Final Results
TEG Group (The) PLC
03 April 2008
For release 07.00am 3 April 2008
TEG GROUP PLC (TEG)
('TEG' or 'the Group')
FINAL RESULTS
for the year ended 31 December 2007
'Continued Progress; Significant Upturn in Revenues and Sales of Waste
Services in H2; Further Local Authority Sales'
TEG Group Plc, the leading green technology Group, which converts organic wastes
into natural organic fertiliser, announces its final results for the year ended
31 December 2007.
Highlights
Financial
• Overall trading position as expected following announcements in 2007 and
poor H1
• Turnover was £2,169,000 (2006: £3,559,000) in the main resulting from the
phased nature of capital projects in comparison to prior period; Loss for
the year of £3,034,000 (2006: loss £1,257,000) increased due to investment
in group resources in preparation for construction programme for Greater
Manchester
• Turnover during H2 increased significantly by 304% to £1,633,000 (H1:
£536,000)
• First full year adoption of International Financial Reporting Standards
(IFRS)
• Fundraising - In March 2007 and in preparation for the Greater Manchester
Waste PFI Contract and other opportunities, TEG raised £11 million before
expenses by way of an institutional placing. The placing was
over-subscribed with significant institutional demand and several new
investors participating
• Strong outlook for trading in 2008 and beyond
Greater Manchester Waste PFI Contract
• An Advanced Works Order ('AWO') for the Contract, worth £523,000 was
concluded in January 2008, with significant progress towards conclusion of
main contracts (worth up to £35 million in sales orders) achieved
• Extension of AWO expected early April, full contract completion 29 April
2008
Verdia Horticulture Limited ('Verdia')
• Verdia was formed in 2007 as a Joint Venture Group between TEG and
Glendale Managed Services Limited to focus on the sale of high grade
products into the horticulture market. This JV represents another
significant endorsement of TEG and its technology with a first plant at
Hillbarton, a Glendale site near Exeter, due for completion at end of Q3
2008
Construction and Operations
• Perth, Scotland - PPC permit modifications completed - Board believes the
plant is the first and only plant to date to achieve the higher PPC standard
of licensing introduced into Scotland. Perth had an encouraging H2
performance and was cash positive for the period. Recent contract gains
indicate that the plant will be operating at full capacity by May 2008
• Preston, Sherdley Farm - A second 12-cage line has been installed,
increasing capacity to approx. 12,000 tonnes pa. Following completion of a
new waste receipt facility and with demand in the North West being strong,
the plant has been able to ramp up to full capacity quickly. All capacity is
now sold and it is expected to perform well in 2008
• Todmorden, West Yorkshire - One of the UK's biggest composting plants,
this 50,000 tonnes pa facility was completed to schedule with its first two
lines successfully commissioned in May and June 2007. Performance has been
good and it is anticipated that existing capacity will be filled and new
capacity added by mid 2008
• Greater Manchester Waste Ltd - TEG secured a two year £900,000 interim
waste management contract for green waste supply into Todmorden and Sherdley
Farm
• Four Local Authority Contracts to supply separately collected kitchen
waste to Todmorden and Sherdley Farm. Contract also secured with Veolia for
up to 9,000 tonnes per annum of garden waste, on a renewable contractual
basis. Aggregate value of contracts between £245,000 - 350,000 per annum
• Gwynedd Council - Construction of facility commenced in September 2007 and
work continues on schedule for hand over in April 2008 - approx. £1.45m
contract to supply TEG Silo Cage plant and equipment
• Swansea & Banham, Norfolk - During H1 2007 TEG completed handover of both
facilities
Commenting, Nigel Moore, Non-Executive Chairman, TEG Group Plc, said:
'As previously announced, the Group's pipeline of opportunities is stronger than
ever and it is actively bidding for in excess of 30 significant contracts in
addition to a large number of smaller waste sales opportunities'.
'In addition, the market continues to strengthen and is projected to do so for
the foreseeable future. The success of the TEG facilities to date and the
endorsement demonstrated by the Greater Manchester, Verdia and Gwynedd contracts
further strengthens the Board's belief that the Group has an exciting future and
significant growth can be anticipated'.
ENDS
Contact:
The TEG Group Plc Tel: 01772 314100
Michael Fishwick, Chief Executive
Adventis Financial PR Tel: 020 7034 4758/4759
Tarquin Edwards/Chris Steele 07879 458 364/07979 604 687
Canaccord Adams (Nomad) Tel : 020 7050 6500
Robert Finlay / Bhavesh Patel
Editor's Notes:
Greater Manchester Waste PFI Contract
On 29 January 2007, TEG announced that it is a principal sub-contractor to the
Viridor-Laing consortium that has been awarded preferred bidder status for the
Greater Manchester Waste PFI contract. TEG is the exclusive supplier of In
Vessel Composting ('IVC') technology to the consortium and following financial
closure, TEG will receive an order to supply all the IVC capacity in the Greater
Manchester region.
TEG is expected to build four plants as part of the consortium, over the period
from 2008 to 2011 with a combined capacity of 175,000 tonnes per annum,
producing 125,000 tonnes of compost product per annum. The plants will all
process green waste and kitchen waste collected from households in the Greater
Manchester region.
TEG
TEG provides an in-vessel composting technology, which is one of the few
approved technologies capable of treating animal by-product (ABP) waste. Plant
economics are predominantly driven by the gate fees charged, rather than the
value of the end product (compost). The TEG process is an economic alternative
to landfill.
The Silo Cage system, one of the few technologies in Europe capable of treating
this waste, is a natural process producing compost as an end product, used as an
excellent soil conditioner that fertilises, retains moisture, provides structure
and reduces the incidence of plant disease. TEG's Silo-Cages are housed in
self-contained buildings, are not unsightly and are environmentally friendly.
Customers include local authorities, waste management companies, food
processors, farmers and landowners. The Group's expanding market is driven by
increasingly stringent EU and UK legislation regulating the treatment and
disposal of organic waste. Statutory targets for the diversion of waste from
landfill increase annually through to 2020, increasing TEG's market opportunity
year on year. The Waste Resource Action Programme estimates that 450 composting
plants will be needed by 2020 to satisfy local authority requirements alone, and
there is increasing demand from the private sector driven by ABP legislation.
