plant impact plc 
12 south preston office village  
cuerden way 
bamber bridge  
preston  
pr5 6bl
tel 440 1772 628328
fax 440 1772 645169
email infoplantimpactcom
website wwwplantimpactcom
plant impact plc  annual report and group financial statements for the year to 31 march 2011
plant impact plc 
annual report and group  
financial statements for the year  
to 31 march 2011
new technology  
for sustainable  
agriculture 	 plant 	 impact	 plc	 	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
the	 sustainable	 future	 of	 crop	 production
plant	 impact	 is	 helping	 to	 transform	
agriculture	 by	 daring	 to	 be	 different	 through	
creative	 science	 this	 approach	 is	 providing	 	
a	 viable	 and	 sustainable	 solution	 to	 the	
problems	 of	 how	 we	 feed	 a	 growing	 global	
population	 whilst	 improving	 the	 quality	 	
of	 food
where	 we	 are
our	 global	 presence
25		 countries	 46	 countries
current	 market	 distribution	 evaluation
who	 we	 are 	 plant	 impact	 plc	 01 	
	 annual report and group financial statements for the year to 31 march 2011 
01
01 how we have performed
02 plant impact at a glance
04 chairman’s statement
08 chief executive’s review
16 financial review
 17
17 board of directors
18 advisors
19 group directors’ report
22  corporate governance 
statement
25  directors’ remuneration 
report
27  report of the independent 
auditors to the members 
of plant impact plc
28
28  group income statement
29  group statement of  
changes in equity
30  group statement of  
financial position
31 group cash flow statement
32  notes to the group  
financial statements
51 company balance sheet
52  notes to the company 
financial statements
corporate statement
plant impact’s innovative approach to antistress technology is 
delivering benefits along the entire value chain and taking the 
uncertainty out of farming
corporate highlights
agrimatco evaluation and distribution agreement 
– september 2010
cebeco distribution agreement – november 2010
arysta mexico distribution agreement – june 2010
first sales to arysta poland czech republic and romania
new chairman – february 2011
research and development 
syngenta brazil soy trials – september 2010
brazil crop nutrient registrations – november 2010
usda field trial results
potato field trials
financial highlights
increase in turnover to £1784000 2010 £1411000
crop nutrient turnover £1784000 2010 £911000
bugoil
®
 turnover £nil 2010 £500000
improved crop nutrient gross profit margins 70 2010 63
research and development and sales and marketing spend 
of £2146000 2010 £1954000
loss before tax of £1886000 2010 £1685000
cash at 31 march 2011 of £1173000 31 march 2010 £2895000 
post balance sheet events
arysta lifescience subscription – may 2011
arysta lifescience agreements us to and brazil – may 2011
engage agro canadian distribution agreement – june 2011
how we have performed cat	 technology	 is	 a	 calcium	 	
absorption	 aid	
in trials it has been found to deliver 
calcium to the plant up to 50 times  
more effectively than traditional  
calcium products and with fewer  
applications and less input
inca
inca	 –	 5	 per	 cent	 calcium	 1	 per	 cent	
zinc	 ww	 incorporates	 plant	 impact’s	
cat	 chemistry
inca is the new global calcium delivery 
system it can be applied as a foliar 
spray or through drip irrigation or 
fertigation systems
pint	 technology	 is	 a	 yield	 	
maximiser	
it is a unique controlled nitrogen 
release technology that promotes 
improved growth habit and vigour  
it slows the natural breakdown of 
desirable amine and ammonium 
nitrogen to undesirable nitrate and 
minimises leaching
pint	 calcium
pint	 calcium	 is	 a	 unique	 controlled	
uptake	 nitrogencalcium	 fertiliser	 for	
quality	 yield	 root	 promotion	 and	
stress	 tolerance	
it is especially valuable in arid
semiarid regions high ph soils saline 
soils high sodium soils or where 
irrigation water is of low quality  
pint calcium improves yield quality 
homogeneity extends the productive  
life of the crop
pint	 potassium
pint	 potassium	 is	 a	 unique	 controlled	
uptake	 nitrogenpotassium	 fertiliser	
for	 quality	 yield	 root	 promotion	 and	
stress	 tolerance	
it is especially valuable in crops with a 
high k requirement such as tomatoes 
fruit vegetable and palm crops
02	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
what we do
plant impact specialise in 
plant stress relief and a 
dynamic and uncompromising 
new approach to crop nutrition 
and crop health this gives 
growers significantly 
increased marketable yields 
more consistent quality with 
reduced environmental 
impact leading to the ethically 
grown food demanded by 
consumers and the food chain
our technologies and products
plant impact at a glance
cat technology pint™ technology speedo	 technology	 accelerates	 	
plant	 maturation	
speedo technology has the ability to 
increase the efficacy of nutrient 
products it accelerates reproductive 
growth leading to faster and better 
colour flowering sugar production and 
maturity earlier yielding crops give the 
option for additional harvest and or 
prolonged harvests of extra crops
balance
balance	 delivers	 larger	 and	 more	
uniform	 produce	 with	 improved	
colouring	 it	 also	 reduces	 fruit	 drop
balance now also utilises pi’s speedo 
chemistry which gives much quicker 
activity than conventional fertilisers 
speedo chemistry improves colour 
flowering and sugar content of fruit  
and vegetable crops
saxon
even	 in	 ideal	 conditions	 soil	 nutrients	
can	 become	 ‘locked	 up’	 and	 unavailable	
to	 the	 plants	 roots	
in adverse conditions growth yield  
and quality is reduced by poor soil 
conditions drought salinity and pest 
and disease damage speedo saxon 
contains high levels of all nutrients  
in highly available forms to feed the 
plant when the roots cannot
alethea	 technology	 is	 a	 powerful	 plant	
stress	 reliever	
alethea is a unique abiotic stress 
tolerance chemistry that together with 
plant nutrients improves growth during 
stressful climatic conditions disease 
resistance has also been observed in 
crops grown with this technology 
alethea has been used in combination 
with our pint technology for a three 
year trial on the cocoa crop in  
costa rica
cst	 –	 cocoa	 stress	 tolerance
a	 new	 class	 of	 product	 that	 allows	
cocoa	 plants	 to	 increase	 yield	 in	 the	
presence	 of	 disease
cst is a product based principally on 
plant impact’s alethea stress relief 
technology in combination with pint 
technology it enables cocoa plants to 
withstand disease attack by increasing 
nutrient levels and plant health
scope
scope	 is	 a	 powerful	 antistress	 product	
that	 works	 exceptionally	 well	 across	 a	
wide	 variety	 of	 crops
it is a high analysis glycine amino acid 
chelate combining secondary and trace 
elements with plant impact’s alethea 
technology
bugoil
®
	 is	 a	 benign	 insect	 and	 mite	
control	 agent	
bugoil
®
 is plant essential oil technology 
that offers highly effective control  
in a nontoxic environmentally friendly 
method this technology has been 
trialled extensively across a broad 
spectrum of crops on a wide variety  
of target pests against the current 
leading synthetic standards with 
exceptional results
bugoil
®
bugoil
®
	 is	 based	 totally	 on	 food	 grade	
materials	 already	 in	 the	 human	
foodchain
bugoil
®
 is a natural insecticide which 
combats sap sucking insects in an 
environmentally friendly manner 
fewer applications combined with 
greater efficiency make bugoil
®
 a 
world beating product  
	 plant	 impact	 plc	 03 	
	 annual report and group financial statements for the year to 31 march 2011 
speedo™ technology alethea technology bugoil
®
 technology 04	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
chairman’s statement
i was delighted to accept the role of chairman of the board of plant impact in 
february i join with the rest of the board in thanking martin robinson for his 
direction of the company since 2005 and look forward to his future contribution 
as a nonexecutive director
the last year was again an exceptional year for farmers around the world all crop 
commodities were highly priced and many commodities such as sugar cotton and 
cocoa reached highs not seen in decades following on from the price highs of 2008 
which were largely attributed to the actions of speculators this second round of 
record prices have focused minds on the underlying global food commodity supply
demand balances in the past yield increases underpinned by a steady improvement 
in seed technology and chemical inputs have kept pace with increasing global food 
demand the world’s farmers have fed the world’s population from essentially the 
same acreage however now to use a phrase applied in this context by john beddington 
government’s chief scientific advisor the world faces a ‘perfect storm’ of 
accelerating food demand and declining flexibility of supply in the eye of this perfect 
storm is the rapid enrichment of populous asia stimulating demand and a declining 
rate of yield increases for key world crops this deceleration in yield increase is further 
compromised by a rise in farmer risk as a consequence of volatile weather patterns 
deteriorating irrigation water availability and quality finally an appreciable new market 
for agricultural produce the production of corn sugar and oil crops as feedstock for 
biofuels is diverting prime agriculture land away from food production only some of 
these factors can be ameliorated by policy changes the most fundamental can only be 
addressed by more and better crop yield enhancing technologies
a small number of large research and development based majors with global reach 
and understanding of world agriculture are able to successfully innovate in these 
areas they are variously responsible for improving seeds new chemistry for the 
control of pests and diseases and the effective delivery of essential crop nutrients but 
what has so far been neglected is the notion of supporting crops against environmental 
stress heat drought poor quality water solutions to these problems open new and 
exciting possibilities to make a further step change to secure the world’s food supply
this is a nascent field with mainly boutique sized technology providers we believe that 
pi is one such company with a unique pipeline of crop yield enhancing products that 
work by tackling crop stress factors pi’s products were conceived through a deep 
understanding of the workings of plant systems especially nutritional balances and 
immune responses that led in turn to rationally constructed chemistry that assists 
crop plants in resisting a wide range of stresses the trial results with pi products 
from many crops in many countries grown in many different circumstances show a 
remarkably consistent pattern of beneficial results measured by higher yield and 
better postharvest quality in a nutshell this is the promise and excitement that 
attracted me to pi and motivates the entire team
the company’s strategy is first to achieve financial breakeven through organic 
growth with direct sales of proven products then with evident proof of commercial 
acceptance to partner with an rd major to exploit pi’s technologies globally in major 
world crops we believe such partnerships will be achieved because the incumbent 
input majors are all seeking ways to enhance their grower offer in ways that help 
crops to reach towards their genetic potential of maximum yield with growing 
financial strength the company intends progressively to increase its own rd 
funding sufficient to convert its pipeline into a flow of commercial products fit for 
precise purpose and developing further its intellectual property and specialist 
knowledge in time the board of pi the ‘board’ anticipates that pi will build upon 
growing strength in this nascent sector to establish a productive set of platform 
technologies to ensure a steady flow of innovation of these types of products
 
arysta mexico distribution 
agreement 
key event – june 2010 	 plant	 impact	 plc	 05 	
	 annual report and group financial statements for the year to 31 march 2011 
agrimatco evaluation and 
distribution agreement 
key event – september 2010
with the aim of progressing towards financial selfsufficiency pi focused on its proven 
inca product in the past year inca has shown performance in many crop situations 
especially in horticulture potatoes are often considered as an arable crop but with 
many of the characteristics of horticulture potatoes respond particularly strongly to 
inca and with an appreciable area under cultivation in western europe it represents a 
clear early target market for pi growers in holland have seen double digit percentage 
yield increases and marketable quality benefits with inca treatments the treatment 
costreturn equation is also compelling growers can expect high returns from their 
investments in inca treatments in the past year pi has assembled a dossier of potato 
trial results covering the main commercial varieties in northern europe pi has 
attracted the interest and support of the dutch cooperative cebeco with whom the 
company signed a distribution agreement in november last year we expect progress 
in the current year with cebeco driving inca in the european potato crop market
the company also signed an exclusive distribution agreement for mexico and central 
america with arysta lifesciences ‘als’ the largest privately owned crop protection 
company in the industry als has special skills in crop nutrition in this geography 
following their purchase of grupo bioquimico mexico a crop nutrition company 
founded in mexico the board considers that the als crop solutions approach is 
particularly suited for presenting inca in local agriculture and expects sales in 
central america to benefit from this new relationship in the current year
pi began its crop enhancement work in horticulture in the middle east principally in 
jordan a fertile country with a wide range of fruit and vegetable crops in september 
last year the company signed an evaluation and distribution agreement for a number 
of markets in the middle east with agrimatco a well financed and powerful distributor 
of agchem seeds and fertilisers in the region again the board expects to see the 
benefit of their commitment translated into sales in the current year
the company is at the beginning of the process of partnering with large agricultural 
rd companies and has achieved freedom to operate in brazil last year by securing 
registrations of its products in pi’s name along with inca the modified nitrogen 
product pint is included in large scale soya trials with syngenta the market leader 
in crop protection in brazil brazil is second only to the usa in area of soya but is 
catching up fast since they enjoy agronomic advantages in soya cultivation and areas 
are expanding soya in brazil is an important place to be for a crop technology 
company this collaboration is illustrative of the enthusiasm and openness with 
which rd majors greet novel technology from third parties
in the usa trials with pint in the turf amenity market conducted at penn state 
university on behalf of the government agency usda proved successful in providing 
for better turf and lower nitrogen runoff and hence reduced pollution usda has 
given a public and positive endorsement of pint and accordingly the board expects 
to make first sales into the large golf green maintenance market this season with a 
company specialist in this sector als
an event which occurred post yearend but which was substantially negotiated and 
concluded in the review year has been the investment by als in pi at a substantial 
premium to the prevailing share price in exchange als has secured an extension 
of their development and distribution rights to include brazilian horticulture and usa 
turf and ornamentals including golf course maintenance the board considers 
that this transaction confirms the quality of pi’s technology and progress with its 
partnering strategy 06	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
chairman’s statement continued
on the rd front work continues with the environmental centre of lancaster 
university on the characterisation of alethea a sophisticated pipeline technology 
conferring stress tolerance on a range of plants including salt challenged maize 
corn a world crop of the first rank rd collaborations in the field now extend over 
40 countries and as many crops last year was a period when dossiers were built 
and performance confirmed in a number of important outlets that process will 
continue in this current year
longterm watchers of pi will no doubt be interested in developments with bugoil
®
 
