Making plastic smarter
Annual Report and  
Accounts 2013
Symphony Environmental T echnologies plc Annual Report and Accounts 2013 www.symphonyenvironmental.com/corporate
Symphony 
Environmental 
T echnologies plc, 
dedicated to finding 
technical solutions 
to the world’s 
environmental  
and public health 
problems by making 
plastic smarter .
We care passionately about health 
and the environment. Over the 
years we have identified areas in 
which Symphony can make a 
difference, not just in our home 
country of Great Britain, but all 
around the world.
Since 2012 the Group has been 
broadening its horizons, looking at 
the wider health and environmental 
issues that could be solved through 
innovation. In the last year alone, 
we have launched new ranges of 
d
2
p masterbatch that provide 
anti‑fungal performance in plastic 
products. Our anti-bacterial d
2
p is 
already on the market, and other 
variations and applications are in 
development. d
2
p complements 
our world‑leading, controlled‑life 
masterbatch d
2
w (which converts 
plastic at the end of its useful life 
into a biodegradable material).
Our quality-control and anti-
counterfeiting d
2
Detector device 
is proving its worth, and our d
2
t 
masterbatch range of d
2
t Tag 
and T race technologies provide 
brand owners with the reassurance 
that their products can be 
identified as genuine.
BUSINESS REVIEW
01  Highlights
02  Symphony at a glance
04  Chairman’s statement 
05 Investment case
06 Market
07 Strategy
08   Chief Executive’s review
12 Our products
17 Corporate social responsibility
CORPORATE GOVERNANCE
18 Board of Directors
20 Strategic Report
21 Directors’ Report
23 Remuneration Report
FINANCIAL STATEMENTS
24  Independent Auditor’s Report 
2 5  C o n s o lid a t e d S t a t em en t  
of Comprehensive Income
2 6  C o n s o lid a t e d S t a t em en t  
of Financial Position 
2 7  C o n s o lid a t e d S t a t em en t  
of Changes in Equity
28  Consolidated Cash Flow Statement
29  Notes to the Annual Report  
and Accounts
47 Company Balance Sheet
48  Notes to the Company  
Balance Sheet www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
01 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Revenues £million
13
12
7.19m
4.94m
46
%
Gross proﬁt £million
65
%
13
12
3.55m
2.15m
Operating loss 
(before non-recurring items) £million
93
%
13
12
-0.16m
-2.02m
Plastics division EBITDA £million
Turnaround from 
£1.75 million loss to 
£0.22 million proﬁt
13
12
+0.22m
-1.75m
Highlights 2013
FOR MORE ON OUR GLOBAL NETWORK
SEE PAGE 02
FOR MORE ON OUR MARKET & STRATEGY
SEE PAGES 06–07
FOR MORE ON OUR PRODUCTS
SEE PAGES 12–16
The Group has two operating divisions, the Plastics Division 
(Symphony Environmental Limited or “SEL ”), and the Recycling 
T echnologies Division (Symphony Recycling T echnologies Limited or 
“SRT”). SEL focuses on “making plastic smarter” technologies, and 
continued to advance sales revenue so far solely through the d
2
w 
brand. SRT is, and has always been, an R&D division for tyre recycling 
technologies and systems, and has not yet reached the stage of 
becoming revenue generative.
SEL HIGHLIGHTS 
• Revenues increased 46% to £7 .19 million (2012: £4.94 million) 
• Gross profit increased 65% to £3.55 million (2012: £2.15 million)
• EBITDA profit of £0.22 million (2012: loss £1.75 million)
GROUP HIGHLIGHTS AFTER NON-RECURRING COSTS
• Revenues increased 46% to £7 .19 million (2012: £4.94 million) 
• Gross profit increased 65% to £3.55 million (2012: £2.15 million)
• SRT commercialisation strategy and one-off impairment of £0.49 
million (2012: £nil)
• Operating loss reduced by 67% to £0.73 million (2012: loss £2.18 million)
• Loss after tax reduced by 68% to £0.71 million (2012: loss £2.22 million) 
• Basic loss per share reduced by 68% to 0.55p (2012: loss per share 
1.74p)
• Agreement with Janssens Pharmaceutica (a subsidiary of Johnson  
& Johnson) 
• Directors increase shareholding to 19.5% (2012: 14.2%)
GROUP HIGHLIGHTS BEFORE NON-RECURRING COSTS
• Plastics division EBITDA profit of £0.22 million (2012: loss £1.75 million)
• Group EBITDA loss of £0.01 million (2012: 2.02 million) 
• Operating loss £0.16 million (2012: loss £2.18 million)
• Basic loss per share of 0.1 1p (2012: loss per share 1.7 4p)
POST YEAR-END EVENTS
• T rading has started well
• New contract win
• Legislation enforcement process accelerating
• Commencement of commercialisation process for SRT 
pg
02
pg
06
pg
12   
02 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Symphony at a glance
Our global network
Symphony is an international company, reaching every  
corner of the globe. We have a growing number of 
distributors and sub-distributors giving us a presence  
in more than 90 countries worldwide.
AMERICAS AFRICA MIDDLE EAST
& ASIA
AUSTR AL ASIA
FAR EAST & RUSSIA
EUROPE
Symphony is proud 
to be a founder-
member of the 
Oxo-biodegradable 
Plastics Association, 
which exists to 
explain and promote 
oxo-biodegradable 
plastics technology.
People + service
We aim to provide value, efficiency, quality and 
fulfilment to our customers and staff, with a 
focus on striving for excellence and ensuring 
that we deliver on our promise. As a professional 
organisation we value our people, who are our 
greatest asset. Our strengths come from 
attracting the right people and from providing 
support for our customers around the world 
based on experience and technical excellence. 
We know how to make the products, and equally 
important we know how to use them in their 
industrial applications. Our marketing and 
technical teams are available at short notice  
in most time zones. As the only listed public 
company in the oxo-biodegradable field,  
we pride ourselves on the service we provide, 
which is a major factor in purchasing decisions 
by our customers. www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
03 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Our products
Overview
d
2
w is a masterbatch system which, 
when included at the manufacturing 
stage, turns ordinary plastic at the end 
of its useful life into a material with a 
different molecular structure. At that 
stage it is no longer a plastic and has 
become a material which is inherently 
biodegradable in the open environment 
in the same way as a leaf.
www.symphonyenvironmental.com/
degradable/d2w-controlledlife-plastic/
what-is-d2w/
 SEE PAGES 12–13
Overview
d
2
p is a masterbatch system that 
provides anti-microbial performance. 
The active ingredients in d
2
p have been 
successfully tested against over 50 
common organisms and dangerous 
bacteria, such as MRSA, E.coli, 
Salmonella, Listeria, Pseudomonas, and 
Aspergillus Niger. Symphony currently 
has two types of d
2
p masterbatch: 
d
2
pAB is anti-bacterial and d
2
pAF is 
anti-fungal.
www.symphonyenvironmental.com/
files/uploaded/environmental/d2p%20
ab.pdf
www.symphonyenvironmental.com/
files/uploaded/environmental/d2p%20
af.pdf
 SEE PAGES 14 – 15
d
2
t is a suite of technologies that provide 
anti-counterfeiting performance. Tag and trace 
technologies offer the ability to determine the content of 
your plastic packaging and other plastic products through 
a unique tracer or a sophisticated forensic tagging 
system. d
2
t complements Symphony’s portable 
d
2
Detector device.
 SEE PAGE 16
The d
2
Detector is a portable XRF (X-ray) device that 
allows customers, and the authorities in countries with 
relevant legislation, to determine in less than 60 seconds 
whether or not a plastic product contains d
2
w or d
2
p or d
2
t 
additives as specified, and whether it contains any 
undesirable substances.
http://www.youtube.com/watch?v=jTlQRGZnrgg
 SEE PAGE 16 04 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Chairman’s statement
I am pleased to report a significant uplift in all areas of the  
SEL business with revenues increasing by 46% to £7 .19 
million (2012: £4.94 million) with an operating loss before 
non-recurring items of just £159,000. 
This compares to an operating loss of 
£2.18 million in 2012. Our EBITDA loss 
before non-recurring items was £10,000 
compared to an EBITDA loss of £2.02 
million in 2012.
The SEL business performed well with an 
EBITDA profit of £0.22 million compared 
to a loss of £1.75 million in 2012. All of our 
major markets performed well compared 
to 2012, and more importantly, a number 
of very significant prospects continued 
to develop during the year. 
In 2013 sales of our d
2
w controlled-life 
plastic technology (which makes plastic 
oxo-biodegradable) grew by 46%. The 
main growth-drivers include legislation 
and Corporate Social Responsibility 
(“CSR”). We announced during the year 
that Pakistan had mandated the use of 
oxo-biodegradable technology for 
disposable plastic products. As seen 
elsewhere, sales have started slowly 
while grace periods are allowed and 
enforcement becomes effective. This 
has been seen in the UAE and parts of 
Africa where similar legislation is in place, 
and sales are now increasing.
Sales of d
2
w were made to our 
Distributors in 51 territories during the 
year and many of these sell through to 
other territories within their distribution 
agreements. Most territories do not yet 
have a legal requirement to use oxo-bio 
and sales are driven by CSR. Brand 
owners and manufacturers do not want 
to see their plastic products lying on the 
beach or in the open environment 
decades from now. The number of signed 
agreements with distributors increased 
from 72 to 76 during the year.
For our d
2
p anti-microbial product range, 
an exciting development during the year 
was the completion of a two year 
collaboration with Janssen Pharmaceutica 
(a subsidiary of Johnson & Johnson) and 
signature of an agreement with them, to 
bring an entirely new product to the 
market. d
2
p is included in plastic at the 
manufacturing stage and gives it anti-
microbial and anti-fungal properties. This 
development is significant for Symphony 
as it opens up major revenue possibilities 
where protection from bacteria and fungi 
is required. 
During the year we reduced our cost base 
by improving operational efficiencies, 
and a one-off charge of £76,000 was 
incurred during this process. Excluding 
non-recurring items, our cost base 
reduced from £4.21 million in 2012 to 
£3.53 million in 2013.
As previously stated, the Board’s 
strategy is to commercialise SRT. Having 
carefully considered the options, the 
initial steps will be to establish a 
separately funded entity with dedicated 
resources that is autonomous from the 
Group. As this will no longer form an 
integral part of the business, a full 
impairment charge of £494,000 has been 
made against all capitalised development 
costs in SRT. SRT has a novel process for 
efficiently recycling scrap tyres, and a 
patent has been applied for. The main 
drivers for this are legislation that 
requires more recycling, and prevents 
disposal of tyres in landfill or by burning in 
the open environment. The SRT process 
delivers high-value recycled raw 
materials which can be used again in 
quality manufacturing processes. 
Although the recycling business will no 
longer be an integral part of Symphony’s 
business, the Group will retain an interest 
in the new entity as a minority 
shareholder and as IP Licensor, from 
which it is expected that the Group will 
benefit going forward.
Our business strategy has been 
consistently in line with the UK 
Government’s policy of creating foreign 
exchange earnings through an export-
driven economy. The Group has 
developed a growing number of licensed 
and independent Distributors to market 
and sell its products. The business is not 
reliant on any one market or event, and the 
downside risk is therefore limited, but the 
upside is potentially unlimited. Over the 
years the Management have successfully 
expanded Symphony’s network, markets 
and products, and having laid these firm 
foundations we expect good levels of 
growth going forward.
I would like to thank the Board, the staff, 
and our Distributors for all their creative 
work in 2013, and we look forward to a 
very successful 2014.
Nirj Deva, DL, FRSA, MEP 
Chairman www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
05 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Investment case
Why Symphony?
High value revenue growth  
opportunity
 – Multibillion dollar plastic market (approx 288 
million tonnes growing at 3% per annum)
 – Legislation – currently 16 countries (growing)
 – C SR
 – Healthcare – bacterial and fungal control
 – Minimalisation of food waste – UK alone reports 
$18 billion in food waste
 – Anti-conterfeiting technologies
Infrastructure
Symphony has an infrastructure in place for 
providing support to our global marketing and 
sales teams. Symphony currently has its Head 
Office at Borehamwood, near London, where we 
have a laboratory for scientific experiments, 
testing and developments. Symphony works with 
universities and specialised test centres around 
the world.