NOFCO is a marketing company specialising in the development of end markets for
compost products, an important aspect of all plant developments and key to local
authority development. The Company has an expertise in the development of
agricultural and horticultural markets and this capability is to be provided to
customers to enhance TEG's overall service offering.
Chairman's statement
I am pleased to present the Group's 2007 annual report. TEG has continued to
make excellent progress and I am pleased to report a significant upturn in
revenues in the latter half of 2007 during which TEG saw a healthy upturn in
sales of waste services at its own facilities and was pleased to secure a
further Local Authority sale to Gwynedd Council. Whilst disappointed with
trading in 2007, during which there were a number of delays and disappointments
beyond our control, the Group resumed its excellent progress in the second half
of the year. The Board's confidence in TEG's growth prospects during 2008 and
beyond has been reinforced by the performance of the business during the latter
half of 2007 and early 2008 and the Board believes TEG remains on track to
become the composting technology provider of choice.. The change to Landfill
Tax to be implemented in April 2008, an annual increase of £8 per tonne of
waste, has resulted in a significant increase in demand in 2008.
In addition, I was delighted in Quarter 1 of the current year to announce the
conclusion of the Advanced Works Order ('AWO') for the Greater Manchester
Contract (9 January 2008) and the first development project under Verdia
Horticulture Limited. It is also hugely encouraging that I can report TEG has
secured waste contracts with several Local Authorities including Calderdale
Council, Preston City Council and Oldham Council, as well as securing a
significant contract with Veolia. With the expansion of contracts with Sita and
Perth & Kinross Council, and a strong pipeline of near term sales, I am
delighted to report that both Perth and Sherdley Farm are approaching full
capacity.
As we announced during 2007, there were a number of factors that influenced
trading performance. Whilst delighted with our success in Greater Manchester,
the Group had to make significant increases to its technical, engineering and
commercial resources, in preparation for the contract, yet without generating
revenues owing to the delays in contract completion. Trading in the first half
at Perth was disappointing and as the Group brought the Todmorden plant on line,
it was impacted by the resultant start-up losses generated as the plant ramped
up in capacity. Finally, the phasing of capital projects resulted in
significantly lower capital sale revenue than in 2007.
However, 2007 full year turnover of £2,169,000 (2006: £3,559,000) against the
2007 interim figure of £536,045 reflects the significant growth in the second
half of the year. Losses were £3,034,000 compared to £1,257,000 in the same
period in 2006. No dividend is recommended.
These accounts are the first full year to be prepared in accordance with
International Financial Reporting Standards (IFRS). The IFRS transition has
been completed. Two adjustments to reported loss before tax for the year ended
31 December 2006 have been identified, those being:
• Reversal of amortisation of goodwill (£213k), and
• Capitalisation of interest on plant construction projects (£29k)
Greater Manchester Waste PFI Contract
The Advanced Works Order ('AWO') for the contract, itself worth £523,000, was
received in January 2008 and detailed design work is underway for the first two
plants to be constructed, namely Rochdale and Bredbury. I am pleased to report
that significant progress has been made towards the conclusion of the main
contracts and the Board anticipates that the AWO will be extended significantly
to allow procurement to commence on the first contract in early April, and full
completion of contracts by 29 April 2008. On award of the extended AWO, TEG
expects to move immediately into the procurement and construction phase of the
Rochdale plant where planning permission is already in place.
The scope of the project remains largely unchanged with TEG due to construct
four plants between 2008 and 2011 to process 175,000 tonnes of waste per annum.
The 3 further plants to be constructed by TEG are progressively scheduled for
construction between the final quarter of 2008 and the first quarter of 2011.
TEG's customer will be Costain who in turn is retained by the Viridor/Laing
consortium.
It is anticipated that revenues will be in excess of £35m over the period of the
contract, including the revenues from the AWO, which will become a part of the
main contract on completion. TEG did not recognise any revenues from this
contract in 2007, but will be able to do so in 2008.
Verdia Horticulture Limited
During 2007, TEG formed a joint venture company with Glendale Managed Services
Limited. The new company, Verdia Horticulture Limited ('Verdia'), has been
formed to focus on the horticulture market, manufacturing high grade compost and
fertiliser products to be sold into the horticulture sector. Its focus will be
on building and operating medium scale composting facilities, typically
10-15,000 tonnes per annum to produce horticultural grade products for sale to
Glendale and to regional horticultural markets. It is anticipated that Verdia
will build between 6 and 8 facilities over the next 2 to 3 years, geographically
spread throughout the UK. It is anticipated that the capital required will be
funded largely by bank finance. This venture follows 12 months of successful
collaboration between the parties.
TEG will supply TEG Silo Cage plants to Verdia and will provide technical
expertise and support, as well as marketing services for waste supply to the
plants. This is another significant endorsement of TEG and its technology and
offers an opportunity for the Group to establish itself in the horticultural
products sector.
The first plant to be constructed by Verdia will be at Hillbarton, a Glendale
site near Exeter. This 14,000 tonnes per annum facility is expected to be
completed by the end of Quarter 3 of 2008.
Plant Sales and Construction
During the first half of 2007, TEG completed the handover of the plants built
for The City and County of Swansea and for Banham Compost Limited.
The construction of a third facility, for Gwynedd Council, commenced in
September 2007 and I am pleased to say remains on schedule to be handed over in
April 2008. The Gwynedd Council contract is for a 5,000 tonnes per annum
facility and TEG's scope of work includes the building and surrounding
infrastructure in addition to the TEG Silo Cage plant and equipment. The total
value of the contract is approximately £1.45m.
The Todmorden facility was completed to schedule and the first 2 lines were
successfully commissioned in May and June. With the exception of some remedial
work required to the building air extract system, we have been very pleased with
the performance of the plant.
A second 12-cage line was installed at the Sherdley facility, increasing
capacity from 6,000 tonnes per annum to approximately 12,000 tonnes per annum
and a new waste receipt building was completed in October 2007.
