TIDMVIR
RNS Number : 4148T
Viridas PLC
05 June 2009
Viridas PLC
Preliminary results for the 10 months ended 31st December 2008
Viridas PLC, a company planning to develop on 30,000 Hectares of idle land
jatropha plantations in Brazil to produce EU compliant sustainable jatropha as a
dedicated energy crop for the production of biodiesel and biomass is pleased to
announce its preliminary results for the 10 months ended 31st December 2008.
* Fully focused on developing a truly sustainable business model for the
production of jatropha as a dedicated energy crop for the production of
biodiesel and biomass in Brazil.
* Strong team in place to fully develop the project - INEOS, the world's third
largest chemicals company & Cazenave, a leading South American Agribusiness
management and consulting company.
* A 10 year jatropha oil supply and development agreement in place with INEOS, to
purchase Viridas's total planned output based on market prices.
* In discussions with potential investors regarding the provision of funding to
progress the jatropha project.
Stanley Wootliff, Chairman of Viridas PLC commented:
"There is a significant opportunity in establishing a business which addresses
the growing EU demand for compliant sustainable biodiesel and biomass. We have
made great progress in 2008 in establishing our jatropha business and now look
forward to securing future funding to take the project to the next stage."
For further information please contact:
+---------------------------------+-----------------------------------------+
| Viridas plc: | |
+---------------------------------+-----------------------------------------+
| Stanley Wootliff, Executive | 0113 2350632 |
| Chairman | |
+---------------------------------+-----------------------------------------+
| | |
+---------------------------------+-----------------------------------------+
| FinnCap: | |
+---------------------------------+-----------------------------------------+
| Matthew Robinson | 0207 600 1658 |
+---------------------------------+-----------------------------------------+
| | |
+---------------------------------+-----------------------------------------+
| Pelham Public Relations: | |
+---------------------------------+-----------------------------------------+
| Chelsea Hayes | 020 7743 6675 |
+---------------------------------+-----------------------------------------+
| | |
+---------------------------------+-----------------------------------------+
CHAIRMAN'S STATEMENT 2009
It has been a busy year for the Group, as it successfully completed its
withdrawal from its legacy textile trading activities and continued to invest in
developing its jatropha business to become owners and managers of mechanised
commercial jatropha plantations in Brazil. We believe that jatropha will achieve
full acceptance as the preferred dedicated energy crop in the European Union and
that our business model which has sustainability at its core, will be able to
meet the sustainability standard required for biofuel as set out in the EU
Renewable Directive.
Change of Year End
During the period the Group's year end was moved to 31st December so as to be
co-terminus with that of the Brazilian subsidiary. In Brazil it is a statutory
requirement to have a 31st December year end. Consequently, this report covers a
10 month period to 31st December 2008.
Operational Review
In the period under review we successfully completed the planned winding down of
all the Group's textile trading activities.
Group operating losses for the period ended 31st December 2008, before
exceptional items of GBP127,404 (Year to 29th February 2008: GBP436,924) which
related to stock write offs and compensation for loss of office, amounted to
GBP410,858 (2008: GBP466,304)
Also included in operating losses was the ongoing costs of GBP266,923 associated
with the Group's jatropha project in Brazil.
A retained loss of GBP622,117 (Year to 29th February 2008 GBP931,018) has been
transferred to reserves. Net assets at the period end stood at GBP405,973
(February 2008: GBP946,983)
Jatropha and Brazil - the opportunity
Jatropha is a perennial non-food vegetable plant providing oil used in the
production of bio-diesel for the transport industry, and biomass for the power
generating industry. It has the potential to become the world's key dedicated
energy crop. Brazil is the ideal country to grow jatropha due to its climatic
conditions, long tradition of industrial agriculture and large tracts of
available idle land, that isn't currently suitable for agricultural purposes.
Viridas intend to take advantage of this opportunity to build an eco-friendly,
financially successful business that also fulfils our commitment to the
principle of socially responsible investment.
