Annual Report and
Financial Statements
2024
Stock code: CORO
Company Number: 10472005
Coro Energy plc Annual Report and Financial Statements 2024 | 1
Coro Energy plc
Contents
CHAIR’S STATEMENT .................................................................................................................. 2
STRATEGIC REPORT .................................................................................................................... 4
DIRECTOR’S REPORT .................................................................................................................. 9
BIOGRAPHIES OF THE BOARD OF DIRECTORS ......................................................................... 12
CORPORATE GOVERNANCE STATEMENT ................................................................................. 13
CORPORATE GOVERNANCE FRAMEWORK .............................................................................. 22
DIRECTORS’ REMUNERATION REPORT .................................................................................... 26
DIRECTORS’ RESPONSIBILITIES STATEMENT ............................................................................ 29
INDEPENDENT AUDITOR’S REPORT ......................................................................................... 31
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................. 39
CONSOLIDATED BALANCE SHEET ............................................................................................. 40
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................... 41
CONSOLIDATED STATEMENT OF CASH FLOWS ....................................................................... 42
COMPANY BALANCE SHEET ..................................................................................................... 43
COMPANY STATEMENT OF CHANGES IN EQUITY .................................................................... 44
COMPANY STATEMENT OF CASH FLOWS ................................................................................ 45
NOTES TO THE FINANCIAL STATEMENTS ................................................................................. 46
DIRECTORS AND ADVISORS ..................................................................................................... 83
Coro Energy plc Annual Report and Financial Statements 2024 | 2
CHAIR’S STATEMENT
Dear Shareholder
2024 was an extremely challenging year for Coro Energy Plc, (“Coro” or the “Company”) but important actions were taken
or put in train to create a stronger platform for the business going forward. During 2024 the Company had to raise
emergency financing whilst it worked through a recapitalisation of its balance sheet. The Company had historically raised
EUR22 million worth of bonds (“Eurobonds”) that were secured against its 15% interest in the Duyung Production Sharing
Contract. The only other assets the Company had were a producing 3 megawatt pilot rooftop solar project in Vietnam, a
memorandum of understanding to roll out rooftop solar for Mobile World Group (“MWG”) and two wind energy service
contracts in the Philippines. In addition, the Company’s listing was suspended as a vote at the 2024 AGM removed one of
the two remaining directors meaning the Company did not meet the listing requirements of having at least two directors.
The strategy employed in 2024 was primarily to reduce the cash burn of the Company. This meant reducing costs across
several categories including third party advisory fees, PR, finance and legal as well as reducing headcount and travel costs.
The Company continues to try to and operate on as small a budget as possible. In addition, the Company needed to bring
the capital structure of the business in line with its size and asset base.
The Duyung asset had not been developed in line with the consortium’s planned Final Investment Decision (“FID”). This
meant that whilst a farm-out partner was identified the partners would need to continue to fund the ongoing cash calls.
This was a material cash burden on the Company which by the end of 2024 had resulted in over US$777,000 of unpaid
cash calls owed by Coro. The impact of the lack of progress on developing Duyung meant the value of the asset was
materially impaired in relation to the Eurobonds. To negotiate a balance sheet recapitalisation with bond holders the
Company required an interim funding solution. This was arranged between the Company, its largest equity holder and a
Company that was a related party to the Chairman in the form of a convertible loan note (“CLN”). The CLN provided in
total US$750,000 of funding to bridge the Coro through to a successful restructuring outcome.
By the end of 2024 the recapitalisation of the balance sheet was not complete but the Company was pleased to announce
the closing of a successful transaction in Q1 of 2025. Lastly, the strategy during 2024 in relation to the renewables business
was to continue to roll out the high margin MWG solar rooftop sites. In the Philippines the strategy was to continue to
gather data from the met mast to understand the economics behind the 200MW wind projects better where the Company
has secured service contracts alongside progressing the pre-feasibility study and permitting for the 80MW standalone
solar project.
Looking forward beyond the recapitalisation and into the second half of 2025 the Board’s strategy is to continue scaling
the C&I rooftop solar business in Vietnam and to build a material renewables portfolio in across South East Asia. Post
year-end, the Board decided to offer shareholders the chance to remove the cash drain of Duyung G&A by selling its 15%
interest to Conrad in return for some shares in Conrad. There can be no guarantee this project will be developed either
on time, on budget or in fact at all. The Company is now focused on bringing near-term cash flow from its renewable
assets in Vietnam rather than continuing to fund a large long-term gas project. The Company will seek to continue to roll
out rooftop solar for MWG as well as build a customer pipeline that allows it to diversify its exposure to any one individual
customer in Vietnam.
The Company is in discussions to raise various short and long-term financing to continue its growth in the renewables
business. The Board highlights however the highly challenging environment for publicly listed companies and their ability
to raise equity and debt financing in current difficult markets and therefore highlights the risk that Coro remains extremely
Coro Energy plc Annual Report and Financial Statements 2024 | 3
vulnerable to its ability to raise capital to build a material renewable business and continue as a going concern. We hope
that 2025 will be a year where Coro can continue to build on the extensive work already done to stabilise the Company
and establish a solid base as a renewable platform that can demonstrate its ability to build and operate solar rooftop
assets in Vietnam to the market alongside its utility-scale development projects in the Philippines.
Tom Richardson
Non-Executive Chair
28 June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 4
STRATEGIC REPORT
Section 414C of the Companies Act 2006 (“the Act”) requires that the Company inform its members as to how
the Directors have performed their duty to promote the success of the Company by way of a Strategic Report
which includes a fair review of the business, an analysis of the development and performance of the business
and analysis of financial position and key performance indicators. We have incorporated these requirements
into the information set out below.
Company Overview
Coro Energy Plc is a South-East Asian energy company with a clean energy portfolio.
Financial Review
Revenue of $0.3m (2023: $0.24m) during 2024 reflects a full year of electricity generation from Coro’s solar
projects in Vietnam which after depreciation contributed a gross profit of $0.2m (2023: $0.16m). This
increase reflects the growing portfolio of operational sites under the MWG contract, which stood at 37 sites
at the end of 2024 and is currently 84 sites with a further 46 sites currently under construction and are
expected to COD shortly. The Company also signed an EPC contract for these sites and agreed upon payment
arrangements with the EPC contractor which provide deferred payment terms for 85% of the EPC costs to
be repaid in June 2025.
The overhead cost base has continued to decrease in 2024 to $2.5m (2023: $3.3m) due to cost reductions
across most cost categories particularly in employee benefits (note 5).
On 12 April 2024, the Company received a standstill letter in respect of its Eurobonds which provided a
conditional standstill on the repayment of the current debt obligations on expiry. As such the interest charge
on the Eurobond for 2024 was $1.0m (2023: $3.5m). Following the AGM in 2024, the Company worked to
find an interim financing solution to provide liquidity to pay salaries and maintain contracts in the renewables
business. On 5 February 2025, the Company announced that at a meeting of Bondholders proposals were
approved that all the principal and interest outstanding under the Bonds was deemed to have been repaid
in full, with approximately 75% of the principal and all accrued interest written off and with the balance of
the principal converted into 311,617,085 shares.
On 15 August 2024, the Company raised funding from a convertible loan note of $0.5m and a further funding
of $0.25m on 6 November 2025 which attracted an interest charge for 2024 of $0.1m (2023: nil).
Post the year under review, the Company announced on 10 April 2025 that it had conditionally sold its
interest in the Duyung PSC, having entered into agreement in relation to the sale by its wholly owned
subsidiary Coro Energy Duyung (Singapore) Pte Ltd of its 15% participating interest in the Duyung PSC to
West Natuna Exploration Ltd, a subsidiary of Conrad Asia Energy Ltd. In conducting its impairment review
at the 2024 year end, it was concluded that sufficient indicators of impairment existed and as such an
impairment of oil and gas assets of $18.9m (2023: nil) was recognised in the 2024 year. (note 13). Further to
this the Company’s investment in Duyung PSC was also impaired by $16.9m (2023: nil)(note 20).
The Group ended the year with available cash resources of $0.3m (2023: $1.1m).
Coro Energy plc Annual Report and Financial Statements 2024 | 5
At the same time as completing the restructuring, the Company completed an equity fundraise and capital
reorganisation on 5 February 2025. The capital reorganisation completed a share consolidation of 100
Existing Ordinary Shares of 0.1 pence each in the issued share capital of the Company that was consolidated
into one Consolidated Share of 10 pence each. Gross proceeds of $2.1m was raised by the issue of
140,000,616 new ordinary shares.
The Company is working on raising both local debt in Vietnam and international debt that will refinance the
EPC loan in Vietnam and fund the continued roll out of the MWG contract as well as cover ongoing working
capital. The Company has received a letter of support from one of its significant shareholders, which confirms
this party’s intent, should it be needed, to provide further financial support to the Company as required over
the 12-month period following the date of approval of the 2024 Annual Report. Until such time as an
appropriate refinancing occurs, the Company is therefore reliant on the support of this shareholder.
Coro’s vision is to continue to build and maintain a South East Asian renewable energy business. To facilitate
this, the near-term focus is to raise long-term financing to allow the business to increase in scale as well as
build a pipeline of assets that can be developed into cash flow generating rooftop solar assets in Vietnam,
alongside utility-scale projects in Philippines that could be sold or divested to international energy companies.
Coro has established a presence in both Vietnam and Philippines and now needs to build on this platform
over the coming years. Coro’s entire focus is now on renewables and growing its platform in the South East
Asian renewable market.
Our Principal risk and uncertainties
The Board of Directors recognises that an effective risk management framework is essential to safeguard the
Group’s assets and enable it to meet its strategic objectives. The Board takes overall responsibility for
identification and mitigation of risks, while the Audit Committee has delegated responsibility for reviewing
and monitoring the internal control and risk management systems on which the Group is reliant. In the
Board’s judgement, the following principal risks represent the biggest threat to the ability of the Group to
deliver on its strategy:
Availability of
funding to continue
as a going concern
and Capital
Structure
Coro’s asset portfolio does not yet generate the cash necessary to grow the business at a rate
commensurate with its ambition and the Group will need to raise additional funds to implement
its strategy. The Company also has a significant debt liability at year end, but cleared shortly
after. The ability of the Group to raise funds will depend on factors not wholly within the control
of management, including general market sentiment, capital structure of the Company and
attitudes toward smallcap energy companies. As a result, there can be no assurance that the
required funding will be available on favourable terms, if at all. Failure to raise required funds
could have a material adverse effect on the Group’s business, operating results and financial
condition, and may result in erosion of value for investors, or in the extreme, an inability to
continue as a going concern.
Mitigation: The Group’s strategic focus is on growing its renewables businesses and undertook
the decision in 2025 to divest its holding and interest in the Duyung PSC to achieve FID, to
completed its transition to purely renewable energy, to mitigate the risk posed by negative
sentiment towards the future prospects for the energy industry. Management also seeks to
mitigate this risk through prudent management of costs and rigorous evaluation of investment
opportunities to ensure these will be attractive to investors in the debt and capital markets.
Coro Energy plc Annual Report and Financial Statements 2024 | 6
Ultimately, the Group is targeting self-sustaining cash flow from its asset portfolio.
Commodity prices
The Group is exposed to risks arising from fluctuations in the demand for, and price of,
electricity in Vietnam and Philippines and to gas in Indonesia / Singapore. These prices depend
on numerous factors over which the Group does not have any control, including global supply,
international economic trends, currency exchange fluctuations, inflation, consumption patterns
and global or regional political events.
Mitigation: For assets in the production phase, the Group mitigates this risk through entering
into fixed price Purchase Price Agreements. The Group took the decision in 2025 to divest its
holding and interest in the Duyung PSC to completed its transition to solely renewable energy.
Floor pricing is used wherever possible.
The Group adopts a conservative price forecast to ensure capital is allocated to projects with
robust economics, even in lower commodity price environments.
Changes to law,
regulations or
government policy,
political and
emerging market
risk
Changes in law, regulations and/or government policy may adversely affect Coro’s business.
Examples include changes to land access and unexpected changes to subsidy regimes for low
carbon energy assets. Similarly, changes to direct or indirect tax legislation may have an adverse
impact on the Group’s profitability, net assets and cash flow. Further, the Group has expanded
its footprint in South East Asia where countries generally exhibit emerging market
characteristics such as less established fiscal and monetary controls, laws, policies and
regulatory processes. The Group is exposed to the resultant risk of being adversely affected by
possible political or economic instability in its countries of operation including, inter alia,
security risks, expropriation of assets, changes in investment policies, inconsistent
interpretation of laws and regulations including tax law, extreme fluctuations in currency
exchange rates and high rates of inflation. All of these factors could materially adversely affect
the Group’s business, results of operations, financial condition or prospects. Once again,
political instability and threat of whole regime changes has increased this risk.
Mitigation: To mitigate these risks, the Group employs staff and professional advisers with
experience operating in all the Group’s key territories and continuously monitors political, legal
and economic developments in all its geographies. Active dialogue is maintained with local
regulatory authorities in the Group’s areas of operation
Alignment with
joint venture
partners
Development of energy assets is commonly undertaken with partners to spread risk and reduce
upfront capital commitments for each party. Coro is currently party to a Joint Operating
Agreement on the Duyung PSC, a Joint Venture partnership with VPE in Vietnam for the
development of a rooftop solar portfolio and a partnership in Philippines. While these
agreements are designed to establish the rights and obligations of all parties, and clarify
governance arrangements for investees, there is a risk that the priorities of our partners will not
be aligned with our own. This could lead to conflict between partners and delays in
development of projects, resulting in
variability in the Group’s forecast cash flows and profitability. There are also risks associated
with the continuing ability of partners to fund their share of expenditures where this is
applicable, as it is on the Duyung venture. Our partners are facing similar funding challenges;
hence we feel this risk has increased.
Mitigation: The Group seeks to mitigate this risk through appropriate diligence on potential
partners prior to investing in a venture, as well as through active participation in the key
decisions of each project to the extent permitted by joint operating/shareholder agreements.
Health, safety and
environmental
The Group now operates a rooftop solar portfolio in Vietnam and is progressing the
development of wind and solar assets in the Philippines. Work on our renewables projects is
Coro Energy plc Annual Report and Financial Statements 2024 | 7
matters
often conducted at height, with heavy machinery and equipment and we have focussed on
understanding, and effectively mitigating operational risks related to these operations. Our
experience of conducting safe operations and being a responsible custodian of the environment
in which we operate is grounded in the principles and practices developed from historically
being a gas concession operator in Italy. The same ethics and rigorous operational HSE practices
are also applied across our renewables business. Key leading and lagging HSE indicators are
monitored and recorded by the local teams with oversight by the Managing Director,
Renewables. During 2024 operational and maintenance activities were monitored and practices
scrutinised ensuring that there was no lost time and no accidents occurred.
Mitigation: The Group operates its renewables business through a focus on responsible
operation, ensuring close adherence to all regulatory standards in respect of Health, Safety and
Environment matters. This includes regular inspection and maintenance of all our facilities.
Where we are not the operator of a venture, we seek to take an active role in joint venture
management and operating committees, and work with the operators to foster a culture of
responsible asset stewardship.
Directors’ Statement under Section 172 (1) of the Companies Act 2006
Section 172 (1) of the Companies Act 2006 obliges the Directors to promote the success of the Company for
the benefit of the Company’s members as a whole.
This section specifies that the Directors must act in good faith when promoting the success of the Company
and in doing so have regard (amongst other things) to:
a. the likely consequences of any decision in the long term;
b. the interests of the Company’s employees;
c. the need to foster the Company’s business relationship with suppliers, customers and others;
d. the impact of the Company’s operations on the community and environment;
e. the desirability of the Company maintaining a reputation for high standards of business conduct; and
f. the need to act fairly as between members of the Company.
The Board of Directors is collectively responsible for formulating and delivering on the Company’s strategy.
Some of the key decisions taken by the Board in 2024, which we believe served to promote the success of
the Company for the benefit of all stakeholders, included:
1. Financial Restructuring and Interim Financing
The Company secured interim financing to ensure business continuity while simultaneously
initiating a comprehensive restructuring and equity raise. These actions were inter-conditional and
formed the foundation of the Company’s recapitalisation strategy, which was successfully
concluded in Q1 2025.
2. Business Development – Vietnam
The Board reaffirmed its commitment to the MWG contract in Vietnam, taking steps to preserve
and expand this key commercial relationship as part of the Company’s growth agenda. In addition
to continuing to roll out roof top solar for MWG, In addition to continuing to roll out roof top solar
for MWG, the Company has an exciting the customer pipeline across Southern Vietnam which
includes commercial and industrial customers of a range of sizes The Company is actively discussing
Coro Energy plc Annual Report and Financial Statements 2024 | 8
MOUs with some of the customers with a view to securing contracts during 2025. As the portfolio
continues to broaden the Board expect to diversify its exposure to any one individual client in
Vietnam.
3. Operational Cost Reduction
Operational expenditure was reduced to benefit the Company’s cash position.
The Board places equal importance on all stakeholders and strives for transparent and effective external
communications, within the regulatory confines of an AIM-listed company. The primary communication tool
for regulatory matters and matters of material substance is through the Regulatory News Service (“RNS”).
The Company’s website is also updated regularly and provides further details on the business. We hold in
person Annual General Meetings and General Meetings and provide time to speak with shareholders before,
during and after shareholder meetings. We provide a means through our website for investors to
communicate any questions or concerns to the Company. The Board places equal importance on all
stakeholders and strives for transparent and effective external communications, within the regulatory
confines of an AIM-listed company. The primary communication tool for regulatory matters and matters of
material substance is through the Regulatory News Service (“RNS”). The Company’s website is also updated
regularly, and provides further details on the business. We hold in person Annual General Meetings and
General Meetings and provide time to speak with shareholders before, during and after shareholder
meetings. We provide a means through our website for investors to communicate any questions or concerns
to the Company.
CONCLUSION
The Directors believe they have acted the way they consider most likely to promote the success of the
Company for the benefit of its members as a whole, as required by Section 172 (1) of the Companies Act
2006.
This Strategic Report was approved by the Board on 28 June 2025 and signed on its behalf by:
Tom Richardson
Non-Executive Chair
28 June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 9
DIRECTOR’S REPORT
The Directors present their Annual Report and the audited Group and Company financial statements of Coro Energy plc
for the year ended 31 December 2024.
PRINCIPAL ACTIVITIES
Coro is an AIM-listed South-East Asian energy company supporting the regional transition to a low-carbon economy.
During the year the Group prepared for the redemption and conversion of Bonds; arranged the convertible loan and
subsequent repayment; arranged equity fundraising and a share capital reorganisation, which took place shortly post-
year end.
RESULTS AND DIVIDENDS
The Group made a loss of $21.3m (2023 profit of: US$1.7m).
The Directors have not recommended payment of a dividend (2023: nil).
