RNS Number:6431C
Tersus Energy Plc
08 May 2006
Tersus Energy Plc
("Tersus Energy" or "the Company")
Preliminary results for the year ended 31 December 2005
Tersus Energy Plc (AIM:TER), formerly MCC Energy Plc, today announces
preliminary results for the year ended 31 December 2005.
Highlights
Operational
* Admitted to AIM in February 2005 raising #3million; an additional #4million
raised in December 2005
* #4.5million invested in eight acquisitions / investments
* JVs agreed for renewable energy project developments in China and India
and with global bioenergy technology partners
During 2005
* Tersus Asian Renewables
* Investment in Tang Group, the Asian project developer
* Development agreement with Tang Group for wind and clean coal
projects in China
* Tersus BioEnergy
* Investment in Dynamotive Energy Systems in process of being
realised in 2006 at profit
* Development JV with Dynamotive Energy Systems, a Canadian biofuels
technology provider
* Tersus Energy Controls
*Acquisition of Navitas Technologies, a Canadian developer and
manufacturer of electronic energy control equipment for electric
powered vehicles
Since 31 December 2005
* Tersus Asian Renewables
* Investment in Chinese wind industry through HT Blade
* Jasfour Power joint project development company for wind projects
in India established
* Tersus BioEnergy
* Investment in UK agricultural waste-to-electricity technology
provider Enviro-Control
* JV for development of Enviro-Control global project pipeline
* Tersus Energy Controls
* Investment in Thor, a US-based developer of electric motor systems
* Acquisition of Envinta, a US-based developer of energy and
environmental information software
Financial
* Retained loss for year #901,801 (2004 - loss of #1,448,201)
* Operating loss of #1,022,835 (2004 - loss of #1,448,201) on the
continuing business of Tersus Energy Plc and MCC Energy Group, Inc.
* Navitas operating profit in the 2005 post-acquisition period of #67,672
* These figures do not include the benefit of the unrealised profit on the
short term investment in Dynamotive, which is being realised in 2006. The
profit is subject to future changes in the Dynamotive share price but,
based on the 31 December 2005 share price, the unrealised pre-tax profit
was #396,000, and on the 30 April 2006 share price, #910,000.
John Devaney, Non-Executive Chairman of Tersus Energy Plc, said:
"We are pleased to announce our first set of annual results since we began
trading on AIM in February last year. 2005 was a transformational year for
Tersus Energy. We have progressively broadened our emphasis from advisory work
to include investing, operating and project development and have established the
foundations of three operating businesses, focused on what we believe are the
most attractive and significant areas of the renewable and alternative energy
sector.
High fossil fuel prices and concerns about energy security and climate change
have given accelerating momentum to the renewable and alternative energy markets
and, via our three businesses, we intend to participate fully in their growth
and future profitability, and in doing so create significant value for
shareholders."
For further information please contact:
Tersus Energy Plc
Steve Levine, Chief Executive Officer +1 978 635 0997
David Wilson, Finance Director +44 20 7408 5416 / +44 7831 818 121
M: Communications
Nick Fox / Harriet Totty +44 20 7153 1540 / +44 20 7153 1590
Chairman's statement
Introduction
I am pleased to report on a period of real progress and the continuing evolution
of our business.
We started the year as a privately owned clean energy advisory company. We
listed on London's Alternative Investment Market in February 2005, raising
#3million, with the purpose of further capitalising on our clean energy
expertise to build up our investment activity.
Over the course of the year we have achieved this aim, progressively switching
the emphasis of our activity from advisory work to include investing, operating
and project development. We raised an additional #4million in December 2005 as
further opportunities arose. Since our IPO in February 2005 we have invested
#4.5million in eight investments and have joint venture agreements for project
development with Tang Group (Chinese wind and clean coal), Jasfour Power (Indian
wind), Dynamotive (biofuels from agricultural residues) and ECL (electricity
from agricultural waste).
