RNS Number:5225E
Accsys Technologies PLC
14 June 2006
14th June 2006
Accsys Technologies PLC
("Accsys" or "the Company")
PRELIMINARY RESULTS
FOR THE 12 MONTHS ENDED 31 MARCH 2006 (audited)
Highlights
* Establishment of Accsys Technologies and completion of the acquisition
of Accsys Chemicals
* Admission to AiM and completion of Euro27 million financing
* First license option agreements signed in UK and Middle East,
generating first license revenues ahead of expectations
* Strong test results on 'Accoya', the Company's 'new wood species' brand,
with product endorsements from the world's number one coatings supplier,
Akzo Nobel Sikkens, who announced product guarantees for up to thirty years
* Arnhem facility on track for completion in the fourth quarter of 2006
* Euro27 million of financial resources
* Business development progress in wood fibre and styrene applications
Willy Paterson-Brown, Chairman, said: "We are very pleased with the progress
that we are making on all fronts. I am confident that Accsys will continue on
its path to making a significant impact on the building materials industry
worldwide, offering manufacturers and consumers better performing, more
sustainable products through advancing technology."
For further information:
Accsys Technologies PLC Collins Stewart Ltd. Parkgreen
Communications
Willy Paterson-Brown, Chairman Michael O'Brien, Analyst Ana Ribeiro
+ 44 20 7598 4040 +44 20 7523 8000 +44 20 7493 3713
CHAIRMAN'S STATEMENT
Accsys Technologies was successfully listed on the AiM market of the London
Stock Exchange in October 2005, raising Euro27 million before expenses. This has
provided the Company with an excellent foundation for the continued development
of its technologies and our market launch prior to commercial start-up, which is
expected this year. The response of the investment community and the stock
market confirmed the validity of the Company's strategy and reflected the broad
interest of corporations and individuals in technologies which offer cost and
environmental benefits to basic industries.
The past year saw enormous strides in Accsys Technologies' development, with
particular emphasis on its Titan Wood subsidiary as planned. A new product
brand was created and launched, customer and licensee development proceeded
apace, product and process development continued positively and plant
construction, including the acquisition of a new, larger site, moved forward.
The Company expects to complete its wood acetylation production facility in the
fourth quarter of 2006, with revenue from initial sales anticipated soon after.
During the past year staffing levels were increased and management and reporting
systems transformed in readiness for full commercial production. Development
efforts for other applications, notably wood fibre and styrene also continued,
with discussions presently underway with several of the leading global companies
in each field about how best to exploit each technology. Considering these
activities, together with the stock market flotation, it is fair to say that
2005-6 was a busy, productive and successful year for our Company.
The directors do not intend to pay a dividend until the Company has established
strong cash flow and reported satisfactory profitability.
The Company has completed the restructuring reported at the interim stage, and
now has direct ownership of the subsidiaries likely to generate future licence
income which should enable the distribution of future earnings.
Willy Paterson-Brown
Executive Chairman
FINANCIAL INFORMATION
Basis of Preparation
The consolidated financial statements incorporate the financial statements of
Accsys Technologies PLC and all its subsidiary undertakings throughout the year
ended 31 March 2006, using the merger method of accounting as the acquisition of
Accsys Chemicals PLC meets the criteria of a group reconstruction.
In the Group financial statements, merged subsidiary undertakings are treated as
if they had always been a member of the Group. The results of such a subsidiary
are included for the whole period in the year it joins the Group. The
corresponding figures for the previous year include its results for that period,
the assets and liabilities at the previous balance sheet date and the shares
issued by the Company as consideration as if they had always been in issue. Any
difference between the nominal value of the shares acquired by the Company and
those issued by the Company to acquire them is taken to a merger reserve.
The financial information set out below does not constitute the company's
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 31 March 2005 is derived from the
statutory accounts of Accsys Chemicals PLC, the former parent company of the
group, for the year then ended as the company has applied merger accounting in
accounting for the business combination. The financial information for the year
ended 31 March 2006 is extracted from the company's statutory accounts for the
year then ended. The statutory accounts of Accsys Chemicals PLC for 2005 have
been delivered to the Registrar of Companies and those for Accsys Technologies
PLC for 2006 will be delivered following the company's annual general meeting.
The auditors have reported on those accounts; their reports were unqualified and
did not contain statements under the Companies Act 1985, s 237(2) or (3).
Consolidated profit and loss account
Note 2006 2006 2005 2005
Euro'000 Euro'000 Euro'000 Euro'000
Turnover 80 -
Administrative expenses
General administrative expenses (5,860) (2,965)
Impairment of tangible and
intangible fixed assets - (24,514)
_________ __________
(5,860) (27,479)
_______ _______
Operating loss (5,780) (27,479)
Interest receivable and similar income 782 18
_______ _______
Loss on ordinary activities before
and after taxation (4,998) (27,461)
Minority interest - 841
_______ _______
Loss for the year (4,998) (26,620)
======= =======
Basic and diluted loss per share 6 Euro(0.04) Euro(0.43)
Consolidated statement of total recognised gains and losses
Note 2006 2005
Euro'000 Euro'000
Loss for the year (4,998) (26,620)
Exchange translation differences on consolidation and conversion to
Euro
- (1,095)
_______ _______
Total recognised gains and losses for the year (4,998) (27,715)
======= =======
All amounts relate to continuing activities.
