Print   



Renewable Power & Light plc  

Results for the Year Ended 31 December 2008

Chairman's Review

Overview

Renewable Power & Light plc (RPL) was established in 2006 as an independent producer of green or renewable power. The events that transpired in 2007 to upset the business plan continued into 2008, making it a difficult year. The Company instituted a series of actions to preserve and maximise value for shareholders. The Company moved forward with its strategy of terminating construction of the biodiesel plant and seeking a buyer for the equipment. A sale of this equipment has not occurred due to market conditions in the US and the effects of the global economic recession. A series of cost reductions were implemented to reduce the fixed costs at the power plants and several projects were initiated and completed to capture additional fixed revenues at the power plants. Another action taken to preserve value for shareholders was the settlement of litigation against the former CEO and the former head of business development. The settlement of this litigation allowed the Company to move forward with additional shareholder value enhancing actions.  

In December the details of a strategy to maximise and realise value for RPL shareholders was announced. This strategy had three key elements:

• Return of an initial 10 pence per share to RPL shareholders via a capital distribution;

• Execution of the ongoing asset sale processes; and

• An orderly realisation of the net value of the remaining business for RPL shareholders, considering the remaining assets and liabilities of the Company and the ongoing working capital requirements.  (See Note 1 to these financial statements.)  

The 10 pence per share distribution was accomplished in February 2009.

An investment adviser was hired in late 2008 and is currently working on the sale of the power plants. Unfortunately, the economic and business environment is not valuing assets based on their true economic value, and it is likely that any plant sales would be at a significant discount from original book value. The Board, however, continues to pursue a sale of the power plant assets.

The Company is continuing its efforts to sell the biodiesel equipment. These efforts were complicated in 2008 when Greenline Industries brought an arbitration claim for alleged damages under its contract with the Company. These claims have been settled and the Company is once again attempting to sell the equipment.

In order for the Company to provide further capital distributions to shareholders, it will be necessary to sell the power plants and biodiesel equipment.

In November the Company was approached by a third-party who was interested in purchasing the outstanding shares of RPL. As a result of making the public announcement a number of interested parties have come forward and expressed their interest in the Company. Although none of the parties has yet declared a firm intention to make an offer, and there is no guarantee that these discussions will result in an offer being made, this process continues.

Results

As a result of the Board's decision to sell the power plant assets, the operations of Massena and Elmwood Park are now classified as Discontinued Operations. 

The loss from operations, which is entirely administrative expense, increased to US$11.2 million (2007: US$8.2 million) due primarily to currency exchange losses, the legal expenses from the litigation with the former CEO, and the provision for severance benefits for RPL Holdings staff. As a result, the loss before tax was $10.3 million (2007: US$6.4 million.) The loss from discontinued operations was US$31.9 million (2007: US$7.4 million) due to the impairment provisions for the power plants and biodiesel equipment and the write-off of the investment in the biodiesel project site lease.  

The Group balance sheet had total assets at the year-end of US$42.1 million (2007: US$83.9 million). This reduction reflects the impairment of the power plant and biodiesel assets. Net cash (cash and cash equivalents) at the year-end was US$25.4 million (2007: US$37.5 million). The Group did not have any short-term or long-term debt as at 31 December 2008 (2007:  nil).  

Board

There were no changes in the composition of the Board in 2008 and Victor Fryling, who stepped into the Interim President and Chief Executive Officer role in late 2007, continues to fill that position.  

Dividends

As outlined at the time of our IPO, the Board intended first to achieve capital growth and, in the short term, to reinvest future profits in the Group. As a result of the previously announced strategy to realise value for shareholders, RPL is unlikely to declare dividends in the foreseeable future but will be making further capital distributions in support of that strategy as appropriate.  

Colleagues

Like 2007, 2008 proved to be a year of significant challenges for RPL. I would like to thank all of my colleagues on the Board, the management team and across the Group's operations for their commitment and hard work during a very difficult year.  

Outlook

It is expected that during 2009 the Board will continue to execute on the strategy outlined at the end of 2008. The Group will continue to move forward with the sale of the power plants and the biodiesel equipment in the hopes of realising transactions that maximise value for all shareholders. Given the current state of the market for power plants and biodiesel equipment the timing of transactions that will maximise value for all shareholders is uncertain. In the meantime, the Group is initiating action plans to operate at a cash neutral position until the business climate is conducive for value maximising transactions.    

