TIDMNGR
RNS Number : 4781Z
Nature Group PLC
27 May 2016
May 27th 2016
Nature Group PLC
("Nature Group" or the "Company")
Final Results for the Year ended 31 December 2015
Nature Group, (AIM:NGR), the provider of port reception
facilities and waste treatment solutions for the oil, marine and
process industries, presents its results for the year ended 31
December 2015.
2015 Financial Performance From Continuing Operations
Excludes revenue and cost from discontinued operations in
Gibraltar as NPRF Gibraltar is classified as held for sale.
-- Revenues increased by 14% to GBP16.27m (2014: GBP14.33m)
-- Underlying EBITDA (excluding incidentals) decreased to -GBP 0.33m loss (2014: GBP0.16m)
-- Underlying operating loss declined by 9% to -GBP1.13m (2014: -GBP1.04m)
-- Underlying loss before tax declined by 4% to -GBP1.21m (2014: -GBP1.17m)
-- Underlying earnings per share ("EPS") of -3.17p (2014: -1.50p)
-- Free cash flow decreased by 72% to -GBP 2.47m (2014: GBP-1.43m)
-- Year-end cash balances of GBP0.28m (2014: GBP0.91m)
2015 Operational Performance
Maritime
-- Healthy growth in waste collecting activities in the US, now
including fixed waste treatment at Corpus Cristi site
-- Rotterdam volumes positively impacted by several large one-off jobs
-- HydroVac 12 vessel purchased to further optimise fleet composition in Rotterdam
-- Operations in South-Western region (Gibraltar, Portugal and
Malta) generated revenues of GBP2.84m compared to GBP4.32m in 2014.
Closure of Gibraltar site announced in December 2015, sale
discussions remain ongoing
Oil & Gas
-- Improved performance, year-on-year supported by the sale of one complete set
-- A further 5 Units (2 CTUs and 3 STUs) commissioned, two of
which (1 CTU and 1 STU) were sold to a third party
-- Two sets (CTU/STU) succesfuly operating in challenging
conditions in Brazil and Canadian Arctic Circle and one unit (OTU)
in Tanzania
-- At this moment we have 4 sets available (4 CTUs / 4 STUs) for
further deployment and 2 individual STUs (due to long
lead-time)
-- Now targeting North Sea International Oil Companies (IOCs) and have secured first contract
Engineering
-- Engineering department in Cornwall closed in April 2016
-- Group's engineering services concentrated in Stavanger, Norway.
Commenting Berend van Straten, Chairman, said
"Following my recent appointment as Chairman of the Group, I am
pleased to announce the 2015 results for Nature Group PLC. Since
joining Nature Group 12 months ago, I have worked closely with the
executive team to evaluate the opportunities of the Group, to
outline our short and medium term strategy and to determine where
to refocus our ongoing activities. Whilst there is still work to be
done, we believe that 2015 was a year in which we have started to
transform the Group both organisationally and commercially and we
are now well positioned to seize the opportunities to grow the
business and develop our service offering in 2016 and beyond."
Enquiries:
Nature Group PLC
Jan Vesseur, CEO Tel: + 31 646287896
Maarten Smits, CFO Tel: + 31 613820780
Berend van Straaten, Chairman Tel: + 31 626805605
Cenkos Securities plc
Neil McDonald Tel: +44 (0)131 220 9771
/ +44 (0)207 397 1953
Beth McKiernan Tel: +44 (0)131 220 9778
/ +44 (0)207 397 1950
Hermes Financial PR
Chris Steele Tel: +44 (0)7979 604 687
Trevor Phillips Tel: +44 (0)7889 153 628
Chairman's Statement
My colleagues and I have worked hard throughout the year to
evaluate all aspects of the Group's operations and organisation. It
was evident that there was solid performance from our maritime
operations in Rotterdam and Houston and promising performance from
the Oil & Gas Division. However, profits generated were offset
by losses from activities in Gibraltar and Portugal, maintaining
the Engineering Division in the UK and excessive overhead costs.
The management team was geographically dispersed with a CEO located
in the Netherlands, the finance team in Gibraltar and Corporate
Secretary in the UK.
Nigel Sandy, the former Chairman, commenced an extensive
restructuring programme at the beginning of 2015, resulting in a
largely new board and a new executive team. This initiative has,
since mid-2015 to date, resulted in a number of changes being
implemented with the aim of making the Company's future more
robust, focused and profitable.
Jan Vesseur was appointed as CEO with the challenging task to
restructure the Group. He has built an executive team who are all
based in the Netherlands, with Maarten Smits as CFO and Gert-Jan
Davidson leading the Oil & Gas Division and the recent
appointment of a Corporate Secretary.
The Gibraltar operation has consistently underperformed since
the fire in 2011, as the approval to rebuild the original treatment
facility was delayed and the decision was taken during 2015 to shut
down our operations in that location and enter into negotiations to
sell the facility. As announced on 2 December 2015, we entered into
a letter of intent relating to the sale and negotiations with that
party remain ongoing, although the period of exclusivity has
expired. We have also recently been approached by another
interested party. We will provide further updates as appropriate,
however, there can be no certainty that the proposed sale will be
concluded.
Our Engineering Division in Cornwall, having in the past
delivered high quality water treatment facilities in Oman and a UK
Overseas Territory, had seen a reduction in the volume of work and
therefore we have made, following the year end, the difficult
decision to close this office. Similarly, we are currently
restructuring the operating model of our Portugal Joint Venture and
are reviewing our interest in Sohar.
Our focus going forward will be our Maritime operations in
Rotterdam and Houston and our global Oil & Gas activities. The
Maritime operations in Rotterdam and Houston form the core of our
Group's activities and the plan is to expand our activities in
these areas - both in volume, product offering and in adjacent
locations. With more stringent environmental regulation and
increased operations in remote and ecologically sensitive areas, we
believe we are well placed to secure and grow our position in the
Oil & Gas sector.
We have been encouraged by the progress made in our Oil &
Gas Division both from an organisational perspective and sales
strategy resulting in generating new opportunities and targeting
new markets but remain cautious considering the continuing downturn
in the global oil field services industry.
I am confident that the changes that are implemented and those
that we envisage to implement in 2016 will result in a more focused
company which now has a more efficient platform on which to grow. I
have confidence in the newly appointed executive team and look
forward to supporting them, along with my non-executive colleagues
Andreas Drenthen and Bill McCall.
Finally, I would like to thank Nigel Sandy for his role as
Chairman in the last three years. In a period of adversity for the
Group, Nigel has consistently supported executive management in
finding ways to improve the Group and I believe this helped in
preparing the Group to deliver value for its shareholders in the
near future.
Berend van Straten
Chairman
Executive Directors' statement
Looking back at 2015, two distinctly different sentiments
remain. On the one hand, we were forced to take considerable
measures to improve and simplify our organisational structure, with
the objective to better grasp business opportunities and quickly
return to profitability. On the other hand, we have seen several
opportunities, for which we have the required technical expertise,
in each of our Maritime, Oil & Gas and Engineering sectors. We
are satisfied with the improvements we have seen in 2015 and early
2016 in each location but remain cautious in respect of the outlook
for 2016 and beyond and the potential for a continued low oil price
to have an adverse effect on offshore activities. Additionally,
besides looking at growth opportunities, we will continue to
examine the operational changes needed to improve our overall
performance.
Overview of Financial Performance 2015 - Continuing
Operations
Our consolidated financial performance in 2015 was disappointing
compared to what we set out to achieve. However, we have made
significant progress in reducing cost, and improving the
organisational efficiency of the Group such that, when we consider
the ongoing activities of the Group in the absence of such costs
and discontinued operations, the performance is more encouraging
and allows for greater optimism for the future.
As the Board is committed to a plan to sell NPRF Gibraltar, as
required by IFRS 5 "Non-current assets held for sale and
discontinued operations", all asset and liabilities, revenue and
cost relating to NPRF Gibraltar have been accounted for as held for
sale and/or from discontinued operations.
