Tanfield - Profiteur des bevorstehenden Elektroautobooms! - 500 Beiträge pro Seite
eröffnet am 17.01.11 11:06:18 von
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Feedback
Hallo,
ich möchte hier auf einen Wert aufmerksam machen, der fundamental in diesem Jahr vor einer neuen Zeitrechnung steht.
Was spricht für eine gute Chance/Risiko-relation?
Die Tochter Smith Electric Vehicle (SEV), die sich selbst "The World Leader in Commercial electric Vehicle" nennt, hat bisher 32Mio $ an Förderungszahlungen vom Department of Energy (DoE) bekommen. Das spricht für das Vertrauen der US-Regierung für SEV. Die
Kunden und Partner lesen sich wie das Who des Who, wie z.B. AT&T, Coca Cola, Ford...etc..
Ende Dezember hat sich die Smith (UK) mit der Smith (US) konsolodiert, was ein weiterer Schritt ist, für den geplanten Börsengang im ersten Halbjahr 2011.
Hier steckt für mich, die eigentliche Chance!
Wenn man sieht, wie der Trend hin zum "Elektroauto", momentan eine Eigendynamik annimmt und was für Bewertungen möglich sind (z.B. Tesla hat eine Mcap von knapp 3Mrd$ bei einem Umsatz von gerade einmal 99Mio$), wird SEV und damit auch Tanfield in Zukunft deutlich im Fokus stehen.
Mit dem baldigen Börsengang von Smith electric Vehicle(Tanfield hält 49%) an der Nasdaq, sollte ein deutlicher Bewertungsaufschlag möglich sein.
Ich freue mich über produktive Diskussionsbeiträge!
ich möchte hier auf einen Wert aufmerksam machen, der fundamental in diesem Jahr vor einer neuen Zeitrechnung steht.
Was spricht für eine gute Chance/Risiko-relation?
Die Tochter Smith Electric Vehicle (SEV), die sich selbst "The World Leader in Commercial electric Vehicle" nennt, hat bisher 32Mio $ an Förderungszahlungen vom Department of Energy (DoE) bekommen. Das spricht für das Vertrauen der US-Regierung für SEV. Die
Kunden und Partner lesen sich wie das Who des Who, wie z.B. AT&T, Coca Cola, Ford...etc..
Ende Dezember hat sich die Smith (UK) mit der Smith (US) konsolodiert, was ein weiterer Schritt ist, für den geplanten Börsengang im ersten Halbjahr 2011.
Hier steckt für mich, die eigentliche Chance!
Wenn man sieht, wie der Trend hin zum "Elektroauto", momentan eine Eigendynamik annimmt und was für Bewertungen möglich sind (z.B. Tesla hat eine Mcap von knapp 3Mrd$ bei einem Umsatz von gerade einmal 99Mio$), wird SEV und damit auch Tanfield in Zukunft deutlich im Fokus stehen.
Mit dem baldigen Börsengang von Smith electric Vehicle(Tanfield hält 49%) an der Nasdaq, sollte ein deutlicher Bewertungsaufschlag möglich sein.
Ich freue mich über produktive Diskussionsbeiträge!
Antwort auf Beitrag Nr.: 40.872.863 von starsstripes am 17.01.11 11:06:18News
President Obama Visits Smith Electric Vehicles
The President of the United States is paying a visit to global electric truck company Smith Electric Vehicles this week.
Barack Obama is making a special trip to visit the Smith Electric Vehicles US Corporation (Smith US) facility in Kansas City, Missouri on Thursday (JULY 8), where he will discuss the economy with the plant's 50 workers. Smith US is the only company the President is visiting that day.
Bryan Hansel CEO of Smith US, said: "This is a very proud day for everyone at Smith Electric Vehicles.
"The Government has been extremely supportive of Smith US since we started work in Kansas City last year. This help is enabling us to quickly grow and develop our business, attracting new customers and already creating a significant number of jobs.
"Electric trucks represent a fantastic opportunity for America to create green collar jobs, cut carbon emissions from the most polluting vehicles on our highways and reduce reliance on foreign oil."
Smith US, which is America's first manufacturer of new technology, all-electric trucks, recently received $22m in grants from the Obama administration. The funding, which follows an initial $10m government grant, is helping Smith US to build more than 500 of its market-leading 'Smith Newton' electric trucks.
Designed for urban operations, the Newton has a top speed of 50mph, a range of up to 100 miles on a full battery charge and payload capabilities of up to 16,000lbs (7,500kg).
Smith US, which only commenced production in October 2009, has already delivered vehicles to blue chip customers including AT&T, Frito-Lay, Coca-Cola and Staples; plus utilities Pacific Gas & Electric and Kansas City Power & Light.
Smith US is an associate company of Smith Electric Vehicles UK (Smith UK), which was founded in 1920 and is the longest established electric vehicle manufacturer in the world. Based in Tyne & Wear, the company produces the world's largest range of electric commercial vehicles (vans and trucks), in the Smith Edison van and minibus (electric Ford Transit) and the Smith Newton truck. Hundreds of these electric vehicles are now in service in the UK, Ireland, Netherlands, France, Hong Kong and Southern China.
President Obama Visits Smith Electric Vehicles
The President of the United States is paying a visit to global electric truck company Smith Electric Vehicles this week.
Barack Obama is making a special trip to visit the Smith Electric Vehicles US Corporation (Smith US) facility in Kansas City, Missouri on Thursday (JULY 8), where he will discuss the economy with the plant's 50 workers. Smith US is the only company the President is visiting that day.
Bryan Hansel CEO of Smith US, said: "This is a very proud day for everyone at Smith Electric Vehicles.
"The Government has been extremely supportive of Smith US since we started work in Kansas City last year. This help is enabling us to quickly grow and develop our business, attracting new customers and already creating a significant number of jobs.
"Electric trucks represent a fantastic opportunity for America to create green collar jobs, cut carbon emissions from the most polluting vehicles on our highways and reduce reliance on foreign oil."
Smith US, which is America's first manufacturer of new technology, all-electric trucks, recently received $22m in grants from the Obama administration. The funding, which follows an initial $10m government grant, is helping Smith US to build more than 500 of its market-leading 'Smith Newton' electric trucks.
Designed for urban operations, the Newton has a top speed of 50mph, a range of up to 100 miles on a full battery charge and payload capabilities of up to 16,000lbs (7,500kg).
Smith US, which only commenced production in October 2009, has already delivered vehicles to blue chip customers including AT&T, Frito-Lay, Coca-Cola and Staples; plus utilities Pacific Gas & Electric and Kansas City Power & Light.
Smith US is an associate company of Smith Electric Vehicles UK (Smith UK), which was founded in 1920 and is the longest established electric vehicle manufacturer in the world. Based in Tyne & Wear, the company produces the world's largest range of electric commercial vehicles (vans and trucks), in the Smith Edison van and minibus (electric Ford Transit) and the Smith Newton truck. Hundreds of these electric vehicles are now in service in the UK, Ireland, Netherlands, France, Hong Kong and Southern China.
Antwort auf Beitrag Nr.: 40.872.873 von starsstripes am 17.01.11 11:08:5623rd December 2010
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Sale of Business Assets of Smith Electric Vehicles UK
· Sale of Smith Electric Vehicles' assets to US associate - $15m consideration for certain business assets
· Tanfield retains 49% of equity in enlarged entity immediately following transaction
· Possible future US public offering ("IPO") of consolidated entity
As set out in previous announcements earlier this year, and specifically in the announcement on 9 August 2010 regarding the signing of Heads of Terms with its associate company Smith Electric Vehicles US ("SEVUS"), the Board of Tanfield is pleased to announce that it has today signed a contract to dispose of the business and assets (excluding debtors and cash), of the Company's wholly owned division, Smith Electric Vehicles ("SEV") to SEVUS (the "Transaction").
The Transaction and the transfer of ownership of SEV will be effective on January 1st 2011 ("Completion").
The board of Tanfield believes that a consolidation of the SEV entity into its associate company, SEVUS, creating a single, larger US based business, would be in the best interests of shareholdersand that the structure of the Transaction will give the consolidated business the best chance of achieving its short and long term strategic objectives.
Tanfield will receive US$15,000,000 ("Consideration") in respect of the business and certain assets of SEV. The Consideration will be split into 20 payments, payable monthly, with the first such payment being made on Completion. Interest will accrue on the principal outstanding amount at the rate of 4% over base rate.
In the event that SEVUS completes further interim fundraises then Tanfield has the option to receive lump sum payments to reduce the Consideration and create a payment holiday for SEVUS. In the event of an IPO of SEVUS, the full balance of the Consideration would immediately fall due.
SEV reported losses of £2,159k for the 6 months to 30 June 2010 and net assets at that date of £9,607k.
Immediately following the Transaction, Tanfield will retain a 49 per cent. holding in the enlarged SEVUS business. As previously advised, Tanfield understands that SEVUS's plans include a possible public offering of its equity securities on the US NASDAQ exchange.
The Consideration from the Transaction will be used by Tanfield in its core Powered Access division, as it continues its strategy of preparing this business for the anticipated market recovery.
The Independent Directors of Tanfield (being those Directors who are not also Directors of SEVUS) consider, having consulted with its nominated adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
Darren Kell, Chief Executive of Tanfield commented
"The board of Tanfield believes that a consolidation of the Smith Electric Vehicles UK entity into our associate company, SEVUS, creating a single, larger US based business, would be in the best interests of shareholders, particularly in light of the plans that SEVUS management have for the combined business post this transaction."
Further information:
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Edward Gay
ENDS
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Sale of Business Assets of Smith Electric Vehicles UK
· Sale of Smith Electric Vehicles' assets to US associate - $15m consideration for certain business assets
· Tanfield retains 49% of equity in enlarged entity immediately following transaction
· Possible future US public offering ("IPO") of consolidated entity
As set out in previous announcements earlier this year, and specifically in the announcement on 9 August 2010 regarding the signing of Heads of Terms with its associate company Smith Electric Vehicles US ("SEVUS"), the Board of Tanfield is pleased to announce that it has today signed a contract to dispose of the business and assets (excluding debtors and cash), of the Company's wholly owned division, Smith Electric Vehicles ("SEV") to SEVUS (the "Transaction").
The Transaction and the transfer of ownership of SEV will be effective on January 1st 2011 ("Completion").
The board of Tanfield believes that a consolidation of the SEV entity into its associate company, SEVUS, creating a single, larger US based business, would be in the best interests of shareholdersand that the structure of the Transaction will give the consolidated business the best chance of achieving its short and long term strategic objectives.
Tanfield will receive US$15,000,000 ("Consideration") in respect of the business and certain assets of SEV. The Consideration will be split into 20 payments, payable monthly, with the first such payment being made on Completion. Interest will accrue on the principal outstanding amount at the rate of 4% over base rate.
In the event that SEVUS completes further interim fundraises then Tanfield has the option to receive lump sum payments to reduce the Consideration and create a payment holiday for SEVUS. In the event of an IPO of SEVUS, the full balance of the Consideration would immediately fall due.
SEV reported losses of £2,159k for the 6 months to 30 June 2010 and net assets at that date of £9,607k.
Immediately following the Transaction, Tanfield will retain a 49 per cent. holding in the enlarged SEVUS business. As previously advised, Tanfield understands that SEVUS's plans include a possible public offering of its equity securities on the US NASDAQ exchange.
The Consideration from the Transaction will be used by Tanfield in its core Powered Access division, as it continues its strategy of preparing this business for the anticipated market recovery.
The Independent Directors of Tanfield (being those Directors who are not also Directors of SEVUS) consider, having consulted with its nominated adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
Darren Kell, Chief Executive of Tanfield commented
"The board of Tanfield believes that a consolidation of the Smith Electric Vehicles UK entity into our associate company, SEVUS, creating a single, larger US based business, would be in the best interests of shareholders, particularly in light of the plans that SEVUS management have for the combined business post this transaction."
Further information:
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Edward Gay
ENDS
Antwort auf Beitrag Nr.: 40.872.924 von starsstripes am 17.01.11 11:15:22HI!
Hier nochmal die Insiderkäufe aus dem Jahr 2010:
2010-10-04 Tanfield D.S. Kell BUY 1,250,000 @ 13.70p
2010-10-04 Tanfield R.R.E. Stanley BUY 1,250,000 @ 13.20p
2010-10-04 Tanfield J.M. Wooding BUY 31,209 @ 15.75p
2010-09-30 Tanfield J.N. Bridge BUY 50,000 @ 12.72p
2010-09-30 Tanfield B.J. Campbell BUY 77,092 @ 12.76p
Hier nochmal die Insiderkäufe aus dem Jahr 2010:
2010-10-04 Tanfield D.S. Kell BUY 1,250,000 @ 13.70p
2010-10-04 Tanfield R.R.E. Stanley BUY 1,250,000 @ 13.20p
2010-10-04 Tanfield J.M. Wooding BUY 31,209 @ 15.75p
2010-09-30 Tanfield J.N. Bridge BUY 50,000 @ 12.72p
2010-09-30 Tanfield B.J. Campbell BUY 77,092 @ 12.76p
Antwort auf Beitrag Nr.: 40.873.002 von starsstripes am 17.01.11 11:25:06Ich glaube immer noch fest an die Elektromotorgeschichte.Nach dem Reverse-Split von 1:5 im Jahre 2009 ist es still geworden um Tanfield.Ich schaue aber immer noch mal dann und wann auf deren Homepage.Mittlerweile merke ich strategisch- notwendige Veränderungen im Geschäftsfeld und bin darüber froh.Ein Börsengang spült frisches Geld in die Kasse und die Geschäftsmodeltätigkeiten sollten sich im Alleinstellungsmerkmalen sichtlich verbessern.Bin positiv gestimmt.
Trading Spotlight
Mittlerweile hat sich der Kurs erholt und gefestigt.Bin positiv gestimmt!
Antwort auf Beitrag Nr.: 41.149.818 von Aptamilla am 04.03.11 18:00:02Schön, das die meisten die Story noch nicht verstanden haben.
Da ist noch luft nach oben!
Da ist noch luft nach oben!
Antwort auf Beitrag Nr.: 41.158.210 von starsstripes am 07.03.11 14:04:41Smith Electric Vehicles Completes $58 Million Private Placement
By Andrew Herndon - Mar 8, 2011 4:09 AM GMT+0100
Smith Electric Vehicles U.S. Corp., a U.S. manufacturer of plug-in battery powered electric trucks, sold $58 million of shares privately to unidentified investors.
The financing includes $39 million in cash received from the sale of Series B convertible preferred stock, the Kansas City, Missouri-based company said today in a statement. Additionally, bridge notes and related warrants were converted into $19 million of Series B preferred shares.
Of the proceeds, $5 million will be used to prepay monthly installments in connection with the company’s purchase of the U.K.-based zero emission vehicles unit of Tanfield Group Plc (TAN), known as Smith Electric Vehicles. Tanfield, the world’s largest maker of aerial work platforms, holds a 49 percent stake in the U.S-based company.
The $15 million deal, announced Dec. 23, became effective Jan. 1 and payments will be made in installments for 20 months. The prepayment eliminates the need to pay additional installments for about seven months, Smith Electric said.
Remaining net proceeds will be used for working capital as the company expands manufacturing.
Newtons
Sales of the company’s Newton model trucks are expected to reach 1,000 this year, five times more than last year, the company said in January. Smith Electric’s Kansas City plant assembles about 40 trucks per month, chief executive officer Bryan Hansel said in December when the acquisition was announced. Hansel was not available for comment today.
The Newton trucks use cabs and chassis made by Letňany, Czech Republic-based Avia Ashok Leyland Motors S.R.O. The batteries are provided by Valence Technology Inc. (VLNC), and Enova Systems Inc. (ENA) supplies the electric drive systems. The vehicles sell for between about $80,000 and $90,000 after deducting a federal tax credit of as much as $7,500 and additional rebates from state governments of as much as $5,000, according to Hansel.
Coca-Cola Co., Frito-Lay Foods Ltd., AT&T Inc., Staples Inc., Pacific Gas & Electric Co., and Kansas City Power & Light Co., have purchased Smith vehicles, Tanfield says on its website.
The vehicles have a top speed of 55 miles per hour, a range of more than 100 miles, and a payload of more than 16,000 pounds.
To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net
By Andrew Herndon - Mar 8, 2011 4:09 AM GMT+0100
Smith Electric Vehicles U.S. Corp., a U.S. manufacturer of plug-in battery powered electric trucks, sold $58 million of shares privately to unidentified investors.
The financing includes $39 million in cash received from the sale of Series B convertible preferred stock, the Kansas City, Missouri-based company said today in a statement. Additionally, bridge notes and related warrants were converted into $19 million of Series B preferred shares.
Of the proceeds, $5 million will be used to prepay monthly installments in connection with the company’s purchase of the U.K.-based zero emission vehicles unit of Tanfield Group Plc (TAN), known as Smith Electric Vehicles. Tanfield, the world’s largest maker of aerial work platforms, holds a 49 percent stake in the U.S-based company.
The $15 million deal, announced Dec. 23, became effective Jan. 1 and payments will be made in installments for 20 months. The prepayment eliminates the need to pay additional installments for about seven months, Smith Electric said.
Remaining net proceeds will be used for working capital as the company expands manufacturing.
Newtons
Sales of the company’s Newton model trucks are expected to reach 1,000 this year, five times more than last year, the company said in January. Smith Electric’s Kansas City plant assembles about 40 trucks per month, chief executive officer Bryan Hansel said in December when the acquisition was announced. Hansel was not available for comment today.
The Newton trucks use cabs and chassis made by Letňany, Czech Republic-based Avia Ashok Leyland Motors S.R.O. The batteries are provided by Valence Technology Inc. (VLNC), and Enova Systems Inc. (ENA) supplies the electric drive systems. The vehicles sell for between about $80,000 and $90,000 after deducting a federal tax credit of as much as $7,500 and additional rebates from state governments of as much as $5,000, according to Hansel.
Coca-Cola Co., Frito-Lay Foods Ltd., AT&T Inc., Staples Inc., Pacific Gas & Electric Co., and Kansas City Power & Light Co., have purchased Smith vehicles, Tanfield says on its website.
The vehicles have a top speed of 55 miles per hour, a range of more than 100 miles, and a payload of more than 16,000 pounds.
To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net
Antwort auf Beitrag Nr.: 41.168.992 von starsstripes am 09.03.11 10:00:22"That video clip in which Lynne Twist talks of 20 companies all placing major orders for Smith electric vehicles, and which includes Bryan Hansel talking of 100,000 trucks in 4 years, has been removed from the blog it was on. Presumably under pressure from someone.
But it is still available here
http://tinawinterlik.blogspot.com/2011/03/four-years-go-smit…
Take a copy before this link gets blocked too! "
Kurzinfo: Der Plan sieht vor, dass in den USA bis 2015 1.000.000 Elektrofahrzeuge auf den Straßen rollen sollen. Smith schätzt 10% davon für sich zu beanspruchen!!!
Zieht selber euer Fazit!
But it is still available here
http://tinawinterlik.blogspot.com/2011/03/four-years-go-smit…
Take a copy before this link gets blocked too! "
Kurzinfo: Der Plan sieht vor, dass in den USA bis 2015 1.000.000 Elektrofahrzeuge auf den Straßen rollen sollen. Smith schätzt 10% davon für sich zu beanspruchen!!!
Zieht selber euer Fazit!
Antwort auf Beitrag Nr.: 41.180.813 von starsstripes am 10.03.11 19:42:41Hab mein Fazit schon gezogen.Die Firma ist bei vielen noch garnicht ins Rampenlicht gerückt.Wenn die Elektromaschenerie erst einmal läuft ist Tanfield ganz vorn mit dabei!
Die Elektroautoindustrie macht mobil!Endlich und mit Tanfield!
Hallo bin neu im Wert investiert und sehe hier auch enorme Chancen.Habe mich ein wenig eingelesen und bin der Meinung ,daß es hier nur nach vorne gehen kann.Obama steht bei der CO2 Thematik deutlich unter Zugzwang und musste auch reagieren.Vielmehr an Interesse war für mich jedoch dieses 58 Millionen $ placement.Ganz klar, hier weiß jemand mehr.Weiß jemand wer dieser Investor war???Würde mich ja mal brennend interessieren.
