TIDMNAND
RNS Number : 3726A
Nandan Cleantec plc
29 March 2012
29 March 2012
The following amendment has been made to the announcement
released earlier today at 07:00am under RNS No 2996A:
Under the details for the Honorable High Court Order and
subsequent re-hearing, the date has been amended to 15 March 2012
and 21 March 2012 respectively.
All other details remain unchanged.
The full amended text is shown below.
29 March 2012
Nandan Cleantec plc
("Nandan Cleantec," "Nandan" or the "Company")
Maiden Interim Results for the period ended 31 December 2011
Nandan Cleantec plc (LSE AIM: NAND), a scaled vertically
integrated biofuel producer, announces maiden unaudited results for
the period ended 31 December 2011.
The Company began trading as a public limited company on 9
November 2011 and as a consequence, the trading results of the
Group should only be included in the results of the Company for
this seven week period. The Company believes reporting this seven
week period would not give an accurate picture of the trading
activities of the Group. Therefore the Company has decided to
report on the Group's trading over the six months to 31 December
2011 to allow users of the financial information to gain a better
understanding of the underlying performance of the business. The
figures are consolidated on the basis that Nandan Cleantec Ltd and
Xtraa Cleancities Ltd are wholly owned subsidiaries. Nandan
Cleantec plc currently owns 51 per cent. of these companies and is
taking the necessary steps to acquire the remaining 49% stake of
both Nandan Cleantec Limited and Xtraa Cleancities Limited, India
from existing shareholders. This is consistent with the
presentation made in the admission document.
Key Highlights
-- Successful AIM IPO in November 2011, raising GBP16.1 million before expenses
-- Strong trading performance since flotation
o Total revenue of INR 2,663 million (equivalent to GBP33.15
million at current exchange rates)
o EBITDA of INR. 119.16 million (equivalent to GBP1.483 million
at current exchange rates)
o Strong balance sheet with net cash of INR 311.26 million
(equivalent to GBP3.87 million at current exchange rates)
-- Good initial progress toward key operational targets
o Integration of businesses on track with benefits starting to
come through
o Operations opened in Rwanda to establish planned Nursery
Production Centers (NPC)
o Seven LoI's signed to explore collaboration opportunities in
Africa
-- Demand continues to grow for alternative energy sources
o Solid trends and outlook evidenced for Global energy
o Current trading remains in line with the vision of the
company
o Good organic growth supported by encouraging new business
pipeline
Commenting on the results Srinivas Prasad Moturi, Executive
Chairman of Nandan Cleantec plc said:
"We are pleased to announce Nandan's maiden interim results
following the Company's successful flotation on AIM in November
last year. As the world looks to diversify its energy supply, we
have a strategic plan to build a new leading player in the biofuel
market. The capital secured at the time of our flotation supports
our growth plans and we have clear expansion criteria to deliver on
our strategy.
Whilst it is still early days, I believe that the our strong,
profitable and proven business model, coupled with our planned
geographic expansion will create a solid base on which we can
continue to extend the scope and capabilities of our business in
the months and years ahead. Our current trading indications are in
line with the vision of the Company and our new business pipeline
remains encouraging."
For further information please contact:
Nandan Cleantec plc
Srinivas Prasad Moturi +91 40 6550 7799
Arden Partners plc
Steve Douglas / Jamie Cameron +44 (0)20 7614 5917
FTI Consulting
Matt Dixon / Emma Appleton +44 (0)20 7831 3113
About Nandan Cleantec plc
Nandan Cleantec plc is a scaled vertically integrated biofuel
producer. It has developed a number of revenue streams geared
towards the ultimate provision of commercially refined biofuel
derived from Jatropha plants or other suitable feedstocks.
The Company's current activities are concentrated in India and
include innovative plant breeding and genetic improvement of
Jatropha, a 275,000 MT per annum biofuel processing plant which
sells biodiesel to end customers and a Jatropha feedstock
plantation base of approximately 70,000 ha. In addition, the
Company has initiated activities in India, Africa and Southeast
Asia in order to further develop its land bank.
