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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Futuragene | LSE:FGN | London | Ordinary Share | GB0031791782 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 89.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMFGN
RNS Number : 8281L
Futuragene PLC
13 May 2010
13 May 2010
FuturaGene PLC
Final results for the year ended 31 December 2009
FuturaGene Plc ("FuturaGene" or "the Group" or "the Company" AIM:FGN), a leader
in plant genetic research and development for global forestry, biofuel and
agricultural markets, today reports its final results for the year ended 31
December 2009.
Highlights
· Loss for year GBP2.19 million (2008: GBP1.56 million)
· Cash at period end of GBP2.8 million
· Placing of shares in May 2009 raised approximately GBP1.5 million
· Placing of shares in December 2009 raised GBP3.0 million
· FuturaGene and Bayer CropScience signed license agreement for drought
tolerance technology in cotton
· Licensing agreement with leading Chinese seed producer, BioCentury
Transgene Co. Ltd
· Expansion of collaboration agreement with the Research Institute of
Tropic Forestry in China
Mark Pritchard,Chairman, commented
"I am delighted to report that 2009 was another year of excellent progress. We
have further consolidated our position with a number of key licensing
agreements, as a leader in plant genetic research and development for the global
forestry, biofuel, and agricultural markets. This has been clearly demonstrated
by the cash offer for the Group, being made today by the Company's development
and commercialisation partner, Suzano, and to be implemented by a Scheme of
Arrangement"
For further information, please contact:
+-------------------------------+------------------------+
| FuturaGene Plc | |
+-------------------------------+------------------------+
| Mark Pritchard, Chairman | +44 (0) 7802 827 846 |
+-------------------------------+------------------------+
| Dr. Stanley Hirsch, Group | +972 544 56 2724 |
| Chief Executive | |
+-------------------------------+------------------------+
| | |
+-------------------------------+------------------------+
| Evolution Securities | |
+-------------------------------+------------------------+
| Neil Elliot | +44 (0) 20 7071 4300 |
+-------------------------------+------------------------+
| | |
+-------------------------------+------------------------+
| College Hill | +44 (0)20 7457 2020 |
+-------------------------------+------------------------+
| Adrian Duffield/Carl | |
| Franklin/Rozi Morris | |
+-------------------------------+------------------------+
Annual Report and Accounts and AGM
The Company will shortly post to shareholders its Annual Report and Accounts for
the year ended 31 December 2009 ("Annual Report"), which will also incorporate
the notice for the Company's AGM.
For the information of investors and shareholders alike, copies of the Annual
Report will be available for at least one month, free of charge, at the offices
of the Company's Nominated Adviser, Evolution Securities, being 100 Wood Street,
London EC2V 7AN. Electronic copies are available on the Company's website,
www.futuragene.com
Notes to Editors
About Futuragene PLC - www.futuragene.com
FuturaGene is a leader in plant genetic research and development for the global
forestry, biofuel, and agricultural markets. The Group develops sustainable,
ecologically sound technology to meet the ever increasing demands for fiber,
fuel and food crops in the face of declining and deteriorating land and water
resources.
FuturaGene aims to be the leading crop technology company for biomass, second
generation biofuel and biopower, through two main technology platforms: Cell
Wall Modification, which helps crops grow faster, enhancing yield and
processability; and Abiotic Stress Tolerance which enables plants to grow in
harsh, dry, salty environments or protects yield when plants are stressed by
these factors.
The Group's most advanced technologies are for yield improvement in sustainable
industrial forestry and it has strong partnerships with leading international
forestry and agriculture companies, such as Suzano, Bayer CropScience, Forage
Genetics (Land 'O Lakes), China Academy of Forestry (CAF), AA Alliance and
Targeted Growth. The Group has established broad applications of its technology
in key crops including eucalyptus, poplar, alfalfa, cotton and corn.
Chairman's Report
I am delighted to report that 2009 was another year of excellent progress for
FuturaGene. We have further consolidated our position as a leader in plant
genetic research and development for the global forestry, biofuel, and
agricultural markets.
While the global economic environment in 2009 remained difficult, one of the
major challenges which the Group faced in the year was to secure the additional
investment to ensure that we could continue to finance the Group through to
recurrent revenues. With a significant change in investors risk appetite caused
by the credit crunch, it was pleasing to note that in December 2009 we were able
to raise GBP3m though the issue of 6 million new shares, to provide additional
working capital for the Group. Warrants were also issued to placees which, if
exercised, would raise an additional GBP3m for the Group.
