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Viridas PLC (PRS)

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Thursday 30 September, 2010

Viridas PLC

Half Yearly Report

RNS Number : 5554T
Viridas PLC
30 September 2010
 



VIRIDAS PLC

"Viridas" or the "Company"

 

Results for 6 months ended 30th June 2010

 

Viridas is pleased to announce its interim results for the six months ended 30th June 2010.

 

Operational Review

Group Operating loss for the half year ended 30th June 2010 amounted to £294,101 (30th June 2009 £296,547).

 

A retained loss £294,612 (30th June 2009 £217,936) has been transferred to reserves. Net assets as at 30th June 2010 stood at £185,392 (30th June 2009 £ 136,841).

 

Strategic Agreement

On 26th July the Company announced that it had entered into a Strategic Development and Partnership Agreement with a leading UK energy generator to supply them with sustainable biomass for electricity generation. It is intended that this will lead to a sustainable biomass "off-take" agreement and discussions are taking place with regard to the possible terms of such an agreement.

 

Fundraising

In the Chairman's statement of 2nd June 2010 which accompanied the financial statements for the year ended 31st December 2009 we reported that we were in discussions with potential investors in relation to securing an additional £1.4m as the next stage of the financing programme initiated in November 2009 when £850,000 was raised by way of a placing of new shares in the Company. These additional funds were necessary for the company's ongoing development plan, the establishing and planting out of a base farm in Brazil.

 

The Group remains in discussions with a number of highly credible potential investors, and based on the outcome of those discussions the Directors are hopeful that future funding will be made available. However, in the current economic climate, and the lack of clarity from the Government regarding future support for the reduction of Green House Gas Emissions in the UK, it is proving challenging to bring such discussions to a close. Accordingly the Directors have decided that without tangible investor commitment by the end of the year the feasibility of an ongoing jatropha project would have to be reviewed.

 

In the interim the Directors have considered the overheads of the Group and have agreed further reductions in relation to Directors Remuneration and other expenditure where practicable. The Directors will not commit to any further projects or expenditure not reflected in the current cash flow unless and until sufficient additional new funding has been secured. The Directors are of the view that the Group can satisfy all committed overhead costs from existing cash resources.

 

Future Prospects

The Directors continue to believe that environmental, geo-political and economic considerations will provide opportunities for a successful jatropha project and will continue to work hard to seek the additional funds needed to achieve the realisation of the Group's strategy.

 

Any material developments will be made known to shareholders as soon as practicable.

 

 

S J Wootliff

Chairman

30th September 2010

 

For more information please contact:

 

Viridas plc:

Stanley Wootliff, Executive Chairman       +44 (0) 11 235 0632

 

Nominated Adviser:

Arbuthnot Securities

Antonio Bossi/Paul Gillam                              +44 (0) 20 7012 2000

 

  

 

 

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED

30 JUNE 2010

 

 


Unaudited

6 months

ended

30 June

 2010

Unaudited

6 months

ended

30 June

2009

Audited

Year ended

31 December

2009


£

£

£





Operating loss

(294,101)

(296,547)

(681,670)





Finance income

341

-

-

Finance expense

(1)

(535)

(535)





Loss before taxation

(293,761)

(297,082)

(682,205)





Taxation

-

-

-





Loss for the period from continuing operations

(293,761)

(297,082)

(682,205)





(Loss)/profit for the period from discontinued operations

(851)

79,146

116,529





Loss for the period

(294,612)

(217,936)

(565,676)









Earnings per share




Basic and diluted continuing operations

(0.89p)

(1.22p)

(2.69p)

Basic and diluted discontinued operations

(0.01p)

0.32p

0.46p

Total basic and diluted

(0.90p)

(0.90p)

(2.23p)





Dividend per share

-

-

-









 

Discontinued Operations

 

Following a strategic review of the business all previous activities have been ceased and the Directors are now focusing on the Jatropha business

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2010

                                                                     


Unaudited

6 months

ended

30 June

 2010

Unaudited

6 months

ended

30 June

2009

Audited

Year ended

31 December

2009


£

£

£

Loss for the period

(294,612)

(217,936)

(565,676)

Exchange differences

(4,636)

(51,196)

(50,657)





Total recognised expense for the period

(299,248)

(269,132)

(616,333)







                                     CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                         FOR THE SIX MONTHS ENDED 30 JUNE 2010

 

 

 


Share

Capital

 

Share

Premium

 

Capital

Redemption

Reserve

 

Translation

Reserve

 

Retained

Earnings

 

Total

Equity

 

Balance at 1 January 2009

2,435,796 

2,007,339 

27,000 

169,200 

(4,233,362)

405,973 

Issue of share capital

850,000





850,000

Cost of shares issued


(155,000)




(155,000)


-------------

--------------

------------

------------

---------------

--------------

Transactions with owners

850,000

(155,000)

-

-

-

695,000


-------------

--------------

------------

------------

---------------

--------------

Loss for the financial year

 

-

(565,676) 

(565,676)








Exchange differences on translating foreign operations

 

-

 

-

 

-

 

(50,657)

 

-

 

(50,657)

