SWIFT TV LTD — Annual Report 2009

Aug 30, 2009

Appendix 4E CELTEX LIMITED AND CONTROLLED ENTITIES A.C.N. 006 222 395

Preliminary Final Report Financial Year Ended 30 June 2009

The following information is given to the ASX under listing rule 4.3A:

1 Reporting Details

Celtex Limited (ABN 54 006 222 395) presents the following information for the year ended 30 June 2009 together with comparative results for the year ended 30 June 2008.

All amounts shown are in Australian Dollars unless otherwise stated.

2 Results for announcement to the market

Extracts from this report for announcement to the market (see note 1).

					$A'000
Amount and percentage change from previous corresponding period of revenuefrom ordinary activities
Revenues	Down	54%	to	320
Amount and percentage change from previous corresponding period of profit (loss)from ordinary activities after tax attributable to members
Profit (loss) from ordinary activities after tax attributableto members	Down	5%	to	(1,514)
Amount and percentage change from previous corresponding period of net profit
(loss) for the period attributable to members
Net profit (loss) attributable to members of CeltexLimited	Down	5%	to	(1,514)
Amount per security and franked amount per security of final and interim dividends
No dividends proposed relating to the reporting period
The record date for determining entitlements to the dividends

3 Income Statements for the Financial Year Ended 30 June 2009

		Consolidated
		2009	2008
	Note	$	$
Continuing operations
Revenue from continuing operations	3.1.a	319,828	690,337
Cost of goods sold		(2,438)	(199,715)
Gross profit		317,390	490,622
Other income	3.1.b	2,403	5,684
Expenses from continuing activities:
Depreciation and amortisation		(94,528)	(157,548)
Finance costs		(101,130)	(80,811)
Marketing expenses		(1,814)	(32,350)
Occupancy costs		(178,730)	(184,802)
Consultancy fees		(336,000)	(359,151)
Employee costs		(282,813)	(315,563)
Administration costs		(413,066)	(812,887)
Impairment of intangible assets		(557,022)	-
Loss before taxIncome tax expense	3.23.3	(1,645,310)-	(1,446,806)-
Net Loss after tax for the year		(1,645,310)	(1,446,806)
Attributable:
Equity holders of the parent		(1,513,651)	(1,402,910)
Minority interest		(131,659)	(43,896)
		(1,645,310)	(1,446,806)
Earnings/(loss) per share		Cents	Cents
From continuing and discontinued operations:
Basic (cents per share)		(0.72)	(0.70)
Diluted (cents per share)		(0.72)	(0.70)
From continuing operations:
Basic (cents per share)		(0.72)	(0.70)
Diluted (cents per share)		(0.72)	(0.70)

3.1

	Consolidated
	2009$	2008$
a)Operating Revenue
Sales revenue-Goods	11,683	297,245
Sales revenue-Services	308,145	393,092
	319,828	690,337
b)Other Income
Interest Revenue	5,684	8,559
Sundry Income	-	83,827
	5,684	92,386

3.2 Operating Loss

The operating loss before income tax is arrived at after charging the following specific items:

Expenses

	Amortisation of product design & development	557,022	71,636
Depreciation expense		94,528	85,911
Borrowings costs	- Interest	69,084	67,706
	- Hire purchase interest	32,046	13,105
Operating lease		28,490	46,091
Superannuation Contribution		21,560	24,848

3.3 Income Tax

		Consolidated
	2009$	2008$
Operating profit (loss) before income tax	(1,645,310)	(1,446,806)
Prima facie income tax calculated at 30% (2008: 30%)Tax effect of amounts which are not deductible (taxable) in	(439,593)	(434,042)
calculating taxable incomeDeferred tax balance not recognized	-(439,593)	110(433,932)
Income tax expense/(benefit)	-	-

4 Balance Sheets for the Financial Year Ended 30 June 2009

		Consolidated
		20092008
	Note	$	$
ASSETS
Current assets
Cash and cash equivalents	6.2	45,403	118,232
Trade and other receivables		126,486	437,231
Inventories		16,450	16,528
Total current assets		188,339	571,991
Non-current assets
Trade and other receivables		4,328	4,328
Property, plant and equipment		1,809,710	1,751,140
Intangible assets	4.1	-	557,021
Total non-current assets		1,814,038	2,312,489
Total assets		2,002,377	2,884,480
LIABILITIES
Current liabilities
Trade and other payables		431,380	571,718
Borrowings		530,426	232,097
Provisions		5,715	8,407
Total current liabilities		967,521	812,222
Non-current liabilities
Trade and other payables		1,153,952	843,320
Borrowings		994,261	925,004
Total non-current liabilities		2,148,213	1,768,324
Total liabilities		3,115,734	2,580,546
Net assets		(1,113,357)	303,934
EQUITY
Issued capital		15,460,624	15,232,605
Assets revaluation reserve		350,000	350,000
Accumulated losses		(16,827,808)	(15,314,157)
Parent entity interest		(1,017,184)	268,448
Minority interest		(96,173)	35,486
Total equity		(1,113,357)	303,934

