TEG.L Regulatory News (TEG)

30 Jun 2005 07:00

TEG Environmental Plc30 June 2005 For Release 30 June 2005 TEG ENVIRONMENTAL PLC Notice of AGM; Final Results TEG Environmental plc ("TEG" or "the Company"), the leading edge greentechnology company which converts organic wastes into natural organicfertilizer, announces that notice was given to shareholders on 16th June 2005 ofan Annual General Meeting to be held at the Caledonian Club, London SW1 onTuesday, 12 July 2005 at 11:00am. TEG's 2004 Annual Report & Accounts have been sent to shareholders, copies ofwhich can be obtained from the website: www.tegenvironmental.co.uk, or TEGEnvironmental Plc, Unit 6, Meadowcroft, Pope Lane, Whitestake, Preston, PR4 4BA. ENDS For further information, please contact: TEG Environmental plc 01772 422 220Mick Fishwick, Chief Executive Officer Canaccord Capital (Europe) Limited 020 7518 2777Ryan Gaffney Binns & Co PR Ltd 020 7786 9600Hannah Sloane PROFIT AND LOSS ACCOUNTFor the twelve months ended 31 December 2004 12 months Restated 14 ended 31 months ended 31 December 2004 December 2003 Note £ £ TURNOVER 21,572 33,147 Cost of Sales (12,017) (58,299) _________ _________GROSS PROFIT /(LOSS) 9,555 (25,152) Administrative expenses - other (1,227,550) (1,522,206)- exceptional items - (450,000) _________ _________Totaladministrative expenses (1,227,550) (1,972,206) OPERATING LOSS (1,217,995) (1,997,358) Interest receivable 34,598 6,887 Interest payable (4,121) (5,740) _________ _________LOSS ON ORDINARY ACTIVITIESBEFORE TAXATION (1,187,518) (1,996,211) Taxation on loss onordinary activities 2 75,774 125,645 _________ _________LOSS FOR THE PERIOD (1,111,744) (1,870,566) ========== ========= Loss per ordinary share 3 (7.9p) (16.2p)- basic & diluted BALANCE SHEETAs at 31 December 2004 31 December 31 December 2004 2003 £ £FIXED ASSETSIntangible assets 3,990 7,986Tangible assets 206,549 158,121 _________ _________ 210,539 166,107CURRENT ASSETSStocks 8,166 6,881Debtors 100,122 98,513Cash at bank and in hand 1,164,284 813,505 _________ _________ 1,272,572 918,899 CREDITORS: due within one year (300,479) (317,286) _________ _________NET CURRENT ASSETS 972,093 601,613 _________ _________TOTAL ASSETS LESS CURRENT LIABILITIES 1,182,632 767,720 CREDITORS: due after more than one year (36,187) (10,447) _________ _________NET ASSETS 1,146,445 757,273 ========= ========= CAPITAL AND RESERVESCalled up share capital 819,269 624,207Share premium account 9,352,543 8,046,689Profit and loss account (9,025,367) (7,913,623) _________ _________EQUITY SHAREHOLDERS' FUNDS 1,146,445 757,273 ========= ========= CASH FLOW STATEMENTFor the twelve months ended 31 December 2004 12 months Restated 14 ended months ended 31 31 December 2004 December 2003 Note £ £ NET CASHOUTFLOW FROMOPERATINGACTIVITIES 4 (1,196,815) (1,676,067) _________ _________RETURNS ON INVESTMENT AND SERVICING OFFINANCE Interestreceived 34,598 6,887 Interestelement offinance leaseand hirepurchasepayments (4,121) (5,740) _________ _________ 30,477 1,147 _________ _________TAXATIONUK Corporationtax received 71,137 154,508 _________ _________ CAPITAL EXPENDITURE AND FINANCIALINVESTMENTPayments toacquiretangible fixedassets (27,972) (34,849) Receipts fromsales oftangible fixedassets 2,859 2,000 _________ _________ (25,113) (32,849) FINANCINGReceipt fromsale of shares - 550,000 Proceeds onissue ofshares 1,500,916 1,623,234 Repayment ofbank loans - (4,943) Repayment ofcapital leaseand hirepurchasecontracts (29,823) (31,635) _________ _________ 1,471,093 2,136,656 _________ _________INCREASE INCASH 5 350,779 583,395 ========= ========= NOTES TO THE FINAL RESULTS 1. BASIS OF PREPARATION OF FINANCIAL INFORMATION The financial information contained in this statement does not constitutestatutory accounts as defined in section 240 of the Companies Act 1985. Thebalance sheet at 31 December 2004 and the profit and loss account, cash flowstatement and associated notes for the year then ended have been extracted fromthe