We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Vanguard Total Stock Market ETF | AMEX:VTI | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.38 | -0.14% | 266.51 | 266.68 | 265.24 | 265.86 | 2,193,523 | 01:00:00 |
RNS Number:6937P Virotec International Ld 12 September 2003 Preliminary final report for the year ended 30 June 2003 (previous corresponding period is year ended 30 June 2002) VIROTEC INTERNATIONAL LTD ABN 81 004 801 398 This report is prepared in accordance with ASX listing rule 4.3A, and is based on accounts which are in the process of being audited. It is expected that the audited accounts will be available on or about 26 September 2003 and the annual report will be sent to shareholders on or about 24 October 2003. 1. Results for announcement to the market % change A$'000 Revenue from ordinary activities 8% 1,662 (Loss) from ordinary activities after tax attributable to 9.8% (5,619) members (Loss) for the period attributable to members 9.8% (5,619) Final dividend per share - nil For an explanation of the results please refer to the attached report from the directors. 2. Statement of Financial Performance for the year ended 30 June 2003. Consolidated Note 2003 2002 A$ A$ Revenue from sale of goods 5(a) 44,563 97,819 Revenue from rendering of services 5(a) 1,018,031 800,047 Other revenues from operating activities 599,152 640,708 -------- -------- Total Revenue 5(a) 1,661,746 1,538,574 -------- -------- Depreciation and amortisation expenses 5(a) (310,714) (275,418) Research and development expense 5(a) (2,745,764) (1,804,866) Mining interests expense 5(a) (217,902) (489,839) Employee costs and directors remuneration 5(a) (1,713,454) (1,291,421) Other expenses from operating activities (2,292,636) (2,793,437) -------- -------- Total Expenses 5(a) (7,280,470) (6,654,981) -------- -------- Loss from ordinary activities before income (5,618,724) (5,116,407) tax Income tax related to operating loss - - -------- -------- Net loss after income tax (5,618,724) (5,116,407) -------- -------- Basic loss per share ($0.034) ($0.034) -------- -------- This statement should be read in conjunction with the accompanying notes. 3. Statement of Financial Position as at 30 June 2003. 2003 2002 A$ A$ Current Assets Cash assets 6,453,845 11,896,720 Receivables 132,814 178,435 Inventory - 16,884 Other 52,407 107,267 --------- --------- Total current assets 6,639,066 12,199,306 --------- --------- Non-current Assets Receivables 541,807 555,781 Property, plant and equipment 1,224,854 1,266,714 Intangibles 746,651 849,635 --------- --------- Total non-current assets 2,513,312 2,672,130 --------- --------- Total assets 9,152,378 14,871,436 --------- --------- Current Liabilities Payables 633,263 780,347 Provisions 156,581 109,831 --------- --------- Total current liabilities 789,844 890,178 --------- --------- Non-Current Liabilities Provisions 790,000 790,000 --------- --------- Total non-current liabilities 790,000 790,000 --------- --------- Total liabilities 1,579,844 1,680,178 --------- --------- Net assets $7,572,534 $13,191,258 --------- --------- Equity Contributed equity 63,678,284 63,678,284 Accumulated losses (56,105,750) (50,487,026) --------- --------- Total equity $7,572,534 $13,191,258 --------- --------- This statement should be read in conjunction with the accompanying notes. 4. Statement of Cash Flows for the year ended 30 June 2003. Consolidated Note 2003 2002 Cash flows from operating activities A$ A$ Cash receipts in the course of operations 1,063,652 907,088 Cash payments in the course of operations (4,101,676) (3,474,019) Interest received 453,788 438,377 --------- --------- Net cash used in operating activities (2,584,236) (2,128,554) --------- --------- Cash flows from investing activities Payments for property, plant and equipment (254,309) (456,189) Proceeds from sale of property, plant and equipment 68,464 28,650 Payment for exploration, evaluation & development (217,902) (309,839) Payments