DIRECTORS
The Directors who served during the period, and up to the date of this report, were as follows:
• Tom Richardson (Non-Executive Chairman, appointed 20 July 2023)
• Harry Beamish (Non-Executive Director, appointed 2 July 2024)
• James Parsons (until 24 April 2024)
• Marco Fumagalli (until 24 April 2024)
• Stephen Birrell (until 16 February 2024)
• Naheed Memon (until 16 February 2024)
DIRECTORS’ AND OFFICERS’ INDEMNITY INSURANCE
The Group has made qualifying third-party indemnity provisions for the benefit of its Directors and officers. These were
made during the previous year and renewed post year end and remain in force at the date of this report.
PROVISION OF INFORMATION TO AUDITOR
So far as each of the Directors is aware at the time this report is approved:
• there is no relevant audit information of which the Company’s auditor is unaware; and
• the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditor is aware of that information.
FUTURE DEVELOPMENTS
Future developments are included in the Statement from the Directors.
Information on the financial instruments of the Group and its approach to financial risk management is disclosed in note
21 to the financial statements.
SUBSTANTIAL SHAREHOLDINGS
Coro Energy plc Annual Report and Financial Statements 2024 | 10
The Directors were advised of the following significant direct and indirect interests in the issued share capital of the
Company above 3%. The information taken from TR-1 notifications:
*
49,512,135 ordinary shares (10.30%) held directly and 3,123,726 CFD/Spread bet financial instruments, (0.64%)
SUBSEQUENT EVENTS
The events after the reporting period are set out in note 25 to the financial statements.
GOING CONCERN
The Group and Company financial statements have been prepared under the going concern assumption, which presumes
that the Group and Company will be able to meet its obligations as they fall due for the foreseeable future.
At 31 December 2024 the Group had cash reserves of $0.25m. The Group’s Eurobond obligation matured on 12 April 2024
with the outstanding balances at that date, including the rolled-up coupon, was US$30.2 million. The Group had been in
active discussions with bondholders in relation to the restructuring of the bonds and received a letter from two lenders
holding 68% of the Eurobonds on 12 April 2024 (the "Standstill"). Under this Standstill, which the Company was advised
was binding on the parties, provided a conditional standstill on the repayment of the Group's debt obligations and to the
further accruing of interest as from the date of the Standstill. This was to allow the Group to continue with constructive
discussions in respect of the Eurobonds and on a broader debt restructuring. Post the year under review a debt
restructuring on 5 February 2025 was successfully completed resulting in the full redemption of the Eurobonds principal
and accrued interest.
On the 15 August 2024, the Group entered into a convertible loan note for $500,000 with a further advance of $250,000
on 6 November 2024 to fund the Group’s renewable business and for general working capital. The outstanding balance
of this loan including the accrued interest as at 31 December 2024 was $888,000. This loan plus the accrued interest was
fully repaid on 3 April 2025.
On the 27 August 2024, the Group announced that it has signed a second binding 14 year Power Purchase Agreement in
Vietnam with Mobile World Group to deliver power at the next 30 sites with a capacity of circa 1MW. At this time the
Company also signed an EPC contract for these sites and agreed upon payment arrangements with the EPC contractor
which provide deferred payment terms for 85% of the EPC costs to be repaid in June 2025 as at the date of this report is
past due. These deferred payments are subject to a 12% coupon and a 2% fee. As at the 31 December 2024 the
outstanding balance for the EPC loan was $1.2m (note 16).
Name of shareholder
Interest
Lombard Odier Asset Management (Europe) Ltd
20.11%
River Merchant Capital
18.29%
Spreadex Ltd*
10.95%
Tracarta Limited
4.15%
Coro Energy plc Annual Report and Financial Statements 2024 | 11
As at 31 December 2024, the group reports net current liabilities of $33.9m, consisting primarily of
balances owed to the Eurobond holders, the convertible loan note holders, EPC loan holder (note 16)
along with trade and other payables. The Eurobond was fully redeemed as part of the capital
reorganisation completed on 5 February 2025 and the convertible loan note was fully repaid in April
2025. However, the group requires immediate funding to repay the EPC loan balance due in June 2025
and at the time of this report is past due and payable on request by the EPC contractor, and other
creditors. Whilst the group has generated cash from its solar projects in Vietnam over the last two
financial periods; this has not been sufficient in itself to meet the working capital or debt repayment
requirements of the Group.
Post the year under review, the Company raised US$2.6m via an equity raise whilst at the same time
completing a capital reorganisation and full redemption of the Eurobond. The proceeds of the equity
raise were utilised to fund the Group's renewables business and general working capital. However,
under the Groups forecast, this equity together with existing bank balances provides sufficient funding
for less than one month as at the date of this report.
Management have prepared a consolidated cash flow forecast for the period to 31 December 2026
which shows that the Group requires additional debt or equity financing before the end of July 2025
to meet its current obligations, including general working capital requirements and repayment of the
EPC loan. The Company is working on raising both local and international debt that will refinance the
EPC loan in Vietnam and fund the continued roll out of the MWG contract as well as cover ongoing
working capital. The company has received a letter of support from one of its significant shareholders,
which confirms this party’s intent, should it be needed, to provide further financial support to the
company as required over the 12 month period following the date of approval of the 2024 Annual
Report. Until such time as an appropriate refinancing occurs, the Company is therefore reliant on the
support of this shareholder.
Based on the above, the Directors consider it appropriate to continue to adopt the going concern basis
of accounting in preparing the Group and Company financial statements for the year ended 31
December 2024. Should the Group and Company be unable to continue trading, adjustments would
have to be made to reduce the value of the assets to their recoverable amounts, to provide for further
liabilities which might arise and to classify fixed assets as current. The auditors make reference to a
material uncertainty to the going concern within their audit report.
This Directors’ Report was approved by the Board on 28 June 2025 and signed on its behalf by:
Tom Richardson
Non-Executive Chair
28 June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 12
BIOGRAPHIES OF THE BOARD OF DIRECTORS
TOM RICHARDSON
Independent Non-Executive Director
Tom is an experienced Director of listed companies. He is currently Chairman of Fenikso Limited. In
addition, Tom was an Executive Director of Nostrum Oil & Gas Plc a UK FTSE 250 premium listed
company. Prior to working in Oil & Gas Tom has worked for ING, JP Morgan and NM Rothschild
covering investment banking, capital markets and credit. Tom has a B.Sc in Economics & Politics from
the University of Bristol.
HARRY BEAMISH
Independent Non-Executive Director
Harry has significant expertise in the energy and renewables sectors with over a decade specialising
in emerging markets. Harry has developed, advised and structured multiple renewable energy
transactions across Hydro, Solar, Wind, and Energy Efficiency and advises companies within the
Energy Transition space.
Harry is the co-founder and Partner of Becquerel Capital, the development and structuring boutique
focused on sustainable power infrastructure, with significant experience in Emerging Markets. He
holds a master's degree in International Business and Finance from ESCP-EAP European School of
Management.
Coro Energy plc Annual Report and Financial Statements 2024 | 13
CORPORATE GOVERNANCE STATEMENT
The Board of Coro ensure that the Company embraces the highest standards of corporate governance
and manages the Board in the best interests of our many stakeholders. The Board believes that
practising solid corporate governance is essential for building a successful and sustainable business,
and our commitment to good corporate governance has allowed us to build a healthy corporate
culture throughout the organisation.
The Company previously adopted the Quoted Companies Alliance Corporate Governance Code (2018
(the “QCA Code”), which it believed to be the most appropriate governance code for Coro. In
November 2023, the Quoted Companies Alliance published the latest version of its corporate
governance code (the “2023 QCA Code”). The Company has adopted the 2023 QCA Code and reports
compliance with the 2023 QCA Code on the Company’s website and in this Annual Report. Where
full alignment with the 2023 QCA Code has not yet been achieved, the Company continues to review
its governance arrangements to actively progress towards full compliance.
There were a number of changes to the Board during 2024, with Non-Executive directors Stephen
Birrell, Naheed Menon and and Marco Fumagalli stepping down from the Board in the first half of
2024.
At the Company’s AGM held on 24 April 2024 James Parsons, who stood for re-election, was not re-
appointed, leaving just myself as the sole director, and as a result the Company was suspended from
trading for a period of time whilst a new director was appointed to the Board. On 2 July 2024, Harry
Beamish was appointed to the Board as a Non-Executive Director and on 12 September 2024 I
undertook the position as Non-Executive Chair of the Company.
As the Company continues to advance its growth strategy of developing low carbon energy
investments in South East Asia, it is committed to responsible and ethical business practices when we
make any business decisions, at both Board and operational levels. This is particularly important to us
as an acquisitive business, and our culture is something that we maintain and closely monitor.
The importance of engaging with our shareholders continues, and the Board strives to ensure that
there are numerous opportunities for investors to engage with us.
Tom Richardson
Non-Executive Chair
28 June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 14
QCA CODE – APPLICATION, PRINCIPLES AND DISCLOSURE REQUIREMENTS
The Board of Directors of the Company recognises the importance of corporate governance and
applies the QCA Code, which we believe is the most appropriate governance code for a company of
our size with shares admitted to trading on the Alternative Investment Market (“AIM”) of the London
Stock Exchange. The QCA Code provides the Company with the framework to help ensure that a strong
level of governance is maintained, enabling the Company to embed the governance culture that exists
within the organisation as part of building a successful and sustainable business for all its stakeholders.
The Company has adopted the QCA Corporate Governance Code (the "Code") as its governance
framework and is committed to maintaining high standards of corporate governance.
The Company has implemented a number of the updated provisions contained within the 2023 QCA
Code and is working towards further compliance by the end of the next financial year. Where full
alignment has not yet been achieved, the Company continues to review its governance arrangements
to actively progress towards full compliance. A detailed explanation of the current position and areas
for development is given below. The Company’s website disclosures can be found under the Aim Rule
26 section of the Company’s website.
Principles
Disclosure
1. Establish a purpose, strategy and
business model which promotes long-
term value for shareholders
a) Explain the Company’s purpose, business model and
strategy including key challenges in their execution.
Comment:
a) See the Strategic Report on page 4 and the Company’s website.
The Company’s purpose is to create value for Shareholders and working with Stakeholders through
building and maintaining a renewable energy business in South East Asia.
2. Promote a corporate culture that is
based on ethical values and behaviours
a) Describe the desired company culture within the strategic
report. How is the desired corporate culture supportive of the
Company’s purpose, strategy, and business model? How is the
tone from the top (board, chief executive, and senior
management) supportive of this culture? How does the board
assess and monitor corporate culture and how were any
actions which notably deviated from what is expected
addressed?
Comment:
a) The Directors are committed to delivering shareholder value in an ethical, safe and respectful
manner. These values and behaviours are applied across the Board and the Company as a whole. The
Board is mindful of the industry and jurisdictions in which the business operates in and takes all issues
Coro Energy plc Annual Report and Financial Statements 2024 | 15
of ethical behaviours seriously. These behaviours are instilled throughout the organisation. The
importance of delivering success in a safe environment is integral to achieving sustainable success.
Governance structures and processes that are fit for purpose and support good decision-making by
the Board are maintained. Policies, procedures are in place and best practice is supported.
Issues of bribery and corruption are taken seriously, the Company has a zero-tolerance approach to
bribery and corruption and has an anti-bribery and corruption policy in place to protect the Company,
its employees and those third parties with which the business engages with. Each employee is
required to confirm that they will comply with the policies. Annually staff are provided with reminders
to ensure that the issues of bribery and corruption remain at the forefront of people’s minds. There
are strong financial controls across the business to ensure on going monitoring and early detection.
A whistleblowing policy is in place, which enables staff to raise any concerns in confidence.
3. Seek to understand and meet
shareholder needs and expectations
a) Describe the shareholder engagement activities,
including the topics discussed and actions taken in
response.
b) Provide appropriate quantitative and qualitative
reporting of a company’s environmental and social
matters to meet investor needs and expectations.
Comment:
a) Copies of our Annual Report, Notice of Annual General Meetings (AGM) and the interim report
are available to all shareholders and can be downloaded from the investors section of our
website.
We engage with shareholders through updates to the Market via regulatory news flow (“RNS”)
on matters of a material substance and regulatory nature.
Our AGM is an annual opportunity for shareholders to meet with the Board and to receive a
full update on the Company’s business and strategy. All shareholders are provided with an
opportunity to ask questions and raise issues during the formal business or more informally
following the meeting. At the AGM, separate resolutions are proposed on each substantial
issue. For each proposed resolution, shareholders are provided with an opportunity to vote in
advance of the AGM by proxy if they are unable to vote in person. Our registrars, MUFG
Corporate Markets count the proxy votes which are properly recorded, and the results of the
AGM are announced through an RNS.
The Board is keen to ensure that the voting decisions of shareholders are reviewed and
monitored and that approvals sought at the Company’s AGM are as much as possible within
the recommended guidelines of the QCA Code.
Coro Energy plc Annual Report and Financial Statements 2024 | 16
Shareholders with queries should email info@coroenergyplc.com
b) The Company will review appropriate quantitative and qualitative report of its environmental
and social matters to meet investor needs and expectations in the current financial year.
4. Take into account wider stakeholder
interests, including social and
environmental responsibilities, and their
implications for long-term success
a) Describe the environmental and social issues that the
board has identified as being material to the company
with reference to its purpose, strategy, and business
model.
b) Set out any relevant associated KPIs that are used for
tracking performance on such matters and, where
relevant, key forward-looking targets that have been
established.
Comment:
a) The Board’s primary goal is to create shareholder value in a responsible way that serves all
stakeholders. The Board considers its key stakeholders to be its employees, customers,
shareholders, suppliers and the communities and environment in which the Group operates.
There are systems in place to solicit, consider and act on feedback from stakeholders. We value
the feedback we receive from our stakeholders, and we take every opportunity to ensure that,
where possible, their wishes are duly considered.
b) The composition of the Board has been affected by the unexpected changes to the Board in
2024, and currently it is without executives. Following the transfer of Coro’s participating
interest in the Duyung PSC and securing in-country financing in Vietnam, the balance of the
composition of the Board is to be addressed, executives appointed and KPIs set.
5. Embed effective risk management,
internal controls and assurance
activities, considering both
opportunities and threats, throughout
the organisation
a) Describe how the Board has embedded effective risk
management, internal controls and assurance activities in
order to execute and deliver strategy. This should include a
description of what the board does to identify, assess and
manage risk and how it gets assurance that the risk
management and related control systems in place are
effective.
b) Risk and control information should be disclosed as
required in the strategic report and corporate governance
statements, including the non-financial reporting narrative.
c) Explain the Company’s governance around climate-related
risks and opportunities; the process for identifying, assessing
and managing climate-related risks and how these processes
are integrated into the Company’s overall risk management
framework.
Coro Energy plc Annual Report and Financial Statements 2024 | 17
d) Explain how the audit committee has monitored and
formally considered auditor independence during the
corporate reporting cycle.
Comment:
a) The Company’s approach to the management and identification of risk is set out in the Risks
section of the Strategic Report on page 4. The Company encourages a culture of risk
awareness. Risks are reviewed by the Audit Committee and the Board.
b) See Risk section of the Strategic Report on page 4.
The Company is initiating regular measurement of carbon dioxide savings provided to its customers in
Vietnam and, as its rooftop solar business grows, it expects to implement further monitoring and
management of climate specific risks.
c) The Audit Committee formally assesses the independence of the Company’s auditors on an
annual basis.
6. Establish and maintain the board as a
well- functioning, balanced team led by
the chair
a) Identify each director and describe the relevant
experience, skills, and capabilities that each director
has brought to the board’s agenda during the year.
b) Explain how the board contains (or will contain) the
necessary mix of experience, skills, and capabilities –
including with reference to diversity characteristics.
c) Identify those directors who the board considers to be
independent; where there are grounds to question the
real, or perceived independence of a director, this
must be explained.
d) Describe the time commitment required from
directors (including non-executive directors as well as
part-time executive directors) and any restrictions on
Coro Energy plc Annual Report and Financial Statements 2024 | 18
both executives and non-executives with respect to
assuming external roles.
e) Include the number of meetings of the board (and any
committees) during the year, together with the
attendance record of each director.
f) Where performance-related remuneration for non-
executive directors has been introduced, the company
must disclose how it has consulted its shareholders
and how their support was obtained.
Comment:
a) Information on each of the directors is provided on page 12. All their details can be found on the
Company’s website.
Although the QCA Code recommends that all Directors be presented for re-election annually, the
Board, given its current small size, considers this approach inappropriate at this stage. Frequent re-
elections could disrupt leadership continuity, which is crucial for a small company navigating growth or
strategic changes. However, this decision will remain under review.
b) The Board of directors covers a range of experience and skills. The Board has significant
international, industrial, financial, and governance experience, possessing the necessary mix of
experience, skills, personal qualities and capabilities to deliver the strategy of the Company for the
benefit of the shareholders over the medium to long-term.
Each of the directors on the Board have considerable experience and have demonstrated skills which
are complementary, independent and sufficient to cover all of the requirements of the Board.
c) The Board, comprises of two INED’s (considered independent in terms of character and judgement).
The Company is mindful of diversity although Board appointments are made with the primary aim of
ensuring that the candidate offers the required skills, knowledge and experience.
For full background refer to page 12 and the Company’s website.
d) The executive directors will be expected to devote substantially the whole of their time to their
duties with the Company. NED’s have a lesser time commitment which is set out in their letter of
appointment, however, until executives are appointed, the Chairman is spending additional time on
the organisational aspects of the Company and the running of the business.
There is no formal policy restricting the directors’ external appointments, save appointments to direct
competitors, however each director discusses with the Chairman any proposed additional
appointments prior to being appointed and it is presented to full Board for approval.
Coro Energy plc Annual Report and Financial Statements 2024 | 19
e) See page 23.
f) NEDs are not awarded any performance related pay.
7. Maintain appropriate governance
structures and ensure that individually
and collectively the directors have the
necessary up to date experience, skills
and capabilities
a) Explain how each director keeps their skillset up to date,
setting out how the company provides the necessary
resources for updating and developing each director’s
knowledge and skills.
b) Set out any board sub-committees that have been
established to facilitate more focused discussions and/or
oversight of particular subject matters.
c) Where the board or any committee has sought external
advice on a significant matter, this must be described and
explained.
d) Where external advisers to the board or any of its
committees have been engaged, explain their role.
Comment:
a) The Board is kept abreast with developments of governance and AIM regulations. The Company
Secretary and Company’s lawyers provide updates on governance issues and the Company’s NOMAD
provides board AIM Rules training as well as the initial training as part of a new director’s onboarding.
The Directors have access to the Company’s advisers as and when required and are able to obtain
advice from other external bodies when necessary.
b) Given the number of Directors is currently two, the Board considers all matters, although, the
Directors do meet as the Audit Committee to focus on the integrity of the financial reporting and the
independence and performance of the Company’s Auditor.
c) During 2024, the Board have used some external professional advisers in respect of various
segments of its business where it was felt that external advice was required. This has included the
Equity Fundraising and Share Capital Reorganisation, Redemption and Conversion of Bonds, and the
Convertible Loan Repayment.
d) The directors have access to the Company’s Nominated Advisor, Company Secretary and lawyers
and are able to obtain advice from other external bodies as and when required.
