Half Yearly Report

 

TIDMPLNT 
 
RNS Number : 1881Z 
Plantic Technologies Limited 
17 September 2009 
 
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Regulatory News 
17 September 2009 
 
 
Plantic Technologies Limited 
 
 
("Plantic" or "the Company") 
 
 
Half Year Report for 6 months ended 30 June 2009 
 
 
Plantic (AIM:PLNT), the technology company engaged in the development and 
commercialisation of a range of environmentally friendly plastics from renewable 
resources announces its half year report for the 6 months ended 30 June 2009. 
Plantic's novel polymer manufacturing technology is based on the use of high 
amylose corn starch, a material derived from annual harvesting of non-GM, but 
specially selected (hybrid) corn. 
The unique chemical and film-forming properties of this type of starch 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. 
 
 
OVERVIEW 
The six month period to 30 June 2009 has been challenging. The global economic 
downturn led to a reduction in demand and also affected the timing of some 
customer projects. However, in the last couple of months momentum has picked up 
substantially in terms of developing and proving Plantic products with leading 
consumer brand owners in the UK, Continental Europe, Australia, New Zealand, and 
North and South America. We have also been successful in promoting several 
industrial applications with our Injection Moulded resins. The demand for 
renewable and biodegradable products is beginning to re-emerge as the economy 
strengthens. 
The commissioning of our Jena Facility was completed on time and budget in 
February 2009, and it has boosted interest in Plantic and its products. European 
manufacturing is a key platform for establishing our rigid packaging, allowing 
Plantic to produce low cost packaging, rapid prototyping and an improved supply 
chain. Using this facility, Plantic has recently secured a significant new 
long-term contract from a leading German food manufacturer to supply traditional 
packaging. This endorses our strategy to commission the Jena manufacturing 
facility. It provides a one-stop solution for customer requirements and ensures 
that a high level of cost-competitive service is provided. 
Sales activity with DuPont in the first of 2009 was slower than we had 
originally expected, and this is likely to have an impact on the outcome for the 
full year. Against a backdrop of the severe global economic downturn, DuPont has 
had to undergo internal restructuring and headcount reduction. This meant 
development of products and commercial launches of Plantic-based applications 
took longer to complete. Since the half year end, we have seen the release of 
DuPont's first US application for Plantic, further details of which we will 
shortly be announcing. 
The development of our flexible film structures has progressed. There has been 
an encouraging level of interest in a number of different applications from end 
users. 
Financial Performance 
The consolidated loss of the group for the half year ended 30 June 2009 was 
A$5,334,987 (2008: six months loss A$5,613,949). Consolidated sales revenue for 
the half year was A$680,112 (2008: six months A$871,666). Volume was lower than 
the same period last year caused by the economic conditions with destocking by 
customers and the discontinuation of a customer product line. This led to the 
reduction in Plantic sales. 
Financial performance in the first half of the current financial year was in 
line with market expectations. Although volumes were lower, improved mix of 
product meant revenue expectations were met. 
Our business has been re-structured to achieve cost savings and improved 
efficiencies, enabling us to improve our future competitiveness. Plantic has 
continued to devote more resources to sales as our product matures and our 
geographic and product expansion continues. 
Plantic's financial position remains healthy, with a half year end cash position 
of A$21.6 million. Net cash flows used in operating activities for the six 
months ended 30 June 2009 decreased to A$3.6m compared to A$6.9 in the first 
half of 2008. This improvement is on the back of reduced costs and working 
capital and the collection of German Government Grants relating to Capital 
Expenditure made by Plantic in 2008 for its Jena facility. 
Finance revenue from cash on deposit for the 6 months ended 30 June 2009 was 
A$0.4 million (2007: A$1.1 million). 
The net loss incurred by Plantic for the 6 months ended 30 June 2009 decreased 
by A$0.3m compared to the same period in 2008. Included in the 2009 loss were 
the following significant or non-recurring expenses: 
  *  redundancy expenses A$0.2m (2008: A$0.2m); 
  *  share based payment expense relating to the IPO $0.3m (2008: A$0.6m); and 
  *  volume related manufacturing and engineering inefficiencies A$1.8m (2008: 
  A$1.3m). 
 
