REG - Symphony Environment - Preliminary results
30/03/2022 07:00
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RNS Number : 4732G Symphony Environmental Tech. PLC 30 March 2022
30 March 2022
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Preliminary results
Symphony Environmental Technologies Plc (AIM:SYM) global specialists in
technologies that make plastic and rubber products "smarter, safer and
sustainable", is pleased to announce its preliminary results for the year
ended 31 December 2021.
Financial highlights:
· Group revenues £9.16 million (2020: £9.77 million), lower
principally due to £0.50 million of product missing year end shipping cut-off
· Revenue mix
2021 2020
d2w Masterbatch £7.19 million £7.27 million
d2p Masterbatch £0.45 million £0.47 million
Finished Products £1.40 million £1.80 million
Other £0.12 million £0.23 million
· R&D spend expensed and/or capitalised £0.66 million (2020:
£0.60 million)
· Gross profit £3.59 million (2020: £4.11 million)
· Reported loss before tax £1.53 million (2020: £0.44 million)
· Basic loss per share 0.81p (2020: 0.19p)
· Cash used in operations £0.60 million (2020: £1.44 million)
Business highlights:
d2p Technologies
· US FDA further approval for antibacterial plastic technology with
greater loading and wider film use in bread packaging
· Canadian Health approval obtained for antibacterial bread
packaging films
· Meditech nitrile glove manufacturing, marketing and distribution
agreements
· Antimicrobial ten-minute Coronavirus kill rate achieved
· Substantial progress in many product areas including an increase in
customer trials and product-tests currently underway.
· Significant potential sales identified in many of the current
pipeline projects
Corporate
· Major Expansion with Joint Venture into India with Indorama
Corporation - completed in February 2022
· Investment continues in the sales team, and new Head of Innovation
appointed to accelerate the commercialisation of the Group's growing portfolio
of new and highly innovative products
· Several patent applications filed to protect our IP as many new
products reach commercialisation
· Small Caps Award: ESG Company of the Year
Chairman's Statement
2021 was a year of contrasting results. These financial results do not reflect
the transformational effort and success that was achieved in many of our high
value development projects that are mainly customer led. We had expected these
material changes to positively impact 2021 but repeated and unpredictable
lockdowns created logistical and resource difficulties, which delayed the
commencement of some large and valuable projects. However, with the
vaccination programmes being rolled out around the world, we now anticipate
many of these projects will advance to commercialisation much faster, which
will start to have a transformational effect on the business.
The progress in customer driven development projects, many of which are
significant both from a revenue perspective, but crucially also underpin long
term relationships, provide the Group with real optimism that substantial
revenue growth in the short and longer term will be achieved.
Group revenues for the year ended 31 December 2021 were £9.16 million (2020:
£9.77 million). Further, revenues of £0.50 million missed the year end
cut-off due to shipping congestion and delayed sailings. Of the recognised
revenues for 2021, both d2w and d2p were on a par with the previous year, with
total year-on-year revenue reduction mainly in respect of PPE items such as
gloves with the compliance, sampling and regulatory process taking much longer
than anticipated. Together with congestion and delays, shipping charges were
also high during the period, and this higher cost so far continues in 2022.
The business could maintain sales at approximately £9 million on a
significantly reduced cost base (estimated at £2 million lower); however, the
Board's confidence in the outlook for the Group's products, means we continue
to invest in the Group's infrastructure, staff and R&D so that the
business is able to fully maximise the growth potential for the customers and
markets already secured.
Investment into d2w, our biodegradable technology, continued during the year
with further independent certification to prove biodegradability and no
persistent microplastics on land and oceans, together with specific advocacy
teams that are focussing on several important markets such as Latin America
where the legislation process is moving towards changes in laws that we
believe will encourage the use of d2w type technologies. It is pleasing to see
in this region a positive commercial result from this medium-term investment
strategy that has helped increase volumes by 25% with an indication of further
strengthening going forward. In the Middle East, volumes were consistent
with 2020 which was a good result as local plastic production volumes were
reported to have decreased by more than 50% due to Covid-19 restrictions. We
are also starting to see business return to pre-Covid-19 levels, and very soon
the start of a biodegradable enforcement programme by the Saudi national
standards organisation (which is more easily capable of being enforced
following the cessation of Covid-19 restrictions which have been in place
during the last 2 or so years). This we believe will also have a positive
effect in surrounding countries and further afield.
Sales for d2w have now commenced in India following completion in February
2022 of the agreement in November 2021 to form a joint venture with Indorama
Corporation together with a local manufacturing agreement. This opens an
exciting and large opportunity as the Indian government are taking immediate
steps to control plastics through new regulations that are expected to
encourage the use of compostable and biodegradable products like d2w. We look
forward to providing further updates on this regulation and commercial
progress during 2022.
Investment into the many d2p "Designed to Protect" technologies and products
has continued throughout the year and whilst various programmes have
progressed, the enhancement of the US FDA approval is undoubtedly a
significant milestone upon which we will build our sales. Health Canada adds
to this important food approval process for use in bread packaging, thus
opening two very large potential markets plus other territories which follow
FDA regulations. Although the commercial and sales development process has
been slower than anticipated, it continues to progress satisfactorily.
Long-term sales based upon current negotiations could potentially be a
multiple of the Group's current revenue. Further announcements are expected to
be made in the near term and throughout 2022.
In addition to plastic packaging applications, we continued to advance the
development and regulatory process of a d2p antimicrobial/antiviral nitrile
glove with Meditech. This process is expected to complete during 2022
following which we will start marketing and selling to known customers in the
UK, EU and USA where we have already ongoing negotiations dependent on the
completion of regularity approvals.
I would like to thank the Board, our staff, and distributors for all their
hard work in advancing the business through globally challenging times into a
period where many of our developments become commercial and cash-generative.
The Board continue to be optimistic that the future performance of the Group,
particularly financially will improve materially during 2022 and beyond.
N Clavel
Interim Chairman
Enquiries
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207 5900
Ian Bristow, CFO
www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)
Zeus (Nominated Adviser and Joint Broker)
David Foreman / Kieran Russell / Guy Brinkley (Investment Banking) Tel: +44 (0) 161 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203 829 5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203 764 2341
Chief Executive's Review
The Group continues its investment programmes across several areas each aimed
to stimulate new sales and markets in the short and medium term including
gaining key regulatory and product approvals. Whilst these regulatory
approvals will create access to material sales in both the UK, EU and US, they
also provide a barrier to entry for potential new entrants.
d2p USA FDA & Canadian approved bread-packaging technology
This FDA approval represents the successful completion of an investment and
development programme that started nearly 8 years ago and places the Group in
a unique sales position in a new and valuable market, primarily for the USA
and Canada and applicable in other markets such as Latin America. This, we
anticipate could represent a multiple of our current sales based on continuing
negotiations and a full roll-out throughout these markets and customer product
lines.
The FDA's approval for Symphony's d2p antimicrobial food contact technology
now applies to all types of polyolefin and polyester film for wrapping bread,
instead of just linear low density polythene. Low density polythene and
polypropylene are common packaging materials used in bread, which are both now
included. Symphony's d2p technology is intended to inhibit the growth of
bacteria on the surface of the packaging film and is vital to a very
hygiene-conscious industry. This creates valuable commercial and financial
benefits for our customers.
Customer trials have progressed well in several markets, and we look forward
to providing further positive updates during 2022.
Nitrile disposable gloves made with d2p technology
In August 2021, Symphony entered into four agreements with Meditech to expand
sales in East Asia and globally. Alongside Meditech, Symphony has commenced
upgrading current EU CE certification and US FDA registration. Based upon
advice received, we believe these upgrades will be approved by Q3 2022. It
should be noted however that the corporate agreement with Meditech expired due
to the time required to complete this regulatory work.
Nitrile gloves made with d2p have completed pre-production trials and have
also been successfully tested against ISO Standards for anti-viral and
anti-bacterial performance with kill rates of at least 99.99%. A recent
laboratory test result showed a coronavirus kill rate of 99.99% within ten
minutes.
Further to the work being carried out with Meditech, negotiations are taking
place in the USA (for use in medical facilities such as hospitals and clinics)
and Europe (for large retail distributors in Spain and Italy) for d2p gloves
and other finished products. These discussions are not yet enshrined in
binding agreements, but anticipated volumes would be material to Symphony.
India
In November 2021, Symphony agreed to form a joint venture ("JV") company in
India with Indorama India Private Limited ("Indorama"), a wholly owned
subsidiary of Indorama Corporation Pte. Ltd., ("Indorama Corporation"). The JV
was completed in February 2022, with shares in the JV company, called Symphony
Environmental India Pvt Ltd ("Symphony India"), held as to 46.5% by Symphony,
46.5% by Indorama and 7% by Mr. Arjun Aggarwal, an Indian citizen, who has
been appointed Managing Director of Symphony India.
