS, for the potential development of a large-scale, low-cost hydrogen production facility in Glomfjord Industrial Park in Meløy, Norway.
Glomfjord Hydrogen will be marketed as a hydrogen fuel provider for industrial applications, as well as personal- and public transportation, particularly focusing on supplying low-cost hydrogen to fossil fuel-converted ferries.
The available buildings and infrastructure at the industrial park provides flexibility and a scalable production model for Glomfjord Hydrogen. The facility will be developed in parallel with the increased demand, and is expected to have a production potential of up to 6,000 kilograms of low-cost hydrogen per day
In April 2016, Nel together with SINTEF, Statoil, Linde Kryotechnik, Mitsubishi Corporation, Kawasaki Heavy Industries, NTNU and The Institute of Applied Energy, among others, initiated the project "Hyper", a feasibility study of the potential for large scale hydrogen production in Norway for export to the European and Japanese markets.
Project Hyper is planned and financed throughout 2019. The total project cost is estimated at NOK 20 million. It is funded by a NOK 14 million grant from the Research Council of Norway (ENERGIX), in addition to the contributions from the project partners.
Nel Hydrogen Fueling announced the launch of H2Station® CAR-200, a hydrogen fueling station that triples the fueling capacity, while reducing the footprint to one third of the current generation.
The CAR-200 builds on the operational legacy of the former CAR-100, which is used in multiple countries across Europe and has a documented high performance with better than 99 percent availability.
The new CAR-200 dispenser can be located up to 50 meters away, which enables flexible integration of hydrogen alongside other fueling products, even at very compact sites. The new fueling station can be supplied by centralised hydrogen production delivered by truck, as well as onsite production of hydrogen, enabling Nel to deliver a complete solution to the customer.
Delivery of CAR-200 to the first customers will commence during the second half of 2016 and the company has initiated the development of the next generation fueling stations beyond CAR-200.
Nel Hydrogen Fueling also entered into a contract for the purchase of a facility in Herning, Denmark for the development of a new large-scale production plant for hydrogen fueling stations. The factory will have an annual capacity to manufacture hydrogen fueling stations sufficient to support 200 000 new Fuel Cell Electric Vehicles (FCEV) annually.
With a total investment of NOK 85 million, including contingency, Nel intends to convert the facility into a state-of-the-art volume production facility for fueling stations based on lean
manufacturing principles. When ramp-up and plant optimisation is complete, the facility will have a name-plate production capacity of up to 300 fueling stations per year. This will ensure further product improvements over time as well as other scale benefits.
Uno-X Hydrogen AS, a Nel joint venture, entered into an agreement with a Norwegian affiliate of Praxair, a leading global industrial gas company, as a strategic alliance to install 20 hydrogen fueling stations, covering all the major cities in Norway by 2020.
As part of the agreement, Praxair's Norwegian affiliate will acquire a 20 percent ownership interest in the joint venture. Praxair is a global hydrogen supplier and Nel sees the Norwegian rollout as a global showcase for the future development of hydrogen networks in other key countries, like the US, Germany and Japan.
Following the agreement, Praxair's Norwegian affiliate will hold 20 percent of Uno-X Hydrogen, with Uno-X Gruppen and Nel holding 41 percent and 39 percent respectively. The joint venture will build a network of hydrogen fueling stations with hydrogen production, allowing fuel cell electric vehicles (FCEVs) to operate in and between all the major cities in Norway. The stations will be deployed in cities like Oslo, Bergen, Trondheim, Stavanger, and Kristiansand, along with corresponding corridor locations.
The joint venture will identify and develop the production infrastructure necessary to support a Norwegian network of fueling stations. Nel believe that working closely with gas and oil companies, like the company has done in Denmark and are now doing in Norway, is a recipe that can be successfully replicated around the globe.
In April, the joint venture announced the decision to build a hydrogen fueling station with onsite hydrogen production co-located with Powerhouse Kjørbo, an energy-positive office building in Sandvika, Norway. This will be the world's first hydrogen station with an integrated solution, and represents an innovative example of the role hydrogen can play in grid balancing and utilisation of renewable energy.
