RNS Number:8468R
Nature Technology Solutions Limited
28 September 2005
NATURE TECHNOLOGY SOLUTIONS LIMITED
Interim Results for the 6 months ended 30 June 2005
Chairmans statement
I am pleased to report further progress in revenues compared with the first six
months last year, and in the continuing development of our technology aimed at
bringing financial returns to shareholders. Group attributable turnover
increased from #407,632 for first half 2004 to #541,807 for the the six months
to 30 June 2005 and the loss, after all depreciation and amortisation costs, was
reduced from #67,375 to #33,248.
With new shareholders investing in our company each year, a summary of the
Nature Technology Solutions Ltd ("NTS") activities may be of interest,
particularly in highlighting our environmental and ethical investment status.
NTS is an environmental solutions provider in three distinct but inter-related
areas for the treatment of oily waste water. Our technology incorporates a
patented environmentally friendly additive ('CF 200') for hydrocarbon removal to
a very low level of pollution together with proprietary skills in engineering
solutions and in biotreatment under constant flow. In addition to Norway,
certain European and other areas previously granted, a United States patent was
granted on our precipitating agent in July this year, No. US 6,916,431 B2.
The first and most capital intensive of these areas is the onshore treatment
plants presently located in Gibraltar and Tananger, Norway both of which were
designed and built utilising NTS competence and proprietary technology. These
are owned 50% and 40% respectively in joint venture with established local waste
operators and enjoy semi monopolistic trading positions. The treatment
facilities in both locations have continued to be upgraded in order to handle
larger volumes, and in Gibraltar to clean and upgrade recovered oil to achieve
substantially higher resale prices. These improvements, internally funded,
should result in higher financial returns in the second half of this year and in
2006 onwards. We are looking forward to the day when these investments will
result in substantial cash flow back to NTS.
The second area of business activity is to respond to enquiries for our
treatment capabilities and for the potential installation of plants in overseas
locations. We designed and installed a purpose built industrial plant for a
major client in Denmark last year, with commissioning to conclude in 2005. This
is a business segment with typically long lead times, and thus fluctuating
financial contributions to the group, but potentially providing useful profits
when firm orders are eventually received. Enquiries are presently being
processed from the Caspian region as well as the Middle East, where our
potential further programme with a major dry docks facility is subject to 2006
client budget and environmental assessment approval.
Thirdly, we have an exciting growth area at the cutting edge of technology in
the treatment of oily waste for the offshore oil industry, utilising our
patented CF 200 and engineering design skills. NTS has been active with major
oil research programmes for many years and the opportunities to benefit are now
emerging as environmental pressures increase on reduction in hydrocarbon
discharge. For drilling rig and platform operators
in the North Sea the disposal of liquid oily wastes collected in 'slop tanks'
requires transport ashore and then onshore treatment, a very costly disposal
exercise. To exploit the commercial opportunity this provides we have, as
announced in June, agreed a new subsidiary in joint venture with SAR Group which
is one of the largest waste collection operators in Norway, and who are already
our highly successful partners in the Tananger plant. This venture is now
progressing the design and build of a 'stand alone' containerised constant flow
treatment unit, which will enable the treatment of waste offshore to strict
environmental standards and its discharge to sea direct from rig or platform. If
successful in the North Sea there should be global demand for these treatment
units which we are currently intending to lease or rent to rig operators, thus
creating a source of recurring income.
Meanwhile in order to fund our 60% share of developing the NTS offshore
treatment unit - which is anticipated to be trialled offshore in first quarter
2006 with immediate prospects for demand - we made a placing of NTS shares in
July to raise a gross sum of #480,000, less very effective direct costs of only
#20,000. We welcome all new shareholders who participated in this fund raising.
In addition to oil industry generated waste, there has been a continuing and
huge opportunity for NTS in the oil industry relating to 'produced water',
generated in large scale quantities worldwide as part of oilfield reservoir
extraction. In an increasingly environmentally conscious era this enormous
generation of displaced water requires the application of solutions not
previously available in treatment to levels now required. We have researched and
trialled with a leading oil company project Group over 5 years, and will now
further explore the application of NTS solutions, possibly in co-operation with
a major oil industry drilling fluids and service group.
As explained above, the long lead time between enquiry and installation of
'third party' plants makes it difficult to forecast the level of growth in
turnover year on year, but we are confident that our share of joint venture
revenues will continue to increase in the second half of 2005 and into 2006.
