(VIR.L) Viridas PLC Buy/Sell

RNS Number : 8839Z Viridas PLC 30 September 2009

Viridas PLC

Interim results for the six months ended 30 June 2009

CHAIRMAN'S STATEMENT

Our Future - Jatropha, a dedicated sustainable energy crop - Owner managers of plantations in Brazil.

OPERATIONAL REVIEW

Group operating loss for the half year ended 30th June 2009 amounted to £231,322 (31st August 2008 £252,498)

These figures relate to the costs incurred maintaining the AIM listing, the personnel associated with the development of the jatropha project, and the costs related to the extended time frame of the fund raising.

A retained loss of £217,936 (31st August 2008 £282,661) has been transferred to reserves. Net assets at the half year end stood at £136,841(31st August 2008 £709,176).

FUND RAISING

As highlighted in my statement for the period ended 31st December 2008, the year 2009 was designated as the year we would embark on the third stage of our five stage strategic plan, subject to the raising of further funds. Accordingly, during the period in question much time and effort has been dedicated to such a fund raising. The financial climate has been less than helpful, and the whole process has taken far longer and required far more human and financial resource than we had originally anticipated. However, the Group is currently in discussions with a number of potential investors regarding the necessary funding to progress the Jatropha project, and the directors are optimistic, based on those discussions, that funding will be made available.

A successful share placing will provide Viridas with additional working capital, enable the company to deliver against the third stage of its business plan, and to take advantage of the significant opportunities currently available in the European Transport Fuel and Electricity Generating Markets. Viridas believe the additional funds would enable the company to achieve a significant advantage in the growing and development of jatropha curcas as a dedicated energy crop, produced for the supply of sustainable, certifiable crude jatropha oil and jatropha biomass to the European energy market.

THE NEXT STAGE

The third stage of Viridas' business plan is to acquire and plant a 250 hectares base farm, in the state of Bahia, in Brazil, to act as a platform from which to launch the fourth stage of Viridas jatropha project, the roll out of 30,000 hectares of commercial jatropha plantation. The objectives of the base farm are five-fold:

1] The establishment of an essential nursery for the production of the company's own seedlings to be used for the planting out of the base farm and subsequent Hectares needed for the industrial production of jatropha.

2] To acquire on an "on going" basis representative data and "know how" relevant to the large scale planting, pruning and general agronomical husbandry of industrial jatropha growing.

3] To establish a training ground for the staff and employees that will be necessary to run the commercial plantations.

4] To establish a hub for the garaging and up keep of the farm machinery that will be needed on a rotational basis on the farms.

5] To establish a laboratory for the on-going research and development of jatropha plant sciences, jatropha agronomy, crushing, pelletisation and small scale esterification to produce biofuel for Viridas' own transportation needs, and small scale co-generation for Viridas' own energy needs.

PROSPECTS

Driven by Ecological, Geo-Political and Economic considerations the next decades will provide significant opportunities to supply the Road Transport Fuel market and the Electricity Generating Industry with sustainable renewable energy from dedicated energy crops. Viridas intend to avail themselves of those opportunities.

Over the past few years much hard work has gone into repositioning the group, organising the raising of additional funds and developing the company's jatropha strategy. We now look forward to the exciting prospect of realising the next stage of our project, and creating the world's leading jatropha producer.

S.J.Wootliff

Chairman

30th September 2009

Enquiries:

Stanley Wootliff Chairman, Viridas plc 0113 2350632

Matthew Robinson FinnCap 0207 600 1658

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED

30 JUNE 2009

Unaudited Unaudited Audited
6 months 6 months Period ended
ended ended 31 December
30 June 31 August 2008

£ £ £
Revenue - 2,275,660 -
Operating loss (231,322) (252,498) (439,857)
Finance income 700 7,048 5,972
Finance expense (2,061) (11,411) (18,000)
Loss before taxation (232,683) (256,861) (451,885)
Taxation 14,747 (25,800) -
Loss for the period from (217,936) (282,661) (451,885)

continuing operations

Loss for the period from - - (170,232)

discontinued operations

Loss for the period (217,936) (282,661) (622,117)

Loss per share
Basic and diluted continuing (0.89p) (1.16p) (1.86p)

operations
Basic and diluted discontinued - - (0.69p)

operations
Total basic and diluted (0.89p) (1.16p) (2.55p)
Dividend per share - - -

Change of year end

The Company's year end was changed to 31 December at the end of 2008. Accordingly the comparative interim information relates to the six months ended 31 August 2008.

Discontinued Operations

Following a strategic review of the business all previous activities have been ceased and the Directors are now focusing on the Jatropha business.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2009

Unaudited Unaudited Audited
6 months 6 months Period ended
ended ended 31 December
30 June 31 August 2008

£ £ £
Loss for the period (217,936) (282,661) (622,117)
Total recognised income and (217,936) (282,661) (622,117)

expense for the period

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2009

Unaudited Unaudited Audited
6 months 6 months Period ended
ended ended 31 December
30 June 31 August 2008

£ £ £

Non-current assets
Property, plant and equipment 2,127 44,832 3,679
Total non-current assets 2,127 44,832 3,679

Current assets
Inventories - 570,962 -
Trade and other receivables 35,104 768,184 277,973
Cash and cash equivalents 387,336 857,596 1,083,792
Total current assets 422,440 2,196,742 1,361,765
Total assets 424,567 2,241,574 1,365,444

