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Viridas PLC (PRS)

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Friday 28 November, 2008

Viridas PLC

Interim Results

RNS Number : 1674J
Viridas PLC
28 November 2008
 

VIRIDAS PLC ('Viridas', 'the Group' or 'the Company')

INTERIM RESULTS

Half Year Ended 31st August 2008

Highlights:

  • Turnover for the half year ended 31st August 2008: £2,275,660 (2007:£2,502,725)

  • Pre-tax loss before exceptional items £157,314 (£283,969)

  • Final closure of all legacy businesses in October

  • On going development of company's industrial scale Jatropha Agri-business in Brazil


Chairman, Stanley Wootliff, commenting on the half year said:

'In the half year ended August 31st 2008 we completed the process of withdrawing from our legacy businesses, and continued the further ongoing development of our industrial scale Jatropha business in Brazil. 

Subsequent to the signing of our exclusive strategic partnership agreement with INEOS Enterprises, part of INEOS, the worlds third largest chemical company, to develop a sustainable supply of crude jatropha oil (CJO) to the biodiesel market, we are now moving to the next phase of the project, the establishment of a 'Base Plantation' in Salvadore together with an appropriate commercial administration. This will be followed over the next few years by the establishment of cluster plantations around the 'Base Plantation' to support a future roll out strategy for the production of commercial quantities of Crude Jatropha Oil.

Much hard work has gone into the repositioning of the group over the past half year. We now look forward to the exciting prospect of developing a leading world class jatropha business. 

Great enthusiasm for the jatropha project is shared by all your directors and employees and we look forward to reporting further progress.'

For Further information:

Viridas PLC                        Tel: 0113 235 0632

Stanley Wootliff, Executive Chairmen      Stanley.Wootliff@viridas.com

Graham Haselden, Finance Director      Graham.haselden@viridas.com

FinnCap         Tel: 020 3207 3216

Matthew Robinson, Corporate Finance Director      mrobinson@finncap.com

  Chairman's Statement

For the half year ended 31st August 2008

Our Future - Jatropha Sustainable Biofuel Feedstock - Owners and Managers of Plantations in Brazil.

It has been a busy year for the company, completing the withdrawal from its legacy businesses, continued research and development of its new future as a dedicated owner and manager of jatropha plantations in Brazil. We believe that such plantations will achieve full acceptance as the preferred, most sustainable, biofuel feedstock by esterifiers and will secure our future position as the leading player within the biodiesel supply chain.

OPERATIONAL REVIEW

Group operating losses for the half year ended 31st August 2008, before exceptional items of £99,547 which primarily related to residual closure costs, a bad debt from a major textile customer, and compensation for loss of office, amounted to £157,314.

Also included in the operating losses were ongoing costs, for both here in the UK and in Brazil, associated with the jatropha project, of £143,566.

A retained loss of £282,661(£304,269) has been transferred to reserves. Net assets at the half year end stood at £709,176 (£1,470,971).

At the end of October we finally ceased all our legacy activities and the group is now solely focused on its jatropha project.

THE JATROPHA BUSINESS

In 2006, Viridas started researching Jatropha and at the end of 2007 established a trial plantation in Minas Gerias in Brazil to further improve its knowledge relating to agronomy techniques for the growing of Jatropha on an industrial scale for the production of sustainable Crude Jatropha Oil.

Building on this experience Viridas aims to develop industrial scale jatropha plantations with the agronomy and all aspects of production fully managed and controlled by Viridas on land which it owns or holds on long lease.

STRATEGIC PARTNER 

In April Viridas announced an exclusive strategic partnership with INEOS Enterprises to develop significant growth in sustainable output of jatropha, a perennial, non-food oil seed used in alternative fuels production.  Following on from that strategic partnership we are now moving to the next phase of the project, the establishment of a 'Base Plantation' in Salvador together with an appropriate commercial administration to support a future roll out strategy for the production of commercial quantities of Crude Jatropha Oil.

PROSPECTS

Viridas has already established a leading reputation in the biodiesel industry.  The partnership, with INEOS Enterprises enables us to pursue a common vision to develop a world class jatropha business within the biodiesel supply chain, whilst at the same time providing a new and sustainable crop and creating a non-food feed stock for alternative fuel production.

Second generation feed stocks are the key to the company's future, and jatropha is an ideal, sustainable, non-food 'Green' energy crop for an energy hungry world. 

Much hard work has gone into the repositioning of the group over the past few years. We now look forward to the exciting prospect of developing the leading world class jatropha business together with INEOS, our world class partner.

Great enthusiasm for the jatropha project is shared by all your directors and employees and we look forward to reporting further progress.

S.J.Wootliff

Chairman

28th November 2008


VIRIDAS P.L.C.