Nandan's strategy is to maximise the potential of its position
as a pioneer in Jatropha biofuel sciences. This will involve
exploiting the Company's position as a market leader in the Indian
biofuel industry.
www.ncp.uk.com
Chairman's Statement
Introduction
I am very pleased to announce our maiden interim results
following the Company's successful admission to AIM in November
2011. In the few short months since our flotation, we have not only
delivered a strong financial performance, but also made good early
progress towards some of the key operational objectives we set for
Nandan as a public company.
Company and aims
Nandan is a scaled vertically integrated biofuel producer. It
has developed a number of revenue streams geared towards the
ultimate provision of commercially refined biofuel derived from
Jatropha plants or other suitable feedstocks.
Jatropha is an oilseed plant which can be used for a variety of
non-edible purposes and is regarded as a sustainable crop as it
grows on marginal, scrub land which is unsuitable for arable
purposes. The plant has several attractive properties including its
hardiness, rapid growth, easy propagation. Nandan has control of
the value chain throughout the life cycle of the Jatropha crop,
from developing hybrids and cultivating hybrids to seed oil
extraction, oil refining and subsequent sale.
Nandan's strategy, simply put, is to maximise the potential of
its position as a pioneer in Jatropha biofuel sciences. This
involves exploiting the Group's position as a market leader in the
Indian biofuel industry to ensure that it continues to lead the
industry and deliver good returns. Expansion into new markets
outside of India; the development and continuous yield improvements
of the Company's Jatropha hybrids; and the development of Jatropha
cultivation more broadly are each key elements of that strategy. I
am pleased that we have made some good, early progress in these
areas in our first months as a public company.
Progress against strategy
Our flotation on the London Stock Exchange's Alternative
Investment Market (AIM) on 9 November 2011 allowed us to secure
GBP16.1 million of funds to support our growth strategy. During the
period we have begun to work toward that strategy, successfully
expanding into new markets, in particular, Southeast Asia and
Africa; increasing our market share in existing markets; and
expanding our capabilities through further joint ventures and
associations.
Nandan has signed seven Letters of Intent to explore potential
collaboration for development of Bio-energy plantations in African
countries (Malawi, Angola, Nigeria, Ivory Coast, DR Congo) in the
2nd India-Africa Economic Mission organised by the International
Crops Research Institute for the Semi-Arid Tropics (ICRISAT) and
the Brussels-based EMRC International.
Of particular note, and to allow the Group to honor its
commitment to expand its activities outside of India, the Group
established operations during the period in Rwanda. This important
new outpost enables us to further expand our land-bank and offers
another opportunity for us to break in to new markets. Also in
Indonesia, the Group is establishing a Nursery Production Centre
(NPC), Seed Garden, Jatropha Information Centre (JIC) and 1,000 ha
Captive cultivation in joint venture with PT Waterland
International.
The Company also continues to focus on its R&D capabilities,
further developing its existing strong portfolio of Intellectual
Property Rights in the Jatropha field. During the period, the
Company has filed three new patent applications, both in India and
internationally in Geneva, each of which has helped to further
entrench Nandan's position and reputation as an international
innovator in this sector.
The Group has continued to expand rapidly by strengthening its
feedstock base. In the 2011 monsoon season the Group planted
approximately 20,000 hectares of Jatropha through contract farming
in India. Furthermore, in the 2011 harvest season, 50,000 MT of
Jatropha seeds have been harvested from existing plantations of
which the Company has procured approximately 20,000 MT to date and
has made arrangements for the procurement of the balance of the
seed material from the franchisees and farmers for conversion into
crude Jatropha oil (CJO).
During the period under review the pricing of bio fuel feedstock
has been volatile. Management has strategically leveraged this
volatility and the fluctuating demand for bio fuels to its
advantage, by generating revenues from trading in crude palm oil.
Going further, the Company expects to recognise the benefit of its
own CJO processed at its own Processing unit, further helping to
mitigate the volatility risks inherent in raw material prices.
Financial Performance
-- Total revenue of INR 2,663 million (equivalent to GBP33.15
million at current exchange rates)
-- EBITDA of INR. 119.16 million (equivalent to GBP1.483 million at current exchange rates)
-- The Company also continues to generate good levels of cash
and, as at 31st December 2011, had net cash of INR 311.26 million
(equivalent to GBP3.87 million at current exchange rates)
Since November 2011, the Company has applied the net IPO
proceeds into the areas set out at the time of IPO. Specifically
these have been invested into increasing the plantation acreage
available to the Group, investing in Nursery Production Centers and
Expelling units, discharging the high cost working capital debt
facilities and investing into the working capital requirements of
the Group.
