RNS Number:6252X
Nature Technology Solutions Limited
01 June 2007
NATURE TECHNOLOGY SOLUTIONS LIMITED
Preliminary Results for the Year ended 31st December 2006
I am pleased to report that as a result of the continuing application of
management and resources to the evolution of "best available technology"
required for the offshore oil industry, the Group is in a number of discussions
with major oil and oilfield service companies with regard to expansion of our
activities, as I have outlined below. A recently completed contract worth over
#450,000 with Norway's largest oil company for the collection of polluted
wastewater from near Hammerfest in the Arctic Circle will enhance Group revenues
for 2007 and should provide further commercial opportunities.
For the year ended 31st December 2006 the Group achieved a modest increase in
turnover, and with the focus of resources applied to our small footprint
offshore treatment unit (OTU) completion and testing, the Group results again
showed a small loss for the period of #73,298 (2005 loss #121,625). However
earnings before depreciation, reflecting cash flow from operations including our
share of joint ventures, were positive.
During 2006 and early 2007 we were pleased to bring additional skills into our
team at all levels, including the appointment of Nigel Sandy (former chief
executive of Waste Recycling Group) as a non executive director. The staff
joining the Group have shown commitment and belief in the future success of the
Group and I welcome their contribution to this exciting period in our
development. We believe that by the end of 2007 we will have commenced offshore
treatment operations having concluded testing, demonstrations, and achievement
of regulatory certification. The enhanced team in Norway will be vital to
generating ongoing revenues for our OTU operational subsidiary, Northern
Treatment AS, in the Norwegian sector.
The capability of the containerised OTU to treat polluted wastewater offshore
within the acceptable limits of the "zero discharge" philosophy adopted by the
Environmental Agency in Norway, should in due course set new standards for the
offshore industry elsewhere in the North Sea and worldwide - as higher
environmental standards are required or legislated internationally.
In the UK North Sea sector the Group is currently discussing the establishment
of our treatment capabilities at a quayside location in Aberdeen, in conjunction
with a leading multinational oilfield services group. We are also in discussions
with regard to a successful environmental remediation business also based in
Aberdeen.
Our venture in Gibraltar (the Government contract there and subsequent
construction of initial treatment facilities being the the foundation of our
original AIM listing in 2001) was the major contributor to our improvement in
revenues in 2006. The group's 50% joint company Slop Oil Reception and Treatment
Ltd., achieved a significant increase in volumes received and treated from the
shipping industry. Despite the operational difficulties whilst undergoing very
significant capital expenditure in the transition to our new quayside site with
substantially increased storage and treatment capacity (in conjunction with a
new 20 year Government agreement), a useful increase in profit was achieved. In
addition the recovered oil upgrade facilities installed have enabled regular
daily export of cleaned oil to Spain by our own road tanker, generating valuable
income from such recycling. Future plans include utilisation of our recovered
oil in power generation.
In Stavanger Norway, at our minority owned joint venture, capital expenditure
and installation time incurred in order to cope with more complex wastewaters,
had the effect of significantly slowing treatment throughput and as a result the
year's financial outcome was disappointing. We will be reviewing the performance
of this operation with our joint venture partner in coming months , together
with Northern Treatment our OTU company in Norway , in which they are also
shareholders.
At the end of January 2007 we successfully arranged a placing of ordinary shares
in order to ensure the Group's cash resources would support the planned
expansion in capabilities required in 2007. As a reflection of their confidence,
directors and staff contributed some 15% of the #286,000 subscribed.
We believe strongly in the potential success of the Group through the
development and exploitation of technologies in the environmental sector, and
wiith the strengthening of our Directorate and operational team we are well
placed to take advantage of potential opportunities to expand the activities of
the Group.
Richard Eldridge Chairman 1st June 2007
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31ST DECEMBER 2006
2005
# #
TURNOVER
Continuing operations 264,036 183,878
Joint Venture operations 927,205 749,944
--------- --------
1,191,241 933,822
OPERATING COSTS
Continuing operations (225,854) (118,770)
Joint Venture operations (431,820) (313,382)
------- -------
OPERATING PROFIT 533,567 501,670
Interest and dividends receivable 7,535 8,73
Administrative costs (473,738) (479,781)
Depreciation and goodwill impairment cost (151,110) (137,916)
Interest and charges (20,622) (3,930)
-------- --------
LOSS ON ORDINARY ACTIVITIES (104,368) (111,093)
BEFORE TAXATION
Minority interest 21,354 (128)
Taxation on loss on ordinary activities 9,716 (1,397)
-------- --------
DEFICIT FOR THE FINANCIAL PERIOD # (73,298) # (112,618)
======== ========
BASIC LOSS PER SHARE (0.00017) (0.00033)
======= =======
There are no recognised gains or losses other than those included above.
CONSOLIDATED BALANCE SHEET AT 31ST DECEMBER 2006
2005
# #
FIXED ASSETS
Intangible assets 148,429 98,559
Tangible assets 434,450 28,134
Investments 1,715,856 1,568,281
--------- ---------
2,298,735 1,694,974
CURRENT ASSETS 316,279 251,688
Debtors
Balance at bank 211,902 564,082
--------- ---------
528,181 815,770
CREDITORS:AMOUNTS FALLING DUE (325,896) (137,640)
WITHIN ONE YEAR
--------- ---------
NET CURRENT ASSETS 202,285 678,130
CREDITORS:AMOUNTS FALLING DUE AFTER ONE YEAR (194,400) (186,207)
Minority interests (12,151) (34,611)
--------- ---------
NET ASSETS 2,294,469 2,152,286
========= =========
CAPITAL AND RESERVES
Called up share capital 43,959 39,559
Share premium 1,696,196 1,485,115
Capital Reserve 2,864,130 2,864,130
Profit and loss account (2,309,816) (2,236,518)
--------- ---------
2,294,469 2,152,286
========= =========
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31ST DECEMBER 2006
2005
# #
Net cash flow from operating activities:
Operating loss (60,171) (116,027)
Depreciation of fixed assets 8,865 18,473
Depreciation of intangible fixed assets 4,162 4,202
Disposal of fixed assets - 4,587
(Increase) in debtors (64,591) (6,302)
Increase in creditors 196,449 169,527
(Decrease)/Increase in minority interests (22,460) 34,611
------- -------
62,254 109,071
Returns on investments and servicing of finance:
Interest and dividends received 7,535 8,736
Interest paid (20,662) (3,930)
Increase in investments (147,575) (52,680)
Capital expenditure:
Acquisition of tangible fixed assets (415,181) (59,774)
Acquisition of intangible fixed assets (54,032) -
Financing:
Issuing of ordinary share capital 215,481 462,161
-------- --------
(DECREASE)/INCREASE IN CASH BALANCES (352,180) 463,584
======== ========
Movement in cash balances:
Balance at bank 1st January 2006 564,082
Net cash inflow (352,180)
-------
Balance at bank 31st December 2006 211,902
=======
Notes to the accounts
1. The calculation of loss per share has been based on the loss for the period
and the weighted average number of Ordinary Shares in issue throughout the
period of 426,760,051.
2. These unaudited results have been prepared on the basis of the accounting
policies adopted in the accounts to 31 December 2005.
3. The audited accounts of the Company will be despatched to shareholders on
or around 6 June 2007 and will be available for collection by the public
free of charge at the offices of Seymour Pierce, 20 Old Bailey, London
EC4M 7EN. The annual general meeting of the Company is to be held on
27 June 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
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