The Group generated sales from continuing operations of
GBP16.27m with a related Loss Before Tax (LBT) of GBP2.41m. This
loss includes GBP1.74m of both trading and non-trading incidentals
related to the restructuring of the Group, of which GBP1.00m are
non-cash items. Of those incidentals GBP0.69m relates to assets and
liabilities that originated in prior years. The trading LBT of the
Group is GBP1.21m and includes trading incidental items of GBP0.54m
so that the Group has a "clean" trading LBT of GBP0.67m.
Furthermore, after deducting losses from other discontinued
operations (principally the Engineering Division in Cornwall) and
start-up cost incurred in relation to our Oil & Gas division in
the UK, the pro-forma normalised Profit Before Tax (PBT) is
GBP0.13m. We believe this more accurately represents the financial
performance in 2015 of the activities of the Group that will
continue to contribute to the bottom line in 2016.
Further detail on the Group's underlying financial performance
of continuing operations and incidental cost incurred is set out
later in this statement.
Overview of Financial Performance 2015 - Discontinued
Operations
Our Gibraltar operations, where we ceased all activities in
January 2016, had a difficult year caused by the low oil price, the
lack of treatment capabilities and the operational impact of the
sale of the loss-making M/V Crystalwater in March 2015. NPRF
Gibraltar generated sales of GBP2.06m with a related LBT of
GBP1.51m. Included in Gibraltar LBT are redundancies of GBP0.56m
and a write-off of assets (Goodwill, tanks, cost incurred for
design of facility rebuild, loss on sale of vessels and write-off
of receivables) of GBP1.00m.
Overview of Divisional Performance 2015 Continuing
Operations
Maritime
Overall, the Maritime division generated sales from continuing
operations of GBP11.03m (2014 GBP8.73m) and LBT of GBP0.36m.
Adjusting for incidental items of GBP0.13m the LBT becomes
GBP0.23m.
Our Portuguese Joint Venture operation, which was originally
established to treat the waste from Gibraltar and make use of
Portugal's ability to sell recovered waste oil as a product, also
had a difficult year caused by the lack of volumes from Gibraltar,
limited additional waste from other locations and challenges in the
European waste oil pricing. We are in the process of changing the
operating model for this operation and expect this to be finalised
by Q3 2016.
Rotterdam is the largest of our port services operations and
generated revenue of GBP7.63m in 2015. We collected record high
volumes of 185,000m(3) waste in a very turbulent market supported
by several large one-off projects in the first 6 months of 2015.
However, since July 2015, these large volumes have not been offered
in the Port of Rotterdam and the business gradually moved back to
normal volumes.
The waste oil market in North-West Europe changed significantly
due to the low oil price and as a result of the switch of several
large customers in Germany from waste oil to coal. This led to a
significant oversupply of waste oil, which resulted in higher
discharge cost. On several occasions Nature needed to temporarily
store collected waste in rented barge capacity as our partner
taking the waste oil had no storage capacity, resulting in
significant additional direct cost and lower average gross margins.
Such oversupply of waste oil in North-West Europe continues to put
pressure on storage capacity and we have engaged in discussions
with port authorities, our partners and other stakeholders to find
a solution for this concern.
More positively for us, and also due to the oil price decline,
several competitors reduced their activity in Rotterdam. We have
been able to take advantage of this and have gained market share by
winning several important new agency contracts and adding new
shipping companies to our customer base.
Our operations in the Houston / Corpus Christi region performed
better than in 2014. Sales were 25% higher than in 2014 with the
PBT close to break-even point, compared to an operational loss in
2014. The biggest improvement materialised at the end of the year
due to the mobilisation of our Autoclave. The Autoclave works as a
pressure cooker for United States Department of Agriculture (USDA)
Regulated Waste (garbage) coming from vessels that visited foreign
ports. This process is designed to eradicate any harmful organisms
and thus eliminate the risk of any foreign contamination from waste
coming from vessels travelling internationally. This operation
substantially improved margins as the cost of treating waste
externally was removed.
