VOLT GROUP LIMITED — Annual Report 2013

Feb 27, 2014

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PRELIMINARY FINAL REPORT - YEAR ENDED 31 DECEMBER 2013

Current reporting period: 31 December 2013

Previous corresponding reporting period: 31 December 2012

Results for Announcement to the market

Net tangible assets after consolidation

% change Current period ($,000) Previous corresponding period ($,000) Revenue from ordinary activities (item 2.1) 15 30 26 Loss from ordinary activities after tax attributable to members (item 2.2) 37 4,629 7,317 Loss for the period attributable to members (item 2.3) 37 4,629 7,317	31 Dec 2013 31 Dec 2012
	Net tangible assets $4,823,436 $5,375,740
	Number of shares on issue at reporting date 272,515,576 148,932,398
	Net tangible assets per ordinary share 1.8 cents 3.6 cents
	Control gained or lost over entities Not Applicable

Associates and joint ventures

Not applicable

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 2013.

Audit/review status

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

Comments

The loss before income tax of $4,628,690 includes non-cash expenses being depreciation/amortisation of $1,063,291 and the write down on the Carnarvon project carrying value of $797,785.

The attached preliminary consolidated financial report for the year ended 31 December 2013 forms part of this Appendix 4E.

Colin Stonehouse

CEO and Managing Director

Geoffrey Reid

During the year the issue of securities raised $881,180 with net new borrowings of $1,622,500. Borrowings of $917,000 were converted to equity during the year.

Company Secretary

Enerji Limited +61 8 9268 3800 www.enerji.com.au

Net tangible assets before consolidation

Net tangible assets	31 Dec 2013 $4,823,436	31 Dec 2012 $5,375,740
Number of shares on issue at reporting date	2,725,155,755	1,489,323,980

About Enerji

Enerji Limited is a clean power company focused on delivering waste heat to power systems.

The technology transforms waste heat into electricity and therefore creates significant energy cost savings and reduced CO2 emissions

Enerji Limited

Consolidated statement of comprehensive income

For the year ended 31 December 2013

or the year ended 31 December 2013
Revenue from continuing operations Other Income Employment benefits expense Impairment of assets Directors payments Share based payments Consulting and professional costs Depreciation and amortisation Other expenses Finance income Finance costs Loss before income tax Income tax benefit Loss from continuing operations Net Loss for the year Other comprehensive loss for the year, net of tax Total comprehensive loss for the year Loss is attributable to: Owners of Enerji Limited Total comprehensive loss for the year is attributable to: Owners of Enerji Limited	2013 2012 30,327 26,321 (831,469) (1,274,597) (797,785) (1,922,000) (220,243) (252,997) (1,299,696) (2,001,714) (374,210) (360,961) (1,063,291) (1,212,454) (828,628) (677,754) 7,611 7,243 (441,964) (92,756)
	(5,819,348) (7,761,669) 1,190,658 444,876
	(4,628,690) (7,316,793)
	(4,628,690) (7,316,793)
	- -
	(4,628,690) (7,316,793)
	(4,628,690) (7,316,793)
	(4,628,690) (7,316,793)

Enerji Limited

Consolidated statement of financial position

As at 31 December 2013

ASSETS Current assets Cash and cash equivalents Prepayments and other receivables Loans Total current assets Non-current assets Prepayments and other receivables Property, plant and equipment Intangible assets Total non-current assets Total assets LIABILITIES Current Liabilities Trade and other payables Loans and borrowings Provisions Total current liabilities Total liabilities Net assets EQUITY Contributed equity Reserves Accumulated losses Capital and reserves attributable to owners of Enerji Limited Total equity	2013 2012 105,201 246,471 156,331 104,061 319,320 -
	580,852 350,532
	5,654,961 5,654,961 3,764,095 3,766,161 1,028,527 2,018,803
	10,447,583 11,439,925
	11,028,435 11,790,457
	4,331,958 4,186,230 805,500 105,000 39,014 104,684
	5,176,472 4,395,914
	5,176,472 4,395,914
	5,851,963 7,394,543
	59,452,918 56,405,682 6,125,091 6,086,217 (59,726,046) (55,097,356)
	5,851,963 7,394,543
	5,851,963 7,394,543

Enerji Limited

Consolidated statement of changes in equity

For the year ended 31 December 2013

At 1 January 2012 Total comprehensive loss for the year Loss for the year Total comprehensive loss for the period Transactions with owners in their capacity as owners Contribution of equity, net of transaction costs Equity-based payment transaction – expenses Equity-based payment transaction – loan repayments Employee shares scheme Conversion of convertible notes Share options exercised At 31 December 2012 At 1 January 2013 Total comprehensive loss for the year Loss for the year Total comprehensive loss for the period Transactions with owners in their capacity as owners Contribution of equity, net of transaction costs Equity-based payment transaction – expenses Equity-based payment transaction – loan repayments Employee shares scheme Conversion of convertible notes At 31 December 2013	Attributable to owners of Enerji Limited Share capital Reserves Accumulated losses Total equity 50,126,673 5,594,249 (47,780,563) 7,940,359
	- - (7,316,793) (7,316,793)
	- - (7,316,793) (7,316,793)
	3,354,852 - - 3,354,852 1,575,016 460,744 - 2,035,760 349,000 - - 349,000 - 31,224 - 31,224 1,000,000 - - 1,000,000 141 - - 141
	6,279,009 491,968 - 6,770,977
	56,405,682 6,086,217 (55,097,356) 7,394,543
	56,405,682 6,086,217 (55,097,356) 7,394,543
	- - (4,628,690) (4,628,690)
	- - (4,628,690) (4,628,690)
	603,756 - - 603,756 1,596,480 18,800 - 1,615,280 617,000 - - 617,000 - 20,074 - 20,074 230,000 - - 230,000
	3,047,236 38,874 - 3,086,110
	59,452,918 6,125,091 (59,726,046) 5,851,963

Enerji Limited

Consolidated statement of cash flows

For the year ended 31 December 2013

Cash flows from operating activities Payments to suppliers and employees (inclusive of goods and services tax) R&D tax refund Interest paid Net cash outflow from operating activities Cash flows from investing activities Interest received Payments for 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 borrowings Repayment of borrowings 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	2013 2012 (2,333,315) (1,560,964) 1,190,658 238,135 (115,946) (92,756)
	(1,258,603) (1,415,585)
	7,611 7,243 (1,254,034) (1,889,169)
	(1,246,423) (1,881,926)
	558,680 3,501,250 230,000 1,000,000 3,562,913 105,000 (1,940,413) (1,000,000) - 140 (47,424) (389,764)
	2,363,756 3,216,626
	(141,270) (80,885) 246,471 327,356
	105,201 246,471