Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

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D1 Oils Plc (NEOS)

  Print      Mail a friend       Annual reports

Wednesday 02 March, 2011

D1 Oils Plc

Operational Update

RNS Number : 1429C
D1 Oils Plc
02 March 2011
 



D1 Oils plc ("D1")

 

Operational Update

 

Ahead of the anticipated release of D1's preliminary results for the year ended 31 December 2010, the Board is pleased to provide this operational update.

 

Sales of Crude Jatropha Oil ("CJO")

 

D1 has continued to experience demand for greater quantities of CJO than it is able to supply and has over the last 6 months sold all of its production, some 500 tonnes. These sales have been achieved at an average, ex works, selling price of approximately US$975 per tonne. This price is slightly lower than anticipated due to a change in mix between local and export sales and between spot purchases for trial work and repeat purchases from commercial customers (both local and multi-national). The spot price is continuing to firm and D1 now has a strong backlog of orders for ex tank sales in India at above $1,000 per tonne.

 

The Board attributes this demand primarily to the continued upward trend in global vegetable oil and mineral oil prices, for instance palm oil is currently $1,279 per tonne CIF North West Europe up from $793 per tonne 12 months prior (source: FAO and Oil World).

 

Sourcing of Jatropha grain

 

D1 continues to develop proprietary networks to source grain and market CJO principally in Central and North-West India (from both D1's farmers and established third party grain traders in those areas), North-East India (through its joint venture with Williamson-Magor ("D1-WM"), one of India's largest tea plantation groups), Zambia and Indonesia.

 

In Central and North-West India, late rains during November and December have caused the grain collection period to extend into March/April 2011.  Accordingly, the Board is not yet in a position to confirm final grain collection numbers for the season.  Despite this delay grain sourced from D1's farmers in these areas has already exceeded expectations in many districts and the Board remains pleased with the performance of these regions and expects further significant growth in collection volumes in the next harvest season.

 

However, North East India experienced the heaviest rainfall, and lowest levels of sunshine, in June and July for thirty years, which led to depressed flowering and in turn reduced weeding and other activity by our partner farmers.   As a result, yield in this region will fall significantly below expectations and consequently D1-WM will not be extracting oil in the North-East this season.

 

Overall, grain collection in the other regions of activity is on track.

 

On 24 November 2010, the Board of D1 stated an expectation that 2,000 tonnes of CJ0 would be forthcoming for the 2010/11 harvest season.  The Board believes that purchases from large third party traders (holding significant stocks of Jatropha grain in India) could be more than sufficient to make good this season's shortfall arising from the D1-WM Joint Venture.  However, D1 is maintaining a strict market discipline in the ongoing discussions with these third parties and is only prepared to purchase grain on which it can make a positive margin for its shareholders.  To date D1 has only purchased small quantities of grain from traders.

 

Accordingly, the Board estimates that D1 will now deliver approximately 1,200 tonnes of CJO this harvest season without material access to these trader stocks or up to 2,000 tonnes or more if grain can be purchased satisfactorily from third party traders.

 

The Directors are pleased to report that the variable cost of D1's CJO in India (net of biomass sales credits) is currently running at about US$700 per tonne as compared to roughly US$850 a year ago mainly due to achieving high seedcake prices and lower expelling costs which have helped offset the higher transport costs experienced.

 

The Board notes that, as previously reported, future investment in D1's high protein animal feed technology could further dramatically reduce this CJO cost. D1 intends to implement a small commercial version of this technology during the next 12 months.

 

Given the successful grain yields delivered in Central & North-West India, Zambia and Indonesia, the Board remains confident that D1 will have both the grain and the supply chain organisation to deliver a substantial increase in CJO during the 2011/12 harvest season and in future years.

 

Financial update

 

The Board is pleased to report that annual overhead cash burn has now been reduced to a current run rate of £3.0 million per annum, and that net cash balances at 25 February 2011 amounted to approximately £3.6 million.

 

Preliminary results

 

The Board anticipates that D1 will release its preliminary results for the year ended 31 December 2010 in May 2011.

 

 

 

For further information please contact:

           

D1 Oils Plc                       +44 (0) 20 7936 9104

Martin Jarvis 

Chief Executive Officer         

 

WH Ireland                      + 44 (0) 20 7220 0470

Chris Fielding

 

Brunswick Group        + 44 (0) 20 7404 5959

Kevin Byram                  

Rosheeka Amarasekara


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