VOLT GROUP LIMITED — Annual Report 2011

Feb 28, 2012

APPENDIX 4E PRELIMINARY FINAL REPORT YEAR ENDED 31 DECEMBER 2011

ENERJI LIMITED ABN 62 009 423 189

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Current reporting Period:	31 December	2011
Previous corresponding reporting period:	31 December	2010
			Current		Previous
			period		corresponding
			($,000)		period ($,000)
Revenues from ordinary activities(item 2.1)	(86)%	To	10	From	74
Profit (loss) from ordinary activities after tax
attributable to members (**item 2.2) **	68%	To	(3,111)	From	(9,709)
Net profit (loss) for the period attributable to
members(item 2.3)	68%	To	(3,111)	From	(9,709)

Dividends

There are no dividend or distribution reinvestment plans in operation and there have been no dividend or distribution payments during the financial year ended 31 December 2011.

Comments

Enerji Limited is a Perth-based clean power company focussed on commercialising the Opcon Powerbox in Australia.

The Opcon Powerbox cogeneration technology transforms waste heat into electricity and therefore creates significant energy cost savings and reduced CO2 emissions for its customers.

Enerji has exclusive sales and distribution rights for the Opcon Powerbox in Australia and options for Malaysia, Thailand, Singapore, and Sub-Saharan Africa.

The Opcon Powerbox, manufactured in Sweden by Opcon, represents a significant commercial opportunity through application to industrial, mining and power generation operations.

Enerji plans to maximise this opportunity and generate shareholder returns through long-term power purchase agreements.

Additional information concerning Enerji is available at www.enerji.com.au.

The loss before income tax of $3,111,473 comprises non-cash expenses of depreciation/amortisation of $1,059,577. The 2010 year included a write down on the purchase of a subsidiary totalling $4,980,036.

On 8th October 2010, a Memorandum of Understanding was signed with Horizon Power to explore the commercial integration of Enerji’s Co-Generation Technology into Horizon’s Assets. On February 11, 2011 a Power Purchase Agreement was signed which sets out the commercial and legally binding terms and conditions for the installation of an Opcon Powerbox at the Carnarvon Power Station.

On 28th September 2011, the first Opcon Powerbox arrived in Australia. In was transported to Canningvale for preliminary work before it was shipped to the Carnarvon Power Station on 24th February 2012 for installation in March 2012.

On 2nd November 2011 it was announced the signing of two MOUs with Poseidon Nickel and Energy Developments Ltd. Both these agreements have developed.

During the year a total of $2,954,437 was raised by the issue of securities.

Net tangible assets per ordinary security

31 December 2011 31 December 2010

Net tangible assets Number of shares on issue at reporting date Net tangible assets per ordinary security

$3,784,387 $2,941,182 760,169,575 618,440,916 0.50 cents 0.48 cents

Control Gained or Lost over Entities

Not applicable

Associates and joint ventures

Not applicable

Foreign Entities Accounting Framework

Not applicable

Audit/Review Status

This Appendix 4E and the attached interim financial report are based on accounts which are in the process of being audited.

The attached preliminary consolidated financial report for the year ended 31 December 2011 forms part of this Appendix 4E.

Consolidated statement of comprehensive income For the year ended 31 December 2011

Consolidated statement of comprehensive income or the year ended 31 December 2011
Revenue from continuing operations Notes Other Income Employment benefits expense Directors payments Director payments on termination Share based payments Consulting and professional costs Depreciation and amortisation Impairment of assets Travel costs Corporate fees Settlement of obligations Other expenses Finance income Finance costs Loss before income tax Income tax benefit Loss from continuing operations Loss for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Loss is attributable to: Owners of Enerji Limited Total comprehensive income for the year is attributable to: Owners of Enerji Limited Earnings per share for loss from continuing operations attributable to the ordinary equity holders of the company: Basic loss per share Diluted loss per share Earnings per share for loss attributable to the ordinary equity holders of the company: Basic loss per share Diluted loss per share	2011 2010 - - 18,735 6,229 (684,676) (861,024) (512,232) (616,149) - (430,750) (110,000) (583,500) (824,785) (663,129) (1,059,577) (975,469) - (4,980,036) (125,276) (182,396) (57,681) (176,323) - (120,000) (321,213) (351,217) 9,724 74,274 (2,069) -
	(3,669,050) (9,859,490) 557,577 150,086
	(3,111,473) (9,709,404)
	(3,111,473) (9,709,404)
	- -
	(3,111,473) (9,709,404)
	(3,111,473) (9,709,404)
	(3,111,473) (9,709,404)
	($0.004) ($0.016) n/a n/a ($0.004) ($0.016) n/a n/a

.

