SAN ANTONIO, Texas--(BUSINESS WIRE)--Mission NewEnergy Limited (Nasdaq:MNEL) (ASX:MBT), a global leader in providing energy from renewable sources and one of the world’s largest Jatropha plantation companies, today announced unaudited financial results for the fourth quarter and full-year ended June 30, 2011.
“Mission’s Jatropha operations continue to develop towards providing a captive supply of low cost material for biofuels production. Once the trees reach maturity, Mission will have an integrated business that produces biofuels that are forecast to be cost competitive with petroleum products at US$52 per barrel. While the trees are maturing, our integrated business model with established biodiesel refining capacity, has the ability to generate revenue and create value for the company,” said Nathan Mahalingam, CEO, Mission NewEnergy Limited. “During the past year, we have enjoyed biodiesel refining opportunities sales in Europe and are excited to have recently begun selling into the Malaysian biodiesel mandate, which we expect to be a major market for Mission going forward. We continue to see unprecedented demand for Jatropha oil in the aviation, transport fuel and power oil markets globally.”
All numbers presented are unaudited and presented in Australian dollars, unless stated otherwise.
Unaudited Results for Fourth Quarter 2011 - the three months ending June 30, 2011
- Revenue: $11.1 million (increased 440% vs. last year)
- Net Loss: $2.9 million (decreased 96% vs. last year)
- Cash Loss: $3.2 million (increased 44% vs. last year)
Unaudited Results for Financial Year 2011 - the twelve months ending June 30, 2011
- Revenue: $16.9 million (increased 3% vs. last year)
- Net Loss: $20.5 million (decreased 79% vs. last year)
- Cash Loss: $12.5 million (down 16% vs. last year)
Effective Cash Position - $20.5 million.
Including Cash as at June 30, 2011 of A$15.8 million and Refining Trade Receivables of $4.7 million which was received in July 2011.
Financial Results
Revenue for the full financial year 2011 was $16.9 million, compared to $16.5 million for the same period in 2010. This included $1.7 million of non-cash income related to the restructuring of Mission’s series one convertible notes. Revenue for the fourth quarter ended June 30, 2011 was $11.1 million, compared to $2.0 million for the same period in 2010. The increase was primarily due to capacity utilization relating to strong sales into the European market.
Gross Profit for the full financial year 2011 was $3.0 million, compared to $1.4 million for the same period in 2010. Gross Profit for the fourth quarter of the year ended June 30, 2011 was $1.9 million compared to a Gross Profit of $0.7 million for the same period in 2010.
Operating Expenditure for the full financial year 2011 was $10.0 million compared to $7.7 million for the full financial year 2010. Operating Expenditure for the fourth quarter ended June 30, 2011 was $2.6 million, compared to $0.6 million for the same period in 2010. The increase in Operational Expenditure primarily is as a result of a $1.8 million net foreign exchange expense for the full 2011 year. Excluding impacts of foreign exchange, Operating Expenditure for the full financial year 2011 was $8.3 million compared to $8.2 million for the full financial year 2010 and for the fourth quarter ended June 30, 2011 was $2.4 million, compared to $2.2 million for the same period in 2010.
Net Loss for the full financial year 2011 was $20.5 million compared to $97.8 million for the same period in 2010. The decrease in Net Loss is primarily a result of the previous year’s non-cash impairment charges. Net Loss for the fourth quarter ended June 30, 2011 was $2.9 million compared to a Net Loss of $79.8 million for the same period in 2010.
Net Cash Loss for the full financial year 2011 was $12.5 million compared to $10.8 million for the full financial year 2010. Net cash loss for the fourth quarter ended June 30, 2011 was $3.2 million, compared to $2.2 million for the same period in 2010.
The Effective cash position is $20.5 million as of 30 June 2011. This is made up of cash of $15.8 million as at June 30, 2011 and Refining Trade Receivables of $4.7 million, which was received in July 2011.
“Sales into Europe for the quarter resulted in a sharp revenue uptick relative to last year. We continued to be able to attract customers for our biodiesel business, so despite negative commodity spreads for much of the year, our refining operation provided a marginal positive contribution to the group, bringing us closer to our own captive supply of low cost feedstock.” Mahalingam added.
Business Highlights for the Financial Year ending June 30, 2011
- Completed an initial public offering in the U.S., and began trading on the NASDAQ Global Market, raising gross proceeds of US$25 million.
- Made first sales of Jatropha oil.
- Sold all Jatropha oil at a premium to the prevailing oil prices at the time of sale.
- Increased planted Jatropha acreage by 30% to a total of 194,000 acres.
- Increased forecast Jatropha oil supplies to 22 million barrels over the 30 year life of the acreage.
- Signed Memorandum of Understanding with JOil, a R&D organization backed by Temasek, a world leader in the development of high yielding Jatropha varieties, to pursue the growing of Jatropha plants and trees from elite Jatropha seedlings.
- Achieved full green house gas reduction certification under the International Sustainability and Carbon Certification System (ISCC) program for refining operation.
- Partnered with Felda to create South East Asia’s first ISCC certified complete supply chain for palm based biodiesel.
About Mission NewEnergy
Mission NewEnergy Limited is a global provider of sustainable, renewable energy. Operating in Asia, India, Australia, Europe and North America, Mission NewEnergy is a biodiesel producer and one of the world’s largest Jatropha plantation companies. At full capacity we can produce 105 million gallons of biodiesel and have over 194,000 acres of plantation representing a sustainable non-edible oil supply of an estimated 22 million barrels. Jatropha Curcas, an inedible biofuel feedstock, is being cultivated by Mission’s contract farmers on arid, marginal lands. Through the realization of Jatropha by-product value Mission is working towards a zero cost of sustainable non-edible fuel source. To learn more, visit www.missionnewenergy.com.
| Balance Sheet | ||||||
| Figures in A$. (Unaudited) | ||||||
| Twelve Months Ending June 30, | ||||||
| 2011 | 2010 | |||||
| Assets | ||||||
| Cash & cash equivalents | 15,760,997 | 17,154,558 | ||||
| Accounts receivable | 6,583,055 | 4,167,845 | ||||
| Inventory | 6,329,400 | 3,147,773 | ||||
| Other | 562,528 | 535,819 | ||||
| Total Current Assets | 29,235,980 | 25,005,995 | ||||
| Property, plant and equipment | 6,659,448 | 7,547,267 | ||||
| Intangible assets | 1,157,476 | 1,013,000 | ||||
| Other | 702,308 | 182,127 | ||||
| Total Non-current assets | 8,519,232 | 8,742,394 | ||||
| Total Assets | 37,755,212 | 33,748,389 | ||||
| Liabilities | ||||||
| Trade and other payables | (6,779,232 | ) | (3,355,658 | ) | ||
| Financial Liabilities | (14,907,189 | ) | (623,752 | ) | ||
| Other | (340,081 | ) | (320,097 | ) | ||
| Total Current Liabilities | (22,026,502 | ) | (4,299,507 | ) | ||
| Trade and other payables - non current | - | (108,800 | ) | |||
| Financial liabilities | (44,286,239 | ) | (59,028,603 | ) | ||
| Total non-current liabilities | (44,286,239 | ) | (59,137,403 | ) | ||
| Total Liabilities | (66,312,741 | ) | (63,436,910 | ) | ||
| Net Assets | (28,557,529 | ) | (29,688,521 | ) | ||
| Total Equity | 28,557,529 | 29,688,521 | ||||
| Statement of Cash-flows | |||||
| Figures in A$. (Unaudited) | |||||
| Twelve Months Ending June 30, | |||||
| 2011 | 2010 | ||||
| Cash flow from Operating Activities | (15,144,420 | ) | (6,901,930 | ) | |
| Cash flow from investing activities | (4,045,210 | ) | (6,404,670 | ) | |
| Cash flow from financing activities | 19,646,815 | 14,937,010 | |||
| Net increase / (Decrease in cash held) | 457,185 | 1,630,410 | |||
The following are the revenue, gross profit, operating expenditure and gross operating income of each segment:
| Three Months Ending June 30, | Twelve Months Ending June 30, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||
| Revenue | ||||||||||
| Refining Operation | 9,034,765 | 81,110 | 13,468,400 | 13,866,822 | ||||||
| Jatropha Operation | 57,335 | 1,777,923 | 878,851 | 1,777,938 | ||||||
| Corporate | 1,982,233 | 190,819 | 2,601,942 | 814,875 | ||||||
| 11,074,333 | 2,049,852 | 16,949,193 | 16,459,635 | |||||||
| Gross Profit | ||||||||||
| Refining Operation | 90,186 | (223,208 | ) | 218,208 | 306,380 | |||||
| Jatropha Operation | (204,835 | ) | 685,349 | 141,644 | 317,054 | |||||
| Corporate | 1,982,233 | 190,818 | 2,601,942 | 814,875 | ||||||
| 1,867,584 | 652,959 | 2,961,794 | 1,438,309 | |||||||
| Operating Expenditure - | ||||||||||
| Cash Costs | ||||||||||
| Refining Operation | 674,569 | 557,884 | 2,405,411 | 2,664,872 | ||||||
| Jatropha Operation | 557,716 | 789,236 | 2,382,871 | 3,120,600 | ||||||
| Corporate | 1,377,348 | (760,288 | ) | 5,239,503 | 1,885,566 | |||||
| 2,609,633 | 586,832 | 10,027,785 | 7,671,038 | |||||||
For more information and a copy of this announcement, please visit: www.missionnewenergy.com.