ENERGY TECHNOLOGIES LIMITED — Annual Report 2007

Aug 30, 2007

Appendix 4E Preliminary final report

APPENDIX 4E

Preliminary final report

1. Company Details

Name of entity

DULHUNTY POWER LIMITED

ABN or equivalent company reference Financial year ended (‘current period’) 38 002679469 30 June 2007 2. Results for announcement to the market	ABN or equivalent company reference Financial year ended (‘current period’) 38 002679469 30 June 2007 2. Results for announcement to the market	Financial year ended (‘previous period’) 30 June2006 $A'000	Financial year ended (‘previous period’) 30 June2006 $A'000
2.1 Revenues from operating activities 2.2 Loss from operating activities after tax attributable to members 2.3 Loss for the period attributable to members	up 17% to 15,123 Down -% to (281) Down -% to (281)
2.4Dividends	Amount per security		Franked amount per security
Final dividend	NIL		NIL
Interimdividend	NIL		NIL
2.5 Record date for determining entitlements to the dividend	Not applicable
2.6 Brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood: See commentary in note 9.

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3. Details of Individual and Total Dividends

		Date dividend is payable	Amount per security	Franked amount per security at 30% tax	Amount per security of foreign source dividend
	Final dividend:Current year Previous year		-¢ -¢	-¢ -¢	-¢ -¢
	Interim dividend:Current year		-¢ -¢	-¢ -¢	-¢ -¢
	Previous year

Total dividend per security (interim plus final)

Ordinary securities Preference securities	Current year	Previous year
	-¢ -¢	-¢ -¢

4. Dividend reinvestment plan

Details of any dividend reinvestment plans in operation:

There is no dividend reinvestment plan in operation

The last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan: Not applicable

5. Statement of retained earnings

Retained profits (accumulated losses) at the beginning of the financial period Net profit (loss) attributable to members Retained profits (accumulated losses) at end of financial period	Current period - $A'000	Previous corresponding period-$A'000
	(5,314) (281) (5,595)	(5,335) 21 (5,314)

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6.1 Net Tangible Asset backing	Current period	Previous corresponding Period
Net tangible asset backing per ordinary security	3.6c	2.5c

6.2 Earnings per security (EPS)	Current period	Previous corresponding Period
Basic EPS (cents) Net profit after tax for the period attributable to members ($’000s) Weighted average number of ordinary securities	(0.29)c	0.03 c
	(281)	21
	95,800,080	75,712,547

7. Details of entities over which control has been gained or lost during the period

7. Details of entities over which control has been gained or lost during the period	ch control has been gained or lost during the period	ch control has been gained or lost during the period
7.1 A Name of entity Dulhunty Power (Malaysia) Sdn Bhd 7.2 A Date from which control was gained 14 August 2006 7.3 A Where material to an understanding of the report – the contribution of such entities to the reporting entity’s profit from operating activities during the period and the profit or loss of such entities during the whole of the previous corresponding period The ultimate parent entity incorporated Dulhunty Power (Malaysia) Sdn Bhd on 14 August 2006 in order to establish its manufacturing operations in Malaysia. Since incorporation it has contributed a $115,219 net profit after tax and minority interests. 7.1 B Name of entity 7.2 B Date from which control was gained / lost 7.3 B Where material to an understanding of the report – the contribution of such entities to the reporting entity’s profit from operating activities during the period and the profit or loss of such entities during the whole of the previous corresponding period	Dulhunty Power (Malaysia) Sdn Bhd
	ined ding of the report – the he reporting entity’s uring the period and s during the whole of iod	14 August 2006
		The ultimate parent entity incorporated Dulhunty Power (Malaysia) Sdn Bhd on 14 August 2006 in order to establish its manufacturing operations in Malaysia. Since incorporation it has contributed a $115,219 net profit after tax and minority interests.

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8. Details of Associates and Joint Ventures:

Name of entity	Percentage holding
N/A	N/A

8.1 Where material to an understanding of the report - aggregate share of profits (losses) of these entities, details of contributions to net profit for each of these entities, and with comparative figures for each of these disclosures for the previous corresponding period:

9 - Comments by directors

Dulhunty Power Ltd (DUL) has achieved results for the year ended 30th June 2007 in line with expectations following strong results from the Asian operating companies and continued restructuring of the listed entity in preparation for growth activities now expected to occur in 2007/2008.