Oil & Gas
Despite extremely challenging market conditions throughout the
period, the performance of our Oil & Gas Division improved when
compared to 2014, helped by the sale of a combined CTU/STU set in
Norway in early 2015. Overall, the Oil&Gas Division had sales
of GBP4.99m (2014 GBP4.06m) and LBT of GBP0.25m. Adjusting for
incidental items the LBT becomes a PBT of GBP0.66m. During the year
we executed projects in Canada, restarted our project in Tanzania
and finally got the Brazil project moving again after a long period
of start-up challenges.
Our core team in Stavanger has, over the last few years,
developed and built a unique modular and containerised waste
treatment facility which can be placed on offshore drilling or
production facilities, reducing the need for waste shipments to
shore and thus lowering operator costs and environmental exposure.
With more stringent environmental rules and increased operations in
remote and ecological sensitive areas we continue to see this as a
promising proposition for IOCs and rig owners.
We have made significant changes to the Oil & Gas team. In
September of last year, we hired a Commercial Director in the
Netherlands who has recently taken over the role of Managing
Director for the division. We also changed the sales team in Norway
and added a sales role in Aberdeen, which we see as a crucial
location in Europe. With the new leads generated and further
opportunities identified in this division in the last few months,
we are pleased with the changes made and, more importantly, with
the team that we have today.
During the year we built three more STUs and two CTUs and now
have six complete sets and four individual units (two STUs, one OTU
and one bioreactor), of which in Q2 2016 two complete sets and two
individual units are being operated.
We have broadened our sales focus from rig owners only to
include IOCs. When we target an IOC the potential rental is for
multiple projects as the key decision drivers (cost, environment
and safety) are the same for every project. For rig owners each
contract is different as it is dependant on local negotiated
contracts with IOCs. We organised a successful "yard trial" of our
CTU/STU sets for an IOC in Aberdeen, inviting several other
operators to witness the test and subsequently executed two
successful test runs offshore on rigs located on UK and Dutch
Continental Shelf. Feedback on these tests was positive and we
expect this to be translated into several opportunities.
Accordingly, we are confident that our new Oil & Gas team
and strategy provides cause for optimism in the longer term. Our
services can significantly reduce our customers' offshore waste
treatment cost and support reduction of their environmental
footprint and improvement of safety records, both of which are
likely to be key business drivers for our customers on an ongoing
basis, and we therefore expect to provide opportunities in the
future. We remain more cautious in the short term, however, as
currently these factors are being somewhat tempered by more drastic
solutions, such as the reduced number of active offshore drilling
operations, and this has had an adverse impact on our revenue
generation. Such pressure will remain whilst the Oil & Gas
industry remains as uncertain as it is now.
Engineering
At the end of March 2016 we closed our engineering operations in
Cornwall due to the absence of external projects for our engineers
and the distance to our engineers in the Oil & Gas Division in
Stavanger. Engineering will get a different focus going forward and
as a result cease to exist as a separate division.
Our technical expertise in developing and constructing onshore
waste management facilities is now focused in Stavanger where we
now have a centralised engineering centre of excellence, with an
integrated view on both on- and offshore waste management. Projects
will be executed in either the Oil & Gas Division or in the
Maritime Division.
Nature was awarded a contract in 2013 to supply a Maritime Port
Reception Facility including treatment to the Port of Sohar in
Oman. We are at this moment awaiting final environmental approval
from local authorities and do not foresee this project contributing
to our results before 2017.
Detailed analysis of Pro forma result 2015 - continuing
operations
As stated above, the Group generated sales from continuing
operations of GBP16.27m and a related Loss Before Tax (LBT) of
GBP2.41m, which includes following non-trading incidental
items;
Full LBT (2,412)
---------------------------------------------------
Non-trading One-offs Total cost
-------------------------- -----------------------
SW Restructuring 238
-------------------------- -----------------------
Oil & Gas restructuring 669
-------------------------- -----------------------
FX loss on intergroup
loan 224
-------------------------- -----------------------
Other incidentals 70
-------------------------- -----------------------
Total 1,201
-------------------------- -----------------------
LBT excluding
non-trading incidentals (1,211)
-------------------------- -----------------------
-- South-West restructuring includes loss on the sale of our
vessel the M/V Crystalwater and storage tanks held in stock.
