TIDMGOOD
RNS Number : 3130G
Good Energy Group PLC
29 March 2022
Good Energy Group PLC ("Good Energy" or "the Company")
Un-audited preliminary results for the 12 months ended 31
December 2021
Resilient financial performance and platform to accelerate
strategy
Good Energy, the 100% renewable electricity supplier and
innovative energy services provider, today announces its
preliminary results for the twelve months ended 31 December
2021.
Financial highlights - continuing operations
-- The Company is now substantially debt free with a strong cash position
-- Sale of generation assets completed in January 2022 for total
consideration of GBP21.2m. The company is now debt free on a net
basis.
-- Sale proceeds provide a balance of growth capital and buffer
to volatile wholesale energy market. The Company navigated 2021
successfully where 60% of suppliers failed.
-- A resilient financial performance, despite significant
pressure from commodity markets and low wind levels
-- Revenue increased 11.8% to GBP146.0m (FY 20: GBP130.6m)
driven by significant price rises throughout the year in response
to rising wholesale costs.
-- Gross profit decreased by 8.6% to GBP27.0m (FY 2020:
GBP29.6m) with a gross profit margin of 18.5% (FY 2020: 22.6%).
This was driven by an unprecedented energy crisis and quadrupling
of the wholesale market price. Cash generated from operations
reduced 66% to GBP3.9m.
-- Underlying profit before tax of GBP2.6m (FY 2020: profit
GBP0.5m). Reported profit before tax of GBP1.8m included
non-underlying income of GBP0.8m associated with generation debt
restructuring.
-- Reported loss for the period of GBP4.1m includes a GBP5.7m
reduction in relation to discontinued activities and the sale of
the generation assets. Driven by accounting treatment as a result
of the disposal of generation portfolio assets in January 2022.
-- Reported loss per share of 21.8p (FY 20: 0.9p). Basic
earnings per share from continuing operations increased to 13.2p
(FY 20: 0.9p).
-- Given the generation assets sale and strong cash position,
the Board has proposed a final dividend of 1.8p, leading to a full
year dividend of 2.55p.
-- Going forwards, the Company will shift its capital allocation
towards growth and investment, whilst maintaining a strong balance
sheet as a buffer to volatile wholesale energy markets.
Operational highlights
-- Good Energy has delivered a resilient performance throughout
2021 with continued investment across the business supporting the
journey to a zero-carbon Britain.
-- Smart meter rollout progressing well, despite impact from
COVID restrictions. Demand and installation numbers improved as
lockdown restrictions eased and in line with expectations. Over
30,000 smart meters installed to date, with almost 22,000 installed
in 2021 in line with expectations.
-- Two market leading billing platforms integrated. Kraken and
Ensek offer an enhanced digital service for customers, with 100% of
customers now migrated successfully on both platforms.
-- Resilient business practices offer stability in the face of
wholesale market pressures. We remain well hedged for summer 2022
and plan to increase incrementally hedging for winter 2022.
-- The Company's ongoing derogation from the domestic SVT price
cap provides a degree of pricing flexibility to support the
Company's 100% renewable stance.
-- Zap-Map has continued to make strong progress with the
development of several new commercial products. Ready to scale on
completion of current funding round.
-- Zap-Map registered users increased 125% to 350,000,
reflecting strong growth in electric vehicle uptake in 2021.
Mapping data includes 95% of the UK's public charging points on its
network. Over 75% of the UK's EV drivers have downloaded
Zap-Map.
-- Zap-Pay rollout continuing at pace, with nine charge point
operators and 25% of the rapid charging market signed to date.
-- Subscription service launched in June 2021. Good levels of
customer conversion experienced particularly from new EV
drivers.
-- Richard Bourne appointed CEO, leading the execution of
Zap-Map's strategy, including the on-going development of its core
products and international expansion.
-- Fleet service EV fuel card with Fleetcor UK (Allstar Business
solutions) launched in March 2022.
-- Good Energy confirms its intention to participate in Zap
Map's current Series A funding round, with process due to complete
in the next quarter.
-- Customer numbers increased in 2021 across all categories of the business.
-- Overall Good Energy customer numbers increased by 2.1% to 277.3k.
-- Domestic customers increased 1.1% to 85.8k.
-- Business customers increased 20.1% to 11.3k.
-- Feed in tariff (FiT) customers increased 1.4% to 180.3k.
-- Zap-Map total registered users increased 125% to 350,000 (Dec 21: 155.5k users).
Outlook Highlights
-- Launching ambition to support one million homes and
businesses to cut carbon from their energy use and transport by
2025.
-- Following the sale of the generation assets in January 2022,
the Company is well positioned to invest for future growth and to
withstand current volatility wholesale energy markets.
-- Substantially debt free with a strong cash position of
GBP19.6m as at the end of February 2022.
-- Continuing to invest for growth across the business by
building a platform for energy services in decentralised energy.
Further investment into Zap-Map planned, building out a strong
mobility offering.
Nigel Pocklington, Chief Executive Officer of Good Energy,
said:
"In December, I called the high cost of energy a national
crisis. This has been exacerbated by Russia's aggression against
Ukraine. Whilst renewables should play a vital role in our
long-term energy strategy, only the Government can bring short term
respite. The response to date has been inadequate, and further
support will undoubtedly be needed.
"In 2021, 28 energy supply companies failed, hitting customers'
bills and their trust in the industry. This was the result of both
poor business practices and the UK's continued reliance on volatile
global fossil fuel markets. There has never been a greater need for
clean energy products from a reliable, real renewable, trusted
company.
"Today we announce our ambition to support one million homes and
businesses cut carbon from their energy and transport use by 2025.
We are making it simple to generate, share, store, use and travel
by clean power by continuing to invest in products, services and
businesses that help customers play an active role in the energy
transition.
"Following the sale of our generation portfolio, we are now a
substantially debt free business with a strong balance sheet. We
will continue to invest for the future, including in Zap-Map to
accelerate the transition to electric vehicles. Following a
resilient performance in 2021 despite significant market
challenges, we're focused on delivering on our exciting, new
strategy - helping customers cut carbon, and supporting the growth
of renewable generation at a time it has never been more
needed."
Enquiries
Good Energy Group PLC
Nigel Pocklington, Chief Executive
Charlie Parry, Director of Corporate Strategy
& Investor Relations
Luke Bigwood, Director of External Affairs Email: press@goodenergy.co.uk
SEC Newgate UK Email: GoodEnergy@secnewgate.co.uk
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Investec Bank plc (Nominated Adviser and
Joint Broker)
Sara Hale / Jeremy Ellis Tel: +44 (0) 20 7597 5970
Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald - O'Connor Tel: +44 (0) 20 7523 4617
Analyst Briefing:
A briefing for Analysts will be held at 9:30am t oday at SEC
Newgate, 14 Greville Street, London EC1N 8SB and via web
conferencing. Analysts wishing to join should contact
investor.relations@goodenergy.co.uk .
Investor Presentation
Nigel Pocklington, CEO, and Rupert Sanderson, CFO, will provide
a live presentation via the Investor Meet Company platform on 29
March 2022 at 2:00pm GMT.
Investors can sign up to Investor Meet Company for free and add
to meet GOOD ENERGY GROUP PLC via:
https://www.investormeetcompany.com/good-energy-group-plc/register-investor
Investors who already follow GOOD ENERGY GROUP PLC on the
Investor Meet Company platform will automatically be invited.
About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100% renewable power and an
innovator in energy services. It has long term Power Purchase
Agreements with a community of 1,900 independent UK generators.
Since it was founded 20 years ago, the company has been at the
forefront of the charge towards a cleaner, distributed energy
system. Its mission is to support UK households and businesses
generate, store and share clean power.
Good Energy is recognised as a leader in this market, through
our green kite accreditation with the London Stock Exchange and as
the only energy supplier with Gold Standard Uswitch Green Tariff
Accreditation for all tariffs.
About Zap-Map www.zap-map.com .
Launched in June 2014, with a mission to accelerate the shift to
electric vehicles (EV) and help the drive towards zero carbon
mobility, Zap-Map is the UK's leading EV mapping service. The
charging point map, available on desktop and iOS/Android apps,
helps EV drivers to search for available charge points, plan longer
journeys, pay for charging on participating networks and share
updates with other drivers.
Zap-Map currently has more than 350,000 registered users and
over 95% of the UK's public points on its network, with around 70%
being updated with live availability status data. More than 200,000
EV drivers use Zap-Map each month out of an EV parc of 410,000
(SMMT Jan 2022).
Chair's review
Overview
I opened my statement in our 2020 Annual Report by remarking on
the historically tumultuous prior year we had witnessed. 2021
certainly sustained that theme, with the continuation of a global
pandemic and national lockdowns leading into major disruption for
energy.
Geopolitical tensions, including the unfolding and tragic
Russian aggression against Ukraine, sent global gas market prices
surging upwards to record high levels, taking power prices with
them. In late 2021 this was exacerbated by a perfect storm of
conditions, ironically including low wind speeds, alongside nuclear
outages, which followed on to multiple energy supplier
failures.
It was a storm Good Energy did well to weather successfully, due
to our prudent hedging and buying power well in advance from our
renewable generators - our decentralised model.
