22nd Sep 2006 07:00
Biofutures International plc22 September 2006 For Immediate Release 22 September 2006 Biofutures International plc Maiden Interim Results Biofutures International plc, a company established to invest in or acquireassets, businesses or companies in the renewable fuels industry, located in Asiaand 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 17February to 30 June 2006. Since its admission on Aim on 5 May 2006, the Company has been seekinginvestment opportunities in renewable fuels. As announced on 28 July 2006, theCompany has entered into a conditional agreement to acquire Zurex CorporationSdn. Bhd, a company which owns the rights to a project to construct a biodieselplant in Malaysia. The consideration for the acquisition will be satisfied bythe allotment and issue by the Company to the Vendors of 66,670,000 OrdinaryShares. The acquisition is subject to shareholder approval. The Company is also looking to raise monies from a placing of its shares to partfund the plant build. The balance of the monies will be sought from the debtmarket. Further announcements will be made in due course. Nicholas GeeExecutive Chairman21 September 2006 Enquiries: Phillip CarterBiofutures International plc 01733 843263 Joseph MarffyRuegg & Co Limited 0207 584 3663 Buchanan CommunicationsMark 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 andtaxation (68,171)Other income 9,918 ---------Loss before taxation (58,253)Taxation 3 - ---------Retained loss for the periodfrom 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 periodending 30 June 2006Loss for the period - - (58,253) (58,253) -------- -------- -------- --------Total recognisedincome and expensesfor the period - - (58,253) (58,253)Issue of sharecapital 368,600 2,718,000 - 3,086,600Expenses of shareissue (121,690) (121,690) -------- -------- -------- --------Balance at 30 June2006 carried forward 368,600 2,596,310 (58,253) 2,906,657 ======== ======== ======== ======== UNAUDITED BALANCE SHEET AT 30 JUNE 2006 30 June 2006 Assets £ £Current assetsOther receivables 115,551Cash and cash equivalents 2,844,493 -------- 2,960,044 --------Total assets 2,960,044 ======== Equity and liabilitiesCurrent liabilitiesTrade and other payables 53,387 --------Total liabilities 53,387 EquityShare capital 368,600Share premium account 2,596,310Accumulated losses (58,253) --------Total equity attributable to equity share holders ofthe 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 beforeworking 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 activitiesInterest received 9,918Net cash inflow from investingactivities 9,918 Cash flow from financing activitiesProceeds from issue of share capital 3,086,600Expenses paid in respect of shareissue (121,690) ---------Net cash inflow from financingactivities 2,964,910 --------Net increase in cash and cashequivalents 2,844,493 Cash and cash equivalents as at 17 February -2006 --------Cash and cash equivalents as at 30June 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 statementsare reporting the first period of account to 30 June 2006. The company haschosen to adopt International Financial Reporting Standards as adopted by theEuropean Union and the principal accounting policies are set out below: The interim report is unaudited and does not constitute statutory accountswithin the meaning of S.240 of the Companies Act 1985. (a) Financial assets All financial assets are recognised on their settlement date. All financialassets that are not classified as fair value through profit or loss areinitially recognised at fair value, plus transaction costs. Financial assets consists of loans and receivables. Interest and other cashflows resulting from holding financial assets are recognised in profit or losswhen received, regardless of how the related carrying amount of financial assetsis measured. Loans and receivables are non-derivative financial assets with fixed ordeterminable payments that are not quoted in an active market. They arise whenthe Company provides money, goods or services directly to a debtor with nointention of trading the receivables. Loans and receivables are subsequentlymeasured at amortised cost using the effective interest method, less provisionfor impairment. Any change in their value through impairment or reversal ofimpairment 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 usingtax rates enacted or substantively enacted at the balance sheet date, and anyadjustment to tax payable in respect of previous years. Deferred income taxes are calculated using the liability method on temporarydifferences. Deferred tax is generally provided on the difference between thecarrying amounts of assets and liabilities and their tax bases. However,deferred tax is not provided on the initial recognition of goodwill, nor on theinitial recognition of an asset or liability unless the related transaction is abusiness combination or affects tax or accounting profit. Temporary differencesinclude those associated with shares in subsidiaries and joint ventures ifreversal of these temporary differences can be controlled by the Company and itis 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 creditsto the Company are assessed for recognition as deferred tax assets. Deferred tax liabilities are provided in full, with no discounting. Deferred taxassets are recognised to the extent that it is probable that the underlyingdeductible temporary differences will be able to be offset against futuretaxable income. Current and deferred tax assets and liabilities are calculatedat tax rates that are expected to apply to their respective period ofrealisation, provided they are enacted or substantively enacted at the balancesheet date. Changes in deferred tax assets or liabilities are recognised as a component oftax expense in the income statement, except where they relate to items that arecharged or credited directly to equity (such as the revaluation of land) inwhich case the related deferred tax is also charged or credited directly toequity. (c) Related parties Parties are considered to be related if one party has the ability, directly orindirectly, to control the other party or exercise significant influence overthe 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 24hours 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 thecontractual agreements of the instrument. Trade payables are recognised initially at their fair value and subsequentlymeasured at amortised cost less settlement payments. (f) Equity Share capital is determined using the nominal value of shares that have beenissued. The share premium account represents premiums received on the initial issuing ofthe share capital. Any transaction costs associated with the issuing of sharesare deducted from share premium, net of any related income tax benefits. Accumulated losses include all current results as disclosed in the incomestatement. 2 Segmental Information (a) Primary reporting format - business segment: As defined under International Accounting Standard 14 (IAS14), the only materialbusiness segment the Company has is that of investing and acquiring assets,businesses or companies in the renewable fuels industry, located in Asia andEurope. (b) Secondary reporting format - geographical segment: Under the definitions contained in IAS 14, the only material geographic segmentsthat 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 statementas follows: Period from 17 Feb 2006 to 30 Jun 2006 £Loss before taxation (58,253) ========= Tax on loss at UK corporation taxrate 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 lossattributable to the equity shareholders of the Company of £58,253 and theweighted average number of ordinary shares of 18,137,836 in issue during theperiod. 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 inall 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-organisedinto 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 parfor a total cash consideration of £66,598. On the 27 April 2006, 30,200,000 new ordinary shares were issued for 10p pershare. The difference between the total consideration of £3,020,000 and thenominal value of £302,000 has been credited to the share premium account, lesscosts 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 conditionalagreement to acquire Zurex Corporation Sdn. Bhd, a company which owns the rightsto a project to construct a biodiesel plant in Malaysia. The consideration forthe acquisition will be satisfied by the allotment and issue by the Company tothe Vendors of 66,670,000 Ordinary Shares. The acquisition is subject toshareholder approval. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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