The Directors are in regular dialogue with the Company’s Nominated Adviser. The Nominated Adviser
provides ongoing advice on matters pertaining to the Company’s compliance with the AIM Rules for
Companies.
Coro Energy plc Annual Report and Financial Statements 2024 | 20
The Company Secretary advises on corporate governance, arranges, attends and minutes all Board and
committee meetings. The Company Secretary works closely with the Non-Executive Chairman, Board
members, and advisors of the Company as and when required.
Lawyers are engaged to provide legal advice when required by the management team and by the
Board or committees.
8. Evaluate board performance based
on clear and relevant objectives, seeking
continuous improvement
a) Include a high-level explanation of the board performance
effectiveness process.
b) Set out when the last externally facilitated board review
took place and when the next one is planned for. Where an
externally facilitated review has not taken place and there are
no plans to have one, this must be explained.
c) Where a Board performance evaluation has taken place in
the year, provide a brief overview of it, how it was conducted
and its results and recommendations. Progress against
previous recommendations should also be addressed.
d) Provide an outline description of the succession planning
process including any indicative timelines for expected
appointments (to the extent practicable).
Comment:
a) The directors consider seriously the effectiveness of the Board, Committees and individual
performance. The Company has not undertaken a formal Board evaluation given the uncertainties faced
during the year. The Board continues to assess the best timing to conduct an evaluation review.
b) As set out above.
d) The Board as a whole is mindful of the need for succession planning is under review and will be
addressed once executives are appointed.
9. Establish a remuneration policy
which is supportive of long-term value
creation and the Company’s purpose,
strategy and
culture
a) Explain how the remuneration structure and practice
supports the delivery and attainment of the Company’s
purpose, business model, strategy and culture.
Comment:
a) Due to the current composition of the Board, remuneration matters are considered by the Board.
Coro Energy plc Annual Report and Financial Statements 2024 | 21
The 2023 QCA Code recommends that companies submit both their annual remuneration report and
their remuneration policy to an advisory shareholder vote. The Board acknowledges the importance of
transparency and shareholder engagement in remuneration matters and is committed to aligning with
best governance practices in this area. Given that this work is ongoing, the Company is not yet in a
position to put the remuneration report and policy to an advisory vote.
The Board remains committed to progressing towards full compliance with this aspect of the 2023 QCA
Code and will keep shareholders informed of developments as the remuneration policy is finalised.
10. Communicate how the Company is
governed and is performing by
maintaining
a dialogue with shareholders and any
other key stakeholders
a) Within the corporate governance report, reflect on
challenges experienced in the year and signpost to how these
were addressed at the board and whether any changes were
made to board structure or process.
b) Include an audit committee report (or equivalent report if
such committee is not in place).
c) Include a remuneration committee report (or equivalent
report if such committee is not in place).
d) If the Company has not published one or more of the
disclosures set out under Principles 1-10, the omitted
disclosures must be identified and the reason for their
omission explained.
Comment:
a) The Board retains ultimate accountability for governance and is responsible for monitoring the
activities of the executive team. The Chairman has the responsibility for ensuring that the Board
discharges its responsibilities. No one individual has unfettered powers of decision.
The Chairman is responsible for facilitating full and constructive contributions from each member of
the Board in determination of the Group’s strategy and overall commercial objectives.
The Board maintains a healthy dialogue between it and its stakeholders including its shareholders. The
Chairman is primarily responsible for communicating with shareholders.
Copies of the Company’s report and accounts, and all other shareholder communications are
maintained on the Company’s website.
b) See page 24.
c) See page 25.
d) The Company has published all of the disclosures set out under Principles 1-10.
Coro Energy plc Annual Report and Financial Statements 2024 | 22
CORPORATE GOVERNANCE FRAMEWORK
ROLE OF THE BOARD
The Group continued to evolve in 2024 and develop the business in South-East Asia. It is critical that
the Group’s governance and control structure is robust, clearly defined and communicated. The Board
of Directors is responsible for the overall management and performance of the Group and operates
within a framework of prudent and effective controls, which enables risk to be assessed and managed.
It is also collectively responsible for the success of the Group and operates within a framework of
reserved matters, delegations and assurance.
GOVERNANCE STRUCTURE
Currently, the Board comprises of Tom Richardson, Non-Executive Chair and Harry Beamish, Non-
Executive Director.
Coro’s Management team comprises of:
James Parsons - Managing Director
MATTERS RESERVED FOR THE BOARD
The Board retains full and effective control over the Group and is responsible for the Group’s
strategy and key financial and compliance issues. There are certain matters that are reserved for the
Board, which are reviewed on an annual basis, and they include:
• Strategy and management
approval of strategic aims and objectives; approval of the Group’s annual operating and capital
expenditure budgets and changes; decision to cease to operate all or any material part of the
Group’s business;
• Structure and capital
major changes to the Group’s corporate structure; any change to the Company’s listing;
• Financial reporting and controls
approval of financial results; annual reports and accounts; dividend policy and declaration of any
dividend; significant changes in accounting policies/practice; and treasury policies;
• Internal controls
ensuring maintenance of a sound system of internal control and management;
• Contracts
major capital contracts; contracts that are material or strategic; and major investments or any
acquisitions/disposals;
• Communications
approval or resolutions and documentation put forward to shareholders;
• Board membership and other appointments
• Remuneration
determining the remuneration policy for Directors and Management.
Coro Energy plc Annual Report and Financial Statements 2024 | 23
• Corporate governance matters
review of the Group’s overall corporate governance arrangements;
• Policies
approval of Group policies, including the share dealing code;
• Other
litigation involving £5m and over or otherwise material to the Group; approval of the
appointment of professional advisers; and approval of overall levels of insurance for the Group.
BOARD COMMITTEES
During 2024, the Board had three committees: the Audit Committee, the Nominations Committee and
the Remuneration Committee, with delegated responsibility to monitor their respective areas and to
report back to the full Board. The Committees operate under clearly defined terms of reference, which
are kept under review, to ensure proper functioning of the Committees and effective application of
best practice. The Directors appointed to each Committee during the financial year are outlined
below:
BOARD MEETING ATTENDANCE
1. Harry Beamish was appointed on 2 July 2024
2. James Parsons stepped down from the Board on 24 April 2024
3. Marco Fumagalli retired from the Board on 24 April 2024
4. Naheed Memon resigned on 16 February 2024
5. Stephen Birrell resigned on 16 February 2024
Year ended 31 December
2024
Board
Audit
Committee
Remuneration
Committee
Nominations
Committee
Number of meetings held
16
4
1
0
Tom Richardson
16
4
-
-
Harry Beamish1
12
2
-
-
James Parsons2
4
-
-
-
Marco Fumagalli4
4
2
1
-
Naheed Memon5
1
-
1
-
Stephen Birrell6
1
1
1
-
Coro Energy plc Annual Report and Financial Statements 2024 | 24
BOARD EVALUATION
The Directors consider seriously the effectiveness of the Board, its Committees and individual
performance.
The Board met 16 times during 2024, with some meeting scheduled in advance and some being ad
hoc meetings to address the demands of the business. There is a regular flow of communication
between the Directors and the Management team.
Board meeting agendas are set in consultation with the Management team, with consideration being
given to both standing agenda items and the strategic and operational needs of the business.
Comprehensive Board papers are circulated well in advance of meetings, giving Directors ample time
to review the documentation and enabling an effective meeting.
Resulting actions are tracked for appropriate delivery and follow up. The Directors have a broad
knowledge of the business and understand their responsibilities as Directors of a UK company quoted
on AIM.
The Company’s Nomad is available to provide training as well as initial training as part of a Director’s
onboarding. The Company Secretary, assisted by the Group’s solicitors, helps keep the Board up-to-
date with developments in corporate governance and liaise with the Nomad on areas of AIM
requirements. The Company Secretary has frequent communication with both the Directors and
Management team and is available to other members of the Board as required.
The Directors also have access to the Company’s auditors and lawyers as and when required, and the
Directors are able, at the Company’s expense, to obtain advice from other external advisers if
required.
The Board recognises that, in order to meet the requirements of the QCA Code, a Board effectiveness
process needs to be considered in the short to medium term. To date, a formal Board effectiveness
review has not been undertaken given recent Board changes; however, a formal review will be
arranged as and when considered appropriate. The Directors are committed to ensuring the ongoing
efficient functioning of the Board to ensure it is meeting its objectives.
AUDITOR ROTATION
The Company’s policy is to undertake an audit tender at least every ten years and to change auditors
at least every 20 years. The incumbent auditor, PKF Littlejohn LLP, has been the Company’s auditor
since its first financial period, which ended 31 December 2017, meaning this is their eighth year as the
Company’s auditors. The audit partner is Imogen Massey, who has been the audit partner for 2023
and 2024. The Company does not have any plans to retender the audit in the next 12 months.
BOARD REPORTS
Audit Committee
The Audit Committee comprises Harry Beamish (Chair) and Tom Richardson. Marco Fumagalli served
as Chair until he retired from the Board on 24 April 2024.
Scope and responsibilities:
The Audit Committee is mainly responsible for the oversight of financial reporting in accordance
with regulatory and statutory requirements, and for the review and monitoring of the Group’s
Coro Energy plc Annual Report and Financial Statements 2024 | 25
internal financial control and risk management systems. The Committee meets a minimum of twice a
year.
2024 activities:
• Reviewed the 2023 audit plan and approved auditor’s remuneration.
• Reviewed and approved the Group’s 2023 Annual Report and 2024 Interim Report.
• Reviewed the independence and competence of the Group’s auditor, PKF Littlejohn LLP (“PKF”)
and recommended their reappointment.
• Considered the going concern position of the Group.
• Reviewed the Group’s risk register.
Remuneration Committee
The Remuneration Committee comprises Non-Executive Directors Tom Richardson (Chair), and Harry
Beamish. Stephen Birrell served as Chair until he stepped down from the Board and as Committee
Chair in February 2024.
The Committee generally meets twice a year and is responsible for making recommendations to the
Board of Directors on senior Executives’ remuneration. During 2024, due to the unexpected change
to the Board composition following the 2024 AGM, the Remuneration Committee has not met and
given the Board currently comprises of two directors matters concerning the Remuneration
Committee are discussed by the Board. The Company has undergone reorganisation to streamline
the business and position the Company as a largely debt free vehicle. Following the transfer of Coro’s
participating interest in the Duyung PSC, and securing in-country financing in Vietnam, the balance of
the composition of the Board will be addressed and the function of the Remuneration Committee
resumed.
The Committee reviews the overall Remuneration policy of the Company, the Executive Director’s
scorecard, and bonus awards related to the achievements of the targets set.
Nominations Committee
The Nominations Committee comprises of Tom Richardson (Chair) and Harry Beamish. Stephen
Birrell served as Chair until his resignation in February 2024.
The Committee was established during 2020, with matters pertaining to Nominations previously
dealt with by the Remuneration Committee.
The role of the Committee is to consider Board composition and succession planning, to identify
candidates for NED positions and to make recommendations to the Board.
The Committee did not meet during 2024.
Coro Energy plc Annual Report and Financial Statements 2024 | 26
DIRECTORS’ REMUNERATION REPORT
REMUNERATION COMMITTEE
The Remuneration Committee recognises the importance of attracting, retaining and motivating
talent within the Boardroom and the wider Executive team to ensure the success of the Company.
The Remuneration Committee is responsible for reviewing and determining compensation
arrangements for all Directors and senior Executives. The Committee considers the appropriateness
of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant
employment market conditions with the overall objective of ensuring maximum stakeholder benefit
from the retention of a high-quality Board and senior Executive team.
There were a number of changes to the Board during 2024, with Non-Executive directors Stephen
Birrell, Naheed Menon and Marco Fumagalli stepping down from the Board in the first half of 2024.
During 2024, due to the unexpected change to the Board composition following the 2024 AGM, the
Remuneration Committee has not met. The Company has undergone reorganisation to streamline
the business and position the Company as a largely debt free vehicle. Following the transfer of Coro’s
participating interest in the Duyung PSC, and securing in-country financing in Vietnam, expected to be
concluded shortly; the balance of the composition of the Board will be addressed and the function of
the Remuneration Committee resumed, and the Committee will continue to work to ensure that the
appropriate policies and framework are in place to reward the new Executive team for achievements
and targets met, which, in turn, creates value for stakeholders.
REMUNERATION PACKAGE – EXECUTIVE DIRECTORS
The Company offers a fixed remuneration package of salary, pension and certain benefits. In addition,
Executive Directors are eligible for a discretionary bonus award. Award of bonuses depends on
performance against a balanced scorecard, which is agreed by the Committee.
NON-EXECUTIVE DIRECTORS’ FEES
The fees paid to the Non-Executive Directors are set at a level both in line with the market and to
appropriately reward and retain individuals of a high calibre and are reviewed and approved by the
Board. The fees paid reflect the level of commitment and contribution to the Company. Fees are paid
monthly in cash and are inclusive of all Committee roles and responsibilities.
Coro Energy plc Annual Report and Financial Statements 2024 | 27
REMUNERATION OF DIRECTORS
The following remuneration table comprises Directors’ salaries and benefits in kind that were
payable to Directors who held office during the year ended 31 December 2024:
Salary and
cash
benefits
US$’000
Bonus
US$’000
Pension
US$’000
Fees
Total
2024
US$’000
Total 2023
US$’000
Executive
Director
James Parsons1
134
-
7
-
141
359
Non-Executive
Directors
Tom Richardson
54
-
-
-
54
23
Harry Beamish2
32
-
-
-
32
-
Marco
Fumagalli3
18
-
-
-
18
52
Naheed Memon4
7
-
-
-
7
37
Stephen Birrell5
11
-
-
-
11
52
Total
256
-
7
-
263
523
1. James Parsons stepped down from the Board on 24 April 2024
2. Harry Beamish was appointed on 2 July 2024
3. Marco Fumagalli retired from the Board on 24 April 2024
4. Naheed Memon resigned on 16 February 2024
5. Stephen Birrell resigned on 16 February 2024
Coro Energy plc Annual Report and Financial Statements 2024 | 28
SHARE-BASED PAYMENTS
There was no new share options granted to Directors in the year. The table below shows the position
of share awards to Directors. The total share-based payments expense recognised in respect of
Directors in 2024 was US$nil (2023: US$223k). For further details, refer to note 6 of the Notes to the
Financial Statements.
The number of share options held by the Directors in the current and prior year is set out below:
DIRECTORS’ INTEREST IN SHARES
As at 31 December 2024 no Directors held shares in the Company.
This Remuneration Report was approved by the Board of Directors on 28 June 2025 and signed on its
behalf by:
Tom Richardson
Non-Executive Chair
28 June 2025
Options
held at
1 January
2024
Granted
during
the year
Exercised during
the year
Lapsed/forfeited
during
the year
Options
held at
31 December
2024
James Parsons
82,090,979
–
–
82,090,979
0
Coro Energy plc Annual Report and Financial Statements 2024 | 29
DIRECTORS’ RESPONSIBILITIES STATEMENT
The Directors are responsible for preparing the Strategic Report, the Director’s Report and financial
statements in accordance with applicable United Kingdom (“UK”) law and regulations, and those UK-
adopted International Accounting Standards in conformity with the requirements of the Companies
Act 2006.
Company law requires the Directors to prepare financial statements for each financial year. As
required by the AIM Rules of the London Stock Exchange the Directors are required to prepare the
Group financial statements in accordance with UK-adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006. Under UK company law the Directors
have elected to prepare the parent company financial statements in accordance with UK-adopted
International Accounting Standards in conformity with the requirements of the Companies Act 2006.
Under company law the Directors must not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Group and the Company and the profit
or loss of the Group for that period.
In preparing those Group and Company financial statements the Directors are required to:
•
present fairly the financial position, financial performance and cash flows of the Group;
•
select suitable accounting policies and then apply them consistently;
•
make judgements and estimates that are reasonable and prudent;
•
state that the Group and Company has complied with UK-adopted International Accounting
Standards in conformity with the requirements of the Companies Act 2006, subject to any
material departures disclosed and explained in the financial statements;
•
present information, including accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information;
•
provide additional disclosures when compliance with the specific requirements in UK-adopted
International Accounting Standards in conformity with the requirements of the Companies
Act 2006 is insufficient to enable users to understand the impact of particular transactions,
other events and conditions on the Group’s and Company’s financial position and financial
performance; and
•
state whether the Group financial statements have been prepared in accordance with UK-
adopted International Accounting Standards in conformity with the requirements of the
Companies Act 2006, subject to any material departures disclosed and explained in the
financial statements.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Group’s transactions and disclose with reasonable accuracy at any time the financial
Coro Energy plc Annual Report and Financial Statements 2024 | 30
position of the Group and Company, and enable them to ensure that the Group and Company financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the Group and Company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
To the best of the Directors' knowledge, the financial statements have been prepared in accordance
with applicable accounting standards, give a true and fair view of the assets, liabilities, financial
position of the Company and the Group as a whole.
To the best of the Directors' knowledge, the management report includes a fair review of the
development or performance of the business and the position of the Company and the Group as a
whole together with a description of the principal risks and uncertainties.
The Directors consider the annual report and accounts, taken as a whole are fair, balanced and
understandable and provides the information necessary for shareholders to assess the Group’s
position and performance, business model and strategy.
The Directors confirm that they have complied with these requirements and, having a reasonable
expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future, will continue to adopt the going concern basis in preparing the accounts.
The Group is compliant with AIM Rule 26 regarding the Group’s website.
This report was approved by the Board on 28 June 2025 and signed on its behalf by:
Tom Richardson
Non-Executive Chair
28 June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 31
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CORO ENERGY PLC
Opinion
We have audited the financial statements of Coro Energy (the ‘parent company’) and its subsidiaries (the ‘group’) for the
year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated
and Parent Company Balance Sheets, the Consolidated and Parent Company Statements of Changes in Equity, the
Consolidated and Parent Company Statements of Cash Flows and notes to the financial statements, including significant
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and
UK-adopted international accounting standards and as regards the parent company financial statements, as applied in
accordance with the provisions of the Companies Act 2006.
In our opinion:
•
the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs
as at 31 December 2024 and of the group’s loss for the year then ended;
•
the group financial statements have been properly prepared in accordance with UK-adopted international
accounting standards;
•
the parent company financial statements have been properly prepared in accordance with UK-adopted
international accounting standards and as applied in accordance with the provisions of the Companies Act 2006;
and
•
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the company in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed
entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 2(c) in the financial statements, which indicates that the group will require further financing
over the next 12 months in order for the group and company to meet its liabilities as they fall due, to continue to progress
the group’s operational activities in Vietnam and the Philippines, and to finance ongoing working capital requirements.