the company’s natural product based resistance breaking insecticide the field 
performance of bugoil
®
 continues to impress and the dossier of successful trials for 
the product in sole use and in combination with standard insecticides continues to 
grow however regulatory delays in the usa work load at the epa and europe have 
meant that the company are revising back their anticipated launch date in these 
principal markets also since country of origin registration is required for overseas 
registrations the set back in the uk has wider implications including delays in several 
overseas markets pi continues in close dialogue with the regulatory authorities and 
is providing the additional data demanded on bugoil
®
 in the uk the board will take 
proper and continuous account of overall commercial prospects when deciding on 
the amount of resource to dedicate to this product given the demands and shortterm 
rewards promised from the ‘ready now’ crop enhancement range
looking back it is clear that 201011 was important for the focused manner in which pi 
implemented its growth strategy in my view that strategy is both thoroughly realistic 
with respect to the company’s current capabilities and yet is aspirational of the growth 
opportunities that the technologies can seize the board believes that pi will be built 
on incremental achievements that are mutually reinforcing of the aims of self 
sufficiency and then global growth i look forward to reporting on these steps as 
management build position and gain strength for the company
financial review
in the year ended 31 march 2011 revenue was £1783525 2010 £1410711 although 
the overall increase at 26 per cent is below expectations the underlying crop nutrient 
sales met expectations with an increase of 96 per cent from £910711 in 2010 to 
£1783525 for this year crop nutrient revenues have improved for the third year in 
succession the 2010 revenues benefited from the als bugoil
®
 licence agreement 
milestone payments there were no such payments for this year
total expenses for the year were £3114320 2010 £2736218 an increase of 138 per 
cent sales and marketing costs increased by £69111 as a result of the increased 
geographical spread of sales activity and the first full year of direct activity in the 
americas research and development expenditure increased by £122833 due to the 
increased activity in crop nutrient development general and administrative expenses 
increased by £186158 mainly due to an increase in payroll sharebased payments 
insurance recruitment fees and plc costs
the loss for the year attributable to equity shareholders increased to £1628838 2010 
£1417075 this increase is due to the delays in bugoil
®
 regulatory approvals and 
resultant milestone payments offset by improvements in crop nutrient revenues
going	 concern
after making enquiries the directors have a reasonable expectation that the company 
and the group have adequate resources to continue in operational existence for the 
foreseeable future accordingly they continue to adopt the going concern basis in 
preparing the group financial statements further details are included in the notes 
to the group financial statements
syngenta brazil trials 
key event – september 2010 	 plant	 impact	 plc	 07 	
	 annual report and group financial statements for the year to 31 march 2011 
dividends
the directors currently intend to devote the group’s cash resources to its operations 
and therefore do not anticipate paying dividends in the near future they will 
reconsider the company’s dividend policy as and when the company is in a position 
to pay dividends the declaration and payment by the company of any dividends will 
depend on the results of the company’s operations its financial condition cash 
requirements future prospects profits available for distribution and other factors 
deemed to be relevant at the time
outlook
in the current year bugoil
®
 milestones will be pursued with determination through 
continued data sourcing and dialogue with the authorities but the company’s future 
lies squarely in the promise of the nutrient range it is here that the majority of the 
company’s resources will be directed this coming year the pi sales team is focused 
on direct sales of inca and pint and the technical team is positioning the company’s 
products in sectors which are complimentary to the business aspirations of partners 
who have global reach and traction with growers already in the current year we 
are seeing progress with both elements as direct sales and the announcement of a 
new subscription agreement for 10 per cent of the company with als the world’s 
largest privately held agchem company who purchased the shares at a premium to 
market of 76 per cent
i am confident that this is the correct strategy for pi and that we will be able to report 
steady progress this year in these twin directions
i should like to take this opportunity to thank our shareholders who have supported 
pi and have shared my belief in the promise of the technologies and management’s 
strategy for commercial development
david jones
chairman
1 july 2011 
cebeco distribution 
agreement
key event – november 2010 08	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
chief executive’s review
overview
pi’s drive towards financial selfsufficiency is evidenced by commercial progress with 
key distributors and the improving crop nutrient sales and margins crop nutrient 
revenues and margins have improved for the third year in succession during the year 
ended 31 march 2011 pi recorded its first annual crop nutrients revenue above £1m 
to achieve financial selfsufficiency the company continues to secure distribution 
agreements for crop nutrient products and increases the breadth of field trial 
development both in crops and countries pi has increased the extent of its 
distribution agreements with new contracts als in mexico and central america 
cebeco in benelux and engage agro in canada evaluation agreements have been 
signed with als and agrimatco
pi has focused its limited resource on key crops in key countries and the benefit of this 
is becoming apparent in collaboration with our distributor in the benelux cebeco the 
company has undertaken a significant field trial development programme for inca 
on potatoes this has provided both partners with excellent and consistent field trial 
results and an improvement in inca sales building on the brazil visit in 2009 pi and 
syngenta have started a field trial programme on soya this is a longterm project 
which the board believes has potential for the company’s products both potatoes 
and soya are first examples of pi broadening crop exposure from high value 
horticulture to extensive area arable
in may 2011 the company completed a subscription agreement with als raising 
£205m and issuing 4560530 shares at 45 pence in addition pi has entered into two 
commercial agreements with als the first agreement covers the commercial 
development of the company’s pint technology in the turf and ornamental markets 
in the usa including the large us professional golf market the second agreement 
covers the commercial development of the company’s inca and pint technologies for 
use in horticulture in brazil horticulture is a key export market for brazil and als has 
a significant position in the sector als and the company will also continue to work 
together to evaluate a number of other emerging markets the existing evaluation 
agreement between als and pi which originally expired in march 2011 has been 
extended until june 2012 in addition to the time extension the agreement has been 
expanded to cover a portfolio of pi’s products in addition to inca and a further four 
territories have been added bringing the total to 28
in june 2011 plant impact signed a distribution agreement with engage agro for 
canada the agreement is for exclusive distribution of inca canada shows promise 
for pi products in several crops including potatoes and apples
commercial development
arysta	 lifescience	 agreements
pi has signed four commercial agreements with als these are mexico and central 
america for inca us turf  ornamental for pint brazil horticulture for inca 
pint and cst and an evaluation agreement covering 28 countries for inca pint 
cst and speedo
central	 america
as part of the tenyear agreement als will have exclusive distribution rights for sales 
and marketing of inca in mexico guatemala costa rica el salvador honduras 
dominican republic panama belize and parts of the caribbean
als mexico has conducted field trials on high value horticultural crops during the 
previous 18 months mainly in mexico during the 2011 and 2012 seasons field trials 
will be extended to the other central american countries
inca was launched in mexico during may 2011 with a full marketing and grower 
demonstration programme scheduled for the remainder of 2011 first sales are 
scheduled for h2 2011
brazil crop nutrient 
registrations
key event – november 2010 	 plant	 impact	 plc	 09 	
	 annual report and group financial statements for the year to 31 march 2011 
us	 turf	 	 ornamental
this agreement is exclusive for pint and includes the large us golf course market 
athletic fields professional lawncare and ornamentals
the us has 18000 golf courses with a large number of these close to water pint 
has proven environmental benefits in reduced nitrogen applications and decreased 
nitrogen leaching into the water courses als’s interest in pint was a direct result 
of the usda field trial programme instigated by pi two years ago golf course turf 
managers utilise liquid fertilisers on tees and greens the performance of pint offers 
several benefits for such management including avoidance of unsightly salt ‘burn’ 
avoidance of polluting runoff and an improved cosmetic appearance these add up 
to premium pricing opportunities for pint
als are undertaking a significant field trial programme to replicate and enhance the 
trials conducted by the usda als has a dedicated turf and ornamental team which 
includes product development sales and marketing capabilities
brazil	 horticulture
the brazil horticulture agreement is exclusive for inca pint and cst
the als brazil team is instigating field trials on tomatoes potatoes melons grapes 
and coffee there are 62000 hectares of tomatoes 145000 hectares of potatoes 
115000 hectares of melons 79000 hectares of grapes and 22 million hectares of 
coffee in brazil pi trials results on these crops from other countries give the board 
confidence that economic benefit can be demonstrated in brazil
evaluation	 agreement
the original evaluation agreement signed between pi and als expired on the 
31 march 2011 in june 2011 the two companies signed an extension to the evaluation 
agreement which in turn expires on the 30 june 2012
the extended agreement has increased the number of pi products from inca only 
to inca pint cst and speedo it has also increased the number of countries under 
evaluation from 24 to 28
field trials are scheduled in als countries mainly on horticultural crops these trials 
will provide critical information for both companies on their technical and commercial 
efficacy of pi products it is intended that these data sets will lead to business cases 
for market entry and further distribution agreements with als in these 28 countries
arysta	 first	 crop	 nutrient	 sales
als continues to make initial sales in new territories for pi products during the year 
the company sold inca via als in poland the czech republic and romania
crop	 nutrients	 agreement	 with	 agrimatco
in september 2010 pi and agrimatco signed an evaluation development and 
distribution agreement covering the company’s inca pint k pint ca balance 
saxon scope cab and speedo additive products
this agreement covers countries in the middle east north africa eastern europe 
and central asia initial crop targets are in high value horticulture with potential 
extension into some arable crops
agrimatco have exclusivity to evaluate the products until 31 december 2011 
the evaluation of these products represents a number of field trial development 
programmes following the successful completion of these field trials agrimatco 
will ensure that products are registered locally and will market and distribute them 
on an exclusive basis detailed development and distribution agreements will be 
signed country by country as they come on stream
agrimatco sells pi products in egypt and saudi arabia for both egypt and 
saudi arabia turnover has increased for the third year running
new chairman 
key event – february 2011 10	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
agrimatco is an established company in the middle east north africa eastern europe 
russia central asia china and vietnam the company was founded by khalil miqdadi 
in 1936 and is currently operating in 50 countries and has a team of over 1300 
employees agrimatco supplies all of the agricultural requirements of farmers 
including seeds crop protection products fertilisers sprayers farming tools and 
equipments machinery and veterinary products together with a specialised team 
of over 500 agronomists that consult daily with farmers and give advice on product 
application use and after sales service
crop	 nutrients	 agreement	 with	 cebeco
pi signed a distribution and evaluation agreement with cebeco meststoffen bv 
cebeco covering the company’s inca pint ca pint k and alethea k products
the agreement grants cebeco exclusive distribution rights for certain market 
segments excluding golf courses and home and garden in holland belgium 
and luxemburg the agreement also gives cebeco nonexclusive evaluation rights 
for germany
this agreement is a result of a significant field trial development programme 
undertaken by cebeco over a 24month period cebeco have conducted more than 
40 research standard field trials at independent centres in the netherlands and 
germany on various crops including potatoes sugar beet onions carrots apples 
and cherries in addition to these official independent trials cebeco has conducted 
numerous demonstration trials with growers
during the early part of the field trial programme cebeco focused on the fruit and 
vegetable market but more recently they have placed increased importance on field 
trials of potatoes with more than 470000 hectares of potato crops in the benelux 
countries and germany the board believes that the potential for pi’s products is 
promising the first batch of potato field trials conducted in 2010 have demonstrated 
encouraging efficacy results and the trial programme for 2011 will cover high value 
crops including potatoes sugar beet and grapes there are currently over 50 research 
standard trials planned by pi and cebeco as part of their joint development programme
dutch agriculture and horticulture is one of the most technically advanced in the 
world farmers are highly skilled the cultivation methods are cutting edge and 
average yields are amongst the highest in the world these factors combined with 
open international trade structures make dutch agriculture a portal to the rest of 
the world proven innovations in holland are often adopted by farmers worldwide
improving	 revenues
total revenue for the year at £1783525 is a 26 per cent increase on the £1410711 from 
2010 this year’s revenue was entirely based on crop nutrient products a like for like 
comparison sees crop nutrient revenues increase by 96 per cent from £910711 to 
£1783525
in northern europe the company has experienced revenue growth for three 
consecutive years from holland and the uk these revenues are predominantly 
based on inca and are a result of a significant number of field trials dutch sales 
have demonstrated an increase of 13 times those achieved in the previous financial 
years validation through repeat sales in this important market will carry weight with 
growers and distributors around the world last year the company reported poor 
performance in france as a result of which pi has taken positive steps to remedy the 
situation we are currently engaged in discussions with a major distributor and field 
trial and the board anticipates that commercial progress will be made during the 
current year is anticipated
chief executive’s review continued
arysta lifescience 
agreements us to and 
brazil 
key event – may 2011 	 plant	 impact	 plc	 11 	
	 annual report and group financial statements for the year to 31 march 2011 
southern europe particularly spain demonstrated improvement on the 2010 
revenues however these revenues were significantly below expectations and coupled 
with the ongoing financial situation in spain has created a continuing commercial 
challenge for pi the company took the decision in april 2011 that it could no longer 
support its spanish operations with dedicated sales staff sales continue through 
local distribution
the usa revenue was disappointing the levels achieved during the year were equal 
to 2009 levels and half those experienced during 2010 three reasons contributed 
to this the lack of support from pi’s distributor the weather conditions in florida at 
the start of the season and the lack of crop and geographical spread being the other 
during 201112 season pi is undertaking a significant field trial programme extending 
the number of crops and the number of states this programme includes potatoes 
where there are 423000 hectares in the usa and 151000 in canada the company 
anticipates commercial progress this current financial year pi has negotiated a 
distribution agreement for canada with the distributor engage and has already 
received first orders
in the middle east like holland and the uk egypt and saudi arabia have 
demonstrated revenue growth for three consecutive years this growth is attributed 
to the close working relationship between agrimatco and the pi office in jordan
in africa the company’s distributor in kenya has demonstrated excellent 
commercial progress
research and development
bugoil
®
bugoil
®
 remains in the regulatory process in the two major jurisdictions of the usa 
and europe uk lead country both the uk and usa dossiers have been submitted by 
the company the uk dossier in 2008 and the usa dossier in 2009
in december 2010 we reported that the uk and us regulatory authorities had 
requested additional studies these were duly completed during december 2010 
during november 2010 the uk authorities conducted their first official review 
of the dossier and concluded with a demand for further studies these are focused 
on the chemistry of the natural products in the product and can be completed 
relatively quickly we anticipate a further round of discussions with the authorities 
in the third quarter of the current year
the additional studies requested by the us authorities were completed in december 
2010 having initially informed plant impact that due to unprecedented workloads their 
review of the dossiers will be delayed until the first half of 2012 this has now been 
agreed for october 2011
crop	 nutrient	 field	 trials
the board considers that field trial development and progression is a fundamental 
prerequisite to commercial development and as such pi continues to invest significant 
time and resource to field trials on key crops increasingly the company is investing in 
research standard trials which can produce robust quantitative and qualitative data 
sets the data sets will be of research standard to demonstrate to significant partners 
the technical and commercial efficacy of pi products
the company and its partners have now undertaken field trials in over 40 countries 
and 80 cropsspecies with the focus on inca and pint pi’s horticulture field trials 
continue however over the previous 12 months the company has seen a breakthrough 
in arable crop field trial development initially this has focused on inca for potatoes 
and increasingly we are testing on more arable crops
arysta lifescience 
subscription 
key event – may 2011 12	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
potatoes
potato	 field	 trials	 have	 been	 or	 are	 being	 conducted	 in	 20	 countries	 these	 include	
important	 regions	 such	 as	 holland	 germany	 france	 uk	 usa	 and	 china	 these	
20 counties	 have	 in	 total	 93	 million	 hectares	 of	 potatoes	 and	 represent	 55	 per	 cent	
of the	 world	 production	 to	 date	 the	 average	 yield	 increase	 with	 inca	 is	 12	 per	 cent	
and we	 are	 also	 seeing improvements	 in	 terms	 of	 the	 tuber	 quality	 commercially	
the company	 has	 experienced	 improvement	 in	 northern	 europe	 and	 will	 use	 this	
success	 to	 pursue	 potato	 crop	 development	 in	 further	 countries
soybean
in	 august	 2010	 the	 company	 announced	 a	 field	 trial	 development	 programme	 with	
syngenta	 in	 brazil	 for	 certain	 arable	 crops	 soybean	 maize	 cotton	 and	 coffee	
brazilian	 farmers	 grow	 approximately	 21	 million	 hectares	 of	 soybean	 14	 million	
hectares	 of	 maize	 2	 million	 hectares	 of	 coffee	 bean	 and	 1	 million	 hectares	 of	 cotton	
in 2008	 therefore	 the	 company	 considers	 the	 brazilian	 agricultural	 market	 to	 be	
a major	 opportunity	 for	 it
the	 company	 has	 also	 commissioned	 independent	 soybean	 trials	 in	 brazil	 including	
with	 embrapa	 further	 trials	 have	 been	 commissioned	 in	 2011	 with	 universities	 and	
consultants	 in	 various	 us	 states	 the	 company	 considers	 that	 this	 significantly	
expands	 its	 market	 potential
us	 department	 of	 agriculture	 agreement
independent	 research	 carried	 out	 by	 the	 us	 department	 of	 agriculture	 ‘usda’	
and penn	 state	 university	 was	 reported	 at	 the	 world	 soil	 science	 congress	 in	
australia	 on 4	 august	 2010	 these	 results	 have	 since	 been	 validated	 in	 two	 further	
trials	 the	 results	 confirm	 the	 results	 from	 the	 first	 experiment	 and	 support	 the	 use	
of pi’s	 unique	 nitrogen	 fertiliser	 technology	 pint	 on	 turf	 grass
the	 trials	 show	 that	 pint	 technology
	 – uses	 25	 per	 cent	 less	 nitrogen	 than	 competing	 technologies
	 – allows	 crops	 to	 retain	 nitrogen	 for	 longer
	 – improves	 turf	 quality	 and	 colour	 and
	 – reduces	 nitrogen	 leaching	 into	 watercourses
the	 board	 believes	 that	 home	 and	 gardens	 golf	 courses	 and	 outfield	 turf	
management	 represent	 major	 potential	 markets	 for	 pint	 which	 helps	 turf	 grass	
retain	 nitrogen	 for	 longer	 in	 addition	 improved	 nitrogen	 retention	 leads	 to	 reduced	
nitrate	 runoff	 and	 pollution	 of	 waterways	 and	 coastal	 regions	 which	 in	 turn	 has	
environmental	 benefits
lancaster	 university	 –	 alethea
®
alethea	 is	 seen	 as	 an	 important	 pipeline	 technology	 and	 consequently	 is	 a	 focus	 in	
terms	 of	 the	 rd	 pipeline	 the	 initial	 work	 has	 been	 on	 salinity	 where	 alethea	 has	
been	 shown	 to	 offer	 significant	 protection	 this	 is	 a	 major	 problem	 for	 agriculture	
and globally	 around	 10	 million	 hectares	 are	 affected	 annually	 the	 growth	 and	 yield	 of	
crops is	 reduced	 under	 saline	 solutions	 however	 when	 pretreated	 with	 alethea	 the	
reductions	 in	 photosynthesis	 and	 growth	 have	 been	 greatly	 reduced	 experiments	 are	
also	 looking	 at	 uv	 stress	 in	 association	 with	 the	 universities	 of	 massey	 and	 lincoln	
in new	 zealand
chief	 executive’s	 review	 continued 	 plant	 impact	 plc	 13 	
	 annual report and group financial statements for the year to 31 march 2011 
pi is also involved in a biotechnology and biological sciences research council case 
studentship with lancaster university this is again looking at alethea but the focus 
of this work is the control of reactive oxygen species ‘ros’ ros are an unavoidable 
byproduct of basic metabolic processes which are normally kept in balance by 
antioxidants however under stress the ros can build up and have a detrimental 
effect on crops in these experiments the active ingredient within paraquat weed killer 
is being used as a model system for inducing ros the effect of alethea has been 
remarkable in greatly reducing the damage as a result of ros in a number of crop 
species where plants are pretreated with alethea there is often little or no damage 
at a paraquat concentration that is sufficient to cause substantial damage in plants 
presprayed only with water
following the progress made this year the recent als subscription agreement and 
the growing distribution network pi is well positioned to continue to improve crop 
nutrient sales and attract partners
technologies and products
plant impact has developed six key technologies designed to increase marketable 
yield improve shelf life lower inputs and be more environmentally friendly than 
current standard practice these technologies can be divided into two distinct groups
a crop nutrients – cat pint™ alethea
®
 and speedo™
b pest control – bugoil
®
 and nematicide
of these technologies plant impact has developed nine products which are
 – inca cold grow and hot grow from cat technology
 – pint calcium pint potassium and pint magnesium from pint technology
 – balance and saxon from speedo technology
 – cocoa stress tolerance cst and scope from alethea technology and
 – bionic from bugoil
®
 technology
alethea with the exception of cst and scope and nematicide are at the research 
and development stage
crop	 nutrients
calcium technology – cat
a calcium transport and delivery technology designed to work at a cellular level
cat uses patent applied chemistry to improve calcium absorption by plant tissues 
with a low ability to take up and retain calcium calcium is used by plants for cell 
integrity cell wall strength and cell division however calcium uptake and movement 
within plants is erratic and therefore some parts of plants struggle to absorb and 
retain calcium this leaves them weak and prone to infection and quality problems 
often these areas are the part of the plant that growers wish to harvest many fruit 
and vegetable crops suffer from ‘physiological disorders’ associated with low 
calcium levels
this technology has a patent application and has yielded several commercial 
products the main benefits of which are
 – prevents physiological disorders
 – increased shelflife and quality
 – improved growth during high and low temperatures and frosts
 – holding and setting more flowers and fruit and
 – lower input levels compared to standard calcium applications 14	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
pint™
plant impact nitrogen technology pint™ controls the uptake of nitrogen by a plant
pint™ calcium gives the plant a better root system improving reproductive growth 
which is harvested and reduced vegetative growth which is discarded this is also 
valuable in ornamentals and turf crops where growers do not want ‘leggy’ growth for 
cosmetic reasons
pint™ potassium and magnesium improve quality and colour of product and shorten 
the time to harvest with some crops having shorter maturation periods there is also 
the possibility for additional harvests
speedo™
speedo™ is a natural plant maturity promoter field trials have indicated an increase in 
sugar content colour and reproductive maturity in a range of fruit and vegetable crops
alethea
®
this technology uses a new molecule that has been designed to combat the effects 
of abiotic stress abiotic stress is caused by extremes of temperature water drought 
salinity heavy metals herbicide and light intensity abiotic stress is a major problem 
in agriculture limiting the ability of crops to achieve optimum yield and quality 
abiotic stress contributes to disease since stressed crops suffer from higher levels 
of many diseases
the alethea
®
 chemistry promotes the maintenance of strong healthy cell walls in 
conditions of stress and reduced water availability whilst this allows the cells to 
neutralise harmful ammonia and oxidative toxins that accumulate in plants at times 
of stress
pest	 control
bugoil
®
bugoil
®
 is a benign insect and mite control agent derived from essential plant oil 
technology that offers highly effective control in a nontoxic environmentally friendly 
method the pests targeted by bugoil
®
 are mites whitefly thrips and aphids these 
pests are some of the most damaging and most difficult to control as they reproduce 
quickly in mass numbers and can build resistance to conventional pest control agents
independent field trials conducted on bugoil
®
 have demonstrated that the product 
has pest control abilities at least equal to if not better than those of current 
industrystandard insecticides bugoil
®
 also provides broadspectrum pest 
coverage particularly for ornamentals such as cut flowers all field trials were 
conducted to regulatory standard by independent third parties on highvalue crops 
such as ornamentals fruit and vegetables to date successful field trials have been 
conducted on bugoil
®
 in the usa uk europe and africa
bugoil
®
 technology
 – high level of efficacy equivalent to most current synthetic standards
 – based totally on natural plant extracts
 – safe for many nontarget organisms including mammals fish birds 
and most beneficial insects bees earthworms lacewings ladybirds and
 – nontoxic and environmentally friendly
chief executive’s review continued
engage agro canadian 
distribution agreement
key event – june 2011 	 plant	 impact	 plc	 15 	
	 annual report and group financial statements for the year to 31 march 2011 
nematicide
plant impact’s nematode control technology is based on natural essential oils similar 
in concept to bugoil
®
 nematodes are one of the world’s greatest pest problems
plant impact’s nematicide technology aims to
 – create an effective product that maintains biodiversity in the soil flora and fauna
 – be environmentally safe compared to current farming practices
 – leave no harmful residues in food crops and
 – be safe to the farmer when handling the product
this product concept is now under active development and evaluation supported by a 
range of partner companies and eu funding
intellectual property
plant impact continues to invest in its patent portfolio the following table illustrates 
the current patent status
technology
granted by
 country
pending by
 country
bugoil
®
35 3
alethea 8 18
nematicide 2 7
cat 5 6
speedo 2 11
52 45
peter blezard
chief executive officer
1 july 2011 16	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
financial	 review
the	 group’s	 financial	 performance	 in	 the	 year	 and	 the	 associated	 loss	 was	 below	 management	 projections	 due	 to	 bugoil
®
	
