RNS Number:2245E
Nature Technology Solutions Limited
21 September 2007
Nature Technology Solutions Limited
Unaudited Interim Results for the 6 months to 30 June 2007
Chairman's Statement
The Group profit for the six months ended 30th June 2007 was #33,339. This is a
satisfactory improvement over the profit of #30,656 in the same period last
year, especially in the light of a smaller contribution from joint ventures and
of our having had to absorb increased staffing costs necessary for our
development plans.
The lower first half revenues in the joint ventures should be satisfactorily
compensated by increased revenues in the second six months and from new direct
business in Norway which has recently been agreed. As yet we have no actual
contracts for our offshore treatment units (which we believe have the potential
to be a substantial profit contributor), but discussions relating to their
offshore deployment are continuing.
During the same period our Norwegian operations successfully collected and
treated wastewaters from within the Arctic Circle. In addition to the benefit of
the profit earned, we expect the logistical experience gained to be helpful in
the conduct of future operations. Our 40% owned onshore treatment company in
Norway, SAR Treatment AS ("SART"), successfully moved back into profit in the
first half and we expect further improvement in the current period. Meanwhile we
have agreed terms for the purchase by the Group of our co-shareholders 40%
interest in Northern Treatment AS, the joint company formed in 2005 to develop
the offshore treatment business.
In Gibraltar our port wastewater management and oil recovery business operated
by 50% owned Slop Oil Reception and Treatment Ltd ("SORT") have continued to
develop, with its 5 collection vessels, and storage facilities enlarged to 6000
tonnes. We have also recently obtained both the newly required EU IPPC licence
and ISO 9001 certification, which positions the company at the very top of
international industry standards. Of note recently is a significant contract to
salvage oil offshore from a vessel wrecked on 11th August off Europa Point,
Gibraltar, which will contribute towards what should be considerably higher
revenues and profit in the second half of 2007.
Additional shareholder funds of #284,000 net were subscribed in January 2007
and, as already announced, Nigel Sandy joined the Board of Nature as a
non-executive director at the same time. He came to us with considerable
experience in the waste industry, including the CEO role at Waste Recycling
Limited whilst that company was quoted on the FTSE 250. We are now pleased to
welcome him into a semi-executive role with special reference to our Group
activities in Norway, and with the possibility of a senior supervisory position
if operations in the UK develop as we are hoping.
All AIM listed companies are now required under 'Rule 26' of the London Stock
Exchange to have a website carrying certain prescribed information on the
company. Our investor website www.investnature.com is now fully compliant and
carries our Stock Exchange press ("RNS") releases, details of share capital,
substantial shareholders and background to our Directors, together with the
original prospectus issued in 2002 when we entered the oil industry sector. The
website also links to our technical website in Norway which describes our Group
capabilities and contact points. In Gibraltar the port services we provide can
be accessed under www.gibsort.com. We hope shareholders will take advantage of
this website facility which we aim to keep updated with the latest news on the
Group's development.
