Final Results for FYE 31 Dec 2015


(“Atlantis”, the “Company” or the “Group”)

Final Results

(Click here to download the full version including Chairman’s Statement and financials.)

Atlantis Resources Limited, a vertically integrated turbine supplier and project owner in the tidal power industry, is pleased to announce its final results for the year ended 31 December 2015.

The full Annual Report and Group financial statements can be read and downloaded from the Company’s website:

Financial highlights

  • Group generated a maiden profit of S$4.3 million, largely as a result of the gain from the acquisition of Marine Current Turbines Ltd (“MCT”).
  • The consolidated group cash position at 31 December 2015 was S$25.6 million including S$16.5 million held at MeyGen Limited.
  • Net assets increased to S$120.8 million over the year from S$98.0 million.
  • In August 2015 Atlantis raised £2.5 million before expenses from new and existing shareholders to fund project development activities across the Atlantis portfolio and to secure opportunities for portfolio growth.

Operational highlights

  • In January 2015, construction works commenced at the MeyGen project in northern Scotland. The project is on track to deliver first power in 2016.
  • In July 2015, the Group completed the acquisition of MCT from Siemens AG. On completion of the acquisition, the Atlantis UK project portfolio was boosted by 50% and the turbine product offering expanded to include the SeaGen system.
  • In September 2015 Atlantis and DP Energy launched a partnership to develop a multi-turbine array at FORCE in Canada.
  • In September 2015 the laying of four subsea cables was completed at MeyGen. The cables will connect the tidal turbines to the onshore substation, from where the power will be fed into the wider grid.
  • In October 2015 we announced that the European Commission’s Climate Change Committee had approved the transfer of €17 million of funding from the Kyle Rhea project to MeyGen. The funding will be applied to Phase 1B of MeyGen.
  • In December 2015 Atlantis agreed to acquire two projects comprising the 10MW Sound of Islay site in western Scotland and the 100MW Ness of Duncansby site from ScottishPower Renewables (UK) Limited (“SPR”) for its Scottish tidal development company, Tidal Power Scotland Limited (“TPSL”).
    • The consideration payable for the projects, which the Company values at £6.6 million, was 3,859,703 shares in TPSL, which equates to 6% of the issued share capital. The transaction completed in May 2016.

Post period end highlights

  • In April 2016 the Group announced a partnership agreement with Equitix, a market leading developer, investor and fund manager of infrastructure assets.
    • Under this agreement, Atlantis and Equitix will work together to advance Atlantis’s portfolio of tidal power projects in Scotland, which represent a combined potential capacity of almost 650MW.
    • Equitix intends to acquire at least 25% of each Atlantis project vehicle at financial close of that project.
  • In April 2016 Atlantis announced an agreement in principle to sell a minority stake in TPSL to DEME subject to the successful completion of several conditions precedent that we are working hard in an attempt to satisfy in the coming weeks.
    • DEME has agreed to pay Atlantis £2 million in cash consideration for a 2% stake in TPSL and a right to contribute equity funding to the Sound of Islay project.
  • In April 2016 Atlantis raised approximately £6.5 million before expenses from new and existing shareholders to fund project development activities across the Atlantis project portfolio and working capital.
  • In April 2016 Atlantis announced that it has entered into a memorandum of understanding with SBS, a privately owned international marine, subsea and renewable energy developer to establish a joint venture to develop a 150MW tidal stream site in Indonesia.

Tim Cornelius, Chief Executive of Atlantis Resources Limited commented:

“2015 has been a year of amazing progress for Atlantis culminating in the Company’s maiden profit. I am pleased that we have been able to make great strides in furthering the development of the tidal stream industry in the UK and beyond. We commenced construction of the world’s largest commercial tidal array, remain on track to deliver our new 1.5 MW AR1500 turbine to Phase 1A of the project for installation in 2016 and have managed to consolidate the industry in the UK via two well timed, strategic acquisitions from Siemens and ScottishPower Renewables.

“We have started 2016 where we left off in 2015 and the announcement of our partnership agreement with Equitix represented a major turning point in the transition from demonstration projects to the deployment of commercial scale arrays. Furthermore, the proposed sale of our stake to DEME brings a key long-term strategic partner for the future build out of our project portfolio. We are striving to satisfy the conditions required to complete the transaction. There is no doubt that 2016 will be an exciting year for the Company and its shareholders as well as the wider tidal sector, as our flagship MeyGen project delivers first power to the grid.”


Atlantis Resources


+44 (0)20 3727 1000

Tim Cornelius, Chief Executive Officer

Simon Counsell, Chief Financial Officer

Peel Hunt LLP (Nominated Adviser and Broker)

+44 (0)20 7418 8900

Adrian Trimmings

Jock Maxwell Macdonald

Euan Brown

FTI Consulting

+44 (0)20 3727 1000

Ben Brewerton

Alex Beagley

Stephanie Blott

James Styles

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