ECOSECURITIES GROUP PLC: Interim Results for the Six Months Ended 30 June 2007

EcoSecurities Group plc ("EcoSecurities”, or the "Company”) (LSE:ECO), one of the world’s leading companies in the business of sourcing, developing and trading carbon credits from greenhouse gas emission reduction projects, today announces its interim results for the six months ended 30 June 2007. Highlights Further progress in origination - Clean Development Mechanism ("CDM”) portfolio gross contract volume increased to 178 million CERs at 30 June 2007 a net increase of 22 million CERs or 14% since year end 2006. On a net entitlement basis, adjusting for contract type, the CER portfolio has grown by 29 million tonnes or 23% to 156 million tonnes at 30 June 2007. Significant project implementation progress - at 30 June 2007, 164 PDDs were completed, 164 projects had been submitted to validation, 97 had completed the validation process and 71 were registered with the CDM Executive Board. .These results were achieved despite the continuing challenges and delays related to the CDM project cycle. Of the 433 projects in the portfolio, 355 were financed, 127 were under construction and 149 were operational. 34 million CERs had been sold forward at 30 June 2007, representing expected total forward CER revenue of €410m and net trading margin of €181m through to 2013. During the period, the Group generated first half revenues of €5.6m driven by sales of CERs and the Group’s initial VER sales which, combined, totalled 90% of revenues. Strategic investment by Credit Suisse to underpin development of long term relationship with Credit Suisse's energy franchise. Current Trading and Outlook CDM portfolio gross contract volume increased to 185 million CERs at 5 September 2007 a net increase of 29 million CERs or 18.6% since year end 2006. In addition, the Group contracted projects expected to generate up to 6.8 million CERs, which have not yet been incorporated into the portfolio pending completion of a CDM due diligence process. On a net entitlement basis, the CER portfolio has grown to 163.3 million tonnes at 5 September 2007. At 5 September 2007, the number of projects submitted for validation had increased to 215. The post-2012 CDM portfolio gross contract volume increased to 109.6 million CERs at 5 September 2007 increased from 86 million CERs reported in May 2007. The post-2012 CDM portfolio volume relates to potential production of CERs from the Group’s projects after 2012 and is incremental to the CDM portfolio. The Group has built its global VER portfolio at 5 September 2007 to 4.3 million tonnes, further adding to its carbon credit volumes. As the Group grows and expands operations into new markets, it is in the process of adding to its senior management team. The Group’s cash balance as of 5 September 2007 was approximately €130m, which reflects proceeds of the Credit Suisse subscription in June and an institutional placing in July. Mark Nicholls, Chairman, commented: "EcoSecurities continued to make significant progress in the first half of 2007, and further strengthened its leadership position in the carbon markets. The Group continued to make progress in developing its CDM carbon credit portfolio and initiated new activities to expand into the voluntary carbon markets, the US market, project investments and secondary trading of CERs. The Group’s achievements during the period were enhanced by further development of the carbon markets and strengthening prices for carbon credits.” "The continued development of the carbon market and of the Group’s operations to date in 2007 gives the Board confidence for continued growth this year and beyond.” Analyst Meeting The Group is holding a meeting for analysts today at 0830 BST. Analysts wishing to attend should contact Ged Brumby at Citigate Dewe Rogerson on +44 (0)20 7638 9571 (ged.brumby@citigatedr.co.uk) for further details. Notes to Editors CDM = Clean Development Mechanism, the provision of the Kyoto Protocol that governs project level carbon credit transactions between developed and developing countries CER = Certified Emission Reduction, carbon credits created by Clean Development Mechanism projects. One CER corresponds to 1 tonne of CO2e emission reductions EU ETS = European Union Emissions Trading Scheme, a market based "cap and trade” system for green house gases adopted by the European Union member states EcoSecurities is one of the world's leading companies in the business of originating, developing and trading carbon credits. EcoSecurities structures and guides greenhouse gas emission reduction projects through the Kyoto Protocol, working with both project developers and buyers of carbon credits. EcoSecurities works with companies in developing and industrialising countries to create carbon credits from projects that reduce emissions of greenhouse gases. EcoSecurities has experience with projects in the areas of renewable energy, agriculture and urban waste management, industrial efficiency, and forestry. With a network of offices and representatives in 36 countries on five continents, EcoSecurities has amassed one of the industry's largest