-- The Oil & Gas restructuring cost relate to redundancies
and related legal fees of GBP0.55m and the write-off of an asset
for GBP0.12m.
-- FX-loss on intergroup loans relates mainly to the loan from
Group to the Oil & Gas business in Norway where the GBP-NOK
exchange rate movement led to a higher NOK amount to be paid by the
Norwegian entity than initially accounted for in NOK. The
intergroup loan has been largely repaid and new procedures are
being implemented to manage foreign exchange risks going
forward.
After deducting the non-trading incidental items of GBP1.20m the
Group incurred a trading LBT of GBP1.21m. Included in this loss are
the following incidental trading items;
LBT excluding
non-trading incidentals (1,211)
-------------------------- -----------
Trading One-offs Total Cost
-------------------------- -----------
Receivables write-off 240
-------------------------- -----------
Capitalised engineering
cost 145
-------------------------- -----------
Recruitment fees 69
-------------------------- -----------
Other items 86
-------------------------- -----------
Total 540
-------------------------- -----------
Clean LBT (671)
-------------------------- -----------
-- Receivables write-off relates to receivables in various parts
of the Group that have been expensed as collection remains
uncertain.
-- Capitalised engineering cost relates to work done by the
engineering team on further developing the port reception facility
in Sohar Oman. These capitalised cost have conservatively been
written off as it is at this moment in time unclear when the Sohar
Joint Venture will generate revenues and if these engineering cost
can be recovered.
After deducting the trading incidental items of approximately
GBP0.54m, the Group generated a "clean" LBT of GBP0.67m. When we
exclude operational losses of GBP0.80m, which are set out in the
table below and were incurred in entities in the South-West, Norway
and in the Engineering outfit or as start-up cost of the UK Oil
& Gas entity in Aberdeen, there is a resulting pro-forma
normalised continuing business PBT of GBP0.13m.
Clean LBT (671)
------------------------ -----------
Start Ups/Discontinued Total Cost
Operations
------------------------ -----------
Crystalwater
Navigation Ltd 155
------------------------ -----------
NOG UP Starup 187
------------------------ -----------
SW Operations 96
------------------------ -----------
NL Headquarters 145
------------------------ -----------
Engineering Cornwall 158
------------------------ -----------
NOG Discontinued
Salaries 265
------------------------ -----------
NGTL Cargoes 88
------------------------ -----------
Total 804
------------------------ -----------
PBT Continuing
Operations 133
------------------------ -----------
Cash and Capital Expenditure
During 2015 our cash position deteriorated further from GBP1.08m
at 31 December 2014 to GBP0.53m at 31 December 2015 with a negative
EBITDA of GBP2.51m (which includes GBP0.65m cash restructuring
costs). We intend to obtain third party financing of assets which
were originally funded from the Group's existing cash resources by
entering into asset finance agreements with local banks in the
Netherlands, Norway and Houston.
During 2015 fixed assets were acquired throughout the Group. In
Rotterdam the Group purchased the Hydrovac 12, in Houston we
purchased the Autoclave and in Norway commissioned the build of a
further 2 CTUs and 3 STUs. Proceeds from divestment of fixed assets
totalled GBP1.93m, this includes GBP1.89m for the M/V Crystalwater
which was sold on 11 March 2015.
Outlook
Taking into account the restructuring work done in 2015 and
early 2016 and the adverse market conditions, we are encouraged by
the underlying financial performance of the Group. In our Maritime
Division, both in Rotterdam and Houston, we see opportunities for
new business, both from a geographical as well as a service
perspective. In Rotterdam business is consistent and we see several
opportunities for operational improvements. Also, we are expecting
further growth from the collection of MARPOL Annex V (garbage)
waste. On the Gulf Coast we are looking into starting operations in
Beaumont and Galveston. We are also now providing barging services
operated out of Houston.
We are confident that the repositioning of our Oil & Gas
Division to target IOC's primarily from Aberdeen will pay
dividends, as suggested by our successful "yard trial". The current
uncertainties caused by the low oil price and the effect this will
have on offshore activities and on the waste oil market continue to
have a significant effect on the Group's outlook. However, we
remain confident that we can also leverage the opportunities which
this also provides to reduce our customers' cost and environmental
footprint.
Nature Group is going through a major transformation process but
the Group's vision of safeguarding the health and cleanliness of
our oceans remains unchanged from when we started this journey in
2010. We believe we are turning the corner and are well positioned,
and with more focus, for the growth path we clearly see in the
environmental services industry. Nature Group has a unique position
and the right skillset in the Group to become successful in our
Mission:
Clean Seas - Your Choice, our Mission
Delivering environmentally responsible services is a growing
market and Nature Group is uniquely positioned to ride this wave.
We are excited about our future and believe we have the right team
to make it work.
Lastly, we want to thank Nigel Sandy, our former Chairman for
the last three years, for his relentless support and enthusiasm in
this difficult period. Nigel has been a very hands-on Chairman and
has helped the executive team with the difficult issues we have now
finally tackled.
Jan Vesseur Maarten Smits
CEO CFO
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 December 2015
Unaudited Audited
year year
to to
2015 2014
GBP GBP
Continuing operations
Revenue 16,273,810 14,325,693
Cost of sales (10,963,725) (8,081,016)
------------ -----------
Operating profit 5,310,085 6,244,677
Interest income 5,025 7,018
Other expense (359,990) (74,690)
Share based payments (110,746) -
Administrative costs (6,505,018) (6,286,412)
Depreciation and amortisation (805,173) (1,206,216)
Finance costs (82,295) (129,116)
Gain recognised on disposal of
interest in former subsidiary 136,299 -
------------ -----------
Loss before taxation (2,411,813) (1,444,739)
Income tax expense 131,844 (133,571)
------------ -----------
Loss for the year and total comprehensive
income for the year from continuing
operations (2,279,969) (1,578,310)
------------ -----------
Discontinued operations
Loss for the year and total comprehensive
income for the year from discontinued
operations (1,575,988) (1,378,184)
------------ -----------
Loss for the year and total comprehensive
income for the year (3,855,957) (2,956,494)
============ ===========
Attributable to:
Owners of the parent
Loss for the year from continuing
operations (2,279,969) (1,578,310)
Loss for the year from discontinued
operations (1,575,988) (1,378,184)
------------ -----------
Loss for the year attributable
to owners of the parent (3,855,957) (2,956,494)
Non-controlling interest
Loss for the year from continuing
operations 143,958 114,547
Loss for the year from discontinued - -
operations
------------ -----------
Loss for the year attributable
to owners of the non-controlling
interest 143,958 114,547
------------ -----------
Loss for the year and total comprehensive
income for the year attributed
to owners (3,711,999) (2,841,947)
============ ===========
Earnings per share (pence)
From continuing operations:
Basic (2.876) (1.991)
Diluted (2.810) (1.990)
From discontinued operations:
Basic (1.988) (1.738)
Diluted (1.943) (1.738)
-------------------------------------------------- ------------ -----------
Loss after tax, before share based
payments (3,601,253) (2,841,947)
Excluding share based payments (4.542) (3.585)
-------------------------------------------------- ------------ -----------
CONSOLIDATED BALANCE SHEET
At 31 December 2015
Unaudited Audited
as at as at
2015 2014
GBP GBP
Assets
Non-current assets
Plant, vessels and equipment 5,923,210 7,896,989
Goodwill 907,563 1,188,002
Other intangible assets 139,815 34,627
Investment in associated company 308,446 250