Kjørbo is centrally located in Sandvika outside of Oslo, by two of the busiest roads in Norway with 80 000 cars passing daily. The project has a total budget of NOK 28.4 million, of which NOK 5.7 million is support from the Akershus County Council and NOK 7.7 million is from the Norwegian public enterprise, Enova, responsible for the promotion of environmentally friendly production and consumption of energy.
In Norway, the new Norwegian energy bill changes the hydrogen policies and the political consensus. The earlier project-based focus is now expected to shift to towards a network roll-out model from early 2017, which reduces the political uncertainty.
In Sweden, Nel Hydrogen Solutions entered into an agreement with the City of Mariestad for the sale and construction of a H2Station®. The hydrogen fueling station will be located in the strategic Gothenburg-Stockholm corridor, and will complete the last leg in connecting the Scandinavian capitals.
The project includes a turn-key installation of a H2Station® including services and maintenance and will be owned by the City of Mariestad. The agreement has a contract value exceeding EUR 1 million and will be delivered in the forth quarter of 2016. The hydrogen fueling station in Mariestad is part of the EUR 100 million H2ME-2 project, co-funded with EUR 35 million from the Fuel Cells and Hydrogen Joint Undertaking, a public private partnership supporting fuel cell and hydrogen energy technologies in Europe.
In California, the Energy Commission doubled the Grant Funding Opportunity (GFO) to USD 33 million, targeting to reach 100 hydrogen fueling stations by 2020. Nel submitted its tender 19 August, with the allocation expected during the fourth quarter of 2016.
Nel's leading hydrogen technology brings the company to the forefront in offering solutions to other companies tendering for the GFO. Consequently, Nel has both a direct and an indirect market approach to hedge the market entry. California also represents an opportunity within hydrogen production, as 33 percent of the hydrogen must be renewable, compared with today´s situation with no renewable hydrogen available on the market.
Nel is exposed to risk and uncertainty factors, which may affect some or all of the company's activities. Nel has financial risk, market risk as well as operational risk and risk related to the current and future products. There are no significant changes in the risks and uncertainty factors compared to the descriptions in the Annual Report for 2015.
In addition to the activities related to hydrogen, Nel continues to evaluate opportunities for its former healthcare business, including, but not limited to, possible mergers, acquisitions and strategic partnerships.
Nel is at the forefront of the hydrogen industry as a pure play company with market leading technology, a strong management team, a solid balance sheet and is positioned to play a leading role in a fast moving industry. The company has the following upcoming news flow and outlook for its segments:
We confirm to the best of our belief that the financial statements for the first half of 2016, which have been prepared in accordance with IAS 34 – Interim Reporting, give a true and fair view of the company's assets, liabilities, financial position and results of operation.
| Øystein Stray Spetalen | Martin Nes | Anne Marie Gohli Russell |
|---|---|---|
| Board member | Chairman | Board member |
| (Sign) | (Sign) | (Sign) |
| Eva Dugstad | Jan Christian Opsahl | Kristin Hellebust |
| Board member | Board member | Board member |