Whilst the consolidated entity incurred a loss after tax and minority interests of $280,626, the significant individual results were:

• The operating group DEL, achieved a revenue growth of 16.4% and a corresponding EBIT growth of 30.5% to $536,625. After tax profit of $285,951 showed more modest growth of 5.7% due to higher than expected taxes in the new Malaysian joint venture which was a significant contributor to group EBIT

• The creation of a head office structure and consequent costs arising from investigation of acquisition targets resulted in an operating loss, after tax and minority interests, of $312,321 for DUL, the listed entity.

Orders received by Dulhunty Australia in July and August have significantly exceeded those for the same period last year and discussions aimed at introduction of new technology and acquisition of new businesses have commenced with Australian and international parties.

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1. This report is based on accounts to which one of the following applies.

� The accounts have been � The accounts have been audited. subject to review. � The accounts are in the � The accounts have not yet process of being audited been audited or reviewed. or subject to review.

1. Description of likely dispute or qualification if the accounts have not yet been audited or subject to review or are in the process of being audited or subjected to review:

n/a

1. Description of dispute or qualification if the accounts have been audited or subject to review:

n/a

Sign here: Print name: ALFRED JOHN CHOWN (Director)

Date: 31 August 2007

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DULHUNTY POWER LIMITED

INCOME STATEMENT For the year ended 30 June 2007

Notes Continuing operations Sale of goods Cost of sales Gross profit Rendering of services Other income 2 Marketing expenses Occupancy expenses Administrative expenses Borrowing costs Other expenses PROFIT / (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX Income tax expense PROFIT / (LOSS) FOR THE YEAR (PROFIT) / LOSS ATTRIBUTABLE TO MINORITY INTEREST PROFIT / (LOSS) ATTRIBUTABLE TO MEMBERS OF DULHUNTY POWER LIMITED	CONSOLIDATED 2007 2006 $’000 $’000 14,742 12,546 (9,870) (8,898) 4,872 3,648 22 252 359 175 (142) (136) (424) (244) (3,025) (2,227) (194) (122) (1,400) (1,127) 68 219 (151) (63) (83) 156 198 (135) (281) 21	CONSOLIDATED 2007 2006 $’000 $’000 14,742 12,546 (9,870) (8,898) 4,872 3,648 22 252 359 175 (142) (136) (424) (244) (3,025) (2,227) (194) (122) (1,400) (1,127) 68 219 (151) (63) (83) 156 198 (135) (281) 21
		3,648 252 175 (136) (244) (2,227) (122) (1,127)
		219 (63)
		156 (135)
		21

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DULHUNTY POWER LIMITED

BALANCE SHEET As at 30 June 2007

Notes CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Other financial assets Property, plant and equipment Intangibles Deferred tax assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Interest bearing loans and borrowings Current tax liabilities Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Trade and other payables Interest bearing loans and borrowings Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 5 Reserves Accumulated losses Parent interests Minority interests TOTAL EQUITY	CONSOLIDATED 2007 2006 $’000 $’000 1,428 324 3,753 2,741 3,081 2,513 325 72 8,587 5,650 201 201 1,306 1,273 2,400 2,400 94 73 4,001 3,947 12,588 9,597 3,503 2,755 1,698 1,524 48 32 250 138 5,499 4,449 86 65 380 502 33 13 499 580 5,998 5,029 6,590 4,568 8,490 6,962 20 27 (5,595) (5,314) 2,915 1,675 3,675 2,893 6,590 4,568	CONSOLIDATED 2007 2006 $’000 $’000 1,428 324 3,753 2,741 3,081 2,513 325 72 8,587 5,650 201 201 1,306 1,273 2,400 2,400 94 73 4,001 3,947 12,588 9,597 3,503 2,755 1,698 1,524 48 32 250 138 5,499 4,449 86 65 380 502 33 13 499 580 5,998 5,029 6,590 4,568 8,490 6,962 20 27 (5,595) (5,314) 2,915 1,675 3,675 2,893 6,590 4,568
		5,650
		201 1,273 2,400 73
		3,947
		9,597
		2,755 1,524 32 138
		4,449
		65 502 13
		580
		5,029
		4,568
		6,962 27 (5,314)
		1,675 2,893
		4,568