Deferred tax assets 4,222 108,766
------------ ------------
Total non-current assets 7,283,256 9,228,634
------------ ------------
Current assets
Insurance recoveries on 3rd party claims - 6,236,915
Corporate taxes 203,148 110,975
Stocks and work in progress 1,185,630 1,572,657
Trade and other receivables 5,716,738 6,661,676
Cash and cash equivalents 278,369 1,075,581
------------ ------------
7,383,885 15,657,804
Assets classified as held for sale 6,618,693 -
------------ ------------
Total assets 21,285,834 24,886,438
------------ ------------
Liabilities
Current liabilities
Trade and other payables (4,740,419) (4,176,022)
Bank loans and overdrafts (778,989) (1,411,490)
Provision for 3rd party claims - (6,236,915)
------------ ------------
(5,519,408) (11,824,427)
Liabilities directly associated with assets classified as
held for sale (5,398,664) -
------------ ------------
(10,918,072) (11,824,427)
------------ ------------
Non-current liabilities
Term loans (1,964,628) (930,422)
------------ ------------
Net assets 8,403,134 12,131,589
------------ ------------
Equity
Called up share capital 158,561 158,561
Share premium account 21,953,617 21,953,617
Share option reserve 110,746 -
Capital reserve 2,925,520 2,925,520
Foreign currency translation reserve (1,017,848) (969,333)
Profit and loss account (16,002,934) (12,290,936)
------------ ------------
8,127,662 11,777,429
Amounts recognised directly in equity relating to assets classified - -
as held for sale
Equity attributable to owners of the Group 8,127,662 11,777,429
Non-controlling interest 275,472 354,160
------------ ------------
Total equity attributable to equity shareholders 8,403,134 12,131,589
------------ ------------
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 December 2015
Unaudited Audited
year year to
to 2014
Reconciliation of loss before taxation to net cash flow from 2015 GBP
operating activities GBP
Loss for the year before taxation (3,917,766) (2,974,304)
Adjustments for:
Depreciation and amortisation 1,336,428 1,513,315
Decrease/(Increase) in stock 387,027 (1,435,450)
Decrease in debtors 528,820 558,875
Increase in creditors 842,095 360,196
Foreign exchange differences 192,155 (137,545)
Impairment of fixed assets - 74,690
Share based payments 110,746 -
----------- -----------
Net cash flow from operating activities (520,495) (2,040,223)
Investing activities:
Net increase in investments (308,196) -
Acquisition of tangible fixed assets (3,723,465) (806,333)
Acquisition of intangible fixed assets (115,785) (18,114)
Net cash from outflow acquisitions - (488,323)
Proceeds from disposals of fixed assets 3,029,360 857,831
Financing activities:
Dividends paid - (221,986)
Proceeds from bank borrowings 1,088,578 -
Proceeds from investments by non-controlling interest - 157,954
----------- -----------
Decrease in cash balances (550,003) (2,559,194)
=========== ===========
Analysis of cash and cash equivalents during the year:
Balance at start of year 1,075,581 3,634,775
Decrease in cash and cash equivalents (550,003) (2,559,194)
----------- -----------
Balance at end of year 525,578 1,075,581
=========== ===========
Notes to the accounts
1. The calculation of earnings per share has been based on the
profit for the period and the average 79,280,655 Ordinary Shares in
issue throughout the period.
2. These unaudited results have been prepared on the basis of
the accounting policies adopted in the accounts to 31 December
2015.
3. The statutory accounts for the year ended 31 December 2015
will be sent to shareholders of the Company by 8(th) of June 2016
and will be delivered to the Registrar of Companies following the
Group's Annual General Meeting, which will be held on 29 June 2016.
The report and accounts will also be available on the Group's web
site: www.ngrp.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAFSKAALKEAF
(END) Dow Jones Newswires
May 27, 2016 02:00 ET (06:00 GMT)
Nature Grp (LSE:NGR)
Historical Stock Chart
From Apr 2024 to May 2024
Nature Grp (LSE:NGR)
Historical Stock Chart
From May 2023 to May 2024