Sales have already started, with production mainly in India, under licence
from Symphony, being both cost-effective and environmentally friendly.
d2w
We are seeing a positive impact from the advisory and advocacy work being
carried out for our d2w technology in Latin America as well as increasing
enforcement of favourable legislation by the relevant authorities in Saudi
Arabia. In Latin America, sales volume grew by 25% during the year with stable
volumes in the Middle East and East Asia in markets where general demand was
affected by Covid-19.
d2p pipeline
In addition to bread-packaging and gloves, the Group has a developing pipeline
of d2p technologies that include flame retardants, ethylene adsorbers and many
formulation variations of antimicrobial products and masterbatches. Repeat
orders have been received during 2021 for insecticidal and odour adsorption
applications which will be marketed strongly in 2022 together with the Group's
antimicrobial technologies.
Trading results
Group revenue was £9.16 million (2020: £9.77 million) and is analysed in the
table below. Further, revenues of £0.50 million missed the year end cut-off
due to shipping congestion, lack of containers, and delayed sailings. Gross
profit margins decreased slightly to 39.2% (2020: 42.1%) principally due to
increased raw material prices. In addition, there was a stock impairment of
£0.13 million in relation to gloves purchased during the year before pricing
reduced significantly. As a result, gross profit decreased to £3.59 million
from £4.11 million in 2020.
2021 2020
d2w Masterbatch £7.19 million £7.27 million
d2p Masterbatch £0.45 million £0.47 million
Finished Products £1.40 million £1.80 million
Other £0.12 million £0.23 million
Administrative expenses increased to £4.57 million (2020: £4.14 million)
with £0.12 million increase in advisory costs associated with advisory,
legislative, and regulatory situations in the UK, EU and Latin America. These
short-term discretionary costs will continue into 2022, with some costs
expected to fall away during the second half of the year. Staff costs
increased £0.20 million during 2021 following expansion of the sales and
technical departments, including a new head of innovation. Distribution costs
were £0.15 million higher than anticipated due to ongoing global shipping
issues.
The Group expensed R&D costs of £0.49 million in 2021 (2020: £0.60
million). In addition, there were intangible asset development cost additions
of £0.17 million during the year in respect to the Group's d2p bread
technology (2020: £nil). An R&D tax credit of £0.13 million (2020:
£0.11 million) was received during 2021 relating to the previous period. A
further R&D tax credit will be receivable in 2022 with respect to 2021.
The reported operating loss was £1.48 million (2020: £0.39 million) and loss
after tax of £1.41 million (2020: £0.33 million) with basic loss per share
of 0.81 pence (2020: loss per share 0.19 pence).
The Group's primary selling currency is the US Dollar and therefore a strong
dollar against sterling, our reporting currency, is beneficial for the Group.
The Group self-hedges its foreign exchange exposure by purchasing goods where
possible in US Dollars and utilises bank forward currency contract agreements
to minimise exchange risk. As at 31 December 2021, the Group had a net balance
of US Dollar assets (US Dollar cash balances and receivables less overdrafts
and payables) totalling $2.91 million (2020: $1.93 million). To part offset
this, the Group had bank forward currency contracts to sell 1.50 million US
Dollars and receive a fixed amount of sterling as at 31 December 2021 (31
December 2020: 0.75 million US Dollars).
Balance sheet and cash flow
The Group had net cash of £0.20 million as at 31 December 2021 (2020: £0.47
million). The Group used cash of £0.60 million from operations (2020: £1.44
million) primarily as a result of the loss incurred, but mitigated by
favourable movements in receivables and payables. Stock levels increased
substantially during the year and is expected to fall back to previous levels
during the first half of 2022.
During the year, the Group raised net proceeds of £0.75 million by way of a
share placement. The Group also has a £1.5 million invoice finance facility
with HSBC Bank which was not drawn upon as at 31 December 2021 (2020: £1.5
million).
On the basis of current financial projections, including a sensitised cash
flow analysis, together with available funds and facilities, including the
above invoice finance facility with the Group's bankers, the Directors are
satisfied that the Group has adequate resources to fulfil its objectives and
opportunities.
EU action
As previously announced, Symphony commenced a legal action against the
Commission, Parliament and Council of the EU having been advised by three
specialists in EU law that Article 5 of the Directive 2020/904 is
unconstitutional. We are currently waiting for the court to fix a date for an
oral hearing in Luxembourg. This is expected in 2022.
The Defences did not reveal anything unexpected, and Symphony's legal team
remain confident that the EU acted unlawfully in imposing a ban on a material
which they call "oxo-degradable plastic" in Article 5 of the Directive. In
any event, Symphony does not accept that the ban applies to oxo-biodegradable
plastics, which are made by incorporating Symphony's d2w masterbatch into
ordinary plastic, and do not have any of the undesirable characteristics
listed in Recital 15 of the Directive.
Eranova
As announced in October 2020, The Group made an investment representing 1.6%
of the enlarged capital of Eranova SAS (£123,000 including costs) as part of
a €6 million pre-industrial plant project. The pilot plant was completed on
schedule during October 2021 and is operational and processing small volume
commercial orders. We expect further positive developments during 2022.
Ukraine
The Board is deeply concerned with events in Ukraine and hopes for a speedy
and amicable conclusion to the current horrific situation. Symphony has no
business ties with Russia and whilst we have not seen any further increase to
our raw material costs, these events may impact future raw material costs as
most of the Group's products are derivatives of oil and gas.
Covid-19
In the latter part of the year, Covid-19 started to affect some of our markets
which resulted in trials being delayed, together with erratic and sometimes
reduced demand.
Other than the above, the effects to Group operations and finances have been
minimal, while the focus on hygiene has enhanced interest in our d2p range.
There is still the possibility of disruption to operations (customer or
supplier disruption) or finances (customer bad debt or ability of customers or
suppliers to carry on trading). The Group uses multiple supply sources and
continues in the main to credit-insure receivables, or to do business on a
letter of credit or proforma basis.
Current trading and outlook
Current trade has started to improve following a slow start to the year, and
as set out above, tangible progress is continuing to be made with our pipeline
of development projects. Many of these are customer led, providing the Board
with confidence that Symphony's financial performance will be much stronger in
2022 and beyond. We currently continue to work with high shipping costs and
potential delays. Some raw material costs have reduced so far in 2022, but
this again may become affected by the current global uncertainties.
d2p USA FDA & Canadian approved bread-packaging technology
Customer led trials in commercial environments continue for this innovative
d2p technology and small commercial sales have started, with growing volumes
expected in Q2 2022. Further updates will be made in due course.
Our technical teams and representatives are active in Canada, USA, Latin
America, the Middle East, Pakistan, and South Africa. These markets have shown
strong interest in using our d2p technology if the local trials confirm the
expected positive results. The sales volumes would be potentially large and
transformative for our business.
Nitrile disposable gloves made with d2p technology
Regulatory application process has started, and if approved as expected, will
allow the marketing and negotiations to start and complete for sales in the
UK, EU and the US by Q3 2022. Based on current and ongoing communications with
several key customers and distributors, the Board are confident that upon
regulatory approval being received, the Group will be able to generate
immediate and material revenues from the sale of d2p enhanced nitrile gloves
and d2p additives for glove production into these significant markets.
d2p pipeline
In addition to antimicrobial bread packaging and gloves, this pipeline, which
covers a global geographic market, has a number of exciting opportunities
expected to complete during Q2 2022 and throughout the rest of the year.
d2w
The d2w brand has been improved to reflect that our technology is
biodegradable leaving no microplastics or eco-toxicity. This brand improvement
is being well received in key markets such as Latin America and India where
considerable confusion had been caused by the EU action in relation to
oxo-degradable plastics. These are not the same as oxo-biodegradable plastics,
and both are defined by the EU CEN (European Committee for Standardisation) in
TR15351.
We have continued to strengthen our Middle East operational infrastructure
with local manufacturing being planned for the second half of 2022 to support
a significant increase in volumes. This is a strategy that we are also using
in India where we are beginning to see increasing interest and sales. In both
the Middle East and India, demand for a low cost, non-disruptive biodegradable
option, supported by legislation changes and enforcement thereof is expected
to materially increase sales in those regions and potentially further afield
as well.
Whilst many of our current deals have taken longer to close than expected,
several are now finally nearing closure. Individually, each are material to
the business but collectively would be transformational. We have strengthened
the sales and technical teams to match the maturing business, reducing the
reliance on the executive management team, and now look forward to building
from this stronger base in creating a highly profitable company with low
capital expenditure requirements, and a valuable portfolio of environmental
and health benefitting products.
M Laurier
Chief Executive
Consolidated statement of comprehensive income
for the year ended 31 December 2021
2021 2020
Note £'000 £'000
Revenue 4 9,161 9,766
Cost of sales (5,569) (5,658)
Gross profit 3,592 4,108
Distribution costs (500) (364)
Administrative expenses (4,571) (4,136)
Operating loss 5 (1,479) (392)
Finance costs 7 (54) (45)
(1,533) (437)
Loss for the year before tax
Taxation 8 127 109
(1,406) (328)
Loss for the year
Total comprehensive loss for the year (1,406) (328)
Basic earnings per share 9 (0.81)p (0.19)p
Diluted earnings per share 9 (0.81)p (0.19)p
All results are attributable to the parent company equity holders. There were
no discontinued operations for either of the above periods.