Our global network
Symphony is a global company with a presence 
in almost all parts of the world. We have 
developed and maintain successful distributors 
and sub-distributors worldwide, and we continue 
to grow our distribution network. We work with 
our network to build relationships in their 
countries with suppliers, manufacturers, end 
users, and the governmental and 
non-governmental sectors. 06 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Market
With millions of tonnes of plastic used around the world, 
there is an urgent need to deal with the issues of disposal  
and pollution.
–  Every year, approximately 288 million 
tonnes of plastic is produced globally
–  Plastics can take many decades to  
break down
– A limited amount is recycled
–  The oxo-bio bag performed 75% 
better than the conventional bag in 
the litter category in an LCA 
performed by Intertek
–  Extensive tests by Roediger 
laboratories have concluded that 
plastic products made with oxo-
biodegradable technology may be 
recycled without any significant 
detriment to the newly formed 
recycled product. (Report 21 May 
2012)
288million
 tonnes of plastic is produced globally
7 %
of plastic is recycled in the EU
 D ecades
for plastic to break down www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
07 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Strategy
Our strategy is to deliver sustained revenue growth, improve 
and extend our product range and increase visibility and 
awareness of the Company and its achievements over the 
forthcoming year .
Markets
–  We will continue to 
encourage legislation  
in favour of oxo- 
biodegradable plastic
–  We will create value for end 
users and brand owners
–  We will increase and 
defend our brand values
–  We will strengthen our 
global distribution network
Progress
–  Legislation in 16 countries
–  Di st r i bu ti o n a g r e em en t s 
increased to 76
–  Sales to 51 territories  
in 2013
Investment
–  We will continue to invest 
in research and 
development
–  We will extend our product 
range by introducing new 
d
2
w, d
2
p and d
2
t products
Progress
–  Over £500,000 investment 
in R&D during 2013
–  Contract signed with 
Janssons Pharmaceutical 
(a division of Johnson & 
Johnson) for d
2
pAF 08 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Chief Executive’s review
I am pleased to report that in the year under review we 
successfully achieved many important changes for the 
business, in several fundamental areas. 
Our long-term business strategy is 
working, and the foundations established 
for a more rapid and stronger 
performance going forward. 
The business has continued to diversify 
into synergistic products, technical 
services and applications. For d
2
w our 
main revenue generating brand, a robust 
investment programme has been 
maintained which is helping to drive  
the business forward with expanding 
opportunities, markets and sales.  
Overall, product cost reduced and 
volumes increased.
Our d
2
p and d
2
t technologies are still  
in their infancy albeit some sales have 
resulted for d
2
p. We have maintained our 
investment programme which is based 
on several J/V projects with prospective  
end user customers. SEL has absorbed 
the cost for creating new IP formulations 
as well for work with independent 
laboratories and universities. These two 
technologies are synergistic with d
2
w  
as they can be supplied to the same 
customer base through the same 
distribution network, and therefore 
commercialisation is expected to be 
more rapid. 
The results for 2013 show an improved 
financial performance, with increasing 
revenues, higher margins and a lower 
overhead cost base. In addition, the main 
business drivers continued to improve, 
such as legislation, distributor-
performance and product expansion and 
improvement. A growing number of 
important opportunities, negotiations 
and product trials have commenced or 
continued in the period under review.
These opportunities extend across 
much of our global distribution  
network, and include the d
2
p, d
2
t  
and d
2
w product ranges.
Investment continued into the tyre 
recycling division, and opportunities for 
the commercial development phase 
moved further forward.
Our business model has been about 
investing for the future, and aiming for 
more than ordinary performance.
“ THE TECHNICAL AND MARKETING TEAM WERE 
ACTIVE THROUGHOUT THE YEAR BY FOCUSING 
POLITICIANS’ AND CONSUMERS’ ATTENTION  
TO THE BENEFIT OF PLASTICS WITH d
2
w INSIDE.” www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
09 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Trading results
Total Group revenues were higher at 
£7.19 million (2012: £4.94 million), and 
Group gross profit margins increased 
from 44% to 49%. These factors resulted 
in a 65% increase in the contribution from 
gross profit from £2.15 million in 2012 to 
£3.55 million in 2013. Gross margins were 
increased due to efficiencies and cost 
reductions in the supply chain.
Sales to the Americas increased from 
£2.11 million in 2012 to £3.41 million in 
2013 and represented 47% of 2013 
revenues (2012: 43%). Sales to UK and 
Europe increased from £1.38 million in 
2012 to £1.50 million in 2013 and 
represented 21% of 2013 revenues (2012: 
28%). Sales to the Rest of the World 
increased from £1.45 million in 2012 to 
£2.29 million in 2013 and represented 
32% of 2013 revenues (2012: 29%). 
Overheads before non-recurring items 
decreased by 16% to £3.53 million (2012: 
£4.21 million) which included a net 
write-back of provisions against 
receivables of £0.05 million (2012: 
provision of £0.39 million). Total staff 
costs were marginally lower at £2.01 
million (2012: £2.16 million).
In addition to these expenses, the Group 
incurred non-recurring costs of £570,000 
(2012: £nil). Of these costs £76,000 relate 
to expenditure to obtain ongoing cost 
efficiencies. This included closing down 
one of its UK facilities with the operation 
being transferred to Head Office. As 
mentioned above, £494,000 is an 
impairment provision against capitalised 
development costs for SRT and is 
detailed later in my review. 
Including the non-recurring items, the 
Group made an operating loss of £0.73 
million in 2013 compared to an operating 
loss of £2.18 million in 2012. This resulted 
in loss before tax of £0.78 million in 2013 
compared with a loss before tax of £2.20 
million in 2012. 
Excluding the non-recurring items, the 
Group made an EBITDA loss of £10,000 
(2012: loss £2.02 million) and an operating 
loss of £159,000 (2012: loss £2.18 million).
The Group reports a loss for the year  
of £0.71 million (2012: loss £2.22 million) 
with basic loss per share of 0.55 pence 
(2012: loss per share 1.74 pence). 
The business invests in scientific and 
technical excellence, and I believe that 
Symphony is now not only the market-
leader but also the technical leader of the 
industry. Development costs of £0.12 
million were capitalised in 2013 (2012: 
£0.36 million), and the net book value of 
capitalised development costs at the end 
of the year amounted to £0.91 million. 
Further development expenditure of 
£0.38 million (2012: £0.32 million) was 
charged directly to profit and loss. 
Capitalised development costs represent 
4% of expenses as detailed above.  
Within the total amount of £0.91 million 
capitalised to date, and less amortisation 
and impairment, are: £0.19 million relating 
to d
2
w products which have been 
developed and are being sold; and the 
balance of £0.72 million, relating to 
further environmental plastic applications 
still in development and where we believe 
significant revenues will be generated in 
the foreseeable future. As stated earlier, 
£0.49 million of capitalised development 
costs relating to SRT was impaired.
The Group’s primary selling currency is 
the US Dollar. The Group self-hedges 
where possible by purchasing in US 
Dollars and has banking facilities in place 
in order to secure rates going forward. As 
at 31 December 2013 the Group had a net 
balance of US Dollar assets totalling 
$0.56 million (2012: $0.32 million). 
Segmental analysis
The Group operates two business 
divisions which are classified as 
segments in the financial report, being 
the Plastics Division (Symphony 
Environmental Limited or “SEL ”) and  
the Recycling Technologies division 
(Symphony Recycling Limited or “SRT”). 
SEL includes d
2
w, d
2
p, d
2
t, and the 
d
2
Detector, be they additives or finished 
products. SEL, which currently generates 
all the Group revenues, saw sales 
increase by 46% during the year with 
total revenues increasing to £7.19 million 
(2012: £4.94 million) due to growth in new 
and established markets. This, together 
with the rise in gross margins and the 
reduction in overheads, resulted in an 
EBITDA profit of £0.22 million in 2013 
compared to a loss of £1.75 million in 2012. 
Within SEL no sales were made for d
2
t,  
but there were small initial sales for d
2
p.
SRT has no revenues to date and incurred 
expenditure of £0.81 million for the year, 
resulting in an EBITDA loss of the same 
amount (2012 expenditure and EBITDA 
loss: £0.27 million). 10 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Cashflow
The Group consumed £0.81 million  
from operations (2012: cash generated 
£0.45 million). This was due to higher 
receivables at the 2013 year-end 
resulting from increased sales, and a 
reduction in payables. The Group has a  
£1 million trade finance facility with HSBC 
Bank plc of which £0.58 million was drawn 
down as at 31 December 2013 (£0.22 
million as at 31 December 2012). The 
invoice-finance facility increased in line 
with receivables. In addition to these 
facilities, the Group borrowed a further 
£650,000 through unsecured loans.
The Group had cash in the bank of 
£130,000 at the year-end (2012: 
£336,000), plus trade receivables of £1.16 
million (2012: £545,000) and continues to 
work comfortably within its facilities.
Symphony Recycling Technologies
As previously stated, the Board’s 
strategy is to commercialise SRT. Having 
carefully considered the options, the 
initial steps will be to establish a newly 
incorporated company with a third-party 
into which the Group will inject the 
business of SRT through a licence 
agreement. The newly incorporated 
company will seek additional third-party 
financing and operate autonomously 
from the Group. As SRT will no longer 
form an integral part of the Group, a full 
impairment charge of £494,000 has been 
made which reflects the costs incurred  
to develop the recycling business to this 
stage. The Group will retain an interest as 
a minority shareholder in the new entity 
and as IP Licensor, from which it is 
expected that the Group will benefit 
going forward.
Outlook
In particular we have been notified of  
a new contract award through one of  
our distributors for d
2
w from a major 
supermarket group. The volumes 
indicated, but not yet verified, are 
significant. The delivery programme 
starts from April, with full roll-out before 
the 2014 year-end. This follows more than 
two years of development work which 
demonstrates the length of time it can 
take to close a major sale opportunity. 
In addition to the above, several other 
trials for d
2
w are in their final phase, and 
further updates will be communicated to 
the market in due course.
Positive changes in legislation are driving 
momentum for d
2
w in several markets, 
albeit timing and volumes are still 
unknown, but what is known is that our 
sales outlets continue to expand in 
number and volume.
Trials and negotiations for d
2
p and d
2
t are 
showing favourable results on several 
fronts and we have high expectations of 
seeing initial revenues commence over 
the next year. d
2
t is a suite of tagging and 
tracing technologies which will assist 
brand-owners and governments to 
reduce counterfeiting of products.
We believe that 2014 will show a further 
strengthening of our operating 
performance, and we look forward  
to the year ahead with confidence.
Michael Laurier 
Chief Executive
“ THIS YEAR (2014) HAS ST ARTED WELL WITH SEVERAL 
IMPORT ANT PRODUCT TRIALS PROGRESSING AND A 
NUMBER OF HIGH LEVEL NEGOTIA TIONS FOR SALES OF  
ALL OF OUR THREE MAIN TECHNOLOGIES; d
2
w, d
2
p and d
2
t.”
Chief Executive’s review 
continued www.symphonyenvironmental.com
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
11 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Innovation and technology
Symphony has its own laboratories 
and test facilities in the UK where our 
technical teams test, develop, and 
continuously improve our products. 