Financial results
* Retained loss for year #901,801 (2004 - loss of #1,448,201)
* Operating loss of #1,022,835 (2004 - loss of #1,448,201) on the
continuing business of Tersus Energy Plc and MCC Energy Group, Inc.
* Navitas operating profit in the 2005 post-acquisition period of #67,672
* These figures do not include the benefit of the unrealised profit on the
short term investment in Dynamotive, which is being realised in 2006. The
profit is subject to future changes in the Dynamotive share price but,
based on the 31 December 2005 share price, the unrealised pre-tax profit
was #396,000, and on the 30 April 2006 share price, #910,000.
In 2005 the management team established the foundations of three operating
businesses, focused on what we believe are the most attractive and significant
areas of the renewable and alternative energy sector: Tersus Asian Renewables,
Tersus BioEnergy and Tersus Energy Controls.
Tersus Asian Renewables (TAR)
TAR aims to exploit the exceptional demand for renewable energy in Asia. It is
focusing on wind, biomass and clean coal, principally in China and India. TAR
will be developing, investing in and operating a portfolio of renewable energy
project streams with chosen joint venture partners.
* TAR first invested US$500,000 in Tang Group LLP ("Tang Group"), a US and
Beijing based project developer focused on wind and clean coal projects in
Asia, primarily in China. The investment terms included the right to invest
in Tang Group's subsequent projects. We continue to work with Tang Group to
create opportunities to invest, to procure project finance, and to
co-develop those projects.
* TAR then invested, via a US partnership, US$2million in a leading
Chinese wind blade manufacturer ZhongHang (Baoding) Huiteng Wind Power
Equipment Co., Ltd ("HT Blade"). HT Blade develops, manufactures and sells
600kW to 1.5MW rated wind blades and related parts and components to
domestic and international customers in China, and intends to expand sales
to other selected Asian markets. HT Blade is currently established as a
Chinese joint venture company and is restructuring as a share limited
company in anticipation of implementing a series of measures in accordance
with its stated intention of achieving an IPO in the next 2-3 years.
* TAR's Indian joint venture made good progress in 2005. The joint
venture, Jasfour Power, is aiming to become a major developer, owner and
operator of wind power generation projects in India. Jasfour is in advanced
stages of developing a 75MW wind energy project in Tamil Nadu, of which TAR
will own a 40-50% interest. Going forward the joint venture has identified
more than 300MW of projects for development, in which TAR expects to have a
50% interest subject to the performance requirements of any given project.
In addition to these equity positions TAR is also exclusively contracted to
provide development advisory and fundraising services.
* TAR also has a 25.5% interest in a joint venture developing a 160MW wind
project in the northern tip of the Ilocos Norte province of the Philippines;
and a 20% interest in a joint venture developing a 24MW clean coal fired
co-generation project in Jinzhou, China. TAR is also contracted to provide
development and financial advisory services to these initiatives. Both of
these developments made progress in 2005.
The economic growth of Asian countries is creating demand for power that is
greatly in excess of current supply. Renewables are expected to play a
meaningful role in meeting this demand. Between 2004 and 2005 China's installed
wind capacity grew from 764MW to 1.1GW, is expected to reach 2.2 GW in 2006 and
30GW by 2020 (making it the world's biggest wind energy market) and will
contribute to China's stated intent of obtaining 15% of its energy through
renewable sources by 2020. The Indian wind market is growing in excess of 35%
per annum, contributing to the Indian Government's stated intent of obtaining
30% of its energy from renewable sources by 2022. TAR is well positioned to
benefit from this exceptional growth and we continue to look for additional
project and investment opportunities in the region.
Tersus BioEnergy (TBE)
TBE aims to exploit the accelerating demand for non fossil fuel based supplies
of energy. It is focusing on biofuels (bioethanol and biodiesel) and
biomass-to-electricity from forest, agricultural, municipal and industrial waste
feedstocks. TBE is developing, investing in and operating a portfolio of
BioEnergy assets with chosen joint venture partners.
