Exhibit 99.1
Brooge Energy Limited
Unaudited Interim Condensed Consolidated Statement of Comprehensive Income
Period Ended June 30, 2024
(Figures in USD)
| June 30, 2024 | June 30, 2023 | |||||||
| (6 Months) | (6 Months) | |||||||
| Revenue | ||||||||
| Direct costs | ( | ) | ( | ) | ||||
| Gross profit | ||||||||
| Other income | ||||||||
| General and administration expenses | ( | ) | ( | ) | ||||
| Finance costs | ( | ) | ( | ) | ||||
| Changes in fair value of derivative financial instruments | ( | ) | ||||||
| Change in estimated fair value of derivative warrant liability | ||||||||
| (Loss) / profit for the period | ( | ) | ||||||
| Other comprehensive income | ||||||||
| Total comprehensive (loss) / income for the period | ( | ) | ||||||
| Basic and diluted earnings per share | ( | ) | ||||||
| Adjusted EBITDA | ||||||||
Brooge Energy Limited
Unaudited Interim Condensed Consolidated Statement of Financial Position
As at June 30, 2024
(Figures in USD)
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | ||||||||
| Restricted bank balance | ||||||||
| Trade accounts receivables | ||||||||
| Inventories | ||||||||
| Other receivable and prepayments | ||||||||
| Total Current Assets | ||||||||
| Non-Current Assets | ||||||||
| Restricted bank balance | ||||||||
| Property, plant and equipment | ||||||||
| Derivative financial instruments | ||||||||
| Advances to contractor | ||||||||
| Total Non-Current Assets | ||||||||
| Total Assets | ||||||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities | ||||||||
| Borrowings | ||||||||
| Trade and accounts payable | ||||||||
| Lease liabilities | ||||||||
| Derivative warrant liability | ||||||||
| Contract liabilities | ||||||||
| Other payables | ||||||||
| Total Current Liabilities | ||||||||
| Non-Current Liabilities | ||||||||
| Borrowings | ||||||||
| Lease liabilities | ||||||||
| Employees’ end of service benefits | ||||||||
| Asset retirement obligation | ||||||||
| Total Non-Current Liabilities | ||||||||
| Equity | ||||||||
| Share capital | ||||||||
| Share premium | ||||||||
| Statutory reserve | ||||||||
| Accumulated losses | ( | ) | ( | ) | ||||
| Shareholder’s account | ||||||||
| Total Equity Attributable to the Shareholders | ||||||||
| Total Liabilities and Equity | ||||||||
2
Brooge Energy Limited
Unaudited Interim Condensed Consolidated Statement of Cash Flows
Period Ended June 30, 2024
(Figures in USD)
| June 30, 2024 | June 30, 2023 | |||||||
| (6 Months) | (6 Months) | |||||||
| Cash Flows from Operating Activities | ||||||||
| (Loss) / profit for the period | ( | ) | ||||||
| Adjustments for: | ||||||||
| Depreciation of property, plant and equipment | ||||||||
| Interest on borrowings | ||||||||
| Interest on BIA litigation | ||||||||
| Interest on lease liabilities | ||||||||
| Provision for employees’ end of services benefits | ||||||||
| Changes in fair value of derivative financial instruments | ( | ) | ||||||
| Asset retirement obligation - accretion expense | ||||||||
| Expected credit losses of trade accounts receivables | ||||||||
| Change in estimated fair value of derivative warrant liability | ( | ) | ( | ) | ||||
| Write-off of trade accounts and other receivables | ||||||||
| Changes in operating assets and liabilities | ||||||||
| Increase in trade accounts receivables, other receivable and prepayments | ( | ) | ( | ) | ||||
| Decrease / (increase) in inventories | ( | ) | ||||||
| Decrease in trade and accounts payables | ( | ) | ( | ) | ||||
| Increase in contract liabilities | ||||||||
| Payment of employees’ end of services benefits | ( | ) | ( | ) | ||||
| Net cash flows from operating activities | ||||||||
| Cash Flows from Investing Activities | ||||||||
| Changes in restricted bank account | ||||||||
| Purchase of property, plant and equipment | ( | ) | ( | ) | ||||
| Net cash flows used in investing activities | ( | ) | ( | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Repayment of borrowings | ( | ) | ( | ) | ||||
| Interest paid on borrowings | ( | ) | ( | ) | ||||
| Payment of lease liabilities | ( | ) | ( | ) | ||||
| Net cash flows used in financing activities | ( | ) | ( | ) | ||||
| Net change in cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents at beginning of the period | ||||||||
| Cash and cash equivalents at end of the period | ||||||||
3