The company has received a letter of support from one of its significant shareholders, which confirms this party’s intent,
should it be needed, to provide further financial support to the company as required over the 12 month period following
the date of approval of the 2024 Annual Report. Until such time as an appropriate refinancing occurs, the company is
therefore reliant on the support of this shareholder. As stated in note 2(c), these events or conditions indicate that a
material uncertainty exists that may cast significant doubt on the group’s and parent company’s ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the company’s
ability to continue to adopt the going concern basis of accounting included:
•
Challenging the inputs and assumptions used in the forecasts prepared by management to assess the group’s and
Coro Energy plc Annual Report and Financial Statements 2024 | 32
company’s ability to meet financial obligations as they fall due for a period of at least twelve months from the
date of approval of the financial statements;
•
Checking the mathematical accuracy of the cashflow forecasts scenarios prepared by management;
•
Corroborating committed and discretionary cash flows to supporting evidence;
•
Reviewing budgeted overheads to historic financial information and current run rates to assess the accuracy of
management’s forecasting;
•
Assessing the existence of subsequent events which may affect going concern and evaluating the likelihood of
occurrence of forecasted inflows. This has included holding discussions with management and relevant advisers
in respect of financing options that may be available to the group;
•
Stress-testing the forecasted cash flows in order to evaluate the likelihood of potential downside scenarios that
may have an impact on headroom;
•
Reviewing post year end cash position in comparison to the forecasted position;
•
Obtaining a letter of support from the company’s significant shareholder and reviewing available information to
evidence the ability to provide such support; and
•
Assessing the adequacy of the disclosures in respect of going concern including uncertainties.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
Our application of materiality
Entity
Group
Parent company
Materiality
$266k (2023: $355k)
$253k (2023: $240k)
Performance materiality
$186k (2023: $249k)
$177k (2023: $168K)
The benchmark for determining materiality for the group financial statements was 1% of net liabilities, and for the parent
company was 3% of net liabilities (2023: 5% of net liabilities for the group and the parent company). The parent company
materiality was capped at $253k, being 95% of the group materiality, based on the parent company's contribution of net
assets. There was a significant reduction in assets in the current year due to significant impairments recorded during the
year; we therefore reduced the percentage applied to the materiality benchmark in order to ensure we obtained sufficient
coverage of the statement of comprehensive income in our audit testing. We consider net liabilities to be the most
significant determinant of the group’s and company’s financial position and performance used by shareholders, with the
key financial statement balances being tangible and intangible assets, from which the group expects to recover future
value. The going concern of the group is dependent on its ability to fund operations going forward, as well as on the
valuation of its assets, which represent the underlying value of the group.
Performance materiality for the group and parent company was set at 70% (2023: 70%) to ensure sufficient coverage of
key balances. Performance materiality for material components was set at $93k (2023: between $90k and $240k) using
an appropriate allocation of group performance materiality based on net asset contribution. We applied the concept of
materiality both in planning and performing our audit, and in ensuring the effect of misstatements.
We agreed with the Audit Committee that we would report to the Audit Committee all audit differences identified during
the course of the audit in excess of $13.3k (2023: $17.7k) for the group financial statements and $13.3k (2023: $12.0k)
Coro Energy plc Annual Report and Financial Statements 2024 | 33
for the parent company. We agreed to report differences below these thresholds that, in our view warranted reporting
on qualitative grounds.
Our approach to the audit
In designing our audit, we determined materiality and assessed the risk of material misstatement in the financial
statements. In particular, we focused on areas requiring the directors to exercise subjective judgment, such as significant
accounting estimates, including asset valuations and the assessment of inherently uncertain future events. We also
addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias
by the directors that represented a risk of material misstatement due to fraud.
We identified 4 material components within the group, in addition to the parent company, which, for the year ended 31
December 2024, were in the United Kingdom and Asia, with the group’s accounting function being based in the UK. We
performed a full scope audit on 1 of the 4 components, with the remaining 3 being subject to audit procedures on one or
more classes of transactions, account balances or disclosures. The audit of all material components was performed in
London, conducted by PKF Littlejohn LLP using a team with specific experience of auditing listed entities in the energy and
resource sector.
Our work scope included audit procedures to address the key audit matters, being the capitalisation and impairment of
intangible development assets and exploration and evaluation expenditure, and the valuation of investments and
intercompany receivables.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy,
the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed
in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to
going concern section we have determined the matters described below to be the key audit matters to be communicated
in our report.
Key Audit Matter
How our scope addressed this matter
Capitalisation and impairment of exploration and
evaluation and intangible development assets -
group
The group holds significant intangible assets on its
balance sheet including:
•
Capitalised exploration end evaluation
expenditures accounted for in accordance
with IFRS 6 Exploration for and Evaluation of
Mineral Resources relating to the group’s
15% interest in the Duyung PSC amounting
to $225k (2023: $18,731k); and
•
Capitalised development costs accounted
for in accordance with IAS 38 Intangible
Assets in respect of its solar and wind
portfolio in the Philippines amounting to
$778k (2023: $579k).
Our audit work in this area included:
•
Testing a sample of capitalised exploration
and
evaluation
expenditures
and
development costs to source documentation
in order to assess their eligibility for
capitalisation under IFRS 6 and IAS 38,
respectively;
•
Obtaining evidence in support of the validity
of
exploration
licences
and
relevant
agreements relating to project partnerships
and
reviewing
key
terms
to
ensure
appropriateness of accounting treatment;
Coro Energy plc Annual Report and Financial Statements 2024 | 34
There is the risk that these assets have been incorrectly
capitalised in accordance with IFRS 6 and IAS 38,
respectively.
There is a further risk that the group's intangible assets
are not fully recoverable and should be impaired. In the
case of exploration and evaluation assets, impairment
should
be
considered
in
accordance
with
the
requirements of IFRS 6 and IAS 36 Impairment of Assets,
and in the case of intangible development assets in
accordance with the requirements of IAS 36.
Given the early stage of development of the projects, the
assessment of capitalisation and impairment requires
significant judgement to be exercised by the directors
and therefore this matter is considered to be a key audit
matter.
Related disclosures are included in Note 2(e)(ii) and Note
13 to the financial statements.
•
Making enquiries of management regarding
future plans for each project;
•
Considering whether there are indicators of
impairment on a project by project basis in
accordance with the requirements of IFRS 6
and IAS 36, as applicable;
•
Reviewing
management’s
impairment
papers in respect of the carrying value of
intangible assets. Providing challenge to, and
corroborating key inputs and assumptions
used;
•
Obtaining and critically reviewing the
economic models prepared by management
to
support
the
recoverable
amounts,
including corroborating and challenging key
inputs and assumptions used in the models
for the group’s solar and wind intangible
development assets portfolio;
•
Reviewing board minutes and Regulatory
News Services announcements in the year
and post year end, as well as reviewing any
available technical reports relating to the
projects to identify indicators of potential
impairment;
•
Reviewing the appropriateness of the
impairment charge recorded in the financial
statements and the recoverability of the
remaining carrying value of the exploration
and evaluation assets by referencing to
available documentation relating to the
planned sale of these assets post-year end;
and
•
Evaluating the appropriateness of the
presentation and disclosures in the financial
statements.
Key Observation
The value of these assets is reliant on the Group and
Company having sufficient funds to advance its key
development projects in the Philippines through to
revenue generation or realisation of value through other
means including sale. As noted in the ‘Material uncertainty
related to going concern’ section of this report, the Group
will need to secure additional funding within the next 12
months in order to continue to meet its liabilities and
working capital needs, as well as to progress its operations.
Should the required funding not be secured, and the
projects not advanced, then this could result in
impairment to these assets.
Coro Energy plc Annual Report and Financial Statements 2024 | 35
Valuation
of
investments
and
intercompany
receivables - parent company
Investments
in
subsidiaries
and
intercompany
receivables are significant assets in the parent company's
financial statements, amounting to $1,424k (2023:
$18,683k) and $3,664k (2023: $3,759k), respectively.
There is a risk of material misstatement regarding the
recoverability of investments in subsidiaries and
intercompany receivables, i.e. the net investment in each
subsidiary.
The carrying value of investments is ultimately
dependent on the value of the underlying assets.
Majority of the underlying assets are exploration and
development projects at an early stage, making it difficult
to definitively determine their values. Valuations for
these projects, as well as the valuation and recoverability
of loans to subsidiaries, are therefore based on
judgements and estimates made by the directors, and as
such this matter is deemed to be a key audit matter.
Related disclosures are included in Note 2(e)(ii), Note 11
and Note 20 to the financial statements.
Our audit work in this area included:
•
Obtaining evidence of ownership for all
investments held within the group;
•
Reviewing the value of investment balances
against the value of the underlying assets,
including reference to work performed in
respect of the carrying value of intangible
assets in accordance with IFRS 6 and IAS 38;
•
Reviewing management’s impairment paper
in respect of the recoverability of investment
balances
(including
intercompany
receivables) at the parent company level and
providing
appropriate
challenge,
corroborating key assumptions and inputs
used;
•
Evaluating management’s assessment of
expected credit losses in relation to
intercompany receivables, where applicable;
and
•
Evaluating the appropriateness of the
presentation and disclosures in the financial
statements.
Key Observation
The value of these assets is reliant on the Group and
Company having sufficient funds to advance its key
development projects in Vietnam and the Philippines
through to an appropriate level of commercial revenue
generation or realisation of value through other means
including sale. As noted in the ‘Material uncertainty
related to going concern’ section of this report, the Group
will need to secure additional funding within the next 12
months in order to continue to meet its liabilities and
working capital needs, as well as to progress its operations.
Should the required funding not be secured, and the
projects not advanced, then this could result in
impairment to these assets.
Coro Energy plc Annual Report and Financial Statements 2024 | 36
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and
our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read
the other information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine whether this
gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
•
the information given in the strategic report and the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
•
the strategic report and the directors’ report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,
we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:
•
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
•
the financial statements are not in agreement with the accounting records and returns; or
•
certain disclosures of directors’ remuneration specified by law are not made; or
•
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of
the group and parent company financial statements and for being satisfied that they give a true and fair view, and for
such internal control as the directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the group and parent company financial statements, the directors are responsible for assessing the group’s
and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent
company or to cease operations, or have no realistic alternative but to do so.
Coro Energy plc Annual Report and Financial Statements 2024 | 37
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•
We obtained an understanding of the group and parent company and the sector in which they operate to identify
laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We
obtained our understanding in this regard through detailed discussions with management about the potential
instances of non-compliance with laws and regulations both in the UK and in overseas subsidiaries. We also
selected a specific audit team based on experience with auditing entities within this industry of a similar size.
•
We determined the principal laws and regulations relevant to the group and parent company in this regard to be
those arising from:
o Companies Act 2006;
o AIM Rules for Companies;
o Local industry regulations in Indonesia and Vietnam; and
o Local tax and employment law.
•
We designed our audit procedures to ensure the audit team considered whether there were any indications of
non-compliance by the group and parent company with those laws and regulations. These procedures included,
but were not limited to:
o Making enquiries of management;
o Reviewing board minutes;
o Reviewing legal ledger accounts;
o Holding discussions with the company’s lawyers in respect of matters relevant to the audit; and
o Reviewing Regulatory News Services announcements.
•
We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in
addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that
there were no other significant fraud risks.
•
As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing
audit procedures which included but were not limited to: the testing of journals; reviewing accounting estimates
for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or
outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
Coro Energy plc Annual Report and Financial Statements 2024 | 38
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone, other than the company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
Imogen Massey (Senior Statutory Auditor)
15 Westferry Circus
For and on behalf of PKF Littlejohn LLP
Canary Wharf
Statutory Auditor
London E14 4HD
June 2025
Coro Energy plc Annual Report and Financial Statements 2024 | 39
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Notes
31 December
2024
US$’000
31 December
2023
US$’000
Continuing operations
Revenue
4
297
235
Depreciation and amortisation expense
(87)
(78)
Gross profit
210
30
Other (loss) / income
-
(3)
General and administrative expenses
5
(2,512)
(3,305)
Depreciation expense
(5)
(10)
Impairment losses
13
(18,936)
54
Write down of receivable
19a
(298)
-
Gain on disposal of investments in associates and subsidiaries
19b
-
1,313
Share of loss of associates
-
(49)
Loss from operating activities
(21,541)
(1,843)
Finance income
7
2,582
1,045
Finance expense
7
(2,398)
(4,249)
Net finance income / (expense)
184
(3,204)
Loss before income tax
(21,357)
(5,047)
Income tax expense
8
(9)
-
Loss for the year from continuing operations
(21,366)
(5,047)
Discontinued operations
Gain for the year from discontinued operations
19a
-
6,738
Total (loss) / profit for the year
(21,366)
1,691
Other comprehensive income/loss
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations
361
(3,339)
Total comprehensive loss for the year
(21,006)
(1,648)
(Loss)/profit attributable to:
Owners of the Company
(21,331)
1,717
Non-controlling interests
(35)
(26)
(21,366)
1,691
Total comprehensive loss attributable to:
Owners of the Company
(20,971)
(1,622)
Non-controlling interests
(35)
(26)
(21,006)
(1,648)
Basic and diluted earnings per share from continuing operations ($)
9
(0.007)
(0.002)
Basic earnings per share from discontinued operations (US$)
0.007
0.0025
Diluted earnings per share from discontinued operations (US$)
0.007
0.0024
Coro Energy plc Annual Report and Financial Statements 2024 | 40
Consolidated Balance Sheet
Company number: 10472005
As at 31 December 2024
The consolidated balance sheet should be read in conjunction with the accompanying notes.
The financial statements on pages 39 to 82 were authorised for issue by the Board of Directors on 28 June 2025
and were signed on its behalf by:
Tom Richardson
Non-Executive Chair
Notes
31 December
2024
US$’000
31 December
2023
US$’000
Non-current assets
Property, plant and equipment
12
3,260
1,680
Intangible assets
13
1,867
20,190
Other financial assets
19a
-
472
Total non-current assets
5,127
22,342
Current assets
Cash and cash equivalents
21
256
1,095
Trade and other receivables
11
355
1,399
Inventory
10
-
35
Total current assets
611
2,529
Total assets
5,738
24,871
Liabilities and equity
Current liabilities
Trade and other payables
15
1,316
660
Borrowings
16
32,446
31,327
Total current liabilities
33,762
31,987
Non-current liabilities
Total non-current liabilities
-
-
Total liabilities
33,762
31,987
Equity
Share capital
17
3,826
3,826
Share premium
17
51,762
51,762
Merger reserve
18
-
-
Other reserves
18
1,745
3,603
Non-controlling interests
(127)
(92)
Accumulated losses
(85,230)
(66,215)
Total equity
(28,024)
(7,116)
Total equity and liabilities
5,738
24,871
Coro Energy plc Annual Report and Financial Statements 2024 | 41
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Attributable to equity shareholders of the Company
Share
capital
Share premium
US$’000
Merger
reserve
Other
reserves
Accumulated
losses
Non-
controlling
interest
Total
At 1 January 2023
3,184
50,862
9,708
7,267
(78,268)
(66)
(7,313)
Total comprehensive loss for the year:
Loss for the year
-
-
-
-
1,717
(26)
1,691
Disposal of discontinued operations
-
-
(9,708)
(628)
10,336
-
-
Other comprehensive income
-
-
-
(3,339)
-
-
(3,339)
Total comprehensive income/(loss) for
the year
-
-
(9,708)
(3,967)
12,053
(26)
(1,648)
Transactions with owners recorded
directly in equity:
Issue of share capital
642
900
-
-
-
-
1,542
Share based payments for services
rendered
-
-
-
303
-
-
303
Total transactions with owners recorded
directly in equity
642
900
-
303
-
-
1,845
Balance at 31 December 2023
3,826
51,762
-
3,603
(66,215)
(92)
(7,116)
Attributable to equity shareholders of the Company
Share
capital
Share premium
US$’000
Merger
reserve
Other
reserves
Accumulated
losses
Non-
controlling
interest
Total
At 1 January 2024
3,826
51,762
–
3,603
(66,215)
(92)
(7,116)
Total comprehensive loss for the year:
Loss for the year
-
-
-
-
(21,331)
(35)
(21,366)
Other comprehensive loss
-
-
-
361
-
-
361
Total comprehensive (profit/(loss) for the
year
-
-
-
361
(21,331)
(35)
(21,005)
Transactions with owners recorded
directly in equity:
Issue of share capital
-
-
-
-
-
-
-
Expired share options
-
-
-
(2,316)
2,316
-
-
Share based payments for services
rendered
-
-
-
97
-
-
97
Total transactions with owners recorded
directly in equity
-
-
-
(2,219)
2,316
-
97
Balance at 31 December 2024
3,826
51,762
-
1,745
(85,230)
(127)
(28,024)
The consolidated statement of changes in equity should be read in conjunction with the accompanying note 17 on share
capital and note 18 Reserves.
Coro Energy plc Annual Report and Financial Statements 2024 | 42
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
The consolidated statement of cash flows should be read in conjunction with the accompanying notes, including the net
debt reconciliation in note 16.
Post the year under review, the Company announced on 10 April that it had conditionally sold its interest in the Duyung
PSC. It was concluded that sufficient indicators of impairment existed at the year end 2024 that the carrying value of the
intangible asset was overstated and that an impairment of $18.9m be recognised in the 2024 year (note 13).
For the 2024 year, the Company recognised $2.3m of lapsed share options that were recycled through the accumulated
losses (note 22).
Notes
31 December
2024
US$’000
31 December
2023
US$’000
Cash flows from operating activities
Receipts from customers
316
2,970
Payments to suppliers and employees
(1,836)
(5,709)
Interest received
7
-
1
Net cash used in operating activities
(1,520)
(2,738)
Cash flow from investing activities
Payments for property, plant and equipment
12
(780)
(11)
Payments for exploration and evaluation assets
13
-
(1,024)
Payments for intangible development assets
13
(230)
(138)
Cash relating to deconsolidated subsidiary
19a
-
(83)
Investment in subsidiaries
20
(102)
-
Receipt from sale of Italian operations
19a
736
3,070
Receipt from sale of ion Ventures
19b
314
1,286
Net cash (used in) / generated by / investing activities
(62)
3,100
Cash flow from financing activities
Convertible loan note drawdown
16
750
-
Net cash generated by financing activities
750
-
Net (decrease) / increase in cash and cash equivalents
(832)
362
Cash and cash equivalents brought forward
1,095
784
Effects of exchange rate changes on cash and cash equivalents
(7)
(51)
Cash and cash equivalents carried forward
256
1,095
Coro Energy plc Annual Report and Financial Statements 2024 | 43
Company Balance Sheet
Company number: 10472005
As at 31 December 2024
The Company balance sheet should be read in conjunction with the accompanying notes.
As permitted by s408 of the Companies Act 2006, the Company has not presented its own income statement.
The Company loss for the year was US$14m (2023: loss US$4.4m).
