RNS Number:0435K
TEG Environmental Plc
22 March 2005
TEG ENVIRONMENTAL PLC
Preliminary Results for the year ended 31 December 2004
TEG Environmental Plc ("TEG"), the leading edge green technology company which
converts organic wastes into natural organic fertiliser, announces its
Preliminary Results for the year ended 31 December 2004.
Chairman's Statement
I am delighted to present the company's first annual report since its admission
to AIM on 27h July 2004. The placing and open offer at that time raised #1.95
million. New institutional investors, from London and Switzerland, were
introduced to the company by the company's brokers, Canaccord, and 30% of the
total money raised was from existing private shareholders. The cost of the fund
raising has been charged against the share premium account.
Due to timing delays on contracts the company continued to operate in lean mode
and annual operating costs were consequently below those anticipated at the time
of our listing. We have recorded a post tax loss of #1.112 million (2003: Loss
#1.871 million). No dividend is proposed.
A significant improvement in the planning climate for waste management
facilities has now been signalled by the government. Obtaining 'planning
consent' has been TEG's principal barrier to progress in several locations and
in many cases postponing sales which were otherwise in place. On the 6 December,
an announcement from the Head of Minerals and Waste Planning in the Office of
the Deputy Prime Minister advised of a significant revision to the planning
guidance rules. These changes should have a beneficial effect on TEG's planning
applications and current appeals. We have now been formally advised by the City
and County of Swansea that our proposal in response to their revised tender has
been approved by the Cabinet of the Council on 14 February 2005. The contract
should be significant in that not only does it involve the sale of the Silo-Cage
plant but awards the company the management of the whole contract. This reflects
well on the quality and strength of our technical team and we believe it is a
unique award for a company such as TEG. Tenders are in preparation for other
major local authorities and detailed negotiations continue on a number of other
sales projects in the UK and on sites for build own and operate projects. The
planning application for an additional building at our Preston facility was
approved on 9 February.
Michael Fishwick joined the Company in the role of Chief Executive Elect and was
appointed to the Board of Directors on 17 January. He will understudy Dick
Bilborough in the interim. Tanja Willis joined the Board on 7 March as Finance
Director, she continues as Company Secretary. Together with other key executives
heading sales, project management, engineering, technical and scientific, we
have a strong, committed executive team to take the Company forward.
The Company's Annual General Meeting will be held on Tuesday 12 July in London.
Members will be circulated with further information in due course.
NIGEL MOORE
Chairman
PROFIT AND LOSS ACCOUNT
For the twelve months ended 31 December 2004
12 months Restated 14
ended 31 months ended
December 31 December
2004 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)
_________ _________
Total administrative 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 ACTIVITIES BEFORE TAXATION (1,187,518) (1,996,211)
Taxation on loss on ordinary
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 SHEET
As at 31 December 2004
31 31
December December
2004 2003
# #
FIXED ASSETS
Intangible assets 3,990 7,986
Tangible assets 206,549 158,121
_________ _________
210,539 166,107
CURRENT ASSETS
Stocks 8,166 6,881
Debtors 100,122 98,513
Cash 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 RESERVES
Called up share capital 819,269 624,207
Share premium account 9,352,543 8,046,689
Profit and loss account (9,025,367) (7,913,623)
_________ _________
EQUITY SHAREHOLDERS' FUNDS 1,146,445 757,273
--------- ---------
--------- ---------
CASH FLOW STATEMENT
For the twelve months ended 31 December 2004
12 months Restated 14
ended months
31 December ended 31
2004 December
2003
Note # #
NET CASH
OUTFLOW FROM
OPERATING
ACTIVITIES 4 (1,196,815) (1,676,067)
_________ _________
RETURNS ON INVESTMENT AND SERVICING OF
FINANCE
Interest received 34,598 6,887
Interest element of finance lease and hire
purchase payments (4,121) (5,740)
_________ _________
30,477 1,147
_________ _________
TAXATION
UK Corporation tax received 71,137 154,508
_________ _________
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Payments to acquire tangible fixed assets (27,972) (34,849)
Receipts from sales of tangible fixed assets 2,859 2,000
_________ _________
(25,113) (32,849)
FINANCING
Receipt from sale of shares - 550,000
Proceeds on issue of shares 1,500,916 1,623,234
Repayment of bank loans - (4,943)
Repayment of capital lease and hire purchase
contracts (29,823) (31,635)
_________ _________
1,471,093 2,136,656
_________ _________
INCREASE IN CASH 5 350,779 583,395
--------- ---------
--------- ---------
NOTES TO THE PRELIMINARY RESULTS
1. BASIS OF PREPARATION OF PRELIMINARY FINANCIAL INFORMATION
The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 31 December 2004 and the profit and loss account,
cash flow statement and associated notes for the year then ended have been
extracted from the company's 2004 statutory financial statements upon which the
auditors opinion is unqualified but contains an explanatory paragraph in respect
of future funding of the company and does not include any statement under
Section 237(2) of the Companies Act 1985. Those financial statements have not
yet been delivered to the Registrar of Companies. The figures for the 14 month
period ended 31 December 2003 have been extracted from the statutory financial
statements (after the reanalysis of the profit and loss account and cashflow
statement) which have been filed with the Registrar of Companies. The auditors'
report on those financial statements was unqualified and did not contain a
statement under Section 237(2) of the Companies Act 1985. The financial
information has been prepared in accordance with applicable accounting standards
and under the historical cost accounting rules.
The principal accounting policies of the company have remained unchanged from
those set out in the Company's 2003 Annual Report and Financial Statements. The
accounts are prepared on a going concern basis, which assumes that the Company
will 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 to
ordinary shareholders divided by the weighted average of 14,060,383 ordinary
shares for the 12 months to 31 December 2004, and 11,531,864 for the 14 months
to 31 December 2003.
12 month ended 14 months ended
31 December 31 December
2004 2003
Attributable loss (#) (1,111,744) (1,870,566)
_________ _________
Average number of ordinary shares in issue
for basic and diluted loss per share 14,060,383 11,531,864
_________ _________
Basic and diluted loss per share (7.9p) (16.2p)
--------- ---------
--------- ---------
The loss for each period and the weighted average number of ordinary shares for
calculating the diluted loss per share for each period are identical to those
used for the basic loss per share. This is because the outstanding share options
would 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 Restated 14
ended 31 months
December ended 31
2004 December
2003
# #
Operating loss (1,217,995) (1,997,358)
Amortisation 3,996 4,662
Depreciation 32,666 150,142
(Profit)/loss on sale of tangible fixed
assets (2,859) 2,000
(Increase)/decrease in stocks (1,285) 262,738
Decrease in debtors 3,028 78,319
Decrease in creditors (14,366) (176,570)
_________ _________
(1,196,815) (1,676,067)
--------- ---------
--------- ---------
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
12 months 14 months
ended 31 ended 31
December December
2004 2003
# #
Increase in cash in the year 350,779 583,395
Cash outflow from bank loans - 4,943
Cash outflow from finance leases 29,823 31,635
_________ _________
Change in net funds
resulting from cashflows 380,602 619,973
Inception of finance lease (53,122) -
_________ _________
Movement of net funds in the year 327,480 619,973
Net funds at 1 January 2004 777,271 157,298
_________ _________
Net funds at 31 December 2004 1,104,751 777,271
--------- ---------
6. ANALYSIS OF MOVEMENT IN NET FUNDS
At 1 Cash flow Non Cash At 31
January Items December
2004 2004
# # # #
Cash at bank
and 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 31
December 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
--------- ---------
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The company news service from the London Stock Exchange
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