ENERGY TECHNOLOGIES LIMITED — Annual Report 2009

Aug 27, 2009

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 2009	Financial year ended (‘previous period’)
38 002679469		30 June 2009	30 June2008

2. Results for announcement to the market

	$A'000	$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 11% to 20,966 Up N/A to (752) Up N/A to (752)
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 year Net (loss)/profit attributable to members Retained profits (accumulated losses) at the end of the financial year	Current period - $A'000	Previous corresponding period-$A'000
	(5,500) (752) (6,252)	(5,596) 96 (5,500)

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6.1 Net Tangible Asset backing	Current period	Previous corresponding period
Net tangible asset backing per ordinary security	3.5c	3.7c

6.2 Earnings per security (EPS)	Current period	Previous corresponding period
Basic EPS (cents) Net (loss)/profit after tax for the period attributable to members ($’000s) Weighted average number of ordinary securities	(0.56)c	0.08c
	(752)	96
	133,524,226	114,397,733

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 Pan American Insulator Co., LLC 7.2 A Date from which control was gained 15 August 2008 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 On 15 August 2008, the operating subsidiary of Dulhunty Power Limited, Dulhunty Engineering Limited acquired the business assets of Pan American Insulator Co., LLC (PAI) for a total consideration of $114,811. The purchase price was encompassed plant & equipment of $23,667 (at fair value) giving rise to goodwill on acquisition of $91,144. The contribution to consolidated result after tax for the 30 June 2009 year was a profit after tax of $45,716. There were no acquisitions or disposals in the 2008 comparative period. 7.1 B Name of entity 7.2 B Date from which control was gained / lost	Pan American Insulator Co., LLC
	ined ding of the report – the he reporting entity’s uring the period and s during the whole of iod	15 August 2008
		On 15 August 2008, the operating subsidiary of Dulhunty Power Limited, Dulhunty Engineering Limited acquired the business assets of Pan American Insulator Co., LLC (PAI) for a total consideration of $114,811. The purchase price was encompassed plant & equipment of $23,667 (at fair value) giving rise to goodwill on acquisition of $91,144. The contribution to consolidated result after tax for the 30 June 2009 year was a profit after tax of $45,716. There were no acquisitions or disposals in the 2008 comparative period.

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• 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

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

A significant improvement in operating results during the second half of the year has resulted in DUL reporting a consolidated loss after tax and minorities of $752,223 (December 2008 consolidated 6 month loss after tax and minorities was $837,896). Whilst this result is disappointing, it does represent a significant turn around in operations in the second half of the year to 30 June 2009 and demonstrates the successful implementation of both sales drivers and cost reduction strategies.

The previously reported result for the December half year included a one off write down in the listed company’s investment in eChoice Pty Ltd of $187,641, due to participation in the successful offer by Firstfolio Limited. Valuation of the investment in Firstfolio Limited shares as held by DUL has not changed at 30 June 2009. The investment in eChoice Pty Ltd was as previously stated a historic investment which was not synergistic with DUL as an energy sector provider and this write down does not impact on Dulhunty Power’s plans for growth.

Dulhunty Power Limited is pleased to report a return to profitability for its operating subsidiary, Dulhunty Engineering Limited (DEL), after a difficult first half year. Sales have increased significantly for the second Half Year to 30 June 2009 and are in excess of $12.3m for the 6 months ($20.6m full year to 30 June 2009 and $8.7m for the comparative 6 month period to 30 June 2008). DEL will achieve a full year EBIT profit to 30 June 2009 of $740,780 and a consolidated Net Profit after tax and minority of $9,680 (Net Loss after tax and minority of $420,585 for the Half Year to 31 December 2008).

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Dulhunty Power Limited has strengthened its balance sheet during the year including a further successful capital raising totaling $500,000 through share placement during the second half year to 30 June 2009 and continues to seek new investment capital to facilitate achievement of the approved Growth Plan, including the development of its licensed fibreglass concrete composite power pole technology. Costs for the listed entity have also been reduced during the second half year to 30 June 2009 and have decreased by more than 20% over the previous comparative 6 month period.

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

2. Description of dispute or qualification if the accounts have been audited or subject to review: n/a

Sign here: Print name: ANTHONY WINGROVE (Director)

Date: 28 August 2009

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DULHUNTY POWER LIMITED

CONSOLIDATED INCOME STATEMENT

For the year ended 30 June 2009

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 (LOSS)/PROFIT FROM CONTINUING OPERATIONS BEFORE INCOME TAX Income tax expense (LOSS)/PROFIT FOR THE YEAR (PROFIT) ATTRIBUTABLE TO MINORITY INTEREST (LOSS)/PROFIT ATTRIBUTABLE TO MEMBERS OF DULHUNTY POWER LIMITED	CONSOLIDATED 2009 2008 $’000 $’000 20,525 17,988 (13,745) (11,567) 6,780 6,421 46 31 395 917 (120) (211) (536) (518) (5,833) (5,463) (245) (241) (678) (461) (191) 475 (461) (121) (652) 354 (100) (258) (752) 96	CONSOLIDATED 2009 2008 $’000 $’000 20,525 17,988 (13,745) (11,567) 6,780 6,421 46 31 395 917 (120) (211) (536) (518) (5,833) (5,463) (245) (241) (678) (461) (191) 475 (461) (121) (652) 354 (100) (258) (752) 96
		6,421 31 917 (211) (518) (5,463) (241) (461)
		475 (121)
		354 (258)
		96