I am also encouraged that, whilst operating in a more difficult economic
environment, we have continued to sustain our existing co-development and
license agreements, and generate new business development opportunities. In an
environment where development budgets are constrained and decision making has
been slower than usual, it has been a real achievement to sustain the momentum
of FuturaGene's progress and demonstrates the strength of the technology
portfolio.
For some time we have been very aware of the potential of China as both a
strategic market for engineered germplasm and as a potential source of new
intellectual property for the Group. As far back as 2005, FuturaGene
established a presence in China, knowing that if we were to be successful we
would need to be patient and take a long term view. It is therefore satisfying
to report that our strategy continues to bear fruit with three significant
agreements being entered into during the year; an agreement with the Chinese
Academy of Forestry to develop new enhanced poplar with increased yield,
processability and abiotic stress characteristics for the Chinese domestic
market; a licensing agreement with the leading Chinese seed producer, BioCentury
Transgene Co. Ltd to provide cell wall modification and salt tolerance genes for
development in cotton plants in China; and the expansion of our collaboration
agreement with the Research Institute of Tropic Forestry to include potential
genetic solutions to bacterial wilt.
It was also extremely satisfying to report an agreement with Bayer CropScience
regarding drought tolerance technology in cotton.
To support our mission of becoming a leading supplier of modified genetic
material to the agricultural and biofuel industries, it is vital that we
continue to maintain an active and well funded R&D programme. As well as
supporting the research activities of our license partners in both our strategic
and non-strategic crops, we have during the year started to develop our own
genetic solutions to problems in agriculture, particularly in the area of biotic
stress. This research has the potential to develop into a major product area in
the future.
Turning to the financial results, the loss per share was 4.7p (2008: 3.6p). As
at 31 December 2009, the Group had cash reserves of GBP2.8m (2008: GBP0.6m). No
dividend is being declared (2008: Nil).
The Company's development and commercialisation partner, Suzano today announces
the terms of a recommended cash offer for the entire issued and to be issued
share capital of the Company at 90 pence per ordinary share ("the Offer"). It is
currently expected that the Offer will be implemented by means of a Scheme of
Arrangement. There is a separate announcement with all the details regarding the
Offer.
As ever, the Group's achievements would not be possible were it not for the hard
work and dedication of its staff, and management and I would therefore like to
extend my thanks to each of them for their contribution and commitment.
M.A Pritchard
Chairman - London
13 May 2010
Chief Executive Officer's Report
Business Overview
The past year saw FuturaGene make considerable progress in its aim to be a
leading source of plant genetic solutions for the global forestry, biofuel and
agriculture industries with the Group passing significant milestones towards the
commercialisation of genes in its portfolio.
In May 2009, the International Institute of BioScience Research and Development
LLC ("IIBRD") raised its stake in the Group to 9% by investing an additional
GBP1.5 million. IIBRD is a subsidiary of a major forestry group and this
investment also exercised pre-existing commercialisation options between the
Group and IIBRD for the commercial use of genes developed by FuturaGene's
subsidiary CBD Technologies.
The directors expect this to lead to the first commercial deployment of
FuturaGene products for eucalyptus by a significant operator in a major
plantation-forestry market and put FuturaGene on course to begin booking
recurring revenues within the next two to three years.
Additional milestones achieved in the first half of 2009 included an extension
of the Group's agreement with the Research Institute of Tropical Forestry (RITF)
of the China Academy of Forestry (CAF), for the development of growth-enhanced
eucalyptus. RITF is the principal research institute for the eucalyptus industry
in southern, sub-tropical China and is a major provider of improved germplasm to
this fast-growing industry. The eucalyptus estate in southern China has become
plagued by a disease, bacterial wilt, which is killing large numbers of trees.
The Group is developing a genetic approach which it believes will be effective
against the disease and it extended the agreement with RITF to include this new
approach. The Group also concluded a unique collaboration agreement with Dr.
Steven H. Strauss of Oregon State University under which the Group provided Dr.
Strauss with a proprietary eucalyptus clone and a highly efficient eucalyptus
transformation protocol developed by the Group's scientists, to facilitate the
efficient evaluation of genes for flowering control and other biosafety aspects
of tree modification.
During the second half of the year, the Group signed an agreement with the
Research Institute of Forestry (RIF) of the CAF in Beijing for the collaborative
development of poplar with enhanced yield and stress characteristics for China.