Consolidated statement of financial position
as at 31 December 2021
2021 2020
Note £'000 £'000
ASSETS
Non-current
Property, plant and equipment 10 171 166
Right-of-use assets 11 548 510
Intangible assets 12 260 45
Investments 13 123 123
1,102 844
Current
Inventories 14 1,316 1,060
Trade and other receivables 15 3,146 3,614
Cash and cash equivalents 16 881 1,388
5,343
6,062
6,445 6,906
Total assets
EQUITY AND LIABILITIES
Equity
Equity attributable to shareholders of
Symphony Environmental Technologies plc
Ordinary shares 17 1,793 1,768
Share premium 17 3,910 3,185
Retained earnings 17 (2,231) (865)
3,472 4,088
Total equity
Liabilities
Non-current
Lease liabilities 18 338 381
Current
Lease liabilities 18 167 128
Borrowings 18 677 918
Trade and other payables 19 1,791 1,391
2,635 2,437
2,973 2,818
Total liabilities
Total equity and liabilities 6,445 6,906
Consolidated statement of changes in equity
for the year ended 31 December 2021
Equity attributable to the equity holders of Symphony Environmental
Technologies plc:
Share Share premium Retained Total
capital earnings equity
£'000 £'000 £'000 £'000
For the year to 31 December 2021
Balance at 1 January 2021 1,768 3,185 (865) 4,088
Share based options (note 17) - - 40 40
Issue of share capital (note 17) 25 725 - 750
Transactions with owners 25 725 40 790
Total comprehensive loss for the year
- - (1,406) (1,406)
Balance at 31 December 2021 1,793 3,910 (2,231) 3,472
For the year to 31 December 2020
Balance at 1 January 2020 1,700 2,077 (537) 3,240
Issue of share capital (note17) 68 1,108 - 1,176
Transactions with owners 68 1,108 - 1,176
Total comprehensive loss for the year
- - (328) (328)
Balance at 31 December 2020 1,768 3,185 (865) 4,088
Consolidated cash flow statement
for the year ended 31 December 2021
2021 2020
£'000 £'000
Cash flows from operating activities
Loss after tax (1,406) (328)
Adjustments for:
Depreciation 223 185
Amortisation 12 18
Profit on disposal of tangible assets - (67)
Share-based payments 40 -
Foreign exchange 25 37
Interest expense 46 45
Tax credit (127) (109)
Changes in working capital:
Movement in inventories (256) (178)
Movement in trade and other receivables 453 (1,346)
Movement in trade and other payables 389 301
Net cash used in operations (601) (1,442)
R&D tax credit 127 109
(474) (1,333)
Net cash used in operating activities
Cash flows from investing activities
Additions to property, plant and equipment (54) (36)
Additions to right of use asset (17)
Additions to intangible assets (227) (21)
Additions to investments - (123)
Proceeds from sale of property, plant and equipment - 97
Net cash used in investing activities (298) (83)
Cash flows from financing activities
Repayment of lease capital (198) (123)
Proceeds from share issue 750 1,176
Lease interest paid (29) (27)
Bank and invoice finance interest paid (17) (18)
Net cash generated in financing activities 506 1,008
Net change in cash and cash equivalents (266) (408)
Cash and cash equivalents, beginning of year 470 878
204 470
Cash and cash equivalents, end of year
Represented by:
Cash and cash equivalents (note 16) 881 1,388
Bank overdraft (note 18) (677) (918)
204
470
Notes to the Annual Report and Accounts
1 General information
Symphony Environmental Technologies plc ('the Company') and subsidiaries
(together 'the Group') develops and supplies environmental plastic additives
and masterbatches, together with plastic and rubber finished products to a
global market.
The Company, a public limited company, is the Group's ultimate parent company.
It is incorporated and domiciled in England (Company number 03676824). The
address of its registered office is 6 Elstree Gate, Elstree Way, Borehamwood,
Hertfordshire, WD6 1JD, England. The Company's shares are listed on the AIM
market of the London Stock Exchange.
2 Basis of preparation and significant accounting
policies
Basis of preparation
The financial information set out in this report does not constitute the
Company's statutory annual report and accounts for the years ended 31 December
2021 or 2020 but is derived from the 2021 annual report and accounts.
Statutory accounts for 2020 have been delivered to the Registrar of
Companies and those for 2021 will be delivered to the Registrar of Companies
following the Annual General Meeting. The auditor has reported on the
financial statements for the year ended 31 December 2021; its report was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying the report and
(iii) did not contain a statement under section 498(2) or section 498(3) of
the Companies Act 2006.
This consolidated annual report and accounts has been prepared in accordance
with UK-adopted international accounting standards in conformity with the
requirements of the Companies Act 2006.
These consolidated annual report and accounts have been prepared under the
historical cost convention except for investments and derivative financial
instruments that are measured at fair value. Financial information is
presented in pounds sterling unless otherwise stated, and amounts are
expressed in thousands (£'000) and rounded accordingly.
Changes to accounting policies during the year are detailed in 'Standards and
interpretations adopted during the year' further in this note.
Consolidation
This consolidated annual report and accounts are made up to 31 December 2021.
All intra-group transactions, balances and unrealised gains on transactions
between group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred. Where necessary, adjustments are made to the annual
report and accounts of subsidiaries to bring the accounting policies used into
line with those used by other members of the Group.
Going concern
The Group has made an operating loss of £1.48 million for the year (2020:
loss £0.39 million). The Group has invested heavily on marginal costs to
drive its operations on a technical and marketing standpoint. This has
resulted in multiple sales opportunities which are expected to come to
fruition in the short-term.
Covid-19, Brexit, climate change and the current Russian invasion of Ukraine
have been considered resulting in two areas that may potentially impacting on
the business, being raw material cost and foreign exchange rates. Although raw
material costs could increase, and foreign exchange rates become more
volatile, the Group does not see this having any critical impact on financial
performance over the ensuing 12 months. The Group does not have any current
direct business with Russia or Ukraine.
On the basis of current financial projections derived from this, which have
been drawn out to the end of 2023, including a sensitised cash flow analysis,
together with available funds and facilities, including an invoice finance
facility with the Group's bankers, the Directors are satisfied that the Group
has adequate resources to continue in operational existence for at least 12
months from the date of approval of the financial statements, and accordingly,
continue to adopt the going concern basis in preparing the Group and Company
financial statements.
The projections include expected growth in key d2w markets, the main areas
being Latin America and the Middle East, together with some of the imminent
d2p prospects which are expected to commercialise. This was then revenue
sensitised by 20%. The main Group costs incurred and projected are marginal
and tie in to closely to respective projects and markets.
Revenue
- Plastic additives and finished products, and associated products
Revenue is stated at the fair value of the consideration receivable and
excludes VAT and trade discounts.
The Group's revenue is from the sale of goods. Revenue from the sale of
goods is recognised in conformity to IFRS 15 following the 5 step approach.
This has been detailed below:
· Identification of the contract - Due to the nature of the goods
sold, the Group effectively approves an implied contract with a customer when
it accepts a purchase order from the customer.
· Identification of the separate performance obligations in the
contract - The Group must fulfil the following obligations, which are agreed
on acceptance of the purchase order:
- To make the goods available for dispatch on the required date;
- To organise freight in accordance with agreed INCOTERMs (a
series of pre-defined commercial terms published by the International Chamber
of Commerce).
· Determine the transaction price of the contract - The transaction
price is determined as the fair value of the consideration the Group expects
to receive on transfer of the goods. The price of the sale includes the goods
price and the cost of the transport, if applicable.
· Allocation of the transaction price to the performance
obligations identified - Sales prices are agreed with each customer and are
not generally a fixed price per unit. The transport price will also vary
across sales as it is based on quotes received from the Group's freight
agents, as transport is charged at cost. Although the Group is effectively an
agent in the provision of transport rather than the principal under IFRS 15,
the transport cost is insignificant in the context of the overall sale price
and therefore it is not netted out of revenue and cost;
· Recognition of revenue when each performance obligation is
satisfied - Provided that the goods have been made available for dispatch on
the required date, this performance obligation has been fulfilled and the
revenue for this performance obligation is therefore recognised at this date.
In respect to the freight element, the agreed INCOTERMs need to be satisfied.
At this point, the Group recognises the revenue for this separate performance
obligation.
Intangible assets
- Research and development costs
Expenditure on research (or the research phase of an internal project) is
recognised as an expense in the period in which it is incurred. Development
costs incurred on specific projects are capitalised when all the following
conditions are satisfied:
· completion of the intangible asset is technically feasible so
that it will be available for use or sale;
· the Group intends to complete the intangible asset and use or
sell it;
· the Group has the ability to use or sell the intangible asset;
and
· the intangible asset will generate probable future economic
benefits.
Among other things, this requires that there is a market for the output from
the intangible asset or for the intangible asset itself, or, if it is to be
used internally, the asset will be used in generating such benefits:
· there are adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
· the expenditure attributable to the intangible asset during its
development can be measured reliably.
Development costs not meeting the criteria for capitalisation are expensed as
incurred.