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DULHUNTY POWER LIMITED

CONSOLIDATED BALANCE SHEET As at 30 June 2009

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 Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 5 Reserves Accumulated losses Parent interests Minority interests TOTAL EQUITY	CONSOLIDATED 2009 2008 $’000 $’000 2,101 932 4,311 3,080 4,400 3,993 407 463 11,219 8,468 13 201 1,426 1,296 2,451 2,372 114 111 4,004 3,980 15,223 12,448 5,255 3,245 2,050 2,316 103 11 450 200 7,858 5,772 60 63 60 63 7,918 5,835 7,305 6,613 9,356 8,572 120 (64) (6,252) (5,500) 3,224 3,008 4,081 3,605 7,305 6,613	CONSOLIDATED 2009 2008 $’000 $’000 2,101 932 4,311 3,080 4,400 3,993 407 463 11,219 8,468 13 201 1,426 1,296 2,451 2,372 114 111 4,004 3,980 15,223 12,448 5,255 3,245 2,050 2,316 103 11 450 200 7,858 5,772 60 63 60 63 7,918 5,835 7,305 6,613 9,356 8,572 120 (64) (6,252) (5,500) 3,224 3,008 4,081 3,605 7,305 6,613
		8,468
		201 1,296 2,372 111
		3,980
		12,448
		3,245 2,316 11 200
		5,772
		63
		63
		5,835
		6,613
		8,572 (64) (5,500)
		3,008 3,605
		6,613

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DULHUNTY POWER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2009

	Issued		Accumulated	Minority	Total
	Capital	Reserves	losses	Interest
	$	$	$	$	$
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
Loss for the year	-	-	(752,223)	-	(752,223)
Equity contributions	784,704	-	-	-	784,704
Profit attributable to minority shareholders	-	-	-	128,522	128,522
Dividends paid	-	-	-	(103,270)	(103,270)
Adjustments from translation of foreign
controlled entities	-	183,740	-	450,147	633,887
Balance at 30 June 2009	9,356,211	119,528	(6,251,657)	4,080,749	7,304,831

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DULHUNTY POWER LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2009

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 Payments for acquisition of business 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 2009 2008 $’000 $’000 23,798 22,067 (22,302) (22,178) 5 10 (251) (238) (335) (186) 915 (525) 43 24 (420) (350) (123) - 6 (29) (494) (355) 822 82 183 578 (342) (74) - (80) 663 506 1,084 (374) (607) 9 205 (242) 682 (607)	CONSOLIDATED 2009 2008 $’000 $’000 23,798 22,067 (22,302) (22,178) 5 10 (251) (238) (335) (186) 915 (525) 43 24 (420) (350) (123) - 6 (29) (494) (355) 822 82 183 578 (342) (74) - (80) 663 506 1,084 (374) (607) 9 205 (242) 682 (607)
		(525)
		24 (350) - (29)
		(355)
		82 578 (74) (80)
		506
		(374) 9 (242)
		(607)

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2009

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 2008. 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 2009 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 2009.

(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 - Reversal of provisions - Other income Total other revenues from continuing operations	CONSOLIDATED 2009 2008 $’000 $’000 - 86 - 322 222 372 - 67 5 10 150 - 18 60 395 917	CONSOLIDATED 2009 2008 $’000 $’000 - 86 - 322 222 372 - 67 5 10 150 - 18 60 395 917
		917

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2009

	CONSOLIDATED	CONSOLIDATED
	2009	2008
	$’000	$’000
EXPENSES
Included in the determination of net (loss) / profit before tax from continuing
operations are the following expenses.
Depreciation and amortisation of: non-current assets
Amortisation of intangibles assets		43	47
Plant and equipment		236	161
Building and leasehold improvements		24	23
Motor vehicles		10	9
Furniture, fixtures and fittings		48	41
Computer equipment		45	49
Total depreciation and amortisation of non-current assets		406	330
Borrowing costs expensed:
Interest expense		245	238
Finance charges on capitalised leases		-	3
		245	241
Research and development costs		20	26
Superannuation contributions		301	256
Operating lease rental expense:
Minimum lease payments		520	503

3. EXPENSES

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2009

4. STATEMENT OF CASH FLOWS Reconciliation of the net (loss) / profit after tax to the net cash flows from operations Net (Loss) / Profit 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 Loss 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) / Increase in provision for taxation Net cash from / (used in) operating activities 5. CONTRIBUTED EQUITY Issued capital 140,799,495 (115,433,424 – 2008) 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 2009 2008 $’000 $’000 (652) 354 363 283 43 47 188 20 27 79 29 163 - 3 23 7 - (34) (206) (1,017) (1,556) (677) 2,472 238 184 9 915 (525) $ $ 9,356,211 8,571,507	CONSOLIDATED 2009 2008 $’000 $’000 (652) 354 363 283 43 47 188 20 27 79 29 163 - 3 23 7 - (34) (206) (1,017) (1,556) (677) 2,472 238 184 9 915 (525) $ $ 9,356,211 8,571,507
			(525)
			$ 8,571,507

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2009

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

	Asia		Australia		New Zealand			USA		Eliminations			Total
	2009	2008	2009	2008	2009	2008	2009		2008	2009	2008	2009		2008
	$’000	$’000	$’000	$’000	$’000	$’000	$’000		$’000	$’000	$’000	$’000		$’000
REVENUE	11,930	9,186	9,146	11,296	3,743	2,353	974		-	(4,827)	(3,899)	20,966		18,936
ASSETS	14,297	8,709	10,157	9,827	1,514	1,660	493		-	(11,238)	(7,748)	15,223		12,448
Other segment information
Acquisition of property, plant and
equipment , intangibles and others	238	204	183	140	5	6	29		-	-	-	455		350

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DULHUNTY POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2009

7. SUBSEQUENT EVENTS

There are no subsequent events to the date of this report.

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: ANTHONY WINGROVE (Director)

Date: 28 August 2009

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