TIDMPLNT
RNS Number : 7909Q
Plantic Technologies Limited
20 April 2009
20 APRIL 2009
PLANTIC TECHNOLOGIES LIMITED
("Plantic" or "the Company")
Audited results for year ended 31 December 2008
Healthy cash position, strong customer engagement and improved operational base
Plantic (AIM:PLNT), the technology company engaged in the development and
commercialisation of a range of environmentally friendly plastics from renewable
resources, today announces its results for the year ended 31 December 2008. The
results are as released in the trading update dated 16 February 2009.
Plantic's novel polymer manufacturing technology is based on the use of
high-amylose corn starch, a material derived from annual harvesting of
specialized (hybrid) corn. The unique chemical and film-forming properties of
this type of cornstarch allow for development of a range of applications across
conventional plastics markets. In addition to being renewably sourced, users can
take advantage of excellent end-of-life properties such as biodegradability and
compostability.
Plantic has several patents covering its technologies, formulations and
applications. The Company's objective is to commercialise its plastic
technologies across a broad range of applications, with a particular focus on
the packaging industry. Its "Plantic tray" is sold commercially in the UK,
Continental Europe, Australia and New Zealand. Injection Moulding resins are
sold via DuPont globally excluding Australia and New Zealand.
HIGHLIGHTS OF 2008
* Closing cash position at 31 December 2008 was A$26.4m.
* Net cash outflow reduced to A$4.5m in the second half of 2008 compared to A$7.9m
for the same period in 2007, and A$7m in the first half of 2008.
* Plantic's net loss for 2008 was A$9m (2007 A$10.3m), less than market
expectations and lower than 2007, boosted by increased sales and favorable
changes in exchange rates. The net loss in the second half of 2008 was $3.4m
compared to A$5.8m for the same period in 2007 and A$5.6m in the first half of
2008.
* Sales revenue increased to A$3.6m, 145% higher than 2007 (2007: A$1.5m). Second
half sales were A$2.8m, 295% higher than the same period in 2007.
* Sales volumes (in metric tonnes) increased by 120% for the full year of 2008
compared to 2007.
* Sales volumes (in metric tonnes) increased by 170% in the second half of 2008,
compared to the same period in 2007, and 120% compared to the first half of
2008.
* Plantic's first stage investment in the manufacturing plant in Jena in Germany
has been completed on time and budget and has led to increased customer interest
in Europe. German government subsidies of approximately A$1m are expected to be
received during the course of 2009 as a result of this investment by the
company.
Brendan Morris, Plantic's Chief Executive, commented:
"The global economic environment has continued to deteriorate. This is having
an effect on Plantic's growth and performance in 2009. However, the Directors
remain confident about the long-term prospects for the company and its
technology. Plantic's strong cash reserves, improvements in plant capacity in
Australia and our new production facilities in Europe provide a platform to
continue to develop and improve products during this period of economic
downturn."
FURTHER INFORMATION:
+-------------------------------------+-------------------------------------+
| Plantic Technologies: | |
+-------------------------------------+-------------------------------------+
| Brendan Morris, Chief Executive | +61(0)3 9353 7983 |
| Officer | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Nomura Code Securities Limited: | |
+-------------------------------------+-------------------------------------+
| Juliet Thompson | +44 (0)20 7776 1204 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Pelham PR: | |
+-------------------------------------+-------------------------------------+
| Archie Berens | +44 (0)207 337 1509 / +44 (0)7802 |
| | 442486 |
+-------------------------------------+-------------------------------------+
Chairman's Report 2008
It is indeed challenging in the current environment to provide shareholders and
other interested parties with a clear view of the near term future.
For Plantic, however, the positives are:
* We are one of the few true bioplastics companies that has been selling sheet for
thermoforming for many years in Australia and Europe. We continue to develop new
products for higher strength thermoforming applications as well as for other
markets including injection moulding and flexible packaging.
* At 31 December, 2008, we have A$26.4M cash from our equity raising in 2007 which
will continue to support our progress as we build sales of existing and new
products toward break even and profit.
