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Virotec Intl Ld (VTI)

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Thursday 06 March, 2003

Virotec Intl Ld

Interim Results

Virotec International Ld
06 March 2003





             VIROTEC INTERNATIONAL LTD AND ITS CONTROLLED ENTITIES

                          HALF-YEAR FINANCIAL REPORTS

                               31 DECEMBER 2002


                           Index to Financial Reports



Directors' Report                                                                         2
Statement of Financial Performance for the half year ended 31 December 2002               5
Statement of Financial Position as at 31 December 2002                                    6
Statement of Cash Flows for the half year ended 31 December 2002                          7
Notes to and forming part of the Financial Statements                                     8
Directors' Declaration                                                                   10
Independent Review Report                                                                11




DIRECTORS' REPORT



The directors present their report and the consolidated financial report of the
consolidated entity, being Virotec International Ltd (the 'Company') and its
controlled entities for the six months ended 31 December 2002 and the
independent review report thereon.



DIRECTORS


The directors of the Company in office at the date of this report or who held
office during or since the financial period are:



Name                       Position                              Period of directorship


Brian Sheeran              Chairman and Chief Executive Officer  Director since July 1997,
                                                                 appointed chairman July 1999
Bruno Bamonte              Director and Chief Financial Officer  Director since December 1997
John Glynn                 Non executive director                Director since March 2000
Prof. David McConchie      Non executive director                Director since July 2000
Dr Michael Nissen          Non executive director                Director since March 2000



PRINCIPAL ACTIVITIES



The principal activities of the consolidated entity during the financial period
were the research, development and commercialisation of environmental
technologies, and the provision of environmental services.  The consolidated
entity also owns certain mining and mineral exploration tenements.



REVIEW OF OPERATIONS



Significant achievements of the consolidated entity during the financial period
were as follows: -



Research and development

The consolidated entity continued its commitment to further research, develop
and commercialise the new applications of the BauxsolTM Technology and the
development of the BaseconTM Technology.

The BauxsolTM Technology is able to bind trace metals and reduce acidity in
water and soils and is platform in nature as it applies to industries where
contamination by trace metals occurs and/or acidity is a concern.  Work in the
period has focussed on developing products and procedures related to industries
outside of the mining industry, including agriculture, sewerage, aquaculture and
tanneries.

During the half year new patent applications were lodged in relation to the
ViroSewageTM Technology (Sewage Industry), and ViroPhosphateTM Technology
(Agricultural Industry).

The BaseconTM Technology was developed and a patent application was lodged
during the period. The technology describes a process for the treatment of
residues, by-products and waste materials arising from alumina refineries.




Research, development and commercialisation of the BauxsolTM Technology and
BaseconTM Technology and their various applications (the 'Technologies') will be
ongoing.

The total expenditure incurred for research and development (including
commercialisation activities) during the period was $1,277,907, which was
expensed in accordance with the consolidated entity's accounting policy.



Environmental services

With the successful development of a number of applications for the
Technologies, environmental services will be provided broadly in accordance with
the following product range and/or services:-

a)      ViroMine Products - product range developed for the mining industry

b)      ViroFlow Products - product range developed for the treatment of
wastewater from industrial sites including tanneries and electroplating.

c)       ViroSoils Products - product range developed for the agricultural,
fertiliser and aquaculture industries

d)      ViroSewage Products -  product range developed for the sewage industry

e)      Laboratory and Analytical Services - analytical service provided to
industry testing organic contaminants.

f)        Alumina Services - service to the alumina industry relating to the
treatment of their residue.



The consolidated entity has completed, or is in the process of completing,
funded trials of the Technologies in the sewage, tannery, alumina and mining
industries in Australia.  These trials are intended to demonstrate the capacity
and viability of the Technologies on a commercial basis and are important steps
in the commercialisation process.  The consolidated entity's strategy is to use
the results of these trials to attract the appropriate strategic partners in the
relevant industries to market the Technologies throughout the world.



During the half year the consolidated entity entered into a contract to treat an
acid mine water body at Agua Forte, near Aljustrel, Portugal for EXMIN
(Companhia de Industrie e Servicos Minieiros e Ambinetais SA).  EXMIN is the
principal company responsible for rehabilitating abandoned minesites in
Portugal.  This project was secured by our strategic partner in the region,
TerraPlus Engenharia Do Ambiente E Fiscalizacao LDA.  It is expected that this
project will be completed during this financial year.  During the period, the
consolidated entity also completed a front end engineering design study of
aspects of a proposed waste water treatment plant for the Port of Rotterdam in
conjunction with our partner in that region, Montgomery Watson Harza sa/nv.