The cost of an internally generated intangible asset comprises all directly
attributable costs necessary to create, produce, and prepare the asset to be
capable of operating in the manner intended by management. The nature of the
Group's activities in the field of development work renders some internally
generated intangible assets unable to meet the above criteria at present.
Amortisation commences upon completion of the asset and is shown within
administrative expenses and is included at the following rate:
Plastic masterbatches and other additives - 10 years straight line.
Judgements and estimates made by the Directors when deciding whether the
recognition requirements for development costs have been met are included in
note 3. All amounts disclosed within note 12 in development costs relate to
plastic masterbatches and other additives.
- Trademarks
Trademarks represent the cost of registration and are carried at cost less
amortisation. Amortisation is calculated so as to write off the cost of an
asset, less its estimated residual value, to administrative expenses over the
useful economic life of that asset as follows:
Trademarks -
10 years straight line.
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any
provision for impairment. The cost comprises of the purchase price of the
asset plus directly attributable costs.
Depreciation is calculated so as to write off the cost of an asset, less its
estimated residual value, to administrative expenses over the useful economic
life of that asset as follows:
Plant and machinery - 20% reducing
balance.
Fixtures and fittings - 10%
straight line.
Motor vehicles
- 25% reducing balance.
Office equipment - 25%
straight line.
The residual value and useful economic lives are reconsidered annually.
Impairment testing of intangible assets and property, plant and equipment
All individual assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of fair value, reflecting market conditions less costs to sell, and value in
use based on an internal discounted cash flow evaluation. All assets are
subsequently reassessed for indications that an impairment loss previously
recognised may no longer exist. Any impairment is recognised within expenses
in the statement of comprehensive income.
Leased assets
A lease is defined as 'a contract, or part of a contract, that conveys the
right to use an asset (the underlying asset) for a period of time in exchange
for consideration'. To apply this definition three key evaluations are
assessed:
• whether the contract contains an identified asset, which is
either explicitly identified in the contract or implicitly specified by being
identified at the time the asset is made available to the Group
• whether the Group has the right to obtain substantially all of
the economic benefits from use of the identified asset throughout the period
of use, considering its rights within the defined scope of the contract
• whether the Group has the right to direct the use of the
identified asset throughout the period of use. The Group assess whether it has
the right to direct 'how and for what purpose' the asset is used throughout
the period of use.
A right-of-use asset and a lease liability is recognised on the balance sheet
at the lease commencement date. The right-of-use asset is measured at cost,
which is made up of the initial measurement of the lease liability, any
initial direct costs incurred, an estimate of any costs to dismantle and
remove the asset at the end of the lease, and any lease payments made in
advance of the lease commencement date (net of any incentives received).
Right-of-use assets are depreciated on a straight-line basis from the lease
commencement date to the earlier of the end of the useful life of the
right-of-use asset or the end of the lease term. Impairment is assessed when
such indicators exist.
The lease liability is measured on commencement of the lease at the present
value of the lease payments unpaid at that date, discounted using the Group's
incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up
of fixed payments included in the lease agreement and together with any
in-substance fixed payments.
Subsequent to initial measurement, the liability will be reduced for payments
made and increased for interest. It is remeasured to reflect any reassessment
or modification, or if there are changes in in-substance fixed payments.
When the lease liability is remeasured, the corresponding adjustment is
reflected in the right-of-use asset, or profit and loss if the right-of-use
asset is already reduced to zero.
Investments
Minority investments in shares are held at fair value using level 3 inputs per
the IFRS 13 fair value hierarchy.
Inventories
Inventories are valued at the lower of cost and net realisable value, after
making due allowance for obsolete and slow moving items. Cost is determined on
the basis of purchase value plus all directly attributable costs of bringing
the inventory to the current location and condition, on a first-in first-out
basis.
Employee costs
- Employee compensation
Employee benefits are recognised as an expense.
- Post employment obligations
The Group operates a defined contribution pension scheme for employees. The
assets of the scheme are held separately from those of the Group. The pension
costs charged against profits are the contributions payable to the scheme in
respect of the accounting period.
Taxation
Current tax is the tax currently payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary
differences. Deferred tax is generally provided on the difference between
the carrying amounts of assets and liabilities and their tax bases. Tax losses
available to be carried forward as well as other income tax credits to the
Group are assessed for recognition as deferred tax assets, insofar as Group
companies are entitled to UK tax credits on qualifying research and
development expenditure, such amounts are presented in the income tax line
within the statement of comprehensive income.
Deferred tax liabilities are provided in full, with no discounting. Deferred
tax assets are recognised to the extent that it is probable that the
underlying deductible temporary differences will be able to be offset against
future taxable income. Current and deferred tax assets and liabilities are
calculated at tax rates that are expected to apply to their respective period
of realisation, provided they are enacted or substantively enacted at the
balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of
tax expense in profit or loss, except where they either relate to items that
are charged or credited directly to equity in which case the related deferred
tax is also charged or credited directly to equity, or where they relate to
items charged or credited in other comprehensive income the deferred tax
change is recognised in other comprehensive income.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into
Sterling at the rates of exchange ruling at the statement of financial
position date. Transactions in foreign currencies are translated into Sterling
at the rate of exchange ruling at the date of the transaction. Exchange
differences are taken into account in arriving at the operating result. The
Group uses derivatives such as forward rate agreements to mitigate its current
or future positions against foreign exchange rate risks. These derivatives are
measured at fair value, determined by reference to observable market prices at
the reporting date.
Financial assets
The Group classifies all of its financial assets measured at amortised cost,
apart from investments and derivatives which are measured at fair value
through profit and loss. Financial assets do not comprise prepayments.
Management determines the classification of its financial assets at initial
recognition.
These assets arise principally from the provision of goods and services to
customers (e.g. trade receivables), but also incorporate other types of
financial assets where the objective is to hold their assets in order to
collect contractual cash flows and the contractual cash flows are solely
payments of the principal and interest. They are initially recognised at fair
value plus transaction costs that are directly attributable to their
acquisition or issue and are subsequently carried at amortised cost using the
effective interest rate method, less provision for impairment.
Impairment provisions are recognised based on the simplified approach within
IFRS 9 using the lifetime expected credit losses. During this process the
probability of the non-payment of the trade receivables is assessed. This
probability is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the trade
receivables. The Group considers a financial asset in default when it is
unlikely to receive the outstanding contractual amounts in full. For trade
receivables, which are reported net; such provisions are recorded in a
separate provision account with the loss being recognised within
administrative expenses in the consolidated statement of comprehensive income.
On confirmation that the trade receivable will not be collectable, the gross
carrying value of the asset is written off against the associated provision.
The Group's financial assets held at amortised cost comprise trade and other
receivables and cash and cash equivalents in the consolidated statement of
financial position.
The Group has an invoice financing facility whereby it transfers the rights to
the cash flows from the related receivables to a third party but retains the
credit risk by providing a guarantee. As the Group does not transfer
substantially all the risks and rewards of the receivables, no derecognition
of financial assets is required.
- Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and other short-term, highly
liquid deposits that are readily convertible into known amounts of cash and
which are subject to an insignificant risk of changes in value.
Financial liabilities
The Group classifies its financial liabilities in the category of financial
liabilities at amortised cost. All financial liabilities are recognised in
the statement of financial position when the Group becomes a party to the
contractual provision of the instrument.
Financial liabilities measured at amortised cost include:
· Trade payables and other short-dated monetary liabilities, which
are initially recognised at fair value and subsequently carried at amortised
cost using the effective interest rate method.
· Bank and other borrowings are initially recognised at fair value
net of any transaction costs directly attributable to the issue of the
instrument. Such interest-bearing liabilities are subsequently measured at
amortised cost using the effective interest rate method, which ensures that
any interest expense over the period to repayment is at a constant rate on the
balance of the liability carried in the consolidated statement of financial
position. For the purposes of each financial liability, interest expense
includes initial transaction costs and any premium payable on redemption, as
well as any interest or coupon payable while the liability is outstanding.
Unless otherwise indicated, the carrying values of the Group's financial
liabilities measured at amortised cost represents a reasonable approximation
of their fair values.
Equity settled share-based payments
All goods and services received in exchange for the grant of any share-based
payment are measured at their fair values. Where employees and third parties
are rewarded using share-based payments, the fair values of the instrument
granted are determined using the Black-Scholes model. This fair value is
appraised at the grant date. For employees, the fair value is charged to the
statement of comprehensive income between the date of issue and the date the
share options vest with a corresponding credit taken to equity. For third
parties the fair value is charged over the length of services received.
Equity
Equity comprises the following:
· "Share capital" represents the nominal value of equity shares;
· "Share premium" represents the excess over nominal value of the
fair value of consideration received for equity shares, net of expenses of the
share issue and after capital reduction; and
· "Retained earnings" represents non-distributed but distributable
reserves.
Standards and interpretations adopted during the year
At the date of authorisation of these annual report and accounts, certain new
standards, amendments and interpretations to existing standards became
effective, as they had not been previously adopted by the Group.
Information on new standards, amendments and interpretations that are relevant
to the Group's annual report and accounts is provided below. Certain other new
standards and interpretations have been issued but are not expected to have a
material impact on the Group's annual report and accounts.