regulatory	 approval	 being	 delayed	 our	 key	 focus	 is	 on	 strong	 cash	 management	 the	 yearend	 balance	 at	 £1172763	
2010 £2895025	 is	 in	 line	 with	 expectations
cash	 flow
the	 net	 cash	 outflow	 from	 operating	 activities	 was	 £1388340	 2010	 £1567175	 capital	 expenditure	 was	 £41461	 2010	 £23681	
purchase	 of	 intangible	 assets	 was	 £289464	 2010	 £235687	 interest	 received	 was	 £5222	 2010	 £3430	 cash	 and	 cash	
equivalents	 totalled	 £1172763	 2010	 £2895025	 a	 decrease	 of	 £1722262	 cash	 flow	 at	 yearend	 benefited	 from	 a	 strong	 final	
quarter	 sales	 performance	 in	 northern	 europe
revenue
in	 the	 year	 ended	 31	 march	 2011	 revenue	 was	 £1783525	 2010	 £1410711	 although	 the	 overall	 increase	 at	 26	 per	 cent	 is	
below expectations	 the	 underlying	 crop	 nutrient	 sales	 met	 expectations	 with	 an	 increase	 of	 96	 per	 cent	 from	 £910711	 in	 2010	
to £1783525	 for	 this	 year	 crop	 nutrient	 revenues	 have	 improved	 for	 the	 third	 year	 in	 succession	 the	 2010	 revenues	 benefitted	
from	 the	 arysta	 lifescience	 bugoil
®
	 licence	 agreement	 milestone	 payments	 there	 were	 no	 such	 payments	 for	 this	 year
gross	 profit
in	 the	 year	 ended	 31	 march	 2011	 gross	 profit	 was	 £1254097	 2010	 £1073374	 the	 gross	 profit	 margin	 for	 crop	 nutrient	 products	
has	 improved	 from	 630	 per	 cent	 in	 2010	 to	 703	 per	 cent	 in	 2011	 margins	 have	 improved	 for	 the	 fourth	 year	 in	 succession	 gross	
profit	 is	 calculated	 after	 deducting	 all	 production	 and	 distribution	 costs
expenses
total	 expenses	 for	 the	 year	 were	 £3114320	 2010	 £2736218	 an	 increase	 of	 138	 per	 cent	 sales	 and	 marketing	 costs	 increased	
by £69111	 as	 a	 result	 of	 the	 increased	 geographical	 spread	 of	 sales	 activity	 and	 the	 first	 full	 year	 of	 direct	 activity	 in	 the	 americas	
research	 and development	 expenditure	 increase	 by	 £122833	 due	 to	 the	 increased	 activity	 in	 crop	 nutrient	 development	 general	
and	 administrative	 expenses	 increased	 by	 £186158	 mainly	 due	 to	 an	 increase	 in	 payroll	 sharebased	 payments	 insurance	
recruitment	 fees	 and	 plc	 costs
finance	 income	 and	 cost
finance	 income	 represents	 interest	 received	 from	 cash	 and	 cash	 equivalents	 amounting	 to	 £5222	 2010	 £3430	 finance	 cost	
represents	 the	 interest	 payable	 on	 the	 loan	 agreement	 with	 arysta	 lifescience	 £31141	 2010	 £25723
income	 tax
income	 tax	 comprises	 tax	 credits	 booked	 against	 research	 and	 development	 eligible	 expenditure	 of	 £257304	 2010	 £268062	
the tax	 credit	 claims	 for	 previous	 years	 have	 all	 been	 received
loss	 for	 the	 year
the	 loss	 for	 the	 year	 attributable	 to	 equity	 shareholders	 increased	 to	 £1628838	 2010	 £1417075	 this	 increase	 is	 due	 to	 the	
delays	 in	 bugoil
®
	 regulatory	 approvals	 and	 resultant	 milestone	 payments
michael panteli 
chief	 financial	 officer
1	 july	 2011
financial	 review 	 plant	 impact	 plc	 17 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
board	 of	 directors
david	 jones	 –	 nonexecutive	 chairman
david	 jones	 joined	 plant	 impact	 in	 february	 2011	 when	 he	 was	 appointed	 nonexecutive	 chairman	 he	 has	 extensive	 and	 senior	
experience	 in	 the	 agribusiness	 sector	 david	 jones	 was	 the	 chairman	 of	 arysta	 lifescience	 corporation	 between	 2008	 and	 2010	
from	 2000	 to	 2007	 david	 jones	 was	 head	 of	 business	 development	 for	 syngenta	 international	 having	 previously	 been	 strategy	
and	 product	 director	 of	 zeneca’s	 agrochemicals	 division	 from	 2000	 to	 2003	 he	 was	 the	 principal	 manager	 for	 the	 syngenta	
merger	 this	 involved	 the	 simultaneous	 demerging	 of	 the	 agricultural	 businesses	 of	 novartis	 and	 zeneca	 the	 unification	 in	 a	 new	
entity	 – syngenta	 –	 and	 the	 immediate	 flotation	 on	 three	 exchanges
prior	 to	 this	 david	 jones	 had	 marketingoperational	 roles	 in	 asia	 europe	 and	 emerging	 markets
martin	 robinson	 –	 nonexecutive	 chairman
martin	 robinson	 joined	 plant	 impact	 plc	 in	 june	 2005	 when	 he	 was	 appointed	 nonexecutive	 chairman	 as	 of	 february	 2011	
martin is	 a	 nonexecutive	 director	 he	 is	 the	 executive	 chairman	 of	 braemar	 group	 ltd	 a	 property	 fund	 manager	 and	 a	 non
executive	 director	 of	 a	 number	 of	 other	 public	 and	 private	 companies	 he	 was	 formerly	 chief	 executive	 of	 both	 lloyd	 street	 private	
equity	 an	 fsa	 regulated	 company	 that	 specialises	 in	 raising	 finance	 for	 growing	 companies	 and	 stockbroker	 and	 fund	 manager	
henry	 cooke	 group	 plc	 and	 a	 director	 of	 private	 bank	 brown	 shipley	 	 co	 ltd	 in	 addition	 he	 is	 a	 chartered	 accountant
david	 mcneilly	 –	 nonexecutive	 director
david	 mcneilly	 has	 over	 42	 years’	 experience	 in	 life	 science	 related	 businesses	 including	 32	 years	 with	 the	 dupont	 co	 he	 works	
at the	 interface	 of	 technology	 and	 business	 development	 especially	 in	 assessing	 how	 to	 add	 and	 capture	 value	 and	 in	 developing	
growth	 strategies	 he	 has	 proven	 skills	 in	 leadership	 strategic	 planning	 marketing	 sales	 and	 small	 business	 development	
although	 originally	 a	 botany	 graduate	 the	 focus	 of	 david’s	 work	 at	 dupont	 was	 mainly	 in	 the	 fields	 of	 agribusiness	 marketing	
licensing	 and	 especially	 biotechnology	 which	 he	 has	 concentrated	 on	 for	 the	 last	 20	 years	 he	 recently	 held	 nonexecutive	 board	
positions	 in	 alaska	 diagnostics	 ltd	 food	 diagnostics	 avidis	 sa	 therapeutics	 and	 prokyma	 ltd	 particle	 separation	 diagnostics
edward	 sharkey	 –	 nonexecutive	 director
having	 gained	 his	 phd	 in	 chemistry	 from	 the	 university	 of	 edinburgh	 edward	 sharkey	 joined	 ah	 marks	 where	 he	 spent	 the	
majority	 of	 his	 career	 in	 the	 agrochemical	 industry	 he	 progressed	 to	 the	 main	 board	 where	 as	 an	 executive	 director	 he	 was	
instrumental	 in	 the	 building	 of	 a	 performance	 chemicals	 business	 with	 a	 team	 of	 12	 scientists	 most	 recently	 he	 founded	
ambechem	 ltd	 a	 business	 operating	 in	 the	 agrochemical	 sector	 presently	 edward	 chairs	 a	 number	 of	 global	 task	 forces	 as	
well as	 several	 international	 businesses	 and	 has	 a	 wealth	 of	 experience	 in	 the	 regulatory	 and	 registration	 process	 he	 is	 also	
a director	 of	 ambechem	 ltd
peter	 blezard	 –	 chief	 executive	 officer
peter	 is	 a	 founder	 shareholder	 of	 the	 company	 he	 is	 a	 fellow	 of	 the	 royal	 society	 of	 arts	 manufacturers	 	 commerce	 peter	 has	
extensive	 experience	 in	 pioneering	 new	 products	 into	 new	 markets	 and	 in	 working	 with	 major	 companies	 on	 a	 global	 basis	 at	 board	
level	 previous	 roles	 include	 general	 manager	 of	 pak	 2000	 a	 division	 of	 asia	 pulp	 and	 paper	 between	 1988	 and	 2000	 where	 his	
core	 duties	 were	 european	 sales	 and	 marketing	 his	 responsibilities	 also	 include	 working	 with	 national	 security	 agencies	 and	
meeting	 governments	 in	 europe	 asia	 and	 the	 far	 east	 he	 also	 has	 experience	 in	 the	 strategic	 planning	 of	 new	 factories	 in	
indonesia	 and	 china	 with	 projects	 to	 iso	 9000	 standards	 peter	 cofounded	 plant	 impact	 in	 2003	 and	 has	 previously	 accepted	 the	
bio	 entrepreneur	 award	 as	 sponsored	 by	 uk	 trade	 	 investment	 and	 london	 first	 in	 recognition	 of	 plant	 impact’s	 work	 to	 date
michael	 panteli	 –	 chief	 financial	 officer
mike	 was	 appointed	 chief	 financial	 officer	 on	 8	 may	 2007	 he	 is	 a	 chartered	 management	 accountant	 has	 an	 economics	 and	
finance	 degree	 and	 has	 previously	 been	 awarded	 the	 acca	 diploma	 in	 international	 financial	 reporting	 mike	 moved	 from	
intercytex	 group	 plc	 ‘intercytex’	 where	 he	 served	 as	 financial	 controller	 during	 his	 six	 years	 at	 intercytex	 he	 was	 a	 key	 member	
of	 the	 finance	 and	 management	 teams	 overseeing	 the	 development	 of	 intercytex	 from	 a	 venture	 capital	 backed	 biotechnology	
company	 through	 to	 admission	 to	 trading	 on	 aim	 prior	 to	 intercytex	 he	 served	 as	 financial	 director	 of	 telescope	 technologies	
limited	 a	 manufacturer	 of	 large	 telescopes 18	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
nominated advisor
allenby	 capital
32	 davies	 street	
mayfair	
london	
w1k	 4nd
brokers
allenby	 capital
32	 davies	 street	
mayfair	
london	
w1k	 4nd
financial pr
threadneedle	 communications
aldermary	 house	
3rd	 floor	
10–15	 queen	 street	
london	 	
ec4n	 1tx
independent auditors
grant	 thornton	 uk	 llp
4	 hardman	 square	
spinningfields	
manchester	
m3	 3eb
registrars
capita	 registrars
the	 registry	
34	 beckenham	 road	
beckenham	
kent	 	
br3	 4tu
bankers
national	 westminster	 bank	 plc
po	 box	 76	
1st	 floor	 1–3	 new	 market	 street	
blackburn	 	
bb1	 7en
registered office
plant	 impact	 plc
12	 south	 preston	 office	 village	
cuerden	 way	
bamber	 bridge	
preston	 	
pr5	 6bl	
solicitors
turnerparkinson	 llp
hollins	 chambers	
64a	 bridge	 street	
manchester	
m3	 3ba
advisors 	 plant	 impact	 plc	 19 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
the	 directors	 present	 their	 report	 and	 audited	 financial	 statements	 for	 the	 year	 ended	 31	 march	 2011
principal	 activity
the	 principal	 activity	 of	 the	 group	 is	 focused	 on	 plant	 stress	 management	 the	 group	 continues	 to	 research	 develop	 and	
commercialise	 crop	 nutrient	 and	 natural	 pest	 control	 products	 that	 improve	 the	 health	 and	 productivity	 of	 crops	 whilst	 being	
inherently	 nontoxic	 and	 ecologically	 sound
results	 and	 dividends
the	 loss	 for	 the	 year	 after	 taxation	 amounted	 to	 £1628838	 2010	 loss	 £1417075	 the	 directors	 do	 not	 recommend	 the	 payment	
of any	 dividends
review	 of	 business	 and	 future	 developments
a	 review	 of	 the	 business	 during	 the	 financial	 year	 and	 at	 the	 balance	 sheet	 date	 together	 with	 details	 of	 future	 developments	 are	
disclosed	 within	 the	 chairman’s	 statement	 chief	 executive’s	 review	 and	 financial	 review	 on	 pages	 4	 8	 and	 16	 respectively
directors	 and	 their	 interests
the	 directors	 who	 held	 office	 during	 the	 year	 were
d	 jones	
p	 blezard	 	 	
m	 panteli	 	 	 	
m	 robinson	 	
d	 mcneilly	 	 	
e	 sharkey	 	
substantial	 shareholdings
the	 directors	 are	 aware	 of	 the	 following	 shareholdings	 exceeding	 3	 per	 cent	 of	 the	 company’s	 share	 capital	 as	 of	 13	 june	 2011
ordinary shares
number per cent
risingstars	 growth	 fund 5473131 109	 per	 cent
gartmore	 investment	 management	 plc 5030884 100	 per	 cent
arysta	 lifescience	 corporation 4560530 91	 per	 cent
alliance	 cornhill	 insurance 1700000 34	 per	 cent
financial	 risk	 management	 objectives	 and	 policies
the	 group’s	 treasury	 policy	 is	 one	 of	 conservatism	 approved	 by	 the	 board
as	 a	 matter	 of	 policy	 the	 group	 does	 not	 undertake	 speculative	 transactions	 which	 would	 increase	 its	 currency	 or	 interest	 rate	
exposure	 further	 detail	 of	 the	 group’s	 financial	 risk	 management	 objectives	 and	 policies	 are	 disclosed	 in	 note	 23
principal	 risks	 and	 uncertainties
early	 stage	 development	 risk
the	 group	 is	 in	 the	 early	 stage	 of	 development	 and	 has	 not	 yet	 generated	 significant	 revenues	 its	 operations	 are	 subject	 to	 all	 the	
risks	 inherent	 in	 a	 startup	 or	 developing	 business	 enterprise	 including	 the	 likelihood	 of	 continued	 operating	 losses	 the	 likelihood	
of	 the	 group’s	 success	 must	 be	 considered	 in	 the	 light	 of	 the	 problems	 expenses	 difficulties	 complications	 and	 delays	 frequently	
encountered	 in	 connection	 with	 the	 growth	 of	 an	 existing	 business	 the	 development	 of	 products	 and	 channels	 of	 distribution	 and	
current	 and	 future	 development	 in	 several	 key	 technical	 fields	 as	 well	 as	 the	 competitive	 and	 regulatory	 environment	 in	 which	 the	
group	 operates
group	 directors’	 report 20	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
commercial	 risk
the	 group	 has	 relationships	 with	 a	 number	 of	 companies	 and	 other	 organisations	 including	 third	 party	 laboratories	 which	 it	 uses	
to	 conduct	 more	 extensive	 trials	 after	 initial	 trials	 have	 been	 performed	 by	 the	 group	 multinational	 agrochemical	 companies	 which	
are	 conducting	 field	 trials	 with	 a	 view	 to	 entering	 into	 distribution	 andor	 licensing	 agreements	 and	 also	 marketing	 partnerships
the	 success	 of	 the	 group	 will	 depend	 on	 its	 ability	 to	 maintain	 these	 relationships	 and	 also	 initiate	 develop	 and	 maintain	 beneficial	
commercial	 relationships	 with	 other	 parties	 the	 successful	 realisation	 of	 the	 group’s	 business	 model	 requires	 the	 establishment	
and	 maintenance	 of	 beneficial	 commercial	 and	 strategic	 relationships	 with	 other	 parties	 in	 the	 industry
competition	 and	 intellectual	 property	 risk
competitors	 may	 develop	 technologies	 which	 are	 more	 effective	 or	 economical	 than	 those	 of	 the	 group	 in	 addition	 current	 and	
potential	 competitors	 may	 have	 substantially	 greater	 financial	 technical	 and	 marketing	 resources	 longer	 operating	 histories	
larger	 customer	 bases	 greater	 name	 recognition	 and	 more	 established	 relationships	 than	 the	 group	 and	 so	 may	 be	 better	 able	
to compete	 in	 the	 group’s	 target	 markets
manufacturing
the	 group	 uses	 contract	 manufacturers	 for	 all	 medium	 and	 high	 volume	 production	 of	 its	 products	 the	 group’s	 products	 need	
to be	 manufactured	 in	 commercial	 quantities	 in	 compliance	 with	 regulatory	 requirements	 and	 at	 acceptable	 costs	 the	 group	 may	
not	 be	 able	 to	 secure	 or	 maintain	 competent	 contract	 manufacturers	 to	 deliver	 products	 on	 time	 with	 the	 required	 quality	 levels	
or at	 a	 cost	 that	 is	 competitive	 with	 the	 products	 of	 its	 rivals	 or	 competitive	 with	 the	 incumbent	 technologies	 it	 intends	 to	 displace
funding	 risk
sustainability	 is	 dependent	 upon	 generating	 cash	 flows	 from	 successful	 development	 and	 commercialisation	 of	 the	 group’s	
products	 until	 then	 the	 group	 will	 be	 dependent	 upon	 additional	 funding	 through	 completion	 of	 distribution	 and	 licensing	 deals	
or through	 injection	 of	 capital	 there	 can	 be	 no	 assurances	 that	 such	 funding	 will	 be	 achieved	 on	 favourable	 terms	 if	 at	 all	
failure to	 generate	 additional	 funding	 may	 lead	 to	 the	 postponement	 or	 cancellation	 of	 programmes	 andor	 the	 scale	 back	 of	
operations	 further	 details	 are	 disclosed	 within	 note	 2	 to	 the	 group	 financial	 statements
strength	 of	 the	 group’s	 bankers
the	 group	 has	 reviewed	 and	 updated	 its	 treasury	 policy	 and	 in	 accordance	 with	 this	 funds	 are	 only	 lodged	 with	 uk	 and	 irish	 based	
financial	 institutions	 with	 an	 ‘a’	 rating	 or	 better
attraction	 and	 retention	 of	 key	 employees
the	 group	 depends	 on	 its	 directors	 and	 other	 key	 employees	 and	 whilst	 it	 has	 entered	 into	 contractual	 arrangements	 with	 these	
individuals	 with	 the	 aim	 of	 securing	 the	 services	 of	 each	 of	 them	 retention	 of	 these	 services	 cannot	 be	 guaranteed	 the	 group	 has	
attempted	 to	 reduce	 this	 risk	 by	 offering	 competitive	 remuneration	 packages	 including	 the	 opportunity	 to	 participate	 in	 a	 share	
option	 scheme	 and	 investment	 in	 training	 development	 and	 succession	 planning
research	 and	 development
research	 and	 development	 costs	 that	 have	 been	 charged	 directly	 to	 the	 group	 income	 statement	 for	 the	 year	 ended	 31	 march	 2011	
amounted	 to	 £1254164	 2010	 £1131331	 further	 details	 of	 research	 and	 development	 progress	 are	 outlined	 within	 the	
chairman’s	 statement	 and	 chief	 executive’s	 review	 on	 pages	 4	 and	 8	 respectively
key	 performance	 indicators	 kpis
the	 kpis	 of	 the	 business	 are	 the	 progress	 towards	 commercialisation	 of	 products	 research	 and	 development	 progress	 and	 the	
management	 of	 cash	 resources	 both	 funding	 and	 cash	 outflows	 as	 reviewed	 in	 the	 chairman’s	 statement	 on	 page	 3	 other	
financial	 kpis	 reviewed	 by	 the	 directors	 are	 gross	 margin	 research	 and	 development	 expenditure	 and	 capital	 expenditure	 as	
reviewed	 within	 the	 chairman’s	 statement	 chief	 executive’s	 review	 and	 financial	 review	 on	 pages	 4	 8	 and	 16	 respectively
the	 board	 also	 monitor	 nonfinancial	 kpis	 against	 internal	 targets	 in	 relation	 to	 the	 number	 of	 specific	 field	 trials	 conducted	
and the	 outcome	 from	 a	 commercial	 and	 environmental	 perspective
group	 directors’	 report	 continued 	 plant	 impact	 plc	 21 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
creditors
the	 group	 agrees	 terms	 and	 conditions	 for	 business	 transactions	 with	 its	 suppliers	 payment	 is	 then	 made	 on	 these	 terms	
subject to	 the	 terms	 and	 conditions	 being	 met	 by	 the	 supplier
the	 number	 of	 trade	 creditor	 days	 at	 31	 march	 2011	 was	 74	 days	 2010	 69	 days
employees
the	 group	 involves	 all	 its	 employees	 in	 its	 corporate	 objectives	 plans	 and	 performance	 and	 on	 other	 relevant	 matters	 of	 interest	
to employees	 through	 various	 communication	 methods	 and	 regular	 meetings	 the	 group	 is	 an	 equal	 opportunity	 employer	 and	
does	 not	 discriminate	 in	 the	 recruitment	 and	 promotion	 of	 staff	 all	 eligible	 employees	 are	 included	 in	 the	 group’s	 bonus	 incentive	
plan	 and	 have	 historically	 been	 awarded	 share	 options
as	 at	 31	 march	 2011	 the	 group	 employed	 17	 staff	 2010	 16
safety	 health	 and	 environment
plant	 impact	 plc	 is	 committed	 to	 maintaining	 high	 standards	 of	 safety	 health	 and	 environmental	 protection	 by	 conducting	 itself	
in a responsible	 manner	 to	 protect	 people	 and	 the	 environment
directors	 third	 party	 indemnity	 provisions
during	 the	 financial	 year	 a	 qualifying	 third	 party	 indemnity	 provision	 for	 the	 benefit	 of	 certain	 directors	 was	 in	 place
post	 balance	 sheet	 events
during	 may	 2011	 plant	 impact	 signed	 a	 subscription	 agreement	 with	 arysta	 lifescience	 the	 company	 also	 signed	 two	 commercial	
agreements	 with	 arysta	 lifescience	 those	 for	 us	 turf	 	 ornamental	 and	 brazil	 horticulture
in	 june	 2011	 the	 company	 signed	 a	 distribution	 agreement	 with	 engage	 agro	 for	 canada
going	 concern
having	 made	 reasonable	 enquiries	 the	 directors	 are	 of	 the	 opinion	 that	 the	 group	 has	 adequate	 resources	 to	 continue	 in	
operational	 existence	 for	 the	 foreseeable	 future	 and	 hence	 these	 financial	 statements	 have	 been	 prepared	 on	 a	 going	 concern	
basis	 further	 details	 are	 disclosed	 within	 note	 2	 to	 the	 group	 financial	 statements
by	 order	 of	 the	 board
michael panteli
secretary
1	 july	 2011 22	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
corporate	 governance	 statement
the	 company’s	 shares	 are	 quoted	 on	 aim	 a	 market	 operated	 by	 the	 london	 stock	 exchange	 plc	 and	 as	 such	 there	 is	 no	
requirement	 to	 publish	 a	 detailed	 corporate	 governance	 statement	 nor	 comply	 with	 all	 of	 the	 requirements	 of	 the	 combined	 code	
however	 the	 directors	 are	 committed	 to	 maintaining	 high	 standards	 of	 corporate	 governance	 and	 this	 statement	 sets	 out	 how	 the	
board	 has	 applied	 the	 principles	 of	 good	 corporate	 governance	 in	 its	 management	 of	 the	 business	 in	 the	 period	 ended	 31	 march	
2011	 relevant	 to	 the	 group’s	 size	 and	 complexity
the	 board
the	 board	 is	 responsible	 for	 overall	 strategy	 major	 finance	 matters	 and	 internal	 financial	 control	 it	 also	 monitors	 executive	
management	 in	 the	 business	 through	 its	 review	 of	 financial	 strategic	 and	 operational	 matters
the	 board	 currently	 comprises	 two	 executive	 and	 four	 nonexecutive	 directors	 the	 nonexecutive	 directors	 namely	 david	
jones	 martin	 robinson	 david	 mcneilly	 and	 edward	 sharkey	 all	 have	 relevant	 and	 complementary	 expertise	 gained	 from	 differing	
business	 backgrounds	 materially	 enhancing	 the	 judgement	 and	 overall	 performance	 of	 the	 board	 the	 board	 believes	 that	 the	
nonexecutive	 directors	 are	 all	 independent	 notwithstanding	 that	 one	 of	 the	 three	 nonexecutive	 directors	 was	 granted	 options	
one	 year	 prior	 to	 aim	 admission	 when	 the	 company	 was	 a	 private	 company	 it	 is	 common	 practice	 amongst	 venture	 capital	 owned	
companies	 to	 offer	 share	 options	 in	 order	 to	 attract	 the	 services	 of	 high	 calibre	 nonexecutives	 martin	 robinson	 is	 also	 a	
shareholder
as	 part	 of	 its	 leadership	 and	 control	 of	 the	 company	 the	 board	 has	 an	 agreed	 list	 of	 items	 that	 are	 specifically	 reserved	 for	 its	
consideration	 these	 include	 strategy	 and	 management	 approval	 and	 monitoring	 of	 budgets	 financial	 reporting	 internal	 controls	
major	 contracts	 external	 communications	 with	 investors	 executive	 committee	 appointments	 and	 remuneration	 appropriate	
delegation	 of	 authority	 and	 corporate	 governance	 matters
the	 board	 which	 meets	 regularly	 at	 least	 ten	 times	 per	 year	 receives	 timely	 documentation	 ahead	 of	 meetings	 which	 includes	
reports	 from	 all	 members	 of	 the	 executive	 committee	 on	 their	 areas	 of	 responsibility
board	 committees
the	 board	 has	 established	 audit	 and	 remuneration	 committees	 each	 with	 defined	 terms	 of	 reference
audit committee
this	 comprises	 the	 nonexecutive	 directors	 with	 martin	 robinson	 as	 chairman	 the	 committee	 meets	 at	 least	 twice	 each	 year	
and	 the	 meetings	 are	 arranged	 to	 tie	 in	 with	 the	 company’s	 financial	 calendar	 the	 external	 auditors	 attend	 the	 meetings	 at	 which	
half	 year	 or	 full	 year	 results	 are	 reviewed	 and	 reported	 on	 as	 appropriate	 both	 in	 the	 presence	 and	 absence	 of	 management
the	 committee’s	 terms	 of	 reference	 include	 reviewing	 the	 group’s	 accounting	 policies	 financial	 reporting	 internal	 control	 and	 risk	
management	 processes	 it	 also	 reviews	 the	 need	 to	 appoint	 an	 internal	 audit	 function	 and	 considers	 the	 appointment	 and	 fees	 of	
the	 external	 auditors	 together	 with	 their	 independence	 and	 objectivity	 the	 outcomes	 of	 the	 meetings	 are	 reported	 to	 the	 board
remuneration committee
this	 comprises	 the	 nonexecutive	 directors	 with	 martin	 robinson	 as	 chairman	 it	 meets	 at	 least	 twice	 each	 year	 and	 makes	
recommendations	 to	 the	 board	 on	 the	 policy	 structure	 and	 amount	 of	 the	 remuneration	 of	 all	 executive	 committee	 members	
the committee	 also	 reviews	 and	 approves	 sharebased	 compensation	 schemes	 and	 awards	 for	 all	 levels	 of	 the	 employees	 in	 the	
company
the	 directors’	 remuneration	 report	 is	 set	 out	 on	 pages	 25	 to	 26
risk	 assessment	 and	 internal	 controls
the	 directors	 are	 responsible	 for	 ensuring	 that	 the	 group	 maintains	 a	 system	 of	 internal	 control	 and	 for	 reviewing	 its	
effectiveness	 there	 are	 practical	 limits	 to	 what	 can	 be	 achieved	 in	 a	 company	 of	 plant	 impact’s	 size	 accordingly	 the	 system	 is	
designed	 to	 manage	 rather	 than	 eliminate	 the	 risk	 of	 failure	 to	 achieve	 business	 objectives	 and	 can	 only	 provide	 reasonable	 and	
not absolute	 assurance	 against	 material	 misstatement	 or	 loss 	 plant	 impact	 plc	 23 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
the group	 in	 administering	 its	 business	 has	 put	 in	 place	 strict	 authorisation	 approval	 and	 control	 levels	 within	 which	 senior	
management	 operates	 these	 controls	 reflect	 the	 group’s	 organisational	 structure	 and	 business	 objectives	 this	 control	
system includes	 clear	 lines	 of	 accountability	 to	 cover	 all	 areas	 of	 the	 organisation	 the	 group	 has	 a	 comprehensive	 budgeting	
and reporting	 system	 in	 place	 such	 that	 financial	 performance	 is	 monitored	 both	 by	 the	 executive	 committee	 and	 the	 board	
this includes	 a	 comparison	 of	 actual	 results	 to	 budget	 variance	 analysis	 and	 reforecasting	 of	 projected	 results
the	 group	 has	 established	 an	 executive	 committee	 comprising	 executive	 directors	 and	 all	 other	 functional	 heads	 the	 executive	
committee	 meets	 at	 least	 once	 a	 month	 to	 monitor	 and	 review	 progress	 on	 each	 of	 the	 company’s	 projects	 as	 well	 as	 general	 hr	
and	 management	 matters	 each	 member	 of	 the	 committee	 operates	 within	 a	 clearly	 defined	 group	 structure	 and	 has	 appropriate	
operational	 authority
shareholder	 relations
the	 board	 recognises	 the	 importance	 of	 continual	 communication	 with	 shareholders	 and	 maintains	 a	 programme	 of	 regular	
dialogue	 with	 its	 investors	 including	 presentations	 following	 the	 company’s	 announcements	 of	 its	 preliminary	 full	 year	 figures	
and of	 the	 half	 year	 results	 separate	 announcements	 of	 all	 material	 events	 are	 made	 as	 necessary	 by	 press	 releases	 that	 are	
posted	 on	 the	 company’s	 website	 this	 provides	 additional	 information	 about	 the	 company	 and	 allows	 access	 to	 reports	 and	
accounts	 press	 releases	 and	 other	 materials	 issued	 by	 the	 company	 there	 is	 also	 an	 opportunity	 at	 the	 company’s	 annual	
general	 meeting	 for	 individual	 shareholders	 to	 raise	 general	 business	 matters	 with	 the	 full	 board	 the	 chairman	 of	 the	 audit	
and remuneration	 committees	 will	 be	 available	 at	 the	 annual	 general	 meeting	 to	 answer	 questions
plant	 impact’s	 share	 price	 is	 available	 via	 a	 link	 on	 its	 website	 wwwplantimpactcom	 to	 the	 london	 stock	 exchange	 website	 and	
via	 the	 stock	 exchange	 website	 wwwlondonstockexchangecom	 using	 the	 symbol	 pim	 plant	 impact’s	 shares	 are	 also	 traded	 on	
the	 plus	 market	 wwwplusmarketsgroupcom	 using	 the	 symbol	 pim
statement	 of	 directors’	 responsibilities
the	 directors	 are	 responsible	 for	 preparing	 the	 directors’	 report	 and	 the	 financial	 statements	 in	 accordance	 with	 applicable	 law	
and	 regulations
company	 law	 requires	 the	 directors	 to	 prepare	 financial	 statements	 for	 each	 financial	 year	 under	 that	 law	 the	 directors	 have	
elected	 to	 prepare	 financial	 statements	 for	 the	 group	 in	 accordance	 with	 international	 financial	 reporting	 standards	 as	 adopted	
by the	 european	 union	 ifrss	 and	 for	 the	 parent	 company	 in	 accordance	 with	 united	 kingdom	 accounting	 standards	 united	
kingdom	 generally	 accepted	 accounting	 practice	 the	 financial	 statements	 are	 required	 by	 law	 to	 give	 a	 true	 and	 fair	 view	 of	 the	
state	 of	 affairs	 of	 the	 group	 and	 parent	 company	 and	 of	 the	 profit	 or	 loss	 of	 the	 group	 for	 that	 period	 in	 preparing	 these	 financial	
statements	 the	 directors	 are	 required	 to
	 – select	 suitable	 accounting	 policies	 and	 then	 apply	 them	 consistently
	 – make	 judgements	 and	 estimates	 that	 are	 reasonable	 and	 prudent
	 – state	 whether	 applicable	 ifrss	 have	 been	 followed	 subject	 to	 any	 material	 departures	 disclosed	 and	 explained	 in	 the	 financial	
statements	 and
	 – prepare	 the	 financial	 statements	 on	 the	 going	 concern	 basis	 unless	 it	 is	 inappropriate	 to	 presume	 that	 the	 company	 will	 continue	
in	 business 24	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
corporate	 governance	 statement	 continued
the	 directors	 are	 responsible	 for	 keeping	 adequate	 accounting	 records	 that	 are	 sufficient	 to	 show	 and	 explain	 the	 company’s	
transactions	 and	 disclose	 with	 reasonable	 accuracy	 at	 any	 time	 the	 financial	 position	 of	 the	 company	 and	 enable	 them	 to	 ensure	
that	 the	 financial	 statements	 comply	 with	 the	 companies	 act	 2006
they	 are	 also	 responsible	 for	 safeguarding	 the	 assets	 of	 the	 company	 and	 hence	 for	 taking	 reasonable	 steps	 for	 the	 prevention	
and detection	 of	 fraud	 and	 other	 irregularities
in	 so	 far	 as	 each	 of	 the	 directors	 is	 aware
	 – there	 is	 no	 relevant	 audit	 information	 of	 which	 the	 company’s	 auditors	 are	 unaware	 and
	 – the	 directors	 have	 taken	 all	 steps	 that	 they	 ought	 to	 have	 taken	 to	 make	 themselves	 aware	 of	 any	 relevant	 audit	 information	
and to	 establish	 that	 the	 auditors	 are	 aware	 of	 that	 information
the	 directors	 are	 responsible	 for	 the	 maintenance	 and	 integrity	 of	 the	 corporate	 and	 financial	 information	 included	 on	 the	
company’s	 website	 legislation	 in	 the	 united	 kingdom	 governing	 the	 preparation	 and	 dissemination	 of	 financial	 statements	 may	
differ	 from	 legislation	 in	 other	 jurisdictions
auditors
grant	 thornton	 uk	 llp	 offer	 themselves	 for	 reappointment	 as	 auditors	 in	 accordance	 with	 section	 489	 of	 the	 companies	 act	 2006	
and	 a	 resolution	 for	 their	 reappointment	 will	 be	 proposed	 at	 the	 forthcoming	 annual	 general	 meeting
on	 behalf	 of	 the	 board
michael panteli   
chief	 financial	 officer
1	 july	 2011 	 plant	 impact	 plc	 25 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
remuneration	 policy	 unaudited
the	 committee’s	 policy	 is	 to	 set	 remuneration	 packages	 for	 executive	 directors	 that	 are	 competitive	 with	 the	 market	 allowing	
the company	 to	 attract	 motivate	 and	 retain	 executives	 of	 the	 highest	 calibre	 remuneration	 packages	 are	 designed	 to	 reward	
executives	 for	 performance	 via	 annual	 bonus	 payments	 and	 awards	 of	 sharebased	 payments	 which	 together	 constitute	 a	
potentially	 significant	 proportion	 of	 the	 total	 remuneration	 opportunity
the	 remuneration	 of	 executive	 directors	 comprises	 the	 following	 elements
	 – emoluments
this	 reflects	 the	 market	 rate	 for	 each	 position	 and	 the	 individual	 director’s	 experience	 and	 value	 to	 the	 business	 salaries	 are	
reviewed	 annually	 by	 reference	 to	 comparative	 information	 in	 addition	 the	 company	 operates	 a	 discretionary	 bonus	 scheme
	 – benefits
these	 comprise	 life	 insurance	 cover	 only
	 – sharebased	 payments
executive	 share	 options	 have	 historically	 been	 granted	 to	 directors	 under	 share	 option	 schemes	 operated	 by	 the	 company	
the share	 options	 granted	 to	 individual	 directors	 to	 date	 are	 disclosed	 later	 in	 this	 report	 and	 include	 grants	 made	 in	 prior	 years	
all	 share	 options	 granted	 are	 exercisable	 two	 years	 from	 date	 of	 grant	 and	 subject	 to	 continued	 employment
directors’	 contracts	 unaudited
each	 executive	 director	 has	 a	 service	 contract	 of	 indefinite	 term	 with	 a	 notice	 period	 of	 no	 more	 than	 one	 year	 nonexecutive	
directors	 have	 letters	 of	 appointment	 which	 are	 terminable	 by	 the	 director	 or	 the	 company	 with	 three	 months’	 notice	 martin	
robinson’s	 appointment	 was	 effective	 from	 24	 june	 2005	 david	 mcneilly	 and	 edward	 sharkey	 were	 appointed	 on	 the	 1	 october	
2008	 and	 david	 jones	 was	 appointed	 on	 the	 10	 february	 2011
directors’	 remuneration	 audited
details	 of	 the	 remuneration	 excluding	 sharebased	 payments	 of	 those	 who	 served	 as	 directors	 are	 set	 out	 below
emoluments 
£
pension 
£
year ended 
31 march  
2011 
£
year ended 
31 march  
2010 
£
executive directors
p	 blezard 185939 11500 197439 168732
d	 marks – – – 29917
m	 panteli 164088 10500 174588 127553
w	 thompson 36120 – 36120 135000
nonexecutive directors
d	 jones 6666 – 6666 –
m	 robinson 35000 – 35000 27500
d	 mcneilly 27500 – 27500 22000
e	 sharkey 27500 – 27500 22000
total 482813 22000 504813 532702
	 on	 25	 june	 2009	 d	 marks	 resigned	 from	 the	 board	 as	 chief	 technical	 officer
	 on	 31	 august	 2008	 w	 thompson	 became	 an	 executive	 director	 and	 on	 4	 january	 2010	 w	 thompson	 resigned	 from	 the	 board
	 on	 10	 february	 2011	 d	 jones	 became	 a	 nonexecutive	 chairman
	 on	 1	 october	 2008	 d	 mcneilly	 and	 e	 sharkey	 were	 appointed	 to	 the	 board	 as	 nonexecutive	 directors
directors’	 remuneration	 report 26	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
directors’	 remuneration	 report	 continued
directors’	 share	 options
at	 31	 march	 2011	 the	 directors	 had	 options	 to	 subscribe	 for	 ordinary	 shares	 under	 the	 company’s	 share	 option	 scheme	 as	 follows
options held at  
1 april  
2010 
movement  
in the year
options held at  
31 march  
2011 exercise price date of grant expiry date
executive directors
p	 blezard 271290 – 271290 2949p 10	 nov	 2005 10	 nov	 2015
924773 – 924773 38p 16	 oct	 2006 16	 oct	 2016
350000 – 350000 30p 7	 aug	 2009 7	 aug	 2019
– 600000 600000 1p 4	 aug	 2010 4	 aug	 2020
m	 panteli 75000 – 75000 50p 20	 may	 2007 20	 may	 2017
160000 – 160000 325p 28	 july	 2008 28	 july	 2018
500000 – 500000 30p 7	 aug	 2009 7	 aug	 2019
– 600000 600000 1p 4	 aug	 2010 4	 aug	 2020
w	 thompson 151020 151020 – 1p 10	 nov	 2005 10	 nov	 2015
500000 500000 – 30p 7	 aug	 2009 7	 aug	 2019
nonexecutive directors
m	 robinson 90440 – 90440 2949p 10	 nov	 2005 10	 nov	 2015
– 150000 150000 183p 4	 aug	 2010 4	 aug	 2020
d	 mcneilly – 100000 100000 183p 4	 aug	 2010 4	 aug	 2020
e	 sharkey – 100000 100000 183p 4	 aug	 2010 4	 aug	 2020
3022523 898980 3921503
none	 of	 the	 terms	 and	 conditions	 of	 the	 share	 options	 scheme	 were	 varied	 during	 the	 year	 however	 a	 new	 ltips	 scheme	 was	
introduced	 in	 august	 2010
the	 market	 price	 of	 the	 company’s	 shares	 at	 the	 end	 of	 the	 financial	 year	 was	 275	 pence	 and	 the	 range	 of	 market	 prices	 during	 the	
year	 was	 between	 175	 pence	 and	 32	 pence
	 share	 options	 forfeited	 on	 resignation
		 share	 options	 exercised	 on	 the	 16	 august	 2010	 w	 thompson	 exercised	 150000	 share	 options	 at	 an	 exercise	 price	 of	 1	 pence	
the share	 price	 at	 the	 exercise	 date	 was	 16	 pence	 1020	 share	 options	 were	 forfeited	 on	 resignation
martin robinson
chairman	 of	 the	 remuneration	 committee
1	 july	 2011 	 plant	 impact	 plc	 27	
	 annual report and group financial statements for the year to 31 march 2011 
we have audited the financial statements of plant impact plc for the year ended 31 march 2011 which comprise the group income 
statement the group statement of changes in equity the group statement of financial position the group cash flow statement 
the notes to the group financial statements the company balance sheet and notes to the company balance sheet the financial 
reporting framework that has been applied in the preparation of the group financial statements is applicable law and international 
financial reporting standards ifrss as adopted by the european union the financial reporting framework that has been applied 
in the preparation of the parent company financial statements is applicable law and united kingdom accounting standards 
united kingdom generally accepted accounting practice
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 
2006 our audit work has been undertaken so that we might state to the company’s members those matters we are required to 
state to them in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume 
responsibility to anyone other than the company and the company’s members as a body for our audit work for this report or for 
the opinions we have formed
respective responsibilities of directors and auditors
as explained more fully in the statement of directors’ responsibilities set out on pages 23 and 24 the directors are responsible for 
the preparation of the financial statements and for being satisfied that they give a true and fair view our responsibility is to audit 
and express an opinion on the financial statements in accordance with applicable law and international standards on auditing 
uk and ireland those standards require us to comply with the auditing practices board’s apb’s ethical standards for auditors
scope of the audit of the financial statements
a description of the scope of an audit of financial statements is provided on the apb’s website at  
wwwfrcorgukapbscopeprivatecfm
opinion on financial statements
in our opinion
 – the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 march 
2011 and of the group’s loss for the year then ended
 – the group financial statements have been properly prepared in accordance with ifrs as adopted by the european union
 – the parent company financial statements have been properly prepared in accordance with united kingdom generally accepted 
accounting practice and
 – the financial statements have been prepared in accordance with the requirements of the companies act 2006
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the group directors’ report for the financial year for which the financial statements are 
prepared is consistent with the financial statements
matters	 on	 which	 we	 are	 required	 to	 report	 by	 exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our 
opinion
 – adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been 
received from branches not visited by us or
 – the parent company financial statements are not in agreement with the accounting records and returns or
 – certain disclosures of directors’ remuneration specified by law are not made or
 – we have not received all the information and explanations we require for our audit
kevin engel
senior statutory auditor 
for and on behalf of grant thornton uk llp 
statutory auditor chartered accountants 
manchester
1 july 2011
report of the independent auditors  
to the members of plant impact plc 28	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
group	 income	 statement
for the year ended 31 march 2011
note 
 year ended  
31 march  
2011 
£
year ended  
31 march  
2010 
£
revenue 1783525 1410711
cost	 of	 sales 529428 337337
gross profit 1254097 1073374
sales	 and	 marketing	 costs 892051 822940
research	 and	 development	 costs 10 1254164 1131331
general	 and	 administrative	 expenses 968105 781947
total expenses 3114320 2736218
operating loss 6 1860223 1662844
	
finance	 income 8 5222 3430
finance	 cost 9 31141 25723
net	 finance	 costs 25919 22293
 
loss before tax 1886142 1685137
income	 tax	 credit 12 257304 268062
loss for the year attributable to equity shareholders of the company 1628838 1417075
 
loss per ordinary share attributable to equity shareholders of the 
company during the year
total	 and	 continuing
basic	 and	 diluted 14 004 005
the	 group	 has	 no	 other	 comprehensive	 income	 or	 expenses	 accordingly	 the	 total	 comprehensive	 loss	 for	 the	 period	 is	 equal	 to	 the	
loss	 for	 the	 period	 and	 no	 separate	 ‘group	 statement	 of	 comprehensive	 income’	 has	 been	 shown
all	 revenue	 and	 costs	 originate	 from	 continuing	 activities
the	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 group	 financial	 statements 	 plant	 impact	 plc	 29 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
group	 statement	 of	 changes	 in	 equity
for the year ended 31 march 2011
share  
capital 
£
share  
premium  
£
other  
reserve 
£
merger  
reserve 
£
retained  
earnings 
£
total  
equity 
£
balance	 at	 1	 april	 2009 263108 7412348 487678 182892 7054482 1291544
proceeds	 from	 placing
–	 7	 july	 2009 48500 1406500 – – – 1455000
–	 12	 march	 2010 142220 1991080 – – – 2133300
placing	 costs
–	 7	 july	 2009 – 122365 – – – 122365
–	 12	 march	 2010 – 147457 – – – 147457
sharebased	 payments – – 46477 – – 46477
lapsed	 sharebased	 payments – – 136929 – 136929 –
exercise	 of	 sharebased	 payments 2713 94951 28268 – 10605 80001
transactions	 with	 owners 456541 10635057 368958 182892 6906948 4736500
loss	 for	 the	 year	 and	 total	
comprehensive	 income – – – – 1417075 1417075
balance	 at	 1	 april	 2010 456541 10635057 368958 182892 8324023 3319425
placing	 costs
–	 12	 march	 2010 – 9719 – – – 9719
sharebased	 payments – – 114739 – – 114739
lapsed	 sharebased	 payments – – 15917 – 15917 –
exercise	 of	 sharebased	 payments 1500 – 43958 – 43958 1500
transactions	 with	 owners 458041 10625338 423822 182892 8264148 3425945
loss	 for	 the	 year	 and	 total	
comprehensive	 income – – – – 1628838 1628838
balance at 31 march 2011 458041 10625338 423822 182892 9892986 1797107
other	 comprehensive	 income	 recognised	 directly	 to	 equity	 amounts	 to	 £nil	 2010	 £nil
other reserve
the	 other	 reserve	 comprises	 of	 the	 fair	 value	 of	 sharebased	 payments	 granted	 in	 accordance	 with	 ifrs	 2
merger reserve
the	 merger	 reserve	 arose	 on	 the	 acquisition	 of	 pi	 bioscience	 limited	 which	 was	 accounted	 for	 under	 uk	 gaap	 this	 business	
combination	 took	 place	 prior	 to	 1	 april	 2006	 the	 group’s	 date	 of	 transition	 to	 ifrs	 and	 as	 such	 the	 group	 has	 elected	 not	 to	 apply	
ifrs	 3	 ‘business	 combinations’
the	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 group	 financial	 statements 30	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
group	 statement	 of	 financial	 position
as at 31 march 2011
note 
2011  
£
2010  
£
assets
noncurrent assets
intangible	 assets 15 1158741 888276
property	 plant	 and	 equipment 16 51143 33613
1209884 921889
current assets
inventories 17 60811 66383
trade	 and	 other	 receivables 18 702660 642037
corporation	 tax	 receivable 18 261401 240814
cash	 and	 cash	 equivalents 19 1172763 2895025
2197635 3844259
 
total assets 3407519 4766148
 
liabilities
noncurrent liabilities
borrowings 20 – 777016
– 777016
current liabilities
trade	 and	 other	 payables 20 1610412 669707
1610412 669707
 
total liabilities 1610412 1446723
 
net assets 1797107 3319425
 
equity
equity attributable to equity shareholders of the company
share	 capital 21 458041 456541
share	 premium	 10625338 10635057
other	 reserve 423822 368958
merger	 reserve 182892 182892
retained	 earnings 9892986 8324023
total equity 1797107 3319425
the	 group	 financial	 statements	 were	 approved	 by	 the	 board	 of	 directors	 on	 the	 1	 july	 2011	 and	 were	 signed	 on	 its	 behalf	 by
d jones 
chairman	
plant	 impact	 plc	
company	 number	 5442961
the	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 group	 financial	 statements 	 plant	 impact	 plc	 31 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
group	 cash	 flow	 statement
for the year ended 31 march 2011
note 
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
cash flows from operating activities
loss	 before	 tax 1886142 1685137
adjusted	 for
depreciation	 and	 amortisation	 1516 42930 21839
sharebased	 payments 22 114739 46477
finance	 income 5222 3430
finance	 cost 31141 25723
operating	 loss	 before	 working	 capital	 changes 1702554 1594528
increase	 decrease	 in	 trade	 and	 other	 receivables 60623 121626
decrease	 in	 inventories 5572 33439
increase	 decrease	 in	 trade	 and	 other	 payables 132547 372695
cash	 absorbed	 by	 operations 1625058 1812158
research	 and	 development	 tax	 credit	 received 236718 244983
 
net cash outflow from operating activities 1388340 1567175
 
cash flows from investing activities
purchase	 of	 property	 plant	 and	 equipment 16 41461 23681
purchase	 of	 intangible	 assets 15 289464 235687
interest	 received 5222 3430
increase	 in	 trade	 and	 other	 payables – 63647
net	 cash	 absorbed	 by	 investing	 activities 325703 192291
 
cash flows from financing activities
proceeds	 from	 issue	 of	 share	 capital	 net	 of	 expenses 9719 3318478
proceeds	 from	 borrowings	 20 – 500000
sharebased	 payments	 exercised 1500 80001
net	 cash	 generated	 from	 financing	 activities 8219 3898479
 