4.1 Intangibles

Consolidated		Goodwill	Product Design &Development Costs	Total
	DevelopmentCompany$	PharmaceuticalCompany$	Internal$	External$	$
Year ended 30 June 2009
Opening net book amountAmortisation charge	--	239,600(239,600)	196,988(196,988)	120,433(120,433)	557,021(557,021)
Closing Net book amount	-	-	-	-	-
At 30 June 2009
Cost	-	239,600	560,255	144,519	944,374
Accumulated amortisation andimpairment	-	(239,600)	(560,255)	(144,519)	(944,374)
Net book amount	-	-	-	-	-
Year ended 30 June 2008
Opening net book amount	-	239,600	244,538	144,519	628,657
Amortisation charge	-	-	(47,550)	(24,086)	(71,636)
Closing Net book amount	-	239,600	196,988	120,433	557,021
At 30 June 2008
Cost	-	239,600	560,255	144,519	944,374
Accumulatedamortisationand impairment	-	-	(363,267)	(24,086)	(387,353)
Net book amount	-	239,600	196,988	120,433	557,021

5 Statement of Changes in Equity

	Issued	Accumulated	Assetsrevaluation	Attributableto Equityholders of	Minority
Consolidated	capital$	losses$	reserve$	Parent$	Interest$	Total$
30 June 2008
Balance as at 1 July 2007Prior period error	19,482,201(4,651,664)	(13,911,247)	350,000	6,270,954(4,651,664)	79,382	6,350,336(4,651,664)
Adjusted balance at 1 July 2007	14,830,537	(13,911,247)	350,000	1,269,290	79,382	1,348,672
Issued capital during the year	402,068	-	-	402,068	-	402,068
Profit/(loss) for the year	-	(1,402,910)	-	(1,402,910)	(43,896)	(1,446,806)
Balance as at 30 June 2008	15,232,605	(15,314,157)	350,000	268,448	35,486	303,934
30 June 2009
Balance as at 1 July 2008	15,232,605	(15,314,157)	350,000	268,448	35,486	303,934
Issued capital during the year	228,019	-	-	228,019	-	228,019
Profit/(loss) for the year	-	(1,513,651)	-	(1,513,651)	(131,659)	(1,645,310)
Balance as at 30 June 2009	15,460,624	(16,827,808)	350,000	1,017,184	(96,173)	(1,113,357)

6 Cash Flow Statement for the Financial Year Ended 30 June 2009

		Consolidated
	2009
	Notes	$	2008$
Cash flows from operating activities
Receipts from customers		630,573	311,230
Payments to suppliers and employees		(1,047,181)	(1,337,242)
Interest received		2,403	5,684
Payment for Interest and other finance costs		(101,130)	(80,811)
Net cash (outflow) from operating activities	6.1	(515,335)	(1,101,139)
Cash flows from investing activities
Payment for property, plant and equipment		(5,192)	(148,081)
Deferred payment on acquisition of subsidiary		-	(200,000)
Net cash (outflow) from investing activities
		(5,192)	(348,081)
Cash flows from financing activities
Proceeds from issues of shares		228,019	402,068
Proceeds from borrowings		14,232	250,824
Repayment of borrowings		(52,762)	(28,176)
Net cash inflow from financing activities		189,489	624,716
Net (decrease)/ increase in cash held		(331,038)	(824,504)
Cash and cash equivalents at the beginning of the financialyear		(57,866)	766,638
Cash and cash equivalents at the end of the financial year	6.3	(388,904)	(57,866)

6.1 Reconciliation of Net Cash (Outflow) from Operating Activities to Operating Loss after Income Tax

	Consolidated
	2009$	2008$
Operating profit (loss) after income	(1,645,310)	(1,446,806)
Non-cash flows in operating profit /(loss):
Depreciation expenses	94,528	85,912
Amortisation intangibles	557,022	71,636
Decrease/(Increase) in Provision	(2,692)	8,407
Decrease/(Increase) in current receivables	310,745	(338,098)
Decrease/(Increase) in inventories	78	117,078
Increase/(Decrease) in current payables	(140,338)	404,680
Increase(Decrease) in non current payables	310,632	(3,948)
Net cash outflow from operating activities	(515,335)	(1,101,139)

6.2 Cash and Cash Equivalents

Cash at bank and in hand	45,403	118,232

6.3 Reconciliation to cash at the end of the year

The above figures are reconciled to cash at the end of the financial year as shown in the statement of cash flows as follows :

Balances as above	45,403	118,232
Bank overdrafts	(434,307)	(176,098)
Balances per cash flow statement	(388,904)	(57,866)

7 Dividends

No ordinary share dividend or distribution payments were made during the financial year. The directors do not recommend the payment of any dividends in respect to the financial year.

8. Dividend or Distribution Reinvestment Plan

Not applicable.

9 Statement of Retained Earnings

Please see statement of changes in equity.

10 Net Tangible Assets Per Security

		30 June 2009(Cent)	30 June 2008(Cent)
	Net tangible assets per security	(.51)	(.12)
11	Control Over Entities
	None

12 Loss of Control Over Entities

None

13 Associates and Joint Venture Entities

Not Applicable.

14 Significant Information

None.

15 Accounting Standards

This general purpose financial report has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (AIFRSs), other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001.

16 Commentary on the Results

None.

17 Audit Status

This report is based upon financial statements for the year ended 30 June 2009 which are in the process of being audited. The results for the year ended 30 June 2008 as presented in this report have been audited.

The Company's auditor is BDO Kendal.

Signed:

.

Director

Print name: Ken Roberts

Date 31st August 2009