During the half year total revenue earned by this segment was $626,501 and the
net result for this segment was a loss of $45,014.



Mining and exploration



The consolidated entity holds a number of mining leases and exploration permits
on tenements in North Queensland and in the Drake area in New South Wales.
These areas are at different stages of evaluation and planning.  Work on these
areas has been, and is planned to remain at the minimum required to protect the
Company's interest in the leases.



The consolidated entity buys tin concentrates from small local miners and is
utilising its infrastructure in North Queensland to prepare the concentrates for
sale to a smelter.  It is expected that this operation will cease during this
financial year.  During the financial period these operations have generated
revenue of $480. The net result for mining and exploration was a loss of
$138,849.





Looking forward

The consolidated entity will continue its research and development of further
applications of its BauxsolTM Technology, BaseconTM Technology and other
technologies related to environmental management and remediation.

The consolidated entity plans to expand its network of strategic alliances
throughout the world to allow for the marketing of its Technologies in the most
efficient and cost effective manner.

The consolidated entity will seek to retain a passive interest in its mining
assets by finding joint venture partners to assist in the exploitation of the
assets or by selling the assets and retaining an interest by way of royalty
income.




Dated at Gold Coast this:  6th day of March 2003.

Signed in accordance with a resolution of the directors:



B. SHEERAN                                      B. BAMONTE
Chairman                                        Director


     
 
STATEMENT OF FINANCIAL PERFORMANCE 
FOR THE HALF YEAR ENDED 31 DECEMBER 2002


                                                                                                         
                                                                                    Consolidated         
                                                                   Notes        2002            2001     
                                                                                  $              $       
                Revenue from sale of goods                                          9,600         97,918 
                Revenue from rendering of services                                617,381        453,376 
                Other revenues from operating activities                          323,581        223,849 
                Total Revenue                                                     950,562        775,143 
                Depreciation and amortisation expenses                          (153,002)      (129,359) 
                Research and development expense                              (1,227,907)      (573,990) 
                Mining Interests Expenses                                       (137,695)      (214,212) 
                Employee costs and directors remuneration                       (719,683)      (608,767) 
                Cost of rendering services                                      (619,684)      (317,648) 
                Professional, consulting and advisors fees                      (347,323)      (505,461) 
                Other Administration and Corporate expenses                     (577,018)      (399,300) 
                Loss from ordinary activities before income tax               (2,834,748)    (1,973,594) 
                Income tax related to operating loss                                    -              - 
                Net loss                                                      (2,834,748)    (1,973,594) 
                Basic loss per share (cents)                                        (1.7)          (1.4) 
                Diluted loss per share (cents)                                      (1.7)          (1.4) 
 
The statement of financial performance is to be read in conjunction with the notes to and forming part of the
financial statements, as set out on pages 8 to 9. 

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2002

                                                                       
                                                                       Consolidated 
                                                                                               
                                                             31 December 2002     30 June 2002      
                        Current Assets                               $                 $       
                        Cash                                         8,771,071      11,896,720 
                        Receivables                                    287,332         178,435 
                        Inventory                                       16,884          16,884 
                        Other                                           51,350         107,267 
                        Total Current Assets                         9,126,636      12,199,306 
                                                                                               
                        Non-Current Assets                                                     
                        Receivables                                    555,585         555,781 
                        Property, plant and equipment                1,282,945       1,266,714 
                        Intangible asset                               798,143         849,635 
                        Total Non-Current Assets                     2,636,673       2,672,130 
                        Total Assets                                11,763,309      14,871,436 
                                                                                               
                        Current Liabilities                                                    
                        Payables                                       503,610         780,348 
                        Provisions                                     113,190         109,831 
                        Total Current Liabilities                      616,800         890,179 
                        Non-Current Liabilities                                                
                        Provisions                                     790,000         790,000 
                        Total Non-Current Liabilities                  790,000         790,000 
                        Total Liabilities                            1,406,800       1,680,179     
                        Net Assets                                  10,356,509      13,191,258    
                        Equity                                                                 
                        Share capital                               63,678,284      63,678,284 
                        Accumulated losses                        (53,321,775)    (50,487,026) 
                        Total Equity                                10,356,509      13,191,258 
                                                                                               
                                                                   
                                                                   
This statement of financial position is to be read in conjunction with the notes to and forming part of the financial
statements, as set on pages 8 to 9. 


STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2002


                                                                                                             
                                                                                   Consolidated                         
                                                                        31 December 2002    31 December 2001  
            Cash Flows From Operating Activities                               $                   $         
            Cash receipts in the course of operations                            518,084             637,839 
            Cash payments in the course of operations                        (2,414,631)         (1,843,643) 
            Interest received                                                    263,560             196,634 
            Net cash used in operating activities                            (1,632,987)         (1,009,170) 
            Cash Flows From Investing Activities                                                             
            Proceeds from sale of property, plant and equipment                   64,198                   - 
            Payments for property, plant and equipment                         (191,454)           (288,321) 
            Payments for research & development                              (1,227,907)           (573,990) 
                                                                                                          
            Payments for mining interests                                      (137,695)           (214,212) 
            Security deposits refunded/ (Payments for security deposits)             196             (2,377) 
                                                                                               
            Net cash used in investing activities                            (1,492,662)         (1,078,900) 
                                                                                                   
                                                                                                   
            Cash Flows From Financing Activities                                         
            Proceeds from issues of shares                                            -           16,047,491     
            Share issue costs                                                         -          (1,146,618)            
  
            Net cash provided by financing activities                                 -           14,900,873    
                                                                   
                                                                   
                                                                                                         
               Net increase/(decrease) in cash held                         (3,125,649)           12,812,803     
               Cash at the beginning of the financial period                 11,896,720              578,056       
                                                                                                
               Cash at the end of the financial period                        8,771,071           13,390,859 
 
The statement of cash flows is to be read in conjunction with the notes to and
forming part of the financial statements, as set out on pages 8 to 9.  


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2002

 
 
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES 
 
The significant policies, which have been adopted in the preparation of these financial statements, are: 
 
Basis of preparation  
 
The half year consolidated financial report is a general-purpose financial report, which has been prepared in
accordance with the Corporations Act 2001, Accounting Standard AASB1029 'Interim Financial Reporting', the
recognition and measurement requirements of applicable AASB standards, other authoritative pronouncements of the
Australian Accounting Standards Board and Urgent Issues Group Consensus Views. This half-year financial report is to
be read in conjunction with the 30 June 2002 Annual Financial Report and any public announcements by the Company
during the half-year in accordance with continuous disclosure obligations arising under the Corporations Act 2001.  
 
It has been prepared on the basis of historical costs and does not take into account changing money values nor,
except where stated, current valuations of non-current assets. These accounting policies have been consistently
applied by each entity in the consolidated entity and, except where there is a change in accounting policy, are
consistent with those applied in the 30 June 2002 Annual Financial Report. 
 
The half-year report does not include full note disclosures of the type normally included in an annual financial
report.  
 
 
2. SHARE CAPITAL 

                                                                                                                      
                                                                                             31 December       30 June  
                                                                                                 2002           2002    
  (a) Issued And Paid Up Capital                                                                   $              $     
  Opening balance 168,193,841 ordinary shares (1 July 2001: 109,950,709 ordinary             63,678,284    48,140,623 
  shares)                                                                                                             
  Add the following share issues: -                                                                                   
  27,514,400 ordinary shares issued in July 2001 at GBP£0.14 ($0.384) per share                       -    10,570,861 
  Exercise of options                                                                                                 
  Options exercisable at $0.20 resulting in the issue of 26,509,919 ordinary shares                   -     5,301,984 
  Options exercisable at $0.30 resulting in the issue of 4,218,773 ordinary shares                    -     1,265,632 
                                                                                             
                           Less share issue costs - AIM listing                                       -    (1,600,816) 
                                                                                                                      
  Closing balance 163,193,841 ordinary shares (30 June 2002: 168,193,841 ordinary            63,678,284    63,678,284 
  shares)                                                                                                             
 
 
 

                                                                                                              
          (b) Options                                                         31 December 2002     30 June 2002     
                                                                                   Number           Number    
          The following share options were on issue at 31 December 2001: -                                    
          Exercisable on or before 30 November 2002 at $0.75 each                             -     1,000,000 
          Exercisable on or before 28 February 2003 at $0.20 each                    10,000,000    10,000,000 
          Exercisable on or before 31 August 2003 at $1.00 each                       2,700,000     2,700,000 
          Exercisable on or before 30 November 2003 at $1.00 each                       900,000       900,000 
          Exercisable on or before 30 November 2003 at $0.56 each                       700,000       850,000 
          Exercisable on or before 28 February 2004 at $0.47 each                       200,000       200,000 
          Exercisable on or before 30 July 2005 at $1.00 each                         1,100,000     1,100,000 
          Exercisable on or before 30 July 2005 at $0.47 each                           150,000       150,000 
          Exercisable on or before 31 October 2005 at $0.61 each                        400,000       400,000 
          Exercisable on or before 31 March 2005 at $0.30 each .                        100,000             - 
                                                                                     16,250,000    17,300,000 
3. SEGMENTS

                                                                                                                      
                         Environmental           Mining and           Research and       Unallocated    Consolidated  
                          Consulting            exploration          development of                                   
                                                                      Environmental                                   
                                                                      Technologies                                    
  31 December 2002              $                 $                     $                  $               $       
  Total revenue                   626,501                   480                      -        323,581         950,562 

  Segment                        (45,014)             (138,849)            (1,227,907)    (1,422,978)     (2,834,748) 
  operating                                                                                                           
  results                                                                                                             

  Segment assets                1,845,502                69,772                      -      9,848,035      11,763,309 
                                                                                                                      
  31 December 2001                                                                                                    
  Total revenue                   453,376               101,162                      -        220,605         775,143 

  Segment                          66,172             (242,622)              (573,990)    (1,223,154)     (1,973,594) 
  operating                                                                                                           
  results                                                                                                             

  Segment assets                1,881,342               212,183                      -     14,303,438      16,396,963 
 

4. CONTINGENT LIABILITIES

 

There were no changes in contingent liabilities since 30 June 2002.

 
 

 
DIRECTORS' DECLARATION 
 
 
In the opinion of the directors of Virotec International Ltd: - 
 
 
     (a) The financial statements and notes, set out on pages 5 to 9, are in accordance with the Corporations Act
2001, including  
 
     (i) giving a true and fair view of the financial position of the consolidated entity as at 31 December 2002 and
of its performance, as represented by the results of its operations and its cash flows, for the half-year ended on
that date; and 
     (ii) complying with Australian Accounting Standard AASB 1029 'Interim Financial Reporting' and the Corporations
Regulations 2001; and  
 
     (b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.  
Dated at Gold Coast this 6th day of March 2003. 
 
Signed in accordance with a resolution of the directors: 
 
 
 
 
 
Brian Sheeran     Bruno Bamonte 
Chairman     Director 
 
INDEPENDENT REVIEW REPORT  
TO THE MEMBERS OF VIROTEC INTERNATIONAL LTD 
 

Scope

We have reviewed the financial report of Virotec International Ltd for the half-year ended 31 December 2002,
consisting of the statement of financial performance, statement of financial position, statement of cash flows,
accompanying notes and the directors' declaration set out on pages 5 to 10. The financial report includes the
consolidated financial statements of the consolidated entity, comprising the Company and the entities it controlled
at the end of the half year or from time to time during the half year. The Company's directors are responsible for
the financial report.  
 
We have performed an independent review of the financial report in order to state whether on the basis of the
procedures described, anything has come to our attention that would indicate that the financial report is not
presented fairly in accordance with Accounting Standard AASB 1029 'Interim Financial Reporting' and other mandatory
professional reporting requirements in Australia and statutory requirements so as to present a view which is
consistent with our understanding of the consolidated entity's financial position, and performance as represented by
the results of its operations and its cash flows in order for the Company to lodge the financial report with the
Australian Securities and Investments Commission. 
 
Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. The
review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial
data. Our review has not involved a study and evaluation of internal accounting controls, test of accounting records
or tests of responses to enquiries by obtaining corroborative evidence from inspection, observation or confirmation.
The procedures do not provide all the evidence that would be required in an audit, thus the level of assurance given
is less than given in an audit. We have not performed an audit and accordingly we do not express an audit opinion. 
 

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the
half-year financial report of Virotec International Ltd is not in accordance with: 
 
(a)     the Corporations Act 2001, including: 
     (i)     giving a true and fair view of consolidated entity's financial position as at 31 December 2002 and of
its performance for the year ended on that date; and 
 
     (ii) complying with Australian Accounting Standard AASB 1029 'Interim Financial Reporting' and the Corporations
Regulations 2001; and  
(b)     other mandatory professional reporting requirements in Australia. 
 
 
KPMG

 
 
 
P G Steer 
Partner 
 
Gold Coast 
6 March 2003 
 
 
 
 
Note: 
 
Copies of these financial reports are available free of charge from: 
 
The Company Secretary 
Virotec International Ltd 
(ABN 81 004 801 398) 
Building 50B Pinewood Drive 
Sanctuary Cove QLD 4212 
Australia 
Telephone: +617 5530 8014 
Email: mail@virotec.com 
 
End 
 
END  



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