decreaseincrease in cash and cash equivalents 1722262 2139013
cash	 and	 cash	 equivalents	 at	 the	 beginning	 of	 the	 year 2895025 756012
cash and cash equivalents at the end of the year 19 1172763 2895025
the	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 group	 financial	 statements 32	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements
1 nature of operations and general information
plant	 impact	 plc	 is	 the	 group’s	 ultimate	 parent	 company	 it	 is	 incorporated	 and	 domiciled	 in	 england	 and	 wales	 the	 address	 of	
plant	 impact	 plc’s	 registered	 office	 which	 is	 also	 its	 principal	 place	 of	 business	 is	 12	 south	 preston	 office	 village	 cuerden	 way	
bamber	 bridge	 preston	 pr5	 6bl	 united	 kingdom	 plant	 impact	 plc’s	 shares	 are	 quoted	 on	 aim	 a	 market	 operated	 by	 the	 london	
stock	 exhange	 plc	 and	 are	 traded	 on	 the	 plus	 market
the	 principal	 activities	 of	 the	 group	 are	 described	 in	 the	 group	 directors’	 report
the	 registered	 number	 of	 the	 company	 is	 05442961
the	 group	 financial	 statements	 of	 plant	 impact	 plc	 ‘the	 company’	 for	 the	 year	 ended	 31	 march	 2011	 were	 authorised	 for	 issue	
by the	 board	 of	 directors	 on	 1	 july	 2011
2 significant accounting policies
statement	 of	 compliance
the	 consolidated	 financial	 statements	 of	 plant	 impact	 plc	 have	 been	 prepared	 in	 accordance	 with	 international	 financial	 reporting	
standards	 ifrs	 as	 adopted	 by	 the	 european	 union
adoption	 of	 new	 accounting	 standards
the	 group	 has	 adopted	 the	 following	 new	 interpretations	 revisions	 and	 amendments	 to	 ifrs	 issued	 by	 the	 international	
accounting	 standards	 board	 which	 are	 relevant	 to	 and	 effective	 for	 the	 group’s	 financial	 statements	 for	 the	 annual	 period	
beginning	 1	 may	 2010
	 – ifrs	 3	 business	 combinations	 revised	 2008
	 – revised	 ias	 27	 consolidated	 and	 separate	 financial	 statements
	 – annual	 improvements	 2009
all	 of	 the	 above	 standards	 did	 not	 have	 an	 impact	 on	 the	 group	 financial	 statements
basis	 of	 preparation
the	 consolidated	 financial	 statements	 have	 been	 prepared	 under	 the	 historical	 cost	 convention
the	 accounting	 policies	 have	 been	 applied	 consistently	 throughout	 the	 group	 for	 the	 purposes	 of	 preparation	 of	 these	 group	
financial	 statements
going	 concern
the	 group’s	 business	 activities	 together	 with	 the	 factors	 likely	 to	 affect	 its	 future	 development	 performance	 and	 position	 are	 set	
out	 in	 the	 group	 directors’	 report	 on	 pages	 19	 to	 21	 the	 financial	 position	 of	 the	 group	 its	 cash	 flows	 and	 liquidity	 position	
including	 the	 group’s	 objectives	 policies	 and	 processes	 for	 managing	 its	 capital	 its	 financial	 risk	 management	 objectives	 details	
of	 its	 financial	 instruments	 and	 hedging	 activities	 and	 its	 exposures	 to	 credit	 risk	 and	 liquidity	 risk	 are	 described	 in	 note	 23	 to	 the	
financial	 statements
the	 group	 has	 demonstrated	 its	 capability	 to	 increase	 revenues	 and	 associated	 margins	 over	 a	 three	 year	 period	 it	 has	 also	
demonstrated	 its	 capability	 in	 securing	 contractual	 arrangements	 with	 certain	 economic	 partners	 which	 increase	 the	 probability	
of	 improving	 revenues	 the	 group	 also	 has	 the	 operational	 cost	 and	 working	 capital	 flexibility	 to	 manage	 its	 financial	 resources	 in	
line	 with	 the	 operating	 environment
the	 group’s	 existing	 financial	 resources	 together	 with	 current	 contractual	 arrangements	 in	 different	 geographical	 areas	 provide	 a	
sound	 platform	 for	 launching	 the	 group’s	 products	 and	 generating	 future	 revenues	 as	 a	 consequence	 the	 directors	 believe	 that	
the	 group	 is	 well	 placed	 to	 manage	 its	 business	 risks	 successfully	 despite	 the	 current	 uncertain	 economic	 outlook
the	 group	 has	 undertaken	 a	 review	 of	 forecasts	 and	 projections	 which	 have	 been	 prepared	 for	 the	 period	 to	 30	 june	 2012	
including	 sensitivity	 analysis	 and	 taking	 account	 of	 reasonably	 possible	 changes	 in	 sales	 performance	 the	 sensitivity	 analysis	
undertaken	 included	 a	 number	 of	 scenarios	 incorporating	 uncertainties	 surrounding	 achieving	 forecast	 product	 revenues	
discounting	 of	 bugoil
®
	 agreement	 milestone	 payments	 and	 a	 review	 of	 the	 ability	 of	 the	 group	 to	 manage	 expenditure	 to	 meet	
working	 capital	 and	 funding	 requirements	 this	 review	 supports	 the	 directors	 conclusion	 that	 the	 group	 should	 be	 able	 to	 operate	
within	 the	 level	 of	 its	 current	 cash	 resources
the	 group’s	 financial	 resource	 procedures	 are	 managed	 in	 a	 way	 which	 identify	 potential	 risks	 are	 forward	 looking	 and	 provide	
sufficient	 time	 to	 respond	 to	 these	 risks	 whilst	 maintaining	 a	 going	 concern	 status	 the	 group’s	 financial	 resource	 management	
includes	 monthly	 reporting	 to	 the	 board	 this	 reporting	 includes	 up	 to	 date	 cash	 resource	 visibility	 and	 forward	 looking	 projections	
of	 the	 group’s	 financial	 position
after	 making	 enquiries	 the	 directors	 have	 a	 reasonable	 expectation	 that	 the	 company	 and	 the	 group	 have	 adequate	 resources	
to continue	 in	 operational	 existence	 for	 the	 foreseeable	 future	 accordingly	 they	 continue	 to	 adopt	 the	 going	 concern	 basis	 in	
preparing	 the	 group	 financial	 statements 	 plant	 impact	 plc	 33 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
basis	 of	 consolidation
the	 group	 annual	 financial	 statements	 comprise	 the	 financial	 statements	 of	 plant	 impact	 plc	 and	 its	 subsidiaries	 as	 at	 31	 march	
each	 year	 subsidiaries	 are	 entities	 over	 which	 the	 group	 has	 the	 power	 to	 control	 the	 financial	 and	 operating	 policies	 so	 as	 to	
obtain	 benefits	 from	 its	 activities	 the	 group	 obtains	 and	 exercises	 control	 through	 voting	 rights	 ‘parent	 company	 concept’
the	 financial	 statements	 of	 subsidiaries	 are	 prepared	 for	 the	 same	 reporting	 year	 as	 the	 parent	 company	 using	 consistent	
accounting	 policies	 intercompany	 transactions	 balances	 and	 unrealised	 gains	 on	 transactions	 between	 the	 group	 and	 its	
subsidiaries	 are	 eliminated	 unrealised	 losses	 are	 also	 eliminated	 unless	 the	 transaction	 provides	 evidence	 of	 an	 impairment	 of	
the	 asset	 transferred
acquisitions	 of	 subsidiaries	 are	 dealt	 with	 by	 the	 purchase	 method	 the	 purchase	 method	 involves	 the	 recognition	 at	 fair	 value	 of	 all	
identifiable	 assets	 and	 liabilities	 including	 contingent	 liabilities	 of	 the	 subsidiary	 at	 the	 acquisition	 date	 regardless	 of	 whether	 or	
not	 they	 were	 recorded	 in	 the	 financial	 statements	 of	 the	 subsidiary	 prior	 to	 acquisition	 on	 initial	 recognition	 the	 assets	 and	
liabilities	 of	 the	 subsidiary	 are	 included	 in	 the	 consolidated	 balance	 sheet	 at	 their	 fair	 values	 which	 are	 also	 used	 as	 the	 basis	 for	
subsequent	 measurement	 in	 accordance	 with	 the	 group	 accounting	 policies	 goodwill	 is	 stated	 after	 separating	 out	 identifiable	
intangible	 assets	 goodwill	 represents	 the	 excess	 of	 acquisition	 cost	 over	 the	 fair	 value	 of	 the	 group’s	 share	 of	 the	 identifiable	 net	
assets	 of	 the	 acquired	 subsidiary	 at	 the	 date	 of	 acquisition
revenue	 recognition
the	 group	 currently	 sells	 crop	 nutrient	 products	 to	 national	 and	 global	 distributors	 revenue	 is	 recognised	 to	 the	 extent	 that	 the	
group	 obtains	 the	 right	 to	 consideration	 in	 exchange	 for	 its	 performance	 revenue	 is	 measured	 at	 the	 fair	 value	 of	 the	 consideration	
received	 excluding	 discounts	 and	 vat
revenue	 from	 the	 sale	 of	 crop	 nutrient	 products	 is	 recognised	 when
	 – the	 significant	 risks	 and	 rewards	 of	 ownership	 of	 the	 goods	 have	 passed	 to	 the	 buyer	 usually	 on	 dispatch	 of	 the	 goods	 or	 on	 proof	
of	 acceptance	 by	 the	 customer
	 – the	 amount	 of	 revenue	 can	 be	 measured	 reliably
	 – it	 is	 probable	 that	 the	 economic	 benefits	 associated	 with	 the	 transaction	 will	 flow	 to	 the	 group	 and
	 – the	 costs	 incurred	 or	 to	 be	 incurred	 in	 respect	 of	 the	 transaction	 can	 be	 measured	 reliably
revenue	 recognition	 is	 dependent	 on	 contractual	 terms	 and	 geographical	 location
revenue	 arising	 from	 product	 licence	 agreements	 typically	 have	 an	 initial	 up	 front	 nonrefundable	 payment	 on	 execution	 of	 the	
licence	 and	 the	 potential	 for	 further	 payments	 conditional	 on	 achieving	 specific	 milestones	 plus	 royalties	 on	 product	 sales	
where the	 initial	 fee	 is	 nonrefundable	 and	 there	 are	 no	 ongoing	 commitments	 from	 the	 group	 the	 group	 recognises	 the	 element	
received	 up	 front	 as	 a	 payment	 in	 consideration	 of	 the	 granting	 of	 the	 licence	 on	 execution	 of	 the	 contract	 amounts	 receivable	 in	
respect	 of	 milestone	 payments	 are	 recognised	 as	 revenue	 when	 the	 specific	 conditions	 stipulated	 in	 the	 licence	 agreement	 have	
been	 met	 payments	 linked	 to	 ‘success’	 such	 as	 regulatory	 filing	 or	 approval	 achievement	 of	 specified	 sales	 volumes	 are	
recognised	 in	 full	 when	 the	 relevant	 event	 has	 occurred
interest	 income
interest	 income	 represents	 bank	 interest	 received	 and	 is	 recognised	 on	 an	 effective	 interest	 basis
research	 and	 development	 expenditure
research	 expenditure	 is	 charged	 to	 the	 income	 statement	 in	 the	 period	 in	 which	 it	 is	 incurred	 development	 costs	 incurred	 are	
capitalised	 when	 all	 the	 following	 conditions	 are	 satisfied
	 – completion	 of	 the	 intangible	 asset	 is	 technically	 feasible	 so	 that	 it	 will	 be	 available	 for	 use	 or	 sale	 considering	 its	 commercial	 and	
technological	 feasibility
	 – the	 group	 intends	 to	 complete	 the	 intangible	 asset	 and	 use	 or	 sell	 it
	 – the	 group	 has	 the	 ability	 to	 use	 or	 sell	 the	 intangible	 asset
	 – the	 intangible	 asset	 will	 generate	 probable	 future	 economic	 benefits
	 – there	 are	 adequate	 technical	 financial	 and	 other	 resources	 to	 complete	 the	 development	 and	 to	 use	 or	 sell	 the	 intangible	 asset	
and
	 – the	 expenditure	 attributable	 to	 the	 intangible	 asset	 during	 its	 development	 can	 be	 measured	 reliably
regulatory	 and	 other	 uncertainties	 generally	 mean	 that	 such	 criteria	 are	 not	 met	 in	 particular	 the	 group	 will	 not	 capitalise	 the	
research	 and	 development	 costs	 attributable	 to	 a	 product	 development	 programme	 prior	 to	 grant	 of	 a	 marketing	 licence	 for	 the	
product	 or	 until	 there	 is	 evidence	 of	 probable	 future	 economic	 benefits	 after	 consultation	 with	 third	 party	 consultants	
development	 costs	 not	 meeting	 the	 criteria	 for	 capitalisation	 are	 expensed	 as	 incurred 34	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
2 significant accounting policies continued
goodwill
goodwill	 representing	 the	 excess	 of	 the	 cost	 of	 acquisition	 over	 the	 fair	 value	 of	 the	 group’s	 share	 of	 the	 identifiable	 assets	
acquired	 is	 capitalised	 and	 reviewed	 annually	 for	 impairment	 goodwill	 is	 carried	 at	 cost	 less	 accumulated	 impairment	 losses	
a gain	 from	 bargain	 purchase	 is	 recognised	 immediately	 after	 acquisition	 in	 the	 income	 statement
intangible	 assets
development	 costs	 capitalised	 which	 form	 part	 of	 the	 group’s	 intangible	 assets	 are	 amortised	 on	 a	 straightline	 basis	 over	
a period	 not	 exceeding	 20	 years	 starting	 from	 the	 point	 that	 those	 products	 resulting	 from	 the	 development	 activity	 commence	
mainstream	 sales	 amortisation	 is	 charged	 to	 administrative	 expenses
property	 plant	 and	 equipment
property	 plant	 and	 equipment	 are	 stated	 at	 cost	 net	 of	 depreciation	 and	 provision	 for	 impairment	 depreciation	 is	 provided	
on all property	 plant	 and	 equipment	 at	 rates	 calculated	 to	 writeoff	 the	 cost	 of	 each	 asset	 less	 its	 estimated	 residual	 value	
on a straightline	 basis	 over	 its	 expected	 useful	 life	 as	 follows
laboratory	 and	 office	 equipment	 333 	 per	 cent	 per	 annum
the	 assets’	 residual	 values	 useful	 lives	 and	 methods	 of	 depreciation	 are	 reviewed	 and	 adjusted	 if	 appropriate	 at	 each	 financial	
year	 end
impairment	 of	 assets
the	 carrying	 value	 of	 intangible	 assets	 are	 tested	 for	 impairment	 when	 events	 or	 changes	 in	 circumstances	 indicate	 that	 the	
carrying	 amount	 may	 not	 be	 recoverable
if	 any	 such	 indication	 exists	 or	 when	 annual	 impairment	 testing	 for	 an	 asset	 is	 required	 eg	 cashgenerating	 units	 that	 include	
goodwill	 the	 group	 makes	 an	 estimate	 of	 the	 asset’s	 recoverable	 amount	 an	 asset’s	 recoverable	 amount	 is	 the	 higher	 of	 an	
asset’s	 or	 cashgenerating	 unit’s	 fair	 value	 less	 costs	 to	 sell	 separable	 identifiable	 cash	 flows	 and	 its	 valueinuse	 where	 the	
carrying	 amount	 of	 an	 asset	 exceeds	 its	 recoverable	 amount	 the	 asset	 is	 considered	 impaired	 and	 is	 written	 down	 to	 its	
recoverable	 amount	 in	 assessing	 valueinuse	 the	 estimated	 future	 cash	 flows	 are	 discounted	 to	 their	 present	 value	 using	 a	
pretax	 discount	 rate	 that	 reflects	 current	 market	 assessments	 of	 the	 time	 value	 of	 money	 and	 the	 risks	 specific	 to	 the	 asset	
impairment	 losses	 on	 continuing	 operations	 are	 recognised	 in	 the	 group	 income	 statement	 in	 those	 categories	 consistent	 with	
the function	 of	 the	 impaired	 asset
an	 impairment	 loss	 is	 recognised	 in	 the	 group	 income	 statement	 within	 administrative	 expenses	 for	 the	 amount	 by	 which	 the	
asset’s	 carrying	 amount	 exceeds	 its	 recoverable	 amount	 the	 recoverable	 amount	 is	 the	 higher	 of	 fair	 value	 reflecting	 market	
conditions	 less	 costs	 to	 sell	 and	 value	 in	 use	 based	 on	 an	 internal	 discounted	 cash	 flow	 evaluation
impairment	 losses	 recognised	 for	 goodwill	 are	 not	 subsequently	 reversed
other	 intangible	 assets	 are	 reassessed	 for	 indications	 that	 an	 impairment	 loss	 previously	 recognised	 may	 no	 longer	 exist	
the impairment	 review	 of	 intangible	 assets	 is	 analysed	 in	 note	 15	 an	 impairment	 charge	 is	 reversed	 if	 the	 cashgenerating	 units	
recoverable	 amount	 exceeds	 its	 carrying	 amount
foreign	 currencies
transactions	 in	 foreign	 currencies	 are	 translated	 at	 the	 exchange	 rate	 ruling	 at	 the	 date	 of	 the	 transaction	 monetary	 assets	
and liabilities	 in	 foreign	 currencies	 are	 translated	 at	 the	 rates	 of	 exchange	 ruling	 at	 the	 balance	 sheet	 date	 nonmonetary	 items	
that	 are	 measured	 at	 historical	 cost	 in	 a	 foreign	 currency	 are	 translated	 at	 the	 exchange	 rate	 at	 the	 date	 of	 the	 transaction	
nonmonetary	 items	 that	 are	 measured	 at	 fair	 value	 in	 a	 foreign	 currency	 are	 translated	 using	 the	 exchange	 rates	 at	 the	 date	
when the	 fair	 value	 was	 determined
any	 exchange	 differences	 arising	 on	 the	 settlement	 of	 monetary	 items	 or	 on	 translating	 monetary	 items	 at	 rates	 different	 from	
those	 at	 which	 they	 were	 initially	 recorded	 are	 recognised	 in	 the	 profit	 or	 loss	 in	 the	 period	 in	 which	 they	 arise	 exchange	
differences	 on	 nonmonetary	 items	 are	 recognised	 in	 the	 statement	 of	 other	 comprehensive	 income	 to	 the	 extent	 that	 they	 relate	
to a	 gain	 or	 loss	 on	 that	 nonmonetary	 item	 taken	 to	 group	 other	 comprehensive	 income	 otherwise	 such	 gains	 and	 losses	 are	
recognised	 in	 the	 group	 income	 statement
operating	 segments
in	 identifying	 its	 operating	 segments	 management	 follows	 the	 group’s	 two	 reporting	 segments	 crop	 nutrients	 and	 pest	 control	
representing	 internal	 management	 information	 that	 is	 regularly	 reviewed	 by	 the	 chief	 operating	 decision	 maker
taxation
credit	 is	 taken	 in	 the	 accounting	 period	 for	 research	 and	 development	 tax	 credits	 which	 will	 be	 claimed	 from	 her	 majesty’s	
revenue	 	 customs	 hmrc	 in	 respect	 of	 qualifying	 research	 and	 development	 costs	 incurred	 in	 the	 same	 accounting	 period	
the resultant	 amount	 is	 measured	 at	 the	 amount	 expected	 to	 be	 recovered	 from	 hmrc
uk	 corporation	 tax	 is	 provided	 on	 taxable	 profits	 or	 losses	 at	 amounts	 expected	 to	 be	 paid	 or	 recovered	 applying	 the	 tax	 rates	 and	
laws	 that	 have	 been	 enacted	 or	 substantively	 enacted	 by	 the	 balance	 sheet	 date 	 plant	 impact	 plc	 35 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
deferred	 tax	 is	 accounted	 for	 using	 the	 balance	 sheet	 liability	 method	 in	 respect	 of	 temporary	 differences	 arising	 from	 differences	
between	 the	 carrying	 amount	 of	 assets	 and	 liabilities	 in	 the	 financial	 statements	 and	 the	 corresponding	 tax	 bases	 used	 in	 the	
computation	 of	 taxable	 profit	 or	 loss	 deferred	 tax	 assets	 are	 recognised	 to	 the	 extent	 that	 it	 is	 probable	 that	 future	 taxable	 profits	
will	 be	 available	 against	 which	 the	 temporary	 differences	 can	 be	 utilised	 their	 carrying	 amount	 is	 reviewed	 at	 each	 balance	 sheet	
date	 on	 the	 same	 basis	 however	 deferred	 tax	 is	 not	 provided	 on	 the	 initial	 recognition	 of	 goodwill	 nor	 on	 the	 initial	 recognition	 of	
an	 asset	 or	 liability	 unless	 the	 related	 transaction	 is	 a	 business	 combination	 or	 affects	 tax	 or	 accounting	 profit	 deferred	 tax	 is	
measured	 on	 an	 undiscounted	 basis	 and	 at	 the	 tax	 rates	 that	 are	 expected	 to	 apply	 in	 the	 period	 in	 which	 the	 asset	 or	 liability	 is	
settled	 provided	 they	 are	 enacted	 or	 substantively	 enacted	 at	 the	 balance	 sheet	 date	 it	 is	 recognised	 in	 the	 income	 statement	
except	 when	 it	 relates	 to	 items	 credited	 or	 charged	 directly	 to	 equity	 in	 which	 case	 the	 deferred	 tax	 is	 also	 dealt	 with	 in	 equity
financial	 assets
financial	 assets	 are	 classified	 into	 the	 following	 specified	 categories	 financial	 assets	 ‘at	 fair	 value’	 through	 profit	 or	 loss	 fvtpl	
‘held	 to	 maturity’	 investments	 ‘availableforsale’	 afs	 financial	 assets	 and	 ‘loans	 and	 receivables’	 the	 classification	 depends	 on	
the	 nature	 and	 purpose	 of	 the	 financial	 asset	 and	 is	 determined	 at	 the	 time	 of	 initial	 recognition	 the	 group	 currently	 has	 only	 loans	
and	 receivables	 in	 these	 financial	 statements	 financial	 assets	 other	 than	 those	 categorised	 as	 at	 fair	 value	 through	 profit	 or	 loss	
are	 initially	 recognised	 at	 fair	 value	 plus	 transaction	 costs
effective	 investment	 method
the	 effective	 investment	 method	 is	 a	 method	 of	 calculating	 the	 amortised	 cost	 of	 a	 financial	 assetliability	 and	 of	 allocating	 interest	
incomeexpense	 over	 the	 relevant	 period	 the	 effective	 interest	 rate	 is	 the	 rate	 that	 exactly	 discounts	 estimated	 future	 cash	
receiptspayments	 through	 the	 expected	 life	 of	 the	 financial	 assetliability	 or	 where	 appropriate	 a	 shorter	 period
loans	 and	 receivables
loans	 and	 receivables	 are	 nonderivative	 financial	 assets	 with	 fixed	 or	 determinable	 payments	 that	 are	 not	 quoted	 in	 an	 active	
market	 cash	 and	 cash	 equivalents	 trade	 receivables	 and	 other	 debtors	 are	 classified	 as	 loans	 and	 receivables	 loans	 and	
receivables	 are	 measured	 subsequent	 to	 initial	 recognition	 at	 amortised	 cost	 using	 the	 effective	 interest	 method	 less	 provision	
for impairment	 any	 change	 in	 their	 value	 through	 impairment	 or	 reversal	 of	 impairment	 is	 recognised	 in	 the	 income	 statement
provision	 against	 trade	 receivables	 is	 made	 when	 there	 is	 objective	 evidence	 that	 the	 group	 will	 not	 be	 able	 to	 collect	 all	 amounts	
due	 to	 it	 in	 accordance	 with	 the	 original	 terms	 of	 those	 receivables	 the	 amount	 of	 the	 writedown	 is	 determined	 as	 the	 difference	
between	 the	 asset’s	 carrying	 amount	 and	 the	 present	 value	 of	 estimated	 future	 cash	 flows
a	 financial	 asset	 is	 derecognised	 only	 where	 the	 contractual	 rights	 to	 the	 cash	 flows	 from	 the	 asset	 expire	 or	 the	 financial	 asset	
is transferred	 and	 that	 transfer	 qualifies	 for	 derecognition
cash	 and	 cash	 equivalents
cash	 and	 cash	 equivalents	 comprise	 cash	 in	 hand	 and	 on	 demand	 deposits	 together	 with	 other	 shortterm	 highly	 liquid	
investments	 that	 are	 readily	 convertible	 into	 known	 amounts	 of	 cash	 and	 which	 are	 subject	 to	 an	 insignificant	 risk	 of	 changes	
in value
for	 the	 purpose	 of	 the	 consolidated	 cash	 flow	 statement	 cash	 and	 cash	 equivalents	 consist	 of	 cash	 and	 cash	 equivalents	 as	
defined	 above
financial	 liabilities
financial	 liabilities	 are	 obligations	 to	 pay	 cash	 or	 other	 financial	 assets	 and	 are	 recognised	 when	 the	 group	 becomes	 a	 party	
to the contractual	 provisions	 of	 the	 instrument	 financial	 liabilities	 categorised	 as	 at	 fair	 value	 through	 profit	 or	 loss	 fvtpl	
are recorded	 initially	 at	 fair	 value	 all	 transaction	 costs	 are	 recognised	 immediately	 in	 the	 income	 statement	 the	 group	 currently	
has	 no	 liabilities	 categorised	 as	 fvtpl	 all	 other	 financial	 liabilities	 for	 example	 trade	 payables	 are	 recorded	 initially	 at	 fair	 value	
net	 of	 direct	 issue	 costs	 and	 are	 recorded	 at	 amortised	 cost	 using	 the	 effective	 interest	 method	 with	 interestrelated	 charges	
recognised	 as	 an	 expense	 in	 finance	 cost	 in	 the	 income	 statement
finance	 charges	 including	 premiums	 payable	 on	 settlement	 or	 redemption	 and	 direct	 issue	 costs	 are	 charged	 to	 the	 income	
statement	 on	 an	 accruals	 basis	 using	 the	 effective	 interest	 method	 and	 are	 added	 to	 the	 carrying	 amount	 of	 the	 instrument	 to	 the	
extent	 that	 they	 are	 not	 settled	 in	 the	 period	 in	 which	 they	 arise	 a	 financial	 liability	 is	 derecognised	 only	 when	 the	 obligation	 is	
extinguished	 that	 is	 when	 the	 obligation	 is	 discharged	 cancelled	 or	 expires
financial instruments
classification	 as	 equity	 or	 financial	 liability
financial	 liabilities	 and	 equity	 instruments	 are	 classified	 according	 to	 the	 substance	 of	 the	 contractual	 arrangements	 entered	 into
a	 financial	 liability	 exists	 where	 there	 is	 a	 contractual	 obligation	 to	 deliver	 cash	 or	 another	 financial	 asset	 to	 another	 entity	 or	 to	
exchange	 financial	 assets	 or	 financial	 liabilities	 under	 potentially	 unfavourable	 conditions	 in	 addition	 contracts	 which	 result	 in	 the	
entity	 delivering	 a	 variable	 number	 of	 its	 own	 equity	 instruments	 are	 financial	 liabilities	 shares	 containing	 such	 obligations	 are	
classified	 as	 financial	 liabilities
an	 equity	 instrument	 is	 any	 contract	 that	 evidences	 a	 residual	 interest	 in	 the	 assets	 of	 the	 group	 after	 deducting	 all	 of	 its	 liabilities	
dividends	 and	 distributions	 relating	 to	 equity	 instruments	 are	 debited	 direct	 to	 equity 36	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
2 significant accounting policies continued
inventories
inventories	 are	 stated	 at	 the	 lower	 of	 cost	 and	 net	 realisable	 value	 after	 making	 due	 allowance	 for	 obsolete	 and	 slow	 moving	 items	
costs	 include	 all	 purchased	 costs	 incurred	 in	 bringing	 each	 product	 to	 its	 present	 locations	 and	 condition	 on	 a	 firstin	 firstout	
fifo	 basis
sharebased	 payments
the	 cost	 of	 equitysettled	 transactions	 with	 employees	 is	 measured	 by	 reference	 to	 the	 fair	 value	 at	 the	 date	 at	 which	 they	 are	
granted	 and	 is	 recognised	 as	 an	 expense	 over	 the	 vesting	 period	 which	 ends	 on	 the	 date	 on	 which	 the	 relevant	 employees	
become fully	 entitled	 to	 the	 award	 fair	 value	 is	 determined	 using	 the	 blackscholes	 pricing	 model	 in	 valuing	 equitysettled	
transactions	 no	 account	 is	 taken	 of	 any	 vesting	 conditions	 other	 than	 conditions	 linked	 to	 the	 price	 of	 the	 shares	 of	 the	 company	
market	 conditions
if	 vesting	 periods	 or	 other	 nonmarket	 vesting	 conditions	 apply	 the	 expense	 is	 allocated	 over	 the	 vesting	 period	 based	 on	 the	 best	
available	 estimate	 of	 the	 number	 of	 share	 options	 expected	 to	 vest	 estimates	 are	 subsequently	 revised	 if	 there	 is	 any	 indication	
that	 the	 number	 of	 share	 options	 expected	 to	 vest	 differs	 from	 previous	 estimates	 any	 cumulative	 adjustment	 prior	 to	 vesting	 is	
recognised	 in	 the	 current	 period	 no	 adjustment	 is	 made	 to	 any	 expense	 recognised	 in	 prior	 periods	 if	 share	 options	 ultimately	
exercised	 are	 different	 to	 that	 estimated	 on	 vesting
all	 equitysettled	 sharebased	 payments	 are	 ultimately	 recognised	 as	 an	 expense	 in	 the	 group	 income	 statement	 with	 a	
corresponding	 credit	 to	 ‘other	 reserve’
upon	 exercise	 of	 share	 options	 the	 proceeds	 received	 net	 of	 attributable	 transaction	 costs	 are	 credited	 to	 share	 capital	 and	 where	
appropriate	 share	 premium
leased	 assets
in	 accordance	 with	 ias	 17	 the	 economic	 ownership	 of	 a	 leased	 asset	 is	 transferred	 to	 the	 lessee	 if	 the	 lessee	 bears	 substantially	 all	
the	 risks	 and	 rewards	 related	 to	 the	 ownership	 of	 the	 leased	 asset	 the	 related	 asset	 is	 recognised	 at	 the	 time	 of	 inception	 of	 the	
lease	 at	 the	 fair	 value	 of	 the	 leased	 asset	 or	 if	 lower	 the	 present	 value	 of	 the	 minimum	 lease	 payments	 plus	 incidental	 payments	
if any	 to	 be	 borne	 by	 the	 lessee	 a	 corresponding	 amount	 is	 recognised	 as	 a	 finance	 leasing	 liability
the	 interest	 element	 of	 leasing	 payments	 represents	 a	 constant	 proportion	 of	 the	 capital	 balance	 outstanding	 and	 is	 charged	 to	 the	
income	 statement	 over	 the	 period	 of	 the	 lease
all	 other	 leases	 are	 regarded	 as	 operating	 leases	 and	 the	 payments	 made	 under	 them	 are	 charged	 to	 the	 income	 statement	 on	
a straightline	 basis	 over	 the	 lease	 term	 lease	 incentives	 are	 spread	 over	 the	 term	 of	 the	 lease
equity
equity	 comprises	 the	 following
	 – ‘share	 capital’	 represents	 the	 nominal	 value	 of	 equity	 shares
	 – ‘share	 premium’	 represents	 the	 excess	 over	 nominal	 value	 of	 the	 fair	 value	 of	 consideration	 received	 for	 equity	 shares	 net	 of	
expenses	 of	 share	 issues
	 – ‘other	 reserve’	 represents	 equitysettled	 sharebased	 employee	 remuneration	 until	 such	 share	 options	 are	 exercised
	 – ‘merger	 reserve’	 arose	 on	 the	 acquisition	 of	 pi	 bioscience	 limited	 under	 previous	 gaap
	 – ‘retained	 earnings’	 represent	 cumulative	 retained	 profitslosses
3 critical accounting judgements and key sources of estimation uncertainty
