Nature Group Regulatory News (NGR)

29 Mar 2006 15:26

Nature Technology Solutions Limited29 March 2006 NATURE TECHNOLOGY SOLUTIONS LIMITED Preliminary Results for the year ended 31st December 2005 and review of 2006 Oil Industry targets. The Chairman of Nature Technology Solutions Limited (Nature) provides thefollowing assessment of current indications for demand for NTS technology andproducts from the offshore oil industry, together with key points on thepreliminary figures released today to the London Stock Exchange. - The launch and trials of the offshore containerised waste water treatmentunit currently under construction, are targeted to take place in June/July thisyear in the Norwegian sector of the North Sea following development work overthe last two years. This unit, utilising proprietary technology, has beendeveloped in response for to industry and environmental demands to move towards"zero" discharge of polluted waters offshore and for the reduction oftransportation costs and attendant risks. Interest in this unique treatmentmodule, using compact Nature designed flow units and the patented Nature agent,has been indicated throughout the Norwegian offshore, drilling and rig wastehandling industries. If successful in the Norwegian sector this technologyshould have tremendous potential in the rest of the North Sea and elsewhere inthe offshore oil industry. - Other oil industry projects, including a potential joint venture in respectof a possible contaminated waste water treatment contract for a major platformdecommissioning, are under discussion. - The reduced turnover and attributable profit from continuing operations in2005 was due to the delivery in 2004 of a major plant to an industrial client inDenmark which was not repeated in 2005. However, an additional contract for thisclient has been indicated for delivery in 2006. Certain other projectsincorporating Nature technology and engineered products anticipated for 2005have been deferred. As a result, although the Group generated a small surplusbefore depreciation and amortisation, the group showed an overall loss of£127,687 for the year after taxation. - Existing fixed installation joint ventures in Gibraltar and Stavanger showedgrowth of 40% in 2005, and Nature expects to see further growth in revenues andprofits in 2006. - In the coming months Nature will review the enhancement of its technicalmarketing and engineering support capabilities assuming successful trials of thenew containerised offshore unit, in conjunction with existing joint ventures andproposed logistics partnering in Aberdeen and elsewhere. Richard EldridgeChairman 29th March 2006 Nature Technology Solutions Limited Profit and Loss Account For the Year to 31st December 2005 Unaudited Audited Year to Year to 31/12/05 31/12/04 £ £ TURNOVER Continuing operations 224,805 583,473 Joint venture 734,297 529,822 --------- --------- 959,102 1,113,295 OPERATING COSTS Continuing operations (149,163) (282,701) Joint venture (317,153) (223,963) --------- ---------OPERATING PROFIT 492,786 606,631 Interest and dividendsreceivable 8,736 1,013Administrative costs (489,431) (511,019)Bank interest and charges (3,930) (5,860) --------- ---------Profit before depreciationand taxation 8,161 90,765 Depreciation (24,373) (21,736)Depreciation and goodwillin joint venture companies (115,241) (100,769) ---------- ----------Loss on ordinary activitiesbefore taxation (123,292) 59,025 Taxation on loss onordinary activities 1,667 (12,400) ---------- ---------- ---------- ----------Deficit for the financialperiod (121,625) 46,625 ========== ========== Basic loss per share (0.00031) (0.00014) Nature Technology Solutions Limited Balance Sheet For the year to 31st December 2005 Audited Audited As at As at 31/12/05 31/12/04 £ £FIXED ASSETSIntangible assets 40,898 42,297Tangible assets 31,430 51,194Investments 1,569,078 1,515,601 --------- --------- 1,641,406 1,609,092 CURRENT ASSETSDebtors 233,511 245,386Balance at bank 564,852 100,498 --------- --------- 798,363 345,884 CREDITORS : AMOUNTS FALLING DUEWITHIN ONE YEAR (83,961) (152,233) --------- ---------NET CURRENT ASSETS 714,402 193,651 CREDITORS : AMOUNTS FALLING DUEAFTER ONE YEAR (220,690) 0 --------- ---------NET ASSETS 2,135,118 1,802,743 ========= ========= CAPITAL AND RESERVESCalled up share capital 39,559 29,959Share premium 1,485,115 1,032,554Capital Reserve 2,864,130 2,864,130Profit and loss account (2,253,686) (2,123,900) ---------- ----------Shareholders funds 2,135,118 1,802,743 ========== ========== Nature Technology Solutions Limited Cash Flow Statement For the year to 31st December 2005 Audited Audited As at year to 31/12/05 31/12/04 £ £ Net cash flow from operating activities:Operating loss (128,428) (26,893)Depreciation 24,373 21,736(Increase)/Decrease in debtors 11,875 (46,022)(Increase)/decrease in stock 0 14,185Increase in creditors 152,418 30,960 --------- --------- 60,238 (6,034) Return on investments and servicing of finance:Issue of share capital 462,161Interest received 5,288 1,013Interest paid (3,930) (5,860) Capital expenditure:Acquisition of intangible fixed assets (5,926) (8,725)Acquisition of tangible fixed assets (6,300)Increase in investments (53,477) (26,443) ---------- ----------Increase/(Decrease) in cash balances 464,354 (52,349) ========== ========== Movement in cash balances: Balance at bank 1st January 2005 100,498 152,847 Net cash inflow/outflow 464,354 (52,349) ---------- ----------Balance at 31st December 2005 564,852 100,498 ========== ========== Notes to the accounts 1. The calculation of loss per share has been based on the loss for the periodand the weighted average number of Ordinary Shares in issue throughout theperiod. 2. These unaudited results have been prepared on the basis of the accountingpolicies adopted in the accounts to 31 December 2004. 3. The report and accounts for the year ended 31 December 2005 will be sent toshareholders in April and will be available from the offices of Seymour Pierce,Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL. This information is provided by RNS The company news service from the London Stock Exchange