ENERGY TECHNOLOGIES LIMITED — Annual Report 2008

Aug 27, 2008

Appendix 4E Preliminary final report

APPENDIX 4E

Preliminary final report

1. Company Details

Name of entity

DULHUNTY POWER LIMITED

ABN or equivalent company reference	ABN or equivalent company reference	Financial year ended (‘current period’) 30 June 2008	Financial year ended (‘previous period’)
38 002679469		30 June 2008	30 June2007

2. Results for announcement to the market

	$A'000	$A'000
2.1 Revenues from operating activities 2.2 Profit from operating activities after tax attributable to members 2.3 Profit for the period attributable to members	up 25% to 18,936 up 134% to 96 up 134% to 96
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 place.

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
	(5,595) 96 (5,500)	(5,314) (281) (5,595)

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6.1 Net Tangible Asset backing	Current period	Previous corresponding Period
Net tangible asset backing per ordinary security	3.7c	3.6c

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	0.08c	(0.29)c
	96	(281)
	114,397,733	95,800,080

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

7.1 A Name of entity None noted. 7.2 A Date from which control was gained 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 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	None noted.
	ined ding of the report – the he reporting entity’s uring the period and s during the whole of iod

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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 Limited (DUL) has achieved a consolidated profit after tax and minority interests of $95,494, much improved from FY2007 loss after tax and minorities of $280,626. This reflects the continued efforts to restructure and strengthen the group underscored by strong revenue and profit growth of the operating subsidiary in both Asia and Australia.

DUL, the holding company recorded EBIT losses of $530,859 which was significantly higher than FY2007. This was a result of the positioning of key executives at listed level and deliberate restructure of DUL for growth and acquisition purposes. This EBIT loss was offset largely by an EBIT gain in the wholly owned subsidiary, Cogenic Pty Ltd, of $406,808 as a result of the write back of loans and accrued interest settled under an agreement which also buys out minority investment in this company.

The operating subsidiary, DEL, achieved another revenue growth to $18,464,673 (FY2007 $15,100,566), a 22% increase. Furthermore the EBIT profit of $865,791 is an increase on FY2007 result of 61%.

The operating subsidiary began FY2009 with a record sales month and the Board is confident that plans put in place for continued growth of Dulhunty Power will provide a good base for this trend to continue.

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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:

==> picture [100 x 29] intentionally omitted <==

Print name: ANTHONY WINGROVE (Director)

Date: 28 August 2008

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DULHUNTY POWER LIMITED

CONSOLIDATED INCOME STATEMENT For the year ended 30 June 2008

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 FROM CONTINUING OPERATIONS BEFORE INCOME TAX Income tax expense PROFIT / (LOSS) FOR THE YEAR (PROFIT) ATTRIBUTABLE TO MINORITY INTEREST PROFIT / (LOSS) ATTRIBUTABLE TO MEMBERS OF DULHUNTY POWER LIMITED	CONSOLIDATED 2008 2007 $’000 $’000 17,988 14,742 (11,567) (9,870) 6,421 4,872 31 22 917 359 (211) (142) (518) (424) (4,239) (3,025) (241) (194) (1,685) (1,400) 475 68 (121) (151) 354 (83) (258) (198) 96 (281)	CONSOLIDATED 2008 2007 $’000 $’000 17,988 14,742 (11,567) (9,870) 6,421 4,872 31 22 917 359 (211) (142) (518) (424) (4,239) (3,025) (241) (194) (1,685) (1,400) 475 68 (121) (151) 354 (83) (258) (198) 96 (281)
		4,872 22 359 (142) (424) (3,025) (194) (1,400)
		68 (151)
		(83) (198)
		(281)

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DULHUNTY POWER LIMITED

CONSOLIDATED BALANCE SHEET As at 30 June 2008

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 2008 2007 $’000 $’000 932 1,428 3,080 3,753 3,385 3,081 537 325 7,934 8,587 201 201 1,296 1,306 2,372 2,400 111 94 3,980 4,001 11,914 12,588 2,710 3,503 2,315 1,698 11 48 200 259 5,236 5,508 - 86 - 380 65 24 65 490 5,301 5,998 6,613 6,590 8,572 8,490 (64) 20 (5,500) (5,595) 3,008 2,915 3,605 3,675 6,613 6,590	CONSOLIDATED 2008 2007 $’000 $’000 932 1,428 3,080 3,753 3,385 3,081 537 325 7,934 8,587 201 201 1,296 1,306 2,372 2,400 111 94 3,980 4,001 11,914 12,588 2,710 3,503 2,315 1,698 11 48 200 259 5,236 5,508 - 86 - 380 65 24 65 490 5,301 5,998 6,613 6,590 8,572 8,490 (64) 20 (5,500) (5,595) 3,008 2,915 3,605 3,675 6,613 6,590
		8,587
		201 1,306 2,400 94
		4,001
		12,588
		3,503 1,698 48 259
		5,508
		86 380 24
		490
		5,998
		6,590
		8,490 20 (5,595)
		2,915 3,675
		6,590