in	 the	 application	 of	 the	 group’s	 accounting	 policies	 which	 are	 described	 in	 note	 2	 the	 directors	 are	 required	 to	 make	 judgements	
estimates	 and	 assumptions	 about	 the	 carrying	 amounts	 of	 assets	 and	 liabilities	 that	 are	 not	 readily	 apparent	 from	 other	 sources	
the	 estimates	 and	 associated	 assumptions	 are	 based	 on	 historical	 experience	 and	 other	 factors	 that	 are	 considered	 to	 be	 relevant	
actual	 results	 may	 differ	 from	 these	 estimates
the	 estimates	 and	 underlying	 assumptions	 are	 reviewed	 on	 an	 ongoing	 basis	 revisions	 to	 accounting	 estimates	 are	 recognised	 in	
the	 period	 in	 which	 the	 estimate	 is	 revised	 if	 the	 revision	 affects	 only	 that	 period	 or	 in	 the	 period	 of	 the	 revision	 and	 future	 periods	 if	
the	 revision	 affects	 both	 current	 and	 future	 periods
critical	 accounting	 judgements	 in	 applying	 accounting	 policies
the	 following	 are	 the	 critical	 judgements	 apart	 from	 those	 involving	 estimations	 that	 the	 directors	 have	 made	 in	 the	 process	 of	
applying	 the	 entity’s	 accounting	 policies	 and	 that	 have	 the	 most	 significant	 effect	 on	 the	 amounts	 recognised	 in	 the	 financial	
statements
research	 and	 development	 activities
management	 have	 reviewed	 the	 group’s	 research	 and	 development	 activities	 and	 have	 made	 judgements	 on	 the	 amount	 of	
development	 expenditure	 it	 is	 appropriate	 to	 capitalise	 the	 criteria	 which	 management	 have	 to	 make	 judgements	 about	 are	 set	
out in	 note	 2	 in	 particular	 that	 certain	 products	 are	 technically	 and	 commercially	 viable 	 plant	 impact	 plc	 37 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
key	 sources	 of	 estimation	 uncertainty
impairment	 of	 goodwill
determining	 whether	 goodwill	 is	 impaired	 requires	 an	 estimation	 of	 the	 value	 in	 use	 attributable	 to	 goodwill	 the	 value	 in	 use	
calculation	 requires	 the	 directors’	 to	 estimate	 the	 future	 cash	 flows	 expected	 to	 arise	 and	 a	 suitable	 discount	 rate	 in	 order	 to	 the	
calculate	 present	 value
details	 of	 the	 impairment	 estimation	 are	 provided	 in	 note	 15
4 standards and interpretations in issue not yet adopted
at	 the	 date	 of	 authorisation	 of	 these	 consolidated	 financial	 statements	 certain	 new	 standards	 amendments	 and	 interpretations	 to	
existing	 standards	 have	 been	 published	 but	 are	 not	 yet	 effective	 and	 have	 not	 been	 adopted	 early	 by	 the	 group
the	 directors	 anticipate	 that	 all	 of	 the	 relevant	 pronouncements	 will	 be	 adopted	 in	 the	 group’s	 accounting	 policies	 for	 the	 first	
period	 beginning	 after	 the	 effective	 date	 of	 the	 pronouncement	 information	 on	 new	 standards	 amendments	 and	 interpretations	
that	 are	 expected	 to	 be	 relevant	 to	 the	 group’s	 financial	 statements	 is	 provided	 below	 certain	 other	 new	 standards	 and	
interpretations	 have	 been	 issued	 but	 are	 not	 expected	 to	 have	 a	 material	 impact	 on	 the	 group’s	 financial	 statements
revised	 ias	 24	 related	 party	 transactions	 effective	 from	 1	 january	 2011
the	 revised	 standard	 introduces	 exemptions	 from	 ias	 24’s	 disclosure	 requirements	 for	 transactions	 with	 a	 government	 that	 has	
control	 joint	 control	 or	 significant	 influence	 over	 the	 reporting	 entity	 and	 governmentrelated	 entities	 the	 revised	 standard	 also	
broadens	 the	 definition	 of	 related	 parties	 based	 on	 transactions	 currently	 undertaken	 by	 the	 group	 the	 revised	 standard	 is	 not	
expected	 to	 have	 a	 significant	 effect	 on	 the	 consolidated	 financial	 statements
ifrs	 9	 financial	 instruments	 effective	 from	 1	 january	 2013
the	 iasb	 aims	 to	 replace	 ias	 39	 financial	 instruments	 recognition	 and	 measurement	 in	 its	 entirety	 by	 the	 end	 of	 2010	 with	 the	
replacement	 standard	 to	 be	 effective	 for	 annual	 periods	 beginning	 1	 january	 2013	 ifrs	 9	 is	 the	 first	 part	 of	 phase	 1	 of	 this	 project	
the	 main	 phases	 are
phase	 1	 classification	 and	 measurement
phase	 2	 impairment	 methodology
phase	 3	 hedge	 accounting
management	 have	 yet	 to	 assess	 the	 impact	 that	 this	 new	 standard	 is	 likely	 to	 have	 on	 the	 financial	 statements	 of	 the	 group	
however	 they	 do	 not	 expect	 to	 implement	 the	 standard	 until	 all	 chapters	 of	 the	 ias	 39	 replacement	 have	 been	 published	 and	 they	
can	 comprehensively	 assess	 the	 impact	 of	 all	 changes
5 segment information
the	 group’s	 operating	 segments	 have	 been	 identified	 based	 on	 internal	 management	 reporting	 information	 that	 is	 regularly	
reviewed	 by	 the	 chief	 operating	 decision	 maker	 as	 set	 out	 in	 note	 2	 these	 operating	 segments	 are	 monitored	 and	 strategic	
decisions	 are	 made	 on	 the	 basis	 of	 adjusted	 segment	 operating	 results
the	 segment	 results	 for	 the	 year	 ended	 31	 march	 2011	 are	 as	 follows
crop  
nutrients  
£
pest  
control  
£ 
 total  
£
segment	 revenue	 from	 external	 customers 1783525 – 1783525
operating	 loss 330914 219498 550412
finance	 cost	 –	 net – – –
loss	 before	 tax 330914 219498 550412
income	 tax	 credit – – –
loss	 for	 the	 year 330914 219498 550412
depreciation	 – – 42930
other	 noncash	 movements – – 114739
	 other	 noncash	 movements	 represent	 sharebased	 payments 38	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
5 segment information continued
the	 segment	 results	 for	 the	 year	 ended	 31	 march	 2010	 are	 as	 follows
crop  
nutrients  
£
pest  
control  
£ 
 total  
£
segment	 revenue	 from	 external	 customers 910711 500000 1410711
operating	 lossprofit 283897 381066 97169
finance	 cost	 –	 net – – –
lossprofit	 before	 income	 tax 283897 381066 97169
income	 tax	 credit – – –
loss	 for	 the	 year 283897 381066 97169
depreciation	 – – 21839
other	 noncash	 movements – – 46477
	 other	 noncash	 movements	 represent	 sharebased	 payments
the	 segment	 assets	 and	 liabilities	 at	 31	 march	 2011	 and	 capital	 expenditure	 for	 the	 year	 then	 ended	 are	 as	 follows
crop  
nutrients  
£
pest  
control  
£ 
 total  
£
assets 879018 950850 1829868
liabilities 399206 111230 510436
capital	 expenditure	 –	 tangible – – 41461
the	 segment	 assets	 and	 liabilities	 at	 31	 march	 2010	 and	 capital	 expenditure	 for	 the	 year	 then	 ended	 are	 as	 follows
crop  
nutrients  
£
pest  
control  
£ 
 total  
£
assets 682736 669656 1352392
liabilities 215146 8685 223831
capital	 expenditure	 –	 tangible – – 23681
the	 totals	 presented	 for	 the	 group’s	 operating	 segments	 reconcile	 to	 the	 entity’s	 key	 financial	 figures	 as	 presented	 in	 its	 financial	
statements	 as	 follows
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
revenue
total	 segment	 revenues 1783525 1410711
group	 revenues 1783525 1410711
profit or loss
segment	 operating	 lossprofit 550412 97169
other	 expenses	 not	 allocated 1309810 1760013
group operating loss 1860222 1662844
net	 finance	 costs 25920 22293
group	 loss	 before	 tax 1886142 1685137
assets
total	 segment	 assets 1829868 1352392
consolidation 9065856 7543344
group	 head	 office 10643507 10957100
group assets 3407519 4766148 	 plant	 impact	 plc	 39 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
the	 analysis	 of	 revenue	 by	 destination	 is	 as	 follows
revenue
 year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
americas 170192 554773
europe 1126202 628420
middle	 east 319615 144634
africa 167516 82884
1783525 1410711
all	 assets	 and	 capital	 expenditure	 are	 located	 within	 the	 united	 kingdom
customers	 that	 constituted	 in	 excess	 of	 10	 per	 cent	 of	 group	 revenues	 are
customer	 a	 and	 customer	 b	 from	 the	 crop	 nutrients	 segment	 being	 £651000	 and	 £184000	 respectively	 2010	 £48000	 and	
£61000	 respectively
with	 regard	 to	 the	 crop	 nutrients	 segment	 management	 note	 that	 as	 the	 commercial	 operations	 develop	 this	 concentration	 will	
diminish
6 operating loss
the	 operating	 loss	 for	 the	 year	 is	 stated	 after	 chargingcrediting
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
auditors’	 remuneration	 note	 11 46572 45968
depreciation	 and	 amortisation	 notes	 15	 and	 16 42930 21839
operating	 lease	 rentals
–	 land	 and	 buildings 45000 45000
foreign	 exchange	 differences 16285 46054
movement	 on	 allowance	 for	 doubtful	 debts	 note	 18 36421 30689
sharebased	 payments	 note	 22 114739 46477
7 staff costs
the	 total	 amounts	 for	 directors’	 remuneration	 and	 other	 benefits	 are	 as	 follows
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
directors’ remuneration
aggregate	 emoluments 504813 532702
sharebased	 payments 87992 27567
592805 560269
highest	 paid	 director
the	 above	 includes	 remuneration	 of	 the	 highest	 paid	 director	 as	 follows
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
aggregate	 emoluments 197439 168732
sharebased	 payments 30609 21707
228048 190439 40	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
7 staff costs continued
the	 total	 employment	 cost	 during	 the	 period	 was	 as	 follows
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
wages	 and	 salaries 1285135 1120188
social	 security	 costs 140062 125763
sharebased	 payments	 to	 directors 87992 27567
sharebased	 payments	 to	 employees 26747 18910
1539936 1292428
the	 average	 number	 of	 employees	 during	 the	 period	 was
year ended  
31 march  
2011  
no
year ended  
31 march  
2010  
no
administration 3 3
management 2 3
research	 and	 development 1 1
production 2 2
sales	 and	 technical 9 7
17 16
8 finance income
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
bank	 interest	 receivable 5222 3430
9 finance cost
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
loan	 interest	 payable 31141 25723
10 research and development costs
research	 and	 development	 costs	 that	 have	 been	 charged	 directly	 to	 the	 group	 income	 statement	 for	 the	 year	 ended	 31	 march	 2011	
amounted	 to	 £1254164	 2010	 £1131331
11 auditors’ remuneration
services	 provided	 by	 the	 company’s	 auditors	 and	 its	 associates
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
fees	 payable	 to	 company	 auditor	 for	 the	 audit	 of	 parent	 and	 group	 financial	 statements 19000 18500
other	 fees	 to	 auditors
–	 the	 audit	 of	 company’s	 subsidiaries	 pursuant	 to	 legislation 4000 3500
–	 tax	 compliance 9000 7700
–	 other	 audit	 and	 tax	 services 14572 16268
46572 45968 	 plant	 impact	 plc	 41 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
12 income tax credit
recognised	 in	 the	 group	 income	 statement
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
current tax credit
current	 tax 261401 240814
adjustments	 for	 prior	 years 4097 27248
257304 268062
deferred tax
net	 reversal	 of	 timing	 differences 116822 –
adjustment	 for	 tax	 rate	 differences 116822 –
– –
total	 tax	 in	 group	 income	 statement 257304 268062
reconciliation	 of	 effective	 tax	 rate
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
loss	 before	 tax 1886142 1685137
loss	 before	 tax	 multiplied	 by	 rate	 of	 corporation	 tax	 in	 the
uk	 of	 28	 per	 cent	 2009	 28	 per	 cent 528120 471838
nondeductible	 expenses 32127 13015
research	 and	 development	 tax	 credit 37343 34402
movement	 of	 deferred	 tax 80426 183607
adjustments	 for	 prior	 years 4097 27248
adjustment	 for	 tax	 rate	 differences	 116823 –
total	 tax	 in	 group	 income	 statement 257304 268062
unrelieved	 tax	 losses	 of	 £6354000	 2010	 £4890000	 remain	 available	 to	 offset	 against	 future	 taxable	 trading	 profits
13 deferred income tax
no	 provision	 has	 been	 made	 for	 deferred	 income	 tax	 on	 losses	 carried	 forward	 as	 they	 will	 only	 be	 available	 for	 offset	 when	 the	
group	 makes	 taxable	 profits	 arising	 from	 the	 same	 trade	 as	 the	 availability	 of	 future	 of	 profits	 is	 uncertain	 it	 has	 been	 assumed	
that	 the	 losses	 will	 not	 be	 recoverable	 in	 the	 foreseeable	 future
deferred	 income	 tax	 assets	 which	 have	 not	 been	 recognised	 comprise	 of	 the	 following	 amounts
year ended  
31 march  
2011  
£
year ended  
31 march 
 2010  
£
accelerated	 capital	 allowances 141299 128649
temporary	 difference	 relating	 to	 sharebased	 payments 8074 16093
tax	 losses	 1651913 1369115
1518688 1256559
all	 amounts	 are	 calculated	 at	 26	 per	 cent	 2010	 28	 using	 the	 balance	 sheet	 liability	 method
14 loss per ordinary share
the	 loss	 per	 ordinary	 share	 is	 based	 on	 the	 loss	 after	 taxation	 of	 £1628838	 2010	 £1417075	 and	 45758109	 2010	 31405104	
ordinary	 shares	 of	 1	 pence	 each	 being	 the	 weighted	 average	 number	 of	 shares	 in	 issue	 during	 the	 period
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
loss	 attributable	 to	 equity	 holders	 of	 the	 group	 £ 1628838 1417075
weighted	 average	 number	 of	 ordinary	 shares	 in	 issue 45758109 31405104
basic	 and	 diluted	 loss	 per	 share	 004 005
the	 share	 options	 in	 issue	 are	 antidilutive	 in	 respect	 of	 the	 basic	 loss	 per	 share	 calculation	 and	 have	 therefore	 not	 been	 included 42	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
15 intangible assets
goodwill  
£
patents  
£
development 
costs  
£
total 
 £
year ended 31 march 2010
opening	 net	 book	 value 585383 – 71374 656757
additions – – 235687 235687
amortisation – – 4168 4168
closing	 net	 book	 value 585383 – 302893 888276
year ended 31 march 2011
opening	 net	 book	 value 585383 – 302893 888276
additions – – 289464 289464
amortisation – – 18999 18999
closing net book value 585383 – 573358 1158741
as at 31 march 2011
cost	 or	 valuation 585383 – 596525 1181908
accumulated	 amortisation – – 23167 23167
net book value 585383 – 573358 1158741
as at 31 march 2010
cost	 or	 valuation 585383 – 307061 892444
accumulated	 amortisation – – 4168 4168
net	 book	 value 585383 – 302893 888276
all	 additions	 during	 the	 year	 arise	 from	 internal	 development
goodwill
goodwill	 is	 allocated	 to	 the	 pest	 control	 segment	 and	 is	 not	 amortised	 but	 tested	 annually	 for	 impairment	 to	 the	 extent	 that	 the	
carrying	 value	 exceeds	 the	 value	 in	 use	 determined	 from	 estimated	 discounted	 future	 cash	 flows	 goodwill	 is	 written	 down	 to	 the	
value	 in	 use	 and	 an	 impairment	 charge	 is	 recognised
capitalised	 development	 costs
the	 group	 currently	 has	 internally	 generated	 intangible	 assets	 from	 the	 development	 of	 its	 crop	 nutrient	 and	 pest	 control	
products	 all	 other	 development	 work	 has	 been	 written	 off	 as	 incurred	 where	 the	 criteria	 for	 recognition	 as	 an	 asset	 are	 not	 met
capitalised	 development	 costs	 are	 being	 amortised	 over	 a	 period	 of	 20	 years	 the	 balance	 at	 31	 march	 2011	 is	 being	 amortised	 in	
full	 over	 20	 years	 which	 is	 considered	 by	 management	 to	 be	 representative	 of	 the	 useful	 economic	 life	 of	 crop	 nutrient	 and	 pest	
control	 products
impairment	 review
during	 the	 year	 goodwill	 and	 development	 costs	 for	 crop	 nutrient	 and	 pest	 control	 segments	 were	 tested	 for	 impairment	 in	
accordance	 with	 ias	 36	 ‘impairment	 of	 assets’	 the	 recoverable	 amount	 exceeded	 the	 carrying	 amount	 of	 goodwill	 recorded	
the recoverable	 amount	 has	 been	 measured	 on	 a	 value	 in	 use	 calculation 	 plant	 impact	 plc	 43 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
key	 assumptions
crop	 nutrients
the	 group	 has	 a	 number	 of	 commercially	 available	 products	 and	 continues	 to	 generate	 new	 products	 and	 new	 product	 use	 from	
the	 current	 technologies	 particularly	 from	 cat	 pint	 speedo	 and	 alethea	 these	 products	 are	 currently	 generating	 commercial	
revenues	 in	 europe	 north	 	 central	 america	 asia	 middle	 east	 and	 africa
plant	 impact	 continues	 to	 expand	 crop	 nutrient	 development	 in	 new	 countries	 and	 on	 new	 crops	 during	 the	 year	 the	 group	 has	
seen	 increased	 commercial	 activity	 in	 europe	 middle	 east	 and	 africa
the	 impairment	 review	 for	 crop	 nutrient	 products	 includes	 the	 following
	 – a	 countrybycountry	 crop	 review	 which	 details
	 – key	 crops
	 – number	 of	 hectares
	 – the	 plant	 impact	 products	 that	 can	 be	 used	 on	 key	 crops
	 – the	 potential	 market	 size
	 – the	 potential	 route	 to	 market
	 – the	 unique	 selling	 points	 of	 the	 group’s	 products
pest	 control
the	 group	 signed	 a	 licensing	 agreement	 with	 arysta	 lifescience	 for	 bugoil
®
	 on	 the	 29	 may	 2009
during	 the	 year	 plant	 impact	 has	 been	 in	 discussions	 with	 both	 the	 regulatory	 authorities	 in	 the	 uk	 and	 the	 usa	 these	 discussions	
have	 identified	 delays	 in	 the	 regulatory	 progress	 in	 both	 countries	 although	 there	 are	 delays	 in	 regulatory	 approval	 the	 board	
anticipate	 registration	 during	 the	 next	 two	 years
the	 key	 assumptions	 used	 in	 the	 impairment	 review	 are
	 – revenues	 and	 margins	 were	 estimated	 based	 on	 market	 size	 market	 penetration	 and	 the	 resultant	 royalties	 and	 milestone	
payments	 taking	 into	 account	 of	 regulatory	 delays
	 – discount	 rate	 –	 a	 pretax	 rate	 of	 16	 per	 cent	 was	 used	 in	 the	 value	 in	 use	 calculation	 this	 discount	 rate	 is	 based	 on	 industry	
experience	 obtained	 by	 arysta	 lifescience
	 – a	 period	 of	 10	 years	 has	 been	 selected	 for	 cash	 flow	 estimates	 this	 is	 greater	 than	 the	 ias	 36	 requirement	 of	 five	 years	 however	
this	 is	 due	 to	 the	 contractual	 arrangements	 of	 the	 arysta	 lifescience	 agreement	 management	 believe	 it	 is	 a	 conservative	 model
sensitivity	 analysis	 as	 at	 31	 march	 2011	 has	 indicated	 that	 no	 reasonable	 foreseeable	 change	 in	 the	 key	 assumptions	 used	 in	 the	
impairment	 model	 would	 result	 in	 any	 changes	 to	 the	 financial	 statements 44	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
16 property plant and equipment
laboratory and 
office equipment  
£
year ended 31 march 2010
opening	 net	 book	 value 27603
additions 23681
depreciation 17671
closing	 net	 book	 value 33613
year ended 31 march 2011
opening	 net	 book	 value 33613
additions 41461
depreciation 23931
closing net book value 51143
as at 31 march 2011
cost	 or	 valuation 128378
accumulated	 depreciation 77235
net book value 51143
as at 31 march 2010
cost	 or	 valuation 80454
accumulated	 depreciation 46841
net	 book	 value 33613
17 inventories
2011  
£
2010  
£
samples 3663 3948
raw	 materials 10262 6648
finished	 goods 46886 55787
60811 66383
the	 cost	 of	 inventories	 recognised	 as	 an	 expense	 and	 included	 in	 cost	 of	 sales	 amounted	 to	 £68015	 2010	 £75602
all	 inventories	 held	 at	 the	 yearend	 are	 expected	 to	 be	 realised	 within	 one	 year
18 trade and other receivables
2011  
£
2010  
£
trade	 receivables 640287 532414
allowance	 for	 doubtful	 debts 31055 67476
trade	 receivables	 –	 net 609232 464938
other	 receivables 9949 21932
prepayments	 and	 accrued	 income 83479 155167
702660 642037
the	 average	 credit	 period	 on	 the	 sale	 of	 goods	 is	 49	 days	 2010	 196	 days	 no	 interest	 is	 charged	 on	 trade	 receivables	 the	 group	
has	 provided	 for	 all	 specific	 doubtful	 debts
all	 trade	 and	 other	 receivables	 fall	 due	 within	 one	 year
before	 accepting	 a	 new	 customer	 the	 group	 uses	 an	 external	 credit	 agency	 to	 assess	 the	 potential	 customer’s	 credit	 quality	 and	
seeks	 trade	 references	 once	 accepted	 as	 an	 approved	 customer	 any	 outstanding	 debt	 is	 reviewed	 before	 approval	 of	 new	 sales	
orders 	 plant	 impact	 plc	 45 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
the	 ageing	 of	 trade	 receivables	 was
2011  
£
2010  
£
neither past due nor impaired 570559 395304
past due but not impaired
0–30	 days	 past	 due	 6016 2047
31–60	 days	 past	 due	 1080 9653
61–90	 days	 past	 due	 – 4731
91–120	 days	 past	 due	 9330 2443
over	 120	 days	 past	 due	 22247 50760
past due and impaired
0–30	 days	 past	 due	 – –
31–60	 days	 past	 due	 – –
61–90	 days	 past	 due	 – –
91–120	 days	 past	 due	 – –
over	 120	 days	 past	 due	 31055 67476
640287 532414
of	 the	 trade	 receivables	 90	 per	 cent	 2010	 74	 per	 cent	 are	 neither	 past	 due	 nor	 impaired	 of	 the	 above	 balance	 £31055	 2010	
£67476	 is	 included	 in	 the	 allowance	 for	 doubtful	 debts
an	 analysis	 of	 trade	 and	 other	 receivables	 by	 currency	 is	 as	 follows
2011  
£
2010  
£
us	 dollar 209232 293503
euro 313277 85430
sterling 180151 263104
702660 642037
movement	 in	 the	 allowance	 for	 doubtful	 debts
2011  
£
2010  
£
balance	 brought	 forward 67476 36787
decrease	 in	 allowance 36421 30689
balance	 carried	 forward 31055 67476
in	 determining	 the	 recoverability	 of	 trade	 receivables	 the	 group	 considers	 any	 change	 in	 the	 credit	 quality	 of	 the	 trade	 receivables	
from	 the	 date	 credit	 was	 approved	 to	 the	 reporting	 date	 the	 group	 has	 no	 significant	 concentration	 of	 credit	 risk	 with	 exposure	
spread	 amongst	 several	 customers
there	 has	 been	 a	 reduction	 in	 the	 concentrations	 of	 credit	 risk	 on	 the	 last	 financial	 year	 due	 to	 the	 greater	 geographical	 spread	
of sales	 accordingly	 the	 directors	 believe	 that	 there	 is	 no	 further	 credit	 provision	 required	 in	 excess	 of	 the	 allowance	 for	
doubtful debts
included	 in	 the	 allowance	 for	 doubtful	 debts	 are	 individually	 impaired	 trade	 receivables	 with	 a	 balance	 of	 £31055	 2010	 £67476	
which	 are	 being	 legally	 pursued	 the	 impairment	 recognised	 represents	 the	 difference	 between	 the	 carrying	 amount	 of	 these	
trade	 receivables	 and	 the	 present	 value	 of	 the	 expected	 proceeds	 the	 group	 does	 not	 hold	 any	 collateral	 over	 these	 balances
other	 receivables	 relate	 to	 recoverable	 vat	 which	 is	 due	 within	 30	 days	 of	 the	 balance	 sheet	 date
corporation	 tax	 receivable
corporation	 tax	 receivable	 of	 £261401	 2010	 £240814	 relates	 to	 the	 research	 and	 development	 tax	 credits	 for	 the	 financial	
year 2011 46	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
19 cash and cash equivalents
2011  
£
2010  
£
cash	 at	 bank	 and	 in	 hand 710952 2187552
shortterm	 deposits 461811 707473
1172763 2895025
cash	 at	 bank	 earns	 interest	 at	 floating	 rates	 on	 daily	 bank	 deposits
shortterm	 deposits	 earn	 interest	 at	 fixed	 rate	 and	 have	 an	 original	 maturity	 of	 three	 months	 or	 less	 the	 group’s	 interest	 rate	
sensitivity	 analysis	 is	 disclosed	 within	 note	 24
20 liabilities
2011  
£
2010  
£
noncurrent
other	 loan – 777016
current
trade	 payables 479391 480480
other	 loan 808158 –
other	 taxation	 and	 social	 security 80487 32750
accruals	 and	 deferred	 income 242376 156477
1610412 669707
total liabilities 1610412 1446723
the	 maturity	 of	 noncurrent	 borrowings	 is	 as	 follows
2011  
£
2010  
£
between	 two	 and	 five	 years – 777016
– 777016
other	 loan
in	 2010	 the	 group	 drew	 down	 £500000	 from	 als	 under	 a	 loan	 agreement	 signed	 in	 february	 2009	 interest	 accrues	 on	 the	 loan	
at a	 variable	 rate	 of	 libor	 plus	 3	 per	 cent	 per	 annum	 the	 outstanding	 principal	 balance	 plus	 all	 accrued	 interest	 is	 repayable	 in	
full	 over	 three	 years	 following	 the	 date	 of	 the	 loan	 agreement	 als	 may	 elect	 to	 offset	 up	 to	 50	 per	 cent	 of	 any	 royalty	 payments	 due	
under	 the	 licensing	 agreement	 proposed	 against	 interest	 and	 principal	 outstanding	 under	 the	 loan	 the	 loan	 is	 secured	 against	
the intellectual	 property	 of	 the	 group
trade	 payables	 are	 noninterest	 bearing	 and	 are	 normally	 settled	 between	 30	 and	 90	 days
the	 directors	 believe	 that	 the	 carrying	 amount	 of	 trade	 and	 other	 payables	 approximates	 to	 their	 fair	 value
21 share capital
authorised
2011 2010
number £ number £
ordinary	 shares	 of	 1p	 each 60000000 600000 60000000 600000
issued	 share	 capital
2011 2010
number £ number £
as	 at	 1	 april	 45654109 456541 26310813 263108
shares	 issued	 –	 18	 may	 2009	 – – 271290 2713
shares	 issued	 –	 2	 july	 2009	 – – 4850000 48500
shares	 issued	 –	 12	 march	 2010	 – – 14222006 142220
shares	 issued	 –	 16	 august	 2010	 150000 1500 – –
as at 31 march 2010 45804109 458041 45654109 456541 	 plant	 impact	 plc	 47 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
issue	 of	 shares
on	 18	 may	 2009	 271290	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options
on	 2	 july	 2009	 4850000	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 via	 a	 placing	 at	 a	 price	 of	 30	 pence	 per	 share
on	 12	 march	 2010	 the	 company	 issued	 14222006	 ordinary	 shares	 by	 way	 of	 a	 placing	 at	 15	 pence	 per	 share
on	 16	 august	 2010	 150000	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options
22 sharebased payments
the	 company	 has	 a	 share	 option	 scheme	 for	 all	 employees	 of	 the	 group	 options	 are	 exercisable	 at	 a	 price	 equal	 to	 the	 average	
quoted	 market	 price	 of	 the	 company’s	 shares	 on	 the	 date	 of	 grant	 the	 vesting	 period	 is	 two	 years	 if	 the	 options	 remain	
unexercised	 after	 a	 period	 of	 ten	 years	 from	 the	 date	 of	 grant	 the	 options	 expire	 options	 are	 forfeited	 if	 the	 employee	 leaves	 the	
group	 before	 the	 options	 vest
in	 addition	 during	 the	 year	 the	 group	 set	 up	 a	 new	 ltip	 scheme	 for	 certain	 employees	 of	 the	 group	 with	 specific	 performance	
conditions	 attached	 to	 the	 options
details	 of	 the	 share	 options	 outstanding	 during	 the	 year	 are	 as	 follows
2011 2010
number of  
share options
weighted average 
exercise price  
£
number of  
share options
weighted average 
exercise price  
£
outstanding	 at	 1	 april 3785662 035 3913688 037
granted	 during	 the	 year 2320000 004 1859789 030
exercised	 during	 the	 year 150000 001 271290 029
forfeited	 during	 the	 year 1020 001 1716525 034
outstanding	 at	 31	 march 5954642 023 3785662 035
the	 weighted	 average	 remaining	 contractual	 life	 for	 the	 share	 options	 outstanding	 as	 at	 31	 march	 2011	 is	 eight	 years	
2010 seven years
as	 at	 31	 march	 2011	 2279853	 share	 options	 were	 capable	 of	 being	 exercised	 2010	 2081909	 with	 a	 weighted	 average	 exercise	
price	 of	 40	 pence	 2010	 38	 pence
the	 group	 uses	 the	 blackscholes	 model	 to	 fair	 value	 the	 group’s	 share	 options	 which	 resulted	 in	 a	 fair	 value	 charge	 of	 £114739	
2010	 £46477	 and	 a	 corresponding	 credit	 to	 other	 reserves
during	 the	 year	 to	 31	 march	 2011	 1025	 share	 options	 were	 forfeited	 and	 150000	 share	 options	 were	 exercised	 as	 a	 results	 there	
has	 been	 a	 reserves	 transfer	 of	 £59875
assumptions
the	 following	 assumptions	 are	 used	 to	 determine	 the	 fair	 value	 of	 share	 options	 at	 the	 respective	 date	 of	 grant
date	 of	 grant
exercise price 
pence
ordinary shares 
under option
share price at 
date of grant 
pence
expected  
volatility 

