RNS Number : 3510E
Bioganix PLC
26 September 2008
BIOGANIX PLC
26th September 2008
INTERIM RESULTS
Bioganix Plc ('Bioganix' or 'the Group'), the AIM listed waste management services group, today announces its results for the six months
ended 30th June 2008 ('the Period').
CHAIRMAN'S STATEMENT
Financial Performance
Turnover for the six months ending 30th June 2008 was �1,109,924 compared with �1,014,081 for the period ending 30th June 2007 and
�2,056,039 for the full 2007 year. Pre-tax losses for the Period were �591,554 compared with losses of �512,869 for the comparable period in
2007 and pre-tax losses of �1,061,683 for the full 2007 year. Cash lost from operations (before financing expenses) during the Period was
�144,770 compared with cash generated from operations of �103,548 during the 6 months to 30 June 2007. Total Equity at 30th June 2008 was
�5,166,352 (30th June 2007 Total Equity was �3,964,130).
Activities
During the Period, the volumes of material processed in all three of the Group's plants were broadly in line with expectations.
The new Sharpness plant became operational in the last two months of the Period and made a small contribution towards sales during the
Period.
The previously reported dispute with a major customer was satisfactorily resolved in April 2008. Nonetheless, as expected, this issue
had an adverse effect on the volumes processed at Parham during the Period.
The DEFRA NTDP project, which has been conducted at the Wharton Plant, was completed during the Period. Since the end of the Period, the
decommissioning of the Wharton research plant (previously scheduled for December 2008) has been brought forward in order to reduce overall
Group operating costs. Material previously processed at Wharton is now being processed at Sharpness.
The overall loss made during the Period was exacerbated by certain elements of operating costs being higher than had been anticipated,
in particular energy costs.
During the Period the management team expended significant effort on completing the build of the new Sharpness factory and on sourcing
gate fee material for both Sharpness and Parham. In addition significant progress was made on developing the plans for the new facility in
Buckinghamshire.
Since the end of the Period, the volumes of material processed at Sharpness and Parham have not grown in line with the directors'
expectations due to delays in securing a number of key contracts for food waste. The directors continue to pursue a number of significant
opportunities for new gate fee material for both these plants.
Sales of compost fertiliser have continued to benefit from the very high prices of artificial fertilisers being experienced by farmers.
Funding
The Group continues to trade within its existing overdraft facility. Discussions with the Group's bank regarding enhanced borrowing
facilities are ongoing. The directors consider that the Group can continue to trade as a going concern while the directors pursue a range of
options in the best interests of shareholders and other stakeholders.
Outlook
The combined impact of lower revenues, market-place pressures and higher operating costs is putting significant pressure on the Group's
cash resources. Furthermore the recent global turmoil in banking and equity markets has resulted in the Group experiencing difficulty in
sourcing the equity and debt finance necessary to develop and expand the business as previously envisaged by the directors. The directors
are therefore exploring a number of strategic options that will enable value to be created for shareholders from the Group's assets,
including the Buckinghamshire opportunity, and from the Group's relationships with customers and other third parties.
The Company also announced yesterday that it had received an approach from a third party which, if discussions are successful, might
lead to an offer being made for the entire issued share capital of the company. It is emphasised that discussions are at an early stage.
Andrew Walker
Chairman
26 September 2008
Contacts:
Nick Helme 01568 619115
Managing Director - Bioganix Plc
Julian Morgan 01568 619101
Finance Director - Bioganix Plc
Mike Coe 0117 933 0020
Blue Oar Securities
Tom Cooper / Paul Vann 020 3043 4162
Winningtons Financial 0797 122 1972
CONSOLIDATED INCOME STATEMENT OF BIOGANIX PLC FOR THE SIX MONTHS
ENDED 30 JUNE 2008
6 months ended 30 June 2008 Year to 31 December 2007 6 months ended
(unaudited) (audited) 30 June 2007
(unaudited)
� � �
GROUP REVENUE 1,109,924 2,056,039 1,014,081
Cost of sales (799,300) (1,591,179) (722,915)
Gross profit 310,624 464,860 291,166
Distribution costs (130,641) (303,799) (141,927)
Administrative expenses (781,907) (1,430,525) (749,978)
Share based payments (11,858) (24,035) (11,208)
Other operating income 92,067 238,516 109,454
Operating loss (521,715) (1,054,983) (502,493)
Finance income 2,192 19,545 2,551
Finance expenses (72,031) (26,245) (12,927)
LOSS BEFORE TAXATION (591,554) (1,061,683) (512,869)
Income tax received - 78,102 -
LOSS FOR THE FINANCIAL PERIOD (591,554) (983,581) (512,869)
Basic loss / earnings per (7.29p) (13.76p) (7.94p)
share
There were no recognised gains or losses other than the profit or loss for the above financial periods. None of the Group's activities
were acquired or discontinued during the six months to 30th June 2008.