The Group's poplar work was further accelerated with a new collaboration with
Dr. Richard Meilan of Purdue University in the United States. This collaboration
was awarded matching funds from the Consortium for Plant Biotechnology Research,
a federally funded body, following a highly competitive grant selection process.
A major milestone for the Group was achieved in December, when the Group
executed the first licensing agreement for its drought resistance technology
with Bayer of Germany, for development and use in cotton. Bayer is the second
largest cotton seed company in the world.
Personnel
The management team was strengthened by the promotion of Dr. Ziv Shani to the
position of Group Director of R&D and his appointment to the Board of FuturaGene
Plc. Dr. Nissim Chen was appointed as Director of Business Development at CBD
Technologies and in this role he provides business development services to the
Group. The R&D staff in the company was also significantly reinforced by the
appointment of two senior scientists to head the eucalyptus and abiotic stress
groups.
Strategic Crops
Eucalyptus
Eucalyptus is the largest sustainable plantation forest species for the pulp and
paper industry and represents a major market opportunity for FuturaGene. A
second field trial of the Group's modified eucalyptus is underway with the
Suzano forestry company in Brazil. The trial has produced strong initial
results, which have verified results from earlier trials. With the acquisition
of biosafety data, there has been a positive relaxation in the regulatory
regimes surrounding the conduct of the trials, including permission for enhanced
duration of trials, which allows better data accumulation. The authorities have
now also allowed the planting of eucalyptus in the substantial exclusion zones
that previously surrounded the trial sites.
FuturaGene and Suzano continue to collaborate on an R&D programme to introduce
new genes and improved gene constructs into additional Suzano clones. This
research is reinforcing the Group's position as a leader in commercial
eucalyptus transformation.
Poplar
FuturaGene's R&D group has successfully developed new transformation methods for
the first clones of commercial poplar, which were imported from the USA. All
aspects of the Group's technology, including yield, processability, salt
tolerance and drought tolerance, will be introduced into poplar.
In addition to this in-house work, the Group is actively working under the
Collaborative Development Agreement with the CAF to develop new and enhanced
poplar for the Chinese domestic market and at Purdue University, as discussed
above.
The Group is in the process of developing additional research and commercial
partnerships for poplar in the USA in order to strengthen its global position in
the crop, which will soon play an important role in the renewable energy market.
There is a growing demand for wood pellets made from poplar woodchip to co-fire
coal-fired power stations in the USA and Europe. As poplar can be grown in
renewable, sustainable plantations, it provides a carbon neutral source of
combustible material for electricity generation. Woody biomass is an attractive
alternative to fossil fuels as it produces fewer emissions, contributes to local
economies, mitigates global climate change and can increase national energy
security. The rapid growth rate of poplar in temperate climates makes it an
excellent species for woody biomass production.
Poplar is also indicated by the US Department of Agriculture as a preferred
source of raw material for second generation (cellulose-to-ethanol) liquid
biofuel production.
Research & Development Activities
The Group's licensees continue to report good progress in the work they are
doing with FuturaGene's intellectual property.
Forage Genetics Inc.
Forage Genetics is progressing well with development of alfalfa varieties
incorporating the CBD genes to enhance digestibility, processability and to
shorten crop rotation times. Initial modified plants were produced and
introduced into preliminary field trials in 2009. Alfalfa is the fourth biggest
crop in the United States and is principally used for animal feed. Alfalfa will
also be tested as a second-generation biofuel crop.
Targeted Growth Inc.
Targeted Growth Inc. ("TGI") has progressed rapidly with corn transformations
using the Group's licensed genes to enhance plant processability, digestibility
and other agronomic properties. In May 2009, Targeted Growth initiated
preliminary field trials with a number of modified corn lines. The trials are
aimed at screening for corn lines showing positive traits to take forward in the
development pathway.
The agreement was amended to reflect TGI's intention to focus on the enhancement
of corn using the Group's technology, rather than begin trials on soybean. As a
result, all rights for the soy technology were returned to the Group.
Intellectual Property
FuturaGene continues to build its intellectual property portfolio both through
filings based on in-house discoveries and through licensing relationships with
universities and other organisations. Highlights for the year included the
granting in Japan of two cell wall modification patents with broad claims - an
unusual step for the Japanese patent office; the granting of a new salt
tolerance patent in the USA and the granting of a drought tolerance patent in
China.
Current trading and outlook
The Group has had an active year with energies focused on building the business
and raising profile in key markets. The business development pipeline is very
active and the Board is confident that FuturaGene will continue to reinforce and
develop the momentum it has built. In this context, extensive business
development work continues in the strategic crop area, both with respect to
eucalyptus and poplar. The Group is looking to expand its eucalyptus model to
additional territories and is actively developing a development base for poplar
in the USA, as well as exploring potential commercial opportunities for this
crop. In addition, the Group expects that it will continue executing
outlicensing agreements for technology in non-strategic crops.
Stanley Hirsch,
Group CEO
13 May, 2010
Group statement of comprehensive income
for the year ended 31 December 2009
+---------------------------------------+------+---------+--------------------+
| Continuing Operations |Note | 2009 | 2008 |
+---------------------------------------+------+---------+--------------------+
| | | GBP'000 | GBP' |
| | | | 000 |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Revenue | | 181 | 40 |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Administrative expenses | | (2,373) | (1,577) |
+---------------------------------------+------+---------+--------------------+
| Share of losses of Joint Venture | | - | (69) |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Operating loss | | (2,192) | (1,606) |
+---------------------------------------+------+---------+--------------------+
| Finance Income | | 1 | 45 |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Loss before tax | | (2,191) | (1,561) |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Taxation | | - | - |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Loss for the year attributable to | | | |
| equity | | | |
+---------------------------------------+------+---------+--------------------+
| holders of the company | | (2,191) | (1,561) |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| | | | |
+---------------------------------------+------+---------+--------------------+
| Other Comprehensive Income/(Expenses) | | | |
+---------------------------------------+------+---------+--------------------+
| Exchange differences on translation | | (1,607) | 32 |
| of foreign subsidiaries | | | |
+---------------------------------------+------+---------+--------------------+
| Total comprehensive income for the | | (3,798) | (1,529) |
| period attributable to equity holders | | | |
| of the parent company | | | |
+---------------------------------------+------+---------+--------------------+
| Loss per ordinary share - basic and | 2 | (4.7p) | (3.6p) |
| diluted | | | |
+---------------------------------------+------+---------+--------------------+
The company has elected to take the exemption in Section 408 of the Companies
Act 2006 to not present the parent company income statement. The loss for the
year ended 31 December 2009 dealt with in the financial statements of the parent
company was GBP4,230.000 (2008: GBP1,293,000). The parent company made no gains
or losses which would be reported in Other Comprehensible Income in the year
ended 31 December 2009 (31 December 2008: Nil) and therefore the parent company
has not published its individual statement of total comprehensive income.
Statement of changes in equity
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---+---+---+---+
| | Share | Shares | Share | Capital | Foreign | Retained | Total | |
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | capital | to | premium | redemption | exchange | deficit | equity | |
| | | be | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | Issued | account | reserve | reserve | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Group | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 1 January 2008 | 213 | 143 | 18,810 | 2,415 | 34 | (20,067) | 1,548 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Loss for the year | | | | | | (1,561) | -(1,561) | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Exchange rate | - | | - | - | 32 | - | 32 | |
| movement | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Shares issued | 2 | (143) | 141 | - | - | - | - | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Equity settled share | | | | | | | | |
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| based payment | - | - | - | - | - | 10 | 10 | |
| expense credit | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Minority interests | | | | | | | | |
| share of net | | | | | | | | |
| liabilities | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| on acquisition of | - | - | - | - | - | -69 | -69 | |
| subsidiary | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 1 January 2009 | 215 | - | 18,951 | 2,415 | 66 | (21,687) | -40 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Exchange rate | - | - | - | - | (1,607) | - | (1,607) | |
| movement | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Loss for the year | - | - | - | - | - | (2,191) | (2,191) | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Shares issued | 66 | - | 6,317 | - | - | - | 6,383 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Equity settled share | | | | | | | | |
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| based payment | - | - | - | - | - | 9 | 9 | |
| expense credit | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 31 December 2009 | 281 | | 25,268 | 2,415 | (1,541) | (23,869) | 2,554 | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---+---+---+---+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Company | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 1 January 2008 | 213 | 143 | 18,810 | 2415 | - | (19,998) | 1,583 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Loss for the year | | | | | | (1,293) | (1,293) | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Shares issued | 2 | (143) | 141 | - | - | - | - | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Equity settled share | | | | | | | | |