interest  
rate 

life of option 
years
expected  
dividend
10	 november	 2005 295 361730 300 50 435 10 nil
16	 october	 2006 380 956773 380 50 458 10 nil
7	 may	 2007	 500 150000 565 50 561 10 nil
22	 august	 2007 530 462386 500 50 536 10 nil
28	 july	 2008 325 348964 325 50 498 10 nil
7	 august	 2009 300 1346789 260 50 180 10 nil
21	 september	 2009 268 8000 268 50 138 10 nil
4	 august	 2010 10 1200000 160 50 345 10 nil
4	 august	 2010 183 350000 160 50 345 10 nil
31	 january	 2011 10 770000 260 50 375 10 nil
the	 expected	 volatility	 for	 share	 options	 granted	 between	 10	 november	 2005	 and	 28	 july	 2008	 has	 been	 estimated	 by	 reference	 to	
historic	 volatility	 of	 a	 sample	 of	 comparable	 companies	 give	 the	 lack	 of	 share	 price	 trading	 history	 for	 the	 company	 consequently	
the	 expected	 volatility	 for	 share	 options	 granted	 since	 7	 august	 2009	 has	 been	 estimated	 with	 reference	 to	 plant	 impact	 plc	 share	
price	 trading	 history	 the	 expected	 life	 used	 in	 the	 model	 has	 been	 adjusted	 based	 on	 management’s	 best	 estimate	 for	 the	 effects	
of	 nontransferability	 exercise	 restrictions	 and	 behavioural	 considerations
national	 insurance	 is	 payable	 on	 gains	 made	 by	 employees	 on	 exercise	 of	 share	 options	 granted	 to	 them 48	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
23 financial risk management objectives and policies
the	 group’s	 principal	 financial	 instruments	 comprise	 cash	 and	 cash	 equivalents	 receivables	 and	 payables	 arising	 in	 the	 normal	
course	 of	 business	 these	 are	 used	 to	 finance	 the	 group’s	 operations	 and	 hence	 safeguarding	 them	 is	 regarded	 as	 a	 top	 priority	
the	 group’s	 objective	 in	 using	 financial	 instruments	 is	 to	 maximise	 the	 returns	 on	 funds	 held	 consistent	 with	 this	 priority	
balance sheets	 at	 31	 march	 2011	 and	 31	 march	 2010	 are	 not	 representative	 of	 the	 positions	 throughout	 the	 year	 as	 cash	 and	 cash	
equivalents	 fluctuate	 considerably	 depending	 on	 when	 share	 issues	 have	 occurred
it	 is	 and	 has	 been	 throughout	 the	 year	 the	 group’s	 policy	 that	 no	 speculative	 trading	 in	 financial	 instruments	 or	 derivatives	 is	
undertaken
the	 main	 risks	 arising	 from	 the	 group’s	 financial	 instruments	 are	 interest	 rate	 risk	 liquidity	 risk	 foreign	 currency	 exchange	 risk	
credit	 risk	 and	 market	 risk	 the	 board	 of	 directors	 reviews	 and	 agrees	 policies	 for	 managing	 each	 of	 these	 risks	 which	 are	
summarised	 below
interest	 rate	 risk
the	 group	 is	 principally	 funded	 with	 equity	 and	 variable	 rate	 borrowings	 the	 group	 invests	 its	 funds	 in	 instant	 access	 higher	 rate	
deposit	 accounts	 and	 shortterm	 bank	 treasury	 deposits	 therefore	 exposure	 to	 interest	 rate	 movements	 is	 minimal	 although	
movements	 in	 interest	 rates	 over	 time	 will	 affect	 the	 group’s	 interest	 income
no	 interest	 rate	 hedging	 agreement	 is	 currently	 in	 place	 because	 given	 the	 level	 of	 borrowings	 and	 the	 current	 interest	 rate	
environment	 the	 board	 does	 not	 consider	 fluctuations	 in	 interest	 rates	 to	 pose	 a	 significant	 risk	 to	 the	 group
the	 group’s	 interest	 rate	 sensitivity	 analysis	 is	 disclosed	 within	 note	 24
liquidity	 risk
the	 group	 has	 managed	 its	 cash	 in	 a	 manner	 designed	 to	 ensure	 maximum	 benefit	 is	 gained	 whilst	 ensuring	 security	 of	
investment	 sources	 the	 group’s	 policy	 on	 investment	 of	 surplus	 funds	 limits	 the	 placing	 of	 deposits	 to	 institutions	 with	 strong	
credit	 ratings
the	 group	 manages	 liquidity	 risk	 by	 maintaining	 adequate	 banking	 facilities	 and	 by	 continuously	 monitoring	 forecast	 and	 actual	
cash	 flows	 included	 in	 note	 19	 is	 a	 description	 of	 the	 facilities	 that	 the	 group	 has	 at	 its	 disposal
management	 monitor	 forecasts	 of	 the	 group’s	 liquidity	 on	 a	 monthly	 basis	 and	 has	 access	 to	 funds	 at	 short	 notice	 so	 that	 it	 is	
always	 able	 to	 meet	 its	 financial	 liabilities	 as	 and	 when	 they	 fall	 due
contractual	 undiscounted	 cash	 flows	 in	 respect	 of	 financial	 liabilities	 are	 as	 follows
2011  
within 6 months 
£
2011  
6 to 12 months 
£
2011  
1 to 5 years 
£
2010  
within 6 months 
£
2010  
6 to 12 months 
£
2010  
1 to 5 years 
£
trade	 payables 721767 – – 636957 – –
other	 loans – 844897 – – – 844897
721767 844897 – 636957 – 844897
the	 group	 has	 no	 derivative	 financial	 liabilities
foreign	 currency	 exchange	 risk
the	 group	 undertakes	 certain	 transactions	 denominated	 in	 foreign	 currencies	 hence	 exposure	 to	 exchange	 rate	 fluctuations	
arise	 the	 group’s	 foreign	 currency	 exchange	 exposure	 is	 mainly	 with	 regards	 to	 trade	 receivables	 the	 carrying	 amounts	 of	 the	
group’s	 foreign	 currency	 denominated	 trade	 receivables	 is	 detailed	 in	 note	 18	 as	 at	 31	 march	 2011	 management	 believe	 that	
foreign	 currency	 exchange	 risk	 is	 immaterial	 and	 as	 such	 no	 sensitivity	 analysis	 is	 provided 	 plant	 impact	 plc	 49 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
credit	 risk
the	 group’s	 financial	 assets	 are	 cash	 and	 cash	 equivalents	 trade	 and	 other	 receivables	 the	 credit	 risk	 on	 cash	 and	 cash	
equivalents	 is	 limited	 because	 the	 counterparties	 are	 banks	 with	 high	 credit	 ratings	 the	 majority	 of	 cash	 and	 cash	 equivalents	
are held	 with	 a	 bank	 that	 is	 partly	 backed	 by	 the	 uk	 government
the	 group’s	 credit	 risk	 is	 primarily	 attributable	 to	 its	 trade	 receivables	 the	 amounts	 presented	 in	 the	 balance	 sheet	 are	 net	 of	
allowances	 for	 doubtful	 debts	 estimated	 by	 the	 group’s	 management	 based	 on	 prior	 experience	 an	 allowance	 for	 impairment	 is	
made	 where	 there	 is	 an	 identified	 loss	 event	 which	 based	 on	 previous	 experience	 is	 evidence	 of	 a	 reduction	 in	 the	 recoverability	
of the	 cash	 flows
note	 18	 sets	 out	 the	 impairment	 provision	 for	 credit	 losses	 on	 trade	 receivables	 and	 the	 ageing	 analysis	 of	 overdue	 trade	
receivables	 there	 are	 no	 impairment	 losses	 recognised	 on	 other	 financial	 assets
24 financial instruments
capital	 risk	 management
the	 group	 manages	 its	 capital	 to	 ensure	 that	 entities	 in	 the	 group	 will	 be	 able	 to	 continue	 as	 a	 going	 concern	 while	 maximising	 the	
return	 to	 stakeholders	 the	 group’s	 overall	 strategy	 remains	 unchanged	 from	 2009	 to	 minimise	 costs	 and	 liquidity	 risk
the	 capital	 structure	 of	 the	 group	 consists	 of	 cash	 and	 cash	 equivalents	 note	 19	 and	 equity	 attributable	 to	 equity	 holders	 of	 the	
parent	 group	 statement	 of	 changes	 in	 equity	 comprising	 issued	 capital	 and	 reserves
there	 are	 no	 externally	 imposed	 capital	 requirements
the	 group	 manages	 the	 capital	 structure	 and	 makes	 adjustments	 to	 it	 in	 light	 of	 changes	 in	 economic	 conditions	 and	 the	 risk	
characteristics	 of	 the	 underlying	 assets	 in	 order	 to	 maintain	 or	 adjust	 the	 capital	 structure	 the	 group	 may	 in	 future	 adjust	 the	
amount	 of	 dividends	 paid	 to	 shareholders	 return	 capital	 to	 shareholders	 issue	 new	 shares	 or	 sell	 assets	 and	 reduce	 debt
categories	 of	 financial	 instruments
2011 
£
2010 
£
financial assets
loans	 and	 receivables	 including	 cash	 and	 cash	 equivalents 1719944 3381895
financial liabilities
amortised	 cost 1529925 1413973
the	 carrying	 amount	 reflected	 above	 represents	 the	 group’s	 maximum	 exposure	 to	 credit	 risk
interest	 rate	 sensitivity
the	 following	 table	 illustrates	 sensitivity	 of	 the	 loss	 for	 the	 year	 and	 equity	 to	 a	 reasonably	 possible	 change	 in	 interest	 rates	 of	 1	 per	
cent	 2010	 2	 per	 cent	 with	 effect	 from	 the	 beginning	 of	 the	 year	 these	 changes	 are	 considered	 to	 be	 reasonably	 possible	 based	 on	
observation	 of	 current	 market	 conditions	 the	 calculations	 are	 based	 on	 the	 group’s	 cash	 and	 cash	 equivalents	 and	 borrowing	
facility	 held	 at	 each	 balance	 sheet	 date	 all	 other	 variables	 are	 held	 constant
2011 2010
1 –1 2 –2
decreaseincrease	 in	 loss	 for	 the	 year 3646 3646 21872 21872
increasedecrease	 in	 equity 3646 3646 21872 21872 50	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 group	 financial	 statements	 continued
25 commitments and contingencies
the	 group	 has	 entered	 into	 commercial	 leases	 on	 its	 premises	 the	 future	 aggregate	 minimum	 lease	 payments	 are
2011  
£
2010  
£
within	 one	 year 45000 45000
between	 two	 to	 five	 years 45000 45000
in	 more	 than	 five	 years 67500 112500
157500 202500
operating	 lease	 expenditure	 is	 charged	 to	 the	 group	 income	 statement
26 key management compensation
key	 management	 compensation	 including	 directors	 is	 as	 follows	 
year ended  
31 march  
2011  
£
year ended  
31 march  
2010  
£
shortterm	 employee	 benefits 504813 532702
sharebased	 payments 87992 27567
592805 560269
27 related party transactions
transactions	 between	 the	 company	 and	 its	 subsidiaries	 which	 are	 related	 parties	 of	 the	 company	 have	 been	 eliminated	 on	
consolidation	 and	 are	 not	 disclosed	 in	 this	 note
28 post balance sheet events
during	 may	 2011	 plant	 impact	 signed	 a	 subscription	 agreement	 with	 arysta	 lifescience	 the	 company	 also	 signed	 two	 commercial	
agreements	 with	 arysta	 lifescience	 those	 for	 us	 turf	 	 ornamental	 and	 brazil	 horticulture
in	 june	 2011	 the	 company	 signed	 a	 distribution	 agreement	 with	 engage	 agro	 for	 canada 	 plant	 impact	 plc	 51 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
company	 balance	 sheet
as at 31 march 2011
 notes
2011  
£
2010  
£
fixed assets 	
investments 5 1159783 1045044
	
current assets
debtors 6 8864039 7233932
cash	 at	 bank	 and	 in	 hand 619686 2678124
9483725 9912056
	
 
creditors amounts falling due within one year 7 906319 45858
 
net current assets 8577406 9866198
 
total assets less current liabilities 9737189 10911242
 
creditors amounts falling due after more than one year 8 – 777017
 
net assets 9737189 10134225
 
capital and reserves
called	 up	 share	 capital 9 458041 456541
share	 premium	 account 10 10337881 10347600
other	 reserve 11 423822 368958
merger	 relief	 reserve 12 287457 287457
profit	 and	 loss	 account 13 1770012 1326331
shareholders’ funds 14 9737189 10134225
the	 financial	 statements	 were	 approved	 by	 the	 board	 of	 directors	 on	 the	 1	 july	 2011	 and	 were	 signed	 on	 its	 behalf	 by
david jones 
chairman	
plant	 impact	 plc	
company	 number	 5442961
the	 notes	 on	 pages	 52	 to	 58	 are	 an	 integral	 part	 of	 the	 company’s	 financial	 statements 52	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 company	 balance	 sheet
1 principal accounting policies – uk gaap
basis	 of	 preparation
the	 financial	 statements	 have	 been	 prepared	 under	 the	 historical	 cost	 convention	 and	 in	 accordance	 with	 the	 companies	 act	 2006	
and	 applicable	 uk	 accounting	 standards	 united	 kingdom	 generally	 accepted	 accounting	 practice
the	 company’s	 accounting	 policies	 are	 unchanged	 compared	 with	 the	 prior	 year	 and	 are	 set	 out	 below
tangible	 fixed	 assets	 and	 depreciation
tangible	 fixed	 assets	 are	 stated	 at	 cost	 net	 of	 depreciation	 and	 any	 provision	 for	 impairment
depreciation	 is	 calculated	 to	 write	 down	 the	 cost	 less	 estimated	 residual	 value	 of	 all	 tangible	 fixed	 assets	 by	 equal	 annual	
instalments	 over	 their	 estimated	 useful	 economic	 lives	 as	 follows
laboratory	 and	 office	 equipment	 333 	 per	 cent	 per	 annum
cash
cash	 comprises	 of	 cash	 on	 hand	 and	 demand	 deposits	 together	 with	 shortterm	 highly	 liquid	 investments	 that	 are	 readily	
convertible	 into	 known	 amounts	 of	 cash
investments
investments	 are	 stated	 at	 cost	 less	 amounts	 provided	 for	 permanent	 diminution	 in	 value
taxation
the	 current	 tax	 charge	 is	 based	 on	 the	 result	 for	 the	 year	 and	 is	 measured	 at	 the	 amounts	 to	 be	 paid	 based	 on	 the	 tax	 rates	 and	
laws	 substantively	 enacted	 by	 the	 balance	 sheet	 date	 current	 and	 deferred	 tax	 is	 recognised	 in	 the	 profit	 and	 loss	 account
deferred	 taxation
deferred	 tax	 is	 recognised	 on	 all	 timing	 differences	 where	 the	 transactions	 or	 events	 that	 give	 the	 company	 an	 obligation	 to	 pay	
more	 tax	 in	 the	 future	 or	 a	 right	 to	 pay	 less	 tax	 in	 the	 future	 have	 occurred	 by	 the	 balance	 sheet	 date	 deferred	 tax	 assets	 are	
recognised	 when	 it	 is	 more	 likely	 than	 not	 that	 they	 will	 be	 recovered	 deferred	 tax	 is	 measured	 using	 rates	 of	 tax	 that	 have	 been	
enacted	 or	 substantively	 enacted	 by	 the	 balance	 sheet	 date
sharebased	 payments
the	 cost	 of	 equitysettled	 transactions	 with	 employees	 is	 measured	 by	 reference	 to	 the	 fair	 value	 at	 the	 date	 at	 which	 they	 are	
granted	 and	 is	 recognised	 as	 an	 expense	 over	 the	 vesting	 period	 which	 ends	 on	 the	 date	 on	 which	 the	 relevant	 employees	 become	
fully	 entitled	 to	 the	 award	 fair	 value	 is	 determined	 using	 the	 blackscholes	 pricing	 model	 in	 valuing	 equitysettled	 transactions	
no	 account	 is	 taken	 of	 any	 vesting	 conditions	 other	 than	 conditions	 linked	 to	 the	 price	 of	 the	 shares	 of	 the	 company	 market	
conditions
if	 vesting	 periods	 or	 other	 nonmarket	 vesting	 conditions	 apply	 the	 expense	 is	 allocated	 over	 the	 vesting	 period	 based	 on	 the	 best	
available	 estimate	 of	 the	 number	 of	 share	 options	 expected	 to	 vest	 estimates	 are	 subsequently	 revised	 if	 there	 is	 any	 indication	
that	 the	 number	 of	 share	 options	 expected	 to	 vest	 differs	 from	 previous	 estimates	 any	 cumulative	 adjustment	 prior	 to	 vesting	 is	
recognised	 in	 the	 current	 period	 no	 adjustment	 is	 made	 to	 any	 expense	 recognised	 in	 prior	 periods	 if	 share	 options	 ultimately	
exercised	 are	 different	 to	 that	 estimated	 on	 vesting
all	 equitysettled	 sharebased	 payments	 are	 ultimately	 recognised	 as	 an	 expense	 in	 the	 company	 profit	 and	 loss	 account	 with	 a	
corresponding	 credit	 to	 ‘other	 reserve’
upon	 exercise	 of	 share	 options	 the	 proceeds	 received	 net	 of	 attributable	 transaction	 costs	 are	 credited	 to	 share	 capital	 and	 where	
appropriate	 share	 premium
the	 sharebased	 charges	 are	 recognised	 within	 the	 financial	 statements	 of	 the	 subsidiary	 company	 pi	 bioscience	 limited	 with	
corresponding	 increases	 in	 equity	 as	 the	 services	 provided	 by	 the	 employees	 and	 directors	 were	 in	 respect	 of	 this	 subsidiary	
the company	 is	 deemed	 to	 receive	 additional	 benefit	 from	 its	 investment	 in	 the	 subsidiary	 that	 is	 receiving	 the	 employees’	
services	 on	 this	 basis	 the	 company	 has	 capitalised	 the	 sharebased	 payment	 cost	 as	 an	 increase	 to	 its	 fixed	 asset	 investment	
in pi	 bioscience	 limited	 see	 note	 5 	 plant	 impact	 plc	 53 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
2 directors’ remuneration
the	 total	 amounts	 for	 directors’	 remuneration	 and	 other	 benefits	 are	 as	 follows
31 march  
2011  
£
31 march  
2010  
£
directors’ remuneration
aggregate	 emoluments 504813 532702
highest	 paid	 director
the	 above	 includes	 remuneration	 of	 the	 highest	 paid	 director	 as	 follows
31 march  
2011  
£
31 march  
2010  
£
aggregate	 emoluments 197439 168732
3 staff numbers and costs
the	 average	 number	 of	 persons	 employed	 by	 the	 company	 including	 directors	 during	 the	 period	 was	 as	 follows
31 march  
2011  
no
31 march  
2010  
no
management 2 3
2 3
the	 aggregate	 payroll	 costs	 of	 these	 persons	 excluding	 nonexecutive	 directors	 were	 as	 follows
31 march  
2011  
£
31 march  
2010  
£
wages	 and	 salaries 383620 457122
social	 security	 costs 47336 56135
430956 513257
4 sharebased payments
the	 company	 has	 a	 share	 option	 scheme	 for	 all	 employees	 of	 the	 group	 options	 are	 exercisable	 at	 a	 price	 equal	 to	 the	 average	
quoted	 market	 price	 of	 the	 company’s	 shares	 on	 the	 date	 of	 grant	 the	 vesting	 period	 is	 two	 years	 if	 the	 options	 remain	
unexercised	 after	 a	 period	 of	 ten	 years	 from	 the	 date	 of	 grant	 the	 options	 expire	 options	 are	 forfeited	 if	 the	 employee	 leaves	 the	
group	 before	 the	 options	 vest
in	 addition	 during	 the	 year	 the	 group	 set	 up	 a	 new	 ltip	 scheme	 for	 certain	 employees	 of	 the	 group	 with	 specific	 performance	
conditions	 attached	 to	 the	 options
details	 of	 the	 share	 options	 outstanding	 during	 the	 year	 are	 as	 follows
2011 2010
number of  
share options
weighted average 
exercise price  
£
number of  
share options
weighted average 
exercise price  
£
outstanding	 at	 1	 april 3785662 035 3913688 037
granted	 during	 the	 year 2320000 004 1859789 030
exercised	 during	 the	 year 150000 001 271290 029
forfeited	 during	 the	 year 1020 001 1716525 034
outstanding at 31 march 5954642 023 3785662 035
the	 weighted	 average	 remaining	 contractual	 life	 for	 the	 share	 options	 outstanding	 as	 at	 31	 march	 2011	 is	 eight	 years	
2010 seven years 54	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 company	 financial	 statements	 continued
4 sharebased payments continued
as	 at	 31	 march	 2011	 2279853	 share	 options	 were	 capable	 of	 being	 exercised	 2010	 2081909	 with	 a	 weighted	 average	 exercise	
price	 of	 40	 pence	 2010	 38	 pence
the	 group	 uses	 the	 blackscholes	 model	 to	 fair	 value	 the	 group’s	 share	 options	 which	 resulted	 in	 a	 fair	 value	 charge	 of	 £114739	
2010	 £46477	 and	 a	 corresponding	 credit	 to	 other	 reserves
during	 the	 year	 to	 31	 march	 2011	 1025	 share	 options	 were	 forfeited	 and	 150000	 share	 options	 were	 exercised	 as	 a	 results	 there	
has	 been	 a	 reserves	 transfer	 of	 £59875
assumptions
the	 following	 assumptions	 are	 used	 to	 determine	 the	 fair	 value	 of	 share	 options	 at	 the	 respective	 date	 of	 grant
date	 of	 grant
exercise price 
pence
ordinary shares 
under option
share price at 
date of grant 
pence
expected  
volatility 