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DULHUNTY POWER LIMITED

STATEMENT OF CHANGES IN EQUITY As at 30 June 2007

			CONSOLIDATED
	Issued		Accumulated	Minority	Total
	Capital	Reserves	losses	Interest
	$	$	$	$	$
At 1 July 2005	6,054,101	9,800	(5,335,802)	2,705,107	3,433,206
Profit attributable to members of parent
entity	-	-	21,499	-	21,499
Equity contributions	907,835	-	-	-	907,835
Profit attributable to minority shareholders	-	-	-	135,237	135,237
Asset revaluations	-	-	-	-	-
Adjustments from translation of foreign
controlled entities	-	17,238	-	53,336	70,574
Balance at 30 June 2006	6,961,936	27,038	(5,314,303)	2,893,680	4,568,351
Balance at 1 July 2006	6,961,936	27,038	(5,314,303)	2,893,680	4,568,351
Profit attributable to members of parent
entity	-	-	(280,626)	-	(280,626)
Equity contributions	1,527,564	-	-	692,304	2,219,868
Profit attributable to minority shareholders	-	-	-	374,033	374,033
Dividends paid	-	-	-	(50,000)	(50,000)
Adjustments from translation of foreign
controlled entities	-	(7,050)	-	(234,859)	(241,909)
Balance at 30 June 2007	8,489,500	19,988	(5,594,929)	3,675,158	6,589,717

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DULHUNTY POWER LIMITED

STATEMENT OF CASH FLOWS For the year ended 30 June 2007

Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Other receipts Payments to suppliers and employees Interest received Borrowing costs Income tax paid NET CASH FLOWS FROM / (USED IN ) OPERATING ACTIVITIES 4 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Purchases of property, plant and equipment Advances from / (to) related parties NET CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds of share issue Proceeds from borrowings Repayment of borrowings Dividends paid NET CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES NET INCREASE / (DECREASE) IN CASH HELD Add: Opening cash brought forward Effect of exchange rate fluctuations on the balances of cash held in foreign currencies CLOSING CASH CARRIED FORWARD	CONSOLIDATED 2007 2006 $’000 $’000 16,609 13,426 - 150 (16,681) (13,456) 13 5 (175) (99) (235) (108) (469) (82) 2 1 (387) (491) (221) 150 (606) (340) 2,220 908 4 354 (154) (982) - (43) 2,070 237 995 (185) (879) (731) (107) 37 9 (879)	CONSOLIDATED 2007 2006 $’000 $’000 16,609 13,426 - 150 (16,681) (13,456) 13 5 (175) (99) (235) (108) (469) (82) 2 1 (387) (491) (221) 150 (606) (340) 2,220 908 4 354 (154) (982) - (43) 2,070 237 995 (185) (879) (731) (107) 37 9 (879)
		(82)
		1 (491) 150
		(340)
		908 354 (982) (43)
		237
		(185) (731) 37
		(879)

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007

1. BASIS OF PREPARATION

(a) Basis of preparation

The preliminary final report does not include all the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The preliminary final report should be read in conjunction with the half-year financial report of Dulhunty Power Limited as at 31 December 2006. It is also recommended that the financial report be considered together with any public announcements made by Dulhunty Power Limited and its controlled entities during the year ended 30 June 2007 in accordance with the continuous disclosure requirements arising under the Corporations Act 2001 .

This preliminary final report has been prepared in accordance with the requirements of the Australian Stock Exchange listing rules.

This preliminary final report does not constitute the full financial report for the year ended 30 June 2007.

(b) Statement of compliance

The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (“AIFRS”). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards (“IFRS”).