During the period Viridas continued its research into jatropha, and completed
its business plan for a fully mechanised industrial scale jatropha growing
business, producing biofuel in both a sustainable and cost effective way. In
April it signed an exclusive strategic partnership agreement with INEOS
Enterprises, a subsidiary of the world's third largest chemical company.
Following eight months of further development work with INEOS, in December 2008
this agreement was superseded by a 10 year jatropha oil supply and development
agreement, in which INEOS has undertaken to purchase Viridas's total planned
output based on market prices.
On 23rd February 2009 we announced the signing of an agronomy development and
farm management contract with Cazenave Y Asociados S.A., a leading South
American Agribusiness management and consulting company. Cazenave has been
working with Viridas for over a year to develop a jatropha oil which meets the
EU sustainability and Greenhouse Gas emission requirements for biofuels and
biomass for the power generating industry. The contract covers the future
development of the planned plantation in Bahia, Brazil and general consultancy
support.
Subject to the raising of further funds later in 2009, Viridas will embark on
the third stage of their strategic plan with the purchasing and planting out of
250 Hectares to establish a base farm as a platform from which to launch the
fourth stage of the project, the acquiring and planting out with jatropha trees
of 30,000 hectares of idle land (120 Sq. Mls), to produce 60,000 tonnes of crude
jatropha oil annually pre-sold to Ineos Enterprises, together with 240,000
tonnes of biomass for the power generating industry.
Future Funding
The Company is currently in discussions with a number of potential investors
regarding the provision of funding to progress the jatropha project. In order to
enable the Company to achieve such funding it is necessary to obtain the
approval of shareholders to our investment strategy, to increase the authorised
share capital and to give the Directors the necessary authority to allot and
issue new Ordinary Shares.
For this purpose a General Meeting will be held immediately after the Annual
General Meeting at which the appropriate resolutions will be put to
shareholders. You will find enclosed with the Report and Accounts a separate
letter which incorporates the Notice for such General Meeting.
Prospects
Driven by Geopolitical, Environmental and Peak Oil concerns in December 2008 the
European Parliament ratified legislation that will lead to a five fold increase
in the use of biofuels in transportation by 2020. In April 2009 the UK Energy
Department imposed a new regime that awards generous subsidies to companies that
produce power using biomass instead of coal or gas that is likely to lead to a
rush of proposed new biomass plants across the country.
We believe Viridas has already established a good reputation in the renewable
energy industry as a knowledgable and important potential grower of jatropha as
a leading dedicated energy crop. The signing of the 10 year jatropha oil supply
and development agreement with INEOS Enterprises enables us to pursue a common
goal to develop leading positions within the biodiesel supply chain, whilst at
the same time producing biomass for the power industry.
Jatropha is the seed to the Company's future and an exciting, sustainable,
non-food 'Green' energy crop for an energy hungry world. We are now putting in
place the foundations for a highly credible and successful business which has
the potential to generate substantial rewards for shareholders well into the
21st century.
Great enthusiasm for the project is shared by all your Directors and we look
forward to reporting further progress.