* TBE has invested #750,000 in Enviro-Control Limited ("ECL"), a UK-based
world-leading animal waste-to-energy developer utilising patented anaerobic
digestion. ECL will receive licence fees from each project. The investment
terms include options, the exercise of which would give us 20% of the
company. The investment terms also include a commitment to establish two
joint venture companies in which we will have a direct 50% interest: one
focused upon developing current and future ECL projects, and one focused
upon marketing and selling the organic fertiliser and other by-products. TBE
will now focus upon developing ECL's significant pipeline of projects at the
same time as sourcing additional ones.
* TBE invested US$500,000 in Dynamotive Energy Systems Corporation, a
Canadian based company whose technology converts biomass into a renewable,
environmentally friendly fuel. We continue to develop our joint venture
opportunities with Dynamotive which will provide us with opportunities to
invest in their projects and to bring suitable projects to them.
The market for bioenergy came of age in 2005 driven by concerns over security of
supply and climate change. The EIA forecasts the use of biomass for electricity
generation in the US to grow from 6GW in 2002 to between 12GW-96GW by 2025.
Having grown 126% between 2001-05, the US set targets in 2005 to double fuel
ethanol consumption from 4bn gallons in 2005 to 7.5bn gallons by 2012. In Europe
the biomass for electricity target states growth to 150 Mtoe by 2010 (compared
with 69 Mtoe in 2003), and for biofuels from 5.75% of petrol and diesel
consumption by end 2010 to 20% by end 2020. By partnering with key technology
providers TBE is well positioned to develop a significant and attractive
portfolio of projects to meet this demand.
Tersus Energy Controls (TEC)
TEC aims to exploit the opportunity presented by the increasing focus on energy
efficiency and management of electricity consumption. It is focusing on
efficiency applications for mobile (eg. hybrid and electric vehicles, automatic
guided vehicles, fork lift trucks) and stationary (eg. building controls, energy
management information) end users.
* TEC's first investment was to acquire 100% of the business of Navitas
Technologies for approximately US$1million. Navitas is a Canadian developer
and manufacturer of electronic energy control equipment for electric powered
vehicles. Operating the business directly, we moved it from loss making to
profitability, and the business is well positioned for future growth.
* TEC has invested in Thor Power Corporation. Based in Pennsylvania, Thor
specialises in the development of highly efficient electric motor systems of
up to 5kW. Thor offers revenue and cost synergies with Navitas, and
represents both an attractive product line extension into a key market for
TEC as well as an expansion of TEC's research and development activities in
electric motor system technologies. TEC also has options, the exercise of
which would give us 21% of the company.
* TEC has decided to expand its pursuit of the mobile energy controls
market and product opportunity through Navitas. As a result, we have
recruited a new CEO and a new Head of Engineering and intend to invest up to
US$1million in product and business development.
* TEC's most recent investment is in the energy management information
sector, acquiring 100% of Envinta for US$2.1million (US$1.5million in cash
and $US0.6million in Tersus shares). Envinta is a US-based developer of
energy and environmental information software. Its software has been sold to
over 100 utilities and large commercial, industrial, government and
institutional clients.
Electric motors consume over 50% of the annual generation of energy in North
America. As macro-economic forces increasingly focus customers on optimising
energy use, there is significant opportunity for those businesses able to help
customers to manage their energy consumption. Looking forward, TEC intends to
continue to build upon its mobile and stationary platforms through organic
growth and acquisition.
Advisory
Our advisory business continues to contribute to revenue as well as keeping us
at the forefront of market developments. Over the year we have worked on and won
a number of advisory mandates in sectors including bioenergy, gas storage and
wave power with income including retainers, success fees and client equity and
options.
As previously, for accounting purposes, no value has been attributed to the
portfolio of equity positions obtained and obtainable in return for providing
advisory services. The directors continue to consider that these interests have
significant value.
