Final Results Announcement

SIMEC ATLANTIS ENERGY LIMITED
(“SAE”, the “Company” and, together with its subsidiaries, the “Group”)

Final Results Announcement

SAE announces its final results for the year ended 31 December 2021. A complete version of the Annual Report and Accounts can be found on the Company website.

Financial Highlights

  • The MeyGen project generated revenues of £1.6 million from the sale of power and Renewable Obligation Certificates.
  • Green Highland Renewables was sold during the year, providing £3.5m of necessary liquidity.
  • On 29 September 2021, the Company announced a placing which raised gross proceeds of £2.6 million through the issue of 104,000,000 new ordinary shares at 2.5 pence each.
  • Overall Group losses for the year were £74.1 million (2020: £19.4 million). The increased loss is the result of recognition of impairment losses on assets and in particular the recognition of £32 million of impairment losses at Uskmouth Power station following the decision in April 2022 not to proceed with the power station conversion.
  • Group total equity at 31 December 2021 of £16.7 million (2020: £81.8 million).
  • Your attention is drawn to the Going Concern basis of preparation in Note 3(a) of the financial statements.

Post Year End Highlights

  • On 23 May 2022, the Company announced it had entered into an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners to deliver a 230MW/ 460 MWh battery energy storage system at the Uskmouth site. This project, which will deliver c. £40m in revenue to the Company over 30 years represents a cornerstone project in the redevelopment of the Uskmouth site into a Sustainable Energy Park.
  • During June 2022, the Company announced that it had received consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due on 30 June 2022 until 30 June 2023. In addition, the debenture holders agreed a 3 month deferral of interest payments due on 30 June 2022.

Duncan Black, Chairman, commented:

“The last 12 months have been a very challenging period for the Group in which we have had to make a number of very difficult decisions, however, it has also been a period in which we have been successful in identifying and securing a number of new and exciting opportunities.  I believe that we end the period with a clear path forward for the Group, a significantly streamlined business, and a number of exciting projects under development that will deliver value to shareholders.

Graham Reid, Chief Executive Officer, commented:

“We have been presented with many significant challenges, but I am incredibly proud that we’ve overcome most of these and I know we have the team, skills and assets in place to deliver long-term, sustainable growth for our business and you, our shareholders.

2021 saw the Company make some difficult but important decisions. While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions which will ultimately deliver value to shareholders in the medium to long term.”

 

For more information, please contact

SIMEC Atlantis Energy Limited +44 (0) 7739 832 446
Sean Parsons, Director of External Affairs
Investec Bank PLC – NOMAD and Joint Broker +44 (0) 20 7597 5970
Jeremy Ellis

Ben Griffiths

Arden Partners PLC – Joint Broker  +44 (0) 20 7614 5900
Ruari McGirr

Simon Johnson

 

Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/