| based payment | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| expense credit | | | | | | 10 | 10 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 1 January 2009 | 215 | - | 18,951 | 2415 | - | (21,281) | 300 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Loss for the year | | | | - | - | (4,230) | (4,230) | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Shares issued | 66 | - | 6,317 | - | - | - | 6,383 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| Equity settled share | | | | | | | | |
| based payment | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| expense credit | - | - | - | - | - | 9 | 9 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| At 31 December 2009 | 281 | | 25,268 | 2415 | | (25,502) | 2,462 | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---------------+
| | | | | | | | | |
+----------------------+---------+---------+---------+------------+----------+--------------+---------------+---+---+---+---+
Statement of financial position
at 31 December 2009
+----------------------+--+-----------+------------+----------+----------+
| | | Group | Company |
+----------------------+--+------------------------+---------------------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | 2009 | 2008 | 2009 | 2008 |
+----------------------+--+-----------+------------+----------+----------+
| | | GBP' 000 | GBP' | GBP' | GBP' |
| | | | 000 | 000 | 000 |
+----------------------+--+-----------+------------+----------+----------+
| ASSETS | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Non-current | | | | | |
| assets | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Goodwill | | - | - | - | - |
+----------------------+--+-----------+------------+----------+----------+
| Intangible | | - | - | - | - |
| assets | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Property, plant | | 149 | 172 | - | - |
| and equipment | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Investment in | | - | - | - | 38 |
| subsidiaries | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | | - | | - |
+----------------------+--+-----------+------------+----------+----------+
| | | 149 | 172 | - | 38 |
+----------------------+--+-----------+------------+----------+----------+
| Current assets | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Receivables | | 450 | 198 | 227 | 3 |
+----------------------+--+-----------+------------+----------+----------+
| Cash and cash | | 2,803 | 597 | 2,347 | 444 |
| equivalents | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | 3,253 | 795 | 2,574 | 447 |
+----------------------+--+-----------+------------+----------+----------+
| Total assets | | 3,402 | 967 | 2,574 | 485 |
+----------------------+--+-----------+------------+----------+----------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| LIABILITIES | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Current | | | - | | |
| liabilities | | | | | - |
+----------------------+--+-----------+------------+----------+----------+
| Trade and other | | (848) | (1,007) | (112) | (185) |
| payables | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Net current | | 2,405 | (212) | 2,462 | 262 |
| assets/(liabilities) | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Net assets/ | | 2,554 | (40) | 2,462 | 300 |
| (liabilities) | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| EQUITY | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Share capital | | 281 | 215 | 281 | 215 |
+----------------------+--+-----------+------------+----------+----------+
| Share premium | | 25,268 | 18,951 | 25,268 | 18,951 |
| account | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Capital | | 2,415 | 2,415 | 2,415 | 2,415 |
| redemption | | | | | |
| reserve | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Retained deficit | | (23,869) | (21,687) | (25,502) | (21,281) |
| | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Foreign exchange | | (1,541) | 66 | - | - |
| reserve | | | | | |
+----------------------+--+-----------+------------+----------+----------+
| Total equity | | 2,554 | (40) | 2,462 | 300 |
+----------------------+--+-----------+------------+----------+----------+
Cash flow statements
for the year ended 31 December 2009
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | Group | Company |
+----------------------------+----------+----+----------+-------------------+-------------------+
| | | | | 2009 | 2008 | 2009 | 2008 |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | GBP' | GBP' | GBP' | GBP' |
| | | | | 000 | 000 | 000 | 000 |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Cash flows from operating | | | | | | | |
| activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Cash flows from operations | | | | (2,105) | (1,506) | (2,511) | (1,543) |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Interest received | | | | 1 | 45 | - | 38 |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Net cash used in operating | | | | (2,104) | (1,461) | (2,511) | (1,505) |
| activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Cash from investing | | | | | | | |
| activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Purchase of property, | | | | (27) | (89) | - | - |
| plant and equipment | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Proceeds from sale of | | | | 6 | 30 | - | - |
| property, plant and | | | | | | | |
| equipment | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Investment in subsidiaries | | | | - | - | - | (7) |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Net cash flows used in | | | | (21) | (59) | - | (7) |
| investing activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Financing Activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Proceeds on issue of | | | | 4,414 | - | 4,414 | - |