Name change
We changed the name of your Company from MCC Energy Plc to Tersus Energy Plc in
November 2005. This was to reflect the change in focus from advisory work (for
which the MCC Energy brand had a strong reputation) to investment and
operational activities. Tersus means 'clean' in Latin and is therefore a very
suitable name for our development and investment activities in our chosen areas
of energy efficiency and alternative fuels/renewable energy.
Board changes
Early in 2006 Anthony Moore and Kenneth Denos resigned from the Board. The board
changes reflect the Company's successful evolution since its listing in February
2005 to become an investor, developer and operator through its renewable energy
businesses. I would like to express my gratitude to Tony and Ken for their
contributions to Tersus Energy's development.
Conclusion
2005 was a transformational year for Tersus Energy. We look forward to the
future with confidence. High fossil fuel prices and concerns about energy
security and climate change have given accelerating momentum to the renewable
and alternative energy markets and, via our three businesses, we intend to
participate fully in their growth and future profitability, and in doing so
create significant value for shareholders.
John Devaney
Chairman
8 May 2006
TERSUS ENERGY Plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2005
Note 2005 2005 2005 2004
Acquisitions Total (unaudited)
# # # #
----------------- ----- -------- --------- --------- --------
Turnover 2 1,234,899 1,499,242 2,734,141 1,655,317
Cost of sales (1,032,845) (1,010,029) (2,042,874) (875,129)
----------------- ----- -------- --------- --------- --------
Gross profit 202,054 489,213 691,267 780,188
Administrative
expenses (1,224,889) (421,541) (1,646,430) 2,228,389)
----------------- ----- -------- --------- --------- --------
Operating
profit/(loss) (1,022,835) 67,672 (955,163) (1,448,201)
----------------- ----- -------- ---------
Net interest 53,362 -
----------------- ----- -------- --------- --------- --------
Loss on ordinary
activities (901,801) (1,448,201)
before taxation
----------------- ----- -------- --------- --------- --------
Taxation 3 - -
----------------- ----- -------- --------- --------- --------
Retained loss for
the year (901,801) (1,448,201)
----------------- ----- -------- --------- --------- --------
Loss per share 5
Basic (3.5p) (12.5p)
Diluted n/a n/a
Note: Of the loss on ordinary activities before taxation for the year ended 31
December 2005, #884,920 is attributable to Group trading for the 11 months since
the Company's shares were admitted to AIM.
All transactions arose from continuing operations.
TERSUS ENERGY Plc
CONSOLIDATED BALANCE SHEET
At 31 December 2005
Note 2005 2004
(unaudited)
# #
---------------------------- ----- ---------- ----------
Fixed assets
Intangible assets 6 429,463 -
Tangible assets 7 35,802 -
Investments 8 337,625 -
---------------------------- ----- ---------- ----------
802,890 -
Current assets
Stocks 397,380 -
Debtors 9 1,333,893 455,145
Investments 10 319,181 -
Cash at bank and in hand 3,387,575 65,886
---------------------------- ----- ---------- ----------
5,438,029 521,031
---------------------------- ----- ---------- ----------
Creditors: amounts falling due within one 11 (761,390) (387,745)
year
--------------------------- ----- ---------- ----------
Net current assets 4,676,639 133,286
---------------------------- ----- ---------- ----------
Total assets less current liabilities 5,479,529 133,286
---------------------------- ----- ---------- ----------
Capital and reserves
Called up share capital 186,307 7,042
Share premium account 6,075,603 1,570,480
Merger reserve 1,499,766 -
Profit and loss account (2,282,147) (1,444,236)
---------------------------- ----- ---------- ----------
Equity shareholders' funds 5,479,529 133,286
---------------------------- ----- ---------- ----------
TERSUS ENERGY Plc
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2005
Note 2005 2004
(unaudited)
# #
------------------------------ ------ --------- ---------
Net cash outflow from operating activities 12 (1,021,184) (1,609,148)
Returns on investments and servicing of
finance
Interest received 37,764 -
Interest paid (426) -
------------------------------ ------ --------- ---------
Net cash inflow from returns on investments 37,338 -
and servicing of finance