S J Wootliff
CHAIRMAN
Consolidated income statement
For the period ended 31 December 2008
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | Note | Period | Year |
| | | ended | ended |
| | | 31 | 29 |
| | | December | February |
| | | 2008 | 2008 |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | | GBP | GBP |
| | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Revenue | | - | 5,303,954 |
| | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | | ---------- | ---------- |
| | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Operating | | (439,857) | (903,228) |
| loss | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Finance | | 5,972 | 8,470 |
| income | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Finance | | (18,000) | (69,211) |
| expense | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | | ---------- | ---------- |
| | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Loss | | (451,885) | (963,969) |
| before | | | |
| taxation | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Taxation | | | 32,951 |
| | | - | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| | | ---------- | ---------- |
| | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Loss | 2 | (451,885) | (931,018) |
| for | | | |
| the | | | |
| period | | | |
| from | | | |
| continuing | | | |
| operations | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Loss | 2 | (170,232) | |
| for | | --------------- | - |
| the | | (622,117) | --------------- |
| period | | --------------- | (931,018) |
| from | | | -------------- |
| discontinued | | | |
| operations | | | |
| Loss for the | | | |
| period | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| Loss | | | |
| per | | | |
| share | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| - Basic and diluted continuing | 3 | (1.86p) | (4.13p) |
| operations | | (0.69p) | - |
| - Basic and diluted | | | |
| discontinued operations | 3 | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
| -Total | 3 | (2.55p) | (4.13p) |
| basic | | | |
| and | | | |
| diluted | | | |
+--------------------------------------------------+------------------------------------------+-----------------------------------------------------+-----------------------------------------------------+
Consolidated statement of changes in shareholders' equity
For the period ended 31 December 2008
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| | Share | Share | Capital | Translation | Revaluation | Retained | Total |
| | Capital | Premium | Redemption | Reserve | Reserve | Earnings | Equity |
| | | | Reserve | | | | |
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Balance | 1,991,196 | 1,906,229 | 27,000 | (12,708) | 84,960 | (2,765,187) | 1,231,490 |
| at 1 | | | | | | | |
| March | | | | | | | |
| 2007 | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Shares | 444,600 | 111,150 | - | - | - | - | 555,750 |
| issued | | | | | | | |
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Cost of | - | (10,040) | - | - | - | - | (10,040) |
| shares | | | | | | | |
| issued | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Foreign | - | - | - | 100,801 | - | - | 100,801 |
| exchange | | | | | | | |
| differences | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Realisation | - | - | - | - | (84,960) | 84,960 | - |
| of | | | | | | | |
| revaluation | | | | | | | |
| reserve | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Total | - | - | - | - | - | (931,018) | (931,018) |
| recognised | | | | | | | |
| loss for | | | | | | | |
| the year | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Balance | 2,435,796 | 2,007,339 | 27,000 | 88,093 | - | (3,611,245) | 946,983 |
| at 29 | | | | | | | |
| February | | | | | | | |
| 2008 | | | | | | | |
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Foreign | - | - | - | 81,107 | - | - | 81,107 |
| exchange | | | | | | | |
| differences | | | | | | | |
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Total | - | - | - | - | - | (622,117) | (622,117) |
| recognised | | | | | | | |
| loss of | | | | | | | |
| the year | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| | ------------ | ----- | ---------- | ------------ | ----------- | ------------ | ------ |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| Balance | 2,435,796 | 2,007,339 | 27,000 | 169,200 | - | (4,233,362) | 405,973 |
| at 31 | | | | | | | |
| December | | | | | | | |
| 2008 | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
| | | | | | | | |
+---------------+----------------------+-----------------------------------------------+------------------------------------------------+--------------+------------------------------------+-----------------------+-----------------------------------------------+
Consolidated balance sheet
As at 31 December 2008
+-------------------------------------------------+-----------+-------------+-------------+
| | | 31.12.2008 | 29.02.2008 |
+-------------------------------------------------+-----------+-------------+-------------+
| | | GBP | GBP |
+-------------------------------------------------+-----------+-------------+-------------+
| ASSETS | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Non-current | | | |
| assets | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Goodwill | | - | - |
+-------------------------------------------------+-----------+-------------+-------------+
| Other | | - | - |
| intangible | | | |
| assets | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Property, | | 3,679 | 29,317 |