We continue to invest in R&D as we 
strongly believe that it is essential to 
answer the world’s health and 
environmental problems. Over the 
last year we have invested in new 
equipment and worked extensively 
with universities and scientific 
centres all over the world. 12 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Added value with Symphony’s d
2
w
 – d
2
w requires a 1% inclusion rate only
 – d
2
w works with virgin and recycled plastic
 – d
2
w is compatible with PE, PP and PS
 – d
2
w does not require any change to the 
manufacturing process
 – d
2
w plastic will not just fragment, it  
will then biodegrade
 – d
2
w plastic is non-toxic and safe for  
food contact
 – d
2
w plastic does not lose any of its 
strength or other properties during its 
useful life
 – d
2
w is tested by test methods prescribed 
by the following:
 – British Standard 8472
 – US Standard ASTM D6954
 –  United Arab Emirates Standard 
5009:2009
 – French Accord AFNOR T51 -808
 – OECD 207 and 208
Our products
Plastic is lightweight, flexible, 
strong, durable, heat sealable, 
impervious to moisture, 
recyclable and reusable, but 
whether by intent or accident, 
some plastic will always find 
its way into the land 
environment and oceans, 
creating an eyesore and 
polluting the environment.
d
2
w controlled‑life 
technology
making plastic smarter
d
2
w is Symphony’s core product, being 
successful in global markets for over 
15 years. It is a masterbatch which, when 
included at the manufacturing stage, 
turns ordinary plastic at the end of its 
useful life, in the presence of oxygen, 
into a material with a different 
molecular structure. At the end of that 
process it is no longer a plastic and has 
become a material which will biodegrade 
in the open environment in the same 
way as a leaf.
Recent developments
Over the years many governments  
have realised the potential of 
oxo-biodegradable plastic and its 
benefits for the environment. Every  
year we have positive outcomes, and 
more legislation comes into force  
to ban regular plastic and allow only 
oxo-biodegradable plastic to be used  
for shopping bags and other short-life 
plastic products. 
The U.A.E. was the first country to 
legislate and they have announced that 
as from 1 January 2014 they have 
extended the range of plastic products 
that must be oxo-biodegradable. 
Symphony has ESMA approval for U.A.E. 
which is mandatory for all suppliers. 
Pakistan announced similar legislation  
as from 1 April 2013. Countries in the 
Balkans have recognised the benefits  
of oxo-biodegradable plastic, as have 
several countries in Africa. In 2012 
Intertek published “A Life Cycle 
Assessment of Oxo-biodegrdable, 
Compostable and Conventional Bags”, 
which showed that the environmental 
credentials of d
2
w plastics are ahead  
of bio‑based and conventional plastics.  www.symphonyenvironmental.com
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13 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
The Carbon Value
In the process of degradation, d
2
w allows 
the transfer of valuable carbon material 
to the eco-system.
Studies have demonstrated that one of 
the benefits of d
2
w oxo-biodegradable 
technology is that the carbon content of 
the plastic is ultimately shared with living 
organisms in the environment*.
Further studies have also shown that the 
carbon based organic materials developed 
as the result of the degradation 
mechanism are biodegradable and 
therefore absorbed by living organisms  
in the soil**.
This is not the case with conventional 
plastic that tends to capture the carbon 
for many decades or hydro-degradables 
that release the carbon immediately  
as CO
2
.
*   Biodegradation Tests of Oxo-degradable Polyolefins 
by Means of Single Microbial Species, University of 
Pisa, 2009
**  Polymer Degradation and Stability 96 (2011) 919-928
The benefits of Plastic Packaging
• Lightweight
• Flexible
• Strong/durable
• Heat sealable 
• Impervious to moisture
• Printable
• Recyclable
• Reusable
Responsible  
use of plastic
Our three R’s
REDUCE: d
2
w can help 
to reduce the burden of 
persistent plastic waste 
in the environment. 
REUSE: d
2
w products 
can be reused many 
times during their 
service-life. 
RECYCLE: d
2
w products 
can be recycled and 
made from recycled 
polymers.
FOR GENERAL INFORMA TION ABOUT OXO‑ BIODEGRADABLE 
PLASTICS, SEE WWW.BIODEG.ORG. 14 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Anti-microbial
Anti-bacterial
ab af
Anti-fungal/
Anti-algae
ab
Our products 
continued
d
2
p anti-fungal
d
2
p anti-fungal is a unique formulation 
for plastic products, designed to prevent 
fungal contamination whilst preserving 
the aesthetic and functional properties of 
the products. The anti-fungal ingredient  
is used globally in a variety of applications.  
It acts to prevent growth of fungi, bacteria 
and algae that can cause discolouration, 
staining and odours, and which are a 
danger to human health. Produced as  
a masterbatch to be added at the 
manufacturing stage, it provides excellent 
resistance to fungi, bacteria and algae.
d
2
p natural
d
2
p natural is a unique direct food-contact, 
broad spectrum antibacterial active 
ingredient with action against both 
Gram-positive and Gram-negative 
bacteria as demonstrated in testing at 
independent laboratories using common 
industry standards as JIS Z 2801:2000  
and ISO 22196 against E.coli and S.aureus. 
It is based on natural oil extracts from 
plants, dried and powderised. Symphony 
has developed suitable masterbatch 
applications for polyolefins, styrenics, 
polyamides, PVC, polycarbonate  
and polyesters. 
Added value with 
Symphony’s d
2
pAB
 – T ried and tested 
silver-based 
technology
 – Fights healthcare and  
food industry 
infections
 – T ested to ISO 22196 
and JIS Z 2801 to 
demonstrate its 
anti-bacterial efficacy
 – Helps prevent staining, 
discolouration and 
odour development
 – Addition rate of 1–2%
 – Compatible with most 
plastics
Added value with 
Symphony’s d
2
pAF
 – Increase the shelf-life 
of fresh food
 – Reduce requirements 
for food preservatives
 – Inhibit mould growth 
on food and non-food 
applications
 – Addition rate of 1–2%
 – Compatible with most 
plastics
 – T ested by international 
methods such as ISO 
16869:2008, ISO 
22196:201 1, prEN 
WD_algae, ASTM G21, 
ISO 846
Added value with 
Symphony’s d
2
pAB 
natural
 – New, plant-based 
technology. Uses a 
proprietary, all natural 
active ingredient 
composition, with 
direct food contact 
compliance as per 
FDA-(USA) and EFSA-
(EU). The active 
ingredients are listed 
in the GRAS LIST - 
FDA and in the 
POSITIVE LIST - EU 
REGULA TION 10/2011
 – Fights healthcare and 
food industry 
infections
d
2
p anti-bacterial
The threat of infection has increased as 
we live in denser urban populations. d
2
p is 
an anti-bacterial formulation that has 
been successfully tested against over 50 
common organisms including dangerous 
bacteria such as MRSA, E.coli, Salmonella, 
Listeria, Pseudomonas and Aspergillus 
Niger. We have developed a d
2
p 
anti-bacterial system that provides an 
extra layer of protection against 
transmission of infection through contact 
with everyday plastic items. Designed as a 
masterbatch to be added at the 
manufacturing stage, the inorganic 
nature, small particle size, and high 
temperature tolerance of the active 
ingredient makes it ideal for use in a wide 
range of polymer processes.
d
2
p anti‑bacterial and anti‑fungal technologies
making plastic smarter
d 2 p is supplied subject to regulatory approval in the country where it is intended to be used. www.symphonyenvironmental.com
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15 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Agreement with Janssen Pharmaceutica  
(a division of Johnson & Johnson)
After two years of collaboration, Symphony and Janssens 
have developed a new system for giving plastic products 
anti‑ fungal and other anti‑ microbial properties.
About d
2
p anti‑ fungal
d
2
pAF is easily added at the 
manufacturing stage, and normally at 
1–2%.
d
2
pAF provides anti-fungal, anti-
bacterial, anti-mould, anti-mildew and 
anti-algae protection providing a broad 
spectrum of total anti-microbial 
performance.
d
2
pAF can help to improve product 
marketing message.
d
2
p anti‑ fungal: Food applications
d
2
pAF is a unique additive for PLASTIC 
packaging applications (PE, PP , PS, PVC, 
PET, PA, etc.) and it has been designed to 
improve performance of the plastic 
product by potentially: 
• increasing the shelf-life of fresh food
• reducing the requirement for food 
preservatives
• inhibiting mould growth in both food 
and non food applications
d
2
pAF can be used for a variety of direct 
and indirect food-contact applications 
such as: 
• Cutting/chopping boards
• Food-processing conveyor belts
• Flexible food packaging
• Food Containers
• Fridges
• Kitchen worktop coating
• Kitchen utensils
• Table cloths
• Water coolers
d
2
p anti‑ fungal: Non‑ food applications
d
2
pAF can be used for a variety of 
non-food applications including:
• Agriculture (greenhouse film, 
irrigation pipes etc)
• Clothing and accessories (wet suits, 
watches, shoes, lab coats, face  
masks, etc)
• Credit/debit cards 
• Electronic (keyboards, mouse mats, 
cell phone cases, calculators, remote 
controls, touch screen devices, etc)
• Home (roofing, wall cladding and 
decking, tubing, piping, bed pans, etc)
• Pet food packaging
• Refuse sacks and long-life carrier bags
• Sanitary (toilet seats, shower heads, 
shower curtains, hand dryers, 
toothbrush handles, shavers, portable 
toilets, etc)
• Sports (ski boots, bowling shoes, 
insoles, mats, floats, knee pads)
• Transportation (car interiors, tube,  
train, plane) 16 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Our products 
continued
d
2
t anti‑counterfeiting 
systems
making plastic smarter
d
2
Detector
Added value with 
Symphony’s d
2
D
The d
2
Detector uses 
XRF technology and is 
perfectly designed to 
work with Symphony’s 
d
2
w, d
2
p and d
2
t 
technologies. The 
device can be easily 
transported and used 
almost anywhere.
Brand protection
• Quality control and brand protection 
are essential for any modern business
• d
2
Detector is the world’s first portable 
device that can be used to verify that 
plastic products are authentic and not 
inferior copies
d
2
t masterbatches provide a unique trace that is added at the 
manufacturing stage of products and there is a sophisticated 
forensic tagging system for high-value products. 
Added value with 
Symphony’s d
2
t
Symphony’s T ag and 
T race technologies give 
you the ability to 
accurately determine 
whether plastic 
packaging and products 
are genuine – which 
gives you and your 
customers peace  
of mind.
d
2
tag
• No changes to manufacturing 
equipment required – integrate 
directly into SOP
• Minimal change to manufacturing SOP
• Made of 100% silicon dioxide (silica), 
which is FDA affirmed as GRAS 
(generally recognised as safe)
• Each product, manufacturing plant,  
or lot/batch can be separately coded 
with a unique ID
• Field readability allows inspectors  
to confirm provenance of product 
without sending to lab
• Cost effective to implement
d
2
trace
• d
2
trace is a masterbatch tracer 
technology system which provides 
plastic with a unique identity
• Added at a rate of only 1% at the 
manufacturing stage, d
2
trace is 
compatible with the vast majority  
of plastics
• No change is required to the 
manufacturing process
• The tracer can be easily read using 
Symphony’s portable d
2
Detector
Fast detection
• Designed to detect specified 
masterbatches
• Detects in less than 60 seconds
In an increasingly competitive market, quality-control is of vital 
importance. The portable d
2
Detector is an invaluable tool for 
analysing the chemical composition of plastics, for quality 
control and anti-counterfeiting.  www.symphonyenvironmental.com
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17 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Corporate social responsibility
For Symphony, as an environmental technology 
company, sustainable development is an important 
matter . This means that we combine long-term 
economic objectives with social responsibility and 
environmental protection.
We are committed to recycling of 
materials following the “reduce, reuse 
and recycle” principles. In addition,  
we have engaged most of our businesses 
in finding solutions for the world’s 
environmental problems, making us  
a responsible citizen of the world. 
We provide a nurturing business 
environment which offers our employees 
and distributors the ability to continuously 
develop their competences. We believe 
that education is essential, no matter  
the age, and we work on educational 
development of our people and the 
people of the world. 
Partnering for change
Symphony is proud to be a leader in 
advanced technologies that add to a 
sustainable future. We are open and we 
always welcome collaboration with our 
suppliers, customers, communities, 
governments and civil society. We build 
relations with academic institutions, 
governments, NGOs and industry 
associations. 
Dealing with chemicals and 
masterbatches we are often questioned 
on how we meet the CSR challenge.  
We have established our potential risks, 
and the challenge is in a continuous 
communication with our stakeholders. 
At Symphony we believe that our 
long-term future and profitability depend 
on our environmental, technical and 
social performance. Excellence in 
operational performance generates 
financial returns, while being a 
responsible global citizen earns the 
continued support of our customers, 
shareholders, communities and staff. 