------------------------------ ------ --------- ---------
Capital expenditure and financial
investment
Sale of marketable investments - 64,474
Purchase of intangible fixed assets (73,169) -
Purchase of tangible fixed assets (23,866) -
------------------------------ ------ --------- ---------
Net cash outflow from capital expenditure
and financial Investment (97,035) 64,474
------------------------------ ------ --------- ---------
Acquisitions and disposals
Purchase of Navitas business, including
associated costs (500,981) -
Purchase of fixed asset investments and
associated costs (336,920) -
Purchase of current asset investments and
associated costs (319,181) -
------------------------------ ------ --------- ---------
Net cash outflow from acquisitions and
disposals (1,157,082) -
------------------------------ ------ --------- ---------
Cash outflow before financing and
management of liquid Resources (2,237,963) (1,544,674)
Management of liquid resources
Purchase of short-term deposits (3,250,000) -
Financing
Issue of shares:
- on listing 3,000,000 -
- on placing in December 2005 (a) 3,335,000 -
- other 75,001 1,611,716
Share issue expenses (913,092) -
New bank loan 62,743 -
------------------------------ ------ --------- ---------
Net cash inflow from financing 5,559,652 1,611,716
------------------------------ ------ --------- ---------
Increase in cash 14 71,689 67,042
------------------------------ ------ --------- ---------
(a) Balance of #665,000 received in January 2006
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2005
2005 2004
(unaudited)
# #
-------------------------------- -------- --------
Loss for the financial year (901,801) (1,448,201)
Exchange differences 63,890 79,771
-------------------------------- -------- --------
Total recognised gains and losses for the year (837,911) (1,368,430)
-------------------------------- -------- --------
1 BASIS OF PREPARATION
The financial information set out above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
The results for the year ended 31 December 2005 and the balance sheet at that
date have been extracted from the statutory accounts of the group for that year,
upon which the Company's auditors, Grant Thornton UK LLP, have issued an
unqualified audit report under Section 235 of the Companies Act 1985. The
accounts for the period ended 31 December 2005 will be filed with the Registrar
of Companies following the Annual General Meeting. The accounts for the year
ended 31 December 2005 have been prepared in accordance with applicable
accounting standards and under the historic cost convention.
The financial information consolidates the accounts of the Company and its
subsidiary undertakings as at 31 December 2005. The Company's subsidiary
undertaking, MCC Energy Group, Inc., has been consolidated using merger
accounting rules, with the acquisition method of accounting being used for other
subsidiaries.
The Company was incorporated on 15 December 2004 as MCC Energy Limited. On 21
January 2005, MCC Energy Group, Inc. entered into a group reconstruction whereby
MCC Energy Limited became the new parent undertaking of the Group. All
shareholders of MCC Energy Group, Inc. became shareholders of MCC Energy
Limited. The transaction qualified as a group reconstruction and was accounted
for using merger accounting. MCC Energy Limited was subsequently converted to a
public limited company and listed on AIM on 4 February 2005. The name of the
Company was changed to Tersus Energy Plc on 1 November 2005.
The Group financial statements are prepared as if the Company has always been in
existence. This represents a departure from the Companies Act 1985 as the
Company has not been in existence for the full period covered by the current and
comparative period. The directors consider that this presentation is necessary
in order to give a true and fair view because the ownership of the Group
remained unchanged as a result of the group reconstruction.
The full year to 2004 figures shown as comparative figures are unaudited, but
incorporate the figures for the nine months to 30 September 2004 which were
audited and included in the Admission Document issued prior to the Admission of
the Company's shares to AIM.
2 TURNOVER
Turnover, which excludes value added tax and other sales taxes, represents the
invoiced value of goods and services supplied and excludes intra-group sales.
