Announcement PDF Appendix 4D Half Year report Period Ending 31 December 2024 , Rule 4.2A.3 APPENDIX 4D Half Year report 1. Company Details Name of entity Energy Technologies Limited ABN or equivalent company reference Reporting Period (‘current period’) Previous corresponding period (‘previous period’) 38 002 679 469 31 December 2024 31 December 2023 2. Results for announcement to the market % $A'000 2.1 Revenues from ordinary activities Down 34% to 4,860 2.2 Loss from ordinary activities after tax attributable to members Up 3% to (4,982) 2.3 Loss for the period attributable to members Up 3% to (4,982) 2.4 Dividends Amount per security Franked amount per security Final dividend -¢ -¢ Interim dividend -¢ -¢ 2.5 Record date for determining entitlements to No dividend proposed or paid. the dividend 31/12/24 Appendix 4D Page 1 Appendix 4D Half Year report Period Ending 31 December 2024 Brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood. REVIEW AND RESULTS OF OPERATIONS Half-year results The consolidated net loss after tax and excluding non-controlling interest of the Group for the half year ended 31 December 2024 was $4,981,753 (31 December 2023 Loss was $5,145,877). EGY’s wholly owned subsidiary Bambach Wires and Cables Pty Ltd (the company) reported a loss after tax of $3,963,969 compared to December 2023 Half Year loss of $4,445,620. During this period, the company continued to reposition both its offering and revenue profile. This resulted in changing both the product mix and margin on product sold and product accepted into the order book. This resulted in Revenue being down 34% and the order book, in effect, being replaced with new orders. Pleasingly, the order book has now been replaced and currently sits at $2.72m at margins well above those forecast in the most recent updates. However, the company continues to be hampered by a lack of resources to deliver on this plan, notwithstanding the expansion of product through both the Tratos and Gantner Distribution Agreements, as disclosed on 17 May 2024 and 5 September 2024. The 25 November 2024 announcement regarding the successful tender with Siemens Mobility added $0.86m to the order book. With the shortfall of the rights issue in September 2024, the company has pursued and is in negotiations to fund this order book to ensure that it can grow revenue off the sales that have already been secured. EGY during the period raised $4,550,000 via loans for working capital. During the period $600,000 of convertible notes were redeemed on maturity and the proceeds were provided as a short-term loan. This is included in the $4,550,000 raised during the period. 31/12/24 Appendix 4D Page 2 Appendix 4D Half Year report Period Ending 31 December 2024 3.1 Net Tangible security Assets per Net tangible assets per security. Intangible assets have been excluded from the calculation of net tangible assets per security. Current period Previous corresponding period (1.85) cents (0.47) cents 4. Details of entities over which control has been gained or lost during the period 14.1 A Name of entity 4.2 A Date from which control was gained 4.3 A Where material to an understanding of the report – the contribution of such entity to the reporting entity’s profit from ordinary activities during the period and the profit or loss of such entities during the whole of the previous corresponding period 4.1 B Name of entities 4.2 B Date from which control was lost 4.3 B Where material to an understanding of the report – the contribution of such entities to the reporting entity’s profit from ordinary activities during the period and the profit or loss of such entities during the whole of the previous corresponding period 31/12/24 N/A N/A Appendix 4D Page 3 Appendix 4D Half Year report Period Ending 31 December 2024 5. 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 ¢ ¢ ¢ Dividend 1 Total dividend per security: Current year Previous year Ordinary securities ¢ ¢ Preference securities ¢ ¢ 6. Dividend reinvestment plan Details of any dividend reinvestment plans in operation: None The last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan: N/A 7. Details of Associates and Joint Ventures: Name of entity Percentage holding 31/12/24 Percentage holding 31/12/23 7.1 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: N/A 31/12/24 Appendix 4D Page 4 Appendix 4D Half Year report Period Ending 31 December 2024 8. For foreign entities, details of origin of accounting standards used in compiling the report (e.g. International Financial Reporting Standards) Dulhunty Engineering Limited (formerly Dulhunty Power International Limited) adopts Australian Accounting Standards. 9. For all entities, if the accounts contain an independent audit report or review that is subject to a modified opinion, emphasis of matter or other matter paragraph, a description of the modified opinion, emphasis of matter or other matter paragraph: Material Uncertainty paragraph in relation to Going Concern. Signed on behalf of the Board of Directors: Matthew Driscoll Chairman 28 February 2025 31/12/24 Appendix 4D Page 5 ENERGY TECHNOLOGIES LIMITED (ASX: EGY) ABN 38 002 679 469 Half-Year Financial Report for the half-year ended 31 December 2024 Corporate Information ABN 38 002 679 469 Directors Matthew Driscoll (Chairman, Non-Executive Director) Anthony L Smith (Non-Executive Director) Alfred J Chown (Executive Director) Company Secretary Gregory R. Knoke Registered Office Unit J, 134 - 140 Old Pittwater Road Brookvale NSW 2100 Telephone:- (02) 8978 2600 Bankers National Australia Bank Limited NAB House, 255 George Street Sydney NSW 2000 Share Register Computershare Investor Services Pty Ltd 6 Hope Street Ermington NSW 2115 Telephone:- (02) 8234 5000 Facsimile:- (02) 8235 8150 Auditors Crowe Audit Australia Level 42, 600 Bourke Street Melbourne VIC 3000 Telephone: - (03) 9258 6700 Facsimile:- (03) 9258 6722 2 Energy Technologies Limited – Half-year Report Contents Directors’ Report ............................................................................................................................. 4 Auditor’s Independence Declaration ................................................................................................ 5 Condensed Consolidated Statement of Profit or Loss ....................................................................... 6 Condensed Consolidated Statement of Other Comprehensive Income .............................................. 7 Condensed Consolidated Statement of Financial Position ................................................................. 8 Condensed Consolidated Statement of Changes in Equity ................................................................ 9 Condensed Consolidated Statement of Cash Flows......................................................................... 10 Notes to the Half –Year Financial Statements................................................................................. 11 Directors’ Declaration .................................................................................................................... 23 Independent Auditor’s Review Report............................................................................................ 24 3 Energy Technologies Limited – Half-year Report Directors’ Report Your Directors submit their report for the half-year ended 31 December 2024 DIRECTORS The names and details of the Company's Directors in office during the half-year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Matthew Driscoll (Chairman, Non-Executive Director) Appointed 20 December 2016. Anthony L Smith (Non-Executive Director) Appointed on 24 December 2020. Alfred J Chown (Executive Director) Appointed on 10 August 2023. PRINCIPAL ACTIVITIES AND SIGNIFICANT CHANGES IN NATURE OF ACTIVITIES EGY’s principal activities during the year were:  The manufacture and sale of specialist industrial cables and ancillary products through wholly owned subsidiary Bambach Wires & Cables Pty Limited (Bambach);  Driving organic growth and organisational change in Bambach; and  Seeking other products, businesses and opportunities for the Group. REVIEW AND RESULTS OF OPERATIONS The consolidated net loss after tax and excluding non-controlling interest of the Group for the half year ended 31 December 2024 was $4,981,753 (31 December 2023: Loss was $5,145,877). EGY’s wholly owned subsidiary Bambach Wires and Cables Pty Ltd reported a loss after tax of $3,963,969 compared to December 2023 Half Year loss of $4,445,620. During this period, the company continued to reposition both its offering and revenue profile. This resulted in changing both the product mix and margin on product sold and product accepted into the order book. This resulted in Revenue being down 34% and the order book, in effect, being replaced with new orders. Pleasingly, the order book has now been replaced and currently sits at $2.72m at margins well above those forecast in the most recent updates. However, the company continues to be hampered by a lack of resources to deliver on this plan, notwithstanding the expansion of product through both the Tratos and Gantner Distribution Agreements, as disclosed on 17 May 2024 and 5 September 2024. The 25 November 2024 announcement regarding the successful tender with Siemens Mobility added $0.86m to the order book. With the shortfall of the rights issue in September 2024, the company has pursued and is in negotiations to fund this order book to ensure that it can grow revenue off the sales that have already been secured. EGY during the period raised $4,550,000 via loans for working capital. During the period $600,000 of convertible notes were redeemed on maturity and the proceeds were provided as a short-term loan. This is included in the $4,550,000 raised during the period. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration under Section 307C of the Corporations Act 2001 is set out on page 5 and forms part of the Directors’ Report for the half-year ended 31 December 2024. Signed in accordance with a resolution of the Directors. Matthew Driscoll Chairman 28 February 2025 4 Crowe Audit Australia ABN 13 969 921 386 Level 42, 600 Bourke Street Melbourne VIC 3000 Australia c/o Findex Mail Processing Team PO Box 1608 Mildura VIC 3502 Australia Main +61 (03) 9258 6700 Fax +61 (03) 9258 6722 www.crowe.com.au Auditor’s Independence Declaration To the Directors of Energy Technologies Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Energy Technologies Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: (i) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) no contraventions of any applicable code of professional conduct in relation to the review. Crowe Audit Australia Antony Barnett Partner 28 February 2025 Melbourne Some of the Crowe personnel involved in preparing this document may be members of a professional scheme approved under Professional Standards Legislation such that their occupational liability is limited under that Legislation. To the extent that applies, the following disclaimer applies to them. If you have any questions about the applicability of Professional Standards Legislation to Crowe’s personnel involved in[preparing this document, please speak to your Crowe adviser. Liability limited by a scheme approved under Professional Standards Legislation. The title ‘Partner’ conveys that the person is a senior member within their respective division and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. All other professional services offered by Findex Group Limited are conducted by a privately-owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Audit Australia, an affiliate of Findex (Aust) Pty Ltd. © 2025 Findex (Aust) Pty Ltd 5 Energy Technologies Limited – Half-year Report Condensed Consolidated Statement of Profit or Loss for the half-year ended 31 December 2024 CONSOLIDATED 31 December 2024 31 December 2023 Note $ $ Sales revenue 2(i) 4,841,887 7,411,052 Other revenues 2(i) 18,280 22,602 Total revenue from continuing operations 4,860,167 7,433,654 Cost of sales (5,175,027) (7,961,580) Marketing expenses (16,369) (17,760) Occupancy expenses (95,861) (74,601) Administration expenses (2,295,296) (2,483,966) Share based payments 10 - 9,478 Finance costs 2(ii) (1,345,033) (1,070,185) Depreciation and amortisation expenses 2(iii) (861,121) (852,810) Other expenses 2(iv) (48,983) (127,667) (4,977,523) (5,145,437) - (5,098) (4,977,523) (5,150,535) (4,981,753) (5,145,877) 4,230 (4,658) (4,977,523) (5,150,535) LOSS BEFORE INCOME TAX INCOME TAX EXPENSE LOSS AFTER INCOME TAX LOSS ATTRIBUTABLE TO: Owners of the parent Non-controlling interest The condensed consolidated statement of profit or loss should be read in conjunction with the accompanying notes. 6 Energy Technologies Limited – Half-year Report Condensed Consolidated Statement of Other Comprehensive Income for the half-year ended 31 December 2024 CONSOLIDATED 31 December 2024 $ 31 December 2023 $ (4,977,523) (5,150,535) Movement in foreign exchange relating to translation of controlled foreign entities (6,332) 3,058 Exchange differences on foreign exchange relating to noncontrolling interest (6,332) 3,057 Revaluation of Property, Plant and Equipment to fair value 50,000 - 37,336 6,115 (4,940,187) (5,144,420) (4,938,085) (5,142,819) (2,102) (1,601) (4,940,187) (5,144,420) (1.16) (1.16) (1.52) (1.52) LOSS FOR THE PERIOD OTHER COMPREHENSIVE INCOME (LOSS) Items that may be reclassified subsequently to profit or loss TOTAL COMPREHENSIVE LOSS TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO: Members of the parent entity Non-controlling interest Earnings per Share From continuing operations:   Basic loss per ordinary share (cents) Diluted loss per ordinary share (cents) The condensed consolidated statement of other comprehensive income should be read in conjunction with the accompanying notes. 7 Energy Technologies Limited – Half-year Report Condensed Consolidated Statement of Financial Position as at 31 December 2024 Note CONSOLