EGY Appendix 4E FY2023
Released
Released
Announcement PDF
Appendix 4E
Preliminary final report
Appendix 4E
Preliminary final report
1. Company Details
Name of entity
ENERGY TECHNOLOGIES LIMITED
ABN or equivalent company
reference
Financial year ended (‘current
period’)
38 002 679 469
Financial year ended (‘previous
period’)
30 June 2023
30 June 2022
2. Results for announcement to the market
$A'000
2.1 Revenues from operating activities
Up
24%
to
15,535
2.2 Profit from operating activities after tax
attributable to members
Down
76%
to
(15,345)
2.3 Profit for the period attributable to members
Down
76%
to
(15,345)
2.4 Dividends
Amount per
security
Franked amount per security
Final dividend
NIL
NIL
Interim dividend
NIL
NIL
2.5 Record date for determining entitlements to the
dividend
Not applicable
2.6 Brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood:
Energy Technologies Limited (EGY) has reported a consolidated loss for the year after tax and minority interests
of $15,344,996 (FY2022 loss of $8,731,756).
The FY2023 results include a loss after tax of $14,127,919 (FY2022 loss of $7,798,291) reported by subsidiary
Bambach Wires and Cables Pty Ltd (BWC). This includes $5,194,327 (FY2022 $600,000) impairment of the
carrying value of intangible development assets and purchased intellectual property, now fully impaired to NIL.
There will be further discussion of the result below.
The June 2022 comparatives, in the Appendix 4E, have been amended to reflect the 2022 Annual Report.
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3. Details of Individual and Total Dividends
Date
dividend is
payable
Amount per
security
Franked
amount per
security at
30% tax
Amount per security of
foreign source dividend
Current year
-¢
-¢
-¢
Previous year
-¢
-¢
-¢
Interim dividend: Current year
-¢
-¢
-¢
Previous year
-¢
-¢
-¢
Final dividend:
Total dividend per security (interim plus final)
Current year
Previous year
Ordinary securities
Preference securities
-¢
-¢
-¢
-¢
4. Dividend reinvestment plan
Details of any dividend reinvestment plans in operation:
N/A
The last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan:
N/A
5. Statement of retained earnings
Current period - $A'000
Previous corresponding
period - $A'000
Accumulated losses at the beginning of
the financial year
(31,818)
(23,086)
Net loss attributable to members
(15,345)
(8,732)
Accumulated losses at the end of the
financial year
(47,163)
(31,818)
6.1 Net Tangible Asset backing
Net tangible asset* backing per ordinary
security
Current period
Previous corresponding
period
$0.011
$0.036
* Net tangible assets calculations above include the right-of use assets and lease liabilities.
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6.2 Earnings per security (EPS)
Current period
Basic EPS (cents)
(5.2)
(3.6)
(15,345)
(8,732)
292,875,846
243,508,091
Net loss after tax for the period
attributable to members ($’000s)
Weighted average number of ordinary
securities
Previous
corresponding period
7. Details of entities over which control has been gained or lost during the period
17.1 A
Name of entity
No entities were acquired during the period
7.2 A
Date from which control was gained
7.3 A
Where material to an understanding of the report – the
contribution of such entities to the reporting entity’s
profit from operating activities during the period and
the profit or loss of such entities during the whole of
the previous corresponding period
17.1 B
Name of entities
7.2 B
Date from which control was gained / lost
7.3 B
Where material to an understanding of the report – the
contribution of such entities to the reporting entity’s
profit from operating activities during the period and
the profit or loss of such entities during the whole of
the previous corresponding period
No entities were disposed of during the period
8. Details of Associates and Joint Ventures:
Name of entity
Percentage holding 30 June 2023
Percentage holding 30 June 2022
N/A
8.1 Where material to an understanding of the report - aggregate share of profits (losses) of these entities, details
of contributions to net profit for each of these entities, and with comparative figures for each of these disclosures
for the previous corresponding period:
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9 - Comments by directors
EGY has reported a consolidated loss after tax and minorities for FY2023 of $15,344,996 (FY2022 loss after tax
and minorities $8,731,756). Wholly owned subsidiary Bambach Wires and Cables Pty Ltd (Bambach) reported a
loss after tax of $14,127,919 (FY2022 loss $7,798,291). This includes a one-off amount of $5,194,327 to fully
impair the FY2023 carrying value of intangible development assets and purchased intellectual property to NIL. In
addition, the result includes an inventory write down of $798,286 (2022: $484,338) as a result of a detailed review
of inventory items by location and including slow moving stock.
During the period, the company experienced further issues with utilisation rates at the factory due to the lasting
effects of COVID. Pleasingly, these reduced greatly in October as normal staffing levels resumed and from
November provided for an increase in productivity which allowed the company to take advantage of the higherthan-normal order book. This resulted in a 24% increase in sales compared to the previous corresponding period
and continues to underpin the opportunities that the company has going forward.
During April, the company entered a restructuring of the factory to move to 24-hour operations which resulted in a
restructuring of staffing levels. While largely done, they are still being finalised to ensure that the new work
arrangements have the necessary number of staff to support this increase in factory utilisation.
The Board has determined to impair both intangible assets and inventory to prepare the business for its fresh start
in operations under this increase in utilisation. The FY2023 loss of $15.3m, when taking in to account the
impairment of intangible assets ($5.2m), the higher impairment of inventory ($0.3m) and the higher finance cost
($1m) was largely in line with the FY2022 result (down by $0.08m) due to the similar utilisation rates of the factory.
Sales still remain strong, with the company having a healthy order book in place, as underpinned by it announcing
its first project win in excess of $1m, on 28 July 2023.
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Preliminary final report
10.
This report is based on accounts to which one of the following applies.
The accounts have been
audited.
The accounts have been
subject to review.
The accounts are in the
process of being audited
or subject to review.
The accounts have not yet
been audited or reviewed.
11. Description of likely dispute or qualification if the accounts have not yet been audited or subject to
review or are in the process of being audited or subjected to review:
The Preliminary Financial Report is based on the Group’s 2023 annual financial report, the accounts of
which are in the process of being audited. No matters have arisen thus far which would result in a
dispute or qualification in the current year.
12. Description of dispute or qualification if the accounts have been audited or subject to review:
N/A
Sign here:
Print name: Matthew Driscoll
Director
Date: 31 August 2023
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
CONSOLIDATED INCOME STATEMENT
For the year ended 30 June 2023
Notes
CONTINUING OPERATIONS
CONSOLIDATED
2023
2022
$’000
$’000
Sale of goods
Cost of sales
Gross (loss) / profit
2a
3
15,535
(15,766)
(231)
12,519
(11,447)
1,072
Other revenue
Marketing expenses
Occupancy expenses
Administrative expenses
Finance costs
Depreciation and amortisation expenses
Impairment of plant & equipment
Impairment of intangible assets
Other expenses
LOSS FOR THE YEAR BEFORE INCOME TAX
Income tax credit (expense)
LOSS FOR THE YEAR AFTER INCOME TAX
2b
65
(8)
(104)
(5,108)
(2,094)
(2,482)
(5,194)
(231)
(15,387)
43
(15,344)
341
(22)
(138)
(4,991)
(1,069)
(2,795)
(316)
(600)
(153)
(8,671)
(55)
(8,726)
(PROFIT) ATTRIBUTABLE TO MINORITY INTEREST
(1)
(6)
LOSS ATTRIBUTABLE TO MEMBERS OF ENERGY
TECHNOLOGIES LIMITED
(15,345)
(8,732)
3
3
3
The accompanying notes form part of these financial statements.
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2023
CONSOLIDATED
2022
$’000
2023
$’000
(15,344)
(8,726)
Movement in foreign exchange relating to translation of controlled
foreign entities
(4)
(8)
Exchange difference on foreign exchange relating to minorities
(4)
(8)
TOTAL OTHER COMPREHENSIVE (LOSS) / INCOME
(8)
(16)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(15,352)
(8,742)
(15,349)
(8,740)
(3)
(2)
(15,352)
(8,742)
Basic loss per ordinary share (cents)
(5.2)
(3.6)
Diluted loss per ordinary share (cents)
(5.2)
(3.6)
LOSS FOR THE YEAR
OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER
TAX:
Items that will be reclassified subsequently to profit or loss
when specific conditions are met:
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:
Members of the parent entity
Minority equity interest
Earnings per Share
From continuing operations:
The accompanying notes form part of these financial statements.
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
Notes
CONSOLIDATED
2023
2022
$’000
$’000
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
TOTAL CURRENT ASSETS
49
2,791
5,279
252
8,371
82
3,230
5,096
406
8,814
9,805
2,782
12
206
101
12,906
21,277
10,152
3,249
5,978
162
131
19,672
28,486
2,326
10,228
859
820
14,233
2,262
6,740
824
692
10,518
1,469
1,824
25
3,318
17,551
3,726
2,154
22
2,176
12,694
15,792
45,239
5,778
496
(47,163)
4,350
(624)
3,726
41,769
5,782
680
(31,818)
16,413
(621)
15,792
NON-CURRENT ASSETS
Property, plant and equipment
Right of use assets
Intangibles
Deferred tax assets
Other receivables
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
5
CURRENT LIABILITIES
Trade and other payables
Borrowings
Short-term provisions
Lease liabilities
TOTAL CURRENT LIABILITIES
6
5
NON-CURRENT LIABILITIES
Borrowings
Lease liabilities
Long-term provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
6
5
EQUITY
Issued capital
Reserves
Share based payment reserve
Accumulated losses
Parent interest
Minority interest
TOTAL EQUITY
7
The accompanying notes form part of these financial statements
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 June 2023
Issued
Reserves
Share Based Accumulated
Capital
$’000
Balance at 1 July 2021
Payment
Reserve
$’000
$’000
Minority
Losses
Interest
$’000
$’000
Total
$’000
31,484
5,790
366
(23,086)
(619)
13,935
-
-
-
(8,732)
6
(8,726)
-
(8)
-
-
(8)
(16)
-
(8)
-
(8,732)
(2)
(8,742)
10,484
-
-
-
-
10,484
-
-
115
-
-
115
(199)
-
199
-
-
-
10,285
-
314
-
-
10,599
41,769
5,782
680
(31,818)
(621)
15,792
-
-
-
(15,345)
1
(15,344)
-
(4)
-
-
(4)
(8)
-
(4)
-
(15,345)
(3)
(15,352)
3,250
-
-
-
-
3,250
-
-
36
-
-
36
220
-
(220)
-
-
-
3,470
-
(184)
-
-
3,286
45,239
5,778
496
(47,163)
(624)
3,726
Comprehensive income
(Loss) for the year
Other comprehensive loss for the
year
Total comprehensive loss for the
year
Transactions with owners, in their
capacity as owners, and other
transfers
Contributions of equity
Unlisted share options
Share-based-payment – issue costs
Total transaction with owners, in
their capacity as owners, and
other transfers
Balance at 30 June 2022
Comprehensive income
(Loss) for the year
Other comprehensive loss for the
year
Total comprehensive loss for the
year
Transactions with owners, in their
capacity as owners, and other
transfers
Contributions of equity - net of
capital raising costs
Unlisted share options
Unlisted share options – expired
Total transaction with owners, in
their capacity as owners, and
other transfers
Balance at 30 June 2023
The accompanying notes form part of these financial statements.
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2023
CONSOLIDATED
Notes
2023
2022
$’000
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Receipts from Government Grants - R & D grant
Receipts from Government Grants – wages subsidies
Interest Received
Payments to suppliers and employees
Finance costs
NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES
16,591
1,122
21
1
(22,783)
(1,948)
(6,996)
14,412
1,801
2
(21,067)
(786)
(5,638)
Proceeds from sale of property, plant and equipment
Purchases of property, plant and equipment
Purchases of intangible development assets
Proceeds from government grants
NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES
(1,094)
432
(662)
21
(1,287)
(2,107)
385
(2,988)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Less outflows of raising capital
Proceeds from Convertible Notes
Proceeds from borrowings
Repayment of borrowings
Repayment of lease liabilities
Repayment of loan from director
Proceeds of loan from director
NET CASH INFLOW FROM FINANCING ACTIVITIES
3,400
(151)
4,600
8,354
(7,268)
(795)
(515)
7,625
11,000
(516)
3,094
(3,899)
(1,019)
(575)
500
8,585
(33)
82
49
(41)
123
82
4
CASH FLOWS FROM INVESTING ACTIVITIES
NET INCREASE (DECREASE) IN CASH HELD
Add: Opening cash brought forward
CLOSING CASH AT THE END OF THE YEAR
The accompanying notes form part of these financial statements.
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
1. BASIS OF PREPARATION
a) Basis of preparation
The preliminary final report does not include all the notes of the type normally included within the annual financial
report and therefore cannot be expected to provide as full an understanding of the financial performance, financial
position and financing and investing activities of the consolidated entity as the full financial report.
The preliminary final report should be read in conjunction with the half-year financial report of Energy Technologies
Limited as at 31 December 2022. It is also recommended that the financial report be considered together with any
public announcements made by Energy Technologies Limited and its controlled entities during the year ended 30
June 2023 in accordance with the continuous disclosure requirements arising under the Corporations Act 2001.
This preliminary final report has been prepared in accordance with the requirements of the Australian Securities
Exchange listing rules.
This preliminary final report does not constitute the full financial report for the year ended 30 June 2023
b) Going Concern.
The consolidated entity made a FY2023 loss after tax attributable to members of $15,344,996 (2022: loss of
$8,731,756). During the period, notwithstanding an increase in group operating revenue of 24%, the group
generated negative cash flows from operations of $6,996,441 for the year ended 30 June 2023 (2022: negative
$5,638,088). This loss includes a $5,194,327 impairment of intangible development assets and previously
acquired/purchased intellectual property following the board, together with the audit and risk committee, decision to
fully impair these assets. In addition, included in Cost of Goods Sold is an inventory write down of $798,286
following a detailed review of inventory including slow-moving stock.
At 30 June 2023 the consolidated entity had net assets of $3,726,282 (June 2022: $15,791,292) including the
recognition of a deferred tax asset of $205,515. The June 2022 net assets included intangible assets of $5,977,837
of which $12,498 software assets remains in the balance sheet at 30 June 2023. The consolidated current liabilities
exceeds current assets by $5,861,503, however the consolidated current liabilities include convertible notes of
$4,600,000 which mature twelve months from the issue date or such later date as is agreed in writing between the
parties. These conditions give rise to a material uncertainty that may cast significant doubt upon the Consolidated
Entity’s ability to continue as a going concern.
The Directors believe, notwithstanding the above financial performance, position and operating cash outflows, that
along with the post period end funding raised (refer to note 9 on subsequent events), as well as its consistent track
record of raising capital, indications are that the group can continue to operate as a going concern. The results to
30 June 2023 remain in part affected by the impact of Covid-19, and by continuing transitional issues in the
relocation, expansion and then fully commissioning of the new manufacturing facility in Rosedale, Victoria, in
particular the new silicone line shed which is due to be completed FY 2024. Notwithstanding the loss for the year
and the consolidated entity’s deficiency in net current assets, the financial report has been prepared on the going
concern basis. The Directors’ reach this conclusion on the following basis:
Revenue is growing with 24.5% increase on the previous financial year and 54.8% increase on the previous
corresponding quarter ending 30 June 2023. Based on this and a current order book that is materially higher than
the prior year, expectations are that revenues will continue to improve;
A capital raising of $3.4m by way of a placement of new shares during the period (refer note 7);
Further working capital has been provided by way of unsecured loan of $820,000 received post balance date
(refer note 9);
A further capital raising by way of convertible notes of $2.0m post balance date (refer note 9);
The potential to raise additional capital (as and when required);
The potential to renegotiate and or extend debt facilities including but not limited to the maturing convertible
notes of $4.6m in October 2023 (refer note 9);
On 5 October 2022 the directors agreed to extend the maturity date of $200,000 in loans, from CEO Alfred
Chown, to April 2024 (at the date of this report Alfred Chown has been appointed as an interim director);
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
b) Going Concern (continued).
The Group has completed a review of the operational structure of the business and has identified and is
implementing significant operating cost savings;
The Rosedale main factory facility is close to fully operational, although yet to reach targeted achievable
capacity;
During the 2023 financial year, the company has begun to exit the issues resulting from COVID that has greatly
affected the company for the last two years; and
The Group has maintained ongoing support from its financiers and shareholders throughout 2023 and in the
period subsequent to the date of this report.
As is prudent for a Group of this size, and consistent with the factors noted in the points in para 1(b) above, the
directors continue to manage the working capital and capital expenditure requirements in the best interests of
shareholders. This includes the preparation, and review of cash flow forecasts and other longer term projections
which in the view of the Directors align with the strategy of the Group to achieve growth predominantly through
the Rosedale facility operating at higher production capacity levels.
In the event that the consolidated entity is unable to achieve the matters detailed above, it may not be able to
continue as a going concern and therefore the consolidated entity may not be able to realise its assets and
extinguish its liabilities in the ordinary course of operations and at the amounts stated in the financial statements.