With the launch of our new offshore treatment unit next year we are hopeful that
NTS will achieve a further breakthrough into significant revenue generation in
second half 2006 and beyond.
Richard Eldridge
Chairman, 28 September 2005
Consolidated Profit and Loss Account
For the half year ended 30 June 2005
Unaudited Unaudited Audited
Six months Six months Year
to to to
30 June 30 June 31 December
2005 2004 2004
# # #
Turnover 158,609 159,305 583,473
Continuing operations
Joint ventures 383,198 248,327 529,822
----------- --------- ----------
541,807 407,632 1,113,295
Operating costs (107,503) (81,073) (282,701)
Continuing operations
Joint ventures (152,982) (138,445) (223,963)
----------- --------- ----------
Operating profit 281,322 188,114 606,631
Interest receivable 600 109 1,013
Administration costs (251,474) (232,130) (511,019)
Bank interest and charges (986) (2,087) (5,860)
Depreciation and goodwill
impairment cost (5,442) (7,589) (21,736)
Depreciation and goodwill in
joint venture companies (57,268) (13,792) (100,769)
----------- --------- ----------
Loss on ordinary activities
before taxation (33,248) (67,375) (31,740)
Taxation on loss on ordinary
activities - (12,400)
----------- --------- ----------
Deficit for the financial
period (33,248) (67,375) (44,140)
----------- --------- ----------
Basic loss per share (0.00011p) (0.00022p) (0.00014)
Balance sheet at 30 June 2005
Unaudited Unaudited Audited
Six months to Six months to Year to
30 June 2005 30 June 2004 31 December
2004
# # #
Fixed assets 46,447 36,729 42,297
Intangible assets
Tangible assets 49,010 55,884 51,194
Investments 1,553,279 1,512,832 1,515,601
----------- --------- ----------
1,648,736 1,605,445 1,609,092
Current assets - 14,185 -
Stock
Debtors 165,422 165,812 245,386
Balance at bank 16,169 65,918 100,498
----------- --------- ----------
181,591 245,915 345,884
Creditors: amounts
falling due within one
year (60,832) (71,852) (152,233)
--------------- --------------- ---------------
----------- --------- ----------
Net current assets 120,759 174,063 193,651
Net assets 1,769,495 1,779,508 1,802,743
----------- --------- ----------
Capital and reserves 29,959 29,959 29,959
Called up share capital
Share premium 1,032,554 1,032,554 1,032,554
Capital reserve 2,864,130 2,864,130 2,864,130
Profit and loss account (2,157,148) (2,147,135) (2,123,900)
----------- --------- ----------
Shareholders funds 1,769,495 1,779,508 1,802,743
----------- --------- ----------
Cash flow statement
For the half year to 30 June 2005
Unaudited Unaudited Audited
Six months Six months Year
to to to
30 June 30 June 31 December
2005 2004 2004
# # #
Net cash flow from operating
activities: (32,862) (65,397) (26,893)
Operating loss
Depreciation 5,442 7,589 21,736
(Increase)/Decrease in
debtors 79,964 33,552 (46,022)
(Increase)/Decrease in stock - - 14,185
(Decrease)/Increase in
creditors (91,401) (37,021) 30,960
---------- -------- ----------
(38,857) (61,277) (6,034)
Return on investments and
servicing of finance: 600 109 1,013
Interest received
Interest paid (986) (2,087) (5,860)
Capital expenditure: (4,150) - (8,725)
Acquisition of intangible fixed
assets
Acquisition of tangible fixed
assets (3,258) - (6,300)
Increase in investments (37,678) (23,674) (26,443)
---------- -------- ----------
Decrease in cash balances (84,329) (86,929) (52,349)
---------- -------- ----------
Movement in cash balances: 100,498 152,847 152,847
Balance at bank 1 January 2005
---------- -------- ----------
Net cash outflow (84,329) (86,929) (52,349)
---------- -------- ----------
Balance at 30 June 2005 16,169 65,918 100,498
---------- -------- ----------
Notes to the accounts
1. The calculation of loss per share has been based on the loss for the period
and the 299,593,384 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 2004.
3. The interim report to 30 June 2005 was approved by the directors on 27
September 2005. The report will be posted to shareholders and will be available
to the public, free of charge, from the offices of Seymour Pierce Limited,
Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL and from the
Company's Head Office in Jersey.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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