Other new effective Standards and interpretations with no material impact to
the Group
The following new and amended standards became effective during the current
year and have not had a material impact on the Group's/Company's financial
statements:
· IFRS 9 Financial Instruments, IAS 39 Financial Instruments:
Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4
Insurance contracts and IFRS 16 Leases (Amendments): Interest Rate Benchmark
Reform - Phase 2
New and revised UK-adopted international accounting standards in issue but not
yet effective
At the date of authorisation of these financial statements, The Group has not
applied the following new and revised UK-adopted international accounting
standards that have been issued but are not yet effective. The Group does not
expect any of the standards which have been issued, but are not yet effective,
to have a material impact on the Group.
· IAS 16 Property, Plant and Equipment: Amendments in relation to
proceeds before intended use. Effective 1 January 2022
· IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
Amendments in relation to the cost of fulfilling a contract when assessing
onerous contracts. Effective 1 January 2022
· IFRS 3 Business Combinations: Amendments to update references to
the Conceptual Framework. Effective 1 January 2022
· Annual Improvements to IFRSs (2018-2021 cycle). Effective 1
January 2022
· IAS 1 Presentation of Financial Statements: Amendments in
relation to the classification of liabilities as current or non-current.
Effective 1 January 2023
· IFRS 17 Insurance Contracts. Effective 1 January 2023
· IAS 1 Presentation of Financial Statements: Disclosure of
accounting policies. Effective 1 January 2023
· IAS 8 Accounting policies, changes in accounting estimates and
errors (Amendment): Definition of accounting estimates. Effective 1 January
2023
· IAS 12 Income taxes: Deferred tax relating to assets and
liabilities arising from a single transaction. Effective 1 January 2023
Other
The Group does not expect any other standards issued by the IASB, but not yet
effective, to have a material impact on the group.
3 Significant accounting estimates and judgements
Estimates and judgements are evaluated continually and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. Although these estimates
are based on management's best knowledge of current events and actions, actual
results may ultimately differ from those actions. Material changes to the
estimates and judgements made in the preparation of the interim statements are
detailed in the notes.
Estimates:
In preparing these accounts the following areas were considered to involve
significant estimates:
- Recognition of deferred tax assets
Judgements and estimates relating to a deferred tax asset are detailed in
notes 2 and 8. In particular, estimates are made as to future revenues which
derive profit and loss projections. However, management does not consider it
appropriate to recognise a deferred tax asset where there is uncertainty over
the amount of future profits. The unrecognised deferred tax asset as at 31
December 2021 was approximately £4,013,000.
- Share-based payments
Estimates and related judgements in respect to share-based payment charges are
detailed in note 17. Estimates are made on the fair value of the option using
the Black-Scholes model. Changes to these estimates would not have a material
impact on the Group's statement of comprehensive income. The carrying amount
of share options as at 31 December 2021 was £128,000.
- Investments
Estimates and judgements are made as to the carrying value of Investments
based on the status of the investment against expectations and the
forward-looking prospects. The Eranova SAS project is currently on schedule
with the pre-industrial plant completed during October 2021. Forward prospects
are encouraging, and the Board currently consider that the fair value is
consistent with cost while the project considers the next phase. The carrying
value of investments as at 31 December 2021 was £123,000. See note 13.
- Inventory provisions
Estimates are made as to impairment provisions to the carrying value of
inventories based whether the items are still saleable, and also the expected
net value that can be achieved on sale. The impairment provision for 2021
includes a 50% reduction in certain glove carrying values due to a sharp fall
in prices during the latter part of 2021. The resultant value was calculated
based on net proceeds fairly achievable over the short to medium term). There
is a provision of £26,000 for the impairment of inventories as at 31 December
2021. See note 14.
- Expected credit losses (ECLs)
Trade receivables are reflected net of an estimated provision for impairment
losses. In line with IFRS 9, the Group uses an expected credit loss model to
determine the provision for doubtful debts and also specific provisions for
balances for which it has specific concerns over recoverability. The expected
credit loss model involves segmenting debtors into groups and applying
specific percentages to each of the debtor groupings. The Group has considered
the profile of its debtor balance and has determined that a grouping based on
credit terms and aging is considered the most appropriate. In addition,
forward looking information has been used in the assessment and conclusion of
ECLs in line with the model.
Higher percentages are applied the longer the term with the customer and the
older the debt with the customer, with the view that there is a greater risk
of unforeseen circumstances arising the further away the settlement date. See
note 15 for further information. At the year end, the Group has provisions of
£35,000 (2020: £18,000) on a total trade receivables balance of £2,608,000
(2020: £2,398,000) calculated using this method.
Judgements:
In preparing these accounts the following areas were considered to involve
significant judgements:
- Functional currency
A significant proportion of the revenues generated by entities within the
group are denominated in United States Dollars (USD). The functional currency
of the Company and of all individual entities within the Group has been
determined to be Sterling. Identification of functional currencies requires a
judgement as to the currency of the primary economic environment in which the
companies of the Group operate. This is based on analysis of the economic
environment and cash flows of the subsidiaries of the Group, which has
determined, based upon the currency of funding and operating costs, that the
functional currency continues to be Sterling.
- Development costs
Judgements by the Directors are applied when deciding whether the recognition
requirements for development costs have been met. In capitalising these costs,
judgements are made relating to ongoing feasibility and commerciality of
products being developed. In making these judgements, cash flow forecasts are
used, and these include significant estimates in respect to sales forecasts
and future economic feasibility. See note 12.
4 Segmental information and revenue analysis
The Board has reviewed the requirements of IFRS 8 "Operating Segments",
including consideration of what results and information the Board reviews
regularly to assess performance and allocate resources, and concluded that all
revenue falls under a single business segment. The Board assesses the
commercial performance of the business based upon the revenues of the main
products items within its single business segment as follows:
2021 2020
£'000 £'000
Revenues:
d2w additives 7,191 7,268
d2p additives 447 466
Finished products 1,401 1,796
Other 122 236
Total 9,161 9,766
The revenues of the Group are divided in the following geographical areas:
Geographical area 2021 2020
£'000 £'000
UK 541 468
Europe 1,490 2,193
North America 227 203
Central and South America 3,289 2,820
Middle East 2,476 2,767
Asia 1,138 1,315
Total 9,161 9,766
Revenues attributable to the above geographical areas are made on the basis of
final destination of the customer to which the goods are sold. The
geographical areas above are what the Company considers to be key markets. All
revenue is of the same nature, timing and uncertainty and so the Directors
have not provided a further disaggregation of the revenue beyond the
geographical and product analysis provided above. Credits are made to revenue
on agreement of a dispute. Payments are made by customers either before or
after satisfaction of performance obligations depending on the credit risk
associated with the customer. Payments made before satisfaction of performance
obligations are disclosed as a liability in accounts payable in the financial
statements. If the satisfaction of performance obligations is made before
payment, then the value is included in accounts receivable until extinguished
by the payment.
Products are sold based on quality criteria, and the Group warrants
performance of its products after appropriate tests and trials are undertaken.
Refunds are given or products are replaced if there is a failure within the
product quality assured by Symphony, or its agreed performance.
Non-current assets of £14,000 are held outside of the UK (2020: £20,000).
Major customers
There were two customers that each accounted for greater than 10% of total
Group revenues for 2021 (2020: one customer). In 2021 the two customers
accounted for £2,477,000 or 27% (2020: £2,553,000 and one customer being
26%) of total group revenues. The Group promotes its products through a global
network of distributors and aims to generate revenues from as many sources as
practicable.
5 Operating loss
The operating loss is stated after charging:
2021 2020
£'000 £'000
Depreciation - property, plant and equipment 49 58
Depreciation - right-of-use assets 174 127
Amortisation 12 18
Profit on disposal of property, plant and equipment - (67)
Research and development 494 600
expenditure*
Fees payable to the Company's auditor:
Audit related services:
Audit of the annual report and accounts 25 19
Audit of the annual report and accounts of the Company's subsidiaries 30 20
Net foreign exchange loss/(gain) 41 (74)
* Further development expenditure of £166,000 (2020: £nil) is included in
Development cost additions - see note 12.
6 Directors and employees
Staff costs (including directors) during the year comprise:
2021 2020
£'000 £'000
Wages and salaries 1,836 1,660
Social security costs 264 284
Pension contributions 130 97
2,230 2,041
Average monthly number of people (including directors) by activity:
2021 2020
R&D, testing and technical 10 8
Selling 9 8
Administration 13 12
Management 6 6
Marketing 3 3
Total average headcount 41 37
Remuneration in respect of the Directors, who are also the key management, was
as follows:
2021 2020
£'000 £'000
Emoluments (all short term) 567 561
There were no Directors' pension contributions made during the year (2020:
£nil).
The Directors are considered to be the key management personnel of the Group.
Further details on Directors' remuneration and share options are set out in
the Remuneration Committee Report.
Remuneration in respect to the highest paid director was as follows:
2021 2020
£'000 £'000
Highest paid director 215 213
7 Finance costs
2021 2020
£'000 £'000
Interest expense:
Bank and invoice finance borrowings 25 18
Lease interest (right-of-use assets) 29 27
Total and net finance costs 54 45
8 Taxation
2021 2020
£'000 £'000
R&D tax credit 127 109
Total income tax credit 127 109
No tax arises on the loss for the year.