| plant and | | | |
| equipment | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | 3,679 | 29,317 |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
+-------------------------------------------------+-----------+-------------+-------------+
| Current | | | |
| assets | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Inventories | | - | 968,524 |
+-------------------------------------------------+-----------+-------------+-------------+
| Trade | | 277,973 | 687,772 |
| and | | | |
| other | | | |
| receivables | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Cash | | 1,083,792 | 1,456,970 |
| and | | | |
| cash | | | |
| equivalents | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | 1,361,765 | 3,113,266 |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Total | | 1,365,444 | 3,142,583 |
| Assets | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
+-------------------------------------------------+-----------+-------------+-------------+
| LIABILITIES | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Non-current | | | |
| liabilities | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Obligations | | - | 2,147 |
| under | | | |
| finance | | | |
| leases | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Bank | | - | - |
| loans | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Deferred | | - | - |
| tax | | | |
| liability | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | - | 2,147 |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
+-------------------------------------------------+-----------+-------------+-------------+
| Current | | | |
| liabilities | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Trade | | 193,444 | 911,781 |
| and | | | |
| other | | | |
| payables | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Income | | 49,809 | 36,290 |
| tax | | | |
| payable | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Obligations | | 3,220 | 6,443 |
| under | | | |
| finance | | | |
| leases | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Bank | | 384 | 5,644 |
| loans | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Bank | | 712,614 | 1,233,295 |
| overdraft | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | 959,471 | 2,193,453 |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Total | | 959,471 | 2,195,600 |
| liabilities | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Net | | 405,973 | 946,983 |
| assets | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ====== | ====== |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| EQUITY | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Share | | 2,435,796 | 2,435,796 |
| capital | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Share | | 2,007,339 | 2,007,339 |
| premium | | | |
| account | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Capital | | 27,000 | 27,000 |
| redemption | | | |
| reserve | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Revaluation | | - | - |
| reserve | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Translation | | 169,200 | 88,093 |
| reserve | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Retained | | (4,233,362) | (3,611,245) |
| deficit | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
| | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| Total | | 405,973 | 946,983 |
| equity | | | |
+-------------------------------------------------+-----------+-------------+-------------+
| | | ---------- | ---------- |
+-------------------------------------------------+-----------+-------------+-------------+
Consolidated cash flow statement
For the period ended 31 December 2008
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | Note | 31.12.2008 | 29.02.2008 |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | GBP | GBP |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Cash | | | |
| flows | | | |
| from | | | |
| operating | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Loss | | (550,290) | (963,969) |
| before | | | |
| tax | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Depreciation | | 8,299 | 43,867 |
| of property, | | | |
| plant and | | | |
| equipment | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Impairment | | - | 57,919 |
| of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Loss/(profit) | | 5,684 | (55,924) |
| on disposal | | | |
| of property, | | | |
| plant and | | | |
| equipment | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Amortisation | | - | 178,506 |
| of goodwill | | | |
| and other | | | |
| intangible | | | |
| assets | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Interest | | (5,972) | (8,470) |
| receivable | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Interest | | 18,000 | 69,211 |
| payable | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Decrease | | 968,524 | 39,892 |
| in | | | |
| inventories | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Decrease/(increase) | | 409,799 | (210,684) |
| in trade and other | | | |
| receivable | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| (Decrease)/increase | | (718,337) | 459,684 |
| in trade and other | | | |
| payables | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Foreign | | 80,669 | 98,875 |
| exchange | | | |
| movement | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | 216,376 | (291,093) |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Interest | | (18,000) | (69,211) |