The financial statements on pages 39 to 82 were authorised for issue by the Board of Directors on 28 June 2025 and
were signed on its behalf by:
Tom Richardson
Non-Executive Chair
Notes
31 December
2024
US$’000
31 December
2023
US$’000
Non-current assets
Investment in subsidiaries
20
1,434
18,683
Property, plant and equipment
12
2
7
Total non-current assets
1,436
18,690
Current assets
Cash and cash equivalents
21
156
573
Trade and other receivables
11
3,749
4,190
Loans to subsidiaries
20
590
-
Total current assets
4,495
4,763
Total assets
5,931
23,453
Liabilities and equity
Current liabilities
Trade and other payables
15
486
318
Loans from subsidiaries
20
-
3,602
Borrowings
16
31,250
31,327
Total current liabilities
31,736
35,247
Non-current liabilities
Total liabilities
31,736
35,247
Equity
Share capital
17
3,826
3,826
Share premium
17
51,762
51,762
Other reserves
18
498
2,489
Accumulated losses
(81,891)
(69,871)
Total equity
(25,805)
(11,794)
Total equity and liabilities
5,931
23,453
Coro Energy plc Annual Report and Financial Statements 2024 | 44
Company Statement of Changes in Equity
For the year ended 31 December 2024
The consolidated statement of changes in equity should be read in conjunction with the accompanying note 17 on share
capital and note 18 Reserves.
Share
capital
US$’000
Share
premium
US$’000
Other
reserves
US$’000
Accumulated
losses
US$’000
Total
US$’000
At 1 January 2023
3,184
50,862
2,713
(65,427)
(8,668)
Total comprehensive loss for the year:
Loss for the year
–
–
–
(4,444)
(4,444)
Other comprehensive loss
–
–
(527)
–
(527)
Total comprehensive income/(loss) for the year
–
–
(527)
(4,444)
(4,971)
Transactions with owners recorded directly in equity:
Issue of share capital
642
900
–
–
1,542
Share-based payments for services rendered
–
–
303
–
303
Total transactions with owners recorded directly in equity
642
900
303
–
1,845
Balance at 31 December 2023
3,826
51,762
2,489
(69,871)
(11,794)
Share
capital
US$’000
Share
premium
US$’000
Other
reserves
US$’000
Accumulated
losses
US$’000
Total
US$’000
At 1 January 2024
3,826
51,762
2,489
(69,871)
(11,794)
Total comprehensive loss for the year:
Loss for the year
-
-
-
(14,336)
(14,336)
Other comprehensive loss
-
-
228
-
228
Total comprehensive income/(loss) for the year
-
-
228
(14,336)
(14,108)
Transactions with owners recorded directly in equity:
Issue of share capital
-
-
-
-
-
Expired share options
-
-
(2,316)
2,316
-
Share-based payments for services rendered
-
-
97
-
97
Total transactions with owners recorded directly in equity
-
-
(2,219)
2,316
97
Balance at 31 December 2024
3,826
51,762
498
(81,891)
(25,805)
Coro Energy plc Annual Report and Financial Statements 2024 | 45
Company Statement of Cash Flows
For the year ended 31 December 2024
The Company statement of cash flows should be read in conjunction with the accompanying notes.
Post the year under review, the Company announced on 10 April that it had conditionally sold its interest in the Duyung
PSC. It was concluded that sufficient indicators of impairment existed at the year end 2024 that the carrying value of the
investment in Duyung PSC was overstated and that an impairment of $16.9m be recognised in the 2024 year (note 20).
For the 2024 year, the Company recognised $2.3m of lapsed share options that were recycled through the accumulated
losses (note 22)
Notes
31 December
2024
US$’000
31 December
2023
US$’000
Cash flows from operating activities
Payments to suppliers and employees
(1,432)
(2,874)
Net cash used in operating activities
(1,432)
(2,874)
Cash flow from investing activities
Amounts received on behalf of subsidiaries
19a
736
-
Proceeds on disposal of equity accounted associates
19b
314
1,286
Net cash generated from investing activities
1,050
1,286
Cash flows from financing activities
Loans to subsidiaries
20
(774)
2,080
Convertible loan note
16
750
-
Net cash (used in)/generated from financing activities
(24)
2,080
Net (decrease)/increase in cash and cash equivalents
(406)
492
Cash and cash equivalents brought forward
573
130
Effects of exchange rate changes on cash and cash equivalents
(11)
(49)
Cash and cash equivalents carried forward
156
573
Coro Energy plc Annual Report and Financial Statements 2024 | 46
Notes to the Financial Statements
For the year ended 31 December 2024
NOTE 1: CORPORATE INFORMATION
Coro Energy plc (the “Company” and, together with its subsidiaries, the “Group”) is a company incorporated in England
and listed on the AIM market of the London Stock Exchange. The Company’s registered address is c/o Pinsent Masons
LLP, 1, Park Row, Leeds, England, LS1 5AB, UK. The consolidated financial statements for the year ended 31 December
2024 comprise the Company and its interests in its subsidiaries, investments in associates and jointly controlled operations
(together referred to as the “Group”), whose principal activities are described further in the Directors’ Report on page 9
of the Company’s Annual Report.
NOTE 2: BASIS OF PREPARATION
(a) Statement of compliance
The financial statements are prepared in accordance with UK-adopted international accounting standards and with the
requirements of the Companies Act 2006.
(b) Basis of measurement
These financial statements have been prepared on the basis of historical cost apart from non-current assets (or disposal
groups) held for sale, which are measured at fair value less costs of disposal and derivative financial instruments recorded
at fair value through profit and loss.
(c) Going concern
The Group and Company financial statements have been prepared under the going concern assumption, which presumes
that the Group and Company will be able to meet its obligations as they fall due for the foreseeable future.
At 31 December 2024 the Group had cash reserves of $0.25m. The Group’s Eurobond obligation matured on 12 April 2024
with the outstanding balances at that date, including the rolled-up coupon, was US$30.2 million. The Group had been in
active discussions with bondholders in relation to the restructuring of the bonds and received a letter from two lenders
holding 68% of the Eurobonds on 12 April 2024 (the "Standstill"). Under this Standstill, which the Company was advised
was binding on the parties, provided a conditional standstill on the repayment of the Group's debt obligations and to the
further accruing of interest as from the date of the Standstill. This was to allow the Group to continue with constructive
discussions in respect of the Eurobonds and on a broader debt restructuring. Post the year under review a debt
restructuring on 5 February 2025 was successfully completed resulting in the full redemption of the Eurobonds principal
and accrued interest.
On the 15 August 2024, the Group entered into a convertible loan note for $500,000 with a further advance of $250,000
on 6 November 2024 to fund the Group’s renewable business and for general working capital. The outstanding balance
of this loan including the accrued interest as at 31 December 2024 was $888,000. This loan plus the accrued interest was
fully repaid on 3 April 2025.
On the 27 August 2024, the Group announced that it has signed a second binding 14 year Power Purchase Agreement in
Vietnam with Mobile World Group to deliver power at the next 30 sites with a capacity of circa 1MW. At this time the
Company also signed an EPC contract for these sites and agreed upon payment arrangements with the EPC contractor
which provide deferred payment terms for 85% of the EPC costs to be repaid in June 2025 as at the date of this report is
past due. These deferred payments are subject to a 12% coupon and a 2% fee. As at the 31 December 2024 the
outstanding balance for the EPC loan was $1.2m (note 16).
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 47
As at 31 December 2024, the group reports net current liabilities of $33.9m, consisting primarily of balances owed to the
Eurobond holders, the convertible loan note holders, EPC loan holder (note 16) along with trade and other payables. The
Eurobond was fully redeemed as part of the capital reorganisation completed on 5 February 2025 and the convertible
loan note was fully repaid in April 2025. However, the group requires immediate funding to repay the EPC loan balance
due in June 2025 and at the time of this report is past due and payable on request by the EPC contractor, and other
creditors. Whilst the group has generated cash from its solar projects in Vietnam over the last two financial periods; this
has not been sufficient in itself to meet the working capital or debt repayment requirements of the Group.
Post the year under review, the Company raised US$2.6m via an equity raise whilst at the same time completing a capital
reorganisation and full redemption of the Eurobond. The proceeds of the equity raise were utilised to fund the Group's
renewables business and general working capital. However, under the Groups forecast, this equity together with existing
bank balances provides sufficient funding for less than one month as at the date of this report.
Management have prepared a consolidated cash flow forecast for the period to 31 December 2026 which shows that the
Group requires additional debt or equity financing before the end of July 2025 to meet its current obligations, including
general working capital requirements and repayment of the EPC loan. The Company is working on raising both local and
international debt that will refinance the EPC loan in Vietnam and fund the continued roll out of the MWG contract as
well as cover ongoing working capital. The company has received a letter of support from one of its significant
shareholders, which confirms this party’s intent, should it be needed, to provide further financial support to the company
as required over the 12 month period following the date of approval of the 2024 Annual Report. Until such time as an
appropriate refinancing occurs, the Company is therefore reliant on the support of this shareholder.
Based on the above, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in
preparing the Group and Company financial statements for the year ended 31 December 2024. Should the Group and
Company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their
recoverable amounts, to provide for further liabilities which might arise and to classify fixed assets as current. The auditors
make reference to a material uncertainty to the going concern within their audit report.
(d) Foreign currency transactions
The consolidated financial statements of the Group are presented in United States Dollars (“USD” or “US$”), rounded to
the nearest US$1,000.
The functional currency of the Company and all UK domiciled subsidiaries is British Pounds Sterling (“GBP” or “£”). The
Group’s subsidiaries domiciled in Singapore have a functional currency of USD. The Group’s subsidiaries domiciled in the
Philippines have a functional currency of Philippines Pesos (“PHP”). The Group’s subsidiaries domiciled in Vietnam have a
functional currency of Vietnamese Dong (“VND”).
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in profit or loss as finance income or expense. Non-monetary assets and liabilities denominated in foreign currencies are
translated at the date of transaction and not retranslated.
The results and financial position of Group companies that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 48
• Assets and liabilities are translated at the closing rate;
• Income and expenses are translated at average rates; and
• Equity balances are not retranslated. All resulting exchange differences are recognised in other
comprehensive income.
(e) Use of estimates and judgements
The preparation of the financial statements requires management to make judgments regarding the application of the
Group’s accounting policies, and to use accounting estimates that impact the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
This note sets out the estimates and judgements taken by management that are deemed to have a higher risk of causing
a material adjustment to the reported carrying amounts of assets and liabilities in future years.
(i) Key accounting judgements
Accounting for investment in Coro Renewables VN1 Joint Stock Company
At the reporting date the Group owned 85% of Coro Renewables VN1 Joint Stock Company (“CRV1”), which owns 100%
of Coro Renewables VN2 Company Limited, which in turn owns 100% of Coro Renewables Vietnam Company Limited
(“CRVCL”). The non-controlling shareholder of CRV1 is Vinh Phuc Energy JSC (“VPE”). CRVCL operates the Group’s
electricity generating operation in Vietnam.
Under IFRS, the accounting for an interest in another entity depends on the level of influence held over the investee by
the investor. Management have concluded that CRV1 is an indirectly held subsidiary of the Company, due to the Company
controlling more than half of the voting rights. With reference to the factors outlined in IAS 27 Consolidated and Separate
Financial Statements, we concluded that there was no change to managements conclusion.
• There is no agreement with VPE giving them control of the joint venture;
• There is no statute or agreement ceding control to any other party; and
• VPE does not have the power to appoint or remove the majority of the Board of Directors.
100% of the transactions relating to CRV1 and its subsidiary undertakings have been recorded in these consolidated
financial statements and the Group has recognised the appropriate non-controlling interest.
Share options and warrants
The Black-Scholes model is used to calculate the fair value of the share options and warrants. The use of this model to
calculate the charge involves a number of estimates and judgements to establish the appropriate inputs to be entered
into the model, covering areas such as the use of an appropriate interest rate and dividend rate, exercise restrictions and
behavioural considerations. A significant element of judgement is therefore involved in the calculation of the charge.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 49
Convertible Loan Notes
Upon issue of a new convertible loan, where the convertible option is at a fixed rate, the net proceeds received from the
issue of CLNs are split between a liability element and an equity component at the date of issue. The fair value of the
liability component is estimated using the prevailing market interest rate for similar non-convertible debt. The difference
between the proceeds of issue of the CLNs and the fair value assigned to the liability component, representing the
embedded option to convert the liability into equity of the Group, is included in equity and is not remeasured.
Subsequent to the initial recognition the liability component is measured at amortised cost using the effective interest
method.
When there are amendments to the contractual loan note terms these terms are assessed to determine whether the
amendment represents an inducement to the loan note holders to convert. If this is considered to be the case the estimate
of fair value adjusted as appropriate and any loss arising is recorded in the income statement.
Where there are amendments to the contractual loan note terms that are considered to represent a modification to the
loan note, without representing an inducement to convert, the Group treats the transaction as an extinguishment of the
existing convertible loan note and replaces the instrument with a new convertible loan note. The fair value of the liability
component is estimated using the prevailing market interest rate for similar nonconvertible debt. The fair value of the
conversion right is recorded as an increase in equity. The previous equity reserve is reclassified to retained loss. Any gain
or loss arising on the extinguishment of the instrument is recorded in the income statement, unless the transaction is with
a counterparty considered to be acting in their capacity as a shareholder whereby the gain or loss is recorded in equity.
Where the loan note is converted into ordinary shares by the loan note holder; the unaccreted portion of the loan notes
is transferred from the equity reserve to the liability; the full liability is then converted into share capital and share
premium based on the conversion price on the note.
(ii) Key accounting estimates
Assessment of indicators of impairment of solar assets
The Group’s solar assets consist of two projects in Vietnam, comprising of a 3MW pilot plant and a contract to roll out
roof top solar for Mobile World Group (“MWG”).
Solar assets are assessed for indicators of impairment under IAS 16 Tangible Assets. Based on estimates as at 31 December
2024 there was $nil write-off (2023: nil).
During 2024 the pilot project produced revenue throughout the year and the initial 10 MWG sites began producing
revenue in July 2024 and a further 27 sites commencing revenue on November 2024. A further 47 sites commenced
revenue production in January 2025.
Estimate of gas reserves and resources
The disclosed amount of the Group’s gas reserves and resources impacts a number of accounting estimates in the financial
statements including future cash flows used in asset impairment reviews, see note 13.
The Group employs staff with the appropriate knowledge, skills and experience to estimate reserves quantities.
Periodically, the Group’s reserves calculations are also subject to independent third-party certification by a competent
person.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 50
Assessment of indicators of impairment of intangible assets (note 13)
The Group’s intangible assets consist of exploration and evaluation assets, comprising assets related to the Duyung PSC,
and development assets and goodwill comprising assets related to Coro Clean Energy Philippines.
Exploration and evaluation assets are assessed for indicators of impairment under IFRS 6 Exploration for, and evaluation
of, mineral resources. Post the year under review, the Company announced a sale plan for its 15% interest in the Duyung
PSC to West Natuna Exploration Ltd ("WNEL"), a subsidiary of Conrad Asia Energy Ltd ("Conrad"). The sale plan set out a
consideration price of an initial 500,000 shares in Conrad with a value of approximately USD225,000, with a further
USD750,000 shares in Conrad to be delivered to the Company within 45 days of first commercial production. The fair
value of consideration is well below the carrying value of the exploration and evaluation asset of USD18.9m. Duyung PSC
was assessed under IFRS 5 Held for Sale as at 31 December 2024 and management considered the requirements of IFRS
in respect to the year end classification and concluded that the criteria were not met at year end; it was determined that
the sale plan originated after the end of the financial year under review and that there was no active search for a buyer
at that time. However, indicators of impairment existed in that sufficient data exists to suggest that although a
development is likely to proceed, the carrying value of exploration and evaluation assets exceeded the recoverable value
of these assets. The best estimate of fair value was determined by referencing the post year end sale plan, being $225,000.
Based on estimates as at 31 December 2024, there was $18.9m write-off (2023: $Nil), see note 13.
Assessment of indicators of impairment of development assets and goodwill (note 13)
The Group’s development and goodwill assets consist of two 100MW onshore wind projects and a 100MW solar project
in the Philippines. These are assessed for indicators of impairment under IAS 36 Impairment of Assets. Both wind projects
already have approved Wind Energy Service Contracts and the onshore solar project has an application for a service
contract is expected in 2025. A further 100MW onshore wind project is in early stages of development. The Philippines
portfolio is therefore currently a total of 400MW with all four projects being co-located, sharing a grid connection and
benefiting from the 130 metre high meteorological ("met") mast which began a two year program of collecting bankable
data in January 2024 that will cover all three wind projects. Updates to the economics models for the wind projects,
incorporating the first year of met mast data and updated capital expenditure will be completed in 2025. Similarly, an
updated economic model for the solar project will be completed in 2025. Management considered the requirements of
IAS 36 and concluded that there were no indicators of impairment as at the end of the 2024 financial year.
Disposals of investment in Coro Europe Limited (“CEL”) and ion Ventures Holdings Limited (“IVHL”)
The Group disposed of its entire shareholding in IVHL on 23 August 2023 and of its entire shareholding in CEL on 8
November 2023. In calculating the profit on disposal the Group must recognise the results of operations of the investees
up to the date of completion of the sale in the statement of Comprehensive Income. The most recent financial information
that was available as at the respective completion dates were:
CEL: 30 September 2023
IVHL: 30 June 2023
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 51
The Group has estimated the financial results between these dates and the completion dates of the transactions and do
not consider this to affect the results disclosed in these consolidated financial statements in any material respect.
Company only – impairment assessment for investment in subsidiaries, including loans and receivables (notes 13, 15 and
20)
The Company in applying the expected credit loss (“ECL”) model under IFRS 9 must make assumptions when implementing
the forward-looking ECL model. This model is required to assess its investments and loans receivable in subsidiaries for
impairment at each reporting date.
Estimations were made regarding the credit risk of the counterparty and the underlying probability of default in each of
the credit loss scenarios. The scenarios identified by management included Production, Divestment, Fire-sale and Failure.
These scenarios considered technical data, necessary licences to be awarded, the Company’s ability to raise finance, and
ability to sell the project. The Directors make judgements on the expected likelihood and outcome of each of the above
scenarios, and these expected values are applied to the loan balances.
The Company’s main assets are its interest in the Duyung PSC, held by Coro Energy Duyung (Singapore) Pte Ltd (“CEDSPL”)
and its investment in the solar pilot project in Vietnam, held by Coro Renewables Vietnam Company Limited (“CRVCL”).
As such, the recoverability of investments in subsidiaries depends on the Company’s assessment of indicators of
impairment of the underlying assets recorded within its subsidiaries.
As noted above, and in note 13, the Company identified indicators of impairment for its 15% interest in the Duyung PSC
and, accordingly, the Company’s investment in CEDSPL (held indirectly) was subject to a $17.2m write-off (2023: $nil)
leaving a carrying value of $225,000 (see note 13).