and most diversified portfolios of carbon projects. EcoSecurities also works with companies in the developed world to assist them in meeting their greenhouse gas emission compliance targets. Utilising its highly diversified carbon credit portfolio, EcoSecurities is able to structure carbon credit transactions to fit compliance buyers' needs, and has executed transactions with both private and public sector buyers in Europe, North America and Japan. Working at the forefront of carbon market development, EcoSecurities has been involved in the development of many of the global carbon market's most important milestones, including developing the world's first CDM project to be registered under the Kyoto Protocol. EcoSecurities' consultancy division has been at the forefront of significant policy and scientific developments in this field. EcoSecurities has been recognised as the world's leading greenhouse gas advisory firm over the last five years by reader surveys conducted by Environmental Finance Magazine. EcoSecurities Group plc is listed on the London Stock Exchange AIM (ticker ECO). Additional information is available at www.EcoSecurities.com. Chairman’s Statement EcoSecurities continued to make significant progress in the first half of 2007, and further strengthened its leadership position in the carbon markets. The Group continued to make progress in developing its CDM carbon credit portfolio and initiated new activities to expand into the voluntary carbon markets, the US market, project investments and secondary trading of CERs. The Group’s achievements during the period were enhanced by further development of the carbon markets and strengthening prices for carbon credits. To expand its core business and develop new markets, EcoSecurities completed a €100m equity financing with Credit Suisse and institutional investors in Europe and the United States during June and July. The strategic relationship with Credit Suisse is expected to provide opportunities for the Company and Credit Suisse to globally co-operate on a broad range of projects focusing on, but not limited to, carbon credit and emission reduction origination and trading. We believe the relationship represents a significant endorsement of the strength of EcoSecurities’ business, strategy and track record. External developments helped maintain a high profile for the problems of global warming and underline the opportunities in the carbon markets. Substantially tighter National Allocation Plans ("NAPS”) proposed for Phase II of the EU ETS, discussions on climate change at the G8 and pending legislation in the US, all bode well for continued attention to, and growth in, the carbon markets. Given the continued growth of the Group and its expansion plans both organically and through acquisition, EcoSecurities intends to add to its senior management team. As part of this, announced today, Claire Heeley, formerly Company Secretary of United Drug plc, assumes the role of Company Secretary based in Dublin with immediate effect. Ms. Heeley is a Chartered Accountant and had previously served with United Drug since 2002, and prior to that was with KPMG for several years. Also, the Group intends to appoint a number of experienced non-executive directors in due course to support the continued expansion of the business. The continued development of the carbon market and of the Group’s operations to date in 2007 gives the Board confidence for continued growth this year and beyond. Executive Directors’ Review for the six months ending 30 June 2007 The first half saw a further period of rapid growth and intensive development activity in the carbon market. The Group’s geographic reach and depth of expertise enabled it to grow its CER portfolio by 22 million tonnes during the first half, building on its industry leadership status. The Group’s market share remained significant, with 71 of the 722 projects registered by the CDM Executive Board ("CDM EB”) at 30 June 2007 being implemented by EcoSecurities, despite the delays and challenges related to the CDM registration process. The Group continued to commercialise its carbon credit portfolio, selling forward a further 5 million CERs during the period, which is expected to generate an additional €28m in net trading margins for the Group. Costs and cash controls remain a key focus for the Group. The Group began to expand into related markets, leveraging its strong reputation and track record. Progress was made in developing business within the US and international voluntary carbon markets, in building a post-2012 carbon credit portfolio, in secondary CER trading, and project investments. Origination During the period, the Group brought 80 new projects into its CDM portfolio and by the end of June 2007, there were 433 projects capable of generating 178 million tonnes of CERs through 2012. In line with the Group's policy of continually assessing the projects within the portfolio for expected CER generation, this total takes into account volume adjustments. As projects progress through the CDM implementation cycle and begin operating, an increased amount of information becomes available to