Despite these extraordinarily challenging market conditions, we
had a good operational performance in 2021 and continued the
delivery of our strategy hitting several key milestones. We were
able to make tangible investments into that strategy - making it
simple for all to generate, share, store, use and travel with clean
power.
Towards the end of the year we announced the sale of our
generation portfolio. This transformational sale has now completed,
leaving Good Energy a substantially debt free company.
Market challenges
The scale of the energy crisis in 2021 was unprecedented.
Wholesale power prices quadrupled, and we saw 28 energy suppliers
exit the market.
It is a crisis that is not abating soon, stoked further by
Russia's appalling actions in Ukraine. Coupled with inflation,
which was at a 30 year high at the end of the year, as well as
rising food and fuel costs, we are now firmly in the midst of a
full scale cost of living crisis.
The UK government has announced a suite of actions to address
rising energy bills, and it is inarguable that intervention is
required at this time.
Ultimately however, this can only provide relief in the
short-term. The long-term solution remains investment in renewable
technologies and a shift to a greener energy system. With fewer
suppliers in the market, this leaves greater scope for prudent
operators like Good Energy to continue driving innovation across
the sector.
Strategic developments
Our decision to sell our generation portfolio allows us to
redeploy capital from our past to invest in our future and leaves
us in a strong cash position despite continued market
volatility.
Looking ahead, our first focus will be on decentralised energy.
Always a core part of Good Energy's business, we will be giving it
renewed focus, building new propositions for customers to generate
their own clean power in their homes and businesses.
Hand in hand with this is mobility. EVs are expected to see 47%
annual growth through to 2026. Good Energy's subsidiary Zap-Map
enjoys a leading position with over 70% share of a rapidly growing
EV driver market in the UK. 2021 saw several strategic developments
here too, with the launch of paid subscriptions, several key
payment platform partners and a partnership with leading fleet
operator Fleetcor. We intend to invest further in the business's
future.
All of this must be underpinned by strong digital services and
operations. Nigel Pocklington, who became Good Energy's new CEO in
May 2021, was appointed for this reason. His previous leadership
positions with digital platform businesses including
Moneysupermarket Group and Expedia positions him perfectly to
develop and execute our strategy.
Good Energy Bonds
Following the successful restructuring of the financing on our
renewable generation asset portfolio, we were in a strong cash
position to repay 70% of the second Good Energy Bond which took
place in June 2021. We will consider all relevant funding sources
when appropriate for further repayment.
Dividend and capital allocation policy
Alongside our ongoing investments, we aim to deliver a dividend
where appropriate, as part of our growth strategy and revised
capital allocation policy. The policy has the objective of
investing both organically and inorganically across the business
and paying a dividend when appropriate to provide an overall return
to shareholders. We remain mindful of maintaining and balancing the
ability to invest in long term growth opportunities.
Following a good operational performance in 2021, the sale of
the generation portfolio and reflecting our confidence in the
ongoing business, the Board recommend a final dividend for 2021 of
1.8p per ordinary share, taking our full year dividend to
2.55p.
Good Energy's scrip dividend scheme continues to operate, and
the Board will confirm the payment timetable and final dividend in
the coming weeks, alongside circulating the Notice of AGM.
Looking ahead
It is difficult to overstate the volatility of the energy market
currently. However, Good Energy is well positioned both from a
shorter-term balance sheet perspective, but also from a longer-term
strategic growth perspective. The climate crisis already provided
urgency to transition to a clean energy system. The current turmoil
provides geopolitical urgency to achieve greater energy
independence, too.
This, coupled with a substantially different looking energy
supplier market, leaves Good Energy with a more powerful role than
ever to play in accelerating the transition to renewables.
Will Whitehorn
Chairman
CEO review
Overview
Good Energy's mission has always been linked to a crisis -
climate change. We now find ourselves in the forefront of a second
one, the cost of energy. Well before Russia's attack on Ukraine, we
had already seen the impact of sharply rising gas prices, causing
first supplier failure and then unprecedented increases in costs to
the consumer.
In September, my summary of the first half of 2021 was that the
business had made a strong start to the year, both financially, and
in delivering against some key strategic objectives. Our financial
performance showed very clear recovery from the comparable period -
which was heavily hit by the first COVID lockdown. That
performance, along with the balance sheet improvements we announced
at our full year results earlier in the year meant that we
announced a resumption of the dividend.
In terms of strategy, I was able to point to several significant
milestones passed in our development of mobility and energy as a
service - marrying digital platforms to help consumers and
businesses adopt green energy and consume it intelligently. We also
spoke about the growth of Zap Map, new tariffs for EV drivers,
progress in rolling out smart meters - a key enabler, and about our
plans for our customers who generate as well as consume power.
In the second half of the year, we've seen largely unprecedented
and structural changes to the UK energy landscape. However, I am
proud of the way our business has reacted to these events.
Despite rising wholesale prices, a raft of suppliers exiting the
market and significant operational changes we have continued to
operate successfully. We had a challenging December, with record
low wind levels and record highs in wholesale electricity and gas
prices. Throughout the crisis we have used our flexibility to set
appropriate prices, and improved cash collection capabilities and
systems, to mitigate the impact on our business and our management
of working capital.
We have since seen some measures announced by Government for the
protection of customers' bills, including its GBP200 Energy Bills
Rebate scheme. In the Chancellor's most recent Spring Statement we
also saw VAT scrapped for energy efficiency measures such as solar
panels, heat pumps or insulation. Whilst not likely to help the
most vulnerable customers in the short term, this is a welcome move
which aligns well with Good Energy's strategy.
Having announced our intention to sell our generations assets,
we completed this transformational transaction in January 2022.
This was a landmark moment for Good Energy. Whilst we celebrate our
history and impact on growing renewable energy in the UK, we are
moving forwards. We are using the proceeds from our past to invest
in our future.
Navigating the crisis and making progress on our strategy has
only been possible with the support of Good Energy's dedicated and
professional team, and the patience of our customers, many of whom
have been with the business for several years. I am very aware of
the impact of high energy costs on society and the economy, and we
will look to reduce this where we can, as soon as we are able. The
longer term need these events have exposed - for a resilient,
renewable and secure energy strategy for the UK, is of course, at
the very heart of our mission as a company.
Shareholder support
I would like to place on record my sincere thanks to Good
Energy's shareholders for their consistent support both through the
energy market crisis and the unwanted and hostile takeover bid we
saw in the first months of my tenure.
As a listed business, we routinely provide detailed levels of
disclosure on a wide range of topics. As a purpose driven business,
transparency and trust is even more important. The strong support
we received in recent shareholder actions, really demonstrate to me
that we have an engaged, loyal and supportive shareholder base. I'm
excited about the future of this business and look forward to
delivering on our exciting digital first strategy as part of the
next wave of the energy market transition.
Green accreditation
We continue to raise awareness for customers to make a clean
energy choice, enabling direct impact on the transition to a
zero-carbon future.
In March 2021, we became the first energy supplier to have all
of our standard variable and fixed tariffs accredited as Uswitch
Green Tariff Gold Standard. The comparison and switching service's
independent panel judged our electricity and gas tariffs to be
'market leading in their environmental credentials'.
In October 2021 we topped Which? magazine's new league table
about the sustainability of energy suppliers. This resulted in us
being awarded an Eco Provider badge after a lengthy research
process, which saw us come top out of over 40 energy companies,
many of which have now exited the market. This validates the unique
work we have been doing to support renewables for over 20
years.
We attended COP26 in November and our secondary school-aged Good
Future Board attended COY16, a precursor to COP26 to input youth
voices into negotiations. We continue to push for meaningful change
across this industry.
Purpose and strategic vision
Today we launch a bold vision for the coming years. Our ambition
is to support one million homes and businesses cut carbon from
their energy and transport used by 2025.
Our mission remains as it always has. To power a cleaner,
greener world. We make it simple to generate, share, store, use and
travel by clean power.
In order to deliver this bold vision, we will be laser focused
on our target markets and service offerings.
Renewable supply business
-- Fairly priced, transparent, 100% renewable electricity.
Decentralised energy
-- Services to help homes and businesses generate, store, consume and share their own power.
Mobility
-- Make it easier to own, drive, fuel and pay for an electric vehicle.
Energy supply market context
Despite our clear strategic direction, the current energy market
volatility has caused us to pause some of our more acquisitive
customer ambitions in the short term.
In 2021, we saw the trend of consolidation continue in the
energy supply market. In total, 28 firms collapsed throughout the
year. Whilst many were victims of circumstance, a great deal were
poorly run, unhedged businesses which will lead to the taxpayer and
customers, footing the bill.
As a result, in February 2022 we saw the price cap increase by a
staggering 54% to GBP1,971. Expectations are that this will rise
further throughout the year, given continued elevated wholesale
prices.
The devastating war in Ukraine is a stark, but horrifying,
reminder of the need for scaling up renewable energy and services,
which the UK can and should be at the forefront of.
Before this event, we had already seen prices quadruple
throughout 2021. Despite initial abatement in early 2022, the war
in Ukraine and associated geopolitical nervousness has seen prices
increase further. Electricity increased 472% and gas increased 752%
year on year (March 2022 vs March 2021).
We are not immune from this energy crisis, which has affected
everyone from consumers to suppliers, regulators, and
government.
In November 2021, we highlighted the impact of incurring
additional commodity costs from a higher number of business and
domestic customers than expected. We expected this to continue into
the first quarter of 2022and this has indeed been borne out.