for research & development (2,468,866) (1,804,866) Refund / Payment for security deposits 13,974 (2,377) --------- --------- Net cash used in investing activities (2,858,639) (2,544,621) --------- --------- Cash flows from financing activities Proceeds from issues of shares - 17,138,457 Share issue costs - (1,146,618) -------- --------- Net cash provided by financing activities - 15,991,839 -------- --------- Net increase/(decrease) in cash held (5,442,875) 11,318,664 Cash at the beginning of the financial year 11,896,720 578,056 --------- ---------- Cash at the end of the financial year 6,453,845 11,896,720 --------- ---------- This statement should be read in conjunction with the accompanying notes. 5. Notes to the Financial Statements 5(a) Operating Loss from Ordinary Activities Consolidated 2003 2002 A$ A$ REVENUE FROM ORDINARY ACTIVITIES Revenue from operating activities Sale of goods from operating activities 44,563 97,819 Rendering of services from operating 1,018,031 800,047 activities Other revenue from operating activities Interest received or due and receivable from 453,788 438,374 other parties Sundry 76,900 49,893 Net foreign exchange gain - 123,791 Proceeds from sale of non-current assets 68,464 28,650 -------- -------- Total revenue from ordinary activities 1,661,746 1,538,574 -------- -------- EXPENSES FROM ORDINARY ACTIVITIES Depreciation of: - plant and equipment 152,932 142,782 - motor vehicles 4,261 3,015 - computer equipment 23,707 17,995 - office furniture and equipment 26,838 8,696 Amortisation of goodwill 102,984 77,235 Research & development expenditure 2,745,764 1,804,866 Mining interests costs 217,902 309,839 Cost of goods sold 20,348 129,865 Cost of rendering services 768,693 556,075 Lease rentals 92,727 116,343 Loss on disposal of non-current asset 88,431 65,427 Amounts set aside to provisions for - Rehabilitation of mining tenements - 180,000 - Employee entitlements 46,750 33,259 Employee costs - administration and corporate 930,776 556,940 Legal Fees 363,742 586,010 Marketing expenses 259,633 311,276 Accounting and audit services 86,166 199,307 Net foreign exchange loss 131 - Director remuneration 782,678 714,720 Other administration and corporate costs 566,007 815,636 ------- ------- Total expenses from operating activities 7,280,470 6,654,981 ------- ------- 5(b) Earnings Per Share 2003 2002 Earnings reconciliation $ $ Net loss (5,618,724) (5,116,407) Basic earnings (loss) (5,618,724) (5,116,407) Number Number Weighted average number of ordinary 163,193,841 150,430,225 shares used in the calculation of basic loss per share Basic and Diluted earnings per share ($0.034) ($0.034) 5(c) Issued Capital 2003 2002 A$ A$ ISSUED AND PAID UP CAPITAL Opening balance 168,193,841 ordinary shares 63,678,284 48,140,623 issued (2002: 109,950,709 ordinary shares) Add the following share issues:- 27,514,400 ordinary shares issued at - 10,570,861 GBP#0.14 (A$0.384) per share pursuant to a prospectus issued in the United Kingdom Options exercised at A$0.20 per share - 5,301,984 resulting in the issue of 26,509,919 ordinary shares Options exercised at A$0.30 per share - 1,265,632 resulting in the issue of 4,218,773 ordinary shares Less share issue costs - (1,600,816) ------ ------ Closing balance 168,193,841 ordinary shares 63,678,284 63,678,284 issued and outstanding (2002: 168,193,841 ordinary shares) OPTIONS 2003 2002 Number Number The following share options are on issue at 30 June 2003:- Exercisable on or before 30 November 2002 - 1,000,000 at A$0.75 each Exercisable on or before 28 February 2003 - 10,000,000 at A$0.20 each Exercisable on or before 31 August 2003 at 2,700,000 2,700,000 A$1.00 each Exercisable on or before 30 November 2003 900,000 900,000 at A$1.00 each Exercisable on or before 30 November 2003 700,000 850,000 at A$0.56 each Exercisable on or before 28 February 2004 200,000 200,000 at A$0.47 each Exercisable on or before 30 July 2005 at 1,100,000 1,100,000 A$1.00 each