| (Sign) | (Sign) | (Sign) |
| Mogens Filtenborg | Jon André Løkke | |
| Board member | CEO | |
| (Sign) | (Sign) |
| PROFIT & LOSS | 2016 | 2015 | 2016 | 2015 | 2015 |
|---|---|---|---|---|---|
| (figures in NOK thousands) | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
| Operating Income | |||||
| Sales income | 11 772 | 15 973 | 33 595 | 33 570 | 88 539 |
| Other operating income | 1 697 | -11 | 5 884 | -11 | 11 386 |
| Total operating revenue | 13 469 | 15 962 | 39 479 | 33 559 | 99 925 |
| Operating expenses | |||||
| Cost of goods sold | 4 632 | 6 928 | 15 799 | 13 965 | 42 116 |
| Total cost of goods sold | 4 632 | 6 928 | 15 799 | 13 965 | 42 116 |
| Operating costs | |||||
| Wages and social costs | 11 932 | 4 482 | 25 911 | 8 963 | 29 891 |
| Depreciation physical fixed assets | 759 | 184 | 1 472 | 288 | 2 818 |
| Depreciation intangible assets | 1 725 | 3 450 | 3 462 | 6 900 | 12 694 |
| Write-down physical fixed assets | 0 | 0 | 52 | ||
| Other operating costs | 10 902 | 9 884 | 19 386 | 14 459 | 30 613 |
| Total other operating costs | 25 317 | 17 999 | 50 231 | 30 609 | 76 068 |
| Total operating costs | 29 949 | 24 927 | 66 029 | 44 575 | 118 184 |
| Operating profit (loss) | -16 480 | -8 965 | -26 550 | -11 016 | -18 259 |
| Financial income | 811 | 814 | 1 781 | 1 574 | 5 185 |
| Financial expenses | 306 | 421 | 710 | 701 | 1 420 |
| Share of profit and loss associate and joint venture | 6 | -611 | |||
| Net financial income/expense | 511 | 393 | 460 | 873 | -9 521 |
| Profit (loss) before taxes | -15 969 | -8 572 | -26 090 | -10 143 | -27 780 |
| Tax costs | -404 | -932 | -779 | -1 863 | -6 049 |
| NET PROFIT (LOSS) | -15 565 | -7 641 | -25 311 | -8 280 | -21 731 |
| Items that may subsequently be reclassified to profit or loss | |||||
| Currency translation differences | -2 324 | -8 491 | 20 220 | ||
| Other comprehensive income | -2 324 | 0 | -8 491 | 0 | 20 220 |
| TOTAL COMPREHENSIVE INCOME | -17 889 | -7 641 | -33 802 | -8 280 | -1 511 |
| Net profit per share (figures in NOK) | -0,02 | -0,02 | -0,04 | -0,02 | -0,04 |
| BALANCE SHEET 2016 2015 2015 (figures in NOK thousands) Q2 Q2 Year end ASSETS Intangible assets Technology 54 745 29 939 46 645 Customer relationship 29 700 33 195 31 569 Customer contracts 0 2 400 Development expenses 0 5 123 0 Goodwill 323 979 323 491 332 958 Total intangible assets 408 424 394 148 411 172 Land, buildings and real estate Land, buildings and real estate 17 063 14 969 15 829 Total land, buildings and real estate 17 063 14 969 15 829 Other fixed assets Fixtures and fittings, tools, etc. 897 1 039 700 Total other fixed assets 897 1 039 700 Financial fixed assets Financial fixed assets 6 676 7 026 7 297 Total financial fixed assets 6 676 7 026 7 297 Total fixed assets 433 061 417 182 434 998 Current assets Inventories 23 996 17 412 15 023 Trade receivables 23 756 19 007 40 361 Other receivables 25 141 6 535 10 717 Financial current assets 1 507 2 068 1 507 Cash and cash equivalents 265 858 152 228 313 042 Total current assets 340 258 197 250 380 650 TOTAL ASSETS 773 319 614 432 815 649 EQUITY AND LIABILITIES Equity Share capital 136 736 119 676 136 120 Share premium/Other paid equity 609 413 423 374 602 910 Retained earnings -41 824 -16 254 -8 022 Total equity 704 325 526 796 731 008 Non-controlling interests' share 0 578 Provisions Deferred tax liability 19 964 21 941 21 027 Total provisions 19 964 21 941 21 027 Other long term liabilities Other long term liabilities 16 103 17 167 14 641 Total other long term liabilities 16 103 17 167 14 641 Liabilities Accounts payable 4 796 22 735 16 760 Tax payable 379 1 018 375 Social security, VAT etc. payable 1 885 227 3 185 Dividends payable 0 0 0 Other current liabilities 25 867 23 970 28 652 Total current liabilities 32 927 47 950 48 972 |
||||
|---|---|---|---|---|
| TOTAL EQUITY AND LIABILITIES | 773 319 | 614 432 | 815 649 |
| Statement of changes in Equity and Number of Shares: | Share | Other | Curr. conv. | Other | Total | |
|---|---|---|---|---|---|---|
| (figures in NOK/numbers) | Note Share capital |
premium | reserves | effects | equity | equity |
| As at 1st January 2014 | 1 632 | 45 016 | -310 | -37 662 | 8 675 | |
| Allocation of comprehensive loss | -37 972 | 310 | 37 662 | 0 | ||
| Shares owned by company | -2 085 | -2 085 | ||||
| Transaction cost | -5 342 | 0 | -5 341 | |||
| Increase of capital 15.4.14 | 20 000 | 30 000 | 50 000 | |||
| Increase of capital 20.10.14 | 35 385 | 79 615 | 115 000 | |||
| Increase of capital 13.11.14 | 10 769 | 24 231 | 35 000 | |||
| Consideration | 1 200 | 1 200 | ||||
| Comprehensive income 1.1.-31.12.2014 | -6 511 | -6 511 | ||||
| As at 31th December 2014 | 67 786 | 135 548 | 0 | -7 396 | 195 938 | |
| 0 | ||||||
| Transaction cost | -3 220 | -3 220 | ||||
| Increase of capital 12.01.2014 | 10 000 | 55 000 | 65 000 | |||
| Increase of capital 02.02.2014 | 2 000 | 11 000 | 13 000 | |||
| Comprehensive income 1.1.-31.3.2015 | -639 | -639 | ||||
| As at 31st March 2015 | 79 786 | 198 328 | 0 | -8 035 | 270 078 | |
| Increase of capital 12.06.2015 | 10 260 | 58 997 | 69 258 | |||
| Increase of capital 26.06.2015 | 29 630 | 170 370 | 200 000 | |||
| Transaction costs rel. To Increase of capital Q2 | -4 321 | -4 321 | ||||
| Comprehensive income Q2 2015 | -7 641 | -7 641 | ||||
| As at 30th June 2015 | 119 676 | 423 374 | 0 | -15 676 | 527 374 | |
| Increase of capital 14.7.2015 | 4 444 | 25 556 | 30 000 | |||
| Increase of capital 19.8.2015 | 6 000 | 61 500 | 67 500 | |||
| Transaction costs rel. To Increase of capital Q3 | -6 573 | -6 573 | ||||
| Net profit Q3 2015 | -720 | -720 | ||||
| Currency translation differences Q3 2015 | 3 918 | 3 918 | ||||
| As at 30th September 2015 | 130 120 | 503 857 | 0 | 3 918 | -16 396 | 621 499 |
| Increase of capital 17 December 2015 | 6 000 | 105 000 | 111 000 | |||
| Transaction costs rel. To Increase of capital Q4 | -4 457 | -4 457 | ||||
| Shares owned by company | -2 085 | 2 085 | 0 | |||
| Consideration | 1 200 | -1 200 | 0 | |||
| Gain sale shares owned by company | -605 | -605 | ||||
| Net profit Q4 2015 | -12 730 | -12 730 | ||||
| Currency translation differences Q4 2015 | 16 301 | 16 301 | ||||
| As at 31st December 2015 | 136 120 | 601 710 | 1 200 | 20 220 | -28 241 | 731 008 |
| Transaction costs rel. Increase in capital Q4 | -500 | -500 | ||||
| Net profit Q1 2016 | -9 746 | -9 746 | ||||
| Currency translation differences Q1 2016 | -6 167 | -6 167 | ||||
| As at 31st March 2016 | 136 120 | 601 210 | 1 200 | 14 052 | -37 987 | 714 595 |
| Increase of capital 16.6.16 | 616 | 7 003 | 7 619 | |||
| Net profit Q1 2016 | -15 565 | -15 565 | ||||
| Currency translation differences Q2 2016 | -2 324 | -2 324 | ||||
| As at 30 June 2016 | 136 736 | 608 213 | 1 200 | 11 728 | -53 552 | 704 325 |
| CASH FLOW STATEMENT | Note | 2016 | 2015 | 2016 | 2015 | 2015 |
|---|---|---|---|---|---|---|
| (figures in NOK thousands) | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 | |
| Cash flow from operating activities | ||||||
| Pre-tax profit (loss) | -15 969 | -8 572 | -26 090 | -5 016 | -27 780 | |