Current liabilities
Trade and other payables 157,720 792,507 193,444
Current tax payable 68,390 20,700 49,809
Obligations under finance - 5,368 3,220

leases
Bank loans - 2,528 384
Bank overdraft 61,616 711,295 712,614
Total current liabilities 287,726 1,532,398 959,471

Non-current liabilities
Obligations under finance - - -

leases
Bank Loans - - -
Deferred tax liability - - -

Total non-current liabilities - - -
Total liabilities 287,726 1,532,398 959,471
Net assets 136,841 709,176 405,973

Share capital 2,435,796 2,435,796 2,435,796
Share premium account 2,007,339 2,007,339 2,007,339
Capital redemption reserve 27,000 27,000 27,000
Translation reserve 118,004 132,947 169,200
Retained deficit (4,451,298) (3,893,906) (4,233,362)
Total equity 136,841 709,176 405,973

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2009

Unaudited Unaudited Audited
6 months 6 months Period ended
ended ended 31 December
30 June 31 August 2008

£ £ £

Cash flows from operating activities

Loss before tax (232,683) (256,861) (550,290)
Depreciation of property, 1,552 5,384 8,299

plant and equipment
Profit on disposal of - - 5,684

property, plant and equipment
Interest receivable (700) (7,048) (5,972)
Interest payable 2,061 11,411 18,000
Decrease in inventories - 397,562 968,524
Decrease/(Increase) in trade 242,869 (80,412) 409,799

and other receivables
Decrease in trade and other (35,724) (119,274) (718,337)

payables
Foreign exchange movement (51,196) 44,854 80,669
(73,821) (4,384) 216,376
Interest paid (2,061) (11,411) (18,000)
Tax refund/(paid) 33,328 (41,390) (58,308)
Net cash from operating (42,554) (57,185) 140,068

activities

Cash flows from investing activities
Interest received 700 7,048 5,972
Purchase of property, plant - (20,899) (341)

and equipment
Sale of property, plant and - - 12,434

equipment
Net cash generated from/(used 700 (13,851) 18,065

in) investing activities

Cash flows from financing activities
Repayment of loans (384) (3,116) (5,260)
Repayment of finance leases (3,220) (3,222) (5,370)
Net cash (used in)/generated (3,604) (6,338) (10,630)

from financing activities

(Decrease)/increase in cash in (45,458) (77,374) 147,503

the period

Cash and cash equivalents at 371,178 223,675 223,675

beginning of period

Cash and cash equivalents at 325,720 146,301 371,178

end of period

NOTES TO THE INTERIM REPORT

1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2008, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 237 (2) of the Companies Act 1985.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2008. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

The financial statements have been prepared on a going concern basis under the historical cost convention. As described in the Chairman's statement the Group is currently in discussions with a number of potential investors regarding the funding to progress the jatropha project, and the Directors are optimistic, based on discussions to date, that funding will be made available.

In the event that funding is not made available, the forecasts prepared by the Directors indicate that the Group has sufficient cash resources to enable it to satisfy the budgeted overhead base until January 2010. Given all former activities have ceased and the Directors will not commit to any future projects or expenditure not reflected in the cash flow forecast until sufficient funding is secured, the Directors are of the view that they can satisfy all remaining overhead costs from existing cash resources.

The Directors therefore believe that the going concern basis is appropriate for the preparation of the financial statements as they are in a position to meet all its liabilities as they fall due.

2. The calculation of basic and diluted earnings per share is based on the loss for the period of £217,936 (2008: loss £282,661) and a weighted average number of ordinary shares of 24,357,956 (2008: 24,357,956).

3. No interim dividend will be paid.

4. Copies of the interim report can be obtained from: The Company Secretary, Viridas P.L.C., 647, Roundhay Road, Leeds LS8 4BA and are available to view and download from the Company's website : www.viridasplc.com

This information is provided by RNS The company news service from the London Stock Exchange

IR EALNNASDNEFE

RNS Number : 2306W Viridas PLC 24 July 2009

Viridas plc ("Viridas")

Viridas is pleased to announce a change of name for its German subsidiary to Viridas GmbH. It is intended that Viridas GmbH will provide Viridas with a platform in Germany for the sale of crude jatropha oil and jatropha biomass into the largest biodiesel and power generating market in Europe.

In the UK, Viridas is in discussions with three leading UK Power Generation Companies regarding a potential strategic jatropha biomass development and off take agreement.

Biomass for power generation is a co-product of the jatropha oil production process, five tonnes of biomass being produced for each tonne of oil.

As announced at the AGM on 30 June 2009, Viridas remains optimistic about the prospects of securing funding for stage three of its jatropha project.

Stanley Wootliff Chairman, Viridas plc 0113 2350632

Matthew Robinson FinnCap 0207 600 1658

Notes to Editors:

Recent UK legislation set out fiscal incentives and penalties for the electricity generating industry regarding the use of sustainable biomass. Historically one of the main barriers to widespread use of biomass for power generation has been the absence of reliable feedstock availability, both quantity and quality. Viridas's large production of biomass as a co-product from its jatropha oil production is therefore very attractive to power generators who wish to have an assured supply of feedstock before committing to the building of large dedicated biomass generating plants.

This information is provided by RNS The company news service from the London Stock Exchange

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