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HydroDec Group plc (HYR)

  Print      Mail a friend       Annual reports

Thursday 15 September, 2005

HydroDec Group plc

Interim Results

HydroDec Group plc
15 September 2005


15 September 2005

                               HYDRODEC GROUP PLC

              INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2005


CHAIRMAN'S STATEMENT

These accounts cover the six month period to 30 June 2005 for Hydrodec Group plc
('Hydrodec').  HydroDec's technology is a modified oil re-refining process. It
utilises an advanced form of catalytic hydrogenation, and is based upon standard
oil and petrochemical industry packed bed hydrogenation processes, together with
patented intellectual property that prevent the deactivation of the catalyst.
This means that a variety of Persistent Organics Pollutants or POP's can be
treated in an environmentally safe, zero-emission process with no direct air
emissions.

As previously announced, there was no revenue generated during the period, which
produced an operating loss of £682,893, and the Company had net assets of
£10,123,406, including cash of £2,210,150.

On 31 August 2005, Hydrodec announced the completion of the acquisition of Oil
Treatment Services Pty Ltd ('OTS'), its joint venture partner and the EPA
licensed site located in Young, New South Wales, Australia. It is Hydrodec's
intention to create a world-class centre of excellence at this location to
showcase its advanced technology for transformer oil regeneration, PCB treatment
and the re-refining of specialty oils.

The OTS business includes two certified transformer oil analysis laboratories,
one based at the Young site, a mobile oil regeneration plant, mobile transformer
retro-fill plant, customer management software and systems, a web based
transformer and oil monitoring and reporting system, product distribution
mechanisms and an EPA licensed site with offices and oil storage facilities
where the existing 3,000 litres per day Hydrodec plant operates. The previously
announced development of the 20,000 litre a day plant continues and, when
operational, this plant will be based in Young.

The combined business consolidates Hydrodec as a premium quality transformer oil
supplier and establishes it as a sustainable commodity and service provider. The
acquisition also provides Hydrodec with a location to further develop and expand
its Persistent Organic Pollutants division.

As a result of this short-term concentration in Australia, there is no
requirement for a permanent presence in London and therefore the roles of Chris
Nash (CEO), and Philip Newell (FD), are no longer necessary and they have left
the Company. The duties of the CEO are now being undertaken by Mark McNamara
(Chief Operating Officer) who, with recently the appointed Brian Davies (General
Manager), are responsible for the day-to-day activities at Young. Rodger
Sargent, a Non-executive Director is the new Finance Director, a role he has
previously filled.

Environmental issues continue to be key factors in the global political and
economic arenas. Recent natural disasters and oil price fluctuations illustrate
the commercial potential that Hydrodec's technology has. The Board continues to
investigate new geographic and feedstock marketplaces and testing on behalf of
major potential clients continues. With its new base, Hydrodec is ideally placed
to utilise its technology and I look to the future with great optimism.


John Gunn
Non-executive Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the 6 months ended 30 June 2005

                                                                   Note  (Unaudited)      (Unaudited)
                                                                         6 months ended   6 months ended
                                                                         30 June          31 December
                                                                         2005             2004
                                                                         £                £

Turnover                                                                 -                -

Cost of sales                                                            -                -

Gross profit                                                             -                -

Administrative expenses                                                  (682,893)        (39,956)

Operating loss                                                           (682,893)        (39,956)

Share of loss of associate                                               (54,934)         -

Interest receivable                                                      31,992           33,092

Loss on ordinary activities before and after taxation                    (705,835)        (6,864)

Loss retained for the period                                             (705,835)        (6,864)

Loss per share
Basic                                                             4      (0.45)p          (0.01)p



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                                             (Unaudited)   (Unaudited)
                                                                             6 months       6 months
                                                                              ended         ended
                                                                             30 June       31 December
                                                                             2005           2004
                                                                             £             £

Loss for the financial period                                                (705,835)     (6,864)
Currency differences                                                         (14,999)      3,555

Total recognised losses                                                      (720,834)     (3,309)



CONSOLIDATED BALANCE SHEET AT 30 JUNE 2005

                                                                  Note  (Unaudited)      (Unaudited)
                                                                        As at            As at
                                                                        30 June          31 December 2004
                                                                        2005
                                                                        £                £
Fixed assets
Intangible                                                       6      7,669,353        7,866,003
Tangible assets                                                         378,901          293,322

                                                                        8,048,254        8,159,325

Current assets
Debtors                                                                 136,804          18,882
Cash at bank and in hand                                                2,210,150        3,014,263

                                                                        2,346,954        3,033,145

Creditors: amounts falling due within one year                          (271,802)        (295,796)

Net current assets                                                      2,075,152        2,737,349

Total assets less current liabilities                                   10,123,406       10,896,674


Capital and reserves
Called up share capital                                                 782,500          782,500
Share premium account                                                   10,065,050       10,117,483
Profit and loss account                                                 (724,144)        (3,309)

Equity shareholders' funds                                       7      10,123,406       10,896,674



CASH FLOW STATEMENT



For the 6 months ended 30 June 2005

                                                                        Note  (Unaudited)   (Unaudited)
                                                                              6 months      6 months
                                                                              ended         ended
                                                                              30 June       31 December
                                                                              2005          2004
                                                                              
                                                                              £             £

Net cash (outflow)/inflow from operating activities                    8      (652,336)     202,312

Returns on investments and servicing of finance
Interest received                                                             340           33,092

Taxation                                                                      -             -

Capital expenditure and financial investment
Payments to acquire tangible fixed assets                                     (99,683)      -
Purchase of investment                                                        -             (721,124)
Repayment of loan on acquisition                                              -             (500,000)

                                                                              (99,683)      (1,221,124)

Financing
Issue of new shares                                                           -             4,309,998
Share issue costs                                                             (52,434)      (310,015)

                                                                              (52,434)      3,999,983

(Decrease)/increase in cash                                            9      (804,113)     3,014,263



NOTES TO THE INTERIM REPORT


For the 6 months ended 30 June 2005

     
1.   Basis of Preparation

The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention.  The
principal accounting policies of the Group have remained unchanged from those
set out in the Group's 31 December 2004 annual report and financial statements.
The interim financial statements have not been reviewed by the Group's auditors.

     
2.   PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.  The
figures for the period ended 31 December 2004 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies.  The auditors' report on those financial statements was unqualified
and did not contain a statement under Section 237(2) of the Companies Act 1985.

     
3.   TAXATION

There is no tax charge for the interim period.

     
4.   EARNINGS PER SHARE
                                                                6 months ended      6 months ended
                                                                30 June 2005        31 December 2004
                                                                £                   £

Loss for the financial period                                   705,835             6,864

                                                                Number              Number
                                                                of shares           of shares

Weighted average number of shares in issue                      156,600,000         79,468,173

For basic earnings per share                                    (0.45)p             (0.01)p

     
5.   DIVIDENDS

No dividends have been paid or proposed for the period.


6.   INTANGIBLE FIXED ASSETS
                                                                                            (Unaudited)
                                                                                            £
Cost
At 1 January 2005 and 30 June 2005                                                          7,866,003

Amortisation
At 1 January 2005                                                                           -
Charge for the period                                                                       196,650

At 30 June 2005                                                                             196,650

Net book value
At 30 June 2005                                                                             7,669,353

At 31 December 2004                                                                         7,866,003


The goodwill arises on the acquisition of Hydrodec Development Corporation Pty
Limited and is being amortised over its estimated useful life of 20 years.


     
7.   RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
                                                                                            (Unaudited)
                                                                                            £

Loss for the financial period                                                               (705,835)
Share issue costs                                                                           (52,434)
Currency transaction differences                                                            (14,999)
                                                                                            (773,268)
Opening shareholders' funds                                                                 10,896,674
Closing shareholders' funds                                                                 10,123,406


     
8.   NET CASH(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
                                                                        (Unaudited)      (Unaudited)
                                                                        6 months ended   6 months ended
                                                                        30 June          31 December
                                                                        2005              2004
                                                                        £                £

Operating loss                                                          (682,893)        (39,956)
Depreciation                                                            14,013           -
Amortisation of goodwill                                                196,650          -
Increase in debtors                                                     (86,270)         (10,199)
(Decrease)/increase in creditors                                        (93,836)         252,467

Net cash (outflow)/inflow from operating activities                     (652,336)        202,312


     
9.   RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
                                                                             (Unaudited)   (Unaudited)
                                                                             6 months      6 months
                                                                             ended         ended
                                                                             30 June       31 December
                                                                             2005          2004
                                                                             £             £

(Decrease)/increase in cash in the period                                    (804,113)     3,014,263
Net funds at the beginning of the period                                     3,014,263     -

Net funds at the end of the period                                           2,210,150     3,014,263


     
10.  POST BALANCE SHEET EVENTS

On 31 August 2005 it was announced the acquisition of Oil Treatment Services Pty
Ltd ('OTS'), Hydrodec's joint venture partner and the EPA licensed site in
Young, New South Wales, Australia was completed.

The OTS business includes two certified transformer oil analysis laboratories,
one based at the Young site, a mobile oil regeneration plant, mobile transformer
retro-fill plant, customer management software and systems, a web based
transformer and oil monitoring and reporting system, product distribution
mechanisms and an EPA licensed site with offices and oil storage facilities
where the existing 3,000 litres per day Hydrodec plant operates.

The consideration payable for OTS was satisfied by the issue of 6,495,402 new
ordinary shares ('Ordinary Shares') at an issue price of 22.2p per share.  A
cash sum may also be payable depending on the working capital position of OTS as
at the completion date. In addition, 1,004,598 new Ordinary Shares were issued,
at an issue price of 22.2p per share, to various third parties in satisfaction
of sums owed by OTS to such third parties.

As a result of this short-term concentration in Australia, there is no
requirement for a permanent presence in London and therefore the roles of Chris
Nash (CEO), and Philip Newell (FD), are no longer necessary and their employment
and directorships with the Company ceased with immediate effect.

The duties of the CEO are being undertaken by Mark McNamara (Chief Operating
Officer) who, with the recently appointed Brian Davies (General Manager), are
responsible for the day-to-day activities at Young. Rodger Sargent, a
Non-executive Director is the new Finance Director, a role he has previously
filled.



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