| Interest costs, reversed | -649 | -1 348 | -503 | |||
| Interests income, reversed | 189 | 343 | -2 303 | |||
| Ordinary depreciation | 2 484 | 3 634 | 4 934 | 235 | 15 512 | |
| Impairment of fixed assets | 0 | 0 | 0 | 100 | 52 | |
| Change in provisions | -801 | -554 | -1 168 | |||
| Change in inventories | -3 716 | -8 973 | -1 392 | |||
| Change in trade receivables | -2 917 | 16 605 | -20 972 | |||
| Change in trade payables | -1 795 | -11 963 | 5 547 | |||
| Change in other short-term receivables | ||||||
| and other short-term liabilities | -1 061 | 3 454 | -18 509 | -3 264 | -4 803 | |
| Net cash flow from operating activities | -24 237 | -1 485 | -45 556 | -7 945 | -37 809 | |
| Cash flow from investment activities | ||||||
| Proceeds from sale of fixed assets | 0 | 0 | 0 | 0 | ||
| Acquisitions of fixed assets | -1 795 | -259 | -2 347 | -358 | -581 | |
| Acquisition of intangible assets | -6 643 | 0 | -8 969 | 0 | ||
| Acquisitions of subsidiaries / financial fixed assets | -200 | -75 185 | -200 | -75185 | -83 182 | |
| Proceeds from sale of subsidiaries | 15 | 15 | ||||
| Net cash flow from investing activities | -8 623 | -75 443 | -11 501 | -75 542 | -83 763 | |
| Cash flow from financing activities | ||||||
| Interest paid | 649 | 1 348 | 472 | |||
| Interest received | -189 | -343 | 2 303 | |||
| Gross cash flow from share issues | 7 619 | 64 937 | 7 619 | 139 717 | 355 758 | |
| Transaction costs connected to share issues | -500 | -18 571 | ||||
| Proceeds from new loan | 1 955 | 2 368 | 1 118 | |||
| Payment of long term liabilities | -309 | -260 | -619 | -519 | -4 962 | |
| Net cash flow from financing activities | 9 725 | 64 677 | 9 873 | 139 197 | 336 118 | |
| Net change in cash and cash equivalents | -23 134 | -12 251 | -47 184 | 53 730 | 214 546 | |
| Cash and cash equivalents | 265 858 | 152 228 | 265 858 | 152 228 | 313 043 |
The financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34"). This financial information should be read together with the financial statements for the year ended 31st of December 2015 prepared in accordance with International Financial Reporting Standards ("IFRS").
The accounting policies used and the presentation of the Interim Financial Statements are consistent with those used in the latest Annual Financial Statements.
The preparation of the Interim Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities at the date of the Interim Financial Statements. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the Interim Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.
The financial statement is presented on the going concern assumption under International Financial Reporting Standards. As per the date of this report the Company has sufficient working capital for its planned business activities over the next twelve-month period.
The table below shows the movement in goodwill during Q2 2016.
| Amount (NOKm) | ||||
|---|---|---|---|---|
| 2016 | 2015 | |||
| Q2 | Full year | |||
| Goodwill as of 1 January | 333,0 | 60,8 |
| Acquisition of H2 Logic 2015 |
256,5 | |
|---|---|---|
| Other acquisitions in 2015 | 0,6 | |
| Currency translation differences |
(9,0) | 15,1 |
| Goodwill as of 30 June/31 December |
324,0 | 333,0 |
Nel ASA has paid NOK 0.6 million in management fees to Ferncliff in the period.
Title: Nel ASA
Published date: 25 August
[email protected] +47 23 24 89 50
Sjølyst plass 2, 0278 Oslo, Norway
The publication can be downloaded on nel-hydrogen.com
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