Consolidated Statement of Changes in Equity for the six months ended 30th June 2008
6 months ended 30 Year to 31 December 6 months
June 2008 2007 ended 30
(unaudited) (audited) June 2007
(
unaudited)
� � �
Balance at start of period as 5,746,048 4,467,992 4,467,992
originally stated under UK
GAAP
Change of accounting policy to - (2,201) (2,201)
comply with IFRS
Restated balances at start of 5,746,048 4,465,791 4,465,791
period
Loss for the period (591,554) (983,581) (512,869)
Share based payments 11,858 24,035 11,208
Issue of new shares - 165,931 -
Premium on issue of new shares - 2,073,872 -
Equity attributable to the 5,166,352 5,746,048 3,964,130
equity shareholders of the
Company
CONSOLIDATED BALANCE SHEET OF BIOGANIX PLC AS AT 30th JUNE 2008
30 June 31 December 2007 30 June
2008 (audited) 2007
(unaudited) (unaudited)
� � �
ASSETS
Non-current assets
Property, plant and equipment 9,691,650 7,881,318 6,412,156
Intangible assets 17,879 35,757 53,636
Total non-current assets 9,709,529 7,917,075 6,465,792
CURRENT ASSETS
Inventories 35,265 31,344 35,400
Trade receivables 856,322 763,189 403,192
Cash at bank - - -
Total current assets 891,587 794,533 438,592
Total assets 10,601,116 8,711,608 6,904,384
EQUITIES AND LIABILITIES
Equity attributable to equity
holders of the company
Share capital 811,767 811,767 645,836
Merger reserves 4,308,335 4,308,335 4,609,120
Share premium 7,039,163 7,039,163 -
Reverse acquisition reserve (4,700,004) (4,700,004) -
Other reserves 60,184 48,326 -
Retained losses (2,353,093) (1,761,539) (1,290,826)
Total equity 5,166,352 5,746,048 3,964,130
Non-current liabilities
Long-term borrowings 490,000 224,656 133,610
Long-term lease 2,237,907 746,667 768,000
Long-term grant 836,196 699,963 749,963
Total non-current liabilities 3,564,103 1,671,286 1,651,573
Current liabilities
Trade and other payables 748,769 712,951 660,525
Short-term borrowings 669,792 427,990 496,156
Short-term lease 275,900 53,333 32,000
Short-term grant 176,200 100,000 100,000
Total current liabilities 1,870,661 1,294,274 1,288,681
TOTAL EQUITY AND LIABILITIES 10,601,116 8,711,608 6,904,384
CONSOLIDATED CASHFLOW STATEMENT OF BIOGANIX PLC FOR THE SIX
MONTHS ENDED 30 JUNE 2008
30 June 31 December 2007 30 June
2008 (audited) 2007
(unaudited) (unaudited)
� � �
Cashflows from Operating
Activities
Operating Loss (521,715) (1,054,983) (502,493)
Adjustments for:
Depreciation 426,323 844,413 388,991
Changes in working capital:
Inventories (3,921) 867 (3,187)
Trade and other receivables (93,133) (311,328) (29,433)
Trade and other payables 35,818 316,167 238,462
Other provisions 11,858 24,035 11,208
Cash (lost) / generated from (144,770) (180,829) 103,548
operations
Finance expenses (164,098) (128,446) (62,927)
Net cash (lost) / generated (308,868) (309,275) 40,621
from operations
Cash flows from investing
activities
Finance income received 2,192 19,545 2,551
Purchase of property, plant (3,993,719) (2,532,667) (555,338)
and equipment
Sale of property, plant and 1,774,942 - -
equipment
Net cash used in investing (2,216,585) (2,513,122) (552,787)
activities
Cash flows from financing
activities
Repayment of finance leases (61,136) - (10,138)
Repayment of bank loans (115,571) (96,142) (50,571)
Issue of equity share capital - 2,406,000 -
Expenses incurred in - (166,195) -
connection with new shares
New bank loan 450,000 250,000 -
New equipment lease 1,774,942 - -
New grant received 304,500 - -
Net cash generated / (used) in 2,352,735 2,393,663 (60,709)
financing activities
Net decrease in cash and cash (172,718) (428,734) (572,875)
equivalents
Cash and cash equivalents at (286,848) 141,886 141,886
beginning of period
Cash and cash equivalents at (459,566) (286,848) (430,989)
end of period
NOTES TO THE UNAUDITED INTERIM STATEMENT OF BIOGANIX PLC FOR THE
SIX MONTHS ENDED 30 JUNE 2008
1. Business Combination
On 28th April 2006 Bioganix plc completed the purchase of the entire share capital of Bioganix Composting Limited. The Business
Combination has been accounted for as a reverse acquisition in accordance with IFRS 3.
2. Segmental Reporting
The Group operates in one business segment, that of the provision of waste management services, and in one geographic segment, within
the UK. Accordingly no segmental analysis is required.
3. Taxation
Due to the Group's losses, no taxation charge has arisen for the period.
4. Interim Dividend
The directors have not declared an interim dividend.
5. Basic loss per ordinary share
The calculation of the basic loss per ordinary share is based on the results for the period and the weighted average number of shares in
issue.
30 June 31 December 2007 30 June
2008 (audited) 2007
(unaudited) (unaudited)
Weighted average number of 8,117,666 7,149,735 6,458,355
ordinary shares in issue
Loss for the financial period (591,554) (983,581) (512,869)
Basis and Diluted loss per (7.29p) (13.76p) (7.94p)
share - pence per share (p)
6. Interim Statements
The Interim Statements for the six months ended 30 June 2008 were approved by the Board of Directors on 25th September 2008. These
financial statements do not constitute statutory accounts within the meaning of the Companies Act 1985 and are neither reviewed nor
audited.
7. Basis of Accounting
Bioganix plc is a public listed Company, incorporated and domiciled in England and quoted on the Alternative Investment Market. The
financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS"). The financial
statements have been prepared under the historical cost convention.
As noted in the Chairman's statement, the directors are in discussion with the Group's bankers regarding increased borrowing facilities
and are also exploring a number of strategic options with that will enable value to be created from the Group's assets. The Directors
consider that there is a strong probability of a positive outcome to these discussions which will provide enough finance for the Group to
meet its short-term and medium-term working capital requirements and therefore have prepared the interim financial statements on a going
concern basis.8. Copies of Interim Statement
Copies of this statement are available to shareholders and members of the public, free of charge, from the Company's registered office
at Wharton Court, Leominster, Herefordshire, HR6 0NX and are available on the Group's website at www.bioganix.co.uk.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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