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RNS Number:3658I Virotec International Ld 06 March 2003 VIROTEC INTERNATIONAL LTD AND ITS CONTROLLED ENTITIES HALF-YEAR FINANCIAL REPORTS 31 DECEMBER 2002 Index to Financial Reports Directors' Report 2 Statement of Financial Performance for the half year ended 31 December 2002 5 Statement of Financial Position as at 31 December 2002 6 Statement of Cash Flows for the half year ended 31 December 2002 7 Notes to and forming part of the Financial Statements 8 Directors' Declaration 10 Independent Review Report 11 DIRECTORS' REPORT The directors present their report and the consolidated financial report of the consolidated entity, being Virotec International Ltd (the "Company") and its controlled entities for the six months ended 31 December 2002 and the independent review report thereon. DIRECTORS The directors of the Company in office at the date of this report or who held office during or since the financial period are: Name Position Period of directorship Brian Sheeran Chairman and Chief Executive Officer Director since July 1997, appointed chairman July 1999 Bruno Bamonte Director and Chief Financial Officer Director since December 1997 John Glynn Non executive director Director since March 2000 Prof. David McConchie Non executive director Director since July 2000 Dr Michael Nissen Non executive director Director since March 2000 PRINCIPAL ACTIVITIES The principal activities of the consolidated entity during the financial period were the research, development and commercialisation of environmental technologies, and the provision of environmental services. The consolidated entity also owns certain mining and mineral exploration tenements. REVIEW OF OPERATIONS Significant achievements of the consolidated entity during the financial period were as follows: - Research and development The consolidated entity continued its commitment to further research, develop and commercialise the new applications of the BauxsolTM Technology and the development of the BaseconTM Technology. The BauxsolTM Technology is able to bind trace metals and reduce acidity in water and soils and is platform in nature as it applies to industries where contamination by trace metals occurs and/or acidity is a concern. Work in the period has focussed on developing products and procedures related to industries outside of the mining industry, including agriculture, sewerage, aquaculture and tanneries. During the half year new patent applications were lodged in relation to the ViroSewageTM Technology (Sewage Industry), and ViroPhosphateTM Technology (Agricultural Industry). The BaseconTM Technology was developed and a patent application was lodged during the period. The technology describes a process for the treatment of residues, by-products and waste materials arising from alumina refineries. Research, development and commercialisation of the BauxsolTM Technology and BaseconTM Technology and their various applications (the "Technologies") will be ongoing. The total expenditure incurred for research and development (including commercialisation activities) during the period was $1,277,907, which was expensed in accordance with the consolidated entity's accounting policy. Environmental services With the successful development of a number of applications for the Technologies, environmental services will be provided broadly in accordance with the following product range and/or services:- a) ViroMine Products - product range developed for the mining industry b) ViroFlow Products - product range developed for the treatment of wastewater from industrial sites including tanneries and electroplating. c) ViroSoils Products - product range developed for the agricultural, fertiliser and aquaculture industries d) ViroSewage Products - product range developed for the sewage industry e) Laboratory and Analytical Services - analytical service provided to industry testing organic contaminants. f) Alumina Services - service to the alumina industry relating to the treatment of their residue. The consolidated entity has completed, or is in the process of completing, funded trials of the Technologies in the sewage, tannery, alumina and mining industries in Australia. These trials are intended to demonstrate the capacity and viability of the Technologies on a commercial basis and are important steps in the commercialisation process. The consolidated entity's strategy is to use the results of these trials to attract the appropriate strategic partners in the relevant industries to market the Technologies throughout the world. During the half year the consolidated entity entered into a contract to treat an acid mine water body at Agua Forte, near Aljustrel, Portugal for EXMIN (Companhia de Industrie e Servicos Minieiros e Ambinetais SA). EXMIN is the principal company responsible for rehabilitating abandoned minesites in Portugal. This project was secured by our strategic partner in the region, TerraPlus Engenharia Do Ambiente E Fiscalizacao LDA. It is expected that this project will be completed during this financial year. During the period, the consolidated entity also completed a front end engineering design study of aspects of a proposed waste water treatment plant for the Port of Rotterdam in conjunction with our partner in that region, Montgomery Watson Harza sa/nv. During the half year total revenue earned by this segment was $626,501 and the net result for this segment was a loss of $45,014. Mining and exploration The consolidated entity holds a number of mining leases and exploration permits on tenements in North Queensland and in the Drake area in New South Wales. These areas are at different stages of evaluation and planning. Work on these areas has been, and is planned to remain at the minimum required to protect the Company's