RNS Number:6147A
Nature Technology Solutions Limited
29 March 2006
NATURE TECHNOLOGY SOLUTIONS LIMITED
Preliminary Results for the year ended 31st December 2005
and review of 2006 Oil Industry targets.
The Chairman of Nature Technology Solutions Limited (Nature) provides the
following assessment of current indications for demand for NTS technology and
products from the offshore oil industry, together with key points on the
preliminary figures released today to the London Stock Exchange.
- The launch and trials of the offshore containerised waste water treatment
unit currently under construction, are targeted to take place in June/July this
year in the Norwegian sector of the North Sea following development work over
the last two years. This unit, utilising proprietary technology, has been
developed in response for to industry and environmental demands to move towards
"zero" discharge of polluted waters offshore and for the reduction of
transportation costs and attendant risks. Interest in this unique treatment
module, using compact Nature designed flow units and the patented Nature agent,
has been indicated throughout the Norwegian offshore, drilling and rig waste
handling industries. If successful in the Norwegian sector this technology
should have tremendous potential in the rest of the North Sea and elsewhere in
the offshore oil industry.
- Other oil industry projects, including a potential joint venture in respect
of a possible contaminated waste water treatment contract for a major platform
decommissioning, are under discussion.
- The reduced turnover and attributable profit from continuing operations in
2005 was due to the delivery in 2004 of a major plant to an industrial client in
Denmark which was not repeated in 2005. However, an additional contract for this
client has been indicated for delivery in 2006. Certain other projects
incorporating Nature technology and engineered products anticipated for 2005
have been deferred. As a result, although the Group generated a small surplus
before depreciation and amortisation, the group showed an overall loss of
#127,687 for the year after taxation.
- Existing fixed installation joint ventures in Gibraltar and Stavanger showed
growth of 40% in 2005, and Nature expects to see further growth in revenues and
profits in 2006.
- In the coming months Nature will review the enhancement of its technical
marketing and engineering support capabilities assuming successful trials of the
new containerised offshore unit, in conjunction with existing joint ventures and
proposed logistics partnering in Aberdeen and elsewhere.
Richard Eldridge
Chairman 29th March 2006
Nature Technology Solutions Limited
Profit and Loss Account
For the Year to 31st December 2005
Unaudited Audited
Year to Year to
31/12/05 31/12/04
# #
TURNOVER Continuing operations 224,805 583,473
Joint venture 734,297 529,822
--------- ---------
959,102 1,113,295
OPERATING COSTS Continuing operations (149,163) (282,701)
Joint venture (317,153) (223,963)
--------- ---------
OPERATING PROFIT 492,786 606,631
Interest and dividends
receivable 8,736 1,013
Administrative costs (489,431) (511,019)
Bank interest and charges (3,930) (5,860)
--------- ---------
Profit before depreciation
and taxation 8,161 90,765
Depreciation (24,373) (21,736)
Depreciation and goodwill
in joint venture companies (115,241) (100,769)
---------- ----------
Loss on ordinary activities
before taxation (123,292) 59,025
Taxation on loss on
ordinary activities 1,667 (12,400)
---------- ----------
---------- ----------
Deficit for the financial
period (121,625) 46,625
========== ==========
Basic loss per share (0.00031) (0.00014)
Nature Technology Solutions Limited
Balance Sheet
For the year to 31st December 2005
Audited Audited
As at As at
31/12/05 31/12/04
# #
FIXED ASSETS
Intangible assets 40,898 42,297
Tangible assets 31,430 51,194
Investments 1,569,078 1,515,601
--------- ---------
1,641,406 1,609,092
CURRENT ASSETS
Debtors 233,511 245,386
Balance at bank 564,852 100,498
--------- ---------
798,363 345,884
CREDITORS : AMOUNTS FALLING DUE
WITHIN ONE YEAR (83,961) (152,233)
--------- ---------
NET CURRENT ASSETS 714,402 193,651
CREDITORS : AMOUNTS FALLING DUE
AFTER ONE YEAR (220,690) 0
--------- ---------
NET ASSETS 2,135,118 1,802,743
========= =========
CAPITAL AND RESERVES
Called up share capital 39,559 29,959
Share premium 1,485,115 1,032,554
Capital Reserve 2,864,130 2,864,130
Profit and loss account (2,253,686) (2,123,900)
---------- ----------
Shareholders funds 2,135,118 1,802,743
========== ==========
Nature Technology Solutions Limited
Cash Flow Statement
For the year to 31st December 2005
Audited Audited
As at year to
31/12/05 31/12/04
# #
Net cash flow from operating activities:
Operating loss (128,428) (26,893)
Depreciation 24,373 21,736
(Increase)/Decrease in debtors 11,875 (46,022)
(Increase)/decrease in stock 0 14,185
Increase in creditors 152,418 30,960
--------- ---------
60,238 (6,034)
Return on investments and servicing of finance:
Issue of share capital 462,161
Interest received 5,288 1,013
Interest paid (3,930) (5,860)
Capital expenditure:
Acquisition of intangible fixed assets (5,926) (8,725)
Acquisition of tangible fixed assets (6,300)
Increase in investments (53,477) (26,443)
---------- ----------
Increase/(Decrease) in cash balances 464,354 (52,349)
========== ==========
Movement in cash balances:
Balance at bank 1st January 2005 100,498 152,847
Net cash inflow/outflow 464,354 (52,349)
---------- ----------
Balance at 31st December 2005 564,852 100,498
========== ==========
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.
2. These unaudited results have been prepared on the basis of the accounting
policies adopted in the accounts to 31 December 2004.
3. The report and accounts for the year ended 31 December 2005 will be sent to
shareholders in April and will be available from the offices of Seymour Pierce,
Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
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