The Company performed an impairment test on its solar pilot project in Vietnam and found that the recoverable value in
use exceeds the net book value, accordingly, the Company’s investment in CRVCL (held indirectly) and receivables from
CRVCL is deemed to be recoverable in full.
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES
(a) Principles of consolidation
(i) Subsidiaries
The consolidated financial statements include the results of Coro Energy plc and its subsidiary undertakings made up to
the same accounting date. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases. The accounting policies of
subsidiaries have been changed when necessary to align them with the policies adopted by the Group. All intra-group
balances, transactions, income and expenses are eliminated in full on consolidation.
(ii) Interests in other entities
The Group classifies its interests in other entities based on the level of control exercised by the Group over the entity.
Associates
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally
the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for
using the equity method of accounting.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 52
Under the equity method of accounting, the investments are initially recognised at cost, including any directly attributable
transaction costs, and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the
investee in profit or loss. The Group’s share of movements in other comprehensive income of the investee are recognised
in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a
reduction in the carrying amount of the investment.
Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, the
Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest
in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the
asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The carrying amount of equity-accounted investments is tested for impairment at least annually.
Other investments
In a situation where the Group has direct contractual rights to the assets, and obligations for the liabilities, of an entity
but does not share joint control, the Group accounts for its interest in those assets, liabilities, revenues and expenses in
accordance with the accounting standards applicable to the underlying line item. This is analogous to the “joint operator”
method of accounting outlined in IFRS 11 Joint arrangements.
(b) Taxation
Income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted
at the date of the statement of financial position, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for the initial recognition of assets or liabilities that affect neither
accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that the Group is able
to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities using tax rates enacted at the date of the statement of financial position.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 53
(c) Property, plant and equipment
(i) Recognition and measurement
Property, plant and equipment comprises the Group’s tangible oil and gas assets, solar equipment as well as office
furniture and equipment. Items of property, plant and equipment are recorded at cost less accumulated depreciation,
accumulated impairment losses and pre-commissioning revenue and expenses. Cost includes expenditure that is directly
attributable to acquisition of the asset.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds
from disposal with the carrying amount of property, plant and equipment, and are recognised within “other income” in
profit or loss.
(ii) Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with expenditure
will flow to the Group.
(iii) Depreciation
Oil and gas assets
Oil and gas assets includes gas production facilities and the accumulation of all exploration, evaluation, development and
acquisition costs in relation to areas of interest in which production licences have been granted and the related project
has moved to the production phase.
Amortisation of oil and gas assets is calculated on the units-of-production (“UOP”) basis and is based on Proved and
Probable reserves. The use of the UOP method results in an amortisation charge proportional to the depletion of
economically recoverable reserves. Amortisation commences when commercial levels of production are achieved from a
field or licence area.
The useful life of oil and gas assets, which is assessed at least annually, has regard to both its physical life limitations and
present assessments of economically recoverable reserves of the field at which the asset is located. These calculations
require the use of estimates and assumptions, including the amount of recoverable reserves and estimates of future
capital expenditure. The calculation of the UOP rate of depreciation/amortisation will be impacted to the extent that
actual production in the future is different from current forecast production based on total proved reserves, or future
capital expenditure estimates change.
Changes to recoverable reserves could arise due to changes in the factors or assumptions used in estimating reserves,
including:
• The effect of changes in commodity price assumptions; or
• Unforeseen operational issues that impact expected recovery of hydrocarbons.
Assets designated as held for sale, or included in a disposal group held for sale, are not depreciated.
Other property, plant and equipment
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item
of property, plant and equipment. The depreciation will commence when the asset is installed ready for use.
The estimated useful lives of each class of asset fall within the following ranges:
Solar equipment
7 – 25 years
Office furniture and equipment
3 – 5 years
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 54
The residual value, the useful life and the depreciation method applied to an asset are reviewed at each reporting date.
(iv) Impairment
The Group assesses at each reporting date whether there is an indication that an asset (or Cash Generating Unit - “CGU”)
may be impaired. For oil and gas assets, management has assessed its CGUs as being an individual field, which is the
lowest level for which cash inflows are largely independent of those of other assets. For Solar equipment, management
has assessed its CGUs as being individual solar arrays including inverters. If any indication exists, or when annual
impairment testing for an asset is required, the Group estimates the asset’s or CGU’s recoverable amount. The
recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal (“FVLCD”) and value in use (“VIU”).
Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset/CGU is considered impaired
and is written down to its recoverable amount.
The Group bases its impairment calculation on detailed budgets and forecasts, which are prepared separately for each of
the Group’s CGUs to which the individual assets are allocated. These budgets and forecasts generally cover the forecasted
life of the CGUs. VIU does not reflect future cash flows associated with improving or enhancing an asset’s performance.
For assets/CGUs, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group
estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset’s/CGU’s recoverable amount since the last impairment
loss was recognised. The reversal is limited so that the carrying amount of the asset/CGU does not exceed either its
recoverable amount, or the carrying amount that would have been determined, net of depreciation/amortisation, had no
impairment loss been recognised for the asset/CGU in prior years. Such a reversal is recognised in the income statement.
(d) Intangible assets
(i) Exploration and evaluation assets
Exploration and evaluation assets are carried at cost less accumulated impairment losses in the statement of financial
position. Exploration and evaluation assets include the cost of oil and gas licences, and subsequent exploration and
evaluation expenditure incurred in an area of interest.
Exploration and evaluation assets are not depreciated. When the commercial and technical feasibility of an area of interest
is proved, capitalised costs in relation to that area of interest are transferred to property, plant and equipment (oil and
gas assets) and depreciation commences in line with the depreciation policy outlined above.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility
and commercial viability or facts and circumstances suggest that the carrying value amount exceeds the recoverable
amount.
Exploration and evaluation assets are tested for impairment when any of the following facts and circumstances exist:
• the term of the exploration licence in the specific area of interest has expired during the reporting period or will expire
in the near future, and is not expected to be renewed;
• substantive expenditure on further exploration for an evaluation of mineral resources in the specific area is not
budgeted nor planned;
• exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially
viable quantities of mineral resources and the decision was made to discontinue such activities in the specific area; or
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 55
• sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying
amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by
sale.
Areas of interest that no longer satisfy the above policy are considered to be impaired and are measured at their
recoverable amount, with any subsequent impairment loss recognised in the profit and loss.
(ii) Software
Costs for acquisition of software, including directly attributable costs of implementation, are capitalised as intangible
assets and amortised over their expected useful life (currently five years).
(iii) Goodwill
Goodwill arising from business combinations is included in intangible assets.
Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in
circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-
generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose.
(iv) Research and Development
Development costs that are directly attributable to the design and development of identifiable and unique projects
controlled by the Group are recognised as intangible assets when the following criteria are met:
• It is technically feasible to complete the project;
• Management intends to complete the project;
• There is sufficient certainty that contractual rights, planning and permitting will be agreed;
• It can be demonstrated how the project will generate probable future economic benefits;
• Adequate technical, financial and other resources to complete the project are available; and
• The expenditure attributable to the project can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
(e) Inventory
Inventory is comprised of drilling equipment and spares and is carried at the lower of cost and net realisable value. Any
impairment on value is taken to the income statement.
(f) Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use, they are available for sale in their present condition, they
are being actively marketed, and a sale is considered highly probable. These conditions must be continuing for the assets
to continue to be classified as held for sale.
Disposal groups are measured at the lower of their carrying amount and fair value less costs to sell, except for certain
assets such as deferred tax assets, which are specifically exempt from this requirement. An impairment loss is recognised
for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised
for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 56
cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the
non-current asset (or disposal group) is recognised at the date of derecognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are
classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held
for sale continue to be recognised.
Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented
separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are
presented separately from other liabilities in the balance sheet.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that
represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to
dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The
results of discontinued operations are presented separately in the statement of profit or loss.
(g) Investments and financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income or through profit or
loss); and
• those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of
the cash flows.
(ii) Recognition and measurement
A financial asset is recognised if the Group becomes a party to the contractual provisions of the instrument. Financial
assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire or if the Group
transfers the financial asset to another party without retaining control or substantially all risks and rewards of the asset.
Regular way purchases and sales of financial assets are accounted for at trade date, i.e. the date the Group commits itself
to purchase or sell the asset.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (“FVTPL”), transaction costs that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the
cash flow characteristics of the asset. Currently, the Group’s financial assets are all held for collection of contractual cash
flows, which are solely payments of principal and interest. Accordingly, the Group’s financial assets are measured
subsequent to initial recognition at amortised cost.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
(iii) Impairment
On a forward-looking basis, the Group estimates the expected credit losses associated with its receivables and other
financial assets carried at amortised cost, and records a loss allowance for these expected losses.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 57
(iv) Investment in subsidiaries
In the Company balance sheet, investments in subsidiaries are carried at cost less accumulated impairment.
(ii) Other provisions
Other provisions are measured at the present value of management’s best estimate of the expenditure required to settle
the present obligation at the end of the reporting period. The provisions are discounted to present value using a market
rate of interest that is deemed to approximate the time value of money. The increase in the provision due to the passage
of time is recognised as interest expense.
(i) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred, and subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised
in profit or loss over the period of the borrowings using the effective interest method. Loan fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan and amortised over the life of the borrowings.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period.
(j) Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial
year that are unpaid. The amounts are unsecured and are usually paid within 30 days of the invoice date. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They
are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest
method.
(k) Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to issue of shares are recognised as a
deduction from equity, net of any tax effects.
(l) Share-based payments
Share-based payments relate to transactions where the Group receives services from employees or service providers and
the terms of the arrangements include payment of a part or whole of consideration by issuing equity instruments to the
counterparty. The Group measures the services received from non-employees, and the corresponding increase in equity,
at the fair value of the goods or services received. When the transactions are with employees, the fair value is measured
by reference to the fair value of the share based payments. The expense is recognised over the vesting period, which is
the period over which all of the specified vesting conditions are to be satisfied.
(m) Revenue
Under IFRS 15 Revenue from Contracts with Customers, there is a five-step approach to revenue recognition:
Step 1: Identify the contract(s) with a customer;
Step 2: Identify the performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 58
The Group has a single revenue stream, being the sale electricity from two Vietnam solar projects. Electricity is sold to
industrial customers under power purchase agreements. Revenue is recognised based on actual produced electricity,
which is the only performance obligation, at contractual rates. Revenue is presented net of value added tax (“VAT”),
rebates and discounts and after eliminating intra-group sales.
(n) Changes to accounting policies, disclosures, standards and interpretations
(i) New and amended standards adopted by the Group
The following new standards, amendments and interpretations are effective for the first time in these financial
statements. However, none has had a material impact on the financial statements:
(ii) New standards not yet adopted
There are no new International Financial Reporting Standards and Interpretations issued but not effective for the
reporting period ending 31 December 2024 that will materially impact the Group.
*Not yet endorsed in the UK
Standard
Effective date
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-
current
1 January 2024
Amendments to IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenants
1 January 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Lease Back
1 January 2024
Amendments to ISA 7 Statement of Cashflows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance
Arrangements
1 January 2024
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial information
1 January 2024
IFRS S2 Climate-related Disclosures
1 January 2024
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of Exchangeability
1 January 2025
Standard
Effective date
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Classification and
Measurement of Financial Instruments
1 January 2026
IAS 21 The Effects of Changes in Foreign Exchange Rates
1 January 2025
Annual Improvements to IFRS Standards – Volume 11
1 January 2026
Amendments to IFRS 9 and IFRS 7: Contracts referencing nature-dependent electricity
1 January 2026
IFRS 19 Subsidiaries without Public Accountability Disclosures
1 January 2027
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
1 January 2024*
IFRS S2 Climate-related Disclosures
1 January 2024*
IFRS 18 Presentation and Disclosure in Financial Statements
1 January 2027*
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 59
NOTE 4: SEGMENT INFORMATION
The Group’s reportable segments as described below are based on the Group’s geographic business units. This includes
the Group’s upstream gas operations in Italy, upstream gas and renewables operations in South East Asia, and the
corporate head office in the United Kingdom. This reflects the way information is presented to the Board of Directors.
Results from the Group’s Italian business which were sold in 2023 and classified as a discontinued operation in the 2023
financial results and included below as a comparative result. See note 19.
NOTE 5: GENERAL AND ADMINISTRATIVE EXPENSES
* A provision of $238,000 (2023: nil) was raised against the recoverability of the residual proceeds from the sale of the
Italian operations.
Italy
Asia
UK
Total
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
Revenue
-
–
297
235
-
–
297
235
Depreciation and amortisation
-
–
(87)
(78)
(5)
(10)
(92)
(88)
Interest expense
-
–
-
– (1,218) (3,508) (1,218) (3,508)
Share of loss of associates
-
–
-
–
-
(49)
-
(49)
Segment loss before tax from continuing
operations
-
– (19,417)
(599) (1,940) (4,448) (21,357) (5,047)
Segment profit / (loss) before tax from
discontinued operations
-
6,738
-
–
-
–
-
6,738
Italy
Asia
UK
Total
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
31
December
2024
US$’000
31
December
2023
US$’000
Segment assets
-
-
4,675
21,588
1,063
3,283
5,738
24,871
Segment liabilities
-
- (1,996)
(152) (31,767) (31,835) (33,763) (31,987)
31 December
2024
US$’000
31 December
2023
US$’000
Employee benefits expense (note 6)
826
1,242
Business development
495
640
Corporate and compliance costs
449
508
Investor and public relations
113
99
Doubtful debt expense (note 11)*
238
-
G&A – Duyung venture
153
314
Other G&A
141
197
Share-based payments (note 22)
97
303
2,512
3,303
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 60
Auditor’s remuneration
Services provided by the Group’s auditor and its associates
During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company’s
auditor and its associates:
NOTE 6: STAFF COSTS AND DIRECTORS’ EMOLUMENTS
The highest paid Director received aggregate cash emoluments of $141k (2023: $359k) as disclosed in the Directors’
Remuneration Report on pages 26 to 28.
31 December
2024
US$’000
31 December
2023
US$’000
Fees payable to the Company’s auditor for the audit of the Parent Company and consolidated
financial statements
65
69
Group
Staff costs
31 December
2024
US$’000
31 December
2023
US$’000
Wages and salaries
433
435
Contracted staff
27
116
Pensions and other benefits
18
24
Social security costs
54
61
Share-based payments (note 22)
97
80
Total employee benefits
629
716
Average number of employees from continuing operations
(excluding Directors)
3
3
Group
Directors’ emoluments
31 December
2024
US$’000
31 December
2023
US$’000
Wages and salaries
263
537
Pensions and other benefits
-
-
Social security costs
30
69
Share-based payments (note 22)
-
223
Total employee benefits
293
829
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 61
NOTE 7: FINANCE INCOME/EXPENSE
Interest of borrowings consists of accrued interest on the Eurobond, the convertible loan note and the EPC loan (see
note 16).
NOTE 8: INCOME TAX
Income tax
Group
Finance income
31 December
2024
US$’000
31 December
2023
US$’000
Interest income
-
1
Foreign exchange gain
2,582
1,044
Total finance income
2,582
1,045
Group
Finance expense
31 December
2024
US$’000
31 December
2023
US$’000
Interest on borrowings
1,218
3,508
Other finance charges
61
4
Foreign exchange loss
1,119
737
Total finance expense
2,398
4,429
Group
31 December
2024
US$’000
31 December
2023
US$’000
Deferred tax
-
-
Current tax
-
-
Total tax expense
-
-
Income tax expense is attributable to:
Loss from discontinued operations
-
-
-
-
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 62
Numerical reconciliation of income tax result recognised in the statement of comprehensive income to tax
benefit/expense calculated at the Group’s statutory income tax rate is as follows:
Deferred tax
No DTA in respect of carried forward tax losses has been recognised in respect of any Group company due to doubt about
the availability of future profits in these companies. Total unrecognised losses (gross) in respect of continuing operations
are US$97m (2023: US$30m). Unrecognised losses (gross) relating to discontinued operations total US$Nil (2023: Nil).
NOTE 9: EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year.
Group
31 December
2024
US$’000
31 December
2023
US$’000
Loss from continuing operations before tax
(21,336)
(5,047)
Profit from discontinued operations before tax
-
6,738
Total profit/(loss) before tax
(21,336)
1,691
Income tax credit/(charge) using the Group’s blended tax rate of 23.9% (2023: 25.5%)
5,334
(432)
Non-deductible expenses
(4,282)
(337)
Non-taxable income
-
1,771
Deferred tax expense
-
-
Prior year adjustment
-
(94)
Tax losses utilised
-
-
Special excess profit tax – Italy
-
-
Effect of subsidiary undertaking disposed
-
64
Current year losses and temporary differences for which no deferred tax asset
was recognised
1,043
(972)
Income tax benefit/(expense)
(9)
-
31 December
2024
US$’000
31 December
2023
US$’000
Result for the year
Total loss for continuing operations for the year attributable to equity
shareholders
(21,366)
(5,047)
Weighted average number of shares
2,866,858,784
2,613,849,015
Basic and diluted loss per share from continuing operations (US$)
(0.007)
(0.002)
Total profit for discontinued operations for the year attributable to equity
shareholders
-
6,738
Basic earnings per share from discontinued operations (US$)
-
0.0025
Diluted earnings per share from discontinued operations (US$)
-
0.0024
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 63
Diluted loss per share from continuing operations for the current and comparative period is equivalent to basic loss per
share since the effect of all dilutive potential Ordinary Shares is anti-dilutive. Diluted profit per share from discontinued
operations for the current and comparative period includes the potential dilutive effect of all share options and
warrants that were “in the money” as at 31 December 2024, being 68,603,712 options. The potential dilutive shares
includes options issued to Directors and management (note 22).
NOTE 10: INVENTORY
Inventory represents the Group’s share of inventory held by the Duyung PSC, which is mainly comprised of drilling spares.
Following on from the impairment of the Duyung PSC, the value of this inventory has been written down.
NOTE 11: TRADE AND OTHER RECEIVABLES
During the year other receivables relating to the residual proceeds receivable on the sale of the Italian operations of
$238,000 (2023: nil) was written down leaving a nil value (2023: $780,000) as at the end of the year under review.
During the year $269,000 (2023: nil) of intercompany receivables in relation to Duyung PSC were written off as part of
the impairment review (see note 20).
Group
31 December
2024
US$’000
31 December
2023
US$’000
Inventory – Duyung PSC
-
35
-
35
Group
31 December
2024
US$’000
31 December
2023
US$’000
Current:
Trade receivables
28
38
Indirect taxes receivable
292
180
Other receivables
7
1,133
Prepayments and accrued income
28
48
355
1,399
Company
31 December
2024
US$’000
31 December
2023
US$’000
Current:
Indirect taxes receivable
26
42
Other receivables
31
346
Intercompany receivables
3,664
3,759
Prepayments
28
43
3,749
4,190
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 64
NOTE 12: PROPERTY, PLANT AND EQUIPMENT
Reconciliation of the carrying amounts for each class of property, plant and equipment are set out below:
Additions to solar assets for the year consist of operational sites under the MWG contract of which $780,000 was paid
by the Company and $890,000 under the EPC loan. Reclassifications relate to VAT recoverable in Vietnam that had
previously been capitalised.