Bis denn und viel Erfolg
Bis denn und viel Erfolg
Antwort auf Beitrag Nr.: 41.549.645 von Edelweiss70 am 24.05.11 17:18:32Hallo Edelweiss,
Freut mich, dich hier im Tanfield-Board zu begrüßen. Leider ist es sehr still um diese Aktie (gut für jeden, der jetzt einsteigt) geworden, was ich überhaupt nicht nachvollziehen kann.
Der Grund,es ist schlicht und einfach noch nichts greifbares in den Medien. Es bedarf ein wenig Ausdauer und Disziplin für diese Story. Das Management hat im letzten Jahr immer wieder von einem IPO, ihrer 32,5% Beteiligung Smith, in 2011 ("rather than later") gesprochen. Momentan nehmen sie bewusst Abstand von derartigen äußerungen. Meiner Ansicht nach, liegen die Pläne eher auf dem Tisch als in der Schublade!
Jetzt komme ich auch zu Deiner Frage,
Ich denke, es gibt zwei Optionen:
1. Sie haben mit der 58Mio$ Kapitalerhöhung einen Value-Investor ins Boot geholt, der sie mit know how, Materialien, Fertigungsstraßen, Fabrikhallen o.ä versorgen kann. Ford Motors, würde für mich Sinn machen, da sie schon auf eine langjährige Partnerschaft zurückblicken.
2. Meine zweite und erste Vermutung war eine Großbank, die das IPO begleiten wird.
Momentan geht das Gerücht um, dass Goldman Sachs der Bookleader des IPOs wird.
Das wäre für Smith der absolute Ritterschlag und Goldman hätte sich somit vorher ein paar Anteile gesichert um den Börsengang so richtig groß zu promoten.
Man kann das auch als "Provision" betrachten.
Ich kann es kaum noch abwarten bis der Börsengang endlich angekündigt wird. Ich glaube, sie können sich nicht all zuviel Zeit lassen, da der Ausbau des gesamten Distributionsnetzes eine Menge Geld kostet.
Immerhin hat Obama gesagt, dass 2014 eine Million!!! Elektrofahrzeuge auf amerikanischen Straßen fahren werden. Tanfield hat sich als ziel gesetzt, einen zehnprozentigen Anteil zu erreichen. Der Preis für einen Elektrotruck liegt so zwischen 80.000-90.000$ x 100.000 Fahrzeuge= 8-9 Mrd$ Umsatz!
Um diese Kapazitäten zu erreichen, brauchen Sie sehr schnell VIEL Geld, was ein Börsengang in die Kassen spülen würde. Tesla wird z.B. momentan mit ca.2,5Mrd$ bewertet, für ein 100Mio$ Umsatz.
Smith produziert diese Jahr ca. 1000 Trucks, was bei dem oben angegeben Stückpreis auch einen Umsatz in der Tesla Gößenordung bringen wird.
Smith ist Weltmarktführer im Bereich elektrische Nutzfahrzeuge und bietet ein enormes Phantasiepotential. Wieso soll der Börsengang nicht in der Region von Tesla liegen?
Das Konzept des Elektoantriebs passt zudem viel besser zu Nutzfahrzeugen (Smith electric Vehicle) als zu privaten PKWs (Tesla).
Die Reichweiten liegen bei ca. 100meilen, was zu allen möglichen routen, der Lieferanten (Pepsi,Cola,Staples,DHL...etc) passt. Abends kommt der Fuhrpark an die Steckdose und tagsüber reicht die Batterie alle mal für die vorgegebene Tour!
Bei einem Privaten Automobil bin ich schon eher eingeschränkt, wenn ich mal von Berlin nach Hamburg oder München fahre. Es ist so gut wie unmöglich!!! Für die Stadt ok, finde aber viele alternativen (die übrigens CO2 arm unterwegs sind; z.B. Smart).
Firmen wie Coca Cola, Staples, DHL oder andere können sich nun ganz klar "We Go Green" auf die Fahne schreiben, was der Präsident bestimmt gerne sieht!
Mit den steuerlichen Subventionen kommt zudem ein enormer wirtschaftlicher Vorteil ins Spiel. Jetzt ist die Zeit reif!!!
Es gibt soviele Unternehmen, die vor einer Boom Phase, insolvent anmelden müssen.
Entweder fehlt die Erfahrung (Smith gibt es seit über 80 jahren), oder der negative cash flow (Tanfields cash flow ist positiv) frisst sie auf, die Schulden (Tanfields Bilanz ist Schuldenfrei) wachsen ihnen über den Kopf, oder ein ganz wichtiger Punkt ist die Marktvariable (JETZT fließen die steuerlichen Subventionen, JETZT sprießen die Elektroladestationen aus dem Boden wie Pilze und die Energiepreise nähern sich dem Alltime High)
Glaube, dass ist DIE beste Story, die mir jemals über den Weg "gelaufen" ist!
Wünsche allen invesierten ein wenig durchhaltevermögen und am Ende einen dicken Geldbeutel!
Bis denn
Freut mich, dich hier im Tanfield-Board zu begrüßen. Leider ist es sehr still um diese Aktie (gut für jeden, der jetzt einsteigt) geworden, was ich überhaupt nicht nachvollziehen kann.
Der Grund,es ist schlicht und einfach noch nichts greifbares in den Medien. Es bedarf ein wenig Ausdauer und Disziplin für diese Story. Das Management hat im letzten Jahr immer wieder von einem IPO, ihrer 32,5% Beteiligung Smith, in 2011 ("rather than later") gesprochen. Momentan nehmen sie bewusst Abstand von derartigen äußerungen. Meiner Ansicht nach, liegen die Pläne eher auf dem Tisch als in der Schublade!
Jetzt komme ich auch zu Deiner Frage,
Ich denke, es gibt zwei Optionen:
1. Sie haben mit der 58Mio$ Kapitalerhöhung einen Value-Investor ins Boot geholt, der sie mit know how, Materialien, Fertigungsstraßen, Fabrikhallen o.ä versorgen kann. Ford Motors, würde für mich Sinn machen, da sie schon auf eine langjährige Partnerschaft zurückblicken.
2. Meine zweite und erste Vermutung war eine Großbank, die das IPO begleiten wird.
Momentan geht das Gerücht um, dass Goldman Sachs der Bookleader des IPOs wird.
Das wäre für Smith der absolute Ritterschlag und Goldman hätte sich somit vorher ein paar Anteile gesichert um den Börsengang so richtig groß zu promoten.
Man kann das auch als "Provision" betrachten.
Ich kann es kaum noch abwarten bis der Börsengang endlich angekündigt wird. Ich glaube, sie können sich nicht all zuviel Zeit lassen, da der Ausbau des gesamten Distributionsnetzes eine Menge Geld kostet.
Immerhin hat Obama gesagt, dass 2014 eine Million!!! Elektrofahrzeuge auf amerikanischen Straßen fahren werden. Tanfield hat sich als ziel gesetzt, einen zehnprozentigen Anteil zu erreichen. Der Preis für einen Elektrotruck liegt so zwischen 80.000-90.000$ x 100.000 Fahrzeuge= 8-9 Mrd$ Umsatz!
Um diese Kapazitäten zu erreichen, brauchen Sie sehr schnell VIEL Geld, was ein Börsengang in die Kassen spülen würde. Tesla wird z.B. momentan mit ca.2,5Mrd$ bewertet, für ein 100Mio$ Umsatz.
Smith produziert diese Jahr ca. 1000 Trucks, was bei dem oben angegeben Stückpreis auch einen Umsatz in der Tesla Gößenordung bringen wird.
Smith ist Weltmarktführer im Bereich elektrische Nutzfahrzeuge und bietet ein enormes Phantasiepotential. Wieso soll der Börsengang nicht in der Region von Tesla liegen?
Das Konzept des Elektoantriebs passt zudem viel besser zu Nutzfahrzeugen (Smith electric Vehicle) als zu privaten PKWs (Tesla).
Die Reichweiten liegen bei ca. 100meilen, was zu allen möglichen routen, der Lieferanten (Pepsi,Cola,Staples,DHL...etc) passt. Abends kommt der Fuhrpark an die Steckdose und tagsüber reicht die Batterie alle mal für die vorgegebene Tour!
Bei einem Privaten Automobil bin ich schon eher eingeschränkt, wenn ich mal von Berlin nach Hamburg oder München fahre. Es ist so gut wie unmöglich!!! Für die Stadt ok, finde aber viele alternativen (die übrigens CO2 arm unterwegs sind; z.B. Smart).
Firmen wie Coca Cola, Staples, DHL oder andere können sich nun ganz klar "We Go Green" auf die Fahne schreiben, was der Präsident bestimmt gerne sieht!
Mit den steuerlichen Subventionen kommt zudem ein enormer wirtschaftlicher Vorteil ins Spiel. Jetzt ist die Zeit reif!!!
Es gibt soviele Unternehmen, die vor einer Boom Phase, insolvent anmelden müssen.
Entweder fehlt die Erfahrung (Smith gibt es seit über 80 jahren), oder der negative cash flow (Tanfields cash flow ist positiv) frisst sie auf, die Schulden (Tanfields Bilanz ist Schuldenfrei) wachsen ihnen über den Kopf, oder ein ganz wichtiger Punkt ist die Marktvariable (JETZT fließen die steuerlichen Subventionen, JETZT sprießen die Elektroladestationen aus dem Boden wie Pilze und die Energiepreise nähern sich dem Alltime High)
Glaube, dass ist DIE beste Story, die mir jemals über den Weg "gelaufen" ist!
Wünsche allen invesierten ein wenig durchhaltevermögen und am Ende einen dicken Geldbeutel!
Bis denn
Antwort auf Beitrag Nr.: 41.557.960 von starsstripes am 25.05.11 22:58:45Vielen Dank für die sehr aufschlussreiche Antwort.Sehe Du hast deine Hausaufgaben gemacht starsstripes.Weiterhin viel Erfolg!!!!