We have established goals that the 
company and its people are trying to 
achieve daily. We understand that in 
today’s world it is difficult to be a 
responsible individual, and even more 
difficult to implement change towards 
a better future. It is essential to establish 
best practices, support individual 
ambitions, and strengthen the 
relationships with our communities 
around the world. 
Symphony is accredited to the 
environmental standard ISO 14001,  
and to ISO 9001 for Quality Management. 
We made a commitment to low-energy 
lighting, and equipping our offices and 
laboratories with environmentally-friendly 
supplies. We promote paperless 
administration and work on the best 
practice document-management 
systems. 
“ WE HA VE EST ABLISHED CSR GOALS THA T THE COMP ANY 
AND ITS PEOPLE ARE STRIVING TO ACHIEVE DAIL Y . ” 18 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Nirj Deva, DL, FRSA, MEP
Non‑Executive Chairman
Mr. Deva has been a Member of the 
European Parliament since 1999 and is 
Vice‑chairman of the Parliament’s 
International Development Committee. 
He is also Chairman of the EU‑China 
Friendship Group. From 1992–97 he was a 
member of the UK Parliament. He has 
held a number of senior political 
appointments and has advised the 
boards of a number of public companies 
including International Leisure Group, Air 
Europe Plc, Tricentrol Oil Co Plc, EDS, 
Television South West, Thomas Howell 
Group, John Laing Plc, Aitken Spence, 
and Rothmans International Plc.
Michael Stephen, LL.M 
Deputy Chairman
Michael Stephen is Commercial Director 
and Deputy Chairman of the Plc, and 
Chairman of its subsidiary companies. He 
qualified as a Solicitor with Distinction in 
Company Law. He was called to the Bar, 
and practised from chambers in London 
for many years, dealing with civil cases in 
the High Court and Court of Appeal. He 
was a member of the UK Parliament 
1992–97 and was a member of the 
Environment Select Committee of the 
House of Commons. He served in 
Government as Parliamentary Private 
Secretary at the Ministry of Agriculture. 
He held a Harkness Fellowship in law at 
Stanford and Harvard Universities in the 
USA, and was Deputy Legal Adviser to 
the British Ambassador to the United 
Nations.
Michael Laurier 
Chief Executive Officer
Michael is the Chief Executive of the 
Company. Michael’s career began with his 
long established family packaging 
business, Brentwood Sack and Bag Co 
Limited. He took over responsibility for 
sales and production in the mid‑1970s 
and changed the emphasis of the 
company’s business from jute products 
to polythene packaging, introducing the 
then innovative high density and medium 
density polythene bags into the UK 
market in 1975.
He was appointed Managing Director of 
Brentapac UK Plc, which formerly owned 
the Tuffy trademark, in 1985, with 
continuing responsibility for national and 
international sales. He co‑founded 
Symphony Plastics in 1995.
Board of Directors www.symphonyenvironmental.com
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19 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Nicolas Clavel
Non‑Executive Director
Nicolas Clavel started his career in 
international banking in the mid‑ seventies and his area of expertise has 
been structured trade finance and equity 
investments with a particular focus on 
Emerging Markets. He is Chief 
Investment Officer of Scipion Capital 
Ltd., (the Investment Manager of Scipion 
African Opportunities Fund SPC) and is 
personally CF 1, 3, 11 and CF 30 approved 
by the UK Financial Services Authority. 
Nicolas is Swiss, and is based in London 
and Geneva. He is fluent in English, 
French, Italian and German.
Michael F Stephens 
Technical Director
Michael began his career with Excelsior 
Plastics Limited, a division of Unigate, 
progressing over a period of ten years to 
sales director. Leaving in 1981, he worked 
for Sempol Products, Autobar Group and 
ACP Plastics (a subsidiary of S P Metal 
Group), all manufacturers of packaging 
films. In 1988, Michael founded Skymark 
Packaging International Limited, serving 
the snack food, bakery, mail wrap, paper 
disposable markets, which he left in 
November 1997 to join Symphony. 
Michael is a member of the British 
Standards Institute packaging 
committee and a member of 
the European Standards Committees  
for degradable agricultural and  
packaging films.
Ian Bristow, FCCA 
Finance Director and Company Secretary
Ian was in private practice for seven 
years, qualifying as a certified accountant 
in 1992. In 1994, he joined Brentapac UK 
Plc until it was sold in 1994. He went on to 
co‑found Symphony Plastics in 1995. 20 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Principal activities and business review
The primary business activities of the Group are the development and supply of environmental plastic products to a global market, 
and the development of waste to value projects. The Group also supplies other flexible polythene and related products.
A review of the business is given in the Chairman’s Statement on page 4 together with the Chief Executive’s Review on pages 8 to 10. 
Future developments are summarised in the Outlook section of the Chief Executive’s Review on page 10.
Key performance indicators
The Directors have monitored the progress of the overall Group strategy by reference to certain financial and non ‑financial key 
performance indicators.
Key performance indicator 2013 2012 Method of calculation
Sales d
2
w (£’000) 7,190 4,938 Sales revenue solely of d
2
w additives and products.
Gross profit margin (%) 49% 44% The ratio of gross profit to sales.
Number of distributors 76 72 The number of distribution agreements signed.
These are discussed within the Chairman’s Statement and the Trading Results section of the Chief Executive’s Review.
Principal risks and uncertainties
The Directors have identified and continually monitor the principal risks and uncertainties of the Group. These may change over time 
as new risks emerge and others cease to be of concern. The principal risks of the Group are detailed below.
Foreign exchange risk
The Group sells products in many countries and so generates revenues in US Dollars and Euros. Foreign exchange rates fluctuate 
and, as such, assets created in foreign currencies are liable to constant revaluations into their Sterling equivalent. The Group 
mitigates this risk by purchasing, where practicable, in currencies to match revenues. The Group also has exchange facilities with its 
bank to use as and when appropriate.
Competition risk
The Group faces competition from suppliers of similar products which could affect revenues and/or gross margins. The Group 
mitigates this risk by employing a large number of distributors globally who can concentrate on any competition issues within their 
market, and also by differentiating the Group’s products by branding and marketing activities.
Raw material pricing and availability
The Group uses commodity and speciality materials in the make‑ up of its products. There is a risk of price volatility and material 
availability. The Group mitigates this risk by using more than one supplier of its products and continually researching separate supply 
alternatives for the materials used.
BY ORDER OF THE BOARD
I Bristow 
Company Secretary 
24 March 2014
Strategic Report www.symphonyenvironmental.com
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21 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
The Directors present their report and the audited financial statements of the Group for the year ended 31 December 2013. 
Results and dividends
The trading results for the year and the Group’s financial position at the end of the year are shown in the attached financial 
statements.
The loss for the year after taxation amounted to £707,000 (2012: loss £2,224,000).
The Directors have not recommended a dividend.
Research and development
The Group is involved in the research and development of environmental plastic products, and waste to value systems.
The Directors and their interests
The Directors who served during the year and their interests in the shares of the Company are shown in the Remuneration Report.
Directors’ responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors’ Report, and the financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have 
elected to prepare the Group financial statements in accordance with International Financial Reporting Standards as adopted by the 
European Union (IFRSs). The parent Company’s own financial statements continue to be prepared in accordance with United 
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws). Under company law 
the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of 
affairs and profit or loss of the Company and Group for that period. In preparing these financial statements, the Directors are 
required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable IFRSs or UK Accounting Standards have been followed, subject to any material departures disclosed and 
explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue 
in business. 
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that 
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the 
Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors confirm that: 
• so far as each Director is aware, there is no relevant audit information of which the Company’s auditor is unaware; and
• the Directors have taken all steps that they ought to have taken as Directors in order to make themselves aware of any relevant 
audit information and to establish that the auditor is aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the 
Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may 
differ from legislation in other jurisdictions. 
Directors’ Report 22 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Going concern
Management have prepared a cash flow forecast for the ensuing twelve months from the approval of the financial statements where 
a forecast increase in sales will lead to increased cash through the use of the invoice discounting facility. Operating results for the 
start of 2014 have been in line with these forecasts. The Group has continued to make significant investment into new product 
development and anticipates sales growth from the launch of some of these products in the forthcoming year. Having reviewed the 
cash flow forecasts and the available headroom within existing facilities the Directors believe that the Group has sufficient cash 
resources to meet debt obligations as they fall due. For these reasons, the Directors are of the opinion that it is appropriate to 
continue to adopt the going concern basis in preparing these financial statements.
Corporate governance
The Group is committed to developing and adhering to high standards of corporate governance. As an AIM listed company, 
Symphony Environmental Technologies plc is not required to and does not apply the UK Corporate Governance Code as issued by 
the UK’s Listing Authority, however, it seeks to follow the principles of good governance as far as management believes it is practical 
for a Group of its size, nature and circumstances. 
Financial risk management policies
The Group’s financial risk management policies are detailed in note 3 to the financial statements.
Auditor
A resolution to appoint Grant Thornton UK LLP as auditor for the ensuing year will be proposed at the Annual General Meeting.
BY ORDER OF THE BOARD
I Bristow 
Company Secretary 
24 March 2014
Directors’ Report
continued www.symphonyenvironmental.com
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23 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Directors’ emoluments 
Basic  
salary or  
fees
£’000
Benefits
£’000
Pension
£’000
2013
Total 
Emoluments
£’000
2012
Total
Emoluments
£’000
N Deva 42 – – 42 51
M Laurier 200 9 50 259 254
I Bristow 155 5 15 175 174
M Stephen 171 10 – 181 181
M F Stephens 171 12 – 183 180
N Clavel 31 – – 31 34
770 36 65 871 874
The Directors’ pensions, where applicable, are administered by those Directors. 
The Company has taken out insurance for its officers against liabilities in relation to the Company under Section 233 of the 
Companies Act 2006.
Directors’ interests
The Directors in office at the end of the year, together with their beneficial interests in the shares of the Company, were as follows:
Ordinary Shares of £0.01 each
At  
31 December  
2013
At  
1 January  
2013 
N Deva 313,925 313,925
M Laurier 22,052,317 15,360,600
I Bristow 1,063,925 1,063,925
M Stephen 782,998 615,998
M F Stephens 311,294 311,294
N Clavel 500,000 500,000
Share options
The following Directors have share options or agreements for share options:
Number  
of share 
options
Exercise price 
(pence per 
share) Exercisable from Exercisable to
N Deva 1,500,000 4.500 26 November 2008 26 November 2018
N Deva 250,000 9.875 18 December 2010 18 December 2019
M Laurier 1,851,500 4.500 26 November 2008 26 November 2018
M Laurier 350,000 9.125 31 March 2010 30 March 2020
I Bristow 3,000,000 4.500 26 November 2008 26 November 2018
I Bristow 280,000 9.125 31 March 2010 30 March 2020
M Stephen 1,200,000 6.250 28 April 2007 28 April 2017
M Stephen 2,000,000 4.500 26 November 2008 26 November 2018
M Stephen 210,000 9.125 31 March 2010 30 March 2020
M F Stephens 210,000 9.125 31 March 2010 30 March 2020
N Clavel 500,000 4.500 16 October 2009 16 October 2018
N Clavel 250,000 9.875 18 December 2010 18 December 2019
The above share options are HM Revenue and Customs unapproved. See note 18 to the financial statements for the terms of the 
above options.
Remuneration Report 24 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Independent Auditor’s Report
to the members of Symphony Environmental T echnologies plc
We have audited the financial statements of Symphony Environmental Technologies plc for the year ended 31 December 2013 which 
comprise the consolidated statement of comprehensive income, consolidated statement of financial position, the consolidated 
statement of changes in equity, the consolidated cash flow statement, the parent Company balance sheet and the related notes. 
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial reporting framework that has 
been applied in the preparation of the parent Company financial statements is applicable law and United Kingdom Accounting 
Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required  
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for 
the opinions we have formed.
Respective responsibilities of Directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 21, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and 
express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 
31 December 2013 and of the Group’s loss for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs as issued by the IASB
As explained in note 2 to the Group financial statements, the Group, in addition to complying with its legal obligation to apply IFRSs 
as adopted by the European Union, has also applied IFRSs as issued by the International Accounting Standards Board (IASB).
In our opinion the Group financial statements comply with IFRSs as issued by the IASB.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in 
our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been 
received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Simon Jones
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
24 March 2014 www.symphonyenvironmental.com
25 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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STATEMENTS
Consolidated Statement of Comprehensive Income
for the year ended 3 1 December 2013
2013 2012
Note £’000 £’000 £’000 £’000
Revenue 5 7,190 4,938
Cost of sales (3,644) (2,785)
Gross profit 3,546 2,153
Distribution costs (179) (125)
Administrative expenses – recurring 6 (3,526) (4,211)
Administrative expenses – non-recurring 6 (570) –
Administrative expenses 6 (4,096) (4,211)
Operating loss – recurring (159) (2,183)
Operating loss – non-recurring (570) –
Operating loss 6 (729) (2,183)
Finance income 8 5 6
Finance costs 8 (54) (20)
Loss for the year before tax (778) (2,197)
Taxation 9 71 (27)
Loss for the year (707) (2,224)
Total comprehensive income for the year (707) (2,224)
Basic loss per share 10 (0.55)p (1.74)p
Diluted loss per share 10 (0.55)p (1.74)p
All results are attributable to the parent Company equity holders. There were no discontinued operations for either of the 
above periods.
The accompanying notes form an integral part of these financial statements. 26 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Consolidated Statement of Financial Position
as at 3 1 December 2013
Company number 3676824
Note
2013
£’000
2012
£’000
Assets
Non-current
Property, plant and equipment 11 394 499
Intangible assets 12 937 1,334
Deferred income tax asset 9a 1,142 1,216
2,473 3,049
Current
Inventories 15 528 637
Trade and other receivables 16 1,366 806
Cash and cash equivalents 17 130 336
2,024 1,779
Total assets 4,497 4,828
Equity
Equity attributable to shareholders of Symphony Environmental Technologies plc
Ordinary shares 18 1,281 1,280
Share premium 18 1,650 1,648
Retained earnings 18 (502) 205
Total equity 2,429 3,133
Liabilities
Non-current
Interest bearing loans and borrowings 20 3 20
3 20
Current
Interest bearing loans and borrowings 20 1,339 509
Trade and other payables 19 726 1,166
2,065 1,675
Total liabilities 2,068 1,695
Total equity and liabilities 4,497 4,828
These financial statements were approved by the Board of Directors on 24 March 2014 and authorised for issue on 24 March 2014. 
They were signed on its behalf by:
I Bristow FCCA
Finance Director
The accompanying notes form an integral part of these financial statements. www.symphonyenvironmental.com
27 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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Consolidated Statement of Changes in Equity
for the year ended 3 1 December 2013
Equity attributable to the equity holders of Symphony Environmental Technologies plc:
Share
capital
£’000
Share 
premium
£’000
Retained 
earnings
£’000
Total
equity
£’000
For the year to 31 December 2013
Balance at 1 January 2013 1,280 1,648 205 3,133
Issue of share capital 1 2 – 3
Transactions with owners 1 2 – 3
Loss and total comprehensive income for the year – – (707) (707)
Balance at 31 December 2013 1,281 1,650 (502) 2,429
For the year to 31 December 2012
Balance at 1 January 2012 1,278 1,646 2,412 5,336
Issue of share capital 2 2 – 4
Share-based options – – 17 17
Transactions with owners 2 2 17 21
Loss and total comprehensive income for the year – – (2,224) (2,224)
Balance at 31 December 2012 1,280 1,648 205 3,133
The accompanying notes form an integral part of these financial statements. 28 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Consolidated Cash Flow Statement
for the year ended 3 1 December 2013
Note
2013
£’000
2012
£’000
Operating activities
Net cash (used)/generated from operations 21 (955) 414
Tax received 145 34
Net cash (used)/generated from operating activities (810) 448
Investing activities
Additions to property, plant and equipment (21) (59)
Proceeds from disposals of property, plant and equipment 7 14 
Additions to intangible assets (126) (361)
Net cash used in investing activities (140) (406)
Financing activities
New loans 650 –
Movement in working capital facility 359 (163)
Discharge of finance lease liability (18) (25)
Proceeds from share issue 3 4
Interest paid (54) (20)
Net cash generated/(used) in financial activities 940 (204)
Net change in cash and cash equivalents (10) (162)
Cash and cash equivalents, beginning of year 57 180
Exchange (loss)/gain (18) 39
Cash and cash equivalents, end of year 29 57
The reconciliation to the cash and cash equivalents as reported in the statement of financial position is as follows:
2013
£’000
2012
£’000
Loans and receivables:
 Cash at bank and in hand 17 130 336
Financial liabilities measured at amortised cost:
 Bank overdraft 20 (101) (279)
Cash and cash equivalents, end of year 29 57
The accompanying notes form an integral part of these financial statements. www.symphonyenvironmental.com
29 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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Notes to the Annual Report and Accounts
1 General information
Symphony Environmental Technologies plc (“the Company”) and subsidiaries (together “the Group”) develop and supply 
environmental plastic additives and products, and develop waste to value systems.
The Company, a public limited company, is the Group’s ultimate parent company. It is incorporated and domiciled in England (Company 
number 3676824). 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 and as a level 1 ADR in New York.
2  Summary of significant accounting policies
These consolidated financial statements have been prepared in accordance with the requirements of International Financial 
Reporting Standards (IFRS) as adopted by the European Union and also as issued by the International Accounting Standards 
Board (IASB).
The accounting policies have remained unchanged from the previous year.
Going concern
Management have prepared a cash flow forecast for the ensuing twelve months from the approval of the financial statements where 
a forecast increase in sales will lead to increased cash through the use of the invoice discounting facility. Operating results for the 
start of 2014 have been in line with these forecasts. The Group has continued to make significant investment into new product 
development and anticipates sales growth from the launch of some of these products in the forthcoming year. Having reviewed the 
cash flow forecasts and the available headroom within existing facilities the Directors believe that the Group has sufficient cash 
resources to meet debt obligations as they fall due. For these reasons, the Directors are of the opinion that it is appropriate to 
continue to adopt the going concern basis in preparing these financial statements.
Business combinations completed prior to date of transition to IFRS
The Group has not restated business combinations which took place prior to the date of transition to IFRS.
Accordingly, the classification of the combination remains unchanged from that used under UK GAAP . The assets and liabilities are 
recognised at date of transition, and are measured using their United Kingdom Generally Accepted Accounting Practice (GAAP) 
carrying amount.
Business combinations exemption
The Group financial statements consolidate the financial statements of the Company and all subsidiary undertakings.
The acquisition of Symphony Environmental Limited (formerly Symphony Plastics Limited) on 9 December 1999 was accounted for 
under merger accounting under UK GAAP and has been treated in this manner under IFRS as the business combination exemption 
has been adopted in these Annual Report and Accounts. The merger accounting method requires assets and liabilities to not be 
adjusted to fair value and the results of the subsidiary to be included as if it had always been part of the Group. Therefore, the results 
of the Group include both the results pre and post-acquisition.
Segment reporting
In identifying its operating segments, management generally follows the Group’s service lines which represent the main products 
and associated items provided by the Group.
There are currently two service lines, “Plastics” and “Recycling Technologies (Recycling Tech)”. The Plastics service line includes all 
activities in relation to the sale of plastic products and their associated items. This includes the sale of plastic degradable additives, 
finished goods, non-degradable products and d
2
Detectors. The Recycling Technologies segment includes all activities involved in 
the development of tyre and rubber recycling systems.
Each of the operating segments is managed separately as each of these service lines requires different technologies and other 
resources as well as marketing approaches. All inter-segments transfers are carried out at arm’s length prices.
The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its financial 
statements. Corporate assets which are not directly attributable to the business activities of any operating segment are not 
allocated to a segment.
Segment information is presented in accordance with IFRS 8 for all periods presented. IFRS 8 only requires disclosure of 
segment information.
Revenue
Degradable and non-degradable goods, and associated products (plastics segment)
Revenue is stated at the fair value of the consideration receivable and excludes VAT and trade discounts. 30 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
2  Summary of significant accounting policies continued
The Group’s revenue is from sale of goods and revenue from the sale of goods is recognised when all of the following conditions have 
been satisfied:
a) ownership of the significant risks and rewards has been transferred to the buyer. This may be based upon shipment or delivery 
depending upon specific contractual terms, whereby the Group relies on INCOTERMs (a series of pre-defined commercial terms 
published by the International Chamber of Commerce) to assess this;
b) the amount of revenue can be measured effectively whereby the Group sells goods after receipt of confirmed orders;
c) it is probable that the economic benefits associated with the transaction will flow to the entity; and
d) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Non-recurring items
Expenditure is classified as non-recurring where the cost is considered to be material, one-off, and will not continue in future.
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;
• 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:
d
2
w and other additives   – 15 years straight line.
Careful judgement by the Directors is applied when deciding whether the recognition requirements for development costs have 
been met. This is necessary as the economic success of any product development is uncertain and may be subject to future 
technical problems at the time of recognition. Judgements are based on the information available at each balance sheet date.
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, 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.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that 
asset as follows:
Plant and machinery   – 20% reducing balance.
Fixtures and fittings   – 25% reducing balance.
Fixtures and fittings Elstree Gate  – 10% straight line.
Motor vehicles    – 20% 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
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash 
flows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-
generating unit level. Those intangible assets not yet available for use are tested for impairment at least annually. All other individual 
assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying 
amount may not be recoverable. www.symphonyenvironmental.com
31 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’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.
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 on a first-in first-out basis.
Leased assets
In accordance with International Accounting Standard (IAS) 17, the economic ownership of a leased asset is transferred to the lessee 
if the lessee bears substantially all the risks and rewards related to the ownership of the leased asset. The related asset is recognised 
at the time of inception of the lease at the fair value of the leased asset or, if lower, the present value of the minimum lease payments 
plus incidental payments, if any, to be borne by the lessee. A corresponding amount is recognised as a finance leasing liability. The 
interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to profit or 
loss over the period of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to profit or loss on a straight line 
basis over the lease term. Lease incentives are spread over the term of the lease.
Pension costs
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.
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 balance sheet 
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.
Financial assets
Financial assets are divided into the following categories: loans and receivables, and available-for-sale financial assets. Financial 
assets are assigned to the different categories by management on initial recognition, depending on the purpose for which they 
were acquired.
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets 
are initially recognised at fair value plus transaction costs.
The Group currently has the following financial assets:
Trade receivables
Trade receivables are categorised as loans and receivables. Trade receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market. Trade receivables are measured subsequent to initial recognition at 
amortised cost using the effective interest method, less provision for impairment. Any change in their value through impairment or 
reversal of impairment is recognised in profit or loss.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all amounts 
due to it in accordance with the original terms of those receivables. The amount of the write-down is determined as the difference 
between the asset’s carrying amount and the present value of estimated future cash flows, discounted using the original effective 
interest rate. 32 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
2  Summary of significant accounting policies continued
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for 
inclusion in any of the other categories of financial assets. The Group’s available-for-sale financial assets are the equity investments 
in Bin Hilal LLC, American Plastic Technologies LLC and Oxobioplast Inc.
The equity investments in Bin Hilal LLC, American Plastic Technologies LLC and Oxobioplast Inc. are measured at cost less any 
impairment charges, as their fair values cannot currently be estimated reliably. Impairment charges are recognised in profit or loss.
An assessment for impairment is undertaken at least at each balance sheet date.
A financial asset is derecognised only where the contractual rights to the cash flows from the asset expire or the financial asset is 
transferred and that transfer qualifies for derecognition. A financial asset is transferred if the contractual rights to receive the cash 
flows of the asset have been transferred or the Group retains the contractual rights to receive the cash flows of the asset but 
assumes a contractual obligation to pay the cash flows to one or more recipients. A financial asset that is transferred qualifies for 
derecognition if the Group transfers substantially all the risks and rewards of ownership of the asset, or if the Group neither retains 
nor transfers substantially all the risks and rewards of ownership but does transfer control of that asset.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, together with other short-term, highly liquid investments 
that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Finance lease receivables
Goods sold under finance leases are recognised as a sale on date of the finance lease agreement or if later, when substantially all the 
risks and rewards of ownership of the asset have passed to the lessee. The capital element of future lessee obligations is included in 
assets in the statement of financial position.