The tax assessed for the year is different from the standard rate of
corporation tax in the UK of 19% (2020: 19%).The differences are explained as
follows:
2021 2020
£'000 £'000
Loss for the year before tax (1,533) (437)
Tax calculated by rate of tax on the result
Effective rate for year at 19% (2020: 19%) (291) (83)
Expenses not deductible for tax purposes 15 (23)
Expenses not taxable - 3
R&D tax relief (89) (94)
Difference between capital allowances and depreciation 208 31
Surrender of tax losses for R&D tax credit refund 37 39
R&D tax credit not yet recognised 120 127
R&D tax credit in respect of previous periods (127) (109)
Total income tax credit (127) (109)
Symphony Environmental Limited continues to undertake research and development
work which results in a research and development tax credit being made
repayable to the company by HMRC in exchange for tax losses surrendered by the
company at a tax rate of 14.5%. As in prior years, the group has chosen to
recognise such cash tax credits in its financial statements, once the relevant
research and development claim has been accepted and repaid by HMRC. Usually
this is shortly after the submission of the company's tax return. The cash tax
credit of £127,000 shown above relates to a repayment made by HMRC in
relation to the year ended 31 December 2021 (£109,000 relates to the year
ended and 31 December 2020).
In calculating the overall tax charge for the Group for the period, Symphony
Environmental Limited has provisionally included a portion of the anticipated
research and development claim for year ended 31 December 2021 to increase the
trading losses made available for surrender to Symphony Environmental
Technologies Plc as group relief. In doing so, the overall current year tax
charge for the Group for the period has been reduced to £nil. Symphony
Environmental Limited intends to surrender any remaining trading losses, not
claimed as group relief, in exchange for a cash tax credit. The Group expects
to be able to recognise this cash tax credit within next year's financial
statements once this is repaid.
The recognition of the deferred tax asset is based on sensitising management
forecasts to estimate the future taxable profits against which the losses will
be relieved. Judgements have been made in respect to profitability going
forward based upon current sales leads and market receptiveness to anticipated
product launches.
The Group has not recognised a deferred tax asset in respect of losses
available for use against future taxable profits due to uncertainties on
timing. The Group has tax losses of approximately £16,050,000 (2020:
£14,890,000). These tax losses have no expiry date. The unrecognised deferred
tax asset in respect of these losses based on latest profit projections is
approximately £4,013,000 (2020: £2,531,000).
These brought forward losses are subject to the loss restriction rules
introduced on 1 April 2017. Groups with more than £5m taxable profits per
annum will only be able to utilise 50% of their brought forward losses against
taxable profits exceeding the £5m cap. As Symphony does not expect its
taxable profits to exceed £5m in the near to immediate term, it is not
possible to quantify the impact of these changes at this moment in time.
The UK corporation tax rate applicable for the year is 19% (2020: 19%).
On 3 March 2021, the UK government announced that it intended to increase the
main rate of corporation tax to 25% for the financial years beginning 1 April
2023. This new rate was enacted by Finance Act 2021 on 10 June 2021.
The Group also has gross fixed assets of £197,000 (2020: £116,000) which
give rise to a deferred tax liability of £49,000 (2020: £22,000). Other
gross temporary timing differences of £177,000 (2020: £147,000) give rise to
a deferred tax asset of £44,000 (2020: £28,000). The deferred tax liability
of £49,000 (2020: £22,000) is sheltered by the unrecognised deferred tax
asset in respect of losses and temporary timing differences.
The unrecognised deferred tax balances disclosed in the above for 2021 have
been calculated at 25%.
9 Earnings per share and dividends
The calculation of basic earnings per share is based on the loss attributable
to ordinary shareholders divided by the weighted average number of shares in
issue during the year. The calculation of diluted earnings per share is based
on the basic earnings per share, adjusted to allow for the issue of shares on
the assumed conversion of all dilutive options and warrants.
Reconciliations of the profit and weighted average numbers of shares used in
the calculations are set out below:
Basic and diluted
2021 2020
Loss attributable to equity holders of the Company £(1,406,000) £(328,000)
Weighted average number of ordinary shares in issue
172,851,825 172,207,989
Basic earnings per share (0.81) pence (0.19) pence
Dilutive effect of weighted average options and warrants 4,041,984 4,962,878
Total of weighted average shares together with dilutive effect of weighted 172,851,825 172,207,989
options- see below
Diluted earnings per share (0.81) pence (0.19) pence
No dividends were paid for the year ended 31 December 2021 (2020: £nil).
The effect of options and warrants for the years ended 31 December 2021 and 31
December 2020 are anti-dilutive.
A total of 16,441,500 options and warrants were outstanding at the end of the
year which may become dilutive in future years.
10 Property, plant and equipment
Year ended 31 December 2021 Plant & Machinery Fixtures & Fittings Motor Vehicles Office Equipment Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2021 346 304 14 133 797
Additions 41 2 - 11 54
Disposals - (8) (14) (4) (26)
At 31 December 2021 387 298 - 140 825
Depreciation
At 1 January 2021 264 267 14 86 631
Charge for the Year 18 10 - 21 49
Disposals - (8) (14) (4) (26)
At 31 December 2021 282 269 - 103 654
Net Book Value
At 31 December 2021 105 29 - 37 171
At 31 December 2020 82 37 - 47 166
Year ended 31 December 2020 Plant & Machinery Fixtures & Fittings Motor Vehicles Office Equipment Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2020 444 296 31 114 885
Additions - 8 - 28 36
Disposals (98) - (17) (9) (124)
At 31 December 2020 346 304 14 133 797
Depreciation
At 1 January 2020 313 253 26 75 667
Charge for the Year 23 14 2 19 58
Disposals (72) - (14) (8) (94)
At 31 December 2020 264 267 14 86 631
Net Book Value
At 31 December 2020 82 37 - 47 166
At 31 December 2019 131 43 5 39 218
11 Right-of-use assets
Year ended 31 December 2021 Land & buildings Office Equipment Total
£'000 £'000 £'000
Cost
At 1 January 2021 707 56 763
Additions 198 14 212
At 31 December 2021 905 70 975
Depreciation
At 1 January 2021 225 28 253
Charge for the Year 160 14 174
At 31 December 2021 385 42 427
Net Book Value
At 31 December 2021 520 28 548
At 31 December 2020 482 28 510
Right-of-use assets are assets used by the business under operating lease
agreements and accounted for under IFRS 16. The resultant lease liability is
included in borrowings. See note 18.
Year ended 31 December 2020 Land & buildings Office Equipment Total
£'000 £'000 £'000
Cost
At 1 January 2020 707 56 763
At 31 December 2020 707 56 763
Depreciation
At 1 January 2020 112 14 126
Charge for the Year 113 14 127
At 31 December 2020 225 28 253
Net Book Value
At 31 December 2020 482 28 510
At 31 December 2019 595 42 637
12 Intangible assets
Year ended 31 December 2021 Development Trademarks Total
costs
£'000 £'000 £'000
Cost
At 1 January 2021 1,973 64 2,037
Additions 166 61 227
Disposals - (6) (6)
At 31 December 2021 2,139 119 2,258
Amortisation
At 1 January 2021 245 19 264
Charge for the Year - 12 12
Disposals - (6) (6)
At 31 December 2021 245 25 270
Impairment
At 1 January 2021 1,728 - 1,728
At 31 December 2021 1,728 - 1,728
Net Book Value
At 31 December 2021 166 94 260
At 31 December 2020 - 45 45
Development costs are capitalised in accordance with the policy set out in
note 2. Judgements and estimates applied in accordance with this policy are
set out in note 3. Development costs include a net book value of £166,000
(2020: £nil) which have 10 years of amortisation remaining as at 31 December
2021 (2020: nil).
Year ended 31 December 2020 Development Trademarks Total
costs
£'000 £'000 £'000
Cost
At 1 January 2020 1,973 101 2,074
Additions - 21 21
Disposals - (58) (58)
At 31 December 2020 1,973 64 2,037
Amortisation
At 1 January 2020 234 25 259
Charge for the Year 11 7 18
Disposals - (13) (13)
At 31 December 2020 245 19 264
Impairment
At 1 January 2020 1,728 45 1,773
Disposals - (45) (45)
At 31 December 2020 1,728 - 1,728
Net Book Value
At 31 December 2020 - 45 45
At 31 December 2019 11 31 42
13 Investments
The Group holds investment interests in the following minority unlisted
shares.
2021
£'000
Investments held at fair value through profit and loss:
At 1 December 2021 and 31 December 2021 123
Balance at 31 December 2021 123
In October 2020, the Group invested £123,000 (1.6%) into Eranova SAS, a
French company developing products from green algae, as part of a total
€6,000,000 financing to build a pre-industrial plant. The project is
currently on schedule with the pre-industrial plant completed during October
2021. Forward prospects are encouraging, and the Board currently consider that
the fair value is consistent with cost while the project considers the next
phase. There is therefore no impairment as at 31 December 2021.