In December 2021, we outlined that the elevated wholesale prices
and record low wind levels would lead to an adverse impact to our
full year results by approximately GBP3m. Electricity prices
increased 36% in December alone, whilst wind output was materially
below seasonal norms.
Despite this impact, we have continued to mitigate against these
risks where possible.
-- Our ongoing derogation from the price cap provides us with a
degree of pricing flexibility, recognising our commitment to 100%
renewables and the associated cost of delivering this service.
-- To absorb some of the higher input costs, we announced a
second domestic SVT price rise of 30% to be effective from 17
January 2022.
-- We expect this to minimise the impact of the rising forward
prices over the medium term. We will continue to monitor the need
to increase prices further, given our exemption from the price
cap.
-- We expect prices to stabilise, albeit it at a significantly
higher level, throughout 2022 and 2023.
-- We remain well hedged for summer 2022 and plan to
incrementally increase hedging for winter 2022.
More recent events have heightened market volatility. The
escalating crisis between Russia and Ukraine has caused significant
short-term spikes in price since 21 February 2022. In early March,
the price of gas spiked over GBP8.00/therm.
The longer-term impact on the UK and European energy markets
remains unknown, but a reduction on reliance on Russian gas
inevitable. This structural shift in the source of UK energy supply
provides a material opportunity to further accelerate our
development and deployment of renewable generation.
We anticipate that the days of low prices and aggressive price
competition are unlikely to return in the short or medium term.
Whilst there will inevitably be pain for customers, we are well
positioned to help those customers wishing to go green and have the
services to generate, consume, share and store fully renewable
power. We see this market evolving to be increasingly focused less
on price competition, but more on trust, purpose, products and
services. We are well aligned with this change in market focus and
are well placed to prosper.
Strategic update - investing for growth
Renewable supply
Our focus is to provide fair priced, transparent, 100% renewable
electricity.
We are different as we source 100% renewable electricity from
over 1,900 independent generators across Britain. As of January
2022, our fuel mix was 49% wind, 33% biogen, 14% solar and 4%
hydro.
We exist to give our customers the ability to generate their own
power, not just buy ours. To do this, we have a clear strategy for
a growing market in decentralised, digitised clean energy and
transport services based on 100% 'real' renewable power. We are
already successfully delivering on this strategy, as shown in our
integration of new digital customer service platforms for home and
business customers and launch of innovative new tariffs for
electric vehicle (EV) drivers.
Real renewable electricity
Good Energy has supplied 100% renewable electricity for over 20
years, sourcing power directly from renewable generators and not
using regulatory loopholes to 'greenwash' with certificates.
Today we are:
-- Differentiated as a UK supplier backing all electricity
supply, both business and domestic, with long-term contracts with
renewable generators.
-- The only UK supplier with the Uswitch Green Tariff Gold
Standard accreditation for all its tariffs.
Excellent customer service
We have successfully embedded new digital customer service
platforms for home and business customers. These investments have
delivered consistently high customer satisfaction ratings and
helped to bring our prices down:
-- The Kraken customer service platform, from Octopus Energy
Group, is scalable and more efficient. It enables us to easily
launch new "smart" and "agile" tariffs.
-- 100% of domestic supply customers have been migrated to the Kraken platform.
-- We have an 'excellent' 4.5* rating from customers on Trustpilot.
-- We partnered with one of the leading software suppliers to UK
energy, Ensek, to install a slicker, digital billing system for our
business customers. 100% of our business customers have now been
moved to the Ensek platform, enabling improved services and
efficiencies through self-service.
-- We have now managed through some short-term migration issues,
and this has helped to drive record cash collections in recent
months.
Digital services
Our new customer service platforms form one of the building
blocks towards digitising our business. Others include:
-- The appointment of our new Chief Executive Officer, Nigel
Pocklington, who joins from Moneysupermarket Group with a wealth of
experience in digital led, customer-centric businesses.
-- Our controlling stake in the UK's leading app in electric
transport, Zap-Map, which has over 350,000 registered users, and
over 95% of the UK's public charging points on its network. Over
70% of the UK's EV drivers have downloaded Zap-Map.
-- Our existing 180,000 energy services customers for whom we
operate as Feed-in Tariff administrator.
-- Our smart meter rollout is on track with over 22,000
installed in 2021 and almost 30,000 total installations to
date.
As part of an ever-increasing digital offering, we are turning
sustainability into an engaging digital experience. We continue to
evolve our digital offering to introduce new customer touch points
and cross-sell opportunities. These improved digital tools are
aimed at lowering cost to serve and improving our monthly average
users.
In late 2021 we released an automation to our feed in tariff
(FiT) meter reading capabilities. In Q4 2021, we saw a 50%
reduction in the number of manual meter reads required on FiT
tariff submissions by customers. This improves both the customers
experience, as well as the time required to services these
customers effectively.
We are continuing to roll out improvements across our app,
portal and customer journey. Alongside these digital improvements
will be an increasing number of collaborative referral partners
helping to drive cross sell opportunities for more engaged
customers.
Energy trading
One of the features that separates us versus other energy
suppliers is our in-house trading capabilities. We have a history
of implementing a robust hedging policy.
These trading capabilities have become of increasing importance
in an energy market as volatile as we have seen recently. We remain
well hedged for summer 2022 and plan to incrementally increase
hedging for winter 2022.
In October 2021, we partnered with Barrow Green Gas ("Barrow")
for shipping services. The agreement ensured continuity for our gas
customers and builds on our longstanding relationship with Barrow.
This ensured continuity of supply for our gas customers following
the market exit of CNG. Looking ahead, our extensive experience in
trading renewable electricity alongside our existing array of
counterparty relationships means we are well placed to become our
own gas shipper, and Barrow is an ideal partner for that
journey.
The implementation of both Kraken and Ensek act as foundations
for further trading optimisation as we continue to develop further
energy services. Particularly focused on half hourly settlement,
more agile smart tariffs and an increased focus on accessing
revenue streams from the flexibility markets.
Decentralised energy
Services to generate, store, consume and share your own
power.
Services
We will help people optimise their energy and be as efficient as
possible, through a range of options. We are aiming to evolve into
a trusted portal on how to go green, to help people make the best
choice for them.
Alongside our own products, we will use referrals to build a
network of services for customers. We want to be trusted and
increase the length of relationships with our customers. We have a
committed and motivated green customer base and increasingly see
this business as a referral engine for further products and
services for the right customers. Almost half of our existing feed
in tariff customers were referred by solar installers.
We are actively investing in services and businesses that can
accelerate our offering.
Feed in tariff
We are one of the UK's leading FiT providers. As of December
2021, 65% of our meter points were feed in tariff customers. We
have a 93% satisfaction rating, with customers overwhelmingly
positive about their experience. We have built and demonstrated
capabilities to deliver a valuable administrative service to solar
customers. We believe that this presents several opportunities in
similar markets.
We see several cross-sell opportunities to existing and new
customers. Currently, only 7% of FiT customers are also domestic
supply customers. We are actively investing in propositions to
provide additional value for this customer base, such as our smart
export programme and referral partner offers in EV charging,
battery storage and heat pumps.
Whilst the feed in tariff is closed to new entrants, The UK
rooftop solar sector is booming, as homes and businesses turn to
solar to mitigate the impact of the energy price crisis. This
reflects homeowner, business, and investor confidence. Solar PV
capacity installations increased 36% in 2021 to 730MW.
This provides clean, affordable energy that reduces dependency
on fossil fuels, while installation of on-site solar protects
against wholesale price volatility. Self-generation reduces cost
and increases certainty. There is a clear opportunity to tie
renewable supply alongside solar generation, EV charging and
battery storage.
Smart export payments
We have continued to develop new offerings for solar customers.
Our smart export solution pays users for what they export as
opposed to deemed rates. This could provide customers with high
export a significant increased income, ideal for homes who generate
more than they are able to use, or who can shift load
effectively.
By paying customers for what they export, we can reward customer
for making the grid greener. The more electricity the customer
sends to the grid, the more they get paid.
In line with our proven capabilities of managing feed in tariff
administration, our platform allows us to make it easy to claim
from OFGEM, whilst we make a fee for each MWh our customer's
export. Helping to build longer, recurring revenue streams.
Partners
We are building a strong network of partners and plan to use
referrals to build a network of products for our customers. In
these new markets we need to be fast, flexible and responsive
whilst focusing on partnerships that will elevate our core offering
for customers. We focus on the customer needs of the future and how
we make customers feel.
Initial results from our partnership with Caplor energy are
extremely positive, reinforcing the view that there is significant
demand for solar, electric vehicle and battery storage solutions.
Our role is to use this to create a referral engine and develop
long lasting customer relationships who engage with an increasing
number of products and services. These services will allow us to
deliver value add solutions for customers, whilst we share the
benefit through recurring revenue streams.
Mobility
Our ambition is to make it easier to own, drive, fuel and pay
for an electric vehicle. We have solutions for all areas an
electric vehicle driver needs. We will continue to focus on
investing in software and services and look to partner for asset
and hardware solutions;
-- Energy supply
-- Customers with increased electricity demand, powered by 100% renewable electricity.
-- Time of use tariffs, and automated solutions to help save money and be green
-- Services
-- Zap-Map providing leading services for all electric vehicle users, both consumer and fleet.