* With our new Jena (East Germany) investment in thermoforming, by the end of 2008
we will have replicated in Europe our successful Australian strategy enabling
Plantic to supply thermoformed trays and other forms to key brand owners, thus
facilitating conversion from PET, PP, PE, etc. to Plantic material. This
investment is critical to our planned market expansion in Continental Europe and
in the UK. The addition of extrusion facilities at a later date will provide
additional sheet and resin production capacity at lower costs.
* Our very active partnerships with global leaders DuPont, National Starch, Amcor,
Bemis plus others (subject to confidentiality agreements) is welcomed by your
board as an endorsement of the potential seen in Plantic by these companies.
* Brand owners continue to demand progressively increased content of truly
biodegradable and compostable material based on renewable raw materials in their
packaging and other products. Plantic products eminently meet these criteria, as
well as enjoying a lower energy "footprint" to many competitive products.
* We have a relatively small, but highly experienced team of professionals in
Australia, Europe and the USA ably led by our Chief Executive Officer, Mr
Brendan Morris. The board believes this team has the capability to achieve the
stretching strategic goals and annual targets set for Plantic.
The board and management believe Plantic is well placed to cope with the highly
volatile environment pervading the world economy. With our corn-based feedstock,
we are resolved to remain competitive with petrochemical-derived plastics such
as PET, recycled-PET, PP, PE, etc., even with crude oil prices suddenly becoming
so volatile. We also believe we are very competitive with current and newer
bioplastics. To reach desired profit levels, we need to achieve our projected
increased sales volumes and fully utilise our current and planned additional
production capacity.
Worthy of special mention is the high level of support, technical and
commercial, from our key, specialised corn starch supplier, National Starch
(USA). They, like us, see true plastics made from this annual, non-GM crop based
on Plantic's technology, as one of the leading environmentally friendly, "green"
materials of the future.
In summary, Plantic is well placed, financially and commercially, to continue
its growth by completing successfully the many current and planned development
projects with key brand owners in Europe, North and South America, Australia and
Asia, in conjunction with our partners. We have acted positively to meet the
need for additional lower cost production capacity in Europe.
The board acknowledge the support of our many shareholders who clearly share our
view of the potential for Plantic Technologies Ltd, even in the face of the
extremes we have seen with stock prices over the last year.
OPERATING AND FINANCIAL REVIEW
Commercial Development
Sales of Plantic products increased by 145% over 2007, with the second half of
2008 being 295% higher than the same period in 2007 and 250% higher than the
first half. This sales growth was on the back of the DuPont distribution
agreement and the initial stocking orders for Plantic products. During 2008
DuPont extended their distribution agreement for our sheet products to include
South America and Japan, two important growth markets for Plantic products and
we have already seen strong interest from those markets.
Plantic products during 2008 were used commercially by major brand owners,
including Cadbury, Lindt, Marks and Spencer and Sainsbury's to name a few.
Trials by global brand owners progressed during 2008 and we expect further
adoptions of Plantic materials in 2009 in a range of new applications including
confectionery, biscuits and industrial products. Future growth is expected to
benefit substantially from Plantic's broader market access via DuPont and our
increased manufacturing capability in Germany.
Plantic has strengthened its sales resources in Europe and the USA to support
sales growth and brand owners' marketing. This, coupled with our investment in
Thermoforming capability in Jena, has resulted in increased interest for Plantic
products. Plantic's Jena facility became operational in February 2009, on time
and within budget. The first small product orders have now been received for the
Jena facility.
Product Development
Plantic's intellectual property portfolio was further strengthened in 2008, with
the granting of our second and third US patents supporting our core High Amylose
Starch Technology. In addition, our relationship with DuPont produced additional
Plantic IP, with a patent for our products including DuPont's modifiers to
expand the properties of Plantic products.
The work with Bemis and Amcor (global leaders in flexible packaging) continued
to progress well, with both partners running Plantic based products on their
production lines. Both partners have identified significant commercial
opportunities for Plantic resins, which could deliver significant revenues for
Plantic in the future.
Plantic also launched its new High Performance Sheet product at Interpack
(Europe's largest packaging exhibition). Plantic's new high performance sheet
grade - Plantic HP1 - is a new development in biodegradable packaging. It
enhances the existing functional properties of Plantic R1 sheet, thereby
creating new market opportunities. This new grade offers higher impact
resistance and clarity, required for blister and clamshell packaging where the
products inside need to be showcased.
Plantic's products continued to be recognised by industry. In 2008 it won the
Australian Plastics and Chemical Industry Association award for sustainability;
and the use of Plantic packaging by Marks and Spencer secured one of the 20th
DuPont Global Awards for Packaging Innovation.
Operations
Plantic completed its triennial audit of the ISO 9001 system, resulting in our
accreditation being recertified. The focus on quality continues to be high and
resulted in all our quality indicators improving in 2008.
Operational performance also improved in 2008. Significant investment was made
in new plant and equipment designed to improve the quality of Plantic products
as well as the output and efficiency of the production process. Whilst the
commissioning of this new equipment and the resin line impacted negatively on
our manufacturing efficiencies and output during 2008, they delivered a 300%
increase in demonstrated capacity at the end of 2008.
Plantic enters 2009 with improved manufacturing processes and quality and the
focus in 2009 is to cement these improvements and drive the efficiency gains
which will be reflected in reduced cost of sales. In addition, Plantic was able
to convert its sheet extrusion line into a multipurpose production line making
both sheet and resin products. This provides greater manufacturing flexibility
in our plant in Australia.
OUTLOOK
The global economic environment has deteriorated significantly. This will be
likely to slow Plantic's growth in 2009 as customers focus internally on
restructure and cost reduction. However, the Directors remain confident about
the long-term prospects for the company and its technology. Plantic's strong
cash reserves, improvements in plant capacity in Australia and our new
production facilities in Europe provide a platform to continue to develop and
improve products and work with our current and prospective customers despite
this period of economic downturn.
ENVIRONMENTAL REGULATION AND PERFORMANCE
A Life Cycle Assessment (LCA) of Plantic rigid trays from cradle to grave was
first conducted in August 2004 (James and Grant 2004) and was recently updated
in December 2008 to incorporate the process changes implemented to Plantic's
production line since that 2004.
This updated 2008 LCA indicates that when compared to other conventional
petrochemical-based polymers used in similar tray applications, 42% less energy
is required to produce the equivalent number of Plantic trays. Additionally,
Plantic materials are estimated to have 45-70% lower impact on global warming
than other polymers (PVC, PET, PE, PP, GPPS), when composted.
Based on these results, for every tonne of Plantic sheet purchased in place of
petrochemical polymers, 1.25-2.5 tonnes of carbon dioxide will be saved when
composted (equivalent to the average annual emissions of a small car) and enough
energy saved to power 2.5 average Australian homes for a year.
The LCA underscores the outstanding environmental performance of Plantic
materials and is particularly relevant in a world that is facing the challenge
of climate change and diminishing fossil fuels.
Plantic Technologies' operations are not regulated by any significant
environmental regulation under a law of the Commonwealth or of a State or
Territory. Plantic has not had any environmental issues during the period and is
in compliance with the applicable laws and regulations.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Plantic has completed its investment in the Jena facility (Eastern Germany) with
the addition of thermoforming manufacturing capability. This operation will
allow for rapid prototyping, more efficient customer trials, and increased
production capacity. This will accelerate Plantic's entry into the European
thermoforming market and, most importantly, further improve Plantic's
competitiveness and response to customers and brand owners.
Once sufficient thermoforming volume is established, based on imported sheet, it
is planned that a second phase of the strategy will be implemented by installing
rigid sheet production. This strategy will eliminate sea freight, thereby
streamlining the supply chain and, ultimately, lowering Plantic's production
costs. Extruded Plantic materials will not only be utilized by Plantic's
thermoforming business, but also by third party thermoformers and converters.
Income Statement for the year ended 31 December 2008
+-----------+----------+-----------------------------+------+---------------+---------------+
| | | | | CONSOLIDATED |
+-----------+----------+-----------------------------+------+-------------------------------+
| | | | | 12 | 12 |
| | | | | months | months |
+-----------+----------+-----------------------------+------+---------------+---------------+
| | | | | 31/12/2008 | 31/12/2007 |
+-----------+----------+-----------------------------+------+---------------+---------------+
| | | | | $ | $ |
+-----------+----------+-----------------------------+------+---------------+---------------+
| Sales revenue | | 3,557,816 | 1,489,168 |
+----------------------------------------------------+------+---------------+---------------+
| Government grants | | 74,174 | 470,313 |
+----------------------------------------------------+------+---------------+---------------+
| Cost of sales | | (3,577,004) | (1,806,987) |
+----------------------------------------------------+------+---------------+---------------+
| Engineering and manufacturing scale up costs | | (3,089,907) | (2,314,618) |
+----------------------------------------------------+------+---------------+---------------+
| Gross Profit | | (3,034,921) | (2,162,124) |
+----------------------------------------------------+------+---------------+---------------+
| Finance revenue | | 2,021,318 | 1,839,304 |
+----------------------------------------------------+------+---------------+---------------+
| Other income | | 1,032,928 | - |
+----------------------------------------------------+------+---------------+---------------+
| Other expenses | | - | (620,713) |
+----------------------------------------------------+------+---------------+---------------+
| Administrative expenses | | (3,029,594) | (2,454,898) |
+----------------------------------------------------+------+---------------+---------------+
| Selling Expenses | | (2,034,513) | (1,574,213) |
+----------------------------------------------------+------+---------------+---------------+
| Research and development expenses | | (2,767,086) | (3,616,715) |
+----------------------------------------------------+------+---------------+---------------+
| Share based payment expense | | (882,473) | (1,033,008) |
+----------------------------------------------------+------+---------------+---------------+
| Loss before income tax and finance costs | | (8,694,341) | (9,622,367) |
+----------------------------------------------------+------+---------------+---------------+
| Finance costs | | (260,626) | (644,024) |
+----------------------------------------------------+------+---------------+---------------+
| Loss before income tax | | (8,954,967) | (10,266,391) |
+----------------------------------------------------+------+---------------+---------------+
| Income tax | | - | - |
+----------------------------------------------------+------+---------------+---------------+
| Net loss | | (8,954,967) | (10,266,391) |
+----------------------------------------------------+------+---------------+---------------+
| | | | | | |
+-----------+----------+-----------------------------+------+---------------+---------------+
| | | | | Cents | Cents |
+-----------+----------+-----------------------------+------+---------------+---------------+
| Loss per share for loss attributable to the ordinary | | |
| equity holders of the company: | | |
+ +---------------+---------------+
| | | |
+-----------------------------------------------------------+---------------+---------------+
| Basic loss per share | | (11.23) | (16.16) |
+----------------------------------------------------+------+---------------+---------------+
| Diluted loss per share | | (11.23) | (16.16) |
+-----------+----------+-----------------------------+------+---------------+---------------+
Balance Sheet as at 31 December 2008
+---+--+----------------------+------+----------------+----------------+
| | | | | CONSOLIDATED |
+---+--+----------------------+------+---------------------------------+
| | | | | 12 months | 12 |
| | | | | | months |
+---+--+----------------------+------+----------------+----------------+
| | | | | 31/12/2008 | 31/12/2007 |
+---+--+----------------------+------+----------------+----------------+
| | | | | $ | $ |
+---+--+----------------------+------+----------------+----------------+
| Assets | | | |
+-----------------------------+------+----------------+----------------+
| Cash and cash equivalents | | 26,400,386 | 38,002,376 |
+-----------------------------+------+----------------+----------------+
| Trade and other receivables | | 2,108,158 | 1,652,400 |
| | | | |
+-----------------------------+------+----------------+----------------+
| Inventories | | 3,865,580 | 3,294,014 |
+-----------------------------+------+----------------+----------------+
| Other current assets | | 835,080 | 524,295 |
+-----------------------------+------+----------------+----------------+
| Total Current Assets | | 33,209,204 | 43,473,085 |
+-----------------------------+------+----------------+----------------+
| Plant and equipment | | 12,133,610 | 8,034,931 |
+-----------------------------+------+----------------+----------------+
| Total Non-current Assets | | 12,133,610 | 8,034,931 |
+-----------------------------+------+----------------+----------------+
| Total Assets | | 45,342,814 | 51,508,016 |
+-----------------------------+------+----------------+----------------+
| | | | | | |
+---+--+----------------------+------+----------------+----------------+
| Liabilities | | | |
+-----------------------------+------+----------------+----------------+
| Trade and other payables | | 2,168,237 | 1,719,035 |
+-----------------------------+------+----------------+----------------+
| Interest bearing | | 2,604,318 | 706,760 |
| liabilities | | | |
+-----------------------------+------+----------------+----------------+
| Provisions | | 143,951 | 308,699 |
+-----------------------------+------+----------------+----------------+
| Total Current Liabilities | | 4,916,506 | 2,734,494 |
+-----------------------------+------+----------------+----------------+
| Interest bearing | | 2,234,797 | 3,047,605 |
| liabilities | | | |
+-----------------------------+------+----------------+----------------+
| Provisions | | 38,428 | 23,814 |
+-----------------------------+------+----------------+----------------+
| Total Non-current | | 2,273,225 | 3,071,419 |
| Liabilities | | | |
+-----------------------------+------+----------------+----------------+
| Total Liabilities | | 7,189,731 | 5,805,913 |
+-----------------------------+------+----------------+----------------+
| Net Assets | | 38,153,083 | 45,702,103 |
+-----------------------------+------+----------------+----------------+
| | | | | | |
+---+--+----------------------+------+----------------+----------------+
| Equity | | | |
+-----------------------------+------+----------------+----------------+
| Issued capital | | 76,314,128 | 76,261,380 |
+-----------------------------+------+----------------+----------------+
| Reserves | | 2,299,157 | 1,014,533 |
+-----------------------------+------+----------------+----------------+
| Accumulated Losses | | (40,460,202) | (31,573,810) |
+-----------------------------+------+----------------+----------------+
| Total Equity | | 38,153,083 | 45,702,103 |
+-----------------------------+------+----------------+----------------+
| | | | | | |
+---+--+----------------------+------+----------------+----------------+
Cash Flow Statement for the year ended 31 December 2008
+-------------------------+--+------------------------+--------+--------------+--------------+
| | | | | CONSOLIDATED |
+-------------------------+--+------------------------+--------+-----------------------------+
| | | | | 12 | 12 |
| | | | | months | months |
+-------------------------+--+------------------------+--------+--------------+--------------+
| | | | | 31/12/2008 | 31/12/2007 |
+-------------------------+--+------------------------+--------+--------------+--------------+
| | | | | $ | $ |
+-------------------------+--+------------------------+--------+--------------+--------------+
| Cash flows used in operating activities | | | |
+-----------------------------------------------------+--------+--------------+--------------+
| Receipts from customers and related parties | | 3,156,304 | 1,494,544 |
+-----------------------------------------------------+--------+--------------+--------------+
| Grants received | | 74,174 | 387,400 |
+-----------------------------------------------------+--------+--------------+--------------+
| Payments to suppliers and employees | | (14,107,628) | (12,771,695) |
+-----------------------------------------------------+--------+--------------+--------------+
| Net cash flows used in operating activities | | (10,877,150) | (10,889,751) |
+-----------------------------------------------------+--------+--------------+--------------+
| Cash flows used in | | | | | |
| investing activities | | | | | |
+-------------------------+--+------------------------+--------+--------------+--------------+
| Purchase of property, plant and equipment | | (526,153) | (1,267,908) |
+-----------------------------------------------------+--------+--------------+--------------+
| Payment for plant under construction | | (4,310,203) | - |
+-----------------------------------------------------+--------+--------------+--------------+
| | | | | | |
+-------------------------+--+------------------------+--------+--------------+--------------+
| Net cash flows used in investing activities | | (4,836,356) | (1,267,908) |
+-----------------------------------------------------+--------+--------------+--------------+
| Cash flows from financing activities | | | |
+-----------------------------------------------------+--------+--------------+--------------+
| Interest paid | | (260,626) | (310,329) |
+-----------------------------------------------------+--------+--------------+--------------+
| Interest received | | 3,124,694 | 881,816 |
+-----------------------------------------------------+--------+--------------+--------------+
| Repayment of finance lease borrowings | | (715,250) | (674,172) |
+-----------------------------------------------------+--------+--------------+--------------+
| Proceeds from bank borrowings | | 1,800,000 | - |
+-----------------------------------------------------+--------+--------------+--------------+
| Proceeds from issue of shares | | - | 48,352,123 |
+-----------------------------------------------------+--------+--------------+--------------+
| Payments of share issue costs | | - | (4,309,263) |
+-----------------------------------------------------+--------+--------------+--------------+
| Net cash flows from financing activities | | 3,948,818 | 43,940,175 |
+-----------------------------------------------------+--------+--------------+--------------+