Exercisable on or before 30 July 2005 at 150,000 150,000 A$0.47 each Exercisable on or before 31 October 2005 at 400,000 400,000 A$0.61 each Exercisable on or before 31 March 2005 at 100,000 - A$0.30 each Exercisable on or before 31 March 2006 at 750,000 - A$0.50 each ------ ------ 7,000,000 17,300,000 5(d) Retained Earnings 2003 2002 A$ A$ Accumulated losses at beginning of year (50,487,026) (47,370,619) Net loss after income tax (5,618,724) (5,116,407) Transfer from option reserve - 2,000,000 ------ ------ Accumulated losses at end of year (56,105,750) (50,487,026) 5(e) Segments INDUSTRY SEGEMENTS Environmental Mining Research Unallocated Consolidated Consulting Interests and Development 2003 A$ A$ A$ A$ A$ External 1,018,031 44,563 - - 1,062,594 customer revenue Interest - - - 453,788 453,788 income Other income - - - 145,364 145,364 Total 1,018,031 44,563 - 509,152 1,661,746 revenue Depreciation 244,734 11,181 - 54,806 310,722 and amortisation Segment 4,604 (204,868) (2,745,764) (2,672,696) (5,618,724) operating results Acquisitions 220,010 - - 33,895 253,905 of non-current assets Segment 1,965,896 51,360 - 7,135,123 9,152,379 assets Segment (165,495) (840,000) - (444,349) (1,449,844) liabilities 2002 External 800,047 97,819 - - 897,866 customer revenue Interest - - - 438,374 438,374 income Other income - - - 202,334 202,334 Total revenue 800,047 97,819 - 640,708 1,538,574 Depreciation 213,926 31,786 - 29,706 275,418 and amortisation Segment (26,084) (521,885) (1,804,866) (2,763,545) (5,116,407) operating results Acquisitions 293,674 18,704 - 143,811 456,189 of non-current assets Segment 1,961,787 135,990 - 12,773,660 14,871,437 assets Segment (155,898) (840,000) - (684,281) (1,680,179) liabilities GEOGRAPHIC SEGMENTS Australia North Europe Consolidated and Asia America 2003 A$ A$ A$ A$ External customer 809,143 43,010 210,441 1,062,594 revenue Interest income 453,788 - - 453,788 Other income 144,587 777 - 145,364 Total revenue 1,407,518 43,787 210,441 1,661,746 Depreciation and 309,076 873 773 310,722 amortisation Segment operating (4,641,856) (440,427) (536,441) (5,618,724) results Acquisitions of 242,963 4805 6137 253,905 non-current assets Segment assets 9,132,117 16,034 4,228 9,152,379 Segment liabilities (1,433,122) (16,283) (440) (1,449,845) The consolidated entity operated predominantly in Australia in 2002 and accordingly no comparatives are provided. 5(f) Notes to the Statements of Cash Flows 2003 2002 RECONCILIATION OF CASH A$ A$ Cash at bank 6,453,845 11,896,720 -------- -------- RECONCILIATION OF OPERATING LOSS AFTER INCOME TAX TO NET CASH USED IN OPERATING ACTIVITIES Operating loss after income tax (5,618,724) (5,116,407) Add non cash items: Depreciation and amortisation 310,722 275,418 Loss on disposal of assets 19,966 65,427 Add/(less) items classified as investing/ financing activities Net exploration expenditures written off 217,902 309,839 during the year Net research and development costs written 2,370,566 1,804,866 off during the year Changes in assets and liabilities: Decrease/(increase) in receivables 45,621 9,229 Decrease/(increase) in prepayments 54,860 (88,269) Decrease/(increase) in inventories 16,884 97,278 Increase/(decrease) in trade creditors 93,078 60,644 Increase/(decrease) in provisions (193,411) 453,420 -------- --------- Net cash used by operating activities (2,584,236) (2,128,554) -------- --------- 5(g) Subsequent Events On 27 August 2003 the Company issued 25,000,000 ordinary shares at a price of GBP??0.14 per share (approximately A$0.34), raising approximately A$8.2 million after costs. 6. Net tangible assets per security The net tangible asset backing per security as at 30 June 2003 was 4.1 cents per share compared with 7.3 cents per share in the previous corresponding period. 7. Details of entities over which control has been gained or lost during the period. Not applicable. 8. Details of associates and joint venture entities. Not applicable. 