-- Help drivers search, plan, drive and pay.
-- Charging infrastructure
-- Partner with charging asset providers, for public and home charging solutions.
-- Payment integrations to remove barriers to adoption
-- Electric vehicles
-- Partner with car manufacturers as EV adoption increases,
driving an increased awareness of energy services
-- Working with car purchase, leasing and subscription offerings
We are building a strong network of partnerships for our
customers throughout this ecosystem. Our focus is on the energy
supply and services, whilst partners will provide more
capital-intensive solutions to infrastructure and access to
electric vehicles.
In 2021 we released our EV tariff, Green Driver. We also
trialled more innovative time of use tariffs, including those with
free energy periods. Customer feedback was clear. Longer off-peak
windows were preferable, and we are still early in the journey of
automated optimisation on more complex tariffs.
Time of use tariffs demonstrated that customers shifted 43% of
load off peak, when incentivised with lower off peak rates. More
automated solutions allow for an even greater amount of load to be
shifted off peak, benefitting not just the consumer, but also the
grid in being able to consume renewable electricity when it is most
readily available, or when there are less constraints on the grid.
We are working on developing these automated solutions, alongside
ways for users to monetise and be rewarded for shifting this
load.
The electric vehicle is likely to be the catalyst for further
decentralised energy solutions alongside solar generation and
battery storage. The opportunity to optimise generation,
consumption and export is significant in both green and financial
terms for consumers and energy suppliers.
Zap-Map
Zap-Map delivered a strong 2021 performance and our focus for
2022 is about scaling up to capitalise on Zap-Map's market leading
opportunity.
We intend to participate in the current funding round being
undertaken by Zap-Map and we remain in advanced discussions with a
number of strategic partners. Our expectation is that this will
complete in early Q2 2022. This will allow Zap-Map to embark on its
next course of commercial and development goals, which will
crystallise its leading position for its market services in the UK
and initiate steps of international expansion to selected
territories.
The electric vehicle (EV) market is experiencing a seismic shift
with record demand. EVs are expected to grow from 10% of new car
sales in 2020 to 100% by 2030. This would represent over 27% of the
total UK car parc. Throughout this period, we expect a 92% compound
annual growth rate (CAGR), with 47% growth expected until 2026.
Zap-Map currently has over 350,000 registered users, and over
95% of the UK's public points on its network. Over 75% of UK EV
drivers have downloaded Zap-Map, with growth in Zap-Map downloads
more than keeping pace with the rapid growth in the EV market.
Growth in users has tracked the growth of the wider electric
vehicle market with user numbers up 125% vs December 2020.
Engagement is one of the key metrics for growth. Zap-Map has
historically had an early adopter, highly engaged user base. Over
50% of users are monthly active users, a leading indicator of
repeat usage. There are over 20k chats per month, 15k monthly
routes planned and over 2.5k cross platform users. The breadth and
depth of the data available to EV drivers is what defines Zap-Map
as the market leader in this category.
In the past twelve months Zap-Map has launched its Zap-Map Plus
and Premium subscription services, including support for Apple
CarPlay and Android Auto. Its leading cross-network simple payment
solution Zap-Pay now has nine networks signed up with Osprey, ESB
and char.gy live and new launches including MFG EV Power and
GeniePoint coming shortly. It also announced a commercial
partnership with worldwide leader in business payments Fleetcor for
integration in its Allstar fleet payment platform.
In March 2022, Richard Bourne was appointed as permanent CEO.
Bourne joined Zap-Map in January 2021 as Interim CEO, to work
alongside the Zap-Map Board on the business' long-term strategic
plan.
EV driver products
Zap-Map is a digital platform which enables revenue streams form
both consumers and businesses. With the app as a core offering,
they have developed a range of products across consumers, fleet and
business that leverage their position at the centre of the EV
charging market.
Subscriptions
Recurring revenue streams from solving the specific needs of
each EV driver segment. Providing value-add services to higher
usage customers.
The core of the Zap-Map app remains free but also operates a
'freemium' model offering value added features to simplify the
driving experience. Zap-plus has smarter search with enhanced
filters and save options, while Zap-premium ads in-car integration
with Apple Car-Play and Android Auto.
Since its launch in July 2021, subscriptions have been growing
and have seen good levels of initial conversion, particularly with
new drivers. The ambition is to have 10% of the userbase as paid
subscribers by 2026, which is supported by the experience of other
consumer facing freemium models.
For fleet offerings, Zap-Map are launching a co-branded free
fleet payment app alongside Allstar business solutions (Fleetcor
UK) in Q1 2022. Zap-pro will add to the premium feature set with
enhanced route planning and fleet dashboard and reporting
functionality.
Zap-Pay
An interoperable payment solution with multiple charging
networks accessed with one simple payment method.
For EV drivers, this provides cross-network in app payment,
removing the complexity of the fragmented UK charging network. For
a user there is a superior experience to contactless payment, with
real time charging updates and expense management and history
provided.
To date, there are three networks live on Zap-Pay, with nine due
live by the end of April 2022. Currently this provides a c. 15%
coverage of the total UK charging network, with 25% coverage of
ultra / rapid chargers. Good progress is being made signing up new
charge point operators, with an ambition scale this up
significantly by the end of 2022. Utilisation of the Zap-Pay
network continues to grow providing increased driver behaviour
insights.
For charge point operators, they are able to promote their
network to the Zap-Map user base, which is a low-cost alternative
to contactless. There is a clear standards-based integration,
control of pricing and terms and conditions, as well as monthly
driver behaviour insights which contactless payment is unable to
provide. This data allows charge point operators to better
understand their customer base and refine services.
Zap-Pay fleet solution
For fleet drivers, Zap-Map have partnered with the UK's number
one fuel card service provider, Allstar (Fleetcor UK). This
co-branded app allows drivers to search and pay for charging across
multiple charge point operator networks. It delivers aggregated
monthly billing to fleet managers, with no driver expense
management. Simplifying the user experience and removing barriers
to fleet adoption of electric vehicles. Allstar will also be
reselling the Zap-pro subscriptions to provide enhanced
fleet-oriented services to drivers.
Summary
The ongoing impact of COVID-19 coupled with a national energy
crisis mean that 2021 is a year that many are unlikely to
forget.
However, we have navigated our way through these challenges and
are well positioned to deliver on our mission. Powering a cleaner,
greener world.
We are using the capital from our past to invest in our future
across a range of new technologies, services and businesses. Whilst
the upcoming investment into Zap-Map will further help to
accelerate the adoption of electric vehicles.
We are a substantially debt free company with a strong balance
sheet, primed to capitalise on increasingly favourable market
dynamics, as we emerge from the current market volatility.
I would like to thank my Good Energy colleagues for their hard
work, and our customers and shareholders for their support in 2021.
We remain excited for what the future holds.
OPERATING REVIEW
Wholesale energy market conditions
Power prices
The development of power prices in the last 18 months has been
significant following COVID impacts, and dramatic in the last 6
months with average electricity and gas prices 36% and 35% higher
in December than November .
Since we entered 2021 prices have continued to escalate reaching
as high as GBP500/MWh in December 2021.
Weather conditions in 2021 impacted volumes with sustained low
wind seen through 2021 and especially in December 2021. There was
sustained low wind in 2021, up to 33% below seasonal norms. The
impact of this was seen clearly with UK onshore wind output down
24% (Q1-Q3 2021 vs Q1-Q3 2020) despite a 2% increase in installed
capacity.
Our revenues are sensitive to changes in the demand for
electricity and gas. As the pandemic has progressed, markets and
businesses have adapted to cope with COVID and we have seen
business demand recover materially, with SME business supply
volumes up 17% and HH volumes up 20% in 2021 vs 2020.
Overall supply volumes were up 10%, partly driven by average
temperatures which were 1.7 degrees lower in the first half of 2021
(vs 2020), and 0.5 degrees lower across the full year (vs 2020);
and partly by COVID recovery. The impact of colder weather meant
gas supply volume increased from 486GWh in 2020 to 512GWh in
2021.
Our renewable supply business
Cash collections
Significant rise in cash collections in Q4 driven by the fully
implemented Kraken customer services platform and standard variable
tariff ("SVT") price rises for both Domestic and SME customers ,
high supply volumes via new and extended business contracts and
resolving teething issues with the business billing system (Ensek)
migration .
We expect significantly higher cash collections through 2022 and
this is an expectation being fulfilled in Q1 2022.
There is an increased focus on good quality business partners to
ensure future growth comes hand in hand with good collections
performance.
Teething problems with the implementation of our new business
billing platform (Ensek) impacted collection during 2021, resulting
in lower Q2 & Q3 collection levels. However, in Q4 collections
performance improved and the collections deficit was substantially
recovered.
Business
Total business supply customers increased by 3% to 144k. SME
customers grew the most materially up 27% and HH up 15%, which
helped significantly increase electricity supply volumes (2021: 640
GWh, 2022: 560 GWh) .
Business FIT customers increased 1.7% to 132.7k, as we continue
to maintain our position as one of the market leaders in operating
the feed in tariff scheme. Total business supply customers
increased by 20.1% to 144k.
Growth in business customers has underpinned our strategy in
recent years, and this planned tilting towards business provides us
with greater stability through longer term contracts and higher
retention levels compared to domestic supply. Whilst gross margins
fall because of this shift, operating margins have the potential to
increase over time due to the lower cost per acquisition and cost
to serve these customers. We continue to partner with a growing
number of like-minded businesses, ranging from small, owner-managed
businesses to large corporates, providing confidence for the
future.
Domestic
Total domestic customers increased by 0.9% to 133k. Domestic FIT
customers numbers increased by 0.5% to 47.4k, whilst domestic
supply customers increased by 1.0% to 85.8k.
In the domestic supply market, 2021 saw 28 suppliers exit the
market. This reinforced our stance that a race to bottom on price
was not a viable long-term business model. We remain committed to
ensuring that we fair priced, transparent 100% renewable
electricity proposition. Elevated energy prices will drive
increasing awareness on the sector.
Feed in Tariff ("FIT")
FIT administration provides the foundation of our energy
services model. Despite the FIT scheme closing to new entrants in
March 2019, we continue to administer the scheme for domestic and
business customers. Domestic customers numbers increased 0.5% to
47.4k and business customers increased 1.7% to 132.7k in the
period.
In late 2021 we released an automation to our feed in tariff
(FiT) meter reading capabilities. In Q4 2021, we saw a 50%
reduction in the number of manual meter reads required on FiT
tariff submissions by customers. This improves both the customers
experience, as well as the time required to services these
customers effectively.
Generation performance
The generation portfolio consisted of 6 solar (30.1MW) and 2
wind sites (17.4MW). The Delabole site experienced outages
following storms at the start of the year together with some delays
to parts being available from Europe as a result of Brexit.
There was sustained low wind in 2021, up to 33% below seasonal
norms. The impact of this was seen clearly with UK onshore wind
output down 24% (Q1-Q3 2021 vs Q1-Q3 2020) despite a 2% increase in
installed capacity.
In January 2022 we announced the disposal of the renewable
generation asset portfolio (47.5MW) as part of an ongoing strategic
shift to energy and mobility services.
Smart metering
Following delays in 2020 and the first half 2021 due to COVID-19
restrictions, installations are now progressing well. By Jan 7(th)
, 2022, we had installed 22,00 meters delivering on our 2021
target. Total installed meters to date are close to 30,000
meters.
CFO REVIEW
Overview
The Group has had a resilient financial performance despite
significant pressure from commodity markets and low wind levels,
impacting on the year's performance.
The first half of 2021 saw significant benefits from power and
gas hedged during 2020. The second half of 2021 saw rapidly
escalating wholesale prices combined with significant periods of
low wind, which combined to hit margins materially .
Pricing flexibility
Winter 2021/2022 commodity costs are showing significant
variation due to ongoing geopolitical impacts. However, our ability
to raise Standard Variable tariffs ("SVT") through Good Energy's
ongoing derogation from OFGEM's price cap gives good Energy a
natural lever to offset these impacts and flexibility in such
volatile markets.
Following rising wholesale prices in Q4 2021, benefits from
associated price rises will flow through to working capital in
2022.
Financial performance
Profit and loss
Revenue increased 12% in the period to GBP146.0m (2020:
GBP130.6m) driven by growth in supply volumes (up 10%).
Cost of sales increased by 18% to GBP119.0m (2020: GBP101.1m).
This impact is net of the GBP6m cost of sale adjustment related to
the transfer of the generation activities to discontinued business.
Excluding this reallocation cost of sale has increase by 24% to
GBP126.0m.
Gross profit decreased 9% to GBP27.0m (2020: GBP29.6m). Gross
margin decreased to 18.5% (2020: 22.6%).
Administration costs excluding non-underlying administration
costs decreased 5% to GBP23.8m (2020: GBP25.0m). This was primarily
driven by a GBP0.7m reduction in ECL provision levels compared to
the prior year and smaller other administration cost savings. Total
administration costs decreased 3% to GBP24.6m.
Net finance costs decreased by 86% to GBP0.6m driven by a
combination of significant debt reduction, including the GBP12m
bond repayment in H1 2021, and the transfer to discontinued
activities of the generation activities.
Underlying profit before tax of GBP2.6m includes the impact of
the cost of sales adjustment to the transfer of generation
activities. There was a GBP5.7m loss from discontinued
operations.
The underlying loss for the period was GBP3.4m and the reported
loss for the period was GBP4.1m (2020: GBP0.4m). This reflects the
extraordinary market conditions seen in 2021 a alongside the
one-off impacts related to sale of the generation business and
defending a hostile takeover attempt.
Financial bridge 2020 to 2021*
2021 saw growth in supply customer numbers and a substantial
recovery in particularly business electricity supply volumes post
COVID. This generated a GBP2.4m positive profit impact compared to
2020
The current energy crisis - affecting everyone from consumers to
suppliers, regulators and government - means we are experiencing
ongoing global uncertainty and have not been immune from the
impacts from the wholesale market.
In November 2021, we highlighted the impact of incurring
additional commodity costs from a higher number of business and
domestic customers than expected. This was expected to continue
into the first quarter of 2022, at sustained high commodity prices.
We have seen this play out to date. In December 2021, we outlined
that the elevated wholesale prices and record low wind levels would
lead to an adverse impact to our full year results. In aggregate
the negative profit impact through higher costs of commodity and
other industry costs led to a profit deterioration of GBP6m
compared to the prior year.
Substantially offsetting impacts of a lower ECL provision and
the increased gross ZAPMAP loss leads to a continuing business loss
before tax of GBP3.3m in 2021
Intra-group revenue, electricity generated by the discontinued
segment generation assets to the used within the customer supply
segment of GBP5.9m is eliminated as usual, however the elimination
results in a lower cost of sale within the continuing business,
leading to an underlying continuing profit before tax of
GBP2.6m
This intra-group revenue is then removed from discontinued
segment before the operating performance of the discontinued
generation segment, realising a profit before tax of GBP0.5m, is
added.
This then provides, at a loss of GBP2.8m, the most meaningful
comparison with the FY20 underlying profit of GBP0.5m
The impairment loss on the generation assets arises from changes
in value of the portfolio between the sale announcement date and
the year end. This incorporates estimated transaction costs
(GBP1.0m) on the sale of the portfolio and any change in modelled
value over this period (GBP0.2m). The gain on the sale of the
revalued assets is offset by writing off previously capitalised
transaction and financing costs when the majority of the portfolio
was first operationally financed in 2014.
Finally non-underlying costs of GBP0.8m incurred track to the
Company's reported loss before tax of GBP5.2m.
*A profit bridge slide has been included in the Investor
presentation, which is available on the Company's website. (
https://group.goodenergy.co.uk/home/default.aspx )
Cash flow and cash generation
Our business model remains cash generative. Impacts of a
business billing system migration had a working capital impact
within year but has been materially resolved by end of Q1 2022.
There was a net decrease in cash of GBP9.7m, which includes the
repayment of 70% of Good Energy Bonds II totalling GBP11.9m. The
resulting cash balance of GBP8.9m (GBP6.7m continuing operations,
GBP2.2m discontinued operations) (2020: GBP18.3m) enables continued
strategic investments including participation in the Zap-Map
funding round.
Cash at the end of February 2022 was GBP19.6m following the sale
of the generation asset portfolio.
Funding and debt
Our business is now substantially debt free on a net basis. In
the period, gross debts have reduced by 86.5% compared with
year-end 2020. The gearing ratio decreased to -7% following the
sale of the generation asset portfolio in January 2022.
Substantial progress has been made against reducing Group
finance costs and reducing the gearing ratio. The remaining Good
Energy Bonds II outstanding (GBP4.9m) is reported within
non-current liabilities. This is due to an annual redemption
request window for bondholders in December of each year. The next
bond redemption date is 30 June 2022 with GBP0.2m due for
repayment.
The Group continues to maintain capital flexibility, balancing
operating requirements, investments for growth and payment of
dividends. Our business remains mindful of the need to capitalise
on strategic business development and investment opportunities.
Prudent balance sheet management remains a key priority.
Earnings
Reported basic loss per share decreased to -21.8p (2020: 0.9p).
Basic underlying earnings per share from continuing operations
increased to 13.2p (FY 20: 0.9p).
Dividend
The Board were pleased to restart the dividend and to announce
an interim dividend of 0.75p per ordinary share for the period to
30 June 2021, as set out in the Company's interim results released
on 14 September 2021.
Following a good operational performance in 2021, the sale of
the generation portfolio and reflecting our confidence in the
ongoing business, the Board recommend a final dividend for 2021 of
1.8p per ordinary share, taking our full year dividend to
2.55p.
Good Energy continues to operate a scrip dividend scheme and the
payment timetable of the final dividend will be announced alongside
the notice of the Annual General Meeting in June.
Non-underlying costs
Total non-underlying costs of GBP0.8m, relating primarily to
corporate defence activities against a hostile takeover approach
within 2021. 2021 non-underlying costs were 69% higher than prior
year (FY2021 GBP0.5m).
Expected Credit Loss (ECL)
ECL charge decreased 19% in the period to GBP3.0m (2020:
GBP3.7m).
The main impacts in year are a faster collection of commercial
debt, being offset by increased revenue.
Zap-Map investment
2021 saw a P&L loss related to Zap-Map of GBP(1.0m) which
increased GBP0.8m from 2020, following a period of continued
investment. This was expected and related to Zap-Map's growth plan.