Group Structure
Nandan Cleantec plc controls the trading businesses of the
Group; being Nandan Cleantec Limited and Xtraa Cleancities Limited.
After the date of the Company's admission to AIM on 9(th) November
2011, the Company had acquired a 51% stake each both Nandan
Cleantec Limtied and Xtraa Cleancities Limited, India.
In line with the structure plan set out in the Admission
Document, the Company is taking the necessary steps to acquire the
remaining 49% stake of both Nandan Cleantec Limited and Xtraa
Cleancities Limited, India from existing shareholders. The Group
expects to complete this procedure and the necessary approval
formalities by the end of this fiscal year (30 June 2012).
Potential Liability
In March 2010, Xtraa Cleancities Limited, a producer, importer
and exporter of Biodiesel, located in a Special Economic Zone (SEZ)
exported out of India 25,000 MT of material after obtaining the
Generalised System of Preferences (GSP) Forms from the SEZ
authorities. The Indian authorities are currently claiming that
these GSP forms were obtained without meeting the eligibility
criteria and the concerned jurisdictional authority has
subsequently levied a penalty of INR 663m (approximately GBP8.25
million at current exchange rates) on the Company on the grounds
that the said GSP forms did not meet the eligibility criteria.
The Company has filed an appeal to the Appellate Committee,
Ministry of Commerce and subsequently the Company has filed a Writ
petition with the Honorable High Court of Delhi for Justice on the
orders issued by the Appellate Committee. On the 15 March 2012, the
Honorable High Court set aside the orders issued by the Appellate
Committee and recommended that the Appellate Committee re-hear the
matter. The matter was re-heard by the Appellate Committee on 21
March 2012 and the outcome of the order is awaited. The Company's
legal counsel is confident that the resulting legal decisions will
be favorable to the Company and an update will be given to
Shareholders in due course.
Dividend
The Board does not intend to declare a dividend at this stage as
it seeks to invest and deliver on its growth strategy.
Outlook
Nandan operates in attractive markets. With the global market
size of biofuels continuing to increase, the outlook for the use of
Jatropha as a sustainable solution looks promising. In 2011 the
Global market size of Biofuels reached $83 billion, up from $56.4
billion the prior year, and is projected to grow to $139 billion by
2021(1) . To capitalise on this, Nandan intends to build and
further develop relationships with its commercial and Joint Venture
Partners in order to expand its footprint in the biofuels market.
In order to achieve its short and medium term objectives, the
Company will need to raise further capital to develop further
plantations and processing capacity.
We are pleased with the progress we have made since our IPO.
Current trading indications are in line with the vision of the
Company and our new business pipeline remains encouraging. The
Board therefore remains confident about the prospects for
developing Nandan Cleantec business as a pioneer in Jatropha and
looks forward to the next stage of its development in 2012 and
beyond.