2.REVENUES Other revenue - Revaluation of investments - Foreign exchange gains on unhedged transactions Other Revenue from continuing operations Interest – other persons / corporations Other income Total other revenues from continuing operations	CONSOLIDATED 2007 2006 $’000 $’000 - 111 292 35 292 146 13 5 54 24 67 29 359 175	CONSOLIDATED 2007 2006 $’000 $’000 - 111 292 35 292 146 13 5 54 24 67 29 359 175
		146
		5 24
		29
		175

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007

		CONSOLIDATED
		2007	2006
		$’000	$’000
3.	EXPENSES
	Included in the determination of profit before tax from continuing operations are the
	following expenses.
	Depreciation and amortisation of: non-current assets
	Amortisation of intangibles assets	34	31
	Plant and equipment	143	91
	Building and leasehold improvements	23	22
	Motor vehicles	16	18
	Furniture, fixtures and fittings	38	34
	Computer equipment	53	50
	Total depreciation and amortisation of non-current assets	307	246
	Borrowing costs expensed:
	Interest expense	192	118
	Finance charges on capitalised leases	2	4
		194	122
	Research and development costs	50	8
	Superannuation contributions	189	132
	Operating lease rental expense:
	Minimum lease payments	409	228

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007

4. STATEMENT OF CASH FLOWS Reconciliation of the net profit after tax to the net cash flows from operations Net Profit / (Loss) from operating activities after income tax Add/(less) Non-cash items Depreciation of non-current assets Amortisation of intangible assets Net (increase) / Decrease in non-current assets Net movement in provisions Unrealised foreign exchange movements Other Non-operating cash flow cash items Profit on sale of assets Dividends Received Changes in assets and liabilities (Increase)/decrease in inventories (Increase)/decrease in trade and other receivables (Decrease)/Increase in payables Decrease in provision for taxation Net cash from /(used in) operating activities 5. CONTRIBUTED EQUITY Issued capital 113,085,510 (88,301,100 – 2006) ordinary shares fully paid Terms and conditions	CONSOLIDATED 2007 2006 $’000 $’000 (83) 156 273 215 34 31 - 218 30 30 (23) 37 2 - - 19 (100) 43 (836) (577) (1,140) (360) 1,462 106 (88) - (469) (82) No. No. 8,489,500 6,961,936	CONSOLIDATED 2007 2006 $’000 $’000 (83) 156 273 215 34 31 - 218 30 30 (23) 37 2 - - 19 (100) 43 (836) (577) (1,140) (360) 1,462 106 (88) - (469) (82) No. No. 8,489,500 6,961,936
		(82)
		No. 6,961,936

Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders’ meetings. In the event of winding up of the company, ordinary shareholders rank after creditors and are fully entitled to any proceeds of liquidation.

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007

6. Segment Reporting

Primary reporting - Business segments

The group’s primary business segment is Energy/Energy Infrastructure products. Therefore the segment details are fully reflected in the results and balances reported in the income statement and balance sheet.

Secondary reporting - Geographic segments

REVENUE ASSETS Other segment information Acquisition of property, plant and equipment ,intangibles and others	Asia	Australia	New Zealand	Eliminations	Consolidation
	2007 $’000 2006 $’000 2007 $’000 2006 $’000 2007 $’000 2006 $’000 2007 $’000 2006 $’000 2007 $’000 2006 $’000 8,105 3,524 7,715 8,783 2,250 1,966 (2,946) (1,300) 15,124 12,973 13,328 10,381 9,269 8,321 1,189 693 (11,198) (9,798) 12,588 9,597
	226 271 146 215 25 5 - - 397 491

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2007

7. SUBSEQUENT EVENTS

There were no significant events subsequent to 30 June 2007 outside the ordinary course of business.

Compliance statement

1. This preliminary report has been prepared in accordance with Australian Accounting Standards which includes Australian equivalents to International Financial Reports Standards (AIFRS). Compliance with AIFRS ensures compliance with International Financial Reporting Standards (IFRS). The preliminary report is also in accordance with other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX.

2. 2 This preliminary report, and the accounts upon which the report is based (if separate), use the same accounting policies.

3. 3 This preliminary report does give a true and fair view of the matters disclosed.

4. 4 The accounts are in the process of being audited, no audit report is attached.

5. 5 The entity has a formally constituted audit committee.

Sign here: Print name: ALFRED JOHN CHOWN (Director)

Date: 31 August 2007

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