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED

31 AUGUST 2008

 

Unaudited

6 months

ended

31 August

 2008

Unaudited

6 months

ended

31 August

2007

Audited

Year ended

29 February

2008


£

£

£





Revenue - continuing operations

2,275,660

2,502,725

5,303,954





Operating loss - continuing operations

(252,498)

(257,391)

(903,228)





Finance income

7,048

4,861

8,470

Finance expense

(11,411)

(31,439)

(69,211)





Loss before taxation

(256,861)

(283,969)

(963,969)





Taxation

(25,800)

(20,300)

32,951





Loss for the period

(282,661)

(304,269)

(931,018)





Loss per share




Basic

(1.16p)

(1.47p)

(4.13p)

Diluted

(1.16p)

(1.47p)

(4.13p)





Dividend per share

-

-

-












VIRIDAS P.L.C.
CONSOLIDATED BALANCE SHEET AS AT

31 AUGUST 2008


Unaudited

6 months

ended

31 August

 2008

Unaudited

6 months

ended

31 August

2007

Audited

Year ended

29 February

2008


£

£

£

ASSETS




Non-current assets




Intangible assets

-

165,866

-

Property, plant and equipment

44,832

544,173

29,317

Total non-current assets

44,832

710,039

29,317





Current assets




Inventories

570,962

838,269

968,524

Trade and other receivables

768,184

1,112,646

687,772

Cash and cash equivalents

857,596

1,285,637

1,456,970

Total current assets

2,196,742

3,236,552

3,113,266





Total assets

2,241,574

3,946,591

3,142,583





LIABILITIES




Current liabilities




Trade and other payables

792,507

619,247

911,781

Current tax payable

20,700

32,094

36,290

Obligations under finance leases

5,368

6,443

6,443

Bank loans

2,528

31,645

5,644

Bank overdraft

711,295

1,469,500

1,233,295

Total current liabilities

1,532,398

2,158,929

2,193,453





Non-current liabilities




Obligations under finance leases

-

5,368

2,147

Bank Loans

-

278,283

-

Deferred tax liability

-

33,040

-





Total non-current liabilities

-

316,691

2,147









Total liabilities

1,532,398

2,475,620

2,195,600





Net assets

709,176

1,470,971

946,983





EQUITY




Share capital

2,435,796

2,435,796

2,435,796

Share premium account

2,007,339

2,005,379

2,007,339

Capital redemption reserve

27,000

27,000

27,000

Revaluation reserve


84,960


Translation reserve

132,947

-

88,093

Retained deficit

(3,893,906)

(3,082,164)

(3,611,245)

Total equity

709,176

1,470,971

946,983



VIRIDAS P.L.C.
CONSOLIDATED 
CASHFLOW STATEMENT FOR THE SIX MONTHS ENDED

31 AUGUST 2008


Unaudited

6 months

ended

31 August

 2008

Unaudited

6 months

ended

31 August

2007

Audited

Year ended

29 February

2008


£

£

£





Cash flows from operating activities








Loss before tax

(256,861)

(283,969)

(963,969)

Depreciation of property, plant and equipment

5,384

22,790

43,867

Impairment of property, plant and equipment

-

-

57,919

Profit on disposal of property, plant and equipment

-

-

(55,924)

Amortisation of intangible assets

-

11,755

178,506

Interest receivable

(7,048)

(4,861)

(8,470)

Interest payable

11,411

31,439

69,211

Decrease in inventories

397,562

170,147

39,892

Increase in trade and other receivables

(80,412)

(635,558)

(210,684)

(Decrease)/increase in trade and other payables

(119,274)

167,130

459,684

Foreign exchange movement

44,854

-

98,875






(4,384)

(521,127)

(291,093)

Interest paid

(11,411)

(31,439)

(69,211)

Tax paid 

(41,390)

(65,078)

(40,671)

Net cash from operating activities

(57,185)

(617,644)

(400,975)





Cash flows from investing activities




Interest received

7,048

4,861

8,470

Purchase of intangible assets

-

-

-

Purchase of property, plant and equipment

(20,899)

(6,964)

(20,856)

Sale of property, plant and equipment

-

-

506,717

Net cash (used in)/generated from investing activities

(13,851)

(2,103)

494,331





Cash flows from financing activities




Issue of shares

-

543,750

545,710

Repayment of loans

(3,116)

(12,638)

(313,700)

Repayment of finance leases

(3,222)

-

(6,443)

Net cash (used in)/generated from financing activities

(6,338)

531,112

225,567





(Decrease)/increase in cash in the period

(77,374)

(88,635)

318,923





Cash and cash equivalents at beginning of period

223,675

(95,248)

(95,248)





Cash and cash equivalents at end of period

146,301

(183,883)

223,675






  

VIRIDAS P.L.C.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE 

FOR THE SIX MONTHS ENDED

31 AUGUST 2008


Unaudited

6 months

ended

31 August

 2008

Unaudited

6 months

ended

31 August

2007

Audited

Year ended

29 February

2008


£

£

£





Loss for the period

(282,661)

(304,269)

(931,018)





Total recognised income and expense for the period

(282,661)

(304,269)

(931,018)






VIRIDAS P.L.C.
NOTES TO THE INTERIM REPORT

  • 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 group's statutory financial statements for the year ended 29 February 2008, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 237 (2) of the Companies Act 1985.

  • The calculation of basic and diluted earnings per shared is based on the loss for the period of £282,661 (2007: loss £304,269) and a weighted average number of ordinary shares of 24,357,956 (200720,652,956).

  • No interim dividend will be paid.

  • Copies of these interim results are being despatched to shareholders. Further copies can be obtained from: The Company Secretary, Viridas P.L.C., 647, Roundhay Road, Leeds LS8 4BA and are available to view and download from the Company's website: www.viridasplc.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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