 


                

                

                

                

                

                

Total comprehensive income for the year

 

 

 

 

 

 

 

 

(50,657)

 

 

 (565,676)

 

 

 (616,333) 

 

 

                

                

                

                

                

                

Balance at 31 December 2009

 

 

3,285,796 

 

1,852,339

 

27,000 

 

118,543 

 

(4,799,038) 

 

484,640

Loss for the period


-


-


-

 

-


(294,612)


(294,612)








Exchange differences on translating foreign operations

 

 

-

 

 

-

 

 

-

 

 

(4,636)

 

 

-

 

 

(4,636)


                

                

                

                

                

                

Total comprehensive income for the period

 

 

 

-

 

 

-

 

 

-

 

 

(4,636)

 

 

(294,612)

 

 

(299,248)


                

                

                

                

                

                

Balance at 30 June 2010

 

3,285,796 

 

1,852,339 

 

27,000 

 

113,907 

 

(5,093,650)

 

185,392 


                

                

                

                

                

                


 

 

 

 

 

 

 



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 AS AT 30 JUNE 2010

 


Unaudited

6 months

ended

30 June

 2010

Unaudited

6 months

ended

30 June

2009

Audited

Year ended

31 December

2009


£

£

£

ASSETS




Non-current assets




Property, plant and equipment

-

2,127

-

Total non-current assets

-

2,127

-





Current assets




Trade and other receivables

31,675

35,104

29,696

Cash and cash equivalents

289,851

387,336

657,265

Total current assets

321,526

422,440

686,961





Total assets

321,526

424,567

686,961





LIABILITIES




Current liabilities




Trade and other payables

53,939          

157,720

112,852

Current tax payable

  82,195

68,390

89,469

Bank overdraft

         -

61,616           

-

Total current liabilities

136,134

287,726

202,321









Net assets

185,392

136,841

484,640





EQUITY




Share capital

3,285,796

2,435,796

3,285,796

Share premium account

1,852,339

2,007,339

1,852,339

Capital redemption reserve

27,000

27,000

27,000

Translation reserve

113,907

118,004

118,543

Retained deficit

(5,093,650)

(4,451,298)

(4,799,038)

Total equity

185,392

136,841

484,640





 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2010

 

 

 

 

Unaudited

6 months

ended

30 June

 2010

Unaudited

6 months

ended

30 June

2009

Audited

Year ended

31 December

2009


£

£

£





Cash flows from operating activities








Loss before taxation - continuing operations

(293,761)

(294,082)

(682,205)

(Loss)/profit before taxation - discontinued operations

(851)

61,399

119,368

Depreciation of property, plant and equipment

-

1,552

3,679

Interest receivable

(1,041)

(700)

(2,034)

Interest payable

1

2,061

2,129

Decrease/(Increase) in trade and other receivables

(1,979)

242,869

248,277

Decrease in trade and other payables

(58,913)

(35,724)

(80,592)

Foreign exchange movement

(4,636)

(51,196)

(50,657)






(361,180)

(73,821)

(442,035)

Interest paid

(1)

(2,061)

(2,129)

Tax (paid)/refund

(7,274)

33,328

36,821

Net cash from operating activities

(368,455)

(42,554)

(407,343)





Cash flows from investing activities




Interest received

1,041

700

2,034


 

 

 

Net cash generated from investing activities

1,041

700

  2,034





Cash flows from financing activities




Issue of shares - net proceeds

-

-

695,000

Repayment of loans

-

(384)

(384)

Repayment of finance leases

-

(3,220)

(3,220)

Net cash (used in)/generated from financing activities

-

(3,604)

691,396





(Decrease)/increase in cash in the period

(367,414)

(45,458)

286,087





Cash and cash equivalents at beginning of period

657,265

371,178           

371,178





Cash and cash equivalents at end of period

289,851

325,720          

657,265





 

 

 

NOTES TO THE INTERIM REPORT

 

1.            The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The group's statutory financial statements for the period ended 31 December 2009, 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 498 (2) or (3) of the Companies Act 2006.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2009. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

 

The financial statements have been prepared on a going concern basis under the historical cost convention. As described in the Chairman's statement the Group is currently in discussions with a number of potential investors regarding the funding to progress the jatropha project, and the Directors are hopeful, based on discussions to date, that funding will be made available.

 

In the event that funding is not made available, the forecasts prepared by the Directors indicate that the Group has sufficient cash resources to enable it to satisfy the budgeted overhead base until March 2011. Given all former activities have ceased and the Directors will not commit to any future projects or expenditure not reflected in the cash flow forecast until sufficient funding is secured, the Directors are of the view that they can satisfy all remaining overhead costs from existing cash resources.

 

The Directors therefore believe that the going concern basis is appropriate for the preparation of the financial statements as they are in a position to meet all its liabilities as they fall due.

 

2.            The calculation of basic and diluted earnings per share is based on the loss for the period of £294,612 (2009: loss £217,936) and a weighted average number of ordinary shares of 32,857,956 (2009: 24,357,956).

3.            No interim dividend will be paid.

4.            Copies of the interim report 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

 


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