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RNS Number:3195J
Biofutures International plc
22 September 2006
For Immediate Release 22 September 2006
Biofutures International plc
Maiden Interim Results
Biofutures International plc, a company established to invest in or acquire
assets, businesses or companies in the renewable fuels industry, located in Asia
and Europe announces maiden interim results for the period ended 30 June 2006.
CHAIRMAN'S STATEMENT
I am pleased to present our maiden interim results for the period from 17
February to 30 June 2006.
Since its admission on Aim on 5 May 2006, the Company has been seeking
investment opportunities in renewable fuels. As announced on 28 July 2006, the
Company has entered into a conditional agreement to acquire Zurex Corporation
Sdn. Bhd, a company which owns the rights to a project to construct a biodiesel
plant in Malaysia. The consideration for the acquisition will be satisfied by
the allotment and issue by the Company to the Vendors of 66,670,000 Ordinary
Shares. The acquisition is subject to shareholder approval.
The Company is also looking to raise monies from a placing of its shares to part
fund the plant build. The balance of the monies will be sought from the debt
market. Further announcements will be made in due course.
Nicholas Gee
Executive Chairman
21 September 2006
Enquiries:
Phillip Carter
Biofutures International plc 01733 843263
Joseph Marffy
Ruegg & Co Limited 0207 584 3663
Buchanan Communications
Mark Edwards/Suzanne Brocks 0207 466 5000
UNAUDITED INCOME STATEMENT FOR THE PERIOD FROM 17 FEBRUARY 2006 TO 30 JUNE 2006
Notes Period from 17
Feb 2006 to 30
Jun 2006
£
Continuing Operations
Revenue -
Administrative expenses (68,171)
---------
Loss before interest and
taxation (68,171)
Other income 9,918
---------
Loss before taxation (58,253)
Taxation 3 -
---------
Retained loss for the period
from continuing operations (58,253)
=========
Loss per share
- Basic 4 (0.32)p
=========
UNAUDITED STATEMENT OF CHANGES IN EQUITY
Share Share Retained
capital premium losses Total
£ £ £ £
Changes in equity for period
ending 30 June 2006
Loss for the period - - (58,253) (58,253)
-------- -------- -------- --------
Total recognised
income and expenses
for the period - - (58,253) (58,253)
Issue of share
capital 368,600 2,718,000 - 3,086,600
Expenses of share
issue (121,690) (121,690)
-------- -------- -------- --------
Balance at 30 June
2006 carried forward 368,600 2,596,310 (58,253) 2,906,657
======== ======== ======== ========
UNAUDITED BALANCE SHEET AT 30 JUNE 2006
30 June 2006
Assets £ £
Current assets
Other receivables 115,551
Cash and cash equivalents 2,844,493
--------
2,960,044
--------
Total assets 2,960,044
========
Equity and liabilities
Current liabilities
Trade and other payables 53,387
--------
Total liabilities 53,387
Equity
Share capital 368,600
Share premium account 2,596,310
Accumulated losses (58,253)
--------
Total equity attributable to equity share holders of
the Company 2,906,657
--------
Total equity and liabilities 2,960,044
========
UNAUDITED CASH FLOW STATEMENT FOR THE PERIOD FROM 17 FEBRUARY
2006 TO 30 JUNE 2006
Period from 17 Feb 2006
to 30 Jun 2006
Cash flow from operating activities £ £
Cash flow from operations before
working capital changes (68,171)
Increase in other receivables (115,551)
Increase in payables 53,387
---------
Net cash used from operations (130,335)
Cash flows from investing activities
Interest received 9,918
Net cash inflow from investing
activities 9,918
Cash flow from financing activities
Proceeds from issue of share capital 3,086,600
Expenses paid in respect of share
issue (121,690)
---------
Net cash inflow from financing
activities 2,964,910
--------
Net increase in cash and cash
equivalents 2,844,493
Cash and cash equivalents as at 17 February -
2006 --------
Cash and cash equivalents as at 30
June 2006 2,844,493
========
UNAUDITED NOTES TO THE INTERIM STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2006
1 Basis of preparation
The company was incorporated on 17 February 2006 and these interim statements
are reporting the first period of account to 30 June 2006. The company has
chosen to adopt International Financial Reporting Standards as adopted by the
European Union and the principal accounting policies are set out below:
The interim report is unaudited and does not constitute statutory accounts
within the meaning of S.240 of the Companies Act 1985.
(a) Financial assets
All financial assets are recognised on their settlement date. All financial
assets that are not classified as fair value through profit or loss are
initially recognised at fair value, plus transaction costs.
Financial assets consists of loans and receivables. Interest and other cash
flows resulting from holding financial assets are recognised in profit or loss
when received, regardless of how the related carrying amount of financial assets
is measured.
