RNS Number:2464O
TEG Environmental Plc
30 June 2005
For Release 30 June 2005
TEG ENVIRONMENTAL PLC
Notice of AGM; Final Results
TEG Environmental plc ("TEG" or "the Company"), the leading edge green
technology company which converts organic wastes into natural organic
fertilizer, announces that notice was given to shareholders on 16th June 2005 of
an Annual General Meeting to be held at the Caledonian Club, London SW1 on
Tuesday, 12 July 2005 at 11:00am.
TEG's 2004 Annual Report & Accounts have been sent to shareholders, copies of
which can be obtained from the website: www.tegenvironmental.co.uk, or TEG
Environmental Plc, Unit 6, Meadowcroft, Pope Lane, Whitestake, Preston, PR4 4BA.
ENDS
For further information, please contact:
TEG Environmental plc 01772 422 220
Mick Fishwick, Chief Executive Officer
Canaccord Capital (Europe) Limited 020 7518 2777
Ryan Gaffney
Binns & Co PR Ltd 020 7786 9600
Hannah Sloane
PROFIT AND LOSS ACCOUNT
For the twelve months ended 31 December 2004
12 months Restated 14
ended 31 months ended 31
December 2004 December 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 December 31 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 ended 31
31 December 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 FINAL RESULTS
1. BASIS OF PREPARATION OF FINANCIAL INFORMATION
The financial information contained in this 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 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 ended Restated 14
31 December months 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)/dec
rease 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 ended 14 months ended
31 December 31 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 Items At 31 December
January 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 December 31 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
--------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
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