Consolidated Balance Sheets
Note Group Group Company
2006 2005 2006
Euro'000 Euro'000 Euro'000
Fixed assets
Intangible assets 13,715 14,246 -
Tangible assets 10,693 2,842 -
Investments - - 11,383
_______ _______ _______
24,408 17,088 11,383
Current assets
Debtors 8,411 6,224 19,646
Other investments 15,513 - 15,513
Cash at bank 4,577 4,564 4,023
_______ _______ _______
28,501 10,788 39,182
Creditors: amounts falling due within
one year 1,984 1,922 23,666
_______ _______ _______
Net current assets 26,517 8,866 15,516
_______ _______ _______
Net assets 50,925 25,954 26,899
======= ========= =======
Capital and reserves
Called up share capital 1 1,473 1,203 1,473
Share premium account 25,504 - 25,504
Merger reserve 106,707 102,512 -
Profit and loss account (82,759) (77,761) (78)
_______ _______ _______
Shareholders' funds 2 50,925 25,954 26,899
======= ======= =======
The financial statements were approved by the Board and authorised for issue on
14 June 2006
Consolidated cash flow statement
Note 2006 2006 2005 2005
Euro'000 Euro'000 Euro'000 Euro'000
Net cash outflow from operating
activities 3 (4,468) (2,513)
Returns on investments and
servicing of finance
Interest received 269 18
Interest paid - -
_______ _______
Net cash inflow from
returns on investments and
servicing of finance 269 18
Capital expenditure and
financial investment
Purchase of tangible fixed assets (7,925) (2,210)
Sale of tangible fixed assets 53 -
_______ _______
(7,872) (2,210)
_______ _______
Cash outflow before use of
liquid resources and financing (12,071) (4,705)
Management of liquid resources
Increase in short term deposits (1,690) (5,616)
Increase in other investments (15,000) -
_______ _______
(16,690) (5,616)
Financing
Increase in loans - 1,434
Issue of share capital 27,000 11,773
Expenses of issue of share
capital (1,226) (565)
Shares issued by subsidiary 3,000 800
_______ _______
28,774 13,442
_______ _______
Increase in cash 13 3,121
======= ======
Notes to the financial information
1 Share capital
2006
Euro'000
Authorised equity share capital
200,000,000 ordinary shares of Euro0.01 each 2,000
1,000,000 deferred shares of 10p each 148
______
2,148
======
Allotted, called up and fully paid equity share capital
132,463,447 ordinary shares of Euro0.01 each 1,325
1,000,000 deferred shares of 10p each 148
______
1,473
======
2 Reconciliation of movements in shareholders' funds
2006 2005
Euro'000 Euro'000
Group
Loss for the year (4,998) (26,620)
Exchange translation differences on consolidation
and conversion to euro - (1,095)
Net proceeds from issue of shares 25,774 21,593
Shares issued by subsidiary 4,195 -
_______ _______
Net increase/(decrease) in shareholders' funds 24,971 (6,122)
Opening shareholders' funds 25,954 32,076
_______ _______
Closing shareholders' funds 50,925 25,954
======= =======
Notes to the financial information
3 Reconciliation of operating loss to net cash outflow from operating
activities
2006 2005
Euro'000 Euro'000
Operating loss (5,780) (27,479)
Depreciation of tangible fixed assets 21 838
Amortisation of intangible fixed assets 531 -
Impairment of intangible fixed assets - 24,514
(Increase) in debtors (497) (476)
Increase in creditors 1,257 90
_______ _______
(4,468) (2,513)
======= =======
4 Reconciliation of net cash inflow to movement in net funds/(debt)
2006 2005
Euro'000 Euro'000
Increase in cash in the year 13 3,121
Cash inflow from increase in debt and lease financing - (1,434)
_______ _______
Change in net funds resulting from cash flows 13 1,687
Shares issued in subsidiary in settlement of debt 1,195 3,000
Other non-cash movements - 150
Exchange differences - 115
_______ _______
Movement in net funds/(debt) in the year 1,208 4,952
Opening net funds/(debt) 3,369 (1,583)
_______ _______
Closing net funds 4,577 3,369
====== ======
Notes to the financial information
5 Analysis of net funds
At Other At
1 April Cash non-cash 30 March
2005 flow changes 2006
Euro'000 Euro'000 Euro'000 Euro'000
Cash in hand and at bank 4,564 13 - 4,577
Debt due within one year (1,195) - 1,195 -
_______ _______ _______ _______
Total 3,369 13 1,195 4,577
======= ======= ======= =======
6 Loss per Accsys Technologies PLC share
The loss per share shown below is calculated based upon the weighted average
number of Accsys Technologies PLC Ordinary shares in issue.
2006 2005
Weighted average number of Ordinary Shares in issue 116,975,026 61,596,033
Loss for the year Euro'000 (4,998) (26,620)
Loss per share Euro(0.04) Euro(0.43)
Since none of the Accsys Technologies PLC's potential Ordinary shares are
dilutive, there is no difference between basic and diluted loss per share.
This information is provided by RNS
The company news service from the London Stock Exchange
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