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They arise when
the Company provides money, goods or services directly to a debtor with no
intention of trading the receivables. Loans and receivables are subsequently
measured at amortised cost using the effective interest method, less provision
for impairment. Any change in their value through impairment or reversal of
impairment is recognised in the income statement.
(b) Income tax
Income tax for the year comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the year using
tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to tax payable in respect of previous years.
Deferred income taxes are calculated using the liability method on temporary
differences. Deferred tax is generally provided on the difference between the
carrying amounts of assets and liabilities and their tax bases. However,
deferred tax is not provided on the initial recognition of goodwill, nor on the
initial recognition of an asset or liability unless the related transaction is a
business combination or affects tax or accounting profit. Temporary differences
include those associated with shares in subsidiaries and joint ventures if
reversal of these temporary differences can be controlled by the Company and it
is probable that reversal will not occur in the foreseeable future. In addition,
tax losses available to be carried forward as well as other income tax credits
to the Company are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax
assets are recognised to the extent that it is probable that the underlying
deductible temporary differences will be able to be offset against future
taxable income. Current and deferred tax assets and liabilities are calculated
at tax rates that are expected to apply to their respective period of
realisation, provided they are enacted or substantively enacted at the balance
sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of
tax expense in the income statement, except where they relate to items that are
charged or credited directly to equity (such as the revaluation of land) in
which case the related deferred tax is also charged or credited directly to
equity.
(c) Related parties
Parties are considered to be related if one party has the ability, directly or
indirectly, to control the other party or exercise significant influence over
the other party in making financial and operating decisions.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash, and cash available at less than 24
hours notice at no penalty.
(e) Financial liabilities
The Company's financial liabilities include trade and other payables.
Financial liabilities are recognised when the Company becomes a party to the
contractual agreements of the instrument.
Trade payables are recognised initially at their fair value and subsequently
measured at amortised cost less settlement payments.
(f) Equity
Share capital is determined using the nominal value of shares that have been
issued.
The share premium account represents premiums received on the initial issuing of
the share capital. Any transaction costs associated with the issuing of shares
are deducted from share premium, net of any related income tax benefits.
Accumulated losses include all current results as disclosed in the income
statement.
2 Segmental Information
(a) Primary reporting format - business segment:
As defined under International Accounting Standard 14 (IAS14), the only material
business segment the Company has is that of investing and acquiring assets,
businesses or companies in the renewable fuels industry, located in Asia and
Europe.
(b) Secondary reporting format - geographical segment:
Under the definitions contained in IAS 14, the only material geographic segments
that the Company has operated in during the period is the United Kingdom.
3 Tax on loss on ordinary activities
The charge for the period can be reconciled to the loss per the income statement
as follows:
Period from 17
Feb 2006 to 30
Jun 2006
£
Loss before taxation (58,253)
=========
Tax on loss at UK corporation tax
rate of 19% (11,068)
Unrelieved tax losses carried forward 11,068
---------
Total current tax -
=========
4 Loss per share
The calculation of basic and diluted loss per share is based upon the loss
attributable to the equity shareholders of the Company of £58,253 and the
weighted average number of ordinary shares of 18,137,836 in issue during the
period.
The impact of warrants on the loss per share is anti dilutive.
5 Share capital
At 30 June
2006
No £
Authorised:
Ordinary shares of £0.01 each 100,000,000 1,000,000
========= ========
Issued and fully paid:
Ordinary shares of £0.01 each 36,860,000 368,600
========= ========
At the date of incorporation the Company had an authorised share capital of
£50,000 divided into 50,000 Ordinary Shares of £1, each ranking pari passu in
all respects and two such shares were in issue.
On 19 April 2006 the authorised share capital of the Company was increased to
£1,000,000, by the creation of 950,000 Ordinary Shares of £1 each.
On 19 April 2006 the authorised share capital of the Company was re-organised
into 100,000,000 Ordinary Shares of 1 penny each.
On 19 April 2006 6,659,800 Ordinary Shares of 1 penny each were issued at par
for a total cash consideration of £66,598.
On the 27 April 2006, 30,200,000 new ordinary shares were issued for 10p per
share. The difference between the total consideration of £3,020,000 and the
nominal value of £302,000 has been credited to the share premium account, less
costs of £121,690.
5 Dividend
The directors do not recommend the payment of a dividend.
6 Post Balance Sheet events
On 28 July 2006 the company announced that it had entered into a conditional
agreement to acquire Zurex Corporation Sdn. Bhd, a company which owns the rights
to a project to construct a biodiesel plant in Malaysia. The consideration for
the acquisition will be satisfied by the allotment and issue by the Company to
the Vendors of 66,670,000 Ordinary Shares. The acquisition is subject to
shareholder approval.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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