At an earnings level the group retains a GBP0.5m loss reflecting
Good Energy's 50.1% stake in Zap-Map.
Events after the balance sheet
Generation portfolio sale
On 25 November 2021, the Company appointed KPMG LLP to lead a
sale process for the Company's entire 47.5MW generation
portfolio.
On 20 January 2022 the Company announced, that following a
competitive process, the disposal of the 47.5MW generation
portfolio was complete with Bluefield Solar Income Fund ("BSIF").
Total consideration of up to GBP24.5m was comprised of initial and
deferred payments. The initial consideration of GBP16.4m, less
distributions since the lockbox date of GBP0.7m, resulted in
GBP15.7m being paid to the Company on completion.
The final deferred consideration payment has been agreed as
follows:
GBP4.3m has now been paid, with a further up to GBP0.5m to be
paid on 30 June 2022, subject to Good Energy meeting all its
payment obligations up to that date for power supplied by the
Portfolio to it under the power purchase agreements.
The total deferred consideration is therefore agreed to be up to
GBP4.8m.
Of the GBP3.3m that will not be received, GBP2.3m arose due to
the impact of a third-party energy yield assessment on the agreed
financial model and GBP1m arose during detailed technical and
financial due diligence.
Total consideration received to date is therefore GBP20.7m, with
an agreed final total consideration of up to GBP21.2m by 30 June
2022.
We are committed to delivering value to stakeholders and the
sale of our generation portfolio, at a significant premium to book
value, was a good deal. It is also a significant moment for Good
Energy - we are using the capital from our past to invest in our
future.
Consolidated Statement of Comprehensive Income (Unaudited)
For the year ended 31 December 2021
2021 2020
GBP'000 GBP'000
Unaudited Restated
REVENUE 146,045 130,649
Cost of sales (119,019) (101,065)
---------- ----------
GROSS PROFIT 27,026 29,584
Administrative expenses (23,816) (25,029)
Non-underlying costs (806) (477)
OPERATING PROFIT 2,404 4,078
Finance income 14 109
Finance costs (584) (4,172)
Share of loss of associate - (13)
---------- ----------
PROFIT BEFORE TAX 1,834 2
Taxation (187) 19
---------- ----------
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 1,647 21
DISCONTINUED OPERATIONS
Loss from discontinued operations, after (5,740) -
tax
---------- ----------
(LOSS)/PROFIT FOR THE PERIOD (4,093) 21
---------- ----------
Attributable to
Good Energy Group PLC (3,583) 146
NCI (510) (125)
OTHER COMPREHENSIVE INCOME:
Other comprehensive income for the year,
net of tax (775) 13,313
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY (4,868) 13,334
---------- ----------
Earnings per share for the year Basic (21.8)p 0.9p
Diluted (21.8)p 0.9p
Earnings per share for the year Basic 13.2p 0.9p
(continuing operations) Diluted 13.0p 0.9p
Consolidated Statement of Financial Position (Unaudited)
As at 31 December 2021
2021 2020
GBP'000 GBP'000
Unaudited Restated
ASSETS
Non-current assets
Property, plant and equipment 209 58,602
Intangible assets 3,891 4,833
Right of use assets 851 5,108
Deferred Tax asset 173 -
Long term security deposits - 4,552
Total non-current assets 5,124 73,095
Current assets
Inventories 7,682 13,264
Trade and other receivables 35,928 26,715
Short term security deposits 2,414 698
Cash and cash equivalents 6,699 18,282
Total current assets 52,723 58,959
------------ ---------
Held for sale assets 62,959 -
------------ ---------
TOTAL ASSETS 120,806 132,054
------------ ---------
EQUITY AND LIABILITIES
Capital and reserves
Called up share capital 840 833
Share premium account 12,790 12,790
Employee Benefit Trust shares (444) (502)
Retained earnings 3,231 6,854
Reserves of disposal group held for sale 11,589 -
Revaluation surplus - 12,472
------------ ---------
Total equity attributable to members of
the parent company 28,006 32,447
Non-Controlling Interests (325) 185
------------ ---------
Total equity 27,681 32,632
Non-current liabilities
Deferred taxation - 4,135
Borrowings 317 53,431
Provisions for liabilities - 1,316
Long term financial liabilities - 13
------------ ---------
Total non-current liabilities 317 58,895
Current liabilities
Borrowings 6,867 3,630
Trade and other payables 41,253 36,897
Total current liabilities 48,120 40,527
------------ ---------
Liabilities associated with held for sale 44,688 -
assets
------------ ---------
Total liabilities 93,125 99,422
------------ ---------
TOTAL EQUITY AND LIABILITIES 120,806 132,054
------------ ---------
Consolidated Statement of Changes in Equity (Unaudited)
For the year ended 31 December 2021
Share Share EBT Retained Revaluation Reserve Non-controlling Total
capital premium shares earnings surplus of disposal interests
(Restated) group held
for sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
At 1 January
2020 as
previously
stated 832 12,790 (549) 5,707 - - - 18,780
Prior year
adjustment - - - 136 - - 136
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
At 1 January
2020 as
restated 832 12,790 (549) 5,843 - - - 18,916
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Profit /
(Loss)
for the year - - - 146 - - (125) 21
Other
comprehensive
income for
the
year - - - - 13,313 - - 13,313
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Total
comprehensive
income for
the
year - - - 146 13,313 - (125) 13,334
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Share based
payments - - - 39 - - - 39
Exercise of
options 1 - 47 (15) - - - 33
Acquisition
of subsidiary - - - - - - 310 310
Transfer of
revaluation
to retained
earnings
- - - 841 (841) - -
Total
contributions
by and
distributions
to owners of
the parent,
recognised
directly
in equity 1 - 47 865 (841) - 310 382
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
At 31 December
2020 833 12,790 (502) 6,854 12,472 - 185 32,632
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
At 1 January
2021 833 12,790 (502) 6,854 12,472 - 185 32,632
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Loss for the
year - - - (3,583) - - (510) (4,093)
Other
comprehensive
income for
the
year - - - (775) - - - (775)
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Total
comprehensive
income for
the
year - - - (4,358) - - (510) (4,868)
Dividend
Paid - - - (108) - - - (108)
Exercise of
options 7 - 58 (40) - - - 25
Transfer of
revaluation
to retained
earnings - - - 883 (883) - - -
Discontinued
Operations - - - - (11,589) 11,589 - -
Total
contributions
by and
distributions
to owners of
the parent,
recognised
directly
in equity 7 - 58 735 (12,472) 11,589 - (83)
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
At 31 December
2021 840 12,790 (444) 3,231 - 11,589 (325) 27,681
-------- --------- -------- ----------- ------------ -------------------------- ---------------- ---------
Consolidated Statement of Cash Flows (Unaudited)
For the year ended 31 December 2021
2021 2020
GBP'000 GBP'000
Unaudited Audited
Restated
Cash flows from operating activities
Cash generated from operations 3,898 11,425
Finance income 620 19
Finance cost (2,902) (3,735)
Income tax received - 66
---------- ----------
Net cash flows generated from operating activities 1,616 7,775
---------- ----------
Cash flows from investing activities
Purchase of property, plant and equipment (248) (4)
Purchase of intangible fixed assets (760) (473)
Transfers from/(to) security deposits 1,971 (228)
Acquisition of a subsidiary, net of cash acquired - 107
Net cash flows used in investing activities 963 (598)
---------- ----------
Cash flows from financing activities
Payments of dividends (108) -
Proceeds from borrowings 6,786 -
Repayment of borrowings (18,076) (2,184)
Capital repayments of leases (616) (411)
Proceeds from exercise of share options 26 33
---------- ----------
Net cash flows used in financing activities (11,988) (2,562)
---------- ----------
Net (decrease)/increase in cash and cash equivalents (9,408) 4,615
Cash and cash equivalents at beginning of year 18,282 13,667
---------- ----------
Cash and cash equivalents at end of year
Represented by: 8,874 18,282
Cash and cash equivalents for discontinued operations 2,175 -
Cash and cash equivalents for continuing operations 6,699 18,282
---------- ----------
Notes to the Financial Information (Unaudited)
For the year ended 31 December 2021
1. Basis of Preparation
Good Energy Group PLC is an AIM listed company, incorporated in
England and Wales and domiciled in the United Kingdom, under the
Companies Act 2006.
The principal activity of Good Energy Group PLC is that of a
holding and management company to the Group. More detailed
information on the Group's activities is set out in the Chairman's
statement, the Chief Executive's review and the Finance Director's
review.
The unaudited Preliminary Report has been prepared under the
historical cost convention and in accordance with International
Financial Reporting Standards ("IFRS") and interpretations in issue
at 31 December 2021.
The Preliminary Report was approved by the Approvals Committee
and the Audit Committee and adopted by the Board of Directors. The
Preliminary Report does not constitute statutory financial
statements within the meaning of section 434 of the Companies Act
2006 and has not been audited.
On 24 November 2021, the Group publicly announced the decision
of its Board of Directors to sell the Good Energy Holding Company
No. 1 Limited group including its wholly owned subsidiaries
("GEGAN
group"). The sale of the GEGAN group was completed on 19 January
2022. At 31 December 2021 the GEGAN group was classified as a
disposal group held for sale and as a discontinued operation. The
business of GEGAN group represented the entirety of the Group's
Electricity Generation operating segment until 24 November 2021.