 
 
The loss attributable to ordinary equity holders remained constant at A$0.07 per 
share for the 6 months ended 30 June 2009 (2008: A$0.07 per share). 
Outlook 
The recent momentum in activity experienced in all our markets has been 
encouraging. The Board remains confident in Plantic's long term growth prospects 
and success. 
Ian Wightwick 
Chairman 
17 September 2009 
 
 
 
Statement of comprehensive income (Unaudited) 
for the half year ending 30 June 2009 
 
 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |            CONSOLIDATED           |     | 
+---+--+------------------------------+------+-----------------------------------+-----+ 
|   |  |                              |      |       6 months | |       6 months |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |           2009 | |           2008 |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |Note  |             $  | |             $  |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|  Sales revenue                      |      |       581,087  |  |       798,492  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Government grants                  |      |        99,025  |  |        73,174  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Cost of sales                      |      |     (575,805)  |  |     (922,022)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
| Engineering and manufacturing       |      |   (1,805,884)  |  |   (1,339,550)  |     | 
| scale up costs                      |      |                | |                |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Gross Profit                       |      |   (1,701,577)  |  |   (1,389,906)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Finance revenue                    |  2a  |       443,512  |  |     1,100,580  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Other revenue                      |  2b  |         6,748  |  |             -  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Other expenses                     |  2c  |       (6,680)  |  |     (696,917)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Administrative & selling expenses  |      |   (2,383,107)  |  |   (2,620,258)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Research and development expenses  |      |   (1,253,974)  |  |   (1,281,938)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|   Share based payment expense       |      |     (330,547)  |  |     (588,929)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Finance costs                      |      |     (109,362)  |  |     (136,581)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Loss before income tax             |      |   (5,334,987)  |  |   (5,613,949)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Income tax                         |      |             -  |  |             -  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  NET LOSS FOR THE PERIOD            |      |   (5,334,987)  |  |   (5,613,949)  |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |                |  |                |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|  Other comprehensive expenses       |      |                |  |                |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
| Foreign currency translation        |      |     (619,273)  |  |     (139,476)  |     | 
| reserve movement                    |      |                | |                |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
| Other comprehensive expenses for the       |     (619,273)  |  |     (139,476)  |     | 
| period net of tax                          |                | |                |     | 
+--------------------------------------------+----------------+-+----------------+-----+ 
|   |  |                              |      |                |  |                |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
| Total comprehensive loss for the    |      |   (5,954,260)  |  |   (5,753,425)  |     | 
| period                              |      |                | |                |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |                |  |                |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |         Cents  |  |         Cents  |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
| Loss per share for loss attributable to    |                |  |                |     | 
| the ordinary                               |                | |                |     | 
+--------------------------------------------+----------------+-+----------------+-----+ 
|   equity holders of the company     |      |                |  |                |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Basic loss per share               |      |         (6.68) |  |         (7.04) |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|  Diluted loss per share             |      |         (6.68) |  |         (7.04) |     | 
+-------------------------------------+------+----------------+-+----------------+-----+ 
|   |  |                              |      |                |  |                |     | 
+---+--+------------------------------+------+----------------+-+----------------+-----+ 
 
 
Statement of financial position (Unaudited) 
as at 30 June 2009 
 
 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |                CONSOLIDATED                 | 
+---+--+----------------------+------+---------------------------------------------+ 
|   |  |                      |      |         30 June |          |    31 December | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |            2009 |          |           2008 | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |                 |          |      (Audited) | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|   |  |                      |Note  |              $  |          |             $  | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|  Assets                     |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Cash and cash equivalents  |      |     21,585,658  |          |    26,400,386  | 
+-----------------------------+------+-----------------+----------+----------------+ 
| Trade and other             |      |        487,513  |          |     2,108,158  | 
| receivables                 |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Inventories                |      |      3,779,554  |          |     3,865,580  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Other current assets       |      |        279,291  |          |       835,080  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Current Assets       |      |     26,132,016  |          |    33,209,204  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Plant and equipment        |      |     12,121,977  |          |    12,133,610  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Non-current Assets   |      |     12,121,977  |          |    12,133,610  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Assets               |      |     38,253,993  |          |    45,342,814  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |                 |          |                | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|  Liabilities                |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Trade and other payables   |      |      1,057,271  |          |     2,168,237  | 
+-----------------------------+------+-----------------+----------+----------------+ 
| Interest bearing            |      |      2,439,008  |          |     2,604,318  | 
| liabilities                 |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Provisions                 |      |        229,068  |          |       143,951  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Current Liabilities  |      |      3,725,347  |          |     4,916,506  | 
+-----------------------------+------+-----------------+----------+----------------+ 
| Interest bearing            |      |      1,954,381  |          |     2,234,797  | 
| liabilities                 |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Provisions                 |      |         44,895  |          |        38,428  | 
+-----------------------------+------+-----------------+----------+----------------+ 
| Total Non-current           |      |      1,999,276  |          |     2,273,225  | 
| Liabilities                 |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Liabilities          |      |      5,724,623  |          |     7,189,731  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Net Assets                 |      |     32,529,370  |          |    38,153,083  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |                 |          |                | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
|  Equity                     |      |                 |          |                | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Issued capital             |      |     76,314,128  |          |    76,314,128  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Reserves                   |      |      1,960,311  |          |     2,299,157  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Accumulated Losses         |      |   (45,745,069)  |          |  (40,460,202)  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|  Total Equity               |      |     32,529,370  |          |    38,153,083  | 
+-----------------------------+------+-----------------+----------+----------------+ 
|   |  |                      |      |                 |          |                | 
+---+--+----------------------+------+-----------------+----------+----------------+ 
 
 
Statement of cash flow (Unaudited) 
for the half year ending 30 June 2009 
 
 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |           CONSOLIDATED            | | 
+---+--+------------------------------------------+---------+-----------------------------------+-+ 
|   |  |                                          |         |       6 months |  |       6 months | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |           2009 |  |           2008 | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |  Notes  |             $  |  |             $  | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|  Receipts from customers and related parties    |         |     3,189,334  |  |     1,187,475  | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|  Grants received                                |         |        99,025  |  |        73,174  | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|  Payments to suppliers and employees            |         |   (6,906,728)  |  |   (8,186,321)  | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |                |  |                | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|  Net cash flows used in operating activities    |         |   (3,618,369)  |  |   (6,925,672)  |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |                |  |                |  | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|  Purchase of property, plant and equipment      |         |     (825,991)  |  |   (1,417,687)  | | 
| (net of subsidies)                              |         |                | |                | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |                |  |                | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|  Net cash flows used in investing activities    |         |     (825,991)  |  |   (1,417,687)  |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|  Interest paid                                  |         |     (109,362)  |  |     (136,581)  |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|  Interest received                              |         |       449,079  | |     1,961,197  | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|  Repayment of borrowings                        |         |     (445,726)  |  |     (377,062)  |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
| Net cash flows from/(used in) financing         |         |     (106,009)  |  |     1,447,554  |  | 
| activities                                      |         |                | |                | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
| Net increase/(decrease) in cash and cash        |         |   (4,550,369)  |  |   (6,895,805)  |  | 
| equivalents                                     |         |                | |                | | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  |                                          |         |                |  |                | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
|  Cash and cash equivalents                      |         |                |  |                |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  - net foreign exchange differences         |         |     (264,359)  |  |     (139,476)  |  | 
+---+---------------------------------------------+---------+----------------+-+----------------+-+ 
|  Cash                                           |         |                |  |                |  | 
+-------------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  - at beginning of the half year            |         |    26,400,386  |  |    38,002,376  |  | 
+---+---------------------------------------------+---------+----------------+-+----------------+-+ 
|   |  - at end of the half year                  |         |    21,585,658  |  |    30,967,095  | | 
+---+--+------------------------------------------+---------+----------------+-+----------------+-+ 
 
 
 
Statement of Changes in Equity (Unaudited) 
for the half year ending 30 June 2009 
 
 
 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
|   |  |                           |    Share     |    Issued     |  Foreign    |  Accumulated   |     Total     | 
|   |  |                           |    based     |    Capital    |  currency   |    losses      |               | 
|   |  |                           |  payments    |               |translation  |                |               | 
|   |  |                           |   reserve    |               |  reserve    |                |               | 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  CONSOLIDATED                    |      $       |       $       |     $       |       $        |       $       | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Balance at                       |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| 1 January 2008                   |   1,205,515  |   76,261,380  |  (190,982)  |  (31,573,810)  |   45,702,103  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  Total comprehensive loss        |           -  |            -  |  (139,476)  |   (5,613,949)  |  (5,753,425)  | 
| for the half year, net of tax.   |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|   |  |                           |              |               |             |                |               | 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Changes in equity for the half   |              |               |             |                |               | 
| year to 30 June 2008             |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  Share Based Payment             |     513,127  |            -  |          -  |             -  |      513,127  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  Increase in share capital       |           -  |       75,802  |          -  |             -  |       75,802  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Balance at                       |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| 30 June 2008                     |   1,718,642  |   76,337,182  |  (330,458)  |  (37,187,759)  |   40,537,607  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|   |  |                           |              |               |             |                |               | 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Balance at                       |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| 1 January 2009                   |   1,966,665  |   76,314,128  |    332,492  |  (40,460,202)  |   38,153,083  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  Total comprehensive loss        |           -  |            -  |  (619,273)  |   (5,334,987)  |  (5,954,260)  | 
| for the half year, net of tax.   |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|   |  |                           |              |               |             |                |               | 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Changes in equity for the half   |              |               |             |                |               | 
| year to 30 June 2009             |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|  Share Based Payment             |     330,547  |            -  |          -  |             -  |      330,547  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Vested options not being         |    (50,120)  |            -  |          -  |        50,120  |            -  | 
| excercised                       |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| Balance at                       |              |               |             |                |               | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
| 30 June 2009                     |   2,247,092  |   76,314,128  |  (286,781)  |  (45,745,069)  |   32,529,370  | 
+----------------------------------+--------------+---------------+-------------+----------------+---------------+ 
|   |  |                           |              |               |             |                |               | 
+---+--+---------------------------+--------------+---------------+-------------+----------------+---------------+ 
 