support estimates of project volumes and individual project performance. The CDM project portfolio remains highly diversified by geography, technology and CDM methodology. Projects were located in 36 countries and encompassed 18 different technologies at period end. On a net basis to EcoSecurities, adjusting for contract type (principal, project development or agency), the portfolio grew from 127 million tonnes to 156 million tonnes. Further progress was made in developing new markets during the period, particularly in the Middle East and Eastern Europe. The Group established a presence in Kiev, Bern and Tokyo during the first half. After opening an office in the Middle East in late 2006, the Group entered a strategic partnership with the Dubai Multi Commodities Centre ("DMCC”) to develop CDM projects in the region. So far this year, the performance of Group offices in China, Africa and Mexico has been particularly strong. The strategic relationship with Credit Suisse is expected to bolster origination efforts through Credit Suisse's extensive network of clients, and provides a facility for the origination of emission reduction projects of up to €1.0bn, offering a credit support structure for EcoSecurities to contract projects which previously were unattainable. The Group has (i) built upon its post-2012 CDM portfolio, (ii) entered the voluntary market and began to contract US and international VERs, and (iii) acquired [1] million CERs in the secondary market, all of which are in addition to building the core CDM portfolio to 178 million CERs. Implementation Despite numerous delays experienced in external validation of projects, obtaining host country approval and the processing of projects by the CDM EB, the number of projects registered by the Group increased from 53 to 71 during the first half of the year, making it the largest portfolio of registered projects in the world. These registered projects are capable of producing 22 million CERs by 2012 which is up by 6 million CERs since year end. At period end, 164 projects had completed Project Design Documents ("PDDs”), 97 had been validated and 128 had received Host Nation Approval. A total of 149 projects in EcoSecurities portfolio were operating at 30 June 2007, 127 were in construction and a total of 355 were financed. Key highlights of the CDM project implementation process for the Group included the registration of Al-Shaheen, the first gas flaring capture project in the Middle East, located offshore of Qatar, and the Company’s first project registrations in Thailand after the Thai government issued its first project approvals. Furthermore, VERs from CDM projects yet to be registered were verified during the first half for sale to voluntary market buyers. This opens a new window of market opportunity for the Company from its existing CDM portfolio and helps allay the problem of delays in the CDM registration process. Commercialisation The Group continued to make progress in the commercialisation of CERs in the period. A total of 34 million CERs had been sold forward at 30 June 2007, up from 29 million at the end of 2006. This represents expected total forward CER revenues of €410m and net trading margin of €181m through 2013. The Group’s sales of CERs were intentionally restricted earlier in the year due to lower CER prices, but sales increased along with higher CER prices later in the period. CER prices strengthened in the second quarter of 2007, after a weak start to the year. Substantially tighter EU ETS Phase II NAPs were largely completed in the second quarter, with only seven smaller nations continuing to negotiate with the EU. These countries are proposing incremental emission allowance allocations representing 4% of the maximum annual amount of allowances that could be issued by the EU. Demand for both CERs and VERs from voluntary buyers has grown both in Europe and the United States. The Group made its first VER sales during the first half. Voluntary buyers are also purchasing CERs to offset their carbon footprint, generating stronger pricing than compliance related purchases in the EU and Japan. The UNFCCC’s International Transaction Log (ITL), the central hub of the settlement system which will deliver traded allowances from seller to buyers, is now expected to be launched in December 2007. When the ITL launches, and as the volume of issuance of CERs from registered projects increases, the growth of trading in the secondary market is expected to increase significantly with the improved transferability of CERs. The Group is well positioned to take advantage of this with its ability to trade with project operators quickly and efficiently in most CDM countries. Investment The Group’s investment activities continued to expand in 2007 with commitments for up to an additional €3 million being agreed during the first half. The investments made primarily take the form of secured, advance payments for CERs which enable the Group to increase its CER production as well as providing an attractive return on capital. Investments in projects also continued to grow during the period, with the Group committing to fund