Michael G. Reynolds

Chairman

28 May 2009

Chief Executive Officer's Review of Operations

In 2008 the Company initiated a number of actions to increase shareholder value. Cost reductions and efficiency improvements were implemented at the power plants. In addition, management was successful in adding significant new fixed revenue at Elmwood Park and initiated a construction project to increase the transmission line capacity at Elmwood Park to capture additional fixed capacity payments. All of these projects were undertaken with the view towards increasing value, reducing costs and as a result, reducing RPL's cash burn.  Additional actions were taken in order to improve the value to shareholders as a part of the strategy announced in December. These operational actions, including a reduction in plant staff, were done with an overall goal of continued safe and environmentally-compliant facilities.

Additionally, significant amounts of management time were required to successfully settle certain litigation and claims in which the Group was involved. Specifically these included the litigation with the former CEO and the former head of business development, the arbitration with Greenline Industries and the resolution of its lease agreement related to its biodiesel plant site. 

Massena

This 85 MW plant is located in upstate New York and in 2008 it operated in a peaking mode, generating US$0.4 million of electricity revenues (2007: US$1.2 million). Hours of run time was significantly below those of a normal weather year because excessive spring rains allowed hydro plants in upstate New York to run through the summer. In addition, it received capacity payments from the local electric transmission grid totalling US$2.3 million (2007: US$2.7 million). 

In 2008 and continuing in 2009, Massena implemented operating staff reductions and other cost saving measures consistent with operating the plant in peaking mode. This reduction in operating costs should enable the power plant to generate positive cash flow going forward. The Group has also initiated discussions for additional savings primarily for property tax and natural gas transportation. 

Given the announced strategy of selling the power plants in order to realise value for shareholders, the Massena plant was written down by US$12.0 million in recognition of the current market value of the facility. 

Elmwood Park

This 65 MW plant located in New Jersey is in an energy critical area of the electric transmission grid which serves New York City and other higher cost markets in the northeastern US. It operated in a peaking mode, generating US$3.3 million of electricity revenues (2007: US$1.2 million), in spite of not running in the month of August, normally the highest power sales month, due to unusually cool weather.  In addition, it received capacity payments from the local electric transmission grid totalling US$1.9 million (2007: US$1.0 million). A filing with the Federal Energy Regulatory Commission (FERC) was approved effective in August to add voltage support payments to the revenue stream for the plant, adding US$0.2 million of revenue in 2008 (2007:  nil). 

During the year, the power plant's Title V air permit was renewed and is now in the process of being modified to incorporate firing on biodiesel. A test burn of the facility on biodiesel was successfully completed in April 2008. 

In April 2009, we completed the upgrade of the interconnection transmission line with PJM Interconnection, the operator of the regional electric transmission grid. This allows the plant to receive additional annual capacity payments beginning in June 2009.  The payback on the project is less than one

year and the increased capacity payments should allow the plant to operate with a strong positive cash flow, before any energy sales. 

Also completed in April 2009 was the construction of a sewer line upgrade that allows us to bypass Marcal Paper Mills' processing of our waste water. This became necessary after Marcal, the owner of the land on which the power plant is situated, filed for Chapter 11 bankruptcy protection in November 2006 and the Bankruptcy Court subsequently allowed Marcal to reject its steam sales and land lease agreements with RPL. RPL has also obtained water supply and discharge agreements directly from the Borough of Elmwood Park and Passaic Valley Sewage Commission. 

Given the announced strategy of selling the power plants in order to realise value for shareholders, the Elmwood Park plant was written down by US$2.4 million in recognition of the current market value of the facility.  

Biodiesel facility

The biodiesel equipment was inventoried and placed into storage and the Group continues to pursue a sale of the equipment. As a result of the continuing excess capacity in the biodiesel manufacturing industry, the value of the equipment was written down by US$9.9 million in recognition of the current market value of the equipment. Also, due to the cessation of the plan to construct a biodiesel plant, the storage tank lease was terminated and the associated leasehold improvements written-off for US$3.0 million.  

In spite of the industry overcapacity, during the year we subleased 94% of the railcars which were originally intended to transport feedstock and biodiesel between our plants. This lease will expire in October 2009 and most of the railcars are subleased through that period.  A $0.6 million deposit will be returned to us at the end of the lease.  

Outlook 

Our top operational priorities in the short term are to implement initiatives that will result in a higher realisable value for shareholders. Unfortunately, the valuation of both the power plant assets and the biodiesel equipment has been affected by the tightening of the credit markets and the current recession. The value of the biodiesel equipment is also being impacted by the existence of significant biodiesel production overcapacity and unfavourable biodiesel manufacturing economics.  

Given these significant uncertainties, the timing for the realisation may be impacted.  Therefore, management has developed a plan which is intended to operate the business at a neutral cash flow for the upcoming year. The Massena and Elmwood Park power plants will continue to be operated on natural gas in a peaking mode. We will also continue to reduce corporate overheads, dispose of our biodiesel equipment and further improve the cost base at our power plants.  

Victor J. Fryling

Interim President and Chief Executive Officer

28 May 2009

Consolidated Income Statement

Renewable Power & Light plc

Year Ended 31 December 2008

		Year ended 31 December 2008	Year ended 31 December 2007
	Note	$'000	$'000
			Restated
Continuing Operations:
Revenue		-	-
Cost of sales		-	-
Gross loss		-	-
Administrative expense		(11,222)	(8,199)
Loss from operations		(11,222)	(8,199)
Investment income		1,009	1,984
Finance costs		-	(170)
Other losses		(81)	-
Loss before tax		(10,294)	(6,385)
Income tax	4	(3)	-
Loss for the period		(10,297)	(6,385)
Discontinued Operations:   Loss from discontinued operations	3	(31,897)	(7,391)
Loss for the period attributable to equity holders of the
parent company		(42,194)	(13,776)
Loss per share
Basic and diluted from continuing operations	5	$(0.11)	$(0.07)
Basic and diluted from discontinued operations	5	$(0.33)	$(0.08)
Basic and diluted from continuing and discontinued     operations	5	$(0.44)	$(0.15)

The prior year comparatives have been restated as a result of the decision to discontinue operations from the Group's power plants, biodiesel equipment and railcar operations.  This is a reclassification only and has no impact on the net loss for the period.  

Consolidated Balance Sheet

Renewable Power & Light plc

31 December 2008

		31 December 2008	31 December 2007
	Note	$'000	$'000
ASSETS
Non-current assets
Property, plant and equipment		76	39,923
Deposits and other long-term assets		-	607
Total non-current assets		76	40,530
Current assets
Inventories		-	3,076
Trade and other receivables		760	2,054
Non-trade receivables		171	652
Cash and cash equivalents		25,397	37,549
Total current assets		26,328	43,331
Non-current assets classified as held for sale	3	15,729	-
Total Assets		42,133	83,861
EQUITY AND LIABILITIES
Equity
Share capital		1,836	1,836
Share premium		93,593	93,593
Investment in own shares		(1,436)	-
Retained losses		(56,075)	(14,755)
Total equity attributable to equity holders of the parent		37,918	80,674
Non-current liabilities
Provisions		-	1,200
Total non-current liabilities		-	1,200
Current liabilities
Employee wages and benefits		1,630	565
Trade and other payables		743	1,422
Total current liabilities		2,373	1,987
Liabilities directly associated with non-current assets held for sale	3	1,842	-
Total Equity and Liabilities		42,133	83,861

The financial statements were approved by the Board of Directors and authorised for issuance on 28 May 2009. They were signed on its behalf by:  

Timothy P. Hunstad, Director

Consolidated Statement of Cash Flows

Renewable Power & Light plc

Year ended 31 December 2008

		Year ended  31 December 2008	Year ended  31 December 2007
	Note	$'000	$'000
Net Cash Flow From Operating Activities	6	(12,761)	(12,551)
Investing activities
Interest received		1,009	1,984
Purchase of property, plant and equipment		(400)	(11,456)
Cash flow from investing activities		609	(9,472)
Financing activities
Repayment of borrowings		-	(4,000)
Proceeds on issue of shares net of professional fees		-	20,132
Cash flow from financing activities		-	16,132
Net decrease in cash and cash equivalents		(12,152)	(5,891)
Cash and Cash Equivalents at Beginning of Year		37,549	43,440
Cash and Cash Equivalents at End of Year		25,397	37,549

Consolidated Statement of Changes in Equity

Renewable Power & Light plc

Year Ended 31 December 2008

	Share Capital		Share Premium	Retained Losses	Investment in Own Shares	Total
Note	$'000		$'000	$'000	$'000	$'000
Balance at 1 January 2008		1,836	93,593	(14,755)	-	80,674
Net loss for the period	-		-	(42,194)	-	(42,194)
Credit to equity for IFRS 2	-		-	874	-	874
Investment in own shares	-		-	-	(1,436)	(1,436)
Balance at 31 December 2008	1,836		93,593	(56,075)	(1,436)	37,918

Renewable Power & Light plc

Year ended 31 December 2007

	Share Capital	Share Premium	Retained Losses	Total
Note	$'000	$'000	$'000	$'000
Balance at 1 January 2007	1,646	73,651	(1,394)	73,903
Net loss for the period	-	-	(13,776)	(13,776)
Credit to equity for IFRS 2	-	-	415	415
Proceeds from secondary placing net of fees	190	19,942	-	20,132
Balance at 31 December 2007	1,836	93,593	(14,755)	80,674

Notes to the Financial Statements

General information

The Company is incorporated in England and Wales under the Companies Act 1985. 

The financial statements are presented in US dollars, the currency in which the majority of the Group's transactions are denominated.

1. Basis of preparation:  

The financial information set out in this announcement does not constitute the Group's statutory accounts for the years ended 31 December 2008 and 2007.

The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use by the European Union. Whilst the financial information included in this announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, it does not include sufficient information to comply with IFRS. The Group expects to publish full financial statements which comply with IFRS on 1 June 2009.

The financial information has been prepared under the same accounting policies as the Group's interim announcement for the period ended 30 June 2008 and which can be viewed on the Group's website at www.rplplc.com.

The comparative financial information for the year ended 31 December 2007 is derived from the statutory accounts for the year ended 31 December 2007. The statutory accounts for the year ended 31 December 2007 have been delivered to the Registrar of Companies. The auditors have reported on the 2007 accounts; their report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. 

  The financial statements have been prepared on the historical cost basis.  

A number of different strategies are currently being considered which will have a material impact on the future outlook for the Group. These potential strategies are outlined below:

• In November 2008 the Company was approached by a third party who was interested in purchasing the outstanding shares of RPL. As a result of the public announcement a number of interested parties have come forward and expressed their interest in the Company. Although none of the parties has yet declared a firm intention to make an offer, and there is no guarantee that these discussions will result in an offer being made, this process continues. If such a sale goes ahead, it is reasonable to assume that the group will continue in operational existence for the foreseeable future and for a period of at least twelve months. The cash flow forecasts prepared by management show that for the period until the sale, or for twelve months from the date of signing these financial statements, the business remains cash positive and has sufficient funds to meet liabilities as they fall due.  

• In December 2008, the Group announced its strategy to sell the two power plants at Massena and Elmwood Park, and to continue with the process to sell the biodiesel equipment. This process is ongoing in 2009, resulting in the operations being classified as discontinued, and the assets being classified as held for sale in these financial statements. Following the sale of these assets, the Group intends to make a further capital distribution to shareholders. No decisions have been reached at the current time on the amount that will be distributed and this would be dependent on the proceeds of the sale of the various assets. It is the directors' current view that sufficient cash will be retained in the business to meet working capital requirements and to allow the group to explore alternative strategies in the renewable power industry.

It remains a possibility however that the decision will be made to return all funds to shareholders, after the sale of the power plants and the biodiesel equipment. In the forecasts prepared for this scenario, the business remains cash positive and has the funds needed to meet liabilities as they fall due, including those arising from closing the business. The directors consider this possibility to be unlikely, and therefore consider it reasonable to assume that the group will continue in operational existence for the foreseeable future.  

• Due to the current business and economic environment, the offers received to date for the power plant assets are significantly less than the economic value in use. Significant impairments have been recorded against the power plants and the biodiesel equipment in order to write them down to the consideration that would be received if the sale was to go ahead in the current environment.  

There is however a risk that such transactions are not in the best interests of the shareholders, and the board may ultimately decide to retain these assets until a fair value can be received. The directors have prepared detailed cash flow forecasts demonstrating that the group is able to operate these plants at a cash neutral level, and therefore would have sufficient resources to continue in operational existence for the foreseeable future.

After assessing the outlook of the group in each of the scenarios set out above, the directors have concluded that the going concern basis is appropriate in the preparation of these financial statements.

2. Segmental information

Segmental information about business units is presented below:

Business segments

For management purposes, the Group is currently organised into two divisions - power plant operations and biodiesel plant operations. These divisions are the basis on which the Group reports its primary segment information.  Given the change in strategy as announced by the Board of Directors, all of the activity of these divisions is included in discontinued operations.  

Segment information about these businesses is presented below.

	Year ended 31 December 2008
	Discontinued
	Power plant operations	Biodiesel plant operations	Unallocated	Total
	$'000	$'000	$'000	$'000
Revenue
External sales	8,153	711	-	8,864
Total revenue	8,153	711	-	8,864
Result
Segment result	(17,839)	(14,058)	(11,222)	(43,119)
Investment income				1,009
Other losses				(81)
Loss before tax				(42,191)
Taxation charge				(3)
Loss after tax attributable to equity holders of parent				(42,194)

Balance Sheet	31 December 2008
	Discontinued
	Power plant operations	Biodiesel plant operations	Unallocated	Total
	$'000	$'000	$'000	$'000
Segment assets	10,235	5,494	26,404	42,133
Segment liabilities	1,523	319	2,373	4,215
Net assets				37,918

Other Information	31 December 2008
	Discontinued
	Power plant operations	Biodiesel plant operations	Unallocated	Total
	$'000	$'000	$'000	$'000
Capital expenditure on property, plant and equipment
Additions	396	-	4	400
Depreciation	2,338	-	32	2,370

	Year ended 31 December 2007
	Power plant operations		Biodiesel plant operations		Unallocated		Total
	$'000		$'000		$'000		$'000
Revenue
External sales	6,261		33		-		6,294
Total revenue	6,261		33		-		6,294
Result
Segment result	(5,249)		(2,142)		(8,199)		(15,590)
Investment income							1,984
Finance cost							(170)
Loss before tax							(13,776)
Taxation charge							-
Loss after tax attributable to equity holders of parent							(13,776)
Balance Sheet	31 December 2007
	Power plant operations		Biodiesel plant operations		Unallocated		Total
	$'000		$'000		$'000		$'000
Segment assets	25,395		18,100		40,366		83,861
Segment liabilities	1,703		29		1,455		3,187
Net assets							80,674
Other Information		31 December 2007
		Power plant operations		Biodiesel plant operations		Unallocated		Total
		$'000		$'000		$'000		$'000
Capital expenditure on property, plant and equipment
Additions		990		10,466		-		11,456
Depreciation		2,061		-		-		2,061

Geographical segments

The Group has one geographical segment, the USA.  

3. Assets of disposal group classified as held for sale and discontinued operations   

The assets and liabilities related to the power plants, biodiesel equipment, and railcars have been presented as held for sale following the Board of Directors' decision to pursue a sale of these assets. The process for the sale of these assets is underway. This decision remains to be approved by the Group's shareholders.  

Analysis of the cashflows of discontinued operations is as follows:

	Year ended  31 December 2008	Year ended  31 December 2007
	$'000	$'000
Operating cash flows	(440)	(2,985)
Investing cash flows	(396)	(11,456)
Financing cash flows	-	-
Total cash flows	(836)	(14,441)

Assets of disposal group classified as held for sale:

	Year ended  31 December 2008	Year ended  31 December 2007
	$'000	$'000
Property, plant and equipment	10,519	-
Inventory	3,271	-
Other current assets	1,939	-
Total	15,729	-

Liabilities of disposal group classified as held for sale:

	Year ended  31 December 2008	Year ended  31 December 2007
	$'000	$'000
Trade and other payables	351	-
Employee wages and benefits	10	-
Other current liabilities	241	-
Provisions	1,240	-
Total	1,842	-

Analysis of the results of discontinued operations is as follows:

	Year ended  31 December 2008	Year ended  31 December 2007
	$'000	$'000
Revenue	8,864	6,294
Cost of sales	(13,402)	(12,073)
Impairment of tangible fixed assets	(24,354)	(1,612)
Gross loss	(28,892)	(5,779)
Loss on disposal of assets	(3,004)	-
Gross loss before tax of discontinued operations	(31,896)	(5,779)
Income tax	(1)	-
Loss for the year from discontinued operations	(31,897)	(5,779)

4. Income tax 

		Year ended 31 December 2008	Year ended 31 December 2007
	%	$'000	$'000
Reconciliation of effective tax rate
Loss before tax		(42,191)	(13,776)
Income tax at standard rate	28.5/30	(12,024)	(4,132)
Tax losses for which no deferred tax asset was recognised		12,027	4,132
Tax for the period		3	-

A deferred tax asset has not been recognised in respect of timing differences relating to carried forward tax losses as there is insufficient evidence that the asset will be recovered. At 31 December 2008, the Group had carried forward tax losses of approximately $33.2 million. This includes approximately $29 million in relation to the US subsidiaries, of which only approximately $880,000 can be offset each year.

Due to the time limit on the carry forward of tax losses in the US, it is expected that the Group will use only $22 million of the existing US tax losses against future income.

The amounts disclosed above do not take into consideration the impact of any possible sale of the Group, or sale of the power plant assets and biodiesel equipment.

5. Loss and net assets per share

Basic loss per share

The calculation of basic loss per share has been determined as the net loss after tax divided by the weighted average number of equity shares outstanding during the period.

	Year ended 31 December 2008	Year ended 31 December 2007
Net loss attributable to ordinary shareholders in thousands of dollars
Net loss attributable to ordinary shareholders from continuing operations	(10,297)	(6,385)
Net loss attributable to ordinary shareholders from discontinued operations	(31,897)	(7,391)
Number of ordinary shares in thousands of shares
Issued ordinary shares at the beginning of the period	95,298	85,843
Issued ordinary shares at the end of the period	95,298	95,298
Weighted average number of ordinary shares in thousands of shares
Weighted average number of ordinary shares during the period	95,298	91,358
Basic loss per share from continuing operations	$(0.11)	$(0.07)
Basic loss per share from discontinued operations	$(0.33)	$(0.08)
Basic loss per share from continuing and discontinued operations	$(0.44)	$(0.15)

Diluted loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period adjusted for the effects of all potentially dilutive shares. 

The only potentially dilutive shares were the share options. These shares are anti-dilutive as they would decrease the loss per share. There is therefore no difference between the basic loss per share and diluted loss per share for the period.

Net assets per share

	31 December 2008	31 December 2007
Net assets per share
Net assets attributable to shareholders in thousands of dollars	37,918	80,674
Basic weighted average of ordinary shares in thousand of shares	95,298	91,358
Diluted weighted average of potential shares in thousand of shares	102,443	95,780
Basic net assets per share	$0.398	$0.883
Diluted net assets per share	$0.370	$0.842

6. Reconciliation of loss from operations to net cash from operating activity  

Consolidated cash flow statement  

	Year ended 31 December 2008	Year ended 31 December 2007
	$'000	$'000
Loss from operations	(43,119)	(15,590)
Adjustments for:
Depreciation of property, plant and equipment	2,370	2,061
Impairment of property, plant and equipment	24,354	1,613
Loss on disposal of assets	3,004	-
IFRS 2 charge	874	415
Operating cash flows before movement in working capital	(12,517)	(11,501)
Increase in inventories	(195)	(140)
Decrease/(increase) in receivables	444	(1,558)
Increase in payables	987	818
Increase in provision for asset remediation	40	-
Cash generated from operations	(11,241)	(12,381)
Interest paid	-	(170)
Other losses	(1,517)	-
Income tax	(3)	-
Net cash from operating activities	(12,761)	(12,551)

 

7. Subsequent Events 

On 19 February 2009, the Company completed an Initial Return of Capital of 10 pence per share.  The purpose of this strategy is to effect an immediate return of capital to shareholders and to position the Company to provide future distributions of capital to shareholders as assets are sold and working capital needs diminish.  

Enquiries:

Renewable Power & Light plc            +1 952 746 0393

Tim Hunstad

 

Nominated Adviser

Grant Thornton UK LLP            +44 (0)207 383 5100

Gerry Beaney

ENDFR PUUPUAUPBURB