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Contents

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1 Chairman's Statement 2 Managing Director's review 3 Financial review 4 The Director's Report 7 Independent Auditors Report to the shareholders of Environmental Recycling Technologies plc 8 Group Income Statement 9 Group Balance Sheet 10 Company Balance Sheet 11 Group Statement of Changes in Shareholders' Equity 12 Company Statement of Changes in Shareholders' Equity 13 Group cash flow statement 14 Company cash flow statement 15 Notes to the Financial Statements IBC Officers and professional advisors Contents