The turnover and pre-tax loss are wholly attributable to the ordinary activities
of the various businesses within the Group. Navitas sales comprise battery
control products for battery powered vehicles while USA and UK income arises
from the Group's strategic and financial advisory services.
Segmental information on turnover by origin and losses before taxation:
2005 2005 2004 2004
(unaudited) (unaudited)
By geographical area Turnover Profit/ (loss) Turnover Loss before
of origin before taxation taxation
-------------------- -------- -------- -------- --------
# # # #
Canada -
Navitas 1,499,242 67,672 - -
USA - advisory
services 1,227,597 (932,854) 1,655,317 (1,448,201)
UK - advisory
services 7,302 (89,981) - -
-------------------- --------- -------- -------- --------
2,734,141 (955,163) 1,655,317 (1,448,201)
Net interest 53,362 -
-------------------- --------- -------- -------- --------
2,734,141 (901,801) 1,655,317 (1,448,201)
-------------------- --------- -------- -------- --------
There is no material difference between the origin and destination of turnover
with the exception of Navitas sales, of which #1,379,000 was supplied from
Canada to USA.
3 TAXATION
There was no charge to corporate taxation due to the losses incurred.
4 DIVIDENDS
No dividends were paid or proposed during either 2005 or 2004.
5 EARNINGS PER SHARE
The calculation is based on a loss of #901,801 (2004 - loss of #1,448,201) and
on a weighted average number of shares in issue of 25,599,499 (2004 -
11,565,896). The number of shares has increased from the comparative period as a
result of the merger and subsequent floatation.
6 INTANGIBLE FIXED ASSETS
Goodwill Research and Total
development
------------------------------- --------------------------------
# # #
Cost
At 31 December 2004 (unaudited) -
Additions at cost 306,360 73,169 379,529
Exchange movements 42,653 7,281 49,934
------------------------------- -------- -------- -------
At 31 December 2005 349,013 80,450 429,463
------------------------------- -------- -------- -------
Net book amount at 31 December
2005 349,013 80,450 429,463
------------------------------- -------- -------- -------
Net book amount at 31 December 2004 - - -
(unaudited)
------------------------------- --------------------------------
Capitalised goodwill relates to the acquisition on 20 April 2005 of the assets
and trade of SRE Limited, subsequently renamed Navitas Technologies Limited, a
company incorporated in Ontario, Canada. This has been accounted for as an
acquisition. Details are as follows:
Book value Fair value Fair value
adjustment
#'000 #'000 #'000
----------------------------- -------- -------- --------
Assets and liabilities acquired:
Fixed assets 16 - 16
Debtors 128 - 128
Stocks 12 39 51
----------------------------- -------- -------- --------
Net assets acquired 156 39 195
----------------------------- -------- -------- --------
Consideration:
Cash 475
Capitalised costs associated with acquisition 26
----------------------------- --------
Fair value of consideration paid 501
----------------------------- --------
Goodwill as at the date of acquisition 306
----------------------------- --------
Stock acquired was adjusted to its replacement cost value.
7 TANGIBLE FIXED ASSETS
Furniture & Tools & Total
fixtures equipment
# # #
---------------------------------- -------- -------- --------
Cost
Acquired on acquisition of
assets and trade of SRE
Limited (see note 6) 2,159 14,250 16,409
Additions 415 23,451 23,866
Exchange movements 370 4,501 4,871
---------------------------------- -------- -------- --------
At 31 December 2005 2,944 42,202 45,146
---------------------------------- -------- -------- --------
Depreciation
Provided in the year 446 8,052 8,498
Exchange movements 45 801 846
---------------------------------- -------- -------- --------
At 31 December 2005 491 8,853 9,344
---------------------------------- -------- -------- --------
Net book amount at 31
December 2005 2,453 33,349 35,802
---------------------------------- -------- -------- --------
Net book amount at 31 December 2004 (unaudited) - - -
---------------------------------- -------- -------- --------
8 INVESTMENTS
Investments at cost (a)
#
------------------------ ---------
Cost
At 31 December 2004 (unaudited) -
Additions at cost 336,920
Exchange movements 705
------------------------ ---------
At 31 December 2005 337,625
------------------------ ---------
(a) The fixed asset investments comprise strategic investments which have been
made in line with the Group's business strategy of focusing on the energy
efficiency and alternative fuels/ renewable energy sectors, with some being
obtained in return for providing advisory services.