(1)
http://www.cleanedge.com/reports/clean-energy-trends-2012
Nandan Cleantec Plc
Consolidated Statement of Financial as at 31 December 2011
Nandan Cleantec Plc
Consolidated financial statements
(All amounts in INR unless otherwise
stated)
Statement of financial position
---------------------------------------- --------------
31-Dec-2011
---------------------------------------- --------------
Assets
Non-current
Intangible assets 160,191,147
Property,plant and equipment 1,584,779,276
Other long term financial assets 291,467,950
--------------
2,036,438,373
--------------
Current
Biological assets 208,807,127
Inventories 1,035,884,011
Trade and other receivables 1,683,106,934
Other short term financial assets 95,858,998
Current tax assets 13,884,247
Cash and cash equivalents 311,255,915
--------------
3,348,797,232
--------------
Total assets 5,385,235,605
--------------
Equity and liabilities
Equity
Equity attributable to owners:
Share capital 7,945,794
Share premium 1,634,064,935
Capital reserve 5,000,000
Revaluation reserve 32,085,058
Translation reserve 59,108,043
Retained earnings 262,744,285
--------------
2,000,948,115
Non controlling interest 1,210,373,239
--------------
Total equity 3,211,321,354
--------------
Liabilities
Non-current
Pension and other employee obligations 2,259,111
Borrowings 414,989,947
Trade and other payables 22,016,869
Deferred tax liabilities 133,663,639
--------------
572,929,566
--------------
Current
Trade and other payables 1,582,978,835
Borrowings 14,581,977
Current tax liabilities -
Other liabilities 3,423,873
--------------
1,600,984,685
--------------
Total liabilities 2,173,914,251
--------------
Total equity and liabilities 5,385,235,605
--------------
Nandan Cleantec Plc
Consolidated Statement of Comprehensive Income for the six
months period ended on 31 December 2011
Statement of comprehensive income
31-Dec-11
------------------------------------------------ ----------------
Revenue 2,663,298,390
Other income 12,123,183
Change in inventories 48,974,883
Costs of material (2,522,805,837)
Employee benefit expense (22,392,420)
Depreciation and amortisation of non-financial
assets (44,705,286)
Other expenses (60,042,577)
Loss on disposal of subsidiary -
Operating profit 74,450,336
Finance costs (57,959,349)
Finance income -
Profit before tax 16,490,987
Income tax expense (5,360,539)
Profit for the year 11,130,448
================
Profit for the year attributable to:
Non-controlling interest 10,104,345
Owners of the parent 1,026,103
11,130,448
----------------
Other comprehensive income
Earnings per share
Basic earnings per share INR 0.00410
----------------
Diluted earnings per share INR 0.00398
Statement of Cash Flows
Particulars Amount in INR
------------------------------------------------------ --------------
Cash flow from operating activities
Profit before Tax (PBT) 16,490,987
Depreciation 44,705,286
Interest Received (3,973,047)
Interest paid 57,959,349
Changes in working capital (899,440,205)
Taxes Paid (5,360,539)
Net cash used for operating activities (789,618,169)
--------------
Cash flow from investing activities
Purchase of Property,Plant & Equipment (176,930,977)
Interest Received 3,973,047
Net cash used in investing activities (172,957,930)
--------------
Cash flow from Financing Activities
New Loans in period 76,881,937
Contribution from promoters 1,206,086,589
Interest paid (57,959,349)
Net cash generated from financing activities 1,225,009,177
--------------
Net increase/(decrease) in cash and cash equivalents 262,433,078
Cash at beginning of period 48,822,837
Cash and cash equivalents as at end of period 311,255,915
--------------
STATEMENT OF CHANGES IN EQUITY
----------------------------------------------------------------------------------- ------------ -------------- ---------------- --------------
31 Dec 2011
----------------------------------------------------------------------------------------------------------------------------------
Total
attributable
Share Capital Revaluation Translation Retained to owners Non-controlling
capital Share premium reserve reserve reserve earnings of parent interest Total equity
--------------- ---------- -------------- ---------- ------------ ------------ ------------ -------------- ---------------- --------------
Balance as at
1 July
2011 3,701,639 -70,791 -37,252 3,593,596 3,593,596
Issue of
Shares 4,244,155 1,634,064,935 5,000,000 32,085,058 - 261,755,434 1,937,149,582 1,200,268,894 3,137,418,476
Transactions
with
owners 4,244,155 1,634,064,935 5,000,000 32,085,058 - 261,755,434 1,937,149,582 1,200,268,894 3,137,418,476
---------- -------------- ---------- ------------ ------------ ------------ -------------- ---------------- --------------
Profit for the
year - - - - - 1,026,103 1,026,103 10,104,345 11,130,448
- -
Other
comprehensive
income: - -
Revaluation of
land - - - - - - - -
Deferred tax
liability
on revaluation
of
land - -
Minority
interest
on revaluation
of
land - - -
Exchange
differences
on
translating
foreign
operations - - - - 59,178,834 - 59,178,834 59,178,834
-
Total
comprehensive
income for
the year - - - - 59,178,834 1,026,103 60,204,937 10,104,345 70,309,282
---------- -------------- ---------- ------------ ------------ ------------ -------------- ---------------- --------------
Balance as at
31
December 2011 7,945,794 1,634,064,935 5,000,000 32,085,058 59,108,043 262,744,285 2,000,948,115 1,210,373,239 3,211,321,354
---------- -------------- ---------- ------------ ------------ ------------ -------------- ---------------- --------------
Notes to the Unaudited Interim Financial Statements for the Six
Months Ended 31 December 2011
1. Corporate information
1.1. Statement of compliance with IFRS
The financial information of Nandan has been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
1.2. General information
Nandan is the Group's ultimate parent company and is domiciled
in the UK. The address of Nandan's registered office and its
principal place of business is 4th Floor, Heron House, 4 Bentinck
Street, London United Kingdom - W1U 2EF.