The interest elements of the rental obligations are credited to profit and loss over the periods of the leases and represent a constant 
proportion of the balance of capital repayments outstanding.
Rentals receivable under operating leases are credited to profit and loss on a straight line basis over the lease term.
Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the 
contractual provisions of the instrument.
The Group’s financial liabilities include trade payables, other payables, bank overdraft, bank loans and other loans. These are 
classified as financial liabilities measured at amortised cost.
Financial liabilities measured at amortised cost are initially recognised at fair values net of direct issue costs.
Finance charges are charged to profit and loss, where applicable, on an accruals basis using the effective interest method and are 
added to the carrying amount of the instrument to the extent they are not settled in the period in which they arose.
A financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is discharged or cancelled 
or expires.
Equity settled share-based payments
All share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 January 2007 are recognised 
in the financial statements.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where 
employees 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. The fair value is charged to profit and loss between the date of issue and 
the date the share options vest with a corresponding credit taken to equity.
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
• “Retained earnings” represents non distributed reserves. www.symphonyenvironmental.com
33 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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Standards and interpretations in issue but not yet effective
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing 
standards have been published but are not yet effective, and have not been adopted early by the Group.
Management anticipates that all of the pronouncements will be adopted in the Group’s accounting policy for the first period 
beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are 
expected to be relevant to the Group’s financial statements 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 financial statements.
IFRS 9 Financial Instruments (effective from 1 January 2015)
The IASB aims to replace IAS 39 Financial Instruments: Recognition and Measurement in its entirety with the replacement standard to 
be effective for annual periods beginning 1 January 2015. IFRS 9 is the first part of Phase 1 of this project. The main phases are:
Phase 1: Classification and Measurement.
Phase 2: Impairment methodology.
Phase 3: Hedge accounting.
In addition, a separate project is dealing with derecognition. Management have yet to assess the impact that this amendment is 
likely to have on the financial statements of the Group. However, they do not expect to implement the amendments until all chapters 
of the IAS 39 replacement have been published and they can comprehensively assess the impact of all changes.
IAS 32 Financial Instruments and Presentation
Amendments to IAS 32 are effective for accounting period commencing 1 January 2014. This adds application guidance to address 
inconsistencies in applying IAS 32’s criteria for offsetting financial assets and financial liabilities in the following two areas (1) the 
meaning of “currently has a legally enforceable right of set-off” and (2) that some gross settlement systems may be considered 
equivalent to net settlement.
The Group’s management have yet to assess the impact of these new standards.
3  Financial 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.
The Group’s financial assets and liabilities are summarised as follows:
2013
£’000
2012
£’000
Financial assets:
Loans and receivables 1,206 602
1,206 602
Financial liabilities:
Financial liabilities measured at amortised cost 1,818 1,349
1,818 1,349
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 2013 is summarised as follows:
Gross cash flows:
Trade 
payables and 
accruals
£’000
Finance 
leases
£’000
Loans 
£’000
Bank
£’000
Total
£’000
Zero to sixty days 650 3 579 101 1,333
Sixty-one days to three months – – – – –
Four months to six months – 3 – – 3
Seven months to one year – 5 650 – 655
One year to three years – 3 – – 3
650 14 1,229 101 1,994 34 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
3  Financial risk management continued
The maturity of financial liabilities as at 31 December 2012 is summarised as follows:
Gross cash flows:
Trade 
payables and 
accruals 
£’000
Finance 
leases
£’000
Loans 
£’000
Bank
£’000
Total
£’000
Zero to sixty days 1,016 3 219 279 1,517
Sixty-one days to three months – – – – –
Four months to six months – 4 – – 4
Seven months to one year – 7 – – 7
One year to three years – 21 – – 21
1,016 35 219 279 1,549
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 Company.
The Group’s exposure to interest rate risk as at 31 December 2013 is summarised as follows:
Fixed
£’000
Variable
£’000
Zero
£’000
Total
£’000
Cash and cash equivalents – 130 – 130
Trade receivables – – 1,162 1,162
VAT – – 83 83
Other debtors 25 – 19 44
25 130 1,264 1,419
Trade payables – – (488) (488)
Other payables – – (76) (76)
Bank overdraft – (101) – (101)
Lease purchase (12) – – (12)
Other loans (650) (579) – (1,229)
(637) (550) 700 (487)
Sensitivity: increase in interest rates of 5% – (28) – (28)
Sensitivity: decrease in interest rates of 1% – 6 – 6
The Group’s exposure to interest rate risk as at 31 December 2012 is summarised as follows:
Fixed
£’000
Variable
£’000
Zero
£’000
Total
£’000
Cash and cash equivalents – 336 – 336
Trade receivables – – 545 545
VAT – – 92 92
Other debtors 42 – 14 56
42 336 651 1,029
Trade payables – – (851) (851)
Other payables – – (150) (150)
Bank overdraft – (279) – (279)
Lease purchase (31) – – (31)
Other loans – (219) – (219)
11 (162) (350) (501)
Sensitivity: increase in interest rates of 5% – (10) – (10)
Sensitivity: decrease in interest rates of 1% – 2 – 2
Sensitivity shows the effect on equity profit and loss. www.symphonyenvironmental.com
35 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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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
2013
£’000
Currency 
balance
2013
’000
Sterling
2012
£’000
Currency 
balance
2012
’000
Financial assets Euro 276 €331 143 €176
Financial liabilities Euro (249) €(298) (140) €(172)
Net balance Euro 27 €33 3 €4
Effect of 10% Sterling increase (3) –
Effect of 10% Sterling decrease 3 –
Financial assets USD 1,014 $1,681 735 $1,191
Financial liabilities USD (677) $(1,122) (538) $(874)
Net balance USD 337 $559 197 $317
Effect of 10% Sterling increase (34) (20)
Effect of 10% Sterling decrease 34 20
Sensitivity shows the effect on equity and profit and loss. A 10% change is shown to enable an objective calculation to be made on 
exchange rates which may be assumed for the future.
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:
2013
£’000
2012
£’000
Loans and receivables:
 Trade receivables 1,162 545
 Finance lease receivables 25 42
 Cash and cash equivalents 130 336
1,317 923
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 68% (2012: 77%) 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 is set out in note 16. During the period debts totalling £15,000 (2012: £88,000) were written off.
Capital requirements
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 and interest bearing loans 
and borrowings as detailed in note 25. The Company satisfies the Companies Act 2006 requirement to hold £50,000 issued and 
authorised share capital. The rule that 25% must be paid up is also satisfied, by reference to note 18. 36 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
4  Critical 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.
In preparing these accounts the following areas were considered to involve significant judgements and estimates:
Capitalisation of development costs
Judgements and estimates relating to the capitalisation of development costs are detailed in note 2.
Recoverability of capitalised development cost
Judgements and estimates relating to capitalised development costs are detailed in note 12.
Share option judgements
Judgements and estimates relating to share-based payment charges are detailed in note 18.
Going concern
Judgements and estimates relating to going concern are detailed in note 2.
Bad debts
Provisions for bad debts are shown in note 16. Bad debt provisions are made when there is objective evidence of impairment. Where 
there is no provision then it is due to adequate credit insurance being in place, or cash has been received since the end of the year, or 
adequate information exists to support the recoverability of the debt.
Recognition of deferred tax assets
Judgements and estimates relating to a deferred tax asset are detailed in note 9a.
5  Segmental information
Management currently identifies the Group’s two service lines as operating segments as further described in note 2. These 
operating segments are monitored and strategic decisions are made on the basis of adjusted segment operating results including 
one-off items such as employee settlement costs.
The segmental results for the year ended 31 December 2013 are as follows:
Operating segments
Twelve months to 31 December 2013
Plastics
£’000
Recycling 
Tech.
£’000
Group
£’000
Segment revenues 7,190 – 7,190 
Apportioned costs (6,966) (805) (7,771)
EBITDA 224 (805) (581)
Depreciation and amortisation (148) – (148)
Interest (49) – (49)
Taxation 71 – 71
Profit/(loss) for the year 98 (805) (707)
The segmental results for the year ended 31 December 2012 are as follows:
Operating segments
Twelve months to 31 December 2012
Plastics
£’000
Recycling 
Tech.
£’000
Group
£’000
Segment revenues 4,938 – 4,938 
Share-based payments (17) – (17)
Apportioned costs (6,671) (272) (6,943)
EBITDA (1,750) (272) (2,022)
Depreciation and amortisation (161) – (161)
Interest (14) – (14)
Taxation (27) – (27)
Loss for the year (1,952) (272) (2,224)
Revenues stated are from external customers.
There were no inter-segment revenues for the above periods.
There has been no change in total assets other than in the ordinary course of business.
Segmental assets primarily consist of property, plant and equipment, intangible assets, inventories, trade and other receivables and 
cash and cash equivalents. Unallocated assets comprise available-for-sale financial assets. www.symphonyenvironmental.com
37 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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Segmental liabilities comprise operating liabilities.
The segment assets and liabilities at 31 December 2013 and capital expenditure for the year then ended are as follows:
£’000 Plastics
Recycling 
Tech. Unallocated Group
Assets 4,497 – – 4,497
Liabilities (2,068) – – (2,068)
Capital expenditure 134 15 – 149
Depreciation and amortisation 148 – – 148
The segment assets and liabilities at 31 December 2012 and capital expenditure for the year then ended are as follows:
£’000 Plastics
Recycling 
Tech. Unallocated Group
Assets 4,348 480 – 4,828
Liabilities (1,685) (10) – (1,695)
Capital expenditure 311 109 – 420
Depreciation and amortisation 161 – – 161
Geographical areas
The Group’s revenues from external customers and its non-current assets (assets other than financial instruments) are divided into 
the following geographical areas:
Geographical areas
2013
£’000
Revenue
2013
£’000
Non-current
assets
2012
£’000
Revenue
2012
£’000
Non-current
assets
UK 337 1,825 380 1,833
Europe 1,161 – 996 –
Americas 3,406 – 2,109 –
Other 2,286 – 1,453 –
Total 7,190 1,825 4,938 1,833
Major customers
Within plastics, two customers accounted for greater than 10% of total Group revenues for 2013 (2012: two customers). One 
customer accounted for £1,108,000, or 15%, the other customer £750,000 or 10% (one customer accounted for £888,000, or 18%, 
the other customer £623,000 or 13% of total Group revenues for 2012).
6 Operating loss
The operating loss is stated after charging:
2013
£’000
2012
£’000
Depreciation 119 132
Amortisation 29 29
Loss on disposal of property, plant and equipment 1 –
Impairment of intangible asset 494 –
Research and development expenditure not capitalised 383 320
Operating lease rentals:
 Land and buildings 107 118
 Plant and equipment 6 6
Fees payable to the Company’s auditor for the audit of the financial statements 11 11
Fees payable to the Company’s auditor for other services:
 Audit of the financial statements of the Company’s subsidiaries pursuant to legislation 26 26
 Interim review 1 1
 Other services relating to taxation 7 7
Net foreign exchange (gain)/loss (5) 72
Non-recurring items within administrative expenses compromise of £76,000 of costs incurred in the transfer of operations from one 
of the Group’s UK facilities to the Head Office, and an impairment charge of £494,000, details of which are given in note 12. 38 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
7  Employee benefit expense
2013
£’000
2012
£’000
Wages and salaries 1,732 1,867
Social security costs 203 234
Other pension costs 76 55
2,011 2,156
Average number of people employed:
2013 2012
Testing and technical 7 7
Selling 8 8
Administration 8 9
Management 6 6
Marketing 1 2
Total average headcount 30 32
Remuneration in respect of the Directors was as follows:
2013
£’000
2012
£’000
Emoluments 806 845
Pension contributions 65 29
871 874
Key management remuneration:
2013
£’000
2012
£’000
Short-term employee benefits 806 845
Post-employment benefits 65 29
871 874
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 Report.