Group
31 December
2024
US$’000
31 December
2023
US$’000
Office furniture and equipment
3
8
Solar assets
3,257
1,672
3,260
1,680
Group
31 December
2024
US$’000
31 December
2023
US$’000
Office furniture and equipment:
Carrying amount at beginning of year
8
3
Additions
1
7
Depreciation expense
(5)
(3)
Effect of foreign exchange
0
1
Carrying amount at end of year
3
8
Group
31 December
2024
US$’000
31 December
2023
US$’000
Solar assets:
Carrying amount at beginning of year
1,672
1,851
Additions
1,670
4
Reclassifications
-
(89)
Depreciation expense
(87)
(78)
Effect of foreign exchange
2
(16)
Carrying amount at end of year
3,257
1,672
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 65
Reconciliation of the carrying amounts for each class of property, plant and equipment are set out below:
NOTE 13: INTANGIBLE ASSETS
Reconciliation of the carrying amounts for each material class of intangible assets are set out below:
Exploration and evaluation assets relate to the Group’s interest in the Duyung PSC. Post the year under review, the
Company announced a sale agreement for its 15% interest in the Duyung PSC to West Natuna Exploration Ltd ("WNEL"),
a subsidiary of Conrad Asia Energy Ltd ("Conrad"). Under this agreement all outstanding cash calls made upon the Group,
including the $430,000 of exploration and evaluation assets, would be settled for a one-off payment of $300,000 and the
Group will be released from any obligation to pay future cash calls. The sale plan also sets out a consideration price of an
initial 500,000 share in Conrad with a value of approximately $225,000, with a further $750,000 shares in Conrad to be
delivered to the Company within 45 days of first commercial production. This sale plan is well below the carrying value of
Company
31 December
2024
US$’000
31 December
2023
US$’000
Office furniture and equipment
2
7
2
7
Company
31 December
2023
US$’000
31 December
2022
US$’000
Office furniture and equipment:
Carrying amount at beginning of year
7
3
Additions
-
7
Depreciation expense
(5)
(3)
Carrying amount at end of year
2
7
Group
31 December
2024
US$’000
31 December
2023
US$’000
Exploration and evaluation assets
225
18,731
Intangible development assets
778
579
Goodwill
864
880
1,867
20,190
Group
31 December
2024
US$’000
31 December
2023
US$’000
Exploration and evaluation assets:
Carrying amount at beginning of year
18,731
17,707
Additions
430
1,024
Impairment
(18,936)
-
Carrying amount at end of year
225
18,731
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 66
the exploration and evaluation asset of USD18.9m. Duyung PSC was assessed under IFRS 5 Held for Sale as at 31 December
2024 and management considered the requirements of IFRS in respect to the year end classification and concluded that
the criteria were not met at year end and it was determined that the sale plan originated after the end of the financial
year under review and that there was no active search for a buyer at that time. However, indicators of impairment existed
in that sufficient data exists to suggest that although a development is likely to proceed, the carrying value of exploration
and evaluation assets exceeded the recoverable value of these assets. The best estimate of fair value was determined by
referencing the post year end sale plan, being $225,000.
Intangible development assets comprise additions related to expenditure directly attributable to the design and
development of identifiable and unique renewables projects controlled by the Group in the Philippines.
Goodwill relates to the acquisition of an additional 8% economic interest the Coro Clean Energy Philippines Inc.’s
renewables operations in the Philippines. No impairment of goodwill was noted following testing performed at 31
December 2024.
Group
31 December
2024
US$’000
31 December
2023
US$’000
Intangible development assets :
Carrying amount at beginning of year
579
428
Additions
230
138
Effect of foreign exchange
(32)
13
Carrying amount at end of year
777
579
Group
31 December
2024
US$’000
31 December
2023
US$’000
Goodwill:
Carrying amount at beginning of year
880
754
Recognised on acquisition
-
144
Effect of foreign exchange
(16)
(18)
Carrying amount at end of year
864
880
Company
31 December
2024
US$’000
31 December
2023
US$’000
Software:
Carrying amount at beginning of year
-
7
Depreciation expense
-
(7)
Carrying amount at end of year
-
-
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 67
NOTE 14: INTERESTS IN OTHER ENTITIES
Duyung PSC
The Group’s wholly owned subsidiary, Coro Energy Duyung (Singapore) Pte Ltd, is the owner of a 15% interest in the
Duyung Production Sharing Contract (“PSC”).
The Duyung PSC partners have entered into a Joint Operating Agreement (“JOA”), which governs the arrangement.
Through the JOA, the Group has a direct right to the assets of the venture, and direct obligation for its liabilities.
Accordingly, Coro accounts for its share of assets, liabilities and expenses of the venture in accordance with the IFRSs
applicable to the particular assets, liabilities and expenses.
The operator of the venture is West Natuna Exploration Ltd (“WNEL”). WNEL is a company incorporated in the British
Virgin Islands and its principal place of business is Indonesia.
Coro Renewables VN1 Joint Stock Company
In October 2021, a binding shareholder agreement was signed with VPE and the Group acquired an 85% interest in the
newly incorporated Vietnamese company, Coro Renewables VN1 Joint Stock Company, which owns 100% of Coro
Renewables VN2 Company Limited, which in turn owns 100% of Coro Renewables Vietnam Company Limited.
NOTE 15: TRADE AND OTHER PAYABLES
Trade payables consisted of increases in payables in the UK as the Company managed its liquidity ahead of the equity
fund raise on 5 February 2025.
Group
31 December
2024
US$’000
31 December
2023
US$’000
Current
Trade payables
444
123
Other payables
38
40
Accrued expenses
32
243
Joint operations payables
802
254
1,316
660
Company
31 December
2024
US$’000
31 December
2023
US$’000
Current
Trade payables
471
109
Accrued expenses
15
209
486
318
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 68
NOTE 16: BORROWINGS
Eurobond
In 2019, the Group issued €22.5m three-year Eurobonds with attached warrants to key institutional investors. The bonds
were issued in two equal tranches A and B, ranking pari passu, with Tranche A paying a 5% cash coupon annually in arrears,
and Tranche B accruing interest at 5% per annum payable on redemption.
The Eurobonds were due to mature on 12 April 2022 at 100% of par value plus any accrued and unpaid coupon. Bond
subscribers were issued with 41,357,500 warrants to subscribe for ten new Ordinary Shares in the Company at an exercise
price of 4p per share at any time over the three-year term of the bonds. An additional 6,000,000 warrants were issued to
the firm subscriber Lombard Odier Asset Management (Europe) Limited and underwriter Pegasus Alternative Fund Ltd.
All warrants related to the Eurobonds expired in April 2022 and none were exercised.
The bonds were initially recognised at fair value and subsequently are recorded at amortised cost, with an average
effective interest rate of 18.10%.
In March and April 2022 respectively, the tranche B Noteholders and Tranche A Noteholders approved the extension of
the maturity of the bonds by two years to 12 April 2024 with an increase in the coupon to 10% accrued annually and
payable in cash on redemption. In addition, the Company undertook to the Noteholders that in the event of a sale of the
Company’s interest in the Duyung PSC to utilise the net cash proceeds of such disposal(s) to first repay the capital and
rolled up interest on the Notes and thereafter to distribute 20% of remaining net proceed(s) to Noteholders. The
remaining net proceeds of any sales would be retained and/or distributed to shareholders by the Company.
The restructured bonds were initially recognised at fair value and subsequently are recorded at amortised cost, with an
average effective interest rate of 12.10%. The contingent payment upon the sale of the Company’s interest in the Duyung
PSC has not been considered in the estimate of the effective interest rate as it meets the definition of a contingent liability
(note 23).
Since the interest quarter expiring on 12 July 2022, Noteholders had the option to demand quarterly interest payments
in newly issued ordinary shares of the Company. This election was made for the quarters ended 12 January 2023 and 12
Group
31 December
2024
US$’000
31 December
2023
US$’000
Current
Eurobond
30,362
31,327
Convertible loan note
888
-
EPC loan
1,196
-
32,446
31,327
Company
31 December
2024
US$’000
31 December
2023
US$’000
Current
Eurobond
30,362
31,327
Convertible loan note
888
-
31,250
31,327
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 69
April 2023 (2022: election was made for the quarter ended 12 October 2022) and the quarterly interest was settled in
shares. After this date shareholder approval for the issuance of further shares in the Company as satisfaction of interest
charges expired and all interest accrued since this date remains accrued and unpaid and included in the balance above.
On 12 April 2024 the Company received a binding Standstill Letter which provided a conditional standstill on the
repayment of the Company's debt obligations at the time of maturity whilst the ongoing constructive discussions with the
Company in respect of the Eurobonds continued and whilst certain inflexion points in the business materialised, including
the outcome of the Duyung Operator's farm out process. Under the Standstill Letter the calculation and accruing of
interest will also came to a standstill.
Post the year under review, the company announced that on 5 February 2025 at a meeting of the bondholders a single
resolution to deem the repayment of 75% of the outstanding principal and accrued interest with the remaining 25% of
the outstanding amount being converted to 311,617,085 new ordinary shares was approved by the bondholders.
Convertible Loan Note
On the 15 August 2024 the Company entered into a 6-month convertible loan agreement for $500,000. Should the
Company decide not to repay in cash or default on the Loan, then the Loan is convertible, together with accrued
interest, at the discretion of the Lenders, into such number of new Ordinary shares of the Company as is the higher of:
(a) 946,063,400 Ordinary Shares, being the number of Ordinary Shares permitted to be issued pursuant to the authority
provided by shareholders at the Company's Annual General Meeting in April 2024; and (b) such number of Ordinary Shares
calculated by dividing the total amount drawn down under the Loan by the price per Ordinary Share at which the Company
may raise equity funds in the next six months. The 6-month term Loan attracts an annualised coupon of 40% (20% for the
6-month term), payable on the amount of the Loan drawn down, and is secured on the shares of Coro Asia Renewables
Limited, the holding company for the Company's renewables business in the Philippines.
On 6 November 2024 the Company increased the loan by an additional USD250,000 bringing the total of the principal of
the loan to USD750,000. No other changes were made to the original loan agreement of 15 August 2024.
Post the year under review, on 3 April 2025 the convertible loan note principal and accrued interest was repaid in full.
EPC Loan
On 30 July 2024, the Company announced that the first 10 pilot sites (of an estimated 900 sites) are now operational and
revenue generating under the 14 year Power Purchase Agreement ("PPA") in Vietnam with Mobile World Group ("MWG").
On 27 August 2024, the Company (via one of its Vietnam-domiciled subsidiaries) has signed a second binding 14 year PPA
in Vietnam with MWG to deliver power at the next 30 sites with a capacity of circa 1MW. The terms of the PPA are
consistent with those of the pilot sites. The Company has also signed an EPC contract for these sites and agreed upon
payment arrangements with the EPC provider which will in effect provide deferred payment terms for 85% of the EPC
costs.
On 25 September 2024, the Company signed a further 14 year PPA with MWG for the next 50 sites with a capacity of circa
1.9MW. To facilitate the construction of these sites, the Company has also entered into an EPC contract with the EPC
provider which will in effect provide deferred payment terms, with repayment due in June 2025, for 85% of the EPC costs.
At the end of the year under review the EPC loan balance was $1.196m consisting of $1.153m of principle and $43k of
accrued interest.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 70
Net debt reconciliation
An analysis of net debt and the movements in net debt for each of the years presented is shown below:
NOTE 17: SHARE CAPITAL AND SHARE PREMIUM
Group
31 December
2024
US$’000
31 December
2023
US$’000
Cash and cash equivalents
256
1,095
Borrowings
(32,446)
(31,327)
Net debt
(32,190)
(30,232)
Cash and cash
equivalents
US$’000
Eurobond
US$’000
Convertible loan
note
US$’000
EPC loan
US$’000
Total
US$’000
Net debt as at 1 January 2023
166
(28,183)
-
-
(28,017)
Cashflows
980
-
-
-
980
Eurobond amortisation
-
(2,107)
-
-
(2,107)
Effects of foreign exchange
(51)
(1,037)
-
-
(1,088)
Net debt as at 31 December 2023
1,095
(31,327)
-
-
(30,232)
Cashflows
(833)
-
(750)
-
(1,583)
Non-cash debt amounts
-
-
(25)
(1,153)
(1,178)
Debt interest / amortisation
-
(1,062)
(113)
(43)
(1,218)
Effects of foreign exchange
(6)
2,027
-
-
2,021
Net debt as at 31 December 2024
256
(30,362)
(888)
(1,196)
(32,190)
Number
000s
Nominal
value
US$’000
Share premium
US$’000
Total
US$’000
As at 1 January 2024
2,866,859
3,826
51,762
55,588
Share issuance during the period
-
-
-
-
Closing balance at 31 December 2024
2,866,859
3,826
51,762
55,588
Number
000s
Nominal
value
US$’000
Share premium
US$’000
Total
US$’000
As at 1 January 2023
2,339,977
3,184
50,862
54,046
Shares issued during the period:
Share issuance for Eurobond interest
486,882
594
804
1,398
Share issuance for 8% increase in Philippines investment
40,000
48
96
144
Closing balance at 31 December 2023
2,866,859
3,826
51,762
55,588
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 71
All Ordinary Shares are fully paid and carry one vote per share and the right to dividends. In the event of winding up the
Company, Ordinary shareholders rank after creditors. Ordinary Shares have a par value of £0.001 per share. Share
premium represents the issue price of shares issued above their nominal value. As at the date of these financial
statements, the Company no unused authority to issue any new Ordinary Shares.
No dividends were paid or declared during the current period (2022: nil).
Issue of ordinary shares
There were no issues of ordinary shares during 2024.
NOTE 18: RESERVES
Other reserves
Share-based payments reserve
The increase in share-based payments reserve is attributable to the current period charge relating to options issued to
Directors and management of the Company, which was US$97k (2023: US$303k). US$2.3m (2023: nil) share options
lapsed during the year and were recycled to accumulated losses.
Functional currency translation reserve
The translation reserve comprises all foreign currency differences arising from translation of the financial position and
performance of the Parent Company and certain subsidiaries, which have a functional currency different to the Group’s
presentation currency of USD. The total gain on foreign exchange recorded in other reserves for the year was US$361k
(2023: US$3,339k loss).
NOTE 19a: DISPOSAL OF SUBSIDIARY
In August 2022 the Group entered into an option agreement with Zodiac Energy plc (“Zodiac”) whereby Zodiac acquired
the right to acquire 100% of the issued share capital of CEL for a total consideration of up to €7.5 million (the “Option
Agreement”), which included up to an aggregate of €1.5 million through a 10% net profit interest (“NPI”). As announced
by the Company on 24 August 2022, Zodiac paid a non-refundable deposit of €0.3 million, which was recognised as income
in the 2022 financial period, with a further €5.7 million to be paid in cash on completion and further contingent NPI
payments. Additionally, Zodiac was liable to pay a working capital adjustment to the Group for the net working capital as
at the completion date which as at 31 December 2023 totalled US$472k (see note 21), and the Company was liable to
discharge certain tax obligations in Italy at completion. A definitive sale and purchase agreement (“SPA”) was executed
on 27 March 2023 and the disposal completed on 8 November 2023. From this date CEL ceased to be consolidated as a
group company.
During the 2024 financial year the Company received $736,000 of the residual value of proceeds which included the 12
June 2024 agreement to accelerate the next 9 payments for a 22% discount on those payments. As at 31 December 2024
the residual proceeds receivable in relation to the sale of the Italian operations was $298,000 (2023: $780,000, however
a provision of $298,000 (2023: nil) was raised against the recoverability of these residual proceeds.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 72
NOTE 19b: DISPOSAL OF INVESTMENT IN ASSOCIATED COMPANY
On 24 August 2023, the Company completed the disposal of its 18.76% shareholding in IVHL to a privately owned entity
based in USA.
Cash consideration was £1.25m of which £1m ($1.286m) paid on completion and the remaining £250,000 ($314,000) was
received by 11 April 2024. The original shareholding had been acquired for £500,000 ($662,000) in 2020. This resulted in
a gain on disposal of $1.3m.
NOTE 20: INVESTMENT IN, AND LOANS TO, SUBSIDIARIES
The impairment of investment in subsidiaries relates to Company’s interest in the Duyung PSC. Post the year under review,
the Company announced a sale plan for its 15% interest in the Duyung PSC to West Natuna Exploration Ltd, a subsidiary
of Conrad Asia Energy Ltd. The sale plan set out a consideration price of an initial 500,000 share in Conrad with a value of
approximately US$225,000, with a further US$750,000 shares in Conrad to be delivered to the Company within 45 days
of first commercial production, which is well below the carrying value of the investment in Duyung PSC. As such
management considered that indicators of impairment existed in that sufficient data exists to suggest that although a
development is likely to proceed, but that the full carrying value of investment in Dyung PSC will not be recovered and
was impaired by $16.9m to a year end balance of $225,000 (see note 13).
In January 2023 the Company increased its entitlement to future dividends from the Philippines projects held by Coro
Clean Energy Philippines Inc. from 80% to 88% under a restructuring agreement. The consideration paid consisted of
$102,000 in cash and 375,000 new ordinary shares in the Company valued at $2,000.
On 8 November 2023, the Company sold its interest in its Italian operations via the sale of CEL (note 19a). The carrying
value of CEL was Nil as at the disposal date. Previously reported related parties with respect to CEL have therefore been
removed from the table below.
Company
2024
US$’000
2023
US$’000
Cost
At 1 January
52,518
52,374
Additions
104
144
At 31 December
52,622
52,518
Accumulated impairment
At 1 January
(33,298)
(33,298)
Impairment
(16,918)
–
At 31 December
(50,216)
(33,298)
Impact of foreign exchange
(972)
(537)
Net book value
At 31 December
1,434
18,683
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 73
The Company’s subsidiary undertakings at the date of issue of these financial statements are set out below:
Name
Incorporated
Principal activity
% owned
Registered address
Coro Energy Asia Limited* England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, Leeds,
England LS1 5AB
Coro Energy Holdings Cell A
Limited
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, Leeds,
England LS1 5AB
Coro Energy (Singapore)
Pte Ltd*
Singapore
Holding company
100%
80 Robinson Road #02-00, Singapore
068898
Coro Energy Bulu
(Singapore) Pte Ltd*
Singapore
Holding company
100%
80 Robinson Road #02-00, Singapore
068898
Coro Energy Duyung
(Singapore) Pte Ltd*
Singapore
Exploration and development
company
100%
80 Robinson Road #02-00, Singapore
068898
Coro Asia Renewables Ltd† Scotland
Holding company
100%
12 Traill Drive, Montrose
DD10 8SW, Scotland
Coro Clean Energy
Philippines Inc* #
Philippines
Exploration and development
company
40%
1008 The Infinity Tower, 26th Street,
Bonifacio Global City, Taguig City, Fourth
District, National Capital Region,
Philippines, 1634.