2. Summary of significant accounting policies
2.1. Presentation of financial information
The consolidated financial information is presented in
accordance with IAS 1 Presentation of Financial Statements (Revised
2007).
The IFRS financial information has been prepared and presented
for a period of six months up to 31(st) December 2011.
2.2. Basis of preparation
The financial information has been prepared on a historical cost
basis. The financial information has been prepared under "IFRS" as
adopted by the "EU".
The financial information has been presented in Indian Rupee
(INR), which is the presentation currency of the Company.
The financial information has been prepared on going concern
basis which assumes the Company will have sufficient funds to
continue its operational existence for the foreseeable future. As
the Company forecasts it will be able to meet its repayment
obligations, and that sufficient funds will be available to
continue with the projects development and operations, the Company
has assumed the going concern basis of preparation for this
financial information is appropriate.
2.3. Basis of consolidation
The consolidated financial information incorporates the
financial information of Nandan Cleantec plc and its subsidiaries
for the six month period ended 31(st) December 2011.
A subsidiary is defined as an entity controlled by the Group.
Control is achieved where the Group has the power to govern the
financial and operating policies of an entity so as to obtain
benefits from its activities. Subsidiaries are fully consolidated
from the date of acquisition, being the date on which control is
acquired by the group, and continue to be consolidated until the
date that such control ceases.
All intra-group balances, income and expenses and any resulting
unrealized gains arising from intra-group transactions are
eliminated in full on consolidation.
Non-controlling interests in subsidiaries are identified
separately from the group's equity therein. The interests of
non-controlling shareholders may be initially measured at the
non-controlling interests' proportionate share of the fair value of
the acquiree's identifiable net assets.
Changes in the group's interests in subsidiaries that do not
result in a loss of control are accounted for as equity
transactions. The carrying amounts of the group's interests and the
non-controlling interests are adjusted to reflect the changes in
their relative interests in the subsidiaries.
3. Equity
Share capital
31 December 2011
------------------------------------------------------- -----------------
Issued and fully paid up
* 276,839,222 ordinary shares of GBP 0.0002 each 55,367.84
------------------------------------------------------- -----------------
The share capital of the Company comprises only of fully paid
ordinary shares of GBP 0.0002 each. All shares are equally eligible
to receive dividends and the repayment of capital and represent one
vote at the shareholders' meeting.
During the year the Company has raised GBP 16.1 million by
placing 26,834,222 new ordinary shares at 60 pence per. These
shares were admitted to trading on the Alternative Investment
Market part of the London Stock Exchange. The difference between
the total consideration and the nominal share capital value of
GBP5,366.84 has been credited to the share premium account, less
costs of the issue expenses. The Share capital of the Company
immediately following Admission stood at GBP55,367.84.
4. Consolidation
The Company has a controlling stake of 51% of Nandan Cleantec
Limited and Xtraa Clean cities Limited, India. The Company has
consolidated the financial results of both the companies and a
minority interest attributable to remaining 49% has been shown as
the Minority Interest in the Consolidated Comprehensive Income
Statement and Financial Position statements.
5. Earnings per share
The calculation of basic and diluted earning per share is based
upon the earnings attributable to the equity shareholders of the
Company of INR 1,026,103 and the weighted average number of
ordinary shares of 257,630,025 in issue during the period. Basic
Earnings per share is INR 0.00410 and Diluted Earnings per shares
is INR 0.00398 per share.
6. Dividend
No dividends were paid or are proposed in respect of the period
ended 31(st) December, 2011.
7. Copy of half yearly report
A copy of the half yearly report will be available on the
Company's website www.ncp.uk.com and will be available from the
Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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