interest in the leases. The consolidated entity buys tin concentrates from small local miners and is utilising its infrastructure in North Queensland to prepare the concentrates for sale to a smelter. It is expected that this operation will cease during this financial year. During the financial period these operations have generated revenue of $480. The net result for mining and exploration was a loss of $138,849. Looking forward The consolidated entity will continue its research and development of further applications of its BauxsolTM Technology, BaseconTM Technology and other technologies related to environmental management and remediation. The consolidated entity plans to expand its network of strategic alliances throughout the world to allow for the marketing of its Technologies in the most efficient and cost effective manner. The consolidated entity will seek to retain a passive interest in its mining assets by finding joint venture partners to assist in the exploitation of the assets or by selling the assets and retaining an interest by way of royalty income. Dated at Gold Coast this: 6th day of March 2003. Signed in accordance with a resolution of the directors: B. SHEERAN B. BAMONTE Chairman Director STATEMENT OF FINANCIAL PERFORMANCE FOR THE HALF YEAR ENDED 31 DECEMBER 2002 Consolidated Notes 2002 2001 $ $ Revenue from sale of goods 9,600 97,918 Revenue from rendering of services 617,381 453,376 Other revenues from operating activities 323,581 223,849 Total Revenue 950,562 775,143 Depreciation and amortisation expenses (153,002) (129,359) Research and development expense (1,227,907) (573,990) Mining Interests Expenses (137,695) (214,212) Employee costs and directors remuneration (719,683) (608,767) Cost of rendering services (619,684) (317,648) Professional, consulting and advisors fees (347,323) (505,461) Other Administration and Corporate expenses (577,018) (399,300) Loss from ordinary activities before income tax (2,834,748) (1,973,594) Income tax related to operating loss - - Net loss (2,834,748) (1,973,594) Basic loss per share (cents) (1.7) (1.4) Diluted loss per share (cents) (1.7) (1.4) The statement of financial performance is to be read in conjunction with the notes to and forming part of the financial statements, as set out on pages 8 to 9. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2002 Consolidated 31 December 2002 30 June 2002 Current Assets $ $ Cash 8,771,071 11,896,720 Receivables 287,332 178,435 Inventory 16,884 16,884 Other 51,350 107,267 Total Current Assets 9,126,636 12,199,306 Non-Current Assets Receivables 555,585 555,781 Property, plant and equipment 1,282,945 1,266,714 Intangible asset 798,143 849,635 Total Non-Current Assets 2,636,673 2,672,130 Total Assets 11,763,309 14,871,436 Current Liabilities Payables 503,610 780,348 Provisions 113,190 109,831 Total Current Liabilities 616,800 890,179 Non-Current Liabilities Provisions 790,000 790,000 Total Non-Current Liabilities 790,000 790,000 Total Liabilities 1,406,800 1,680,179 Net Assets 10,356,509 13,191,258 Equity Share capital 63,678,284 63,678,284 Accumulated losses (53,321,775) (50,487,026) Total Equity 10,356,509 13,191,258 This statement of financial position is to be read in conjunction with the notes to and forming part of the financial statements, as set on pages 8 to 9. STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2002 Consolidated 31 December 2002 31 December 2001 Cash Flows From Operating Activities $ $ Cash receipts in the course of operations 518,084 637,839 Cash payments in the course of operations (2,414,631) (1,843,643) Interest received 263,560 196,634 Net cash used in operating activities (1,632,987) (1,009,170) Cash Flows From Investing Activities Proceeds from sale of property, plant and equipment 64,198 - Payments for property, plant and equipment (191,454) (288,321) Payments for research & development (1,227,907) (573,990) Payments for mining interests (137,695) (214,212) Security deposits refunded/ (Payments for security deposits) 196 (2,377) Net cash used in investing activities (1,492,662) (1,078,900) Cash Flows From Financing Activities Proceeds from issues of shares - 16,047,491 Share issue costs - (1,146,618) Net cash provided by financing activities - 14,900,873 Net increase/(decrease) in cash held (3,125,649) 12,812,803 Cash at the beginning of the financial period 11,896,720 578,056 Cash at the end of the financial period 8,771,071 13,390,859 The statement of cash flows is to be read in conjunction with the notes to and forming part of the financial statements, as set out on pages 8 to 9. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2002 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant policies, which have been adopted in the preparation of these financial statements, are: Basis of preparation The half year consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the Corporations Act 2001, Accounting Standard AASB1029 "Interim Financial Reporting", the recognition and measurement requirements of applicable AASB standards, other authoritative pronouncements of the Australian Accounting Standards Board and Urgent Issues Group Consensus Views. This half-year financial report is to be read in conjunction with the 30 June 2002 Annual Financial Report and any public announcements by the Company during the half-year in accordance with continuous disclosure obligations arising under the Corporations Act 2001. It has been prepared on the basis of historical costs and does not take into account changing money values nor, except where stated, current valuations of non-current assets. These accounting policies have been consistently applied by each entity in the consolidated entity and, except where there is a change in accounting policy, are consistent with those applied in the 30 June 2002 Annual Financial Report. The half-year report does not include full note disclosures of the type normally included in an annual financial report. 