Enerji Annual Report to Shareholders
Perth, April 2, 2012 AEST (ABN Newswire) - Enerji Limited (
ASX:ERJ) directors present their report on the consolidated entity (referred to hereafter as the group) consisting of Enerji Limited ("Enerji" or "the Company"), and the entities it controlled at the end of, or during, the year ended 31 December 2011.
Principal activities
During the year the principal continuing activities of the group consisted of the purchase and installation of Opcon Powerboxes to generate emission free electricity.
Operating and financial review
Operating Review
During the year the consolidated entity's operations involved the development of its green power utility business by signing it's first power purchase agreement with the Western Australian government owned regional power utility, Horizon Power. This has resulted in delivery of the first third generation Opcon Powerbox into Australia and the planning for the implementation of installation at the Carnarvon Power Station.
In October, the company signed two memorandums of understanding with Energy Developments and Poseidon Nickel. Negotiations are progressing well with both parties.
Review of consolidated financial condition
The consolidated entity recorded an operating loss after income tax of $1,986,473 (2010: $9,709,404 loss). The loss including the following items of significance:
- amortisation of distribution right acquired ($1,009,404)
The net assets of the consolidated entity were $7,940,359 (2010: $6,981,558).
As at balance date the Group had cash available of $327,356 and has established a Bond facility of $6,250,000 to be used to finance the implementation of its green power utility service at customer sites.
Cash From Operations
The net cash outflow from operating activities of $2,326,148 and net cash outflow from investing activities of $1,717,386, pre-dominantly being payments for Opcon Powerboxes, was funded by capital raisings of $2,724,437 and the drawdown of $1,250,00 of bonds. The cash balance at year end was $327,356.
Corporate Structure
Enerji is a company limited by shares that is incorporated and domiciled in Australia. Enerji has three fully owned subsidiaries Jamalcom Pty Ltd, Letharji Pty Ltd and Cogen Power Pty Ltd.
Capital Structure
As at the date of this report the Company had 760,169,575 fully paid ordinary shares and 64,737,700 options over ordinary shares on issue. The options have an exercise price of $0.20 and an expiry date of 31 December 2016.
Significant changes in the state of affairs
Contributed equity increased by $2,366,263 (from $47,760,410 to $50,126,673) as the result of private placements, rights issue, the issue of shares for services rendered and on conversion of bonds, see note 20.
The company issued 100 convertible bonds during the year which are convertible into ordinary shares as per bond facility agreement, see note 17.
Dividends
There were no dividends paid or declared by the Company to members since the end of the previous financial year.
Events subsequent to reporting date
Other than the matters discussed above there has not been since end of the financial year any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
Likely developments
The directors foresee that the 2012 financial year will build on the positive results achieved during 2011 and continue the focus on:
- Acquisition of new customers;
- Delivery of the Carnarvon town site project and subsequent customer projects based on the Opcon Powerbox;
- Generating revenue;
- Maintain administration costs at current levels.
Further information about likely developments in the operations of the Group and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Group.
To view the full Enerji Limited Annual Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-ERJ-584213.pdf
Contact
Enerji Limited
Greg Pennefather
T: +61-8-9268-3800
WWW: www.enerji.com.au
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