Antwort auf Beitrag Nr.: 41.558.056 von Edelweiss70 am 25.05.11 23:20:33
Geht heute mal wieder in die richtige Richtung (+7,23% bei 307260 gehandelten Stücken). Hoffe damit ist die Konsolodierung abgeschlossen. Es zeigt aufjedenfall, dass das Orderbuch äußerst dünn ist.
http://www.michaelpeacock.co.uk/blog/entry/moving-on-to-past…
Geht heute mal wieder in die richtige Richtung (+7,23% bei 307260 gehandelten Stücken). Hoffe damit ist die Konsolodierung abgeschlossen. Es zeigt aufjedenfall, dass das Orderbuch äußerst dünn ist.
http://www.michaelpeacock.co.uk/blog/entry/moving-on-to-past…
28 July 2011
Tanfield Group PLC ("Tanfield" or the "Company")
Holding in Company
Tanfield announces that it has been informed by Mr Steve Ball that he has today ceased to hold a notifiable interest in the Company's share capital
Tanfield Group PLC ("Tanfield" or the "Company")
Holding in Company
Tanfield announces that it has been informed by Mr Steve Ball that he has today ceased to hold a notifiable interest in the Company's share capital
04 July 2011
TANFIELD GROUP PLC ("Tanfield" or the "Company")
Pre-Close Trading Update
The Tanfield Group Plc, a leading manufacturer of aerial work platforms, will shortly be entering its closed period for the half year ending 30 June 2011.
Trading for the first half was in line with the Board's expectations, with turnover increasing 24 per cent to £24.4 million, compared to £19.6 million in the same period last year. Net cash remained relatively stable at £4.7m (31 December 2010: £3.6 million). The order book continues to improve, with orders now standing at £20.9m, a 170% improvement since the last period (31 December 2010: £7.7m).
As indicated in the Company's preliminary results announced in April, on-going supply chain capacity constraints, allied to the requisite working capital demands, will be the key limiting factor to the speed of growth, as the entire global supply chain takes time to re-balance and re-build lost capacity to cope with the returning demand. The Board expects this scenario to continue throughout the second half of 2011.
Darren Kell, CEO of The Tanfield Group Plc, said: "We continue to work closely with all of our suppliers to remove bottlenecks, so we can further increase production, meet the recovering market demand globally in our products, and reduce our lead times. We expect the wider market will continue to improve in the second half of 2011, as the Company moves closer towards break-even. "
Further information:
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Ed Groome
Media Enquiries
Dan Jenkins 07536 092682
ENDS
TANFIELD GROUP PLC ("Tanfield" or the "Company")
Pre-Close Trading Update
The Tanfield Group Plc, a leading manufacturer of aerial work platforms, will shortly be entering its closed period for the half year ending 30 June 2011.
Trading for the first half was in line with the Board's expectations, with turnover increasing 24 per cent to £24.4 million, compared to £19.6 million in the same period last year. Net cash remained relatively stable at £4.7m (31 December 2010: £3.6 million). The order book continues to improve, with orders now standing at £20.9m, a 170% improvement since the last period (31 December 2010: £7.7m).
As indicated in the Company's preliminary results announced in April, on-going supply chain capacity constraints, allied to the requisite working capital demands, will be the key limiting factor to the speed of growth, as the entire global supply chain takes time to re-balance and re-build lost capacity to cope with the returning demand. The Board expects this scenario to continue throughout the second half of 2011.
Darren Kell, CEO of The Tanfield Group Plc, said: "We continue to work closely with all of our suppliers to remove bottlenecks, so we can further increase production, meet the recovering market demand globally in our products, and reduce our lead times. We expect the wider market will continue to improve in the second half of 2011, as the Company moves closer towards break-even. "
Further information:
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Ed Groome
Media Enquiries
Dan Jenkins 07536 092682
ENDS
26 August 2011
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Comment on Share Price Movement
The Board of Tanfield notes the recent movement in the Company's share price. The Company's US associate, Smith Electric Vehicles US ("SEVUS"), is marketing an offering of new shares to fund the continuing development of the business.
A further announcement will be made when appropriate.
Further information:
Tanfield Group plc
Darren Kell, Chief Executive
Charles Brooks, Financial Director
0845 155 7755
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Comment on Share Price Movement
The Board of Tanfield notes the recent movement in the Company's share price. The Company's US associate, Smith Electric Vehicles US ("SEVUS"), is marketing an offering of new shares to fund the continuing development of the business.
A further announcement will be made when appropriate.
Further information:
Tanfield Group plc
Darren Kell, Chief Executive
Charles Brooks, Financial Director
0845 155 7755
Antwort auf Beitrag Nr.: 42.103.598 von starsstripes am 19.09.11 00:03:05Hallo,
es ist schon wirklich auffällig, dass der Kurs in den letzten Wochen so an Fahrt aufgenommen hat, dass nun das Kursniveau höher ist, als vor der EU-Schuldenkrise.
Wer kauft hier im großen Stil Tanfield Aktien?
In einem Markt, wo es absolut keinen Sinn macht, sich ein "Nebenwert" ins Depot zu legen , wo doch Blue Chips momentan zu absoluten Schleuderpreisen zu haben sind.
Was wissen die Käufer?
Wenn ich mich in deren Lage versetze und bereit bin , in diesem be... Martumfeld, die Aktie bis gut 45 GBp hochzukaufen, dann vermute ich ein Fair-Value-Aufschlag von min. 50%.
Ich glaube nach wie vor, das man bei Tanfield die einmalige Möglichkeit hat, sich über einen "pennystock" in einen Welmarktführer einzukaufen (und das mit immerhin einem 32% Anteil).
Habe so eine Konstellation selten erlebt und das macht dieses Investment so sexy!
Ich bleibe investiert solange, bis die Karten auf dem Tisch liegen.
Der Kursanstieg deutet eine baldige Klarheit in puncto Smith-IPO an, ganz nach dem alten Börsengesetz:
"Kurse machen News"
Alle die mit im Boot sitzen können sich freuen eine derartige Performance zu haben. Die momentane Krise findet nicht im Tanfield Kurs statt!
Allen investierten weiterhin viel freude!
es ist schon wirklich auffällig, dass der Kurs in den letzten Wochen so an Fahrt aufgenommen hat, dass nun das Kursniveau höher ist, als vor der EU-Schuldenkrise.
Wer kauft hier im großen Stil Tanfield Aktien?
In einem Markt, wo es absolut keinen Sinn macht, sich ein "Nebenwert" ins Depot zu legen , wo doch Blue Chips momentan zu absoluten Schleuderpreisen zu haben sind.
Was wissen die Käufer?
Wenn ich mich in deren Lage versetze und bereit bin , in diesem be... Martumfeld, die Aktie bis gut 45 GBp hochzukaufen, dann vermute ich ein Fair-Value-Aufschlag von min. 50%.
Ich glaube nach wie vor, das man bei Tanfield die einmalige Möglichkeit hat, sich über einen "pennystock" in einen Welmarktführer einzukaufen (und das mit immerhin einem 32% Anteil).
Habe so eine Konstellation selten erlebt und das macht dieses Investment so sexy!
Ich bleibe investiert solange, bis die Karten auf dem Tisch liegen.
Der Kursanstieg deutet eine baldige Klarheit in puncto Smith-IPO an, ganz nach dem alten Börsengesetz:
"Kurse machen News"
Alle die mit im Boot sitzen können sich freuen eine derartige Performance zu haben. Die momentane Krise findet nicht im Tanfield Kurs statt!
Allen investierten weiterhin viel freude!
Hallo starsstripes
denke mal das die anstehende KE durch die neuen Aktien wohl in erster Linie an Grossinvestoren gehen dürfte.Die Zeichnung sollte schnell über die Bühne gehen oder???Die Zahlen kommen ja auch Ende September und vl erfahren wir hier auch schon ein bissl mehr.Würde einen Termin zum Smith IPO sehr begrüssen.................
denke mal das die anstehende KE durch die neuen Aktien wohl in erster Linie an Grossinvestoren gehen dürfte.Die Zeichnung sollte schnell über die Bühne gehen oder???Die Zahlen kommen ja auch Ende September und vl erfahren wir hier auch schon ein bissl mehr.Würde einen Termin zum Smith IPO sehr begrüssen.................
Smith Newton™ Zero-Emission
Commercial Trucks Will Improve Efficiency, Lower Fleet Operation Costs, Reduce Environmental Impact of Duane Reade Delivery Fleet
NEW YORK and KANSAS CITY, Mo., Sept. 19, 2011 /PRNewswire/ -- In an effort to improve fuel efficiency standards and lower carbon dioxide emissions, Duane Reade today announced a partnership with Smith Electric Vehicles to add Newton™ zero-emission, all-electric commercial trucks to its delivery fleet. With the addition of these medium-duty trucks, Duane Reade is the first retail pharmacy in the United States to choose fleet electrification through a pilot program with the global leader in zero-emission, all-electric commercial vehicles.
The new eco-friendly additions to Duane Reade's delivery fleet will prove ideal for urban delivery applications that demand heavy stop-and-go driving, with a market-leading range in excess of 100 miles on a single overnight charge, a payload of more than 16,000 pounds and an average annual operating cost that is one-third to one-half that of conventional diesel trucks. The Newton produces zero emissions, is virtually silent and features a regenerative braking system that reduces wear on the brakes while restoring charge to the battery.
Paul Tiberio, SVP Merchandising & Chief Marketing Officer of Duane Reade, commented, "In having a significant part of our retail foundation within the most dynamic urban center in the world, we want to do our part to conserve energy across all areas of operation by lowering our carbon footprint in addition to creatively integrating low-energy output solutions within Duane Reade stores. We are excited to partner with Smith Electric Vehicles and are confident the investments we are making today are not only good for the environment, but they also work to increase our business efficiency. Milea Truck Group and Continental Truck Body were major players in helping to bring Smith Electric to Duane Reade and building the truck body here in NYC, providing jobs for New Yorkers."
Bryan Hansel, CEO of Smith Electric Vehicles, commented, "We welcome Duane Reade as the first retail pharmacy in the United States that has chosen fleet electrification as a viable economic option that also advances its sustainability goals. Duane Reade is joining a growing family of Smith vehicles in New York City that includes Frito-Lay, Coca-Cola and Down East Seafood. We're pleased to join Duane Reade in improving its bottom line while making the Big Apple cleaner and quieter."
This program is part of a continued energy initiative at Duane Reade, whereby all new and renovated stores feature 95% to 98% low-heat LED lighting, translating to approximately 40% less power consumption each year, eliminating the high-energy output air-conditioning units that were once required to mitigate the excessive heat produced by traditional light sources. In these same stores, Duane Reade has also incorporated Polyflor flooring, which is produced by using 30% less water than most other commercial surfaces. It requires little maintenance and cleaning, while presenting an average life span of 20 to 25 years, thereby significantly reducing energy consumption and carbon dioxide emissions
Commercial Trucks Will Improve Efficiency, Lower Fleet Operation Costs, Reduce Environmental Impact of Duane Reade Delivery Fleet
NEW YORK and KANSAS CITY, Mo., Sept. 19, 2011 /PRNewswire/ -- In an effort to improve fuel efficiency standards and lower carbon dioxide emissions, Duane Reade today announced a partnership with Smith Electric Vehicles to add Newton™ zero-emission, all-electric commercial trucks to its delivery fleet. With the addition of these medium-duty trucks, Duane Reade is the first retail pharmacy in the United States to choose fleet electrification through a pilot program with the global leader in zero-emission, all-electric commercial vehicles.
The new eco-friendly additions to Duane Reade's delivery fleet will prove ideal for urban delivery applications that demand heavy stop-and-go driving, with a market-leading range in excess of 100 miles on a single overnight charge, a payload of more than 16,000 pounds and an average annual operating cost that is one-third to one-half that of conventional diesel trucks. The Newton produces zero emissions, is virtually silent and features a regenerative braking system that reduces wear on the brakes while restoring charge to the battery.
Paul Tiberio, SVP Merchandising & Chief Marketing Officer of Duane Reade, commented, "In having a significant part of our retail foundation within the most dynamic urban center in the world, we want to do our part to conserve energy across all areas of operation by lowering our carbon footprint in addition to creatively integrating low-energy output solutions within Duane Reade stores. We are excited to partner with Smith Electric Vehicles and are confident the investments we are making today are not only good for the environment, but they also work to increase our business efficiency. Milea Truck Group and Continental Truck Body were major players in helping to bring Smith Electric to Duane Reade and building the truck body here in NYC, providing jobs for New Yorkers."
Bryan Hansel, CEO of Smith Electric Vehicles, commented, "We welcome Duane Reade as the first retail pharmacy in the United States that has chosen fleet electrification as a viable economic option that also advances its sustainability goals. Duane Reade is joining a growing family of Smith vehicles in New York City that includes Frito-Lay, Coca-Cola and Down East Seafood. We're pleased to join Duane Reade in improving its bottom line while making the Big Apple cleaner and quieter."
This program is part of a continued energy initiative at Duane Reade, whereby all new and renovated stores feature 95% to 98% low-heat LED lighting, translating to approximately 40% less power consumption each year, eliminating the high-energy output air-conditioning units that were once required to mitigate the excessive heat produced by traditional light sources. In these same stores, Duane Reade has also incorporated Polyflor flooring, which is produced by using 30% less water than most other commercial surfaces. It requires little maintenance and cleaning, while presenting an average life span of 20 to 25 years, thereby significantly reducing energy consumption and carbon dioxide emissions
Antwort auf Beitrag Nr.: 42.108.581 von Edelweiss70 am 20.09.11 01:11:02@Edelweiss70
Normalerweise nimmt ein börsennotiertes Unternehmen keine Stellung (zumindest nicht über einen Newsticker) zu irgendwelchen Kursschwankungen, grundsätzlich nicht!
Das sie am 26.08 die News publizierten, "Smith Electric is marketing an offering of new shares",
zeigt die brisanz in puncto Vorbereitungen des Smith-IPOs!
Danke für deinen heutigen Beitrag!
Bis die Tage!
Normalerweise nimmt ein börsennotiertes Unternehmen keine Stellung (zumindest nicht über einen Newsticker) zu irgendwelchen Kursschwankungen, grundsätzlich nicht!
Das sie am 26.08 die News publizierten, "Smith Electric is marketing an offering of new shares",
zeigt die brisanz in puncto Vorbereitungen des Smith-IPOs!
Danke für deinen heutigen Beitrag!
Bis die Tage!
News
Gateshead Invests In Fleet Of Electric Vans From Smith
- 10 new Smith Edison all-electric vans for Gateshead Council
- Based on Ford Transit panel van
- 100 mile range, 1,000kg payload
- Purchased through the DfT's Low Carbon Vehicle Procurement Programme
GATESHEAD Council has become one of the UK's leading adopters of electric vans.
The North-East council has purchased 10 'Smith Edison' all-electric vans, for assessment in operations across its commercial vehicle fleet. Produced by Smith Electric Vehicles in nearby Washington, Tyne & Wear, the Edison has a range of up to 100 miles on a single charge, making it ideal for urban operations. Costing less than 5p per mile in 'fuel' and with low maintenance requirements, the Edison delivers much lower running costs than a conventional van.
Gateshead Council transport manager Alasdair Tose said: "Gateshead Council is committed to playing a lead role in the roll-out of electric vehicles and infrastructure. Our fleet of electric vehicles is the largest local authority fleet in the region, delivering key services to Gateshead residents whilst reducing carbon emissions and saving money at the same time."
Gateshead has purchased the vans through a new national government initiative, the Low Carbon Vehicle Procurement Programme (LCVPP). Under the programme, the Department for Transport pays the difference between the purchase price of a standard diesel panel van and the new technology electric vehicle. This allows local authorities like Gateshead to purchase small fleets of electric and hybrid vans, to fully assess and understand the technology.
Smith Electric Vehicles is supplying two-thirds of the electric vans into LCVPP Phase One and Gateshead Council is among the biggest investors in its EV technology.
Based on the Ford Transit chassis, the Smith Edison is powered by advanced Lithium-Ion batteries and an efficient electric motor. The batteries can be fully recharged in around eight hours. The Smith Edison is now the world's best-selling electric light commercial vehicle, with customers including Sainsbury's, Transport for London and Scottish & Southern Energy.
Gateshead Invests In Fleet Of Electric Vans From Smith
- 10 new Smith Edison all-electric vans for Gateshead Council
- Based on Ford Transit panel van
- 100 mile range, 1,000kg payload
- Purchased through the DfT's Low Carbon Vehicle Procurement Programme
GATESHEAD Council has become one of the UK's leading adopters of electric vans.
The North-East council has purchased 10 'Smith Edison' all-electric vans, for assessment in operations across its commercial vehicle fleet. Produced by Smith Electric Vehicles in nearby Washington, Tyne & Wear, the Edison has a range of up to 100 miles on a single charge, making it ideal for urban operations. Costing less than 5p per mile in 'fuel' and with low maintenance requirements, the Edison delivers much lower running costs than a conventional van.
Gateshead Council transport manager Alasdair Tose said: "Gateshead Council is committed to playing a lead role in the roll-out of electric vehicles and infrastructure. Our fleet of electric vehicles is the largest local authority fleet in the region, delivering key services to Gateshead residents whilst reducing carbon emissions and saving money at the same time."
Gateshead has purchased the vans through a new national government initiative, the Low Carbon Vehicle Procurement Programme (LCVPP). Under the programme, the Department for Transport pays the difference between the purchase price of a standard diesel panel van and the new technology electric vehicle. This allows local authorities like Gateshead to purchase small fleets of electric and hybrid vans, to fully assess and understand the technology.
Smith Electric Vehicles is supplying two-thirds of the electric vans into LCVPP Phase One and Gateshead Council is among the biggest investors in its EV technology.
Based on the Ford Transit chassis, the Smith Edison is powered by advanced Lithium-Ion batteries and an efficient electric motor. The batteries can be fully recharged in around eight hours. The Smith Edison is now the world's best-selling electric light commercial vehicle, with customers including Sainsbury's, Transport for London and Scottish & Southern Energy.
The Tanfield Group Plc
("Tanfield", "Group", or "the Company")
Interim Results for the six month period to 30 June 2011
29th September 2011
The Tanfield Group Plc, a leading manufacturer of aerial work platforms, announces its unaudited interim results for the six month period ended 30 June 2011.
· Global aerial lift market recovering
· Turnover increased to £24.6m (H1 2010: £19.6m / H2 2010: £23.8m)
· Operating losses reduced to £7.0m (H1 2010: Operating loss: £7.7m / H2 2010 Operating loss: £8.1m)
· Net cash at 30 June of £4.7m (31 December 2010: £3.6m)
· Order book at 30 June of £20.9m (31 December 2010: £7.7m)
· Supply chain capabilities limiting rate of growth
Darren Kell, CEO of Tanfield, said: "Global demand for aerial work platforms is returning, driven by major fleet operators replacing ageing equipment. However, this has created bottlenecks as the supply chain struggles to restore the capacity it lost during the protracted downturn.
"Our order book rose 170% over the first half of the year and has improved further since the half year end. We are working hard to resolve the supply chain issues so that we can bring orders through to sales at a faster rate and take the business back to profitability."
Further information:
Tanfield Group plc
Darren Kell / Charles Brooks
0845 155 7755
Arbuthnot Securities Limited (NOMAD and Broker)
James Steel / Ed Groome
020 7012 2000
Media Enquiries
Dan Jenkins
07536 092682
Summary
Trading for the first half was in line with the Board's expectations, with turnover increasing 25% to £24.6 million, compared to £19.6 million in the same period last year. Net cash improved to £4.7m (31 December 2010: £3.6 million). The order book at 30 June 2011 stood at £20.9m, a 170% improvement since the last period (31 December 2010: £7.7m).
The increase in demand is largely driven by Snorkel customers replacing ageing equipment, plus the strength of the Snorkel brand's international distributor network. Given the capacity that has been removed from the market during the downturn, even this replacement is enough to absorb the available capacity. As a result, pricing has improved and margins have increased.