The investments include both investments in shares and convertible loans on
which interest is payable. The terms on which some investments have been made
include the right for the Group to participate in future projects.
The directors consider that the investments, while not realisable in the
short-term, have a long-term valuation significantly in excess of their book
value.
9 DEBTORS
2005 2004
(unaudited)
# #
----------------------------------- -------- --------
Amounts falling due within one year
Trade debtors 422,636 452,271
Called up share capital not paid (a) 665,000 -
Accrued income 16,024 -
Prepayments and other debtors 230,233 2,874
----------------------------------- -------- --------
1,333,893 455,145
----------------------------------- -------- --------
(a) includes #30,000 received from J F Devaney and #30,000 from D T Wilson in
January 2006.
10 CURRENT ASSET INVESTMENTS
The investments comprise a convertible loan to and shares in Dynamotive Energy
Systems Corporation, a NASDAQ traded company. The convertible loan was made as a
short-term investment during 2005 and, subsequent to the year-end, the Group
exercised its conversion rights, receiving both warrants and shares. After
allowing for amounts payable under incentive arrangements on realisation of the
investment, the net value of the investment, excluding warrants, at 31 December
2005 was #658,000, based on the market value of the shares at that date, a
surplus of #339,000 over cost. A further net surplus of #57,000 arises on
inclusion of the warrants, after allowing for the costs of exercising them, so
that the total surplus, based on the year-end market value of the shares, is
#396,000.
11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2005 2004
(unaudited)
# #
----------------------------------- -------- --------
Bank loans and overdrafts 62,743 -
Trade creditors 515,414 387,745
Other creditors 63,507 -
Other taxation and social security 26,010 -
Accruals and deferred income 93,716 -
----------------------------------- -------- --------
761,390 387,745
----------------------------------- -------- --------
12 NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2005 2004
(unaudited)
# #
----------------------------------- -------- --------
Operating loss (955,163) (1,448,201)
Loss on disposal of investment - 8,466
Depreciation 8,498 -
Exchange differences written off (17,049) -
Increase in stock (308,609) -
Increase / (decrease) in debtors 4,343 (441,250)
Increase in creditors 246,796 271,837
----------------------------------- -------- --------
Net cash outflow from operating activities (1,021,184) (1,609,148)
----------------------------------- -------- --------
13 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2005 2004
(unaudited)
# #
----------------------------------- -------- --------
Increase in cash in the year 71,689 63,407
Increase in liquid resources 3,250,000 -
Inflow from new bank loan (62,743) -
----------------------------------- -------- --------
3,258,946 63,407
Net funds at beginning of the year 65,886 2,479
----------------------------------- -------- --------
Net funds at end of the year 3,324,832 65,886
----------------------------------- -------- --------
14 ANALYSIS OF CHANGES IN NET FUNDS
At 31 December Cash flow At 31 December
2004 2005
(unaudited)
---------------------- ---------- --------- ----------
# # #
Cash at bank and in
hand 65,886 3,321,689 3,387,575
Less: short term
deposits - (3,250,000) (3,250,000)
---------------------- ---------- --------- ----------
65,886 71,689 137,575
Short term deposits - 3,250,000 3,250,000
Bank loans - (62,743) (62,743)
---------------------- ---------- --------- ----------
65,886 3,258,946 3,324,832
---------------------- ---------- --------- ----------
A copy of the Annual Report and accounts will be sent to all shareholders. A
copy of the Annual Report will also be available from the Company's registered
office: 14 Hay's Mews, London W1J5PT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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