further N2O projects alongside landfill gas and small hydro projects. Additional resources are being deployed to increase the scope of emission reduction related investment and business development opportunities generated through the Group’s worldwide market presence. Consulting As announced previously, the Group acquired the business of Trexler Climate + Energy Services ("TC+ES”), an internationally recognised leader in the emerging field of climate change risk management, which was merged with EcoSecurities’ existing Consulting group to create EcoSecurities Global Consulting Services division. Simultaneously, the Consulting group is evolving from a business with a sole emphasis on CDM project documentation and methodology development for external clients, to one which will in the future focus much more intensively on: 1) participating in relevant public policy debates; 2) using corporate strategy consulting to establish key relationships for EcoSecurities going forward; and 3) serving as an internal intelligence management function. It will also continue to support the Group’s other business units as it has in the past. Financial Income statement Group revenue rose to €5.6m for the first half of 2007, €4.8m was derived by the sale of 283,200 CERs, acquired via the Group’s primary and secondary CER portfolio, and 37,500 VERs. Consulting revenue during the first half of 2007 was lower than expected due to the focus on internal CDM project implementation and the change in focus of the consulting unit. Gross margins on carbon credit sales were 33% during the period reflecting a mix of costs and pricing for CERs and VERs in relation to the Group’s core CDM, secondary trading and voluntary market activities. Administrative expenses during the period grew to €14.7m from €9.1m in 2006 and were in line with management’s expectations, and reflecting the costs and investments made in continuing to build and operate the Group’s worldwide network. The primary business expense related to staff and associated costs, as headcount increased 63% to 260 at 30 June 2007 from 160 at 30 June 2006. Financing income totalled €1.2m, which represented interest earned on short-term bank deposits. Financing costs totalled €0.7m, which were comprised of interest on short term debt and unrealised foreign exchange differences on the Group’s financial assets and liabilities. While the Group as a whole operated at a loss, it incurred a tax charge of €1.1m during the first half due to taxes at the subsidiary company level. The net loss increased to €13.2m in 2007 from €8.7m in 2006 which resulted from higher costs of continued growth and higher levels of activity. Balance sheet Intangible assets increased by €1.1m during the year reflecting the Group’s policy of capitalising identifiable costs of CDM project implementation and project investments. These costs are then amortised based on expected future CER flows from the projects to which they relate. 229,000 CERs were either verified or verified and issued during the first half and remained in inventory at the end of the period. Current and non current trade receivables of €7m reflect amounts relating to sales of CERs in the current and prior period pending the establishment of the International Transaction Log to complete settlement of these sales. The balance of trade receivables pertain to receivables from the consulting business of €0.2m, advance payment for the purchase of CERs of €0.8m and other receivables related to business operations of €2.8m.. In total during the first half, 21 CDM project investments were made in China, Mexico, Indonesia and Tunisia with commitments amounting to €3m which increased both fixed assets and receivables. Completed investments in project related equipment totalled €0.7m. A further €1.2m was invested in project related transactions to secure the rights to CERs. The number of projects and CERs which the Group has secured without the need for upfront payments has been greater than anticipated during the period which has conserved capital resources. The cash balance at 30 June 2007 was € 79.9m, reflecting the €44m Credit Suisse subscription which closed at the end of the period. As previously noted, a further €54m placement was completed in July, shortly after the period end. Cash flow The development of the Group’s overseas operations resulted in operating cash outflows of €20.6m during the first half. A portion of CDM project implementation activities resulted in cash outflows of €0.9m which were capitalised. The remaining cash outflow from investing activities totalled €1.3m which consisted of other project related investments, costs due to the expansion of the Group’s infrastructure and the acquisition of TC+ES. In respect of financing cash flows, the Group raised new equity of €44m from Credit Suisse during the period, as discussed above. Current Trading CDM portfolio gross contract volume had increased to 185 million CERs at 5 September 2007, a net increase of 29 million CERs or 18.6% since year end 2006. On a net entitlement basis, the CER portfolio has grown by 36 million tonnes or 28% to 163 million tonnes at 5 