| shares | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Net cash generated from | | | | 4,414 | - | 4,414 | - |
| financing activities | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Net increase/(decrease) in cash and cash | | 2,289 | (1,520) | 1,903 | (1,512) |
| equivalents | | | | | |
+--------------------------------------------+----------+---------+---------+---------+---------+
| Cash and cash equivalents at beginning of | | 597 | 2,124 | 444 | 1,956 |
| the year | | | | | |
+--------------------------------------------+----------+---------+---------+---------+---------+
| Exchange difference | | | | (83) | (7) | - | - |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
| Cash and cash equivalents at end of | | | 2,803 | 597 | 2,347 | 444 |
| year | | | | | | |
+----------------------------+----------+----+----------+---------+---------+---------+---------+
Reconciliation of net loss to net cash used in operating activities
+-------------------------------------+---------+--------------+---------+------------+
| | Group | Company |
+-------------------------------------+------------------------+----------------------+
| | 2009 | 2008 | 2009 | 2008 |
+-------------------------------------+---------+--------------+---------+------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+---------+--------------+---------+------------+
| | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| Loss before tax | (2,191) | (1,561) | (4,230) | (1,293) |
+-------------------------------------+---------+--------------+---------+------------+
| Interest received | (1) | (45) | - | (38) |
+-------------------------------------+---------+--------------+---------+------------+
| Depreciation of property plant and | 31 | 27 | - | - |
| equipment | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| Profit on sale of property plant | - | (28) | - | - |
| and equipment | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| Impairment of Intercompany loans | - | - | - | 1,867 |
+-------------------------------------+---------+--------------+---------+------------+
| Impairment of investments | - | - | 1,549 | - |
+-------------------------------------+---------+--------------+---------+------------+
| (Increase)/decrease in trade and | (252) | (100) | (224) | (1,807) |
| other receivables | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| increase/(decrease) in trade and | (159) | 191 | (73) | (282) |
| other payables | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| Equity settled share based payment | 467 | 10 | 467 | 10 |
| expense | | | | |
+-------------------------------------+---------+--------------+---------+------------+
| Cash flows from operating | (2,105) | (1,506) | (2,511) | (1,543) |
| activities | | | | |
+-------------------------------------+---------+--------------+---------+------------+
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2009
1. Preparation of the preliminary announcement
Basis of preparation
Whilst the information included in this preliminary announcement has been
prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards ("IFRSs") as adopted for use in the
European Union and as issued by the International Accounting Standards Board,
this announcement does not itself contain sufficient information to comply with
IFRSs.
The preliminary announcement for the 12 months to 31 December 2009 has been
prepared on a consistent basis with the financial accounting policies set out in
the Accounting Policies section of the FuturaGene Plc Annual Report and Accounts
2008, other than the adoption of IAS 1 revised.
Preliminary announcement
The financial information contained within this preliminary announcement for the
12 months to 31 December 2009 and 12 months to 31 December 2008 does not
comprise statutory financial statements for the purpose of the Companies Act
2006, but are derived from those statements. The statutory accounts for
FuturaGene Plc for the 12 months to 31 December 2008 have been filed with the
Registrar of Companies and those for the 12 months to 31 December 2009 will be
filed following the Company's annual general meeting.
The auditors' reports on the accounts for the 12 months to 31 December 2009 were
unqualified and did not include a statement under Section 498 (2) or (3) of the
Companies Act 2006. The auditors' reports on the accounts for the 12 months to
31 December 2008 were unqualified and did not include a statement under Section
237(2) or (3) of the Companies Act 1985.
The Annual Report and Accounts will be sent to shareholders shortly.
2. Loss Per Ordinary Share
The calculation of loss per ordinary share is based on:-
Basic and diluted EPS
+----------------------------------------------+--------------+--------------+
| | 2009 | 2008 |
+----------------------------------------------+--------------+--------------+
| Loss for the year attributable to equity | GBP2,191,000 | GBP1,561,000 |
| holders of the company | | |
+----------------------------------------------+--------------+--------------+
| Weighted average number of ordinary shares | 47,739,034 | 42,894,867 |
| in issue throughout | | |
| the year | | |
+----------------------------------------------+--------------+--------------+
| Basic Loss per share | (4.7p) | (3.6p) |
+----------------------------------------------+--------------+--------------+
Since the conversion of potential ordinary shares would decrease net basic loss
per share, they are anti-dilutive. Accordingly, diluted loss per share is the
same as basic loss per share.
3. Post balance Sheet Events
On 23 February 2010, the Company announced that it had received an approach
regarding a possible offer for FuturaGene Plc from a third party. Since that
date, discussions and due diligence have continued, and an offer of 90p cash per
share is announced today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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