Consolidated statement of financial position As at 31 December 2011

Consolidated statement of financial position As at 31 December 2011
Notes ASSETS Current assets Cash and cash equivalents Prepayments and other receivables Total current assets Non-current assets Prepayments and other receivables Deferred tax assets Property, plant and equipment Intangible assets Total non-current assets Total assets LIABILITIES Current Liabilities Trade and other payables Provisions Total current liabilities Non-current Liabilities Loans and borrowings Deferred tax liabilities Provisions Total non-current liabilities Total liabilities Net assets EQUITY Contributed equity Reserves Accumulated losses Capital and reserves attributable to owners of Enerji Limited Total equity	2011 2010 327,356 484,527 5,807,059 47,585
	6,134,415 532,112
	- 5,741,022 168,258 - 2,948,927 268,280 3,030,972 4,040,376
	6,148,157 10,049,678
	12,282,572 10,581,790
	3,009,800 2,041,432 65,450 58,800
	3,075,250 2,100,232
	891,964 - 1,125,000 1,500,000 374,999 -
	2,391,963 1,500,000
	5,467,213 3,600,232
	6,815,359 6,981,558
	50,126,673 47,760,410 5,594,249 5,015,238 (48,905,563) (45,794,090)
	6,815,359 6,981,558
	6,815,359 6,981,558

Consolidated statement of changes in equity For the year ended 31 December 2011

Notes At 1 January 2010 Total comprehensive income for the year Loss for the year Total comprehensive income for the period Transactions with owners in their capacity as owners Contribution of equity related to business combination Contribution of equity, net of transaction costs Equity-based payment transactions Share options exercised At 31 December 2010 At 1 January 2011 Total comprehensive income for the year Loss for the year Total comprehensive income for the period Transactions with owners in their capacity as owners Contribution of equity, net of transaction costs Equity-based payment transaction Employee shares scheme Conversion of convertible notes At 31 December 2011	Attributable to owners of Enerji Limited Share capital Reserve Accumulated losses Total equity 36,262,679 4,931,740 (36,084,686) 5,109,733
	- - (9,709,404) (9,709,404)
	- - (9,709,404) (9,709,404)
	8,340,284 - - 8,340,284 2,655,939 83,500 - 2,739,439 500,000 - - 500,000 1,508 - - 1,508
	11,497,731 83,500 - 11,581,231
	47,760,410 5,015,238 (45,794,090) 6,981,558
	47,760,410 5,015,238 (45,794,090) 6,981,558
	- - (3,111,473) (3,111,473)
	- - (3,111,473) (3,111,473)
	2,021,099 459,237 - 2,480,336 137,664 74,363 - 212,027 45,411 45,411 207,500 - - 207,500
	2,366,263 579,011 - 2,945,274
	50,126,673 5,594,249 (48,905,563) 6,815,359

Consolidated statement of cash flows For the year ended 31 December 2011

Cash flows from operating activities Payments to suppliers and employees (inclusive of goods and services tax) Interest paid Net cash outflow from operating activities Cash flows from investing activities Interest received Payments for property, plant and equipment Repayments from related party Prepayments for acquisition of property, plant and equipment Net cash outflow from investing activities Cash flows from financing activities Proceeds from issue of shares and other equity securities Proceeds from issue of convertible notes Proceeds from exercise of share options Payment of transaction costs Net cash inflow from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at end of the year	2011 2010 (2,040,330) (5,334,833) (2,069) -
	(2,042,399) (5,334,833)
	5,033 74,274 (1,197,588) (176,301) - 1,938,580 (793,669) (2,198,220)
	(1,986,224) (361,667)
	2,724,437 2,785,970 1,250,000 - - 1,508 (102,814) (130,031)
	3,871,623 2,657,447
	157,000 3,039,053 484,527 3,523,580
	327,356 484,527