Since the year end, the Group has invested £46,500 representing 46.5% of
Symphony Environmental India (Private) Limited, a company incorporated in
India.
The Company is parent to the following subsidiary undertakings
Name Country of incorporation Nature of business Proportion of ordinary shares held by parent Proportion of ordinary shares held by the Group
Symphony Environmental Limited England and Wales Development and supply of environmental plastic additives and products 100% 100%
D2W Limited England and Wales Dormant 0% 100%
Symphony Recycling Technologies Limited England and Wales Dormant 100% 100%
Symphony Energy Limited England and Wales Dormant 100% 100%
All of the above subsidiaries are consolidated in the Group annual report and
accounts. The above companies have their registered offices at 6 Elstree Gate,
Elstree Way, Borehamwood, WD6 1JD.
14 Inventories
2021 2020
£'000 £'000
Finished goods and goods for resale 779 554
Raw materials 537 506
1,316 1,060
The cost of inventories recognised as an expense and included in 'cost of
sales' amounted to £4,798,000 (2020: £4,815,000). There is a provision of
£26,000 for the impairment of inventories (2020: £19,000). During the year,
there was a write down of an inventory item by 50% to its net realisable value
of £130,000.
There is no collateral on the above amounts.
15 Trade and other receivables
2021 2020
£'000 £'000
Trade receivables 2,608 2,398
Other receivables 199 589
VAT 82 33
Prepayments 257 594
3,146 3,614
The Directors consider that the carrying value of trade and other receivables
approximates to their fair values.
Symphony Environmental Technologies plc applies the IFRS 9 simplified approach
to measuring expected credit losses (ECL) which uses a lifetime expected loss
allowance for all trade receivables. The ECL balance has been determined based
on historical data available to management such as adherence to payment terms
and length of time to settle payment, in addition to forward looking
information utilising management knowledge such as the anticipated condition
of the market in which its customers operate. Based on the analyses performed,
management expect that all balances will be recovered.
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 120 days and therefore are all classified as current. The
majority of trade and other receivables are non-interest bearing. Where the
effect is material, trade and other receivables are discounted using discount
rates which reflect the relevant costs of financing.
The maximum credit risk exposure at the balance sheet date equates to the
carrying value of trade receivables. Further disclosures are set out in note
22.
Trade receivables are secured against the facilities provided by the Group's
bankers.
Included in trade receivables are debtors which are past due but where no
provision has been made as there has not been a change in the credit
worthiness of these debtors and the amounts are considered recoverable. The
ageing analysis of debt taking into account credit terms is shown below.
Days past due 0 - 30 31-60 61-90 91-120 >120 Total Gross ECL Total Net
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
31 December 2021 2,534 33 29 - 47 2,643 (35) 2,608
31 December 2020 2,284 39 - - 93 2,416 (18) 2,398
The ECL is included within debts past 120 days overdue at 74% for 2021 and 19%
for 2020.
16 Cash and cash equivalents
2021 2020
£'000 £'000
Cash at bank and in hand 881 1,383
Invoice finance facility surplus - 5
881 1,388
The carrying amount of cash equivalents approximates to their fair values.
17 Equity
Group and Company Group
Ordinary shares Ordinary shares Share premium Retained earnings Total
Number £'000 £'000 £'000 £'000
At 1 January 2021 176,751,277 1,768 3,185 (865) 4,088
Issue of share capital 2,500,000 25 725 - 750
Loss for the year - - - (1,406) (1,406)
Share based payments - - - 40 40
At 31 December 2021 179,251,277 1,793 3,910 (2,241) 3,472
At 1 January 2020 170,026,277 1,700 2,077 (537) 3,240
Issue of share capital 6,725,000 68 1,108 - 1,176
Loss for the year - - - (328) (328)
At 31 December 2020 176,751,277 1,768 3,185 (865) 4,088
During the year the Company issued 2,500,000 Ordinary Shares (2020: 6,725,000
ordinary shares) for a net consideration of £750,000 (2020: £1,176,000).
Ordinary shares in the Company carry one vote per share and each share gives
equal rights to dividends and to the distribution of the Company's assets in
the event of liquidation.
Share options and warrants
As at 31 December 2021 the Group maintained an approved share-based payment
scheme for employee compensation. All share-based employee compensation will
be settled in equity. The Group has no legal or constructive obligation to
repurchase or settle the options. As at 31 December 2021 there were nil
approved staff options outstanding. No approved staff options were issued in
2021.
The Company has an unapproved share option scheme which is open to directors
and consultants. Options granted under the scheme are for £nil consideration
and are exercisable at a price equal to the quoted market price of the
Company's shares on the date of the grant. The vesting period is 0 to 12
months. If the options remain unexercised after a period of 2-12 years from
the date of grant, the option expires. The Options are forfeited subject to
Board discretion on leaving or termination of services.
During the year 2,500,000 warrants were issued as part of a placing at a price
of 40p and exercisable for 6 months. In addition, 250,000 unapproved options
were issued at a price of 25p exercisable for 2 years to a consultant for
professional services.
The weighted average exercise price of all of the Group's options and warrants
are as follows:
2021 2020
Weighted Weighted
average average
Number exercise exercise
price Number price
£ £
Outstanding at 1 January 18,891,500 0.13 24,826,500 0.09
Granted 2,750,000 0.39 1,000,000 0.30
Exercised - - (6,725,000) 0.17
Lapsed (5,200,000) 0.25 (210,000) 0.09
Outstanding at 31 December 16,441,000 0.14 18,891,500 0.13
The weighted average exercise price of options exercised in 2021 was £nil as
no options were exercised during the period (2020: 17p). The number of share
options and warrants exercisable at 31 December 2021 was 16,441,000 (2020:
18,891,500). The weighted average exercise price of those options and warrants
exercisable was 14p (2020: 13p). The weighted average option and warrant
contractual life is nine years (2020: eight years) and the range of exercise
prices is 4.5p to 40p (2020: 4.5p to 30p).
Directors
Directors' interests in shares and share incentives are contained in the
Remuneration Committee Report on page 27.
IFRS2 expense
The IFRS 2 share-based payment charge for the year is £40,000 (2020: nil).
The charge was calculated using the Black Scholes model with a three-year
term, risk free rate of 0.48%, volatility of 68.36% and dividend yield of 0%.
18 Borrowings
2021 2020
£'000 £'000
Non-current
Leases 338 381
Current
Bank overdraft 677 918
Leases 167 128
844 1,046
Total 1,182 1,427
The bank overdraft relates to US Dollars and kept for hedging purposes as at
the year end. Interest is charged on overdrafts at 5% above the host countries
currency base rate. The Group also has an invoice finance facility with its
bankers. The invoice finance facility was not drawn down as at 31 December
2021 (31 December 2020: £nil).
The bank overdraft and invoice finance facility are secured by a fixed and
floating charge over the Group's assets.
The Group's leasing activities are detailed in the table below:
Right-of-use asset Number of assets leased Remaining term
Head office 1 2 years
Office equipment 2 2 - 5 years
The weighted average discount rate on initial application was 4.2%.
None of the above leases has a remaining option extension, option to purchase
or termination option. The Head office rent was re-priced during the year with
reference to current market rentals. This resulted in a further £181,000 net
lease liability for the remainder of the lease term. In addition, an office
equipment lease completed during the period and a new office equipment lease
for £14,000 was entered into.
The maturity of lease liabilities are as follows:
Gross payments 2021 2020
£'000 £'000
No later than one year 188 149
Later than one year and no later than five years 359 413
547 562
During the year the Group had no other leases other than those included above.
The following lease payments were made during the year:
Gross payments 2021 2020
£'000 £'000
Lease capital 199 122
Lease interest 29 27
Total cash outflows 228 149
Reconciliation of liabilities arising from financing activities
For the year ended 31 December 2021
1 January 2021 Cash flows Non-cash changes 31 December 2021
£'000 £'000 £'000 £'000
Bank overdraft 918 (241) - 677
Leases 509 (228) 224 505
Total liabilities from financing activities 1,427 (469) 224 1,182
The non-cash changes for 2021 are in respect to £195,000 new lease additions
and £29,000 interest.
For the year ended 31 December 2020
1 January 2020 Cash flows Non-cash changes 31 December 2020
£'000 £'000 £'000 £'000
Bank overdraft 283 635 - 918
Leases 631 (149) 27 509
Total liabilities from financing activities 914 486 27 1,427
The non-cash changes for 2020 are in respect to lease interest.
19 Trade and other payables
Current 2021 2020
£'000 £'000
Financial liabilities measured at amortised cost:
Trade payables 1,351 1,071
Other payables 61 35
Social security and other taxes 130 59
Accruals 249 226
1,791 1,391
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. The average credit period taken for trade
purchases is 85 days (2020: 81 days). The Group has financial risk management
policies in place to ensure that all payables are paid within the pre-agreed
credit terms.
The Directors consider that the carrying value of trade and other payables
approximate to their fair value.
20 Commitments and contingencies
a) Capital commitments
The Group had capital commitments totalling £nil at the end of the year
(2020: £nil).
b) Contingent liabilities
Together with its subsidiary, Symphony Environmental Limited, the Group's
bankers have provided a Group composite facility of £100. (2020: £100).