9. Report from Directors on the results Environmental consulting The environmental consulting operations generated revenue for the year of $1,018,031 (2002: $800,047), an increase of 27% and returned a profit of $4,604 (2002: loss of $26,084). The main focus of this area has been the marketing and commercial implementation of the Technologies taking the concept through to customer acceptance. The turnover for the year in this area was $309,140 (2002: $178,101) an increase of 74%. In this area the consolidated entity has expanded its network of strategic partners that have the sales and marketing infrastructure to enable the technologies to be more effectively marketed globally. Of particular significance is the global strategic partnership entered into with the Hatch Group a leading consulting, engineering, technologies, project and construction management organization. They operate through a network of more than 64 permanent offices worldwide with more than 4,000 employees. The main benefits from the work this year is expected to be generated in future years. The consolidated entity also operated a specialised laboratory, which accounted for $708,891 of the revenue noted above compared to $621,946 for the 2002. This area is expected to continue to grow modestly over the ensuing years. During the year the consolidated entity also licenced the HydroDecTM technology from CSIRO. This technology has been developed over eight years and treats organic contaminants (e.g. PCBs and Dioxins). It complements the BauxsolTM Technology which deals with inorganic contaminants (e.g. heavy metals). Research and development The consolidated entity continued its research and development programme into improving the efficiency of its BauxsolTM Technology, BaseconTM Technology and potential new applications of these technologies into other industries. Since the end of the previous financial year patent applications were lodged in respect of the BaseconTM Technology, the ViroSewageTM Systems and for the ViroPhosphateTM fertiliser, further evidence of the platform nature of the Technology. As a further level of intellectual property protection Virotec scientists also developed and copyrighted two computer models to determine the most cost effective: - a. Way to treat residue from any alumina refinery to make it environmentally benign; and b. BauxsolTM Reagent blend required for the treatment of sulphidic mine wastes and acid sulphate soils. During the financial year the consolidated entity incurred costs of $2,745,764 on research, development and patent applications which was expensed in accordance with the consolidated entity's accounting policy. Mining and Exploration The consolidated entity continues to hold a number of mining leases on prospective tenements. Work on these areas has been, and is planned to remain the minimum required to protect the leases. During the financial year several leases have been relinquished or sold by the Company. During the financial year the consolidated entity incurred a loss of $204,868 on its mining interests, which was expensed in accordance with the consolidated entity's accounting policy 10. Basis of preparation These financial reports have been compiled in accordance with Australian Accounting Standards. There has been no changes in accounting policies, and these reports are prepared on a consistent basis with the 2002 annual financial reports. The financial reports are currently in the process of being audited. These financial reports are unlikely to be the subject to dispute or qualification. The numbers presented are for the consolidated entity namely the consolidation of Virotec International Ltd and its wholly owned subsidiaries. Signed:................................... Date: 12 September 2003 Angus Craig Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END FR EAKNAFLNDEEE
1 Year Vanguard Total Stock Mar... Chart |
1 Month Vanguard Total Stock Mar... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions