TIDMBIP
RNS Number : 1868P
Biofutures International plc
29 September 2011
29 September 2011
Biofutures International plc
("Biofutures" or the "Group")
Half Yearly Results for the six months ended 30 June 2011
The Board of Biofutures announces the unaudited interim results
of the Company for the period from 1 January 2011 to 30 June 2011.
A copy of these financial statements will also be available on the
Company's website www.biofuturesplc.com.
For further information, please contact:
Biofutures International Tel: + 603 6203 5136
plc
Joe Wong, Chief Executive
Officer
www.biofuturesplc.com
Daniel Stewart & Company Tel: + 44 (0) 20 7776
plc 6550
Nominated Adviser - Antony
Legge/Oliver Rigby
Broker - Colin Rowbury
www.danielstewart.co.uk
CHAIRMAN'S STATEMENT
I am pleased to present our unaudited interim results for the
six months ended 30 June 2011.
This period marked the commencement of refining operations at
the Zurex refinery after its commissioning at the end of 2010. The
Group generated maiden revenues of GBP38,000 from toll processing
of 1,888 metric tonnes of crude palm oil. The loss for the six
month period ended 30 June 2011 was GBP245,000, compared to
GBP445,000 for the same period in 2010.
Cash as at 30 June 2011 was GBP5,450,000 compared to
GBP5,183,000 at 30 June 2010. During the half-year, the Group drew
down GBP1,338,000 of new term loans under a facility with Bank
Kerjasama Rakyat Malaysia Bhd (2010 - GBP1,725,000).
As announced to the market earlier in my statement in the 2010
Annual Report, we have taken a very cautious approach in our
refining business given the backdrop of market forces. The balance
is crucial as any mismatch on the timing between supply, production
and sales can lead to unnecessary holding costs and cash flow
interruptions due to price fluctuations in the intervening period.
Over the period, Zurex processed 2,562 metric tonnes of crude palm
oil, the majority of which was for tolling operations designed to
minimize risks and to maximize cash flow. 674 tonnes of our own
crude palm oil was processed which has resulted in an increase in
inventories to GBP447,000. We are continuing to expand our volume
in tolling operations to optimize use of the refinery.
With the completion of the planned infrastructure by POIC of the
connecting pipe line to the jetty from our refinery site expected
to be completed by the end of the October 2011, Zurex will be in a
position to enter a new phase with further options made available.
The completion of the connecting pipeline is crucial to Zurex as it
serves two major purposes. First, it will allow Zurex to ship in
crude palm oil in sufficient quantities at more favourable prices
from around East Malaysia and Indonesia as compared to the local
purchases of crude palm oil supplied by tankers. Second, it will
allow Zurex to tap a greater marketplace as compared to the local
market in the immediate vicinity of the refinery. Direct sales to
overseas markets will provide certainty both in terms of sales and
pricing and allow forward planning on the purchase of feedstock,
production schedules and use of the refinery.
Zurex has been informed by its legal advisers that the
Arbitrator for the arbitration proceedings against JJ Lurgi will
only deliver his decision sometime in January 2012 after further
clarification was made by the Arbitrator in August 2011 on some
issues raised in the arbitration proceedings. The Directors under
legal advice are of the opinion that the Company will be successful
and accordingly no liability and asset has been recognized.
David Yeoh
Executive Chairman
28 September 2011
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
Note (unaudited) (unaudited) (audited)
------------ ------------ ------------
GBP'000s GBP'000s GBP'000s
Continuing operations
Sales 38 - -
Cost of sales (23) - -
------------ ------------ ------------
Gross profit 15 - -
Interest income 47 25 112
Administrative expenses (307) (470) (1,014)
------------ ------------ ------------
Loss before tax (245) (445) (902)
Income tax expense 3 - - (4)
------------ ------------ ------------
Loss for the period
attributable to equity
interests (245) (445) (906)
Other comprehensive income
Net exchange differences on
translating foreign
operations 4 (925) 4,178 4,746
Other comprehensive
(loss)/income net of tax (925) 4,178 4,746
Total comprehensive
(loss)/income for the period (1,170) 3,733 3,840
============ ============ ============
Loss per share
- Basic and diluted 5 (0.15)p (0.29)p (0.60)p
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at
30 June 30 June 31 Dec
2011 2010 2010
(unaudited) (unaudited) (audited)
------------ ------------ ----------
Assets GBP'000s GBP'000s GBP'000s
Non-current assets
Property, plant and equipment 9,993 7,299 9,246
Goodwill 7,581 7,681 7,793
Intangible assets 22,161 22,451 22,778
39,735 37,431 39,817
------------ ------------ ----------
Current assets
Inventories 447 - 28
Trade and other receivables 380 70 308
Cash and cash equivalents 5,450 5,183 5,966
6,277 5,253 6,302
------------ ------------ ----------
Total assets 46,012 42,684 46,119
------------ ------------ ----------
Liabilities
Current liabilities
Trade and other payables 683 608 363
Current income tax liabilities 4 - 4
Borrowings 635 - 686
1,322 608 1,053
------------ ------------ ----------
Non-current liabilities
Borrowings 4,975 2,082 4,026
Deferred Tax 5,540 5,613 5,695
10,515 7,695 9,721
------------ ------------ ----------
Total liabilities 11,837 8,303 10,774
------------ ------------ ----------
Net assets 34,175 34,381 35,345
============ ============ ==========
Equity
Share capital 1,664 1,510 1,664
Share premium account 12,089 11,293 12,089
Merger reserve 16,001 16,001 16,001
Translation reserve 8,700 9,057 9,625
Share based scheme reserve 225 1,209 225
Retained earnings (4,504) (4,689) (4,259)
Total equity 34,175 34,381 35,345
============ ============ ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Share based
Share premium Merger Translation scheme Retained Total
capital account reserve reserve reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January
2011 1,664 12,089 16,001 9,625 225 (4,259) 35,345
Loss for the
period - - - - - (245) (245)
Translation
reserve - - - (925) - - (925)
At 30 June
2011 1,664 12,089 16,001 8,700 225 (4,504) 34,175
======= ======= ======= =========== ======= ======== ======
At 1 January
2010 1,510 11,293 16,001 4,879 1,042 (4,244) 30,481
Loss for the
period - - - - - (445) (445)
Share based
payments - - - - 167 - 167
Translation
reserve - - - 4,178 - - 4,178
At 30 June
2010 1,510 11,293 16,001 9,057 1,209 (4,689) 34,381
======= ======= ======= =========== ======= ======== ======
At 1 January
2010 1,510 11,293 16,001 4,879 1,042 (4,244) 30,481
Issue of
shares 154 846 - - - - 1,000
Share issue
costs - (50) - - - - (50)
Loss for the
year - - - - - (906) (906)
Lapse of
options - - - - (891) 891 -
Share
options and
warrant
expense - - - - 74 - 74
Translation
reserve - - - 4,746 - - 4,746
At 31
December
2010 1,664 12,089 16,001 9,625 225 (4,259) 35,345
======= ======= ======= =========== ======= ======== ======
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months
ended ended Year ended
30 30 31 December
June 2011 June 2010 2010
Note (unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Cash flow from operating
activities
Cash used in operations 6 (442) (708) (12)
Net cash used in operating
activities (442) (708) (12)
------------ ------------ ------------
Cash flow from investing
activities
Purchases of property, plant
and equipment (1,017) (1,018) (4,107)
Interest received 47 25 112
Net cash used in investing
activities (970) (993) (3,995)
------------ ------------ ------------
Cash flows from financing
activities
Proceeds from issue of
ordinary shares - - 1,000
Share issue costs - - (50)
Proceeds from borrowings 898 1,725 4,394
Net cash generated from
financing activities 898 1,725 5,344
------------ ------------ ------------
Net (decrease)/increase in
cash and cash equivalents (514) 24 1,337
Cash and cash equivalents
at beginning of period 5,966 4,755 4,755
Effects of exchange rate
changes (2) 404 (126)
Cash and cash equivalents
at end of period 5,450 5,183 5,966
============ ============ ============
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 30 JUNE 2011
1 Basis of preparation
These unaudited interim condensed consolidated financial
statements (the "interim financial statements") are for the six
months ended 30 June 2011. They do not include all of the
information required for full annual financial statements, and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2010.
These interim financial statements have been prepared in
accordance with the accounting policies as set out on pages 15 to
18 in the Group's annual financial statements for the year ended 31
December 2010.
The financial information contained in these interim financial
statements comprises the Group statement of financial position as
at 30 June 2011, 30 June 2010 and 31 December 2010 and the Group
statement of comprehensive income, the Group statement of cash
flows and the Group statement of changes in equity for the
half-years ended 30 June 2011 and 30 June 2010 and the year ended
31 December 2010.
The financial information set out on pages 3 to 6 is unaudited
and does not constitute statutory accounts within the meaning of
section 434 of the Companies Act 2006. The comparative numbers for
the year ended 31 December 2010 have been extracted from the
audited accounts which have been filed at Companies House and which
carried an unqualified audit report with no statement under section
498 (2), (3) or (4) of the Companies Act 2006.
2 Segmental Information
Primary reporting format - business segment:
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Operating loss
Operational (158) (149) (629)
Head Office (134) (321) (385)
Operating loss (292) (470) (1,014)
------------ ------------ ------------
Loss before income tax
Operational (113) (125) (519)
Head Office (132) (320) (383)
Loss for period (245) (445) (902)
------------ ------------ ------------
Loss for period
Operational (113) (125) (519)
Head Office (132) (320) (387)
Loss for period (245) (445) (906)
===== ===== =====
3 Income tax expense
There is no tax charge due to the losses arising in the
period.
4 Net exchange differences on translating foreign operations
Income and expenditure for overseas subsidiaries are included
based upon monthly average exchange rates to give a fair
approximation to the transaction rate. Balance sheet items are
included at the exchange rate at the balance sheet date. All other
differences are included within the translation reserve, including
related goodwill and intangible assets, which are translated at the
rate ruling at the balance sheet date (30 June 2011 GBP1 = RM 4.88,
at 30 June 2010 GBP1= RM 4.90 and at 31 December 2010 GBP1 = RM
4.74).
5 Loss per share
Six months Six months Year ended
ended 30 ended 30 31 December
June 2011 June 2010 2010
(unaudited) (unaudited) (audited)
Loss attributable to equity
shareholders of the Company GBP(245,000) GBP(445,000) GBP(906,000)
Weighted average number of
ordinary shares in issue 166,445,000 151,060,000 151,734,411
Basic loss per share in pence (0.15)p (0.29)p (0.60)p
The impact of options and warrants on the loss per share is
anti-dilutive and therefore no diluted earnings per share figure
have been included.
6 Cash used in operations
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Operating loss (292) (470) (1,014)
Adjustments for:
Depreciation 20 7 14
Share based payments - 167 74
Impairment of assets - - 261
Changes in working capital:
- Inventories (419) - (28)
- Trade and other receivables (71) (13) 589
- Trade and other payables 320 (399) 92
Cash outflow from operations (442) (708) (12)
============ ============ ============
7 Dividend
The directors do not recommend the payment of a dividend.
8 Carrying value of plant
In the matter of Zurex versus J.J Lurgi, the Arbitrator will be
delivering his decision in January of 2012.
No provision has been made for the balance of the contract costs
and no contingent asset recognized relating to any potential refund
in respect of the contract costs paid. The outcome of these
arbitration proceedings could potentially impact on the carrying
value of the assets.
9 Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors section of the Company's website
(www.biofuturesplc.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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