2. SHARE CAPITAL 31 December 30 June 2002 2002 (a) Issued And Paid Up Capital $ $ Opening balance 168,193,841 ordinary shares (1 July 2001: 109,950,709 ordinary 63,678,284 48,140,623 shares) Add the following share issues: - 27,514,400 ordinary shares issued in July 2001 at GBP#0.14 ($0.384) per share - 10,570,861 Exercise of options Options exercisable at $0.20 resulting in the issue of 26,509,919 ordinary shares - 5,301,984 Options exercisable at $0.30 resulting in the issue of 4,218,773 ordinary shares - 1,265,632 Less share issue costs - AIM listing - (1,600,816) Closing balance 163,193,841 ordinary shares (30 June 2002: 168,193,841 ordinary 63,678,284 63,678,284 shares) (b) Options 31 December 2002 30 June 2002 Number Number The following share options were on issue at 31 December 2001: - Exercisable on or before 30 November 2002 at $0.75 each - 1,000,000 Exercisable on or before 28 February 2003 at $0.20 each 10,000,000 10,000,000 Exercisable on or before 31 August 2003 at $1.00 each 2,700,000 2,700,000 Exercisable on or before 30 November 2003 at $1.00 each 900,000 900,000 Exercisable on or before 30 November 2003 at $0.56 each 700,000 850,000 Exercisable on or before 28 February 2004 at $0.47 each 200,000 200,000 Exercisable on or before 30 July 2005 at $1.00 each 1,100,000 1,100,000 Exercisable on or before 30 July 2005 at $0.47 each 150,000 150,000 Exercisable on or before 31 October 2005 at $0.61 each 400,000 400,000 Exercisable on or before 31 March 2005 at $0.30 each . 100,000 - 16,250,000 17,300,000 3. SEGMENTS Environmental Mining and Research and Unallocated Consolidated Consulting exploration development of Environmental Technologies 31 December 2002 $ $ $ $ $ Total revenue 626,501 480 - 323,581 950,562 Segment (45,014) (138,849) (1,227,907) (1,422,978) (2,834,748) operating results Segment assets 1,845,502 69,772 - 9,848,035 11,763,309 31 December 2001 Total revenue 453,376 101,162 - 220,605 775,143 Segment 66,172 (242,622) (573,990) (1,223,154) (1,973,594) operating results Segment assets 1,881,342 212,183 - 14,303,438 16,396,963 4. CONTINGENT LIABILITIES There were no changes in contingent liabilities since 30 June 2002. DIRECTORS' DECLARATION In the opinion of the directors of Virotec International Ltd: - (a) The financial statements and notes, set out on pages 5 to 9, are in accordance with the Corporations Act 2001, including (i) giving a true and fair view of the financial position of the consolidated entity as at 31 December 2002 and of its performance, as represented by the results of its operations and its cash flows, for the half-year ended on that date; and (ii) complying with Australian Accounting Standard AASB 1029 "Interim Financial Reporting" and the Corporations Regulations 2001; and (b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Dated at Gold Coast this 6th day of March 2003. Signed in accordance with a resolution of the directors: Brian Sheeran Bruno Bamonte Chairman Director INDEPENDENT REVIEW REPORT TO THE MEMBERS OF VIROTEC INTERNATIONAL LTD Scope We have reviewed the financial report of Virotec International Ltd for the half-year ended 31 December 2002, consisting of the statement of financial performance, statement of financial position, statement of cash flows, accompanying notes and the directors' declaration set out on pages 5 to 10. The financial report includes the consolidated financial statements of the consolidated entity, comprising the Company and the entities it controlled at the end of the half year or from time to time during the half year. The Company's directors are responsible for the financial report. We have performed an independent review of the financial report in order to state whether on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory professional reporting requirements in Australia and statutory requirements so as to present a view which is consistent with our understanding of the consolidated entity's financial position, and performance as represented by the results of its operations and its cash flows in order for the Company to lodge the financial report with the Australian Securities and Investments Commission. Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. The review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. Our review has not involved a study and evaluation of internal accounting controls, test of accounting records or tests of responses to enquiries by obtaining corroborative evidence from inspection, observation or confirmation. The procedures do not provide all the evidence that would be required in an audit, thus the level of assurance given is less than given in an audit. We have not performed an audit and accordingly we do not express an audit opinion. Statement Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Virotec International Ltd is not in accordance with: (a) the Corporations Act 2001, including: (i) giving a true and fair view of consolidated entity's financial position as at 31 December 2002 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standard AASB 1029 "Interim Financial Reporting" and the Corporations Regulations 2001; and (b) other mandatory professional reporting requirements in Australia. KPMG P G Steer Partner Gold Coast 6 March 2003 Note: Copies of these financial reports are available free of charge from: The Company Secretary Virotec International Ltd (ABN 81 004 801 398) Building 50B Pinewood Drive Sanctuary Cove QLD 4212 Australia Telephone: +617 5530 8014 Email: mail@virotec.com End END This information is provided by RNS The company news service from the London Stock Exchange END IR JFMPTMMBMMMJ
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