Order intake has continued to exceed sales in spite of increased lead times for many products. Lead times have increased owing to a combination of supply chain issues and careful management of our working capital. The global supply chain to the aerial lift industry is still rebuilding capacity that it lost during the downturn. Certain supply chain partners were able to accommodate our increasing demand in the first half, from their built up inventory and stock - however, once exhausted, it became clear that many were in turn facing their own supply chain issues and working capital constraints. The fragile condition of many suppliers, post market recovery, has resulted in shorter payment terms, putting increased pressure on the Company's working capital. The Company is therefore controlling its growth rate to ensure that it has sufficient working capital to fund the growth. This slower, controlled growth rate will extend the time taken for the Company to reach break even. The Board expects this scenario to continue throughout the second half of 2011.
Snorkel - The Powered Access Market
The worldwide economic recession led to significantly reduced demand for aerial work platforms across the industry's main markets of North America and Western Europe. The extended moratorium on capital expenditure within our customer base meant that many companies did not purchase equipment for a number of years. Clearly this situation was unsustainable as the equipment wears out and must be renewed in order to maintain an acceptable standard and competitive fleet age. Recovery in our markets is now therefore being driven by fleet replacement, rather than fleet expansion. True market growth is expected to return once increased demand within the non-residential construction and facilities maintenance markets increases the utilisation of equipment beyond acceptable parameters. The Company is preparing for that tipping point.
We are making gains in China, where we now produce several all-electric lifts for the local market. The construction boom in Brazil represents a significant opportunity to increase our presence in Latin America and we have recently appointed our first agent in this important market.
Following the completion of the re-brand and harmonisation of our UpRight Powered Access division, the Snorkel brand is now firmly established and has been fully embraced by our distributor network. Our engineers are engaged in a new product design programme that improves commonality of parts across our volume products and combines Snorkel's durability with enhanced machine performance.
Snorkel continues to attract high quality companies to act as its distributors. During the period, for example, we appointed the multi-billion euro Enka group as our distributor in Turkey.
Funding
Net cash improved by £1.1m during the six months to £4.7m at 30 June 2011 and we remain focused on the optimisation of our working capital.
Dividends
The Board has not declared a dividend for the period.
Outlook
Overall, the Board expects the trading performance in the second half of 2011 to be similar to the first half. Global demand for aerial work platforms is returning, driven by major fleet operators replacing ageing equipment. However, this has created bottlenecks as the supply chain struggles to restore the capacity it lost during the protracted downturn. Our order book rose 170% over the first half year and has improved further since the half year end. We are working hard to resolve the supply chain issues so that we can bring orders through to sales at a faster rate and take the business back to profitability.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2011
Six months
Six months
Year to
to 30 Jun 11
to 30 Jun 10
31 Dec 10
(unaudited)
(unaudited)
(audited)
£000's
£000's
£000's
Continuing operations
Revenue
24,633
19,653
43,500
Changes in inventories of finished goods and WIP
(5,610)
(4,272)
(7,689)
Raw materials and consumables used
(12,464)
(9,582)
(27,025)
Staff costs
(8,577)
(7,401)
(14,747)
Depreciation and amortisation expense
(806)
(892)
(1,745)
Other operating expenses
(4,206)
(5,166)
(8,121)
Loss from continuing operations before impairments
(7,030)
(7,660)
(15,827)
Share of results of associates
-
-
-
Impairment of Receivables
-
-
(650)
Loss from continuing operations after impairments
(7,030)
(7,660)
(16,477)
Finance costs
(565)
(185)
(294)
Interest receivable
264
36
108
Net finance expense
(301)
(149)
(186)
Loss before taxation
(7,331)
(7,809)
(16,663)
Taxation
(58)
(34)
(1,950)
Loss for the period from continuing operations
(7,389)
(7,843)
(18,613)
Discontinued operations
Loss for the period from discontinued operations
-
(2,162)
(5,375)
Profit on disposal of discontinued operations
173
-
-
Net loss for the period
(7,216)
(10,005)
(23,988)
Attributable to:
Owners of the parent
(7,216)
(9,960)
(23,986)
Non-controlling interest
-
(45)
(2)
Earnings per share from continuing operations
Basic (pence)
(7.7)
(13.2)
(29.8)
Diluted (pence)
(7.7)
(13.2)
(29.8)
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2011
30 Jun 11
30 Jun 10
31 Dec 10
(Unaudited)
(Unaudited)
(Audited)
£000's
£000's
£000's
Non current assets
Goodwill
-
356
-
Intangible assets
5,124
13,066
5,546
Property, plant and equipment
3,531
4,896
3,879
Deferred tax assets
-
1,915
-
Associate
-
-
-
Deferred consideration receivable
1,405
-
-
Trade and other receivables
250
900
250
10,310
21,133
9,675
Current assets
Inventories
23,458
39,720
25,408
Trade and other receivables
10,855
12,528
10,510
Investments
417
451
395
Current tax assets
11
72
11
Deferred consideration receivable
3,575
-
-
Cash and cash equivalents
4,682
2,228
3,637
42,998
54,999
39,961
Assets classified as held for sale
-
-
13,194
42,998
54,999
53,155
Total assets
53,308
76,132
62,830
Current liabilities
Trade and other payables
13,235
16,757
11,293
Provisions
327
598
272
Tax liabilities
95
79
83
Obligations under finance leases
98
417
197
Other creditors
-
2,534
2,294
13,755
20,385
14,139
Liabilities directly associated with assets classified as held for sale
-
-
3,832
13,755
20,385
17,971
Non-current liabilities
Obligations under finance leases
-
-
-
Deferred tax liabilities
375
375
375
375
375
375
Total liabilities
14,130
20,760
18,346
Equity
Share capital
4,727
3,704
4,704
Share premium
2,346
-
827
Share option reserve
1,764
1,764
1,764
Special reserve
66,837
66,837
66,837
Merger reserve
1,534
1,534
1,534
Translation reserve
11,800
10,164
11,432
Profit and loss account
(49,827)
(28,585)
(42,611)
Equity attributable to the owners of the parent
39,181
55,418
44,487
Non controlling interests
(3)
(46)
(3)
Total equity and total liabilities
53,308
76,132
62,830
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2011
Six months
Six months
Year to
to 30 Jun 11
to 30 Jun 10
31 Dec 10
(unaudited)
(unaudited)
(audited)
£000's
£000's
£000's
Continuing operations
Loss before interest and taxation
(6,857)
(7,660)
(16,477)
Depreciation and amortisation
806
892
1,745
Profit on disposal of discontinued operations
(173)
-
-
Loss on disposal of fixed assets
-
-
23
Impairment of receivables
-
-
650
Operating cash flows before movements in working capital
(6,224)
(6,768)
(14,059)
(Increase) decrease in receivables
(441)
198
611
Increase (decrease) in payables
2,563
(305)
(2,656)
Increase (decrease) in provisions
55
73
(28)
Decrease in inventories
1,561
3,133
13,111
Net cash (used in) operations - continuing operations
(2,486)
(3,669)
(3,021)
Discontinued operations
Loss before interest and taxation
-
(2,159)
(5,369)
Depreciation and amortisation
-
562
655
Loss on disposal of fixed assets
-
-
11
Operating cash flows before movements in working capital
-
(1,597)
(4,703)
(Increase) decrease in receivables
-
(556)
1,194
Increase (decrease) in payables
-
714
(197)
Increase in provisions
-
-
300
Decrease in inventories
-
2,543
3,410
Net cash from operations - discontinued operations
-
1,104
4
Cash used in operations
(2,486)
(2,565)
(3,017)
Interest paid
(143)
(188)
(300)
Income taxes (paid) received
(37)
-
80
Net cash used in operating activities
(2,666)
(2,753)
(3,237)
Cash flow from Investing Activities
Purchase of property, plant and equipment
(79)
(59)
(313)
Deferred consideration received
3,774
-
-
Purchase of investments
(32)
(143)
(70)
Purchase of intangible fixed assets
(1)
(136)
(375)
Exclusivity agreement cash received
-
-
491
Interest received
123
36
108
Net cash (used in) from investing activities
3,785
(302)
(159)
Cash flow from financing activities
Proceeds from issuance of ordinary shares net of costs
-
-
1,827
Repayments of obligations under finance leases
(97)
(227)
(458)
Net cash (used in) from financing activities
(97)
(227)
1,369
Effect of exchange rate changes on cash and cash equivalents
23
96
250
Net increase (decrease) in cash and cash equivalents
1,045
(3,186)
(1,777)
Cash and cash equivalents at the start of year
3,637
5,414
5,414
Cash and cash equivalents at the end of the year
4,682
2,228
3,637
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the parent
Share capital
Share premium
Shares option reserve
Merger reserve
Capital reduction reserve
Special reserve
Translation reserve
Retained earnings
Non-controlling interests
Total
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
For the six month period ended 30 June 2011
Balance at 1 January 2011
4,704
827
1,764
1,534
-
66,837
11,432
(42,611)
(3)
44,484
Comprehensive income
Loss for the period
-
-
-
-
-
-
(7,216)
-
(7,216)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
368
-
-
368
Total other comprehensive income for the year
-
-
-
-
-
-
368
-
-
368
Total comprehensive income for the year
-
-
-
-
-
-
368
(7,216)
-
(6,848)
Transactions with owners in their capacity as owners:-
Issue of shares
23
1,519
-
-
-
-
-
-
-
1,542
At 30 June 2011
4,727
2,346
1,764
1,534
-
66,837
11,800
(49,827)
(3)
39,178
For the six month period ended 30 June 2010
Balance at 1 January 2010
3,704
-
1,764
1,534
-
66,837
8,923
(18,625)
(1)
64,136
Comprehensive income
Loss for the period
-
-
-
-
-
-
-
(9,960)
(45)
(10,005)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
1,241
-
-
1,241
Total other comprehensive income for the year
-
-
-
-
-
-
1,241
-
-
1,241
Total comprehensive income for the year
-
-
-
-
-
-
1,241
(9,960)
(45)
(8,764)
At 30 June 2010
3,704
-
1,764
1,534
-
66,837
10,164
(28,585)
(46)
55,372
For the twelve month period ended 31 December 2010
Balance at 31 December 2009
3,704
-
1,764
1,534
-
66,837
8,923
(18,625)
(1)
64,136
Comprehensive income
Loss for the year
-
-
-
-
-
-
(23,986)
(2)
(23,988)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
2,509
-
-
2,509
Total other comprehensive income for the year
-
-
-
-
-
-
2,509
-
-
2,509
Total comprehensive income for the year
-
-
-
-
-
-
2,509
(23,986)
(2)
(21,479)
Transactions with owners in their capacity as owners:-
Issue of shares
1,000
827
-
-
-
-
-
-
-
1,827
At 31 December 2010
4,704
827
1,764
1,534
-
66,837
11,432
(42,611)
(3)
44,484
1 Basis of preparation
The consolidated Interim Report of the Group for the six months ended 30 June 2011 has been prepared in accordance with AIM Rule 18 and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully in compliance with IFRS.
The half year report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for full annual statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 December 2010 which is available on request from the Group's registered office, Vigo Centre, Birtley Road, Washington, Tyne and Wear NE38 9DA or can be downloaded from the corporate website www.tanfieldgroup.com.
2 Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2010, as described in those financial statements.
LOSS PER SHARE
The calculation of the basic and diluted loss per share is based on the following data:
Number of shares
Six months
Six months
Year to
To 30 Jun 11
to 30 Jun 10
31 Dec 10
Weighted average number of shares in thousands
Basic
94,234
75,552
80,183
Potential dilutive ordinary shares from share options
1,792
164
143
Total diluted
96,026
75,716
80,326
Earnings
From continuing and discontinuing operations
Earnings for the purposes of basic earning per share
(7,216)
(9,960)
(23,986)
Potential dilutive ordinary shares from share options
-
-
-
Earnings for the purposes of diluted earnings per share
(7,216)
(9,960)
(23,986)
From continuing operations
Earnings for the purposes of basic earning per share
(7,216)
(9,960)
(23,986)
Adjustment to exclude the loss for the period from discontinued operations
-
2,162
5,375
Earnings for the purposes of diluted earnings per share
(7,216)
7,798
(18,611)
Adjustment for one off items:
Impairments
-
-
650
Profit on disposal of discontinued operations
(173)
-
-
Loss for the purposes of loss per share before one off items
(7,389)
(7,798)
(17,961)
Loss per share from continuing operations
Basic loss per share (pence)
(7.7)
(13.2)
(29.8)
Diluted loss per share (pence)
(7.7)
(13.2)
(29.8)
Loss per share from continuing operations before one off items
Basic loss per share before one off items (pence)
(7.8)
(10.3)
(22.4)
Diluted loss per share before one off items (pence)
(7.8)
(10.3)
(22.4)
IAS33 defines dilution as a reduction in earnings per share or an increase in loss per share resulting from the assumption that options are exercised. As the potential dilutive ordinary shares from share options reduce the loss per share these share are omitted from the dilutive loss per share calculation.
This information is provided by RNS
The company news service from the London Stock Exchange
RNS news service provided by Hemscott Group Limited.
("Tanfield", "Group", or "the Company")
Interim Results for the six month period to 30 June 2011
29th September 2011
The Tanfield Group Plc, a leading manufacturer of aerial work platforms, announces its unaudited interim results for the six month period ended 30 June 2011.
· Global aerial lift market recovering
· Turnover increased to £24.6m (H1 2010: £19.6m / H2 2010: £23.8m)
· Operating losses reduced to £7.0m (H1 2010: Operating loss: £7.7m / H2 2010 Operating loss: £8.1m)
· Net cash at 30 June of £4.7m (31 December 2010: £3.6m)
· Order book at 30 June of £20.9m (31 December 2010: £7.7m)
· Supply chain capabilities limiting rate of growth
Darren Kell, CEO of Tanfield, said: "Global demand for aerial work platforms is returning, driven by major fleet operators replacing ageing equipment. However, this has created bottlenecks as the supply chain struggles to restore the capacity it lost during the protracted downturn.
"Our order book rose 170% over the first half of the year and has improved further since the half year end. We are working hard to resolve the supply chain issues so that we can bring orders through to sales at a faster rate and take the business back to profitability."
Further information:
Tanfield Group plc
Darren Kell / Charles Brooks
0845 155 7755
Arbuthnot Securities Limited (NOMAD and Broker)
James Steel / Ed Groome
020 7012 2000
Media Enquiries
Dan Jenkins
07536 092682
Summary
Trading for the first half was in line with the Board's expectations, with turnover increasing 25% to £24.6 million, compared to £19.6 million in the same period last year. Net cash improved to £4.7m (31 December 2010: £3.6 million). The order book at 30 June 2011 stood at £20.9m, a 170% improvement since the last period (31 December 2010: £7.7m).
The increase in demand is largely driven by Snorkel customers replacing ageing equipment, plus the strength of the Snorkel brand's international distributor network. Given the capacity that has been removed from the market during the downturn, even this replacement is enough to absorb the available capacity. As a result, pricing has improved and margins have increased.
Order intake has continued to exceed sales in spite of increased lead times for many products. Lead times have increased owing to a combination of supply chain issues and careful management of our working capital. The global supply chain to the aerial lift industry is still rebuilding capacity that it lost during the downturn. Certain supply chain partners were able to accommodate our increasing demand in the first half, from their built up inventory and stock - however, once exhausted, it became clear that many were in turn facing their own supply chain issues and working capital constraints. The fragile condition of many suppliers, post market recovery, has resulted in shorter payment terms, putting increased pressure on the Company's working capital. The Company is therefore controlling its growth rate to ensure that it has sufficient working capital to fund the growth. This slower, controlled growth rate will extend the time taken for the Company to reach break even. The Board expects this scenario to continue throughout the second half of 2011.
Snorkel - The Powered Access Market
The worldwide economic recession led to significantly reduced demand for aerial work platforms across the industry's main markets of North America and Western Europe. The extended moratorium on capital expenditure within our customer base meant that many companies did not purchase equipment for a number of years. Clearly this situation was unsustainable as the equipment wears out and must be renewed in order to maintain an acceptable standard and competitive fleet age. Recovery in our markets is now therefore being driven by fleet replacement, rather than fleet expansion. True market growth is expected to return once increased demand within the non-residential construction and facilities maintenance markets increases the utilisation of equipment beyond acceptable parameters. The Company is preparing for that tipping point.
We are making gains in China, where we now produce several all-electric lifts for the local market. The construction boom in Brazil represents a significant opportunity to increase our presence in Latin America and we have recently appointed our first agent in this important market.
Following the completion of the re-brand and harmonisation of our UpRight Powered Access division, the Snorkel brand is now firmly established and has been fully embraced by our distributor network. Our engineers are engaged in a new product design programme that improves commonality of parts across our volume products and combines Snorkel's durability with enhanced machine performance.
Snorkel continues to attract high quality companies to act as its distributors. During the period, for example, we appointed the multi-billion euro Enka group as our distributor in Turkey.
Funding
Net cash improved by £1.1m during the six months to £4.7m at 30 June 2011 and we remain focused on the optimisation of our working capital.
Dividends
The Board has not declared a dividend for the period.
Outlook
Overall, the Board expects the trading performance in the second half of 2011 to be similar to the first half. Global demand for aerial work platforms is returning, driven by major fleet operators replacing ageing equipment. However, this has created bottlenecks as the supply chain struggles to restore the capacity it lost during the protracted downturn. Our order book rose 170% over the first half year and has improved further since the half year end. We are working hard to resolve the supply chain issues so that we can bring orders through to sales at a faster rate and take the business back to profitability.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2011
Six months
Six months
Year to
to 30 Jun 11
to 30 Jun 10
31 Dec 10
(unaudited)
(unaudited)
(audited)
£000's
£000's
£000's
Continuing operations
Revenue
24,633
19,653
43,500
Changes in inventories of finished goods and WIP
(5,610)
(4,272)
(7,689)
Raw materials and consumables used
(12,464)
(9,582)
(27,025)
Staff costs
(8,577)
(7,401)
(14,747)
Depreciation and amortisation expense
(806)
(892)
(1,745)
Other operating expenses
(4,206)
(5,166)
(8,121)
Loss from continuing operations before impairments
(7,030)
(7,660)
(15,827)
Share of results of associates
-
-
-
Impairment of Receivables
-
-
(650)
Loss from continuing operations after impairments
(7,030)
(7,660)
(16,477)
Finance costs
(565)
(185)
(294)
Interest receivable
264
36
108
Net finance expense
(301)
(149)
(186)
Loss before taxation
(7,331)
(7,809)
(16,663)
Taxation
(58)
(34)
(1,950)
Loss for the period from continuing operations
(7,389)
(7,843)
(18,613)
Discontinued operations
Loss for the period from discontinued operations
-
(2,162)
(5,375)
Profit on disposal of discontinued operations
173
-
-
Net loss for the period
(7,216)
(10,005)
(23,988)
Attributable to:
Owners of the parent
(7,216)
(9,960)
(23,986)
Non-controlling interest
-
(45)
(2)
Earnings per share from continuing operations
Basic (pence)
(7.7)
(13.2)
(29.8)
Diluted (pence)
(7.7)
(13.2)
(29.8)
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2011
30 Jun 11
30 Jun 10
31 Dec 10
(Unaudited)
(Unaudited)
(Audited)
£000's
£000's
£000's
Non current assets
Goodwill
-
356
-
Intangible assets
5,124
13,066
5,546
Property, plant and equipment
3,531
4,896
3,879
Deferred tax assets
-
1,915
-
Associate
-
-
-
Deferred consideration receivable
1,405
-
-
Trade and other receivables
250
900
250
10,310
21,133
9,675
Current assets
Inventories
23,458
39,720
25,408
Trade and other receivables
10,855
12,528
10,510
Investments
417
451
395
Current tax assets
11
72
11
Deferred consideration receivable
3,575
-
-
Cash and cash equivalents
4,682
2,228
3,637
42,998
54,999
39,961
Assets classified as held for sale
-
-
13,194
42,998
54,999
53,155
Total assets
53,308
76,132
62,830
Current liabilities
Trade and other payables
13,235
16,757
11,293
Provisions
327
598
272
Tax liabilities
95
79
83
Obligations under finance leases
98
417
197
Other creditors
-
2,534
2,294
13,755
20,385
14,139
Liabilities directly associated with assets classified as held for sale
-
-
3,832
13,755
20,385
17,971
Non-current liabilities
Obligations under finance leases
-
-
-
Deferred tax liabilities
375
375
375
375
375
375
Total liabilities
14,130
20,760
18,346
Equity
Share capital
4,727
3,704
4,704
Share premium
2,346
-
827
Share option reserve
1,764
1,764
1,764
Special reserve
66,837
66,837
66,837
Merger reserve
1,534
1,534
1,534
Translation reserve
11,800
10,164
11,432
Profit and loss account
(49,827)
(28,585)
(42,611)
Equity attributable to the owners of the parent
39,181
55,418
44,487
Non controlling interests
(3)
(46)
(3)
Total equity and total liabilities
53,308
76,132
62,830
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2011
Six months
Six months
Year to
to 30 Jun 11
to 30 Jun 10
31 Dec 10
(unaudited)
(unaudited)
(audited)
£000's
£000's
£000's
Continuing operations
Loss before interest and taxation
(6,857)
(7,660)
(16,477)
Depreciation and amortisation
806
892
1,745
Profit on disposal of discontinued operations
(173)
-
-
Loss on disposal of fixed assets
-
-
23
Impairment of receivables
-
-
650
Operating cash flows before movements in working capital
(6,224)
(6,768)
(14,059)
(Increase) decrease in receivables
(441)
198
611
Increase (decrease) in payables
2,563
(305)
(2,656)
Increase (decrease) in provisions
55
73
(28)
Decrease in inventories
1,561
3,133
13,111
Net cash (used in) operations - continuing operations
(2,486)
(3,669)
(3,021)
Discontinued operations
Loss before interest and taxation
-
(2,159)
(5,369)
Depreciation and amortisation
-
562
655
Loss on disposal of fixed assets
-
-
11
Operating cash flows before movements in working capital
-
(1,597)
(4,703)
(Increase) decrease in receivables
-
(556)
1,194
Increase (decrease) in payables
-
714
(197)
Increase in provisions
-
-
300
Decrease in inventories
-
2,543
3,410
Net cash from operations - discontinued operations
-
1,104
4
Cash used in operations
(2,486)
(2,565)
(3,017)
Interest paid
(143)
(188)
(300)
Income taxes (paid) received
(37)
-
80
Net cash used in operating activities
(2,666)
(2,753)
(3,237)
Cash flow from Investing Activities
Purchase of property, plant and equipment
(79)
(59)
(313)
Deferred consideration received
3,774
-
-
Purchase of investments
(32)
(143)
(70)
Purchase of intangible fixed assets
(1)
(136)
(375)
Exclusivity agreement cash received
-
-
491
Interest received
123
36
108
Net cash (used in) from investing activities
3,785
(302)
(159)
Cash flow from financing activities
Proceeds from issuance of ordinary shares net of costs
-
-
1,827
Repayments of obligations under finance leases
(97)
(227)
(458)
Net cash (used in) from financing activities
(97)
(227)
1,369
Effect of exchange rate changes on cash and cash equivalents
23
96
250
Net increase (decrease) in cash and cash equivalents
1,045
(3,186)
(1,777)
Cash and cash equivalents at the start of year
3,637
5,414
5,414
Cash and cash equivalents at the end of the year
4,682
2,228
3,637
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the parent
Share capital
Share premium
Shares option reserve
Merger reserve
Capital reduction reserve
Special reserve
Translation reserve
Retained earnings
Non-controlling interests
Total
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
£000's
For the six month period ended 30 June 2011
Balance at 1 January 2011
4,704
827
1,764
1,534
-
66,837
11,432
(42,611)
(3)
44,484
Comprehensive income
Loss for the period
-
-
-
-
-
-
(7,216)
-
(7,216)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
368
-
-
368
Total other comprehensive income for the year
-
-
-
-
-
-
368
-
-
368
Total comprehensive income for the year
-
-
-
-
-
-
368
(7,216)
-
(6,848)
Transactions with owners in their capacity as owners:-
Issue of shares
23
1,519
-
-
-
-
-
-
-
1,542
At 30 June 2011
4,727
2,346
1,764
1,534
-
66,837
11,800
(49,827)
(3)
39,178
For the six month period ended 30 June 2010
Balance at 1 January 2010
3,704
-
1,764
1,534
-
66,837
8,923
(18,625)
(1)
64,136
Comprehensive income
Loss for the period
-
-
-
-
-
-
-
(9,960)
(45)
(10,005)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
1,241
-
-
1,241
Total other comprehensive income for the year
-
-
-
-
-
-
1,241
-
-
1,241
Total comprehensive income for the year
-
-
-
-
-
-
1,241
(9,960)
(45)
(8,764)
At 30 June 2010
3,704
-
1,764
1,534
-
66,837
10,164
(28,585)
(46)
55,372
For the twelve month period ended 31 December 2010
Balance at 31 December 2009
3,704
-
1,764
1,534
-
66,837
8,923
(18,625)
(1)
64,136
Comprehensive income
Loss for the year
-
-
-
-
-
-
(23,986)
(2)
(23,988)
Other comprehensive income
Currency translation differences
-
-
-
-
-
-
2,509
-
-
2,509
Total other comprehensive income for the year
-
-
-
-
-
-
2,509
-
-
2,509
Total comprehensive income for the year
-
-
-
-
-
-
2,509
(23,986)
(2)
(21,479)
Transactions with owners in their capacity as owners:-
Issue of shares
1,000
827
-
-
-
-
-
-
-
1,827
At 31 December 2010
4,704
827
1,764
1,534
-
66,837
11,432
(42,611)
(3)
44,484
1 Basis of preparation
The consolidated Interim Report of the Group for the six months ended 30 June 2011 has been prepared in accordance with AIM Rule 18 and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully in compliance with IFRS.
The half year report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for full annual statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 December 2010 which is available on request from the Group's registered office, Vigo Centre, Birtley Road, Washington, Tyne and Wear NE38 9DA or can be downloaded from the corporate website www.tanfieldgroup.com.
2 Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2010, as described in those financial statements.
LOSS PER SHARE
The calculation of the basic and diluted loss per share is based on the following data:
Number of shares
Six months
Six months
Year to
To 30 Jun 11
to 30 Jun 10
31 Dec 10
Weighted average number of shares in thousands
Basic
94,234
75,552
80,183
Potential dilutive ordinary shares from share options
1,792
164
143
Total diluted
96,026
75,716
80,326
Earnings
From continuing and discontinuing operations
Earnings for the purposes of basic earning per share
(7,216)
(9,960)
(23,986)
Potential dilutive ordinary shares from share options
-
-
-
Earnings for the purposes of diluted earnings per share
(7,216)
(9,960)
(23,986)
From continuing operations
Earnings for the purposes of basic earning per share
(7,216)
(9,960)
(23,986)
Adjustment to exclude the loss for the period from discontinued operations
-
2,162
5,375
Earnings for the purposes of diluted earnings per share
(7,216)
7,798
(18,611)
Adjustment for one off items:
Impairments
-
-
650
Profit on disposal of discontinued operations
(173)
-
-
Loss for the purposes of loss per share before one off items
(7,389)
(7,798)
(17,961)
Loss per share from continuing operations
Basic loss per share (pence)
(7.7)
(13.2)
(29.8)
Diluted loss per share (pence)
(7.7)
(13.2)
(29.8)
Loss per share from continuing operations before one off items
Basic loss per share before one off items (pence)
(7.8)
(10.3)
(22.4)
Diluted loss per share before one off items (pence)
(7.8)
(10.3)
(22.4)
IAS33 defines dilution as a reduction in earnings per share or an increase in loss per share resulting from the assumption that options are exercised. As the potential dilutive ordinary shares from share options reduce the loss per share these share are omitted from the dilutive loss per share calculation.
This information is provided by RNS
The company news service from the London Stock Exchange
RNS news service provided by Hemscott Group Limited.
24 October 2011
TANFIELD GROUP PLC
("Tanfield" or the "Company")
New fundraising round at Smith Electric Vehicles Corp.
The Board of Tanfield is pleased to announce that its US associated company, Smith Electric Vehicles Corp. ("Smith"), has filed a Form D with the U.S. Securities and Exchange Commission announcing a private placing of $30 million of new convertible notes and warrants (the "Placing").
As part of the Placing, Tanfield converted $1.99 million of deferred consideration related to Smith's acquisition of the Smith Electric Vehicles business earlier this year into a convertible note (the "Note") and warrant. The Note will convert into a new class of preferred equity securities in Smith following the completion of the Placing and Smith obtaining necessary approvals, which is expected to be in the fourth quarter of 2011. Following the Placing and the conversion of the Note, the Company will hold 5,258,814 ordinary shares in Smith representing, on a fully diluted basis, approximately 27.23 per cent of the enlarged ordinary share capital of Smith.
The net proceeds of the Placing will be used to fund Smith's ongoing working capital and development requirements and to pay Tanfield deferred consideration, plus accrued interest, of approximately $5.6 million.
The funds received by Tanfield will be used to finance the ongoing development of the Company's Snorkel Powered Access business.
TANFIELD GROUP PLC
("Tanfield" or the "Company")
New fundraising round at Smith Electric Vehicles Corp.
The Board of Tanfield is pleased to announce that its US associated company, Smith Electric Vehicles Corp. ("Smith"), has filed a Form D with the U.S. Securities and Exchange Commission announcing a private placing of $30 million of new convertible notes and warrants (the "Placing").
As part of the Placing, Tanfield converted $1.99 million of deferred consideration related to Smith's acquisition of the Smith Electric Vehicles business earlier this year into a convertible note (the "Note") and warrant. The Note will convert into a new class of preferred equity securities in Smith following the completion of the Placing and Smith obtaining necessary approvals, which is expected to be in the fourth quarter of 2011. Following the Placing and the conversion of the Note, the Company will hold 5,258,814 ordinary shares in Smith representing, on a fully diluted basis, approximately 27.23 per cent of the enlarged ordinary share capital of Smith.
The net proceeds of the Placing will be used to fund Smith's ongoing working capital and development requirements and to pay Tanfield deferred consideration, plus accrued interest, of approximately $5.6 million.
The funds received by Tanfield will be used to finance the ongoing development of the Company's Snorkel Powered Access business.
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