September 2007. Project origination has been particularly successful in China, the Middle East and Africa in the renewable energy and fuel switch sectors over recent months. Also, a contract with PLN, the national utility company in Indonesia, for geothermal and hydro projects was announced in August. Despite increasing competition for larger projects, the Group has maintained its origination success and continues to build a good origination pipeline. As at 5 September 2007, 222 PDDs were completed, 215 projects had been submitted for validation, 102 had completed the validation process and 74 were registered with the CDM Executive Board. Of the 456 projects in the portfolio, 382 were financed, 294 were under construction and 145 were operational The Company’s first N2O abatement project in China has commenced carbon credit generation after the completion of baseline monitoring. This project is one of EcoSecurities’ largest N2O projects and is expected to produce 2.3 million CERs by the end of 2012. Several other projects are progressing through the baseline determination process at present. To date EcoSecurities has pre-sold 35 million CERs, predominantly to large corporate and government buyers. The expected net trading margin on current forward CER sales of 35 million tonnes now totals €191m. While pricing has been strong over the summer at an average of €16 for the Company, volumes have been seasonally low. Recently, CER prices have been increasing in relation to European Allowance prices. Substantially tighter National Allocation Plans proposed for Phase II of the EU ETS, and the fact that many EU ETS regulated companies are considering swapping their capacity to utilise CERs for compliance obligations in exchange for their EUA allocations, have contributed to this positive trend. The post-2012 CDM portfolio gross contract volume increased to 109.6 million CERs at 5 September 2007, a net increase of 24 million since May 2007. This reflects efforts by the Group to contract for post-2012 volumes from both existing and new projects. The Group had built its global VER portfolio at 5 September 2007 to 4.3 million tonnes, further adding to its carbon credit volumes. The portfolio is comprised of pre-registration CDM projects and US projects, predominantly in the methane capture and industrial gas abatement sectors. The voluntary market is also growing due to interest on the part of non-regulated corporate buyers in Europe and through pre-compliance demand in the US. In view of growth in the market, and following the financing in June and July, EcoSecurities has begun to devote additional resources to expansion into new markets for VERs, secondary CER trading and to expand its investment and acquisition related activities the result of which will be a small increase in the cost base for the year. Outlook Prospects for the remainder of 2007 are positive, given the Group’s leading position in the carbon market, strong financial resources and strategic relationships. The Group’s core business model – the global origination, implementation and commercialisation of carbon credits under the CDM – continues to concentrate on the considerable opportunities available. The Group intends to continue to grow the volumes of carbon credits contracted and to consider acquisitions, which would add further scale to its diversified portfolio. Furthermore, as highlighted at the time of the recent fundraising, EcoSecurities intends to make further investments in US market expansion, secondary CER trading, voluntary markets and emission reduction and clean energy project investments. CONSOLIDATED INCOME STATEMENT       6 monthsto 30June 2007 6 monthsto 30June 2006 Year to31 Dec2006   (Unaudited) (Unaudited) (Audited) €000 €000 €000 Revenue 5,593 841 3,073   Cost of sales (3,491) (542) (1,374)       Gross profit 2,102 299 1,699   Administrative expenses General (14,656) (9,359) (22,998) IPO preparation expenses - 277 277 Total (14,656) (9,082) (22,721)       Loss before financing costs (12,554) (8,783) (21,022)   Financing costs (713) (853) (856) Finance income 1,238 1,237 2,405       Loss before tax (12,029) (8,399) (19,473)   Income tax expense (1,157) (259) (573)       Loss for the period (13,186) (8,658) (20,046)   Loss all attributable to: Equity holders of the Company (13,186) (8,658) (20,046)       (13,186) (8,658) (20,046) Earnings per share Basic and fully diluted (14.16) (9.40) (21.74) CONSOLIDATED STATEMENT OFRECOGNISED INCOME AND EXPENSE       6 monthsto 30June 2007 6 monthsto 30 June2006   Year to31 Dec2006   (Unaudited) (Unaudited) (Audited) €’000 €’000 €’000 Loss for the period (13,186) (8,658) (20,046)   Currency translation reserve movement (163) 47 (22)       Total recognised income andexpense for the period (13,349) (8,611) (20,068)   Attributable to: Equity holders of the Company (13,349) (8,611) (20,068) (13,349) (8,611) (20,068) CONSOLIDATED BALANCE SHEET   6 monthsto 30June 2007     6 monthsto 30June 2006     Year to31 Dec 2006   (Unaudited) (Unaudited) (Audited) Assets €’000 €’000 €’000 Non-current assets Intangible fixed assets 4,550 450 3,412 Property, plant and equipment 