| paid | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Tax | | (58,308) | (40,671) |
| paid | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Net | | 140,068 | (400,975) |
| cash | | | |
| from | | | |
| operating | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Cash | | | |
| flows | | | |
| from | | | |
| investing | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Interest | | 5,972 | 8,470 |
| received | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Sale of | | 12,434 | 506,717 |
| property, | | | |
| plant and | | | |
| equipment | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Purchase | | (341) | (20,856) |
| of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Net | | 18,065 | 494,331 |
| cash | | | |
| from | | | |
| investing | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Cash | | | |
| flows | | | |
| from | | | |
| financing | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Issue | | - | 545,710 |
| of | | | |
| shares | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Repayment | | (5,260) | (313,700) |
| of loans | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Repayment | | (5,370) | (6,443) |
| of | | | |
| finance | | | |
| leases | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Net | | (10,630) | 225,567 |
| cash | | | |
| (used | | | |
| in)/generated | | | |
| from | | | |
| financing | | | |
| activities | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Net | | 147,503 | 318,923 |
| increase | | | |
| in cash | | | |
| and cash | | | |
| equivalents | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Cash | | 223,675 | (95,248) |
| and | | | |
| cash | | | |
| equivalents | | | |
| at the | | | |
| beginning | | | |
| of the year | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
| | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| Cash | | 371,178 | 223,675 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at the end | | | |
| of the year | | | |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
| | | ---------- | ---------- |
+---------------------------------------------------------+------------------------------------------+------------------------------------------------+------------+
Notes
+----------------------------------------------------------------------------+
| 1. Basis of preparation |
| |
+----------------------------------------------------------------------------+
| The financial information set out in this announcement does not constitute |
| the statutory accounts of the Group for the period ended 31 December 2008. |
| The auditors reported on those accounts; their report was unqualified but |
| contained a modified audit opinion relating to the period ended 31 |
| December 2008 and did not contain a statement under section 237 (2) or |
| (3)of the Companies Act 1985. The statutory accounts for the period ended |
| 31 December 2008 will be delivered to the registrar of Companies following |
| the Company's Annual General Meeting. |
| |
| Whilst the financial information included in this preliminary announcement |
| has been computed in accordance with International Financial Reporting |
| Standards (IFRS), this announcement in itself does not contain sufficient |
| information to comply with IFRS. |
| |
| Going Concern |
| The financial statements have been prepared on a going concern basis under |
| the historical cost convention. |
| As described in the Chairman's Statement, during the year, the Group has |
| ceased all of its former trading activities and is now focusing on the |
| research into Jatropha and the development of Jatropha plantations in |
| Brazil. |
| |
| Ongoing overheads have been significantly reduced and comprise only the |
| remuneration of the remaining Directors, rental costs, certain adviser |
| costs and listing costs. |
| |
| The Group is currently in discussions with a number of potential investors |
| regarding the provision of funding to progress the Jatropha project. |
| Confirmation of that funding will not be obtained prior to the publication |
| of these financial statements, but the Directors are optimistic, based on |
| discussions to date, that funding will be made available. |
| |
| In the event that funding is not made available, the forecasts prepared by |
| the Directors indicate that the Group has sufficient cash resources to |
| enable it to satisfy the current overhead base until 30 September 2009. |
| Given all former activities have ceased and the Directors will not commit |
| to any future projects or expenditure not reflected in the cash flow |
| forecast until sufficient funding is secured, the Directors are of the |
| view that they can satisfy all remaining overhead costs, from existing |
| cash resources. |
| |
| The Directors therefore believe that the going concern basis is |
| appropriate for the preparation of the financial statements as they are in |
| a position to meet all its liabilities as they fall due. |
| |
+----------------------------------------------------------------------------+
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 2. Segmental information |