The final modifications were completed in Perth to comply with the conditions of
the Pollution Prevention and Control (PPC) permit conditions introduced by the
Scottish Environmental Protection Agency (SEPA) in 2006. These included the
installation of building air extract equipment and a product off-take gantry.
The Board believes the plant is the first to achieve the higher PPC standard of
licensing introduced in Scotland and that it remains the only plant licensed to
date.
Group Plant Operations
The Group secured an interim waste management contract with Greater Manchester
Waste Ltd to process green and garden waste at its Todmorden and Sherdley Farm
facilities. The contract is for a period of 2 years from May 2007 with a
further 1 year extension option. Over the first 2-year period, TEG will receive
44,000 tonnes of waste and the contract value will be approximately £900,000.
In addition, the Group secured contracts of varying lengths from four local
authorities for the supply to TEG of separately collected kitchen waste to
Sherdley Farm and Todmorden. The local authorities include Preston City
Council, Calderdale Council and Oldham Borough Council. A contract was also
secured with Veolia for up to 9,000 tonnes per annum of garden waste. More
recently, the contract with Sita and Perth & Kinross Council to process
co-mingled garden and kitchen waste was expanded by a further 2,000 tonnes per
annum.
I am pleased to report that the plant at Perth has run well and has achieved its
planned capacity. Despite it being necessary to inform the financial markets in
June 2007 that the waste and local authority markets in Scotland were developing
more slowly than anticipated and sales of higher value waste had been below
plan, I am pleased to report that the second half performance was greatly
encouraging and the Perth business was cash positive for the period. With the
recent contract gains, the plant is expected to be operating at full capacity by
May 2008.
Following completion of the waste receipt facility, the Sherdley Farm plant
ramped up to full capacity and that capacity was quickly filled. Demand in the
North West is very strong and the Board is confident that Sherdley Farm will
perform well in 2008.
Plant performance at Todmorden has been good and volume of waste supply to the
plant has been excellent, though a large proportion has been green waste. The
proportion of higher value waste is increasing with new sales and it is
anticipated that the existing capacity will be filled by Quarter 2 of 2008 and
capacity will need to be increased by mid 2008.
R&D contracts
Further R&D work has taken place for Shell in conjunction with the University of
Westminster. If successful, further pilot scale work will be undertaken at
Perth.
The United Utilities trials on sewage products were completed successfully and
the Group awaits the outcome of a review of direction.
Fundraising
In preparation for the Greater Manchester contract and in anticipation of future
build own and operate opportunities, TEG successfully raised £11,000,000 before
expenses of £629,000, the cost of which has been charged against the share
premium account. The year end cash balance was £8,916,000.
Natural Organic Fertiliser Company ('NOFCO')
NOFCO was established in January 2007 to focus on markets for compost, both to
ensure secure supply options for TEG and to leverage increased value from what
we believe to be a very good quality, nutrient rich product. While still in its
infancy we are very pleased with some immediate successes and with the influence
the company is able to exert in the market place.
NOFCO carried out full scale crop growing trials at Sherdley Farm that were a
resounding success. The yield from the maize crop was some 100% greater than
the regional average and demonstrated the high value of the TEG product.
Market Update
The market continues to grow strongly as both Landfill Allowance Trading Scheme
('LATS') targets and Landfill Tax make an impact on the Local Authority and
private sector markets.
As previously announced, LATS targets increase annually and the level of Local
Authority activity grows continuously. However, TEG has observed that the
biggest influence in the last 6 months has been the impending rise in Landfill
Tax ('LFT'). The Chancellor announced in 2007 that LFT would rise in April 2008
by £8 per tonne of waste landfilled. Together with annual cost increases by
operators, this will result in price increases of £9-10 per tonne. This rise in
LFT will also be imposed in 2009 and 2010 bringing the tax to a total of £48 per
tonne by 2010, an increase of 100% over the 3 year period. TEG has observed a
step change in market activity and recycling as the April deadline approaches.
Management
The Group has continued to strengthen its business development, engineering,
operational and technical teams in advance of the anticipated construction
programme for Greater Manchester and other projects that are close to
completion. This has of course been balanced by the knowledge that revenues
have not yet commenced for these projects but it is important that the Group is
prepared for the increase in activity on completion.
Ron McIlwraith, an experienced senior engineering and projects manager, joined
the TEG Environmental Limited Board as Engineering Director in October 2007 in
anticipation of the Greater Manchester contract and other construction projects
currently in the pipeline.
Future Prospects
As previously announced, the Group's pipeline of opportunities is stronger than
ever and it is actively bidding for in excess of 30 significant contracts in
addition to a large number of smaller waste sales opportunities. In addition,
the market continues to strengthen and is projected to do so for the foreseeable
future. The success of the TEG facilities to date and the endorsement
demonstrated by the Greater Manchester, Verdia and Gwynedd contracts further
strengthens the Boards belief that the Group has an exciting future with a
strong outlook for trading in 2008 and beyond.