 
 
Notes to the Financial Statements 
 
 
1. The Interim Report has been subject to a review by the company's auditors 
Ernst & Young (which was not an 
 

       audit). During the review they did 
not become aware of any matter that would make them believe that the 
 
 Interim Financial Report of Plantic Technologies Limited and the entities it 
controlled during the half-year, is 
 

       not in accordance with: 
        (a)the Australian Corporations Act 2001, including: 
 
 
  (i)     giving a true and fair view of the consolidated entity's financial 
position as at 30 June 2009 and of its 
 

                       performance 
for the half-year ended on that date, and; 
 
 

               (ii) 
complying with Accounting Standard AASB134 Interim Financial Reporting 
Corporations 
 

                       Regulations 2001 
        (b)other mandatory financial reporting requirements in Australia. 
 
 
2. Analysis of Revenue 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |        CONSOLIDATED          | 
+----+---------------+---------+---------+---------+------------------------------+ 
|    |               |         |         |         |     6      |  |      6       | 
|    |               |         |         |         |  months    |  |    months    | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |30/06/2009  |  |  30/06/2008  | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |     $      |  |      $       | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
| 2a |  Finance revenue        |         |         |            |  |              | 
|    |                         |         |         |            |  |              | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    | Interest      |         |         |         |   443,512  |  |   1,100,580  | 
|    | revenue       |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |  Total finance revenue  |         |         |   443,512  |  |   1,100,580  | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
| 2b |  Other revenue          |         |         |            |  |              | 
|    |                         |         |         |            |  |              | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    |  Rental income          |         |         |     6,748  |  |           -  | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    | Total other   |         |         |         |     6,748  |  |           -  | 
|    | revenue       |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
| 2c |  Other expenses         |         |         |            |  |              | 
|    |                         |         |         |            |  |              | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    |  Foreign exchange loss  |         |         |   (6,680)  |  |   (696,917)  | 
+----+-------------------------+---------+---------+------------+--+--------------+ 
|    |               |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
|    | Total other   |         |         |         |   (6,680)  |  |   (696,917)  | 
|    | expenses      |         |         |         |            |  |              | 
+----+---------------+---------+---------+---------+------------+--+--------------+ 
 
3.           Segment Information 
 
As this is the first time the Group has adopted AASB 8 Operating Segments the 
accounting policies have been provided so as readers of the segment information 
have a complete understanding of the disclosures. 
 
Identification of reportable Segments 
 
The group has identified its operating segments based on the internal reports 
that are reviewed and used by the chief executive officer and his management 
team(the chief operating decision makers) in assessing performance and in 
determining the allocation of resources. 
The operating segments are identified by management based on the manner in which 
products are sold and the country of origin. Discrete financial information 
about each of these operating businesses is reported to the chief executive 
officer and his management team on at least a monthly basis. 
The reportable segment is based on the aggregated operating segments determine 
by the similarity of the products produced and/or sold as these are the sources 
of the Groups major risks and have the most effect on the rates of return. 
Therewith, the Group has determined that only one reportable segment exists and 
thus reportable segment results are the same as those presented in the financial 
report for the Group. 
4.           The Directors do not recommend the payment of a dividend. 
5.           The full Interim Report is available on the Companys 
website www.plantic.com.au. Copies will be available from that date from the 
Companys office, 51 Burns Road, Altona, VIC, 3018, Australia and from the 
offices of Pelham Public Relations, No. 1 Cornhill, London EC3V 3ND, United 
Kingdom. 
 
 
 
Further information 
Plantic Technologies: 
Brendan Morris, Chief Executive Officer 
[phone] 
 
 
Nomura Code: 
Juliet Thompson [phone] 
 
 
Media enquiries: 
Pelham PR: 
Archie Berens [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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