HYTERRA LTD — Annual Report 2008

Jun 29, 2008

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www.brainz.com ARBN 116 829 675

Companies Announcements Office Australian Securities Exchange Limited

30 June 2008: BrainZ Instruments (ASX: BZI) has today filed financial statements for the year ending 31 March 2008 as required by listing rule 4.5.2. The financial statements are consistent with the Appendix 4e filed on 31 May 2008.

Inquiries:

Richard Smith Rudi Michelson Chief Executive Officer Monsoon Communications BrainZ 03 9620 3333 +1 443 280 2920

About BrainZ

BrainZ (ASX: BZI) is a New Zealand based medical technology company specializing in the research, development, manufacturing and sale of bedside brain monitoring technology. The BRM3 Brain Monitor, BrainZ’s second generation product, is a unique bedside tool that assists in the detection of brain injury and seizure activity in neonates. It has been specifically designed to assist intensive care staff with clinical decision-making in conjunction with other clinical data and in the direction of care on a day-to-day basis.

The BRM3 has received regulatory approval in most major markets and is in use in over 20 countries worldwide. BrainZ dominates the local Australian and New Zealand markets via direct sales channels. BRM2 monitors are also installed in over 40 leading US hospitals. BrainZ has an exclusive agreement with GE Healthcare, a leading supplier of patient monitoring systems, for the distribution of BRM3 Brain Monitors in the North American, European, Middle East and Asian markets.

BrainZ Instruments was established in 2001 to commercialize pioneering neonatal brain research from the Auckland University’s Liggins Institute.

BrainZ Instruments Limited Consolidated Income Statement For the year ended 31 March 2008

Revenue - salesCost of salesGross profitOther income - grantsSales and marketing expensesResearch and development expensesAdministrative expensesOther expenses - impairment of intellectual propertyResult from operating activitiesFinance income - interest receivedFinance expense - foreign exchange lossesNet finance costsDeficit before taxationIncome tax expenseNet deficit for the year	12 months7 months12 months7 monthsMarch 2008March 2007March 2008March 2007NZ$000NZ$000NZ$000NZ$000GroupParent
	2,2651,4062,2651,406(613)(486)(613)(486)
	1,6529201,652920233339233339(2,154)(1,483)(2,259)(1,558)(2,580)(1,938)(2,580)(1,938)(1,105)(854)(1,105)(854)(4,078)-(4,078)-
	(8,032)(3,016)(8,137)(3,091)244214244214(540)(829)(540)(829)
	(296)(615)(296)(615)
	(8,328)(3,631)(8,433)(3,706)(15)(23)(1)-
	(8,343)(3,654)(8,434)(3,706)

BrainZ Instruments Limited Consolidated Balance Sheet As at 31 March 2008

Current Assets

Cash and cash equivalents Trade and other receivables Inventories Taxation receivable

Non-Current Assets Property, plant and equipment Intangible assets Investments

Total Assets

Current Liabilities Trade and other payables Taxation payable

Non-Current Liabilities Deferred taxation

Equity Share capital Other reserves Accumulated deficit

Total Equity and Liabilities

Group		Parent	Parent
March 2008	March 2007	March 2008	March 2007
NZ$'000	NZ$'000	NZ$'000	NZ$'000
3,462	6,970	3,405	6,895
877	985	862	964
221	252	221	252
67	145	67	145
4,627	8,352	4,555	8,256
267	269	245	231
37	4,805	37	4,805
-	-	4	4
304	5,074	286	5,040
4,931	13,426	4,841	13,296
437	550	536	550
9	33	-	-
446	583	536	550
4	-	-	-
4	-	-	-
25,623	25,623	25,623	25,623
(1,018)	(999)	(999)	(992)
(20,124)	(11,781)	(20,319)	(11,885)
4,481	12,843	4,305	12,746
4,931	13,426	4,841	13,296

BrainZ Instruments Limited Consolidated Cash Flow Statement For the year ended 31 March 2008

Cash flows from operating activitiesCash was provided from:Receipts from customersReceipts from grantsInterest receivedIncome tax refundedCash was applied to:Payments to suppliers and employeesIncome tax paidNet cash outflow from operating activitiesCash flows from investing activitiesCash was provided from:Sale of plant and equipmentCash was applied to:Purchase of plant and equipmentPurchase of computer softwareNet cash outflow from investing activitiesNet decrease in cash heldCash and cash equivalents at beginning of yearEffect of exchange rate fluctuations on cash heldCash and cash equivalents at end of year	12 months7 months12 months7 monthsMarch 2008March 2007March 2008March 2007NZ$000NZ$000NZ$000NZ$000GroupParent
	2,3501,1482,3501,148361373361373244214244214144-144-
	3,0991,7353,0991,735(5,905)(3,933)(5,920)(3,957)(97)(44)(66)(35)
	(6,002)(3,977)(5,986)(3,992)
	(2,903)(2,242)(2,887)(2,257)
	1-1-(168)(98)(166)(93)(3)(38)(3)(38)
	(171)(136)(169)(131)
	(170)(136)(168)(131)
	(3,073)(2,378)(3,055)(2,388)6,97010,1406,89510,075(435)(792)(435)(792)
	3,4626,9703,4056,895