3,450 890 2,463 Trade and other receivables 5,031 1,072 531 Total non-current assets 13,031 2,412 6,406   Current assets Stock and work in progress 2,670 48 - Trade and other receivables 5,808 2,300 5,020 Cash and cash equivalents 79,902 70,933 60,452 Total current assets 88,380 73,281 65,472   Total assets 101,411 75,693 71,878 Shareholders' equity Issued capital 256 231 232 Share premium 118,908 76,410 76,446 Share based payment reserve 1,058 426 663 Currency translation reserve (237) (5) (74) Other reserves (573) (573) (573) Retained earnings (38,195) (13,631) (25,009) Total equity 81,217 62,858 51,685   Liabilities Non-current liabilities Interest bearing loans andborrowings - 8,166 - Trade and other payables 3,409 - 3,040 Deferred tax liabilities 58 4 58 Total non-current liabilities 3,467 8,170 3,098   Current liabilities Interest bearing loans andborrowings 7,559 - 7,582 Trade and other payables 7,685 4,420 8,885 Current tax creditors 1,483 245 628 Total current liabilities 16,727 4,665 17,095       Total liabilities 20,194 12,835 20,193       Total equity and liabilities 101,411 75,693 71,878 CONSOLIDATED CASH FLOW STATEMENT       6 monthsto 30June 2007 6 monthsto 30June 2006 Year to31 Dec2006   (Unaudited) (Unaudited) (Audited) €’000 €’000 €’000   Loss for the financial period/year (13,186) (8,658) (20,046) Income tax expense 1,157 259 573 Finance income (1,239) (1,237) (2,405) Finance costs 713 853 856 Depreciation and amortisation 374 71 252 Project costs transferred toinventory - - 125 Change in stock (2,399) (48) - Change in trade and otherreceivables (5,558) (1,157) (3,981) Change in trade and other payables (923) 2,045 9,626 Profit on disposal of fixed assets - - 140 Share based payment 394 138 385 Foreign exchange differences (244) 59 (294) Interest paid (404) (209) (428) Interest received 1,016 1,231 2,170 Tax (paid)/refunded (302) (128) - Net cash outflow from operatingactivities (20,601) (6,781) (13,027) Cash flows from investing activities Acquisition of businesses (185) - - Project advances and developmentexpenditure - (895) - Purchase of property, plant andequipment (1,213) (809) (2,673) Purchase of intangible fixed assets (798) (370) (3,487) Net cash outflow from investing activities (2,196) (2,074) (6,160) Cash flows from financing activities Gross proceeds from the issue ofordinary share capital 43,618 48 85 Share sale transaction costs (1,319) - - Admission costs paid - (2,200) (2,222) Repayment of borrowings - - (300) Net restricted cash deposits (8,722) (6,916) (5,824) Net cash (used)/generated infinancing activities 33,577 (9,068) (8,261) Net change in cash and cashequivalents 10,780 (17,923) (27,448) Cash and cash equivalents atstart of period 54,045 82,565 82,565 Foreign exchange on cash and cashequivalents (52) (1,208) (1,072)   Cash and cash equivalents at endof period 64,773 63,434 54,045 NOTES TO THE FINANCIAL INFORMATION 1. General information EcoSecurities Group plc and its subsidiaries (together the Group) originate, trade, develop and invest in emission reduction projects. The Group also offers consulting and advisory services. It operates through a global network of subsidiaries, branch offices and representatives. 2. Basis of preparation The information in this document does not include all of the disclosures required by International Financial Reporting Standards in full annual statutory accounts and it should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2006. The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2006. 3. Share capital In the period to 30 June 2007 the number of shares in issue increased by 9,917,082 to 102,574,370, reflecting the purchase of shares by Credit Suisse, the exercise of employee share options and the issue of shares to the vendors of Trexler Climate + Energy Services (note 6.). 4. Reserves   Currencytranslationreserve   Sharebasedpaymentreserve   Otherreserves   Retainedearnings €’000 €’000 €’000 €’000 At 1 January 2007 73.9 (663.5) 572.6 25,009.2 Loss for the period - - - 13,185.9 Foreign exchangetranslation differences 163.2 - - - Employee share optionscheme – value ofservices provided - (394.0) - -         At 30 June 2007 237.1 (1,057.5) 572.6 38,195.1 ECOSECURITIES GROUP PLC NOTES TO THE FINANCIAL INFORMATION 5. Cash and cash equivalents   6 monthsto 30June 2007   6 monthsto 30June2006     Year to31 Dec2006   (Unaudited) (Unaudited) (Audited) €’000 €’000 €’000   Cash at bank and in hand 9,940 2,210 4,410 Short-term deposits 54,833 61,224 49,635 Cash and cash equivalents for thepurposes of the cash flowstatement 64,773 63,434 54,045 Restricted cash 15,129 7,499 6,407 Cash and cash equivalents 79,902 70,933 60,452 6. Acquisition of Trexler Climate + Energy Services On 27 February 2007, a subsidiary company agreed to acquire the trade and assets of Trexler Climate + Energy Services Incorporated, a company incorporated in the United States, for a consideration comprising cash and shares in EcoSecurities Group plc partially conditional on the future performance of the business. Assets valued at $625k were acquired for consideration of $250k in cash and the balance in shares in EcoSecurities plc.