21 Related party transactions
There were no related party transactions during the year (2020: none).
22 Financial Instruments
Classification and measurement
The Group's financial assets and liabilities, which are all held at amortised
cost, are summarised as follows:
2021 2020
£'000 £'000
Financial assets:
Trade receivables 2,608 2,398
Other receivables 199 589
Cash and cash equivalents 881 1,388
3,688 4,375
Financial liabilities:
Trade payables 1,351 1,071
Other payables 61 35
Accruals 249 226
Bank overdraft 677 918
Leases 505 509
2,843 2,759
The Group's £123,000 carrying investment in Eranova SAS, see note 13, is
measured at fair value. The Group has currency option derivative liabilities
of £2,000 which are measured at fair value (included within other payables in
note 19).
Risk management
The main risks arising from the Group's financial instruments are liquidity
risk, interest rate risk, currency risk and credit risk. The Directors
review and agree policies for managing each of these risks and they are
summarised below. These policies have remained unchanged from previous
years.
Liquidity risk
The Group seeks to manage financial risk to ensure financial liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitability. Short term flexibility is achieved through trade finance
arrangements and overdrafts.
Having reviewed the maturity of financial liabilities and the forecast cash
flows for the forthcoming twelve month period, the Directors believe that
sufficient cash will be generated from trading operations to meet debt
obligations as they fall due.
The maturity of financial liabilities as at 31 December 2021 is summarised as
follows:
Gross cash flows: Trade and other payables and accruals Leases Bank overdraft& other Total
loans
£'000 £'000 £'000 £'000
Zero to sixty days 1,661 3 677 2,341
Sixty one days to three months - 44 - 44
Four months to six months - 46 - 46
Seven months to one year - 95 - 95
One to three years - 358 - 358
Four to five years - 1 - 1
1,661 547 677 2,885
The maturity of financial liabilities as at 31 December 2020 is summarised as
follows:
Gross cash flows: Trade and other payables and accruals Leases Bank overdraft& other Total
loans
£'000 £'000 £'000 £'000
Zero to sixty days 1,332 24 918 2,274
Sixty one days to three months - 12 - 12
Four months to six months - 38 - 38
Seven months to one year - 75 - 75
One to three years - 281 - 281
Four to five years - 132 - 132
1,332 562 918 2,812
Interest rate risk
The Group seeks to reduce its exposure to interest rate risk where possible,
but this is offset by the availability of trade finance arrangements which are
transaction specific to meet liquidity needs and so have variable interest
rate terms.
Sensitivities have been looked at in the range of an absolute rate increase of
5% or a decrease of 1% which enable an objective calculation to be made
depending on any interest rate changes in the future. Any rate changes would
be outside the control of the Group.
The Group's exposure to interest rate risk as at 31 December 2021 is
summarised as follows:
Fixed Variable Zero Total
£'000 £'000 £'000 £'000
Cash and cash equivalents - 881 - 881
Trade receivables - - 2,608 2,608
Other receivables - - 199 199
- 881 2,807 3,688
Trade payables - - (1,351) (1,351)
Other payables - - (61) (61)
Leases (505) - - (505)
Bank overdraft - (677) - (677)
(505) 204 1,395 1,094
Sensitivity: increase in interest rates of 5% - 10 - 10
Sensitivity: decrease in interest rates of 1% - (2) - (2)
The Group's exposure to interest rate risk as at 31 December 2020 is
summarised as follows:
Fixed Variable Zero Total
£'000 £'000 £'000 £'000
Cash and cash equivalents - 1,388 - 1,388
Trade receivables - - 2,398 2,398
Other receivables - - 589 589
- 1,388 2,987 4,375
Trade payables - - (1,071) (1,071)
Other payables - - (35) (35)
Leases (509) - - (509)
Bank overdraft - (918) - (918)
(509) 470 1,881 1,842
Sensitivity: increase in interest rates of 5% 24 24
Sensitivity: decrease in interest rates of 1% (5) (5)
Sensitivity shows the effect on equity and statement of comprehensive income.
Currency risk
The Group operates in overseas markets and is subject to currency exposure on
transactions undertaken during the year. The Group hedges the transactions
where possible by buying goods and selling them in the same currency. The
Group also has bank facilities available for hedging purposes.
A summary of foreign currency financial assets and liabilities as stated in
the statement of financial position together with a sensitivity analysis
showing the effect of a 10% change in rate with Sterling is shown below:
Currency Sterling Currency balance Sterling Currency balance
balance 2021 balance 2020
2021 '000 2020 '000
£'000 £'000
Financial assets Euro 288 €344 262 €290
Financial liabilities Euro (90) €(107) (15) €(16)
Net balance Euro 198 €237 247 €274
Effect of 10% Sterling increase (18) (22)
Effect of 10% Sterling decrease 22 27
Financial assets USD 2,933 $3,963 2,546 $3,437
Financial liabilities USD (778) $(1,051) (1,133) $(1,509)
Net balance USD 2,155 $2,912 1,413 $1,928
Effect of 10% Sterling increase (196) (128)
Effect of 10% Sterling decrease 239 157
Sensitivity shows the effect on equity and statement of comprehensive income.
A 10% change is shown to enable an objective calculation to be made on
exchange rates which may be assumed for the future.
As at 31 December 2021 the Group had outstanding forward foreign currency
contacts which all matured within three months of the year end and committed
the Group to selling 1,500,000 US Dollars and to receive a fixed Sterling
amount (2020: the Group had outstanding forward foreign currency contacts
which all matured within five months of the year end and committed the Group
to selling US Dollars 750,000 and to receive a fixed Sterling amount).
The forward currency contracts are measured at fair value, which is determined
using the valuation techniques that utilise observable inputs. The key inputs
used in valuing the derivatives are the forward exchange rates for USD:GBP.
The fair value of the forward-foreign currency contracts at 31 December 2021
is a loss of £2,000 (2020: profit £30,000).
Credit risk
The Group's exposure to credit risk is limited to the carrying value of
financial assets at the balance sheet date, summarised as follows:
2021 2020
£'000 £'000
Trade receivables 2,608 2,398
Other receivables 199 589
Cash and cash equivalents 881 1,388
3,688 4,375
The credit risk associated with the cash is limited as the counterparties have
high credit ratings assigned by international credit-rating agencies. The
principal credit risk arises therefore from trade receivables. The seven
largest customer balances at the end of the year make up 85% (2020: 74%) of
the above trade receivables.
In order to manage credit risk, the Directors set limits for customers based
on a combination of payment history, third party credit references and use of
credit insurance. These limits are reviewed regularly. The maturity of overdue
debts and details of impairments and amounts written off are set out in note
15.
Capital requirements and management
Interest bearing loans and borrowings are monitored regularly to ensure the
Group has sufficient liquidity and its exposure to interest rate risk is
mitigated. Management consider the capital of the Group comprises the share
capital as detailed in note 17 and interest bearing loans and borrowings as
detailed in note 18. The Company satisfies the Companies Act 2006 requirement
to hold £50,000 issued share capital of which at least 25% is paid up. See
note 17.
The Group's capital management objectives are:
· to ensure the Group's ability to continue as a going concern; and
· to provide an adequate return to shareholders
The Group monitors capital on the basis of the gearing ratio calculated as net
debt divided by total capital. Net debt is calculated as total borrowings as
shown in the consolidated statement of financial position less cash and cash
equivalents. Total capital is calculated as equity as shown in the
consolidated statement of financial position plus net debt. The Group's goal
in capital management is to maintain an optimal gearing ratio (the ratio of
net debt over debt plus equity).
The Group manages the capital structure and makes adjustments to it in the
light of changes in economic conditions and the risk characteristics of the
underlying assets. In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares, or sell assets to reduce debt.
The gearing ratios at 31 December 2021 and 2020 were as follows:
2021 2020
£'000 £'000
Total borrowings (note 18) 1,182 1,427
Cash and cash equivalents (note 16) (881) (1,388)
Net debt 301 39
Total equity (note 17) 3,472 4,088
Borrowings 1,182 1,427
Overall financing 4,654 5,515
Gearing ratio 6% 1%
The gearing ratios are in line with the management's working capital financing
strategy.
23 Events since statement of financial position date
Since the year end, the Group has invested £46,500 representing 46.5% of
Symphony Environmental India (Private) Limited, a company incorporated in
India.
On 24 February 2022 Russian Forces entered Ukraine, resulting in Western
Nation reactions including announcements of sanctions against Russia and
Russian interests worldwide and an economic ripple effect on the global
economy. The directors have carried out an assessment of the potential impact
of Russian Forces entering Ukraine on the Group, including the impact of
mitigation measures and uncertainties, and have concluded that this is a
non-adjusting post balance sheet event with the greatest impact on the
business expected to be from the economic ripple effect on the global economy.
The directors have taken account of these potential impacts in their going
concern assessments.
There have been no other material events since the statement of financial
position date.
24 Availability of report and accounts
The Company will advise when copies of the annual report and accounts will be
sent to shareholders and be available from the Company's website
www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)
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