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Final Results

10 Jun 2014

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GREKA ENGINEERING & TECHNOLOGY LTD.
("Greka Engineering" or the “Company")
 
Final Results
 
Greka Engineering & Technology Ltd. (AIM: GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, is pleased to announce its audited financial results for the year ended 31 December 2013.
 

HIGHLIGHTS

OPERATIONAL HIGHLIGHTS
 
l  Sales of 136 gas station refueling equipment items in 2013, compared to 101  dispensers sales in  2012, sales of  3 wellhead compressors in 2013, compared with 7 compressors in 2012, sales of  2  SCADA  in 2013, compared with 12 SCADA in 2012
l  1,038,263 thousand cubic feet of gas for sale were processed in 2013, compared with 564,680 thousand cubic feet in 2012, an 84% increase 
l  10,714,823 kwh of power sales in 2013, there were no power sales in 2012 
l  0.4km of trunk pipe line and 2.35km of sub-pipeline constructed in 2013, 37km of well gas gathering pipeline at the end of 2013
l  0.5km of power line constructed in 2013, 68km of power line at the end of 2013
 
FINANCIAL SUMMARY
 
l  Revenue of US$3.7m, a 29% decrease  over same period last year of US$5.2m
l  Total assets decreased by US$0.6m to US$42.7m, a decrease of 1.3% year on year
l  Cash and bank deposits as at 31 December 2013 of US$3.5m
l  Loss for the year of US$1.9m, compared to a loss of US$1.4m in 2012
 
CORPORATE HIGHLIGHTS
 
·         Addition of 30 new customers during 2013, a 39% increase over 2012
·         A total of 107 customers in China
·         No lost time due to injury or accident in 2013
 
Randeep S. Grewal, Chairman of Greka Engineering, commented:
 
2013 was the year of independence for Greka Engineering & Technology Ltd., becoming an independent and listed Company following the successful demerging from Green Dragon Gas Ltd. via a dividend in specie on 30 September 2013. Since the demerger, the Company has focused on establishing itself as an independent operator and on technology integration, resource optimization and productivity enhancements. The focus has been to enhance the human resources catered to win more market share by providing advanced infrastructure services, EPCM (engineering, procurement, construction and management services), SCADA, gas station refuelling equipment and technology to the customers within the unconventional gas sector in China. We look forward to capitalizing on this unique niche in the years to come.
 
 
 
Contacts:
 
Greka Engineering 
Betty Cheung,
Director Corporate Affairs
 
+852 3710 0088
Smith & Williamson
Nominated Adviser
Dr Azhic Basirov / David Jones / Ben Jeynes
 
+44 20 7131 4000
RFC Ambrian
Broker
Charlie Cryer
 
+44 20 3440 6800
WH Ireland
Broker
Tim Feather
 
+44 113 394 6600
Walbrook
Media & Investor Relations
Paul Cornelius / Guy McDougall
 
+ 44 20 7933 8780

 

 
About Greka Engineering & Technology
Greka Engineering & Technology Ltd., (AIM; GEL) was demerged from Green Dragon Gas Ltd. (AIM; GDG) via a dividend in specie and was admitted to trading on AIM in September 2013.
 
Greka Engineering offers turnkey solutions to over 100 upstream, midstream and downstream gas suppliers. The Company's technologies include Compressed Natural Gas/Liquefied Natural Gas (CNG/LNG) compressor equipment, CNG retail dispenser equipment and CBM wellhead extraction technologies. The Company also supplies proprietary Integrated Circuit Card Point of Sale (ICC POS) and Supervisory Control and Data Acquisition (SCADA) software and hardware solutions for the remote management of transmission systems, power facilities, vehicle management and retail services.
 
In addition, the Company invests in, operates and maintains wholly owned assets for its customers in return for service contracts based on the volume management.
 
The Company has historically completed several Engineering, Procurement, Construction and Management (EPCM) contracts including the design, construction and management of gas gathering systems, a gas pipeline in Shanxi Province to the China West-East pipeline, the installation and commissioning of a 10MW gas-fired power facility in the Shanxi province and the construction of CNG retail stations.