company's 2004 statutory financial statements upon which the auditorsopinion is unqualified but contains an explanatory paragraph in respect offuture funding of the company and does not include any statement under Section237(2) of the Companies Act 1985. Those financial statements have been deliveredto the Registrar of Companies. The figures for the 14 month period ended 31December 2003 have been extracted from the statutory financial statements (afterthe reanalysis of the profit and loss account and cashflow statement) which havebeen filed with the Registrar of Companies. The auditors' report on thosefinancial statements was unqualified and did not contain a statement underSection 237(2) of the Companies Act 1985. The financial information has beenprepared in accordance with applicable accounting standards and under thehistorical cost accounting rules. The principal accounting policies of the company have remained unchanged fromthose set out in the Company's 2003 Annual Report and Financial Statements. Theaccounts are prepared on a going concern basis, which assumes that the Companywill continue in operational existence for the foreseeable future. 2. TAXATION The tax credit represents a claim for R&D tax credit. 3. LOSS PER SHARE The loss per share is calculated by reference to the loss attributable toordinary shareholders divided by the weighted average of 14,060,383 ordinaryshares for the 12 months to 31 December 2004, and 11,531,864 for the 14 monthsto 31 December 2003. 12 month ended 14 months ended 31 December 31 December 2004 2003 Attributableloss (£) (1,111,744) (1,870,566) _________ _________Average number of ordinary shares in issuefor basic anddiluted lossper share 14,060,383 11,531,864 _________ _________Basic anddiluted lossper share (7.9p) (16.2p) ========= ========= The loss for each period and the weighted average number of ordinary shares forcalculating the diluted loss per share for each period are identical to thoseused for the basic loss per share. This is because the outstanding share optionswould not be dilutive under the terms of Financial Reporting Standard No. 14'Earnings per share' (FRS 14). 4. RECONCILIATION OF OPERATING LOSS TO NET CASH FLOW FROM OPERATING ACTIVITIES 12 months ended Restated 14 31 December months ended 31 2004 December 2003 £ £Operating loss (1,217,995) (1,997,358)Amortisation 3,996 4,662Depreciation 32,666 150,142(Profit)/losson sale oftangible fixedassets (2,859) 2,000(Increase)/decrease instocks (1,285) 262,738Decrease indebtors 3,028 78,319Decrease increditors (14,366) (176,570) _________ _________ (1,196,815) (1,676,067) ========= ========= 5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 12 months ended 14 months ended 31 December 31 December 2004 2003 £ £Increase incash in theyear 350,779 583,395 Cash outflowfrom bankloans - 4,943 Cash outflowfrom financeleases 29,823 31,635 _________ _________Change in netfundsresulting fromcashflows 380,602 619,973 Inception offinance lease (53,122) - _________ _________Movement ofnet funds inthe year 327,480 619,973 Net funds at 1January 2004 777,271 157,298 _________ _________Net funds at31 December2004 1,104,751 777,271 --------- --------- 6. ANALYSIS OF MOVEMENT IN NET FUNDS At 1 Cash flow Non Cash Items At 31 December January 2004 2004 £ £ £ £ Cash at bankand in hand 813,505 350,779 - 1,164,284 Finance leases (36,234) 29,823 (53,122) (59,533) _________ _________ _________ _________ 777,271 380,602 (53,122) 1,104,751 ========= ========= ========= ========= 7. RECONCILIATION OF EQUITY SHAREHOLDERS' FUNDS 31 December 31 December 2004 2003 £ £ Loss for the financial year (1,111,744) (1,870,566) Issue of shares 1,500,916 2,173,234 _________ _________Increase in equity shareholders' funds 389,172 302,668 Opening equity shareholders' funds 757,273 454,605 _________ _________Closing equity shareholders' funds 1,146,445 757,273 --------- --------- This information is provided by RNS The company news service from the London Stock Exchange