Richard Eldridge
Chairman 21st September 2007
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR TO 30TH JUNE 2007
Unaudited Unaudited Audited
Six months Six months Year to
to to
30 June 2007 30 June 2006 31 December
2006
# # #
TURNOVER Continuing operations 531,097 111,408 264,036
Joint ventures 435,959 516,456 927,205
----------- ----------- -----------
967,056 627,864 1,191,241
OPERATING COSTS Continuing operations (260,272) (99,198) (225,854)
Joint ventures (235,094) (187,249) (431,820)
----------- ----------- -----------
OPERATING PROFIT 471,690 341,417 533,567
Interest receivable 528 4,177 7,535
Administrative
costs (365,068) (237,403) (473,738)
Bank interest and
charges (12,237) (9,403) (20,622)
Depreciation and
goodwill impairment
cost (72,323) (68,006) (151,110)
----------- ----------- -----------
Profit / (Loss) on
ordinary activities
before taxation 22,590 30,782 (104,368)
Minority interest 10,749 - 21,354
Taxation on profit
/ (loss) on
ordinary activities - (126) 9,716
----------- ----------- -----------
Profit / (Loss) for
the financial
period 33,339 30,656 (73,298)
=========== =========== ===========
Basic profit /
(loss) per share 0.00007 0.00008 (0.00017)
NATURE TECHNOLOGY SOLUTIONS LIMITED
CONSOLIDATED BALANCE SHEET AT 30TH JUNE 2007
Unaudited Unaudited Audited
As at As at As at
30 June 2007 30 June 2006 31 December
2006
# # #
FIXED ASSETS
Intangible assets 148,988 137,000 148,429
Tangible assets 511,653 283,080 434,450
Investments 1,799,846 1,750,023 1,715,856
----------- ----------- -----------
2,460,487 2,170,103 2,298,735
CURRENT ASSETS
Stock - 40,215 -
Debtors 209,887 267,443 316,279
Balance at bank 556,556 445,907 211,902
----------- ----------- -----------
766,443 753,565 528,181
CREDITORS:AMOUNTS FALLING DUE
WITHIN ONE YEAR (322,754) (292,908) (325,896)
----------- ----------- -----------
NET CURRENT ASSETS 443,689 460,657 202,285
CREDITORS: AMOUNTS FALLING DUE
AFTER ONE YEAR: (287,246) (187,826) (194,400)
Minority interest (1,402) (44,511) (12,151)
----------- ----------- -----------
NET ASSETS 2,615,528 2,398,423 2,294,469
=========== =========== ===========
CAPITAL AND RESERVES
Called up share
capital 46,859 43,959 43,959
Share premium 1,981,016 1,696,196 1,696,196
Capital Reserve 2,864,130 2,864,130 2,864,130
Profit and loss
account (2,276,477) (2,205,862) (2,309,816)
----------- ----------- -----------
Shareholders funds 2,615,528 2,398,423 2,294,469
=========== =========== ===========
NATURE TECHNOLOGY SOLUTIONS LIMITED
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR TO 30TH JUNE 2007
Unaudited Unaudited Audited
half year half year year to
to to
30 June 2007 30 June 2006 31 December
2006
# # #
Net cash flow from operating activities:
Operating
profit/(loss) 45,048 35,882 (60,171)
Depreciation 72,323 2,927 13,027
(Increase)/Decrease
in debtors 106,392 (15,755) (64,591)
(Increase)/decrease
in stock - (40,215) -
(Decrease)/increase
in creditors 89,704 156,887 196,449
Decrease/(Increase)
in minority
interests (10,749) 9,900 (22,460)
----------- ----------- -----------
302,718 149,626 62,254
Return on investments and servicing of
finance:
Interest received 528 4,177 7,535
Interest paid (12,237) (9,403) (20,662)
Increase in
investments (83,990) (181,742) (147,575)
Financing:
Issuing of ordinary
share capital 287,720 215,481 215,481
Capital expenditure:
Acquisition of
intangible fixed
assets (559) (38,441) (54,032)
Acquisition of
tangible fixed
assets (149,526) (257,873) (415,181)
----------- ----------- -----------
Decrease in cash
balances 344,654 (118,175) (352,180)
=========== =========== ===========
Movement in cash
balances:
Balance at bank 1st
January 2007 211,902 564,082 564,082
Net cash
inflow/(outflow) 344,654 (118,175) (352,180)
----------- ----------- -----------
Balance at 30th
June 2007 556,556 445,907 211,902
=========== =========== ===========
Notes to the accounts
1. The calculation of profit per share has been based on the profit for the
period and the average 483,440,051 Ordinary Shares in issue throughout the
period.
2. These unaudited results have been prepared on the basis of the accounting
policies adopted in the accounts to 31 December 2006.
3. The interim report to 30 June 2007 was approved by the directors on 21st
September 2007. The report will be posted to shareholders and will be available
to the public, free of charge, from the offices of Seymour Pierce Limited, 20
Old Bailey, London, EC4M 7EN
This information is provided by RNS
The company news service from the London Stock Exchange
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