Nigel Moore
Chairman
3 April 2008
Consolidated income statement
For the year ended 31 December 2007
2007 2006
Notes £'000 £'000
Continuing operations
Revenue 4 2,169 3,559
Cost of sales (2,405) (2,952)
Gross (loss)/profit (236) 607
Other expenses (3,118) (1,964)
Operating loss from continuing operations 4 (3,354) (1,357)
Finance income 436 155
Finance costs (202) (116)
Loss before tax (3,120) (1,318)
Income tax 5 86 61
Loss for the year (3,034) (1,257)
Attributable to:
Equity holders of the parent (3,034) (1,257)
Retained loss (3,034) (1,257)
Loss per share
Basic and diluted (pence) 6 (6.725) (3.757)
Consolidated balance sheet
As at 31 December 2007
2007 2006
£'000 £'000
ASSETS
Non-current assets
Goodwill 2,270 2,270
Other intangible assets - -
Interest in joint venture - -
Property, plant and equipment 9,839 7,594
12,109 9,864
Current assets
Inventories 234 356
Trade and other receivables 1,106 648
Taxation receivable 86 61
Cash and cash equivalents 8,916 2,242
10,342 3,307
Total assets 22,451 13,171
LIABILITIES
Current liabilities
Trade and other payables 1,084 1,155
Borrowings 150 156
Deferred consideration 252 267
1,486 1,578
Non-current liabilities
Borrowings 2,099 213
Deferred consideration 1,585 1,770
3,684 1,983
Total liabilities 5,170 3,561
Net assets 17,281 9,610
EQUITY
Equity attributable to equity holders of the parent
Share capital 2,414 1,902
Share premium 29,357 19,388
Other reserve 551 327
Retained losses (15,041) (12,007)
Total equity 17,281 9,610
Consolidated statement of changes in shareholders' equity
for the year ended 31 December 2007
Share Share Other Retained Total
capital premium reserve
losses
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2006 1,319 12,310 154 (10,750) 3,033
Loss for the year - - - (1,257) (1,257)
Issue of new ordinary share capital 575 - - - 575
Premium on issue of new ordinary share capital - 7,523 - - 7,523
Issue costs - (445) - - (445)
Recognition of share-based payments - - 173 - 173
Issue of ordinary shares under employee share option 8 - - - 8
plan
Balance at 1 January 2007 1,902 19,388 327 (12,007) 9,610
Loss for the year - - - (3,034) (3,034)
Issue of new ordinary share capital 500 - - - 500
Premium on issue of new ordinary share capital - 10,598 - - 10,598
Issue costs - (629) - - (629)
Recognition of share-based payments - - 224 - 224
Issue of ordinary shares under employee share option 12 - - - 12
plan
Balance at 31 December 2007 2,414 29,357 551 (15,041) 17,281
Consolidated cash flow statement
For the year ended 31 December 2007
2007 2006
£'000 £'000
Cash flows from operating activities
Loss after taxation (3,034) (1,257)
Adjustments for:
Depreciation 579 310
Share based administrative expense 224 173
Taxation credit recognised in income statement (86) (61)
Interest expense 202 116
Investment income (436) (155)
Loss / (profit) on sale of property, plant and equipment 10 (3)
Increase in trade and other receivables (458) (281)
Decrease / (increase) in inventories 122 (233)
Increase / (decrease) in trade payables 389 (339)
Cash used in operations (2,488) (1,730)
Interest paid (102) (36)
Income taxes received 61 64
Net cash used in operating activities (2,529) (1,702)
Cash flows from investing activities
Acquisition of business - deferred consideration (300) (300)
Purchase of property, plant and equipment (3,259) (6,329)
Proceeds from sale of equipment 3 11
Interest received 436 155
Net cash used in investing activities (3,120) (6,463)
Cash flows from financing activities
Proceeds from issue of share capital 10,481 7,661
New bank loans raised 2,000 426
Repayment of loan (142) (71)
Payment of finance lease liabilities (16) (23)
Net cash from financing activities 12,323 7,993
Net increase / (decrease) in cash and cash equivalents 6,674 (172)
Cash and cash equivalents at beginning of the year 2,242 2,414
Cash and cash equivalents at end of the year 8,916 2,242
Notes
1. Basis of preparation
The financial information set out in this announcement does not constitute the
statutory accounts of the Group for the year ended 31 December 2007. The
auditors reported pm those accounts; their report was unqualified and did not
contain a statement under section 237 (2) or (3)of the Companies Act 1985. The
statutory accounts for the year ended 31 December 2007 will be delivered to the
registrar of Companies following the Company's Annual General Meeting.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRS), this announcement in itself does not contain sufficient information to
comply with IFRS
2. Significant accounting policies
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU), including International Accounting Standards (IAS) and
interpretations issued by the International Financial Reporting Interpretations
Committee (IFRIC). Practice is continuing to evolve on the application and
interpretations of IFRS. Further standards may be issued by the International
Accounting Standards Board (IASB) and standards currently in issue and endorsed
by the EU may be subject to interpretations issued by IFRIC.
IFRS, as adopted by the EU, differs in certain respects from IFRS as issued by
the IASB. However, the consolidated financial statements for the period
presented would be no different had the Group applied IFRS as issued by the
IASB. References to IFRS hereafter should be construed as references to IFRS as
adopted by the EU.
The preparation of financial statements, in conformity with generally accepted
accounting principles under IFRS, requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reported period. Although these estimates are based on
management's best knowledge of the amount, event or actions, actual results may
ultimately differ from those estimates.
The financial statements have been prepared using the measurement basis
specified by IFRS for each type of asset, liability, income and expense. The
measurement bases are more fully described in the detailed accounting policies
below.
The policies have changed from the previous year when the financial statements
were prepared under applicable United Kingdom Generally Accepted Accounting
Principles (UK GAAP). The comparative information has been restated in
accordance with IFRS. The changes to accounting policies are explained in note
2, together with the reconciliation of opening balances. The date of transition
to IFRS was 1 January 2006 (transition date).
The Group has taken advantage of certain exemptions available under IFRS 1 '
First-time adoption of International Financial Reporting Standards'. The
exemptions used are explained under the respective accounting policy.
The accounting policies that have been applied in the opening balance sheet have
also been applied throughout all periods presented in these financial
statements. These accounting policies comply with each IFRS that is mandatory
for accounting periods ending on 31 December 2007.
Basis of consolidation
The Group financial statements consolidate those of the company and its
subsidiary undertakings drawn up to the balance sheet date. Subsidiaries are
entities over which the Group has the power to control the financial and
operating policies so as to obtain benefits from its activities. The Group
obtains and exercises control through voting rights.
Unrealised gains on transactions between the Group and its subsidiaries are
eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Amounts reported
in the financial statements of subsidiaries have been adjusted where necessary
to ensure consistency with the accounting policies adopted by the Group.
Business combinations completed prior to date of transition to IFRS
The Group has elected not to apply IFRS 3 'Business Combinations'
retrospectively to business combinations prior to date of transition.
Accordingly, the classification of the combination (acquisition) remains
unchanged from that used under UK GAAP. Assets and liabilities are recognised
at the date of transition if they would be recognised under IFRS, and are
measured using their UK GAAP carrying amount immediately post-acquisition as
deemed cost under IFRS, unless IFRS requires fair value measurement. Deferred
tax is adjusted for the impact of any consequential adjustments after taking
advantage of the transitional provisions.