| |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| During the period to 31 December 2008,the Directors regard the Group as carrying on one class of business, being distribution of both underwear and Ninaclip products. No segmental information has therefore been provided other than geographical as set out below. As noted in the Chairman's statement this business has ceased at the period end and the Directors are now exploring the Bio-Fuel market. The directors consider all trading business to be discontinued, but anticipate that costs will be incurred going forward relating to administrative expenses and finance income or costs. In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations" the income and expenditure account has been split between discontinued activities and continuing activities. All continuing costs are included with the United Kingdom segmental information. |
| United Kingdom Rest of Europe Total |
| Period to Year to Period Year to Period Year to |
| 31 29 to 29 to 29 |
| December February 31 February 31 February |
| 2008 2008 December 2008 December 2008 |
| 2008 2008 |
| GBP GBP GBP GBP GBP GBP |
| Revenue by 114,072 310,682 3,121,966 4,993,272 3,236,038 5,303,954 |
| location |
| of customers |
| Revenue by 114,072 340,068 3,121,966 4,963,886 3,236,038 5,303,954 |
| origin |
| Segment (776,176) (816,884) 154,059 (114,134) (622,117) (931,018) |
| (loss)/profit |
| Total segment (683,949) 196,864 1,089,922 750,119 405,973 946,983 |
| assets |
| Continuing Discontinued Total Total |
| period to period to Period to Year to |
| 31 31 31 29 |
| December December December February |
| 2008 2008 2008 2008 |
| GBP GBP GBP GBP |
| Revenue - 3,236,038 3,236,038 5,303,954 |
| Cost of sales - (2,557,274) (2,557,274) (4,393,270) |
| --------------- --------------- --------------- --------------- |
| Gross profit - 678,764 678,764 910,684 |
| Distribution - (132,781) (132,781) (162,441) |
| costs |
| Administrative (439,857) (516,984) (956,841) (1,214,547) |
| expenses |
| Exceptional - (127,404) (127,404) (436,924) |
| costs |
| --------------- --------------- --------------- --------------- |
| Operating loss (439,857) (98,405) (538,262) (903,228) |
| Net finance (12,028) - (12,028) (60,741) |
| expense |
| --------------- --------------- --------------- --------------- |
| Loss before (451,885) (98,405) (550,290) (963,969) |
| taxation |
| Taxation - (71,827) (71,827) 32,951 |
| --------------- --------------- --------------- --------------- |
| Operating loss (451,885) (170,232) (622,117) (931,018) |
| after taxation |
| |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
+-----+------------------------------------------------------------------------+
| 3. | Loss per share |
| | |
+-----+------------------------------------------------------------------------+
| | The loss per share is based on the loss of GBP 622,117 (29 February |
| | 2008: loss of GBP931,018) and 24,357,956 (29 February 2008: |
| | 22,523,841) ordinary shares of 10p each, being the weighted average |
| | number of shares in issue during the period. The weighted average |
| | number of ordinary shares for the period ended 31 December 2008 |
| | assumes that all shares have been included in the computation based on |
| | the weighted average number of days since issuance. |
| | |
+-----+------------------------------------------------------------------------+
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| | 31.12.2008 | | 29.02.2008 |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| | GBP | | GBP |
| | | | |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| Loss | (622,117) | | (931,018) |
| attributable | | | |
| to equity | | | |
| holders of | | | |
| the Group | | | |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| Weighted | 24,357,956 | | 22,523,841 |
| average | | | |
| number | | | |
| of | | | |
| ordinary | | | |
| shares | | | |
| in issue | | | |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| Basic | (2.55) | | (4.13) |
| & | | | |
| diluted | | | |
| loss | | | |
| per | | | |
| share | | | |
| (pence) | | | |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
| | ---------- | | ---------- |
+--------------------------------------------------+------------------------------------------------+----+------------------------------------------------+
+---------------------------------------------------------------------------+
| The share options in issue are anti-dilutive |
| in respect of the basic loss per share |
| calculation and have therefore not been |
| included. |
| On the same basis as above the loss per share |
| for continuing activities is 1.86 pence and |
| for discontinued activities is 0.69 pence. |
| |
+---------------------------------------------------------------------------+
+-----+----------------------------------------------------------------------+---+--------+
| 4. | Annual Report | |
| | | |
+-----+--------------------------------------------------------------------------+--------+
| | The annual report will be mailed to shareholders on or around 5th June | |
| | 2009. Copies will be available after that date from:The Secretary, | |
| | Viridas P.L.C., 647 Roundhay Road, Leeds, West Yorkshire LS8 4BA or to | |
| | download from the Company's website: www.viridasplc.com | |
| | | |
+-----+--------------------------------------------------------------------------+--------+
| 5. | Annual General Meeting |
| | |
+-----+-----------------------------------------------------------------------------------+
| | The Annual General Meeting will be held at 6 New Street Square, New | |
| | Fetter Lane, London, EC4A 3BF on 30th June 2009 at 10.00 a.m. | |
| | | |
+-----+----------------------------------------------------------------------+---+--------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ILFFRRLISIIA
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