With GEGAN group being classified as discontinued operations, the
Electricity Generation segment is no longer presented in the
segment note.
The prior year has been restated for:
-- The elimination of internally generated Renewable Obligation
Certificates (ROCs). This has the impact of reducing inventory by
GBP1,361k and reducing trade and other payable by the same
value.
-- Adjustments to the treatment of leases under IFRS 16 being
the removal of future lease payment increases where the increase is
determined by a future index rate, as a result of a prior year
adjustment noted by the Group's new auditors. This has the impact
of increasing retained earnings by GBP220k, decreasing right of use
(RoU) asset by GBP816k, decreasing current short-term financial
liabilities by GBP3k and decreasing long-term financial liabilities
by GBP1,033k.
The accounting policies adopted, other than as documented above,
are consistent with those of the annual financial statements for
the year ended 31 December 2020, as described in those financial
statements.
The Preliminary Report is presented in pounds sterling because
that is the currency of the primary economic environment in which
the Group operates.
The Preliminary Report will be announced to all shareholders on
the London Stock Exchange and published on the Group's website on
29(th) March 2022 . Copies will be available to members of the
public upon application to the Company Secretary at Good Energy,
Monkton Park Offices, Monkton Park, Chippenham, Wiltshire, United
Kingdom, SN15 1GH.
2. Segmental Analysis
The chief operating decision-maker has been identified as the
Board of Directors (the 'Board'). The Board reviews the Group's
internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based
on these reports. The Board considers the business from a business
class perspective, with each of the main trading subsidiaries
accounting for each of the business classes. The main segments
are:
-- Supply companies (including electricity supply, FiT administration and gas supply);
-- Electricity generation companies (including wind and solar generation companies);
-- Energy as a service (including Zap-map and nextgreencar.com)
-- Holding companies, being the activity of Good Energy Group PLC.
The Board assesses the performance of the operating segments
based primarily on summary financial information, extracts of which
are reproduced below. An analysis of profit and loss, assets and
liabilities and additions to non-current assets, by class of
business, with a reconciliation of segmental analysis to reported
results follows:
Segmental analysis: 31 December 2021 (Unaudited)
Electricity FIT Gas Total Electricity Energy Holding Total
Supply Admin-isration Supply Supply Generation as a Companies/Consoli-dation -
Companies service Adjustments Continuing
Operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Revenue
from external
customers 116,521 5,323 23,491 145,335 - 643 1 145,979
FiT/ROC
subsidy
revenue 66 - - 66 - - - 66
Inter-segment - - - - - - - -
revenue
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Total revenue 116,587 5,323 23,491 145,401 - 643 1 146,045
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Expenditure
Cost of
sales (103,339) (647) (14,851) (118,837) - (154) (28) (119,019)
Inter-segment - - - - - - - -
cost of
sales
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Gross Profit 13,248 4,676 8,640 26,564 - 489 (27) 27,026
Administrative
expenses (17,043) - (1,448) (3,612) (22,103)
Depreciation
& amortisation (1,578) - (134) (1) (1,713)
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Operating
profit/(loss) 7,943 - (1,093) (3,640) 3,210
Net finance
costs (67) - (2) (501) (570)
Share of - - - - -
loss of
associate
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Underlying
Profit 7,876 - (1,095) (4,141) 2,640
Non-underlying
items (806) - - - (806)
------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Profit/(loss)
before tax 7,070 - (1,095) (4,141) 1,834
Segments
assets &
liabilities
Segment
assets 63,415 - 633 (6,201) 57,847
Segment
liabilities 48,169 - 1,549 (1,281) 48,437
---------------- ------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Net asset/
(liabilities) 15,246 - (916) (4,920) 9,410
---------------- ------------ --------------- --------- ---------- ------------ -------- ------------------------- -----------
Additions
to non-current
assets 1,746 - 3 - 1,749
All turnover arose within the United Kingdom.
Segmental analysis: 31 December 2020 (Audited Restated)
Electricity FIT Gas Total Electricity Energy Holding Total Total
Supply Adminis-tration Supply Supply Gener-ation as a Companies/ -
Comp-anies service Consoli-dation Continu-ing
Adjustments Opera-tions
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Revenue
from contracts
with customers 97,385 5,467 24,462 127,314 1,761 342 - 129,417 129,417
FiT/ROC
subsidy
revenue - - - - 1,232 - - 1,232 1,232
Inter-segment
revenue - - - - 5,786 - (5,786) - -
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Total revenue 97,385 5,467 24,462 127,314 8,779 342 (5,786) 130,649 130,649
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Expenditure
Cost of
sales (77,826) (600) (16,909) (95,335) (5,509) (60) (161) (101,065) (101,065)
Inter-segment
cost of
sales (5,786) - - (5,786) - - 5,786 - -
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Gross profit 13,773 4,867 7,553 26,193 3,270 282 (161) 29,584 29,584
Administrative
expenses (19,145) (869) (598) (2,481) (23,093) (23,093)
Depreciation
& amortisation (1,812) - - (124) (1,936) (1,936)
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Operating
profit/(loss) 5,236 2,401 (316) (2,766) 4,555 4,555
Net finance
costs (42) (3,194) - (827) (4,063) (4,063)
Share of
loss of
associate - - - (13) (13) (13)
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Underlying
Profit 5,194 (793) (316) (3,606) 2 479
Non-underlying
items (477) - - - - (477)
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Profit/(loss)
before tax 4,717 (793) (316) (3,606) 2 2
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Segments
assets &
liabilities
Segment
assets 54,502 73,815 320 4,778 133,415 133,415
Segment
liabilities 41,217 65,723 215 (2,372) 100,783 100,783
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Net assets 13,285 12,092 105 7,150 32,632 32,632
------------ ---------------- --------- ----------- ------------ -------- --------------- ------------ ----------
Additions
to non-current
assets 899 6 23 - 928 928
All turnover arose within the United Kingdom.
Consolidation adjustments relate to intercompany sales of
generated electricity and the elimination of intercompany
balances.
3. Non-underlying costs
Takeover bid
On 22 July 2021, Ecotricity announced the terms of its cash
offer for the entire issued ordinary share capital of Good Energy
Group PLC not already owned by Ecotricity, to be effected by means
of a takeover offer under the Takeover Code.
The Board unanimously rejected the offer after considering this
offer together with financial advisor, Investec Bank plc.
Ecotricity received valid acceptances of the offer representing
approximately 11.5 per cent of the issued ordinary share capital of
Good Energy. As such the takeover bid was rejected by Good Energy
shareholders.
This process involved considerable third party legal and
professional advice to ensure all provisions of the takeover code
were adhered to. These costs incurred are not part of the ongoing
and underlying success of the business and have been reported
separately.
4. Finance Income and Finance Costs
Finance income: 2021 2020
GBP'000 GBP'000
Unaudited Audited
Bank and other interest receivables 14 16
Gains on fair value adjustment - 93
---------- --------
14 109
---------- --------
Finance costs: 2020 2020
GBP000 GBP000
Unaudited Audited
Restated
On bank loans and overdrafts 3 2,782
On corporate bond 485 831
Other interest payable - 38
Lease interest payable 69 327
Amortisation of debt issue cost 27 194
---------- ----------
584 4,172
---------- ----------
5. Earnings per Ordinary Share
Basic
Basic earnings per share is calculated by dividing the profit
attributable to owners of the Company by the weighted average
number
of ordinary shares during the year, after excluding 250,880
(2020: 268,270) shares held by Clarke Willmott Trust Corporation
Limited in trust for the Good Energy Group Employee Benefit
Trust.
2021 2020
Unaudited Audited
(Loss)/Profit attributable to owners of the Company
(GBP'000) (3,583) 146
Basic weighted average number of ordinary shares
(000's) 16,399 16,350
---------- --------
Basic earnings per share (21.8) 0.9
Continuing operations 2021 2020
Unaudited Audited
Profit attributable to owners of the Company (GBP'000) 2,157 146
Basic weighted average number of ordinary shares
(000's) 16,399 16,350
---------- --------
Basic earnings per share 13.2 0.9
Diluted
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares to assume conversion of
all potentially dilutive ordinary shares. Potentially dilutive
ordinary shares arise from awards made under the Group's
share-based incentive plans.
Where the vesting of these awards is contingent on satisfying a
service or performance condition, the number of potentially
dilutive ordinary shares is calculated based on the status of the
condition at the end of the period.
Potentially dilutive ordinary shares are dilutive only when the
average market price of the Company's ordinary shares during the
period exceeds their exercise price (options) or issue price (other
awards). The greater any such excess, the greater the dilutive
effect.
The average market price of the Company's ordinary shares during
the year was 269p (2020: 184p).
5. Earnings per Ordinary Share (continued)
The dilutive effect of share-based incentives was 145,752 shares
(2020: 395,679 shares). The dilutive effect of share-based
incentives for continuing operations was 145,752 shares (2020:
395,679 shares).
