UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of: December 2023
Commission File Number: 005-91913
Fusion Fuel Green PLC
(Translation of registrant’s name into English)
The Victorians
15-18 Earlsfort Terrace
Saint Kevin’s
Dublin 2, D02 YX28, Ireland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
This Report of Foreign Private Issuer on Form 6-K (“Form 6-K”) of Fusion Fuel Green PLC (the “Company”) contains the Company’s unaudited interim condensed consolidated statements of financial position and unaudited condensed consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2023 and 2022, which have not been reviewed by the Company’s independent accountants. The Company is providing the unaudited financial statements for the six-month periods ended June 30, 2023 and 2022 for the purpose of meeting the requirements of NASDAQ Listing Rule 5250(c)(2).
This Report on Form 6-K is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-251990 and 333-264714).
Six Months Ended June 30, 2023
Condensed consolidated statements of financial position (Unaudited)
| | | | | | | | | |
| | | As at |
| | | 30 June 2023 | | 31 December 2022 |
| | | | €’000 | | | | €’000 | |
| Non-current assets | | | | | | | | |
| Property, plant and equipment | | | 28,755 | | | | 21,273 | |
| Intangible assets | | | 5,184 | | | | 5,350 | |
| Total non-current assets | | | 33,939 | | | | 26,623 | |
| | | | | | | | | |
| Current assets | | | | | | | | |
| Inventory | | | 19,292 | | | | 22,336 | |
| Prepayments and other receivables | | | 5,644 | | | | 8,242 | |
| Cash and cash equivalents | | | 3,085 | | | | 8,164 | |
| Total current assets | | | 28,021 | | | | 38,742 | |
| | | | | | | | | |
| Total assets | | | 61,960 | | | | 65,365 | |
| | | | | | | | | |
| Non-current liabilities | | | | | | | | |
| Trade and other payables - Leases | | | 9,745 | | | | 7,651 | |
| Deferred income | | | 5,642 | | | | 2,925 | |
| Total non-current liabilities | | | 15,387 | | | | 10,576 | |
| | | | | | | | | |
| Current liabilities | | | | | | | | |
| Trade and other payables | | | 13,207 | | | | 7,262 | |
| Provisions | | | 8,403 | | | | 8,403 | |
| Deferred income | | | 1,375 | | | | 186 | |
| Cost accruals | | | 2,452 | | | | 1,934 | |
| Derivative financial instruments – warrants | | | 2,368 | | | | 7,651 | |
| Loans and borrowings | | | 414 | | | | - | |
| Total current liabilities | | | 28,219 | | | | 25,436 | |
| | | | | | | | | |
| Total liabilities | | | 43,606 | | | | 36,012 | |
| | | | | | | | | |
| Net assets | | | 18,354 | | | | 29,353 | |
| | | | | | | | | |
| Equity | | | | | | | | |
| Share capital | | | 2 | | | | 2 | |
| Share premium | | | 219,561 | | | | 217,156 | |
| Share-based payments reserve | | | 4,139 | | | | 3,972 | |
| Retained earnings | | | (205,348 | ) | | | (191,777 | ) |
| Total equity | | | 18,354 | | | | 29,353 | |
Condensed consolidated statements of profit or loss and other comprehensive income (Unaudited)
| | | | | | | | | |
| | | For the
six months
ended June 30, 2023 | | For the
six months
ended June 30, 2022 |
| | | | €’000 | | | | €’000 | |
| Revenue | | | - | | | | - | |
| Cost of sales – raw materials | | | (7,298 | ) | | | (660 | ) |
| Gross profit | | | (7,298 | ) | | | (660 | ) |
| | | | | | | | | |
| Operating expenses | | | | | | | | |
| Administration expenses | | | (10,814 | ) | | | (6,980 | ) |
| Share-based payment (expense)/credit | | | (1,207 | ) | | | (1,755 | ) |
| Operating loss | | | (19,319 | ) | | | (9,395 | ) |
| | | | | | | | | |
| Net finance income | | | | | | | | |
| Finance income/(costs) | | | 37 | | | | 338 | |
| Interest receivable and similar income | | | 29 | | | | 9 | |
| Interest payable and similar expense | | | (277 | ) | | | (16 | ) |
| Derivative financial instruments at FVTPL | | | 5,283 | | | | 1,694 | |
| Net finance income/(costs) | | | 5,072 | | | | 2,025 | |
| | | | | | | | | |
| Share of losses of equity-accounted investees | | | (205 | ) | | | (282 | ) |
| | | | | | | | | |
| (Loss)/profit before tax | | | (14,452 | ) | | | (7,652 | ) |
| Income tax expense | | | (159 | ) | | | (34 | ) |
| Total comprehensive (loss)/income for the year | | | (14,611 | ) | | | (7,686 | ) |
| | | | | | | | | |
| Basic (loss)/earnings per share | | | (0.57 | ) | | | (0.54 | ) |
| | | | | | | | | |
| Diluted (loss)/earnings per share | | | (0.57 | ) | | | (0.53 | ) |
| | | | | | | | | |
The above unaudited interim statements of financial position and statements of profit or loss and other comprehensive income (the “financial information”) have been prepared in accordance with International Financial Reporting Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | Fusion Fuel Green PLC |
| | (Registrant) |
| | |
| Date: December 28, 2023 | /s/ Frederico Figueira de Chaves |
| | Frederico Figueira de Chaves |
| | Chief Executive Officer |