interest  
rate 

life of option 
years
expected  
dividend
10	 november	 2005 295 361730 300 50 435 10 nil
16	 october	 2006 380 956773 380 50 458 10 nil
7	 may	 2007	 500 150000 565 50 561 10 nil
22	 august	 2007 530 462386 500 50 536 10 nil
28	 july	 2008 325 348964 325 50 498 10 nil
7	 august	 2009 300 1346789 260 50 180 10 nil
21	 september	 2009 268 8000 268 50 138 10 nil
4	 august	 2010 10 1200000 160 50 345 10 nil
4	 august	 2010 183 350000 160 50 345 10 nil
31	 january	 2011 10 770000 260 50 375 10 nil
the	 expected	 volatility	 for	 share	 options	 granted	 between	 10	 november	 2005	 and	 28	 july	 2008	 has	 been	 estimated	 by	 reference	 to	
historic	 volatility	 of	 a	 sample	 of	 comparable	 companies	 give	 the	 lack	 of	 share	 price	 trading	 history	 for	 the	 company	 consequently	
the	 expected	 volatility	 for	 share	 options	 granted	 since	 7	 august	 2009	 has	 been	 estimated	 with	 reference	 to	 plant	 impact	 plc	 share	
price	 trading	 history	 the	 expected	 life	 used	 in	 the	 model	 has	 been	 adjusted	 based	 on	 management’s	 best	 estimate	 for	 the	 effects	
of	 nontransferability	 exercise	 restrictions	 and	 behavioural	 considerations
national	 insurance	 is	 payable	 on	 gains	 made	 by	 employees	 on	 exercise	 of	 share	 options	 granted	 to	 them 	 plant	 impact	 plc	 55 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
5 investments
the	 company	 has	 the	 following	 investments	 in	 subsidiary	 undertakings
bio futures  
pi limited  
£
p i bioscience 
limited  
£
total  
£
cost or valuation
at	 1	 april	 2010 300168 744876 1045044
sharebased	 payment	 note	 4 – 114739 114739
at 31 march 2011 300168 859615 1159783
net book value
at 31 march 2011 300168 859615 1159783
at	 1	 april	 2010 300168 744876 1045044
subsidiary undertaking
trading  
activity class of share capital registered and operated in
held by  
company  

bio	 futures	 pi	 limited dormant ordinary	 and	 preference england	 	 wales 100
pi	 bioscience	 limited	 chemical	 manufacturers ordinary england	 	 wales 100
as	 at	 31	 march	 2011	 and	 2010	 the	 companies	 had	 the	 following	 capital	 and	 reserves
2011 2010
capital and 
reserves  
£
 loss  
£
capital and 
reserves  
£
 loss  
£
bio	 futures	 pi	 limited 10883 – 10883 –
pi	 bioscience	 limited 7550575 1142724 6293043 876490
6 debtors
2011  
£
2010  
£
amounts	 owed	 by	 group	 undertakings 8855592 7216838
prepayments	 and	 accrued	 income	 8447 17094
8864039 7233932
7 creditors amounts falling due within one year
2011  
£
2010  
£
trade	 creditors 32859 –
loan 808158 –
accruals 65302 45858
906319 45858 56	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 company	 financial	 statements	 continued
8 creditors amounts falling due after more than one year
2011  
£
2010  
£
loan – 777017
in	 2010	 the	 group	 drew	 down	 £500000	 from	 als	 under	 a	 loan	 agreement	 signed	 in	 february	 2009	 interest	 accrues	 on	 the	 loan	 at	
a	 variable	 rate	 of	 libor	 plus	 3	 per	 cent	 per	 annum	 the	 outstanding	 principal	 balance	 plus	 all	 accrued	 interest	 is	 repayable	 in	 full	
over	 three	 years	 following	 the	 date	 of	 the	 loan	 agreement	 als	 may	 elect	 to	 offset	 up	 to	 50	 per	 cent	 of	 any	 royalty	 payments	 due	
under	 the	 licensing	 agreement	 proposed	 against	 interest	 and	 principal	 outstanding	 under	 the	 loan	 the	 loan	 is	 secured	 against	 the	
intellectual	 property	 of	 the	 group
9 called up share capital
authorised
2011 2010
number £ number £
ordinary	 shares	 of	 1	 pence	 each 60000000 600000 60000000 600000
issued	 share	 capital
2011 2010
number £ number £
as	 at	 1	 april 45654109 456541 26310813 263108
shares	 issued	 –	 18	 may	 2009	 – – 271290 2713
shares	 issued	 –	 2	 july	 2009	 – – 4850000 48500
shares	 issued	 –	 12	 march	 2010	 – – 14222006 142220
shares	 issued	 –	 16	 august	 2010	 150000 1500 – –
as at 31 march 2010 45804109 458041 45654109 456541
issue	 of	 shares
on	 18	 may	 2009	 271290	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options
on	 2	 july	 2009	 4850000	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 via	 a	 placing	 at	 a	 price	 of	 30	 pence	 per	 share
on	 12	 march	 2010	 the	 company	 issued	 14222006	 ordinary	 shares	 by	 way	 of	 a	 placing	 at	 15	 pence	 per	 share
on	 16	 august	 2010	 150000	 new	 ordinary	 shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options
10 share premium account
2011  
£
2010  
£
as	 at	 1	 april 10347600 7124891
shares	 issued	 during	 the	 year – 3397580
exercised	 sharebased	 payments – 94951
share	 issue	 expenses 9719 269822
as	 at	 31	 march 10337881 10347600 	 plant	 impact	 plc	 57 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	
11 other reserve
2011  
£
2010  
£
as	 at	 1	 april 368958 487678
lapsed	 sharebased	 payments	 15917 136929
exercised	 sharebased	 payments 43958 28268
sharebased	 payments	 to	 directors 87992 27567
sharebased	 payments	 to	 employees 26747 18910
as	 at	 31	 march 423822 368958
12 merger relief reserve
2011  
£
2010  
£
as	 at	 1	 april	 and	 31	 march 287457 287457
the	 merger	 relief	 reserve	 represents	 the	 premium	 on	 shares	 issued	 arising	 from	 the	 acquisition	 of	 pi	 bioscience	 limited
13 profit and loss account
the	 company	 has	 taken	 advantage	 of	 section	 408	 of	 the	 companies	 act	 2006	 and	 has	 not	 included	 its	 own	 profit	 and	 loss	 account	 in	
these	 financial	 statements	 the	 parent	 company’s	 loss	 for	 the	 year	 was	 £503556	 2010	 £316347
2011  
£
2010  
£
as	 at	 1	 april 1326331 1157518
loss	 for	 the	 financial	 year 503556 316347
lapsed	 sharebased	 payments 15917 136929
exercised	 sharebased	 payments 43958 10605
as	 at	 31	 march 1770012 1326331
14 shareholders’ funds
2011  
£
2010  
£
loss	 for	 the	 financial	 year 503556 316347
sharebased	 payments 114739 46477
shares	 issued	 in	 the	 year – 3588300
exercised	 sharebased	 payments 1500 80001
share	 issue	 expenses 9719 269822
decreaseincrease	 in	 shareholders’	 funds 397036 3128609
shareholders’	 funds	 at	 1	 april	 10134225 7005616
shareholders’	 funds	 at	 31	 march	 9737189 10134225 58	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011
notes	 to	 the	 company	 balance	 sheet	 continued
15 related party transactions
there	 are	 no	 related	 party	 transactions	 with	 group	 undertakings	 to	 disclose	 in	 accordance	 with	 the	 requirements	 of	 financial	
reporting	 standard	 no	 8	 ‘related	 party	 disclosures’	 all	 inter	 group	 balances	 outstanding	 have	 been	 disclosed	 within	 note	 6	 to	 the	
financial	 statements
16 post balance sheet events
during	 may	 2011	 plant	 impact	 signed	 a	 subscription	 agreement	 with	 arysta	 lifescience	 the	 company	 also	 signed	 two	 commercial	
agreements	 with	 arysta	 lifescience	 those	 for	 us	 turf	 	 ornamental	 and	 brazil	 horticulture
in	 june	 2011	 the	 company	 signed	 a	 distribution	 agreement	 with	 engage	 agro	 for	 canada 	 plant	 impact	 plc	 59 	
	 annual	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011	 60	 plant 	 impact	 plc	
	 annual 	 report	 and	 group	 financial	 statements	 for	 the	 year	 to	 31	 march	 2011 	 plant 	 impact	 plc	 	
 annual report and group financial statements for the year to 31 march 2011
the sustainable future of crop production
plant impact is helping to transform 
agriculture by daring to be different through 
creative science this approach is providing  
a viable and sustainable solution to the 
problems of how we feed a growing global 
population whilst improving the quality  
of food
where we are
our global presence
21 countries 5 countries 26 countries
current market  expanded partners crop 
distribution  distribution distribution
who we are  
plant impact plc 
12 south preston office village  
cuerden way 
bamber bridge  
preston  
pr5 6bl
tel 440 1772 628328
fax 440 1772 645169
email infoplantimpactcom
website wwwplantimpactcom
plant impact plc  annual report and group financial statements for the year to 31 march 2011
plant impact plc 
annual report and group  
financial statements for the year  
to 31 march 2011
new technology  
for sustainable  
agriculture


Summary:
 04	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
chairman’s statement
i was delighted to accept the role of chairman of the board of plant impact in 
february i join with the rest of the board in thanking martin robinson for his 
direction of the company since 2005 and look forward to his future contribution 
as a nonexecutive director
the last year was again an exceptional year for farmers around the world all crop 
commodities were highly priced and many commodities such as sugar cotton and 
cocoa reached highs not seen in decades following on from the price highs of 2008 
which were largely attributed to the actions of speculators this second round of 
record prices have focused minds on the underlying global food commodity supply
demand balances in the past yield increases underpinned by a steady improvement 
in seed technology and chemical inputs have kept pace with increasing global food 
demand the world’s farmers have fed the world’s population from essentially the 
same acreage however now to use a phrase applied in this context by john beddington 
government’s chief scientific advisor the world faces a ‘perfect storm’ of 
accelerating food demand and declining flexibility of supply in the eye of this perfect 
storm is the rapid enrichment of populous asia stimulating demand and a declining 
rate of yield increases for key world crops this deceleration in yield increase is further 
compromised by a rise in farmer risk as a consequence of volatile weather patterns 
deteriorating irrigation water availability and quality finally an appreciable new market 
for agricultural produce the production of corn sugar and oil crops as feedstock for 
biofuels is diverting prime agriculture land away from food production only some of 
these factors can be ameliorated by policy changes the most fundamental can only be 
addressed by more and better crop yield enhancing technologies
a small number of large research and development based majors with global reach 
and understanding of world agriculture are able to successfully innovate in these 
areas they are variously responsible for improving seeds new chemistry for the 
control of pests and diseases and the effective delivery of essential crop nutrients but 
what has so far been neglected is the notion of supporting crops against environmental 
stress heat drought poor quality water solutions to these problems open new and 
exciting possibilities to make a further step change to secure the world’s food supply
this is a nascent field with mainly boutique sized technology providers we believe that 
pi is one such company with a unique pipeline of crop yield enhancing products that 
work by tackling crop stress factors pi’s products were conceived through a deep 
understanding of the workings of plant systems especially nutritional balances and 
immune responses that led in turn to rationally constructed chemistry that assists 
crop plants in resisting a wide range of stresses the trial results with pi products 
from many crops in many countries grown in many different circumstances show a 
remarkably consistent pattern of beneficial results measured by higher yield and 
better postharvest quality in a nutshell this is the promise and excitement that 
attracted me to pi and motivates the entire team
the company’s strategy is first to achieve financial breakeven through organic 
growth with direct sales of proven products then with evident proof of commercial 
acceptance to partner with an rd major to exploit pi’s technologies globally in major 
world crops we believe such partnerships will be achieved because the incumbent 
input majors are all seeking ways to enhance their grower offer in ways that help 
crops to reach towards their genetic potential of maximum yield with growing 
financial strength the company intends progressively to increase its own rd 
funding sufficient to convert its pipeline into a flow of commercial products fit for 
precise purpose and developing further its intellectual property and specialist 
knowledge in time the board of pi the ‘board’ anticipates that pi will build upon 
growing strength in this nascent sector to establish a productive set of platform 
technologies to ensure a steady flow of innovation of these types of products
 
arysta mexico distribution 
agreement 
key event – june 2010 	 plant	 impact	 plc	 05 	
	 annual report and group financial statements for the year to 31 march 2011 
agrimatco evaluation and 
distribution agreement 
key event – september 2010
with the aim of progressing towards financial selfsufficiency pi focused on its proven 
inca product in the past year inca has shown performance in many crop situations 
especially in horticulture potatoes are often considered as an arable crop but with 
many of the characteristics of horticulture potatoes respond particularly strongly to 
inca and with an appreciable area under cultivation in western europe it represents a 
clear early target market for pi growers in holland have seen double digit percentage 
yield increases and marketable quality benefits with inca treatments the treatment 
costreturn equation is also compelling growers can expect high returns from their 
investments in inca treatments in the past year pi has assembled a dossier of potato 
trial results covering the main commercial varieties in northern europe pi has 
attracted the interest and support of the dutch cooperative cebeco with whom the 
company signed a distribution agreement in november last year we expect progress 
in the current year with cebeco driving inca in the european potato crop market
the company also signed an exclusive distribution agreement for mexico and central 
america with arysta lifesciences ‘als’ the largest privately owned crop protection 
company in the industry als has special skills in crop nutrition in this geography 
following their purchase of grupo bioquimico mexico a crop nutrition company 
founded in mexico the board considers that the als crop solutions approach is 
particularly suited for presenting inca in local agriculture and expects sales in 
central america to benefit from this new relationship in the current year
pi began its crop enhancement work in horticulture in the middle east principally in 
jordan a fertile country with a wide range of fruit and vegetable crops in september 
last year the company signed an evaluation and distribution agreement for a number 
of markets in the middle east with agrimatco a well financed and powerful distributor 
of agchem seeds and fertilisers in the region again the board expects to see the 
benefit of their commitment translated into sales in the current year
the company is at the beginning of the process of partnering with large agricultural 
rd companies and has achieved freedom to operate in brazil last year by securing 
registrations of its products in pi’s name along with inca the modified nitrogen 
product pint is included in large scale soya trials with syngenta the market leader 
in crop protection in brazil brazil is second only to the usa in area of soya but is 
catching up fast since they enjoy agronomic advantages in soya cultivation and areas 
are expanding soya in brazil is an important place to be for a crop technology 
company this collaboration is illustrative of the enthusiasm and openness with 
which rd majors greet novel technology from third parties
in the usa trials with pint in the turf amenity market conducted at penn state 
university on behalf of the government agency usda proved successful in providing 
for better turf and lower nitrogen runoff and hence reduced pollution usda has 
given a public and positive endorsement of pint and accordingly the board expects 
to make first sales into the large golf green maintenance market this season with a 
company specialist in this sector als
an event which occurred post yearend but which was substantially negotiated and 
concluded in the review year has been the investment by als in pi at a substantial 
premium to the prevailing share price in exchange als has secured an extension 
of their development and distribution rights to include brazilian horticulture and usa 
turf and ornamentals including golf course maintenance the board considers 
that this transaction confirms the quality of pi’s technology and progress with its 
partnering strategy 06	 plant 	 impact	 plc	
 annual report and group financial statements for the year to 31 march 2011
chairman’s statement continued
on the rd front work continues with the environmental centre of lancaster 
university on the characterisation of alethea a sophisticated pipeline technology 
conferring stress tolerance on a range of plants including salt challenged maize 
corn a world crop of the first rank rd collaborations in the field now extend over 
40 countries and as many crops last year was a period when dossiers were built 
and performance confirmed in a number of important outlets that process will 
continue in this current year
longterm watchers of pi will no doubt be interested in developments with bugoil
®
 
the company’s natural product based resistance breaking insecticide the field 
performance of bugoil
®
 continues to impress and the dossier of successful trials for 
the product in sole use and in combination with standard insecticides continues to 
grow however regulatory delays in the usa work load at the epa and europe have 
meant that the company are revising back their anticipated launch date in these 
principal markets also since country of origin registration is required for overseas 
registrations the set back in the uk has wider implications including delays in several 
overseas markets pi continues in close dialogue with the regulatory authorities and 
is providing the additional data demanded on bugoil
®
 in the uk the board will take 
proper and continuous account of overall commercial prospects when deciding on 
the amount of resource to dedicate to this product given the demands and shortterm 
rewards promised from the ‘ready now’ crop enhancement range
looking back it is clear that 201011 was important for the focused manner in which pi 
implemented its growth strategy in my view that strategy is both thoroughly realistic 
with respect to the company’s current capabilities and yet is aspirational of the growth 
opportunities that the technologies can seize the board believes that pi will be built 
on incremental achievements that are mutually reinforcing of the aims of self 
sufficiency and then global growth i look forward to reporting on these steps as 
management build position and gain strength for the company
financial review
in the year ended 31 march 2011 revenue was £1783525 2010 £1410711 although 
the overall increase at 26 per cent is below expectations the underlying crop nutrient 
sales met expectations with an increase of 96 per cent from £910711 in 2010 to 
£1783525 for this year crop nutrient revenues have improved for the third year in 
succession the 2010 revenues benefited from the als bugoil
®
 licence agreement 
milestone payments there were no such payments for this year
total expenses for the year were £3114320 2010 £2736218 an increase of 138 per 
cent sales and marketing costs increased by £69111 as a result of the increased 
geographical spread of sales activity and the first full year of direct activity in the 
americas research and development expenditure increased by £122833 due to the 
increased activity in crop nutrient development general and administrative expenses 
increased by £186158 mainly due to an increase in payroll sharebased payments 
insurance recruitment fees and plc costs
the loss for the year attributable to equity shareholders increased to £1628838 2010 
£1417075 this increase is due to the delays in bugoil
®
 regulatory approvals and 
resultant milestone payments offset by improvements in crop nutrient revenues
going	 concern
after making enquiries the directors have a reasonable expectation that the company 
and the group have adequate resources to continue in operational existence for the 
foreseeable future accordingly they continue to adopt the going concern basis in 
preparing the group financial statements further details are included in the notes 
to the group financial statements
syngenta brazil trials 
key event – september 2010 	 plant	 impact	 plc	 07 	
	 annual report and group financial statements for the year to 31 march 2011 
dividends
the directors currently intend to devote the group’s cash resources to its operations 
and therefore do not anticipate paying dividends in the near future they will 
reconsider the company’s dividend policy as and when the company is in a position 
to pay dividends the declaration and payment by the company of any dividends will 
depend on the results of the company’s operations its financial condition cash 
requirements future prospects profits available for distribution and other factors 
deemed to be relevant at the time
outlook
in the current year bugoil
®
 milestones will be pursued with determination through 
continued data sourcing and dialogue with the authorities but the company’s future 
lies squarely in the promise of the nutrient range it is here that the majority of the 
company’s resources will be directed this coming year the pi sales team is focused 
on direct sales of inca and pint and the technical team is positioning the company’s 
products in sectors which are complimentary to the business aspirations of partners 
who have global reach and traction with growers already in the current year we 
are seeing progress with both elements as direct sales and the announcement of a 
new subscription agreement for 10 per cent of the company with als the world’s 
largest privately held agchem company who purchased the shares at a premium to 
market of 76 per cent
i am confident that this is the correct strategy for pi and that we will be able to report 
steady progress this year in these twin directions
i should like to take this opportunity to thank our shareholders who have supported 
pi and have shared my belief in the promise of the technologies and management’s 
strategy for commercial development
david jones
chairman
1 july 2011 
cebeco distribution 
agreement
key event – november 2010