2021 2020
Unaudited Audited
(Loss)/Profit attributable to owners of the Company
(GBP'000) (3,583) 146
Basic weighted average number of ordinary shares
(000's) 16,544 16,746
---------- --------
Diluted earnings per share (21.8) 0.9
Diluted (continuing operations) 2021 2020
Unaudited Audited
Profit attributable to owners of the Company (GBP'000) 2,157 146
Weighted average number of diluted ordinary shares
(000's) 16,544 16,350
---------- --------
Diluted earnings per share 13.0 0.9
6. Borrowings
2021 2020
GBP'000 GBP'000
Unaudited Audited
Restated
Current
Bank and other borrowings 1,007 1,955
Bond 5,305 1,063
Lease liabilities 555 612
---------- ----------
Total 6,867 3,630
---------- ----------
2021 2020
GBP'000 GBP'000
Unaudited Audited
Non-current
Bank and other borrowings - 33,405
Bond - 16,331
Lease liabilities 317 3,695
---------- --------
Total 317 53,431
---------- --------
The Group has undrawn bank overdraft facilities of GBP nil
(2020: GBPnil) as at 31 December 2021 .
The current portion of the bond repayment represents the
interest accrued and the amount of principal repayments requested
prior to the end of the year. The latest redemption request
deadline was in December 2021, for repayment of the remaining bond
in June 2022.
The bank and other borrowings are made of interest accrued and
amount of principal repayments under a Revolving Credit Facility.
This has been fully repaid since year end, though the facility is
still available.
7. Cash Generated from Operations
For the year ended 31 December 2021
2021 2020
GBP'000 GBP'000
Unaudited Restated
Profit before tax from continuing operations 1,834 2
Loss before tax from discontinued operations (7,010) -
---------- ---------
(Loss)/Profit before tax (5,176) 2
Adjustments for:
Depreciation 4,014 4,458
Amortisation 1,133 1,218
Impairment of assets - 287
Impairment loss on remeasurement of
discontinued operation to fair value
less costs to sell 1,581 522
Loss on asset disposals & writedowns 182 25
Fair value adjustment of contingent
consideration - (86)
Net gain on financial assets at FVTPL - (6)
Share based payments - 39
Share of loss of associates - 13
Other Finance (income)/costs - net 2,257 4,156
Changes in working capital (excluding
the effects of acquisition and exchange
differences on consolidation):
Inventories 5,582 (4,813)
Trade and other receivables (10,441) 2,844
Trade and other payables 4,766 2,766
---------- ---------
Cash generated from operations 3,898 11,425
---------- ---------
8.Held for sale Generation Assets
On 24 November 2021, the Group publicly announced the decision
of its Board of Directors to sell the Good Energy Holding Company
No. 1 Limited group including its wholly owned subsidiaries ("GEGAN
group"). The sale of GEGAN group was completed on 19 January 2022.
At 31 December 2021 GEGAN group was classified as a disposal group
held for sale and as a discontinued operation. The business of
GEGAN group represented the entirety of the Group's Electricity
Generation operating segment until 24 November 2021. With GEGAN
group being classified as discontinued operations, the Electricity
Generation segment is no longer presented in the segment note.
The results of GEGAN group for the year
are presented below:
Restated
2021 2020
GBP'000 GBP'000
Revenue
Revenue from contracts with customers 405 1,761
FiT/ROC subsidy revenue 2,109 1,232
Inter-segment revenue 5,974 5,786
Inter-segment adjustment (5,974) (5,786)
----------------------------------------------- ---------- ---------
Total revenue 2,514 2,993
Cost of sales (5,250) (5,509)
Gross Loss (2,736) (2,516)
Administrative Expenses (1,965) (869)
Operating Loss (4,701) (3,385)
Net finance costs (728) (3,194)
Impairment loss on the remeasurement
to fair value less costs to sell (1,581) -
Loss before tax from discontinued operations (7,010) (6,579)
Taxation benefit/(expense):
Related to pre-tax profit/(loss) from
the ordinary activities for the period 1,270 -
---------------------------------------------- ---------- ---------
Loss for the year from discontinued
operations (5,740) (6,579)
----------------------------------------------- ---------- ---------
In accordance with IFRS 5, inter-segment revenue between the
discontinued group and the continuing business totalling GBP6.0m
(2020: GBP5.8m) has been excluded from revenue. Without this
adjustment, the loss before tax for the discontinued group would
have been GBP1.0m (2020: loss before tax of GBP0.8m).
The major classes of assets and liabilities of the GEGAN group
classified as held for sale at 31 December 2021 are, as
follows:
2021
GBP'000
Assets
Property, plant and equipment 54,000
Right-of-use assets 4,280
Intangible assets 385
Restricted deposit accounts 866
----------------------------------
Total non-current assets 59,531
Current assets
Trade and other receivables 1,253
Curr Tax Receivable -
Cash and cash equivalents 2,175
----------------------------------------------- ----------------------------------
Total current assets 3,428
----------------------------------------------- ----------------------------------
Held for sale assets 62,959
----------------------------------------------- ----------------------------------
Equity and liabilities
Capital and reserves
Revaluation Surplus 11,589
Reserves of a disposal group held
for sale (11,589)
----------------------------------
Total equity -
Non-current liabilities
Deferred taxation - NC 4,225
Borrowings - LT 33,665
LT Financial Liabilities 3,263
Provisions for liabilities 1,339
----------------------------------
Total non-current liabilities 42,492
Current liabilities
Borrowings - ST 1,485
Trade and other payables 409
ST Financial Liabilities 302
----------------------------------
Total current liabilities 2,196
----------------------------------
Liabilities directly associated with
assets held for sale 44,688
----------------------------------
Total equity and liabilities associated
with disposal group 44,688
----------------------------------
Net assets directly associated with
disposal group 18,271
Earnings per share 2021 2020
Basic, loss for the year from discontinued
operations (35.0) (40.2)
Diluted, loss for the year from discontinued
operations (35.0) (40.2)
Write down of property plant and equipment
The recoverable amount has been taken as the final agreed sale
price subsequent to the sale completion of GEGAN group on 19
January 2022, less costs to sell. A write down of GBP1.5m was
performed at the year end. This is primarily due to the revaluation
method of valuation that the assets were held at pre-sale,
requiring valuation at fair value at the Held for Sale date,
followed by a valuation of fair value less costs to sell at the
year end.
9. Subsequent Events
As previously announced in a strategic update on 25 November
2021, the Company appointed KPMG LLP to lead a sale process for the
Company's entire 47.5MW generation portfolio. Following a
competitive process, the disposal of the portfolio has been
completed with Bluefield Solar Income Fund ("BSIF") who are advised
by Bluefield Partners LLP.
The Disposal is for a total consideration of GBP20.4m. This
consists of initial and deferred consideration elements:
-- Initial consideration of GBP16.4m, less distribution since
the lockbox date of GBP0.7m. Cash proceeds of GBP15.7m were
received on completion.
-- Deferred consideration of up to GBP8.1m, largely calculated
with reference to an agreed financial model and based on the actual
operational, technical, real estate and financial position of the
projects.
-- The final deferred consideration is GBP5.3m as announced on
25 February 2025. GBP4.8m has now been paid, with a further up to
GBP0.5m to be paid on 30 June 2022, subject to Good Energy meeting
all its payment obligations up to that date for power supplied by
the Portfolio to it under the power purchase agreements.
-- Of the GBP3.3m that will not be received, GBP2.3m arose due
to the impact of a third-party energy yield assessment on the
agreed financial model and GBP1m arose during detailed technical
and financial due diligence.
-- Total consideration received to date is therefore GBP20.7m,
with an agreed final total consideration of up to GBP21.2m by 30
June 2022.
-- The Company is now substantially debt free with a strong cash
position, strengthening the Company's balance sheet.
-- The 47.5MW generation portfolio provides around 15% of Good
Energy customers' electricity and will continue to do so via
existing power purchase agreements.
As announced on 14 January 2022, Ecotricity Group Limited
requiring the Board to convene a general meeting of shareholders
for the purpose of considering two resolutions, namely:
-- an ordinary resolution to remove William Whitehorn from
office as a director of the Company ("Resolution 1"); and
-- a special resolution to direct the Board not to dispose of
the Company's generation assets without shareholder approval
("Resolution 2").
The requisitioned General Meeting was held at 9am on Friday 11
February 2022 at SEC Newgate, 14 Greville Street, London, EC1N
8SB.
All voting was undertaken on a poll. The table below shows the
votes received for and against each of the Requisitioned
Resolutions.
For Against Total Withheld
Resolution Votes % Votes % Votes % ISC Votes
--------- ----- --------- ----- ---------- ----- --------
1 4,581,943 41.7% 6,411,473 58.3% 10,993,416 65.5% 35,198
--------- ----- --------- ----- ---------- ----- --------
2 4,658,286 42.8% 6,226,697 57.2% 10,884,983 64.9% 143,631
--------- ----- --------- ----- ---------- ----- --------
Consequently, neither of the Requisitioned Resolutions received
sufficient support from the Company's shareholders to be
passed.
Zap-Map Board update
As announced on 10 March 2022, Nigel Pocklington has been
appointed Chair of Zap-Map. He takes over the role from Good Energy
Founder and Non-Executive Director Juliet Davenport, who steps down
from the Zap-Map Board. Nigel bolsters the Board's expertise in
building successful online platform businesses, together he and
existing independent Non-Executive Director Tim Jones have a wealth
of experience from leadership roles at AutoTrader,
Moneysupermarket.com Group and Hotels.com.
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END
IR DZGZFMRGGZZZ
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