No adjustments have been made to the recoverability and classification of recorded asset values and the amount
and classification of liabilities that might be necessary should the consolidated entity and company not continue as
going concerns.
CONSOLIDATED
2022
$’000
2023
$’000
2. REVENUES FROM CONTINUING OPERATIONS
a) Revenue from continuing operations
Sale of goods transferred at a point in time
15,535
12,519
15,535
12,519
-
205
1
64
65
15,600
2
134
341
12,860
b) Other revenues from continuing operations
R&D Grant
Finance revenue
Other income
Total revenue and other revenue from continuing operations
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
CONSOLIDATED
2023
$’000
2022
$’000
3. EXPENSES
Included in the determination of net profit / (loss) before tax from continuing
operations are the following expenses.
Cost of Sales:
Cost of Goods Sold
less: Capitalised to intangible assets via R&D activities
10,411
10,411
2,999
761
1,595
15,766
9,682
(1,823)
7,859
2,153
640
795
11,447
8.8%
0.4%
904
48
37
9
8
771
705
2,482
1,062
53
15
5
18
859
783
2,795
Borrowing expense
Interest expense
Lease finance charges
1,261
689
144
2,094
680
221
168
1,069
Superannuation contributions
Impairment of plant & equipment
Impairment of intangible assets
599
5,194
550
316
600
107
131
Factory direct expenses less recovery
Freight
Inventory write down and manufacturing variances
Gross Profit % - pre inventory write down & capitalisation adjustments
Depreciation and amortisation of non-current assets:
Plant and equipment
Building and leasehold improvements
Furniture, fixtures and fittings
Motor vehicles
Computer equipment
Intangibles amortisation
Right of use asset depreciation
Total depreciation and amortisation of non-current assets
Borrowing costs expensed:
Operating lease rental expense:
Minimum lease payments – short term leases
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
CONSOLIDATED
2022
$’000
2023
$’000
4. STATEMENT OF CASH FLOWS
Reconciliation of the net loss after tax to the net cash flows from
operating activities
Loss after income tax
(15,344)
(8,726)
1,006
771
705
(8)
5,194
(4)
1,153
859
783
(16)
79
316
600
-
2
36
3
145
10
115
2
168
439
(183)
64
(44)
154
30
38
(6,996)
1,990
(1,127)
(1,871)
54
140
149
(316)
(5,638)
Add/(less) non-cash items
Depreciation of non-current assets
Amortisation of intangible assets
Depreciation of right of use assets
Unrealised foreign exchange movements
Amortisation of other loan interest charges
Impairment of plant & equipment
Impairment of intangible assets
Hire Purchase loan write back
Non-operating cash flow cash items
Net loss on disposal of property, plant and equipment
Share-based payment
Hire purchase interest charges
Lease liability interest charges
Changes in assets and liabilities
(Increase) / decrease in trade and other receivables
(Increase) / decrease in inventories
(Decrease) / Increase in payables and accruals
(Increase) / decrease in deferred tax asset
(Increase) / decrease in other-current assets
(Increase) / decrease in other-non-current receivables
Net movement in provisions for employee entitlements
Net cash (outflow) from operating activities
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
CONSOLIDATED
2022
$’000
2023
$’000
5. NON CURRENT ASSETS – RIGHT OF USE ASSETS AND LEASE LIABILITIES
Right of Use Assets
Office and Factory Premises
4,059
4,351
Less: Accumulated depreciation
(1,962)
(1,839)
2,097
2,512
Property Plant and Equipment
964
964
Less: Accumulated depreciation
(279)
(227)
685
737
2,782
3,249
The consolidated entity has leased office premises under operating leases with various expiry dates, some with
options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are
renegotiated.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out
below:
Office
Plant and
Total
premises,
equipment
factory and
2023
warehouse
$’000
Balance at the beginning of the financial year
$’000
$’000
2,512
737
3,249
Additions
238
-
238
Depreciation expense
(653)
(52)
(705)
Balance at the end of the financial year
2,097
685
2,782
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Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
CONSOLIDATED
2023
2022
$’000
$’000
5.
NON CURRENT ASSETS – RIGHT OF USE ASSETS AND LEASE LIABILITIES (Cont’d)
Lease Liabilities
CURRENT
Lease liabilities
Hire purchase agreements*
NON CURRENT
Lease liabilities
Hire purchase agreements*
699
121
820
616
76
692
1,716
108
1,824
2,644
2,135
19
2,154
2,846
*Lease liabilities on Hire purchase agreements are secured by the underlying financed assets
6.
