Last checked at 28 Nov 2008 17:00
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 (2007: 20,652,956).
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