8  Finance income and costs
2013
£’000
2012
£’000
Interest income:
Finance lease interest 5 6
Total finance income 5 6
Interest expense:
 Bank borrowings 5 4
 Other interest 46 11
 Finance charges 3 5
Total finance costs 54 20
Net finance costs 49 14
9  Taxation
2013
£’000
2012
£’000
Net deferred tax (see note 9a) (74) (61)
R&D tax credit 145 34
Total income tax credit/(charge) 71 (27)
No tax arises on the loss for the year. www.symphonyenvironmental.com
39 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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STATEMENTS
The tax assessed for the year is different from the standard rate of corporation tax in the UK of 23% (2012: 24%). The change in the 
rate of standard corporation tax is due to the rates being changed by UK Government legislation. The differences in tax assessed 
against the standard rate of corporation tax are explained as follows:
2013
£’000
2012
£’000
Loss for the year before tax (778) (2,197)
Tax calculated by rate of tax on the result (179) (527)
Effective rate for year at 23.25% (3m @ 24% and 9m @ 23%) (2) (10)
Expenses not deductible for tax purposes 123 11
Depreciation in excess of capital allowances 11 6
R & D tax relief (8) –
Tax losses carried forward (55) 520
Movement in deferred income tax asset (see note 9a) (74) (61)
R&D tax credit 145 34
Total income tax credit/(charge) 71 (27)
9a  Deferred income tax asset
2013
£’000
2012
£’000
Deferred income tax asset brought forward 1,216 1,277
Change in tax rate (171) (102)
Recognised in the year 97 41
Deferred income tax asset carried forward 1,142 1,216
The deferred tax asset relates to tax losses. There are tax losses of approximately £12,900,000 (2012: £12,900,000).
Of these tax losses, a negative deferred tax adjustment of £74,000 has been recognised in this year’s accounts (2012: negative 
£61,000) resulting in a total asset recognised of £1,142,000 (2012: £1,216,000). There is a total potential tax asset of £2,580,000 
using a rate of 20%, being the corporation tax rate UK Parliament has currently set.
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 continuation of profitability going forward based 
upon current sales leads and market receptiveness to anticipated product launches. Other key estimates relate to foreign exchange 
rates. Sales made in early 2014 have been materially consistent with the forecasts supporting the recognition of the deferred 
tax asset.
10  Loss per share and dividends
The calculation of basic earnings per share is based on the (loss)/profit 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 2013 2012
Loss profit attributable to equity holders of the Company £(707,000) £(2,224,000)
Weighted average number of ordinary shares in issue 128,010,884 127,907,254
Basic loss per share (0.55) pence (1.74) pence
Dilutive effect of weighted average options – – 
Total of weighted average shares together with dilutive effect of weighted options 128,010,884 127,907,954
Diluted loss per share (0.55) pence (1.74) pence
No dividends were paid for the year ended 31 December 2013 (2012: £nil). The effect of options in 2013 and 2012 are anti-dilutive.
17,626,500 options were outstanding at the end of the year which may become dilutive in future years. 
The loss before non-recurring items is £137,000 (2012: £2.22 million) and the basic and diluted loss per share using the weighted 
average number of ordinary shares of 128,010,884 (2012: 127,907,254) is 0.11 pence (2012: loss 1.74 pence). 40 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
11  Property, plant and equipment
Plant & 
machinery
£’000
Fixtures & 
fittings
£’000
Fixtures 
& fittings 
Elstree Gate
£’000
Motor 
vehicles
£’000
Office 
equipment
£’000
Total
£’000
At 1 January 2012
Cost 339 67 216 127 155 904
Accumulated depreciation (91) (56) (37) (68) (66) (318)
Net book amount 248 11 179 59 89 586
Year ended 31 December 2012
Opening net book amount 248 11 179 59 89 586
Additions 34 – 20 – 5 59
Disposals (15) – – – – (15)
Depreciation charge (52) (3) (23) (14) (40) (132)
Eliminated on disposal 1 – – – – 1
Closing net book amount 216 8 176 45 54 499
At 1 January 2013
Cost 358 67 236 127 160 948
Accumulated depreciation (142) (59) (60) (82) (106) (449)
Net book amount 216 8 176 45 54 499
Year ended 31 December 2013
Opening net book amount 216 8 176 45 54 499
Additions 1 – 6 – 14 21
Disposals – – – (22) – (22)
Depreciation charge (44) (3) (24) (10) (38) (119)
Eliminated on disposal – – – 15 – 15
Closing net book amount 173 5 158 28 30 394
At 31 December 2013
Cost 359 67 242 105 174 947
Accumulated depreciation (186) (62) (84) (77) (144) (553)
Net book amount 173 5 158 28 30 394
Included within net book value of motor vehicles, plant and machinery, and office equipment is £5,000 (2012: £23,000) relating to 
assets held under finance leases and hire purchase contracts. The depreciation charged to the financial statements in the year in 
respect of such assets amounted to £9,000 (2012: £12,000). www.symphonyenvironmental.com
41 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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12  Intangible assets
Development 
costs
£’000
Trademarks
£’000
Total
£’000
At 1 January 2012
Cost 1,069 53 1,122
Accumulated amortisation (92) (28) (120)
Net book amount 977 25 1,002
Year ended 31 December 2012
Opening net book amount 977 25 1,002
Additions 355 6 361
Amortisation charge (24) (5) (29)
Closing net book amount 1,308 26 1,334
At 1 January 2013
Cost 1,424 59 1,483
Accumulated amortisation (116) (33) (149)
Net book amount 1,308 26 1,334
Year ended 31 December 2013
Opening net book amount 1,308 26 1,334
Additions 124 2 126
Impairment charge (494) – (494)
Amortisation charge (24) (5) (29)
Closing net book amount 914 23 937
At 31 December 2013
Cost 1,548 61 1,609
Accumulated amortisation (140) (38) (178)
Accumulated impairment (494) – (494)
Net book amount 914 23 937
The Group relies on the continued development of its product range and in so doing is maintaining satisfactory goals in fulfilling its 
strategy (see Chairman’s Statement and Chief Executive’s Review). After taking this into account together with the considerations 
of liquidity risk, see note 3, the Directors do not believe that there are any indicators of impairment other than detailed below.
Development costs are capitalised in accordance with the policy set out in note 2. In capitalising these costs, judgements are made 
relating to ongoing feasibility and commerciality of products and systems being developed. In making these judgements, cashflow 
forecasts are used and these include significant estimates in respect to sales forecasts and future foreign exchange rates.
The Group has recognised an impairment charge of £494,000 in the year against an individual asset within the Recycling Tech 
division comprised of capitalised development costs. Following a strategic decision taken by the Directors to look to complete the 
development of the product outside of the Group, it was determined that the asset should be fully impaired. 42 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
13  Subsidiary undertakings
Principal subsidiaries:
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 Supply of environmental polyolefin 
products and ancillaries 100% 100%
Symphony Packaging Limited England and Wales Dormant 0% 100%
D2W Limited England and Wales Dormant 0% 100%
Symphony Plastics (2010) Limited England and Wales Dormant 0% 100%
Symphony Recycling Technologies Limited England and Wales Development of recycling systems 100% 100%
Elstree Gate Services Limited England and Wales Dormant 100% 100%
Symphony Environmental (Jamaica) Limited Jamaica Dormant 0% 100%
All of the above subsidiaries are consolidated in the Group financial statements.
14  Available for sale financial assets
All non-current
2013
£’000
2012
£’000
Beginning and end of year – –
The company holds 30% of the ordinary share capital of Symphony Bin Hilal Plastics LLC, a company incorporated in the United Arab 
Emirates. The Directors are of the opinion that this is an investment as the Directors do not have significant influence because they 
have no financial or management control. A full impairment had been made against this in 2012 due to limited availability of 
financial information.
The company holds 10% of the ordinary share capital of American Plastic Technologies plc, a company incorporated in the United 
States of America. The Directors are of the opinion that this is an investment as the Directors do not have significant influence 
because they have no financial or management control. The investment in American Plastics Technologies plc is measured at cost 
less impairment charges as the fair value cannot be estimated readily. The cost of this investment was £nil.
The company holds c.5% of the ordinary share capital of Oxobioplast Inc., a company incorporated in the United States of America. 
The Directors are of the opinion that this is an investment as the Directors do not have significant influence because they have no 
financial or management control. The investment in Oxobioplast Inc. is measured at cost less impairment charges as the fair value 
cannot be estimated readily. The cost of this investment was £nil.
There is no collateral on the above amounts.
15  Inventories
2013
£’000
2012
£’000
Finished goods and goods for resale 528 637
The cost of inventories recognised as an expense and included in “cost of sales” amounted to £3,513,000 (2012: £3,001,000). There 
is a provision of £17,000 for the impairment of inventories (2012: £30,000).
There is no collateral on the above amounts.
16  Trade and other receivables
2013
£’000
2012
£’000
Loans and receivables:
 Trade receivables 1,162 545
 Receivables under finance leases 25 42
 Other debtors 19 14
VAT 83 92
Prepayments 77 113
1,366 806 www.symphonyenvironmental.com
43 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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STATEMENTS
The Directors consider that the carrying value of trade and other receivables approximates to their fair values. There is a provision of 
£270,000 for the impairment of receivables (2012: £349,000). 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 3.
Included in trade receivables at 31 December 2013 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. As of 31 December 
2013 trade receivables of £27,000 (2012: £134,000) were past due and not impaired. The ageing analysis of these trade receivables is 
as follows:
2013
£’000
2012
£’000
More than three months but less than six months 11 76
More than six months but not more than one year 16 58
27 134
Due to the different markets that the Group operates in, trade terms vary from cash on shipment of goods to payment under letter 
of credit due 120 days from shipment.
Trade receivables are secured against the facilities provided by the Group’s bankers.
Lease agreements in which the other party, as lessee, is to be regarded as the economic owner of the leased assets give rise to 
accounts receivable in the amount of the discounted future lease payments. These receivables amounted to £25,000 as of 
31 December 2013 (2012: £42,000).
The receivables under finance leases for 2013 are as follows:
£’000
Total future 
payments
Unearned 
interest 
income
Present
value
Not later than one year 27 2 25
As at 31 December 2013 27 2 25
The receivables under finance leases for 2012 were as follows:
£’000
Total future 
payments
Unearned 
interest 
income
Present
value
Not later than one year 36 4 32
Between one and five years 10 – 10
As at 31 December 2012 46 4 42
The leases, which relate to d
2
Detectors, are typically cancellable after the first six months and run for a period of two years. The 
contracts include an option to purchase the leased equipment at any time between the initial six month period and the full term of 
two years. The purchase price lies between 33% and 75% of the gross investment at the inception of the lease, resulting from the 
timing the option to purchase is exercised.
17  Cash and cash equivalents
2013
£’000
2012
£’000
Loans and receivables: 
 Cash at bank and in hand 130 336
The carrying amount of cash equivalents approximates to their fair values. There is no collateral on the above amounts. 44 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
18  Equity 
Group and Company Group
Ordinary
shares
Number
Ordinary 
shares
£’000
Share 
premium
£’000
Retained 
earnings
£’000
Total
£’000
At 1 January 2012 127,843,577 1,278 1,646 2,412 5,336
Loss for the year – – – (2,224) (2,224)
Share-based payments – – – 17 17
Proceeds from shares issued 150,800 2 2 – 4
At 31 December 2012 127,994,377 1,280 1,648 205 3,133
At 1 January 2013 127,994,377 1,280 1,648 205 3,133
Loss for the year – – – (707) (707)
Proceeds from shares issued 125,000 1 2 – 3
At 31 December 2013 128,119,377 1,281 1,650 (502) 2,429
The total number of authorised 1p ordinary shares is 150,000,000. All issued ordinary shares are fully paid.
Proceeds from shares issued
The following ordinary shares were issued during the year:
Date
Ordinary 
shares
Number Details
Consideration
£
Premium
£
27 August 2013 25,000 Exercise of options 594 344
18 December 2013 100,000 Exercise of options 2,375 1,375
Share options
As at 31 December 2013 the Group maintained an approved share-based payment scheme for employee compensation. For the 
options granted to vest, the Group must have achieved an earnings per share in excess of 0.001p and employees must serve a 
specified amount of time.
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 2013 there were 4,075,000 staff options outstanding. No staff options were issued in 2013.
The Group has also issued unapproved share options. Approved and unapproved share options and weighted average exercise price 
are as follows for the reporting periods presented:
Number
2013
Weighted
average
exercise
price
£ Number
2012
Weighted
average
exercise
price
£
Outstanding at 1 January 18,151,500 0.06 18,796,500 0.06
Granted 100,000 0.05 – –
Exercised (125,000) 0.02 (150,000) 0.03
Forfeited/lapsed (500,000) 0.08 (495,000) 0.22
Outstanding at 31 December 17,626,500 0.06 18,151,500 0.06
The weighted average share price at the date options were exercised was 7p (2012: 5p).
The number of share options exercisable at 31 December 2013 was 17,626,500 (2012: 18,151,500). The weighted average exercise 
price of those shares exercisable was 6p (2012: 6p).
The weighted average option contractual life is ten years (2012: ten years) and the range of exercise prices is 2.375p to 12p 
(2012: 2.375p to 12p).
Directors
Directors’ interests in shares and share incentives are contained in the Remuneration Report.
IFRS2 expense
There is an IFRS share-based charge for the year of £nil (2012: £17,000). www.symphonyenvironmental.com
45 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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STATEMENTS
19  Trade and other payables
2013
£’000
2012
£’000
Current
Financial liabilities measured at amortised cost:
 Trade payables 488 851
Other creditors – 11
Social security and other taxes 76 139
Accruals and deferred income 162 165
726 1,166
Fair value is not materially different to book value. There is no collateral on the above amounts.
20  Interest bearing loans and borrowings
2013
£’000
2012
£’000
Non-current
Finance lease liabilities 3 20
 3 20
Current
Financial liabilities measured at amortised cost:
 Bank overdraft 101 279
 Other loans 1,229 219
Finance lease liabilities 9 11
1,339 509
The bank overdraft of £101,000 (2012: £279,000) is included within the cashflow statement within cash and cash equivalents.
Other loans include:
An amount due relating to the invoice financing facility totalling £579,000 (2012: £219,000). Interest is charged at 2.96% over HSBC Bank 
plc base rate per annum. An amount due to Michelle Laurier, spouse of Michael Laurier, of £150,000 (2012: £nil). Interest is charged at 2% 
per month (See Note 23). An amount due to an unconnected individual of £500,000 (2012: £nil). Interest is charged at 12% per annum.
Commitments under finance leases and hire purchase agreements mature as follows:
Gross
2013
£’000
Gross
2012
£’000
Net
2013
£’000
Net
2012
£’000
Amounts payable within one year 10 14 9 11
Amounts payable between one and two years 3 18 3 17
Amounts payable between three and five years – 3 – 3
13 35 12 31
The finance leases are for the purchase of sundry equipment and motor vehicles (note 11).
There is no collateral on the above amounts except for finance lease liabilities which are secured against the asset that they finance.
21  Net cash (used)/generated from operations
2013
£’000
2012
£’000
Loss after tax (707) (2,224) 
Adjustments for:
 Depreciation 119 132
 Amortisation 29 29
 Impairment of intangible asset 494 –
 Loss on disposal 1 –
 Share-based payments – 17
 Impairment of financial asset – 16
 Tax (credit)/charge (71) 27
 Interest expense 54 20
Changes in working capital:
 Inventories 108 (238)
 Trade and other receivables (542) 2,936
 Trade and other payables (440) (301)
Cash (used)/generated from operations (955) 414 46 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Annual Report and Accounts 
continued
22  Commitments
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2013
£’000
2012
£’000
No later than one year 113 126
Later than one year and no later than five years 151 297
264 423
23  Related party transactions
During the year Michelle Laurier, spouse of Michael Laurier, loan the company £150,000. Interest on the loan is calculated at 2% per 
month. £150,000 was outstanding at 31 December 2013 (2012: £nil).
24  Post balance sheet events
There have been no significant post balance sheet events.
25  Capital management
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 by pricing products and services commensurately with the level of risk.
The Group monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of 
the statement of financial position.
The Group’s goal in capital management is to maintain a capital-to-overall financing ratio of 1:1 to 1:3.
The Group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. 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.
Capital for the reporting periods under review is summarised as follows:
2013
£’000
2012
£’000
Total equity 2,429 3,133
Cash and cash equivalents (130) (336)
Capital 2,299 2,797
Total equity 2,429 3,133
Borrowings 1,342 529
Overall financing 3,771 3,662
Capital-to-financing ratio 0.61 0.76
The ratio-decrease during 2013 is due to the increase in borrowings, being two new loans taken out during the year. The Group will 
aim to improve the capital-to-finance ratio during 2014 by reducing the level of borrowings by increasing sales as a result of 
strengthening the product portfolio in new and established markets.
26  Capital commitments
The Group had capital commitments totalling £nil at the end of the year (2012: £33,000).
The following pages contain the balance sheet and accompanying notes for the parent Company prepared under UK GAAP . www.symphonyenvironmental.com
47 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
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FINANCIAL 
STATEMENTS
Company Balance Sheet
at 3 1 December 2013
Company number 3676824
Note
2013
£’000
2012
£’000
Fixed assets
Tangible assets 28 11 24
Investments 29 2,150 2,150
2,161 2,174
Current assets
Debtors 30 2,520 1,900
Cash at bank and in hand 9 –
2,529 1,900
Creditors: amounts falling due within one year 31 69 61
Net current assets 2,460 1,839
Total assets less current liabilities 4,621 4,013
Creditors: amounts falling due after more than one year 32 508 11
4,113 4,002
Capital and reserves
Share capital 35 1,281 1,280
Share premium account 36 1,650 1,648
Profit and loss account 36 1,182 1,074
4,113 4,002
The Company has applied the exemption under section 408 of the Companies Act 2006 not to present a profit and loss account for 
the year ended 31 December 2013. There are no recognised gains or losses other than its profit for the year as detailed in note 37.
These financial statements were approved by the Directors on 24 March 2014 and are signed on their behalf by:
I Bristow FCCA
Finance Director
The accompanying notes form an integral part of these financial statements. 48 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Company Balance Sheet
27  Principal accounting policies
Basis of accounting
The Company financial statements have been prepared under the historical cost convention and in accordance with United Kingdom 
Generally Accepted Accounting Practice (GAAP).
Fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that 
asset as follows:
Plant and machinery   – 20% reducing balance.
Fixtures and fittings   – 25% reducing balance.
Motor vehicles    – 20% reducing balance.
Office equipment    – 25% straight line.
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have 
passed to the Company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. 
The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the 
balance sheet.
The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire 
purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Pension costs
Company pensions are operated within the Group pension scheme. The Group operates a defined contribution pension scheme for 
employees. The assets of the scheme are held separately from those of the Group. The annual contributions payable in respect to 
the Company are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where 
transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more 
tax, with the following exception: deferred tax assets are recognised only to the extent that the Directors consider that it is more 
likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can 
be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing 
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet 
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 profit.
Investments
Investments are included at cost less amounts written off.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its 
financial liabilities.
Where the contractual obligations of the financial instruments (including share capital) are equivalent to a similar debt instrument, 
those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance 
costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classified 
as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. www.symphonyenvironmental.com
49 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
Equity-settled share-based payments
All share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 January 2007 are recognised 
in the financial statements.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where 
employees are rewarded using share-based payments, the fair values are determined by reference to the fair value of the instrument 
granted to the employee. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions. 
The fair value is charged to the profit and loss account between the date of issue and the date the share options vest with a 
corresponding credit taken to shareholders’ funds.
28  Tangible fixed assets
Plant & 
machinery
£’000
Motor 
vehicles
£’000
Total
£’000
Cost
At 1 January 2013 
27 58 85
Disposals – (23) (23)
At 31 December 2013 27 35 62
Depreciation
At 1 January 2013
20 41 61
Charge for the year
2 3 4
Eliminated on disposal – (15) (15)
At 31 December 2013 22 29 51
Net book value
At 31 December 2013 5 6 11
At 31 December 2012 7 17 24
Included within the net book value of £11,000 is £nil (2012: £10,000) relating to assets held under finance leases and hire purchase 
contracts. The depreciation charged to the financial statements in the year in respect of such assets amounted to £3,000 
(2012: £3,000).
29  Investments
Shares in Group undertakings
2013
£’000
2012
£’000
At beginning and end of the year 2,150 2,150
Group undertakings are detailed in note 13.
30  Debtors
2013
£’000
2012
£’000
Amounts owed by Group undertakings 2,510 1,891
VAT 4 2
Prepayments 6 7
2,520 1,900
31  Creditors: amounts falling due within one year
2013
£’000
2012
£’000
Trade creditors 10 9
Amounts due under finance leases and hire purchase agreements – 3
Accruals 59 49
69 61 50 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes to the Company Balance Sheet 
continued
32  Creditors: amounts falling after more than one year
2013
£’000
2012
£’000
Amounts due under finance leases and hire purchase agreements – 8
Amounts owed to Group undertakings 8 3
Loans 500 –
508 11
33  Commitments under finance leases and hire purchase agreements
2013
£’000
2012
£’000
Amounts payable within one year – 3
Amounts payable between one and two years – 8
– 11
34  Contingent liabilities
The Company has guaranteed all monies due to its bankers by Symphony Environmental Limited, Symphony Recycling Technologies 
Limited and Symphony Plastics (2010) Limited. At 31 December 2013 the net indebtedness of these companies amounted to £nil 
(2012: £nil).
35  Share capital
The Company’s share capital is detailed in note 18.
36  Reserves
Share 
premium 
account
£’000
Profit
and loss 
account
£’000
At 1 January 2013 1,648 1,074
Retained profit for the year – 108
New equity share capital subscribed 2 –
At 31 December 2013 1,650 1,182
37  Parent Company own accounts
Symphony Environmental Technologies plc has not presented its own profit and loss account and related notes as permitted by 
Section 408 of the Companies Act 2006. The profit for the financial year dealt with in the financial statements of the parent 
Company is £108,000 (2012: profit £113,000). www.symphonyenvironmental.com
51 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
BUSINESS 
REVIEW
CORPORATE 
GOVERNANCE
FINANCIAL 
STATEMENTS
38  Directors and employees
All employees of Symphony Environmental Technologies plc are Directors. See note 7 of the Group consolidated accounts.
The average number of staff employed by the Company during the financial year amounted to:
2013
 No.
2012
No.
Management 2 3
The aggregate payroll costs of the above were:
2013
£’000
2012
£’000
Wages and salaries 73 85
Social security costs 8 10
81 95
The company has taken advantage of the FRS8 exemption that allows intra-Group transactions with a 100% subsidiary to not 
be disclosed.
There were no other related party transactions throughout the period. 52 Symphony Environmental T echnologies plc Annual Report and Accounts 2013
Notes Company Registration Number
3676824
Registered Office
6 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
Directors
N J Deva DL, FRSA, MEP
Non‑Executive Chairman 
M N Laurier
Chief Executive Officer
I Bristow FCCA
Finance Director
M Stephen LL.M
Commercial Director & Deputy Chairman 
M F Stephens
Technical Director
N Clavel
Non‑Executive Director
Secretary
I Bristow
Nominated Adviser and Broker
Cantor Fitzgerald Europe
One Churchill Place
Canary Wharf
London 
EC14 5RD
Bankers
HSBC Bank Plc
103 Station Road 
Edgware
Middlesex
HA8 7JJ
Solicitors
Olswang
90 High Holborn 
London
WC1V 6XX
Auditors
Grant Thornton UK LLP
Chartered Accountants
Registered Auditors
Grant Thornton House
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU  www.symphonyenvironmental.com
Symphony Environmental T echnologies plc Annual Report and Accounts 2013