BORROWINGS
CURRENT
Secured Borrowings
Debtor Finance Facility
Trade Finance Facility
Equipment finance loan
Convertible Notes
Executive and director loan
(d)
(e)
(f)
(g)
(b)
1,626
3,510
302
4,600
190
10,228
766
4,751
204
5,721
Unsecured Borrowings
Director and executive loan
Other loan
(a)
(c)
10,228
515
504
1,019
6,740
(f)
1,469
1,469
11,697
6,740
NON-CURRENT
Secured Borrowings
Equipment finance loan
Total Non-Current Borrowings
Total Borrowings
30/06/2023
Appendix 4E Page 16 of 18
Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
6.
BORROWINGS (Cont’d)
a)
Unsecured loan from director for $500,000 was repaid during the period. The repayment included accrued
interest of $31,506, of which $15,480 was accrued at 30 June 2022.
b)
Secured loan from director of subsidiary Bambach Wires and Cables Pty Ltd for $190,000. An amount of
$10,000 was repaid during the period. Interest rate 10.00% per annum. Maturity Date is 11th April 2024.
c)
Unsecured loan from shareholder for $500,000 was repaid during the period. The repayment included
accrued interest of $17,945, of which $3,013 was accrued at 30 June 2022.
d)
Secured Debtor Finance Facility. Interest is charged on the facility at rate of the base rate, currently 10.75% and
margin rate is 1.85%. No maturity date.
e)
Secured Trade Finance Facility. Term Charges 5.76% per 120 days. No maturity date.
f)
Secured equipment finance loan. Interest rate 13.29% per annum. Maturity date August 2027
g)
Convertible Notes issued of $4,600,000 to noteholders. These notes have a face value of $1.00, attract a
coupon rate of 10% and are convertible at a share price of $0.08 per note. These notes mature twelve
months from the issue date or such later date as is agreed in writing between the parties (refer note 9).
7.
CONTRIBUTED EQUITY
CONSOLIDATED
$
2022
$
45,239,039
41,768,876
2023
Issued capital
337,659,830 (272,275,214 – 2022) ordinary shares fully paid
2022
Number
172,275,214
$
$
At the beginning of reporting period
2023
Number
272,275,214
41,768,876
31,483,891
14/10/2021 issued at $0.11
08/03/2023 issued at $0.052
Capital Transaction Costs
Unlisted share options – expired
At reporting date
65,384,616
337,659,830
100,000,000
272,275,214
3,400,000
(150,080)
220,243
45,239,039
11,000,000
(715,015)
41,768,876
Ordinary Shares
On 8 March 2023 EGY issued 65,384,616 shares through a share placement. The issue price was $0.052 per
share.
Shares issued under the non-renounceable rights issue 14 October 2021 had 25,000,058 attaching listed options
expiring 31 October 2024. The offer price for these options was $NIL and the options have an exercise price of
$0.20.
30/06/2023
Appendix 4E Page 17 of 18
Appendix 4E
Preliminary final report
ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2023
8.
SEGMENT REPORTING
Primary reporting - Business segments
The Group’s primary business segment is Specialist and Industrial Cables. Therefore, the segment details are
fully reflected in the results and balances reported in the Statement of Profit and Loss and Statement of
Financial Position.
Management currently identifies the Group as one operating segment being Specialist and Industrial Cables.
This segment is monitored by the Group’s chief operating decision makers and strategic decisions are made
on the basis of this segment result only.
9. SUBSEQUENT EVENTS
The following matters have occurred post reporting date:
Convertibles notes of $2,000,000 are committed to be drawn down as needed. Of this $0.5m has been
drawn down post the reporting date. These notes have a face value of $1.00, attract a 10% coupon rate and
are convertible at $0.08;
Convertibles notes of $1,000,000 which matured on 25 August 2023 have been extended until 27 November
2023. The terms of the notes remain unchanged;
Unsecured loans issued of $820,000 post the reporting date. These loans incur 10% per annum interest.
Other than this there has not arisen since the end of the financial period any other matter of circumstance
which, in the opinion of the directors of the Company, significantly affects the operations of the Company, the
results of those operations, or the state of affairs of the Company in subsequent
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