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DULHUNTY POWER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2008

	Issued		Accumulated	Minority	Total
	Capital	Reserves	losses	Interest
	$	$	$	$	$
Balance at 1 July 2006	6,961,936	27,038	(5,314,303)	2,893,680	4,568,351
Loss for the year	-	-	(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
Balance at 1 July 2007	8,489,500	19,988	(5,594,929)	3,675,158	6,589,717
Profit for the year	-	-	95,495		95,495
Equity contributions	82,007	-	-		82,007
Profit attributable to minority shareholders
	-	-	-	210,761	210,761
Dividends paid	-	-	-	-	-
Adjustments from translation of foreign
controlled entities	-	(84,200)	-	(280,569)	(364,769)
Balance at 30 June 2008	8,571,507	(64,212)	(5,499,434)	3,605,350	6,613,211

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DULHUNTY POWER LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2008

Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 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 2008 2007 $’000 $’000 22,067 16,609 (22,178) (16,681) 10 13 (238) (175) (186) (235) (525) (469) 24 2 (350) (387) (29) (221) (355) (606) 82 2,220 578 4 (74) (154) (80) - 506 2,070 (374) 995 9 (879) (242) (107) (607) 9	CONSOLIDATED 2008 2007 $’000 $’000 22,067 16,609 (22,178) (16,681) 10 13 (238) (175) (186) (235) (525) (469) 24 2 (350) (387) (29) (221) (355) (606) 82 2,220 578 4 (74) (154) (80) - 506 2,070 (374) 995 9 (879) (242) (107) (607) 9
		(469)
		2 (387) (221)
		(606)
		2,220 4 (154) -
		2,070
		995 (879) (107)
		9

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008

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 2007. 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 2008 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 2008.

(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 - Reversal of accrued interest on Cogenic loan and option loan - Derecognition of loans payable - Foreign exchange gains on unhedged transactions - Legal fee recovery - Interest – other persons / corporations - Other income Total other revenues from continuing operations	CONSOLIDATED 2008 2007 $’000 $’000 86 - 322 - 372 292 67 - 10 13 60 54 917 359	CONSOLIDATED 2008 2007 $’000 $’000 86 - 322 - 372 292 67 - 10 13 60 54 917 359
		359

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008

		CONSOLIDATED
		2008	2007
		$’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	47	34
	Plant and equipment	161	143
	Building and leasehold improvements	23	23
	Motor vehicles	9	16
	Furniture, fixtures and fittings	41	38
	Computer equipment	49	53
	Total depreciation and amortisation of non-current assets	330	307
	Borrowing costs expensed:
	Interest expense	238	192
	Finance charges on capitalised leases	3	2
		241	194
	Research and development costs	26	50
	Superannuation contributions	256	189
	Operating lease rental expense:
	Minimum lease payments	503	409

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008

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 115,433,424 (113,085,510 – 2007) ordinary shares fully paid Terms and conditions 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.		CONSOLIDATED 2008 2007 $’000 $’000 354 (83) 283 273 47 34 20 - 79 30 163 (23) 3 2 7 - (34) (100) (482) (836) (677) (1,140) (297) 1,462 9 (88) (525) (469) $ $ 8,571,507 8,489,500	CONSOLIDATED 2008 2007 $’000 $’000 354 (83) 283 273 47 34 20 - 79 30 163 (23) 3 2 7 - (34) (100) (482) (836) (677) (1,140) (297) 1,462 9 (88) (525) (469) $ $ 8,571,507 8,489,500
			(469)
			$ 8,489,500

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008

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
	2008 $’000 2007 $’000 2008 $’000 2007 $’000 2008 $’000 2007 $’000 2008 $’000 2007 $’000 2008 $’000 2007 $’000 9,186 8,105 11,296 7,715 2,353 2,250 (3,899) (2,946) 18,936 15,124 8,709 13,328 9,827 9,269 1,125 1,189 (7,747) (11,198) 11,914 12,588
	204 226 140 146 6 25 - - 350 397

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2008

7. SUBSEQUENT EVENTS

Subsequent to 30 June 2008, the company raised $650,000 (before issue costs) via an issue of 16,250,000 ordinary shares at an issue price of $0.04 to sophisticated investors. The funds raised from the placement will contribute to the company’s short to medium term objectives.

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:

==> picture [101 x 29] intentionally omitted <==

Print name: ANTHONY WINGROVE (Director)

Date: 28 August 2008

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