Joint venture
A joint venture is a contractual arrangement whereby the Group undertakes an
economic activity which is subject to joint control with third parties. The
Group's interests in jointly controlled entities are accounted for using the
equity method.
Under this method the Group's share of the profit less losses of joint ventures
is included in the consolidated income statement and its interest in the net
assets is included in non-current assets in the consolidated balance sheet.
Where the share of losses in a joint venture exceeds the interest in the entity,
the carrying amount is reduced to nil and recognition of further losses is
discontinued unless there is a commitment by the Group to make further
investment. The interest in the entity is the carrying amount of the investment
together with any long-term interests such as subordinated debt that, in
substance, form part of the net investment in the entity.
Goodwill
Goodwill representing the excess of the cost of acquisition over the fair value
of the Group's share of the identifiable net assets acquired, is capitalised and
reviewed annually for impairment. Goodwill is carried at cost less accumulated
impairment losses.
Intangible assets
Intellectual property rights are included at cost and amortised in equal annual
instalments over a period of 10 years which is their estimated useful economic
life. Provision is made for any impairment.
Property, plant and equipment
Property, plant and equipment is stated at cost, net of depreciation and any
provision for impairment. No depreciation is charged during the period of
construction.
Borrowing costs on property, plant and equipment under construction are
capitalised during the period of construction based on specific funds borrowed.
Disposal of assets
The gain or loss arising on the disposal of an asset is determined as the
difference between the disposal proceeds and the carrying amount of the asset
and is recognised in the income statement.
Depreciation
Depreciation is calculated to write down the cost less accumulated depreciation
of all property, plant and equipment other than freehold land over their
estimated useful economic lives. The rates generally applicable are:
Vehicles 3 years straight line
Silo-cage systems 15 years straight line
Fixtures and fittings 25% reducing balance
Plant and machinery 25% reducing balance
Buildings 4% straight line
Material residual value estimates are updated as required, but at least
annually, whether or not the asset is revalued.
Impairment testing of goodwill and property, plant and equipment
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows (cash-generating
units). As a result, some assets are tested individually for impairment and
some are tested at cash-generating unit level. Goodwill is allocated to those
cash-generating units that are expected to benefit from synergies of the related
business combination and represent the lowest level within the Group at which
management monitors the related cash flows.
Goodwill, other individual assets or cash-generating units that include goodwill
are tested for impairment at least annually. All other individual assets or
cash-generating units are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's or
cash-generating unit's carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of fair value, reflecting market conditions
less costs to sell, and value in use based on an internal discounted cash flow
evaluation. Impairment losses recognised for cash-generating units, to which
goodwill has been allocated, are credited initially to the carrying amount of
goodwill. Any remaining impairment loss is charged pro rata to the other assets
in the cash generating unit. With the exception of goodwill, all assets are
subsequently reassessed for indications that an impairment loss previously
recognised may no longer exist.
Taxation
Income tax credit represents the tax currently receivable in respect of research
and development tax credits.
Taxable loss differs from loss before tax as reported in the income statement
because it excludes items of income or expense that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible.
The Group's asset for current tax is calculated using the rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on the differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all temporary differences and
deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill nor from
the initial recognition (other than in a business combination) of other assets
and liabilities in a transaction that affects neither the tax profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on interest in subsidiaries and associates, and interest in joint
ventures where the Group is able to control the reversal of the temporary
differences and it is probable that the temporary differences will not reverse
in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the average tax rates that are expected to apply
in the periods in which the timing difference are expected to reverse based on
tax rates and laws that have been substantially enacted by the balance sheet
date.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and
the Group intends to settle its current tax assets and liabilities on a net
basis.
Research and development
Expenditure on research (or the research phase of an internal project) is
recognised as an expense in the period in which it is incurred.
Inventories
Inventories are stated at the lower of cost and net realisable value after
making allowance for obsolete and slow moving items.
Cost includes materials, direct labour and an attributable proportion of
manufacturing overheads based on normal levels of activity. Cost is calculated
using the weighted average method. Net realisable value is based on estimated
selling price less further costs expected to be incurred to completion.
Revenue
Revenue is measured by reference to the fair value of consideration received or
receivable by the Group for goods supplied and services provided, excluding VAT
and trade discounts. Revenue is recognised upon the performance of services or
transfer of risk to the customer.
Rendering of services relating to processing waste
When the outcome of a transaction involving the processing of waste can be
estimated reliably, revenue associated with the transaction is recognised when
the Group receives the waste, being the point at which it fulfils its
contractual obligation to the customer. The outcome of the transaction is
deemed to be able to be estimated reliably when all the following conditions are
satisfied:
• the amount of revenue can be measured reliably.
• it is probable that the economic benefits
associated with the transaction will flow to the entity.
• the company receives the waste, being the point
at which it fulfils its contractual obligation to the customer and
• the costs incurred in processing the waste that
can be measured reliably.
Construction contracts
Contract revenue reflects the contract activity during the year and is measured
at the fair value of consideration received or receivable. When the outcome can
be assessed reliably, contract revenue and associated costs are recognised as
revenue and expenses respectively by reference to the stage of completion of the
contract activity at the balance sheet date. The stage of completion of the
contract at the balance sheet date is assessed by reference to completed key
milestones, those being:
• Design
• Procurement
• Component manufacture
• Enabling works
• Civil Engineering
• Building fabrication
• Mechanical and electrical installation of various
components of the TEG Silo-cage plant
• Functional testing
• Commissioning
Where the outcome of a long term contract cannot be estimated reliably, revenue
is recognised only to the extent of contract costs incurred that it is probable
will be recoverable, and contract costs are recognised as an expense in the
period in which they are incurred. In the case of a fixed price contract, the
outcome of a construction contract is deemed to be estimated reliably when all
the following conditions are satisfied:
• total contract revenue can be measured reliably
• it is probable that economic benefits associated
with the contract will flow to the Group
• both the contract costs to complete the contract
and the stage of completion at the balance sheet date can be measured reliably,
and
• the contract costs attributable to the contract
can be clearly identified and measured reliably so that actual contract costs
incurred can be compared with prior estimates.
The gross amount due from customers for contract work is presented as an asset
for all contracts in progress for which costs incurred plus recognised profits
(less recognised losses) exceeds progress billings. The gross amount due to
customers for contract work is presented as a liability for all contracts in
progress for which progress billings exceed costs incurred plus recognised
profits (less losses).
Full provision is made for losses on all contracts in the year in which the loss
is first foreseen.
Interest
Interest is recognised using the effective interest method which calculates the
amortised cost of a financial asset and allocates the interest income over the
relevant period. The effective interest rate is the rate that exactly discounts
estimated future cash receipts through the expected life of the financial asset
to the net carrying amount of the financial asset.
Employee benefits - retirement benefit costs
The pension costs charged against profits are the contributions payable to the
scheme in respect of the accounting period.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate ruling at
the date of the transaction. Monetary assets and liabilities in foreign
currencies are translated at the rates of exchange ruling at the balance sheet
date.
Any exchange differences arising on the settlement of monetary items or on
translating monetary items at rates different from those at which they were
initially recorded are recognised in profit or loss in the period in which they
arise.
Leased assets
In accordance with IAS 17, the economic ownership of a leased asset is
transferred to the lessee if the lessee bears substantially all the risks and
rewards related to the ownership of the leased asset. The related asset is
recognised at the time of inception of the lease at the fair value of the leased
asset or, if lower, the present value of the minimum lease payments plus
incidental payments, if any, to be borne by the lessee. A corresponding amount
is recognised as a finance leasing liability. Leases of land and buildings are
split into land and buildings elements according to the relative fair values of
the leasehold interests at the date of entering into the lease agreement.
The interest element of leasing payments represents a constant proportion of the
capital balance outstanding and is charged to the income statement over the
period of the lease.
All other leases are regarded as operating leases and the payments made under
them are charged to the income statement on a straight line basis over the lease
term. Lease incentives are spread over the term of the lease.
Share-based payment - equity settled
All share-based payment arrangements granted after 7 November 2002 that had not
vested prior to 1 January 2006 are recognised in the financial statements.
All goods and services received in exchange for the grant of any share-based
payment are measured at their fair values. Where employees are rewarded using
share-based payments, the fair values of employees' services are determined
indirectly by reference to the fair value of the instrument granted to the
employee. This fair value is appraised at the grant date.
All equity-settled share-based payments are ultimately recognised as an expense
in the income statement with a corresponding credit to 'other reserve'.
The expense is allocated over the vesting period, based on the best available
estimate of the number of share options expected to vest. Estimates are
subsequently revised if there is any indication that the number of share options
expected to vest differs from previous estimates. Any cumulative adjustment
prior to vesting is recognised in the current period. No adjustment is made to
any expense recognised in prior periods if share options ultimately exercised
are different to that estimated on vesting.
Upon exercise of share options the proceeds received net of attributable
transaction costs are credited to share capital, and where appropriate share
premium.
Financial assets
Financial assets are divided into the following categories: loans and
receivables and financial assets at fair value through profit or loss.
Financial assets are assigned to the different categories by management on
initial recognition, depending on the purpose for which they were acquired. The
designation of financial assets is re-evaluated at every reporting date at which
a choice of classification or accounting treatment is available.
All financial assets are recognised when the Group becomes a party to the
contractual provisions of the instrument. Financial assets other than those
categorised as at fair value through profit or loss are recognised at fair value
plus transaction costs. Financial assets categorised as at fair value through
profit or loss are recognised initially at fair value with transaction costs
expensed through the income statement.
Financial assets at fair value through profit or loss include financial assets
that are either classified as held for trading or are designated by the entity
as at fair value through profit or loss upon initial recognition. Subsequent to
initial recognition, the financial assets included in this category are measured
at fair value with changes in fair value recognised in the income statement.
Financial assets originally designated as financial assets at fair value through
profit or loss may not be reclassified subsequently.
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Trade
receivables are classified as loans and receivables. Loans and receivables are
measured subsequent to initial recognition at amortised cost using the effective
interest method, less provision for impairment. Any change in their value
through impairment or reversal of impairment is recognised in the income
statement.
Provision against trade receivables is made when there is objective evidence
that the Group will not be able to collect all amounts due to it in accordance
with the original terms of those receivables. The amount of the write-down is
determined as the difference between the asset's carrying amount and the present
value of estimated future cash flows.
An assessment for impairment is undertaken at least at each balance sheet date.
A financial asset is derecognised only where the contractual rights to the cash
flows from the asset expire or the financial asset is transferred and that
transfer qualifies for de-recognition. A financial asset is transferred if the
contractual rights to receive the cash flows of the asset have been transferred
or the Group retains the contractual rights to receive the cash flows of the
asset but assumes a contractual obligation to pay the cash flows to one or more
recipients. A financial asset that is transferred qualifies for de-recognition
if the Group transfers substantially all the risks and rewards of ownership of
the asset, or if the Group neither retains nor transfers substantially all the
risks and rewards of ownership but does transfer control of that asset.
Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and
are recognised when the Group becomes a party to the contractual provisions of
the instrument. Financial liabilities categorised as at fair value through
profit or loss are recorded initially at fair value, all transaction costs are
recognised immediately in the income statement. All other financial liabilities
are recorded initially at fair value, net of direct issue costs.
Financial liabilities are categorised as at fair value through profit or loss
where they are classified as held-for-trading or designated as at fair value
through profit or loss on initial recognition.
Financial liabilities categorised as at fair value through profit or loss are
re-measured at each reporting date at fair value, with changes in fair value
being recognised in the income statement. All other financial liabilities are
recorded at amortised cost using the effective interest method, with
interest-related charges recognised as an expense in finance costs in the income
statement. Finance charges, including premiums payable on settlement or
redemption and direct issue costs, are charged to the income statement on an
accruals basis using the effective interest method and are added to the carrying
amount of the instrument to the extent that they are not settled in the period
in which they arise.