Coro Philippines Project
109 Inc*
Philippines
Exploration and development
company
39.98%
1008 The Infinity Tower, 26th Street,
Bonifacio Global City, Taguig City, Fourth
District, National Capital Region,
Philippines, 1634
Coro Philippines Project
121 Inc*
Philippines
Exploration and development
company
39.98%
1008 The Infinity Tower, 26th Street,
Bonifacio Global City, Taguig City, Fourth
District, National Capital Region,
Philippines, 1634
Coro Philippines Project
128 Inc*
Philippines
Exploration and development
company
39.98%
1008 The Infinity Tower, 26th Street,
Bonifacio Global City, Taguig City, Fourth
District, National Capital Region,
Philippines, 1634
Coro Clean Energy Ltd
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, Leeds,
England LS1 5AB
Coro Clean Energy Vietnam
Ltd*
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, Leeds,
England LS1 5AB
Coro Renewables VN1 Joint
Stock Company*
Vietnam
Holding company
92.5%
136 – 138 Vanh Dai Tay, Town 4, An Khanh
Ward, Thu Duc City, Ho Chi Minh City,
Vietnam
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 74
*
Indirectly held.
†
Formerly Global Energy Partnership Limited, acquired on 17 March 2021.
#
The Group has 80% economic interest and management’s judgement is that Company controls this entity
I
The following subsidiaries are exempt from audit for the 2024 financial year under s477 of the Companies Act 2006: Coro
Clean Energy Limited, Coro Energy Asia Limited, Coro Energy Holdings Cell A Limited, Coro Clean Energy Vietnam Limited,
and Coro Asia Renewables Limited.
Loans to and from subsidiaries
Loans to subsidiaries comprise advances to and from Coro Energy Holdings Cell A Limited and Coro Clean Energy Vietnam
Limited which are unsecured, interest free and are repayable on demand. Following the decision to impair the investment
in Duyung PSC the loans to and from Coro Energy Holdings Cell A Limited were written off in full.
Coro Renewables VN2
Company Ltd*
Vietnam
Holding company
92.5%
136 – 138 Vanh Dai Tay, Town 4, An Khanh
Ward, Thu Duc City, Ho Chi Minh City,
Vietnam
Coro Renewables Vietnam
Company Ltd*
Vietnam
Exploration and development
company
92.5%
136 – 138 Vanh Dai Tay, Town 4, An Khanh
Ward, Thu Duc City, Ho Chi Minh City,
Vietnam
Company
2023
US$’000
Loans to subsidiaries
1,665
Loans from subsidiaries
(5,267)
Net loans at 31 December 2023
(3,602)
2024
Additional loans to subsidiaries
774
Additional loans from subsidiaries
(736)
Write down of loans to subsidiaries
(1,679)
Write down of loans from subsidiaries
5,797
Effects of foreign exchange
36
Net loans at 31 December 2024
590
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 75
NOTE 21: FINANCIAL INSTRUMENTS
Carrying amount versus fair value
The fair values of financial assets and financial liabilities, together with the carrying amounts in the consolidated
statement of financial position, are as follows:
31 December 2024
31 December 2023
31 December 2024
Group
Carrying amount
US$’000
Fair value
US$’000
Financial assets
Trade receivables (current and non-current)
34
34
Cash and cash equivalents
256
256
Financial liabilities
Trade and other payables
1,317
1,317
Borrowings (current and non-current)
32,446
32,446
Group
Carrying amount
US$’000
Fair value
US$’000
Financial assets
Trade receivables (current and non-current)
1,335
1,335
Other financial assets > 1 year
472
472
Cash and cash equivalents
1,095
1,095
Financial liabilities
Trade and other payables
660
660
Borrowings (current and non-current)
31,327
31,327
Company
Carrying amount
US$’000
Fair value
US$’000
Financial assets
Trade and intercompany receivables (current and non-current)
3,724
3,724
Cash and cash equivalents
156
156
Financial liabilities
Trade and other payables
486
486
Borrowings (current and non-current)
31,244
31,224
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 76
31 December 2023
Determination of fair values
All the Group’s financial instruments are carried at amortised cost. The carrying value of trade and other receivables, cash
and cash equivalents and trade and other payables approximates their fair value. Borrowings comprises the Group’s
Eurobond, which is listed on the Luxembourg Stock Exchange.
Financial risk management
Exposure to credit, market and liquidity risks arise in the normal course of the Group’s business.
This note presents information about the Group’s exposure to each of the above risks, their objectives, policies and
processes for measuring and managing risk, and the management of capital.
Risk recognition and management are viewed as integral to the Group’s objectives of creating and maintaining
shareholder value, and the successful execution of the Group’s strategy. The Board as a whole is responsible for oversight
of the processes by which risk is considered for both ongoing operations and prospective actions. In specific areas, it is
assisted by the Audit Committee.
Management is responsible for establishing procedures that provide assurance that major business risks are identified,
consistently assessed and appropriately addressed.
(i) Credit risk
The Group is exposed to credit risk on its cash and cash equivalents and trade and other receivables. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset as shown in the table above and in
note 19.
Credit risk with respect to cash is reduced through maintaining banking relationships with financial intermediaries with
acceptable credit ratings. All banks with which the Group has a relationship have an investment grade credit rating and a
stable outlook, according to recognised credit rating agencies.
The Group undertakes credit checks for all material new counterparties prior to entering into a contractual relationship.
(ii) Market risk
Interest rate risk
The Group is primarily exposed to interest rate risk arising from cash and cash equivalents that are interest bearing. The
Group’s Eurobond bears interest at a fixed rate. Interest rate risk is currently not material for the Group.
Company
Carrying amount
US$’000
Fair value
US$’000
Financial assets
Trade and intercompany receivables (current and non-current)
4,190
4,190
Cash and cash equivalents
573
573
Financial liabilities
Trade and other payables
3,920
3,920
Borrowings (current and non-current)
31,237
31,237
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 77
Currency risk
The Group operates internationally and is exposed to foreign exchange risk. Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the functional
currency of the relevant Group entity.
The Group’s and Company’s exposure to foreign currency risk at the end of the reporting period is summarised below.
All amounts are presented in US Dollar equivalent.
Group
2024
US$’000
USD
2024
US$’000
SGD
2024
US$’000
PHP
2024
US$’000
VND
2024
US$’000
GBP
2024
US$’000
EUR
2023
US$’000
USD
2023
US $’000
EUR
Trade and other receivables
15
-
-
207
40
-
27
798
Other financial assets > 1 year
-
-
-
-
-
-
-
472
Cash and cash equivalents
198
-
21
21
15
1
397
1
Trade and other payables
(908)
(40)
(4)
46
(517)
-
(284)
-
Borrowings (current and non-
current)
(888)
-
-
(1,196)
-
(30,241)
-
(31,327)
Net exposure
(1,583)
(40)
17
(922)
(462)
(30,240)
140
(30,056)
Sensitivity analysis
As shown in the table above, the Group is exposed to changes in USD exchange rate. The table below shows the impact
in USD on pre-tax profit and loss of a 10% increase/decrease in exchange rates, holding all other variables constant:
Group
2024
US$’000
USD
2024
US$’000
SGD
2024
US$’000
PHP
2024
US$’000
VND
2024
US$’000
GBP
2024
US$’000
EUR
2023
US$’000
USD
2023
US $’000
EUR
Net exposure
(1,579)
(40)
17
(921)
(462) (30,240)
140 (30,056)
10% strengthening of currency to
USD rate
-
4
(2)
92
46
3,024
-
2,820
10% weakening of currency to USD
rate
-
(4)
2
(92)
(46) (3,024)
- (2,820)
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 78
Company
2024
US$’000
USD
2024
US$’000
SGD
2024
US$’000
PHP
2024
US$’000
VND
2024
US$’000
GBP
2024
US$’000
EUR
2023
US$’000
USD
2023
US $’000
EUR
Trade and other receivables
-
-
-
-
85
-
3,440
31
Inter-company loans
2,274
-
-
-
-
-
2,274
-
Cash and cash equivalents
140
-
-
-
15
1
140
1
Loans to subsidiaries
-
-
Trade and other payables
(3)
-
-
-
(399)
(84)
(2,398) (2,643)
Borrowings (current and non-
current)
(888)
-
-
-
-
(30,241)
- (31,327)
Net exposure
1,523
-
-
-
(299)
(30,324)
3,456 (33,938)
Sensitivity analysis
As shown in the table above, the Company is exposed to changes in USD exchange rate. The table below shows the
impact in USD on pre-tax profit and loss of a 10% increase/decrease in exchange rates, holding all other variables
constant.
Company
2024
US$’000
USD
2024
US$’000
SGD
2024
US$’000
PHP
2024
US$’000
VND
2024
US$’000
GBP
2024
US$’000
EUR
2023
US$’000
USD
2023
US $’000
EUR
Net exposure
1,523
-
-
-
(299)
(30,324)
2,701 (33,938)
10% strengthening of currency to
USD rate
-
-
-
-
30
3,032
-
3,032
10% weakening of currency to
USD rate
-
-
-
-
(30)
(3,032)
-
(3,026)
(iii) Capital management
The Group’s policy is to maintain a strong capital base so as to maintain creditor confidence and to sustain future
development of the business, safeguard the Group’s ability to continue as a going concern and provide returns for
shareholders.
As explained further in note 16 and note 2c, the Group’s Eurobonds are due to mature in April 2024 at 100% of par value
plus any accrued and unpaid coupon.
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 79
(iv) Liquidity risk
The Group’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities
when due. Refer to the going concern statement in note 2c for further commentary.
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on their contractual
maturities. The amounts presented are the contractual undiscounted cash flows.
Group
31 December 2024
Less than
6 months
US$’000
6 to 12
months
US$’000
Between
1 and 2 years
US$’000
Between
2 and 7 years
US$’000
Total
contractual cash
flows
US$’000
Trade and other payables
1,317
-
-
-
1,317
Borrowings
32,446
-
-
-
32,446
Total
33,763
-
-
-
33,763
31 December 2023
Less than
6 months
US$’000
6 to 12
months
US$’000
Between
1 and 2 years
US$’000
Between
2 and 7 years
US$’000
Total contractual
cash flows
US$’000
Trade and other payables
660
-
-
-
660
Borrowings
-
31,327
-
-
31,327
Total
660
31,327
-
-
31,987
Company
31 December 2024
Less than
6 months
US$’000
6 to 12
months
US$’000
Between
1 and 2 years
US$’000
Between
2 and 7 years
US$’000
Total
contractual cash
flows
US$’000
Trade and other payables
486
-
-
-
486
Borrowings
31,250
-
-
-
31,250
Total
31,736
-
-
-
31,736
31 December 2023
Less than
6 months
US$’000
6 to 12
months
US$’000
Between
1 and 2 years
US$’000
Between
2 and 7 years
US$’000
Total contractual
cash flows
US$’000
Trade and other payables
3,920
-
-
-
3,920
Borrowings
-
31,327
-
-
31,327
Total
3,920
31,327
-
-
35,247
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 80
NOTE 22: SHARE-BASED PAYMENTS
Share options and warrants
The following equity settled share-based awards have been made under the Company’s discretionary share option plan.
All remaining unvested options vest after three years of continuous service with the Company and on condition that the
mid-market closing price per Coro ordinary share on the last day of the three year vesting period is equal to or higher than
0.46 pence per ordinary share for 2021 grants and higher than 0.43 pence per ordinary share for 2022 grants. Grants
issued in 2023 are exercisable once certain performance criteria have been met. Once vested, the Options may be
exercised at any time until the sixth anniversary of grant.
Options granted in 2023 are conditional upon a final investment decision having been taken by the partners to the Duyung
PSC or the successful sale of Coro’s interest in the Duyung PSC.
The fair value of services rendered in return for 2023 share options is based on the fair value of share options granted and
was measured using a Black Scholes model.
The inputs used in the measurement of the options granted during the year are summarised in the table below, with the
volatility estimate of 61% based on the Company’s historical volatility:
p – British pence.
The fair value of the options granted are spread over the vesting period. The amount recognised in the income statement
for the year ended 31 December 2024 was $97k (2023: US$303k). Furthermore, US$2.3m (2023: nil) share options lapsed
during the year and were recycled to accumulated losses.
During the year no options were granted.
31 December 2024
31 December 2023
Average exercise price
per option (pence) Number of options
Average exercise
price per option
(pence) Number of options
As at 1 January
0.15
221,013,166
1.03 193,013,166
Granted during the year
-
-
0.255
70,000,000
Expired during the year
4.38 (117,409,454)
4.38 (42,000,000)
Forfeited during the year
-
-
-
-
As at 31 December
0.15
103,603,712
0.15 221,013,166
Vested and exercisable at 31 December
-
-
-
-
February 2023
options
Fair value at grant date (p)
0.13
Share price at grant date (p)
0.24
Exercise price
0. 26
Expected volatility
61%
Option life
3 years
Risk-free interest rate (based on yield on five-year gilts)
3.2%
Expiry date
9 February 2028
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 81
NOTE 23: CONTINGENCIES AND COMMITMENTS
Commitments
Under the terms of the sale agreement of the Group’s 15% interest in Duyung PSC, approved by shareholders at a General
Meeting on 14 May 2025, the Group will make a one-off payment of $300,000 as final settlement of all outstanding joint
operations payables. Furthermore, the Group is released from any further obligation to fund future joint operation costs.
The Group had no committed work programmes in it Philippine or Vietnam operations at the reporting date.
Contingent liabilities
The Company has received a potential claim for fees in relation to services claimed to have been provided in relation to
the Company's 2024 convertible loan note and the recently completed fundraising and recapitalisation of the business.
The Company does not believe there is merit in the potential claim but in the event that a claim was commenced and the
party claiming the fees was ultimately successful then the Company could be in a position where it has to pay a material
amount of money for which it has currently made no provision.
NOTE 24: RELATED PARTY TRANSACTIONS
Key management personnel compensation
Key management personnel consists of the Directors of the Company and James Parsons, Ewen Ainsworth (CFO) (resigned
1 March 2024) and Michael Carrington (COO) (resigned 12 October 2024).
On 15 August 2024, the Company entered into a convertible loan agreement in which Tom Richardson, non-executive
chair of the Company, is also a director of Fenikso Limited being one of the providers of the loan. The independent
director of the Company, Harry Beamish, having consulted with the Company's nominated adviser, considers the terms
of the Loan to be fair and reasonable insofar as the Company's shareholders are concerned.
NOTE 25: SUBSEQUENT EVENTS
On 9 January 2025, the Company announced a proposed equity and share capital reorganisation to be considered by
shareholders at a General Meeting. Additionally, the Company announced a proposed redemption and conversion of the
Eurobonds to be considered by bondholders at a Bondholder Meeting.
On 16 January 2025, the Company announced that a further 47 sites (circa 1.4MW) installed under the Power Purchase
agreement signed with Mobile World Group (“MWG”) are operational and generating revenue. This brings the total
operational sites with MWG to 84 (circa 2.6MW).
On 5 February 2025, the Company announced the results of the General Meeting and Bondholder meetings. Shareholders
approved the share capital reorganisation whereby 100 Existing Ordinary Shares of 0.1 pence each in the issued share
capital of the Company will be consolidated into one Consolidated Share of 10 pence each, and an equity fundraising of
£2.1m. Furthermore, at a meeting of Bondholders, the bondholders approved the redemption of the Eurobonds whereby
all the principal and interest outstanding under the Bonds will be deemed to have been repaid in full with approximately
75% of the principal and all accrued interest written off and with the balance of the principal converted into 311,617,085
Bond Conversion Shares. As set out in note 23 the Company has received a potential claim for fees in relation to services
2024
US$’000
2023
US$’000
Short-term benefits
698
926
Share-based payments
97
303
Notes to the Financial Statements continued
Coro Energy plc Annual Report and Financial Statements 2024 | 82
claimed to have been provided in relation to this completed fundraising and recapitalisation of the business. The Company
does not believe there is merit in the potential claim but in the event that a claim was commenced and the party claiming
the fees was ultimately successful then the Company could be in a position where it has to pay a material amount of
money for which it has currently made no provision.
On 20 March 2025, the Company announced that it had signed a further addendum to the existing Power Purchase
Agreement with MWG to deliver power at the next 46 sites with construction commencing immediately.
On 10 April 2025, the Company announced that it had entered into an agreement in relation to the sale, by its wholly-
owned subsidiary Coro Energy Duyung (Singapore) Pte Ltd, of its 15% participating interest in the Duyung PSC to West
Natuna Exploration Ltd (“WNEL”), a subsidiary of Conrad Asia Energy Ltd. The terms of the agreement of the sale are
conditional, inter alia, on:
(i)
approval from Indonesia's Ministry of Energy and Mineral Resources and
(ii)
the approval of the terms of the Agreement by Shareholders of Coro at a general meeting
The terms of the Agreement provide for:
(i) the release of Coro Duyung from any obligation to pay existing or future cash calls;
(ii) a total cash consideration of US$300,000 to be paid by Coro to WNEL following Shareholder Approval. This
payment represents a US$477,000 saving on the amounts Conrad maintains is outstanding by Coro Duyung as at
the end of December 2024
(iii) following receipt of Government Approval, the issuance to the Company of 500,000 new ordinary shares at no
par value in Conrad. The Conrad Shares had a value of approximately US$225,000 based on the AU$0.75 closing
share price of Conrad on 9 April 2025; and
(iv) within 45 days of the first commercial production in respect of the Duyung PSC, the issue of further new ordinary
shares in Conrad ("Additional Conrad Shares") to Coro equal in value to US$750,000. To the extent that Conrad
or WNEL's interest in the Duyung PSC falls below 20% at that time, then such payment may be reduced dependent
on the extent of that reduction on interest.
On 14 May 2025, shareholders at a General Meeting approved the sale of the Group’s participating interest in the Duyung
PSC.
Coro Energy plc Annual Report and Financial Statements 2024 | 83
DIRECTORS AND ADVISORS
Company’s registered number
10472005
Directors
Tom Richardson
Harry De Courcy Beamish
Company Secretary
AMBA Secretaries Limited
Registered Office
c/o Pinsent Masons LLP, 1 Park Row, Leeds LS1 5AB
Nominated Advisor and Broker
Cavendish Capital Markets Limited
One Bartholomew Close, London EC1A 7BL
Independent Auditors
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London
E14 4HD
United Kingdom
Solicitors
Pinsent Masons LLP
1 Park Row
Leeds
LS1 5AB
United Kingdom
Broker
Hybridan
3rd floor, Moor Place,
1 Fore St Avenue London
EC2Y 9DT
United Kingdom
Share Registry
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
United Kingdom
PR
Vigo Consulting
78-9 Bond Street
London
W1S 1RZ
United Kingdom
Coro Energy plc Annual Report and Financial Statements 2024 | 84