| Net increase/(decrease) in cash and cash equivalents | (11,764,688) | 31,782,516 |
+--------------------------------------------------------------+--------------+--------------+
| | | | | | |
+-------------------------+--+------------------------+--------+--------------+--------------+
| Cash and cash equivalents | | | |
+-----------------------------------------------------+--------+--------------+--------------+
| | - net foreign exchange | | 162,698 | (32,244) |
| | differences | | | |
+-------------------------+---------------------------+--------+--------------+--------------+
| Cash and cash equivalents | | | |
+-----------------------------------------------------+--------+--------------+--------------+
| | - at beginning of the | | 38,002,376 | 6,252,104 |
| | year | | | |
+-------------------------+---------------------------+--------+--------------+--------------+
| | - at end of the year | | 26,400,386 | 38,002,376 |
+-------------------------+--+------------------------+--------+--------------+--------------+
Statement of Changes in Equity for the year ended 31 December 2008
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | Other | Share | Issued | Foreign | Accumulated | Total |
| | | | reserves | based | Capital | currency | losses | |
| | | | | payments | |translation | | |
| | | | | reserve | | reserve | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| CONSOLIDATED | $ | $ | $ | $ | $ | $ |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Balance at | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| 1 January 2007 | 100,134 | 172,508 | 21,520,977 | (158,739) | (21,307,419) | 327,461 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Foreign currency | - | - | - | (32,243) | - | (32,243) |
| translation | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Total income and | - | - | - | (32,243) | - | (32,243) |
| expense for the period | | | | | | |
| recognised directly in | | | | | | |
| equity | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Net loss for the period | - | - | - | - | (10,266,391) | (10,266,391) |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Total income and | - | - | - | (32,243) | (10,266,391) | (10,298,634) |
| expense for the period | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | | | | | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| EquityTransactions: | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Share Based Payment | - | 1,033,007 | - | - | - | 1,033,007 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Conversion of convertible | (100,134) | - | 10,697,543 | - | - | 10,597,409 |
| notes | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Increase in share capital | - | - | 48,352,123 | - | - | 48,352,123 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Less transaction costs | - | - | (4,309,263) | - | - | (4,309,263) |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Balance at | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| 31 December 2007 | - | 1,205,515 | 76,261,380 | (190,982) | (31,573,810) | 45,702,103 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | | | | | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Balance at | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| 1 January 2008 | - | 1,205,515 | 76,261,380 | (190,982) | (31,573,810) | 45,702,103 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Foreign currency | - | - | - | 523,474 | - | 523,474 |
| translation | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Total income and | - | - | - | 523,474 | - | 523,474 |
| expense for the period | | | | | | |
| recognised directly in | | | | | | |
| equity | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Net loss for the period | - | - | - | - | (8,954,967) | (8,954,967) |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Total income and | - | - | - | 523,474 | (8,954,967) | (8,431,493) |
| expense for the period | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | | | | | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| EquityTransactions: | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Share Based Payment | - | 882,473 | - | - | - | 882,473 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Vested options not being | - | (68,575) | - | | 68,575 | - |
| exercised | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Increase in issued capital | - | (52,748) | 52,748 | - | - | - |
| | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | | | | | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| Balance at | | | | | | |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| 31 December 2008 | - | 1,966,665 | 76,314,128 | 332,492 | (40,460,202) | 38,153,083 |
+----------------------------+-------------+-------------+---------------+-------------+----------------+---------------+
| | | | | | | | | |
+---+--+---------------------+-------------+-------------+---------------+-------------+----------------+---------------+
The Directors do not recommend the payment of a dividend.
The full annual Report will be posted to shareholders on 30th April 2008 and
will also be available on
the Company's website www.plantic.com.au. Copies will be available from that
date from the
Company's office, 51 Burns Road, Altona, VIC, 3018, Australia and from the
offices of Pelham Public
Relations, No. 1 Cornhill, London EC3V 3ND, United Kingdom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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