A financial liability is derecognised only when the obligation is extinguished,
that is, when the obligation is discharged or cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together
with other short-term, highly liquid investments that are readily convertible
into known amounts of cash and which are subject to insignificant risk of
changes in value.
Classification as debt or equity
Debt and equity instruments are classified as either financial liabilities or
equity in accordance with the substance of the contractual arrangement.
Equity
Equity comprises the following:
• 'Share capital' represents the nominal value of
equity shares.
• 'Share premium' represents the excess over
nominal value of the fair value of consideration received for equity shares, net
of expenses of the share issue.
• 'Other reserve' represents equity-settled
share-based employee remuneration until such share options are exercised.
• 'Profit and loss reserve' represents retained
losses.
Borrowing costs
Borrowing costs directly attributable to the acquisition and construction of
qualifying assets, which are assets that necessarily take a substantial period
of time to get ready for their intended use, are added to the cost of those
assets until such time as the assets are substantially ready for their intended
use.
All other borrowing costs are recognised in the income statement in the period
in which they are incurred.
Critical accounting and judgements and key sources of estimation uncertainty
Estimates and accounting judgements are continually evaluated and are based on
historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances. The preparation of
financial statements under IFRS requires management to make assumptions and
estimates about future events. The resulting accounting estimates will, by
definition, differ from actual results. The assumptions and estimates that have
a significant risk of causing a material adjustment within the next financial
year are:
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in
use of the cash-generating units to which goodwill has been allocated. The
value in use calculation requires the directors to estimate the future cash
flows expected to arise from the cash-generating unit and a suitable discount
rate in order to calculate present value.
Recognition of revenue and profit on construction project management
Revenue and profit are recognised by reference to the estimated stage of
completion to the extent of contract costs incurred that it is probable will be
recoverable.
Adoption of new and revised standards
Standards and Interpretations in issue not yet adopted
At the date of the authorisation of these financial statements, the following
standards and interpretations, which have not been applied in these financial
statements, were in issue but not yet effective. The directors anticipate the
adoption of these standards and interpretations will have no material impact on
the Group's financial statements, with the exception if IAS 1, which will effect
the presentation of changes in equity and introduces a statement of
comprehensive income. This amendment will not affect the financial position or
results of the Group but will give rise to additional disclosure. The directors
anticipate that the Group will adopt these standards and interpretations on
their effective dates.
• IAS 1 Presentation of financial statements (revised 2007) (effective
1 January 2009);
• IAS 23 Borrowing costs (revised 2007) (effective 1 January 2009)
• IAS 27 Consolidation and separate Financial Statements
(revised 2008) (effective 1 July 2009)
• Amendment to IAS 32 Financial Instruments: Presentation and IAS 1
Presentation of Financial Statements - Puttable Financial Instruments
and Obligations Arising on Liquidation (effective 1 January 2009)
• IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009)
• IFRS 8 Operating segments (effective 1 January 2009)
• IFRIC 11 IFRS 2 Group and treasury share transaction (effective
1 March 2007);
• IFRIC 12 Service concession arrangements (effective 1 July 2008); and
• IFRIC 13 Customer loyalty programmes (effective 1 July 2008)
• IFRIC 14 and IAS19 The limit on defined benefit asset, minimum funding
requirements and their interaction (effective 1 January 2008).
3. Explanation of transition to International Financial Reporting
Standards (IFRS)
As stated in the 'Basis of preparation', these are the Group's first
consolidated financial statements in accordance with the measurement and
recognition rules of IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial position, financial performance and cash flows is set out
below.
IFRS 1 permits companies adopting IFRS for the first time to take certain
exemptions from the full requirements of IFRS in the transition period. These
financial statements have been prepared on the basis of taking the following
exemption:
• Business combinations prior to 1 January 2006, the Group's date of
transition have not been restated to comply with IFRS 3 'Business
Combinations'.
Explanation of reconciliation from UK GAAP to IFRS for the balance sheet and
income statement
The adoption of IFRS by the Group has resulted in some reordering and changes to
the presentation of certain balances within both the income statement and
balance sheet.
Goodwill recognised by the Group on the acquisition of the composting business
in Perthshire under UK GAAP was amortised over a period of 11 years. Under IFRS,
goodwill is not amortised, but tested annually for impairment. The goodwill
amortisation charge recognised in accordance with UK GAAP in 2006 was written
back.
Borrowing costs incurred with regards to the development of the Todmorden
facility under UK GAAP were recognised as interest expense in the period
incurred. Under IFRS, borrowing costs which are directly attributable to the
acquisition, construction or production of a qualifying asset have been
capitalised. This includes interest on borrowings made specifically for the
purpose of obtaining the qualifying assets.
Application of IFRS has resulted in reclassification of certain items in the
cash flow statement as follows:
1) Under UK GAAP, payments to acquire property, plant and equipment were
classified as part of 'Capital expenditure and financial investment'. Under
IFRS, payments to acquire property, plant and equipment have been classified as
part of 'Investing activities'.
2) Income taxes received by the Group in respect of Research and Development
tax credits are now classified as an operating cash flow under IFRS, however
these were included in a separate category of tax cash flows under UK GAAP.
3) There are no other material differences between the cash flow statement
presented under IFRS and the cash flow statement presented under UK GAAP.
Reconciliations and descriptions of the effect of the transition from UK GAAP to
IFRS on the Group's net income and equity are set out on the next page:
Reconciliation of equity at 1 January 2006 (date of transition to IFRS)
UK GAAP IFRS
£'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 1,093 1,093
Goodwill 2,270 2,270
Investments - -
3,363 3,363
Current assets
Inventories 123 123
Trade and other receivables 366 366
Taxation receivable 64 64
Cash and cash equivalents 2,414 2,414
2,967 2,967
Total assets 6,330 6,330
LIABILITIES
Current liabilities
Trade and other payables 1,033 1,033
Borrowings 22 22
Deferred consideration 283 283
1,338 1,338
Non-current liabilities
Borrowings 14 14
Deferred consideration 1,945 1,945
1,959 1,959
Total liabilities 3,297 3,297
Net assets 3,033 3,033
EQUITY
Equity attributable to equity holders of the parent
Share capital 1,319 1,319
Share premium 12,310 12,310
Other reserves 154 154
Retained losses (10,750) (10,750)
Total equity 3,033 3,033
Reconciliation of equity at 31 December 2006
UK GAAP Goodwill Interest IFRS
2006 IFRS 3 IAS 23 2006
£'000 £'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 7,564 - 30 7,594
Goodwill 2,057 213 - 2,270
Investments - - - -
9,621 213 30 9,864
Current assets
Inventories 356 - - 356
Trade and other receivables 648 - - 648
Taxation receivable 61 - - 61
Cash and cash equivalents 2,242 - - 2,242
3,307 - - 3,307
Total assets 12,928 213 30 13,171
LIABILITIES
Current liabilities
Trade and other payables 1,155 - - 1,155
Borrowings 156 - - 156
Deferred consideration 267 - - 267
1,578 - - 1,578
Non-current liabilities
Long-term borrowings 213 - - 213
Long-term deferred consideration 1,770 - - 1,770
1,983 - - 1,983
Total liabilities 3,561 - - 3,561
Net assets 9,367 213 30 9,610
EQUITY
Equity attributable to equity holders of the parent
Share capital 1,902 - - 1,902
Share premium 19,388 - - 19,388
Other reserves 327 - - 327
Retained losses (12,250) 213 30 (12,007)
Total equity 9,367 213 30 9,610
Reconciliation of loss for the year ended 31 December 2006
UK GAAP Goodwill Interest IFRS
2006 IFRS 3 IAS 23 2006
£'000 £'000 £'000 £'000
Revenue 3,559 - - 3,559
Cost of sales (2,952) - - (2,952)
Gross profit 607 - - 607
Other expenses (2,177) 213 - (1,964)
Operating result (1,570) 213 - (1,357)
Finance income 155 - - 155
Finance costs (146) - 30 (116)
Loss before tax (1,561) 213 30 (1,318)
Income tax 61 - - 61
Loss for the year (1,500) 213 30 (1,257)
Attributable to:
Equity holders of the parent (1,500) 213 30 (1,257)
Retained loss (1,500) 213 30 (1,257)
Loss per share
Basic and diluted loss per share (4.483) 0.636 0.089 (3.757)
(pence)
4. Segment information
For management purposes, the Group is currently organised into the following
segments: Sale to third parties, Build own operate facilities and Other
revenue.
Sale to third parties includes the design, production and installation of
Silo-cage plants for sale to third party clients.
The build, own and operate segment relates to facilities which are owned and
operated by the Group. These sites process waste received from customers.
Other revenue is as a result of research and development work carried out for
third parties.
The revenues and net result generated by each of TEG Group Plc's business
segments are summarised as follows:
2007
Build, own and Sale to third Other Consolidated
operate parties
revenue
£'000 £'000 £'000 £'000
Revenue 1,269 882 18 2,169
Segment operating (loss) / profit (264) 22 6 (236)
Segment corporate expenses (285) (44) - (329)
Unallocated corporate expenses (2,789)
Operating loss (3,354)
Finance income 436
Finance costs (202)
Loss before taxation (3,120)
Taxation 86
Loss for the year (3,034)
Unallocated corporate expenses include £568,000 in respect of future business
development costs.
2006
Build, own and Sale to third Other Consolidated
operate parties
£'000 £'000 £'000 £'000
Revenue 885 2,650 24 3,559
Segment operating (loss) / profit (131) 723 15 607
Segment corporate expenses (170) (133) - (303)
Unallocated corporate expenses (1,661)
Operating loss (1,357)
Finance income 155
Finance costs (116)
Loss before taxation (1,318)
Taxation 61
Loss for the year (1,257)
Unallocated corporate expenses include £186,000 in respect of future business
development costs.
Other information
2007
Build, own and Sale to third Other Consolidated
operate parties
£'000 £'000 £'000 £'000
Capital additions 2,806 - - 2,806
Depreciation 551 - - 551
Build, own and Sale to third Other Consolidated
operate parties
£'000 £'000 £'000 £'000
Assets
Segment assets 12,549 518 - 13,067
Unallocated corporate assets 9,384
Consolidated total assets 22,451
Liabilities
Segment liabilities 4,591 328 - 4,919
Unallocated corporate liabilities 251
Consolidated total liabilities 5,170
Other information
2006
Build, own and Sale to third Other Consolidated
operate parties
£'000 £'000 £'000 £'000
Capital additions 5,811 - - 5,811
Depreciation 564 - - 564
Build, own and Sale to third Other Consolidated
operate parties
£'000 £'000 £'000 £'000
Assets
Segment assets 10,320 315 - 10,635
Unallocated corporate assets 2,536
Consolidated total assets 13,171
Liabilities
Segment liabilities 2,965 526 - 3,491
Unallocated corporate liabilities 70
Consolidated total liabilities 3,561
Geographic segments
The Group's operations are all located in the United Kingdom and all revenue is
generated within the United Kingdom.
5. Taxation
The tax credit represents a claim for R&D tax credit.
6. Loss per share
The loss per share is calculated by reference to the losses attributable to
ordinary shareholders divided by the weighted average of 45,111,984 ordinary
shares for the 12 months to 31 December 2007, and 33,451,682 for the 12 months
to 31 December 2006.
2007 2006
£'000 £'000
Attributable loss (3,034) (1,257)
No. No.
Average number of shares in issue for basic and diluted loss per share 45,111,984 33,451,682
Loss per share (6.725p) (3.757p)
The share options in issue are anti-dilutive in respect of the basic loss per
share calculation and have therefore not been included.
7. Developments in the year
On 1 January 2007, the operations of the Group were restructured, such that the
trade, assets and liabilities of the business were transferred from The TEG
Group Plc to TEG Environmental Limited at book value for a consideration of
£9,610,000.
8. Annual report and accounts
Copies of the Annual Report and Accounts will be posted shortly. Copies will be
available from the Group's head office at Houston House, 12 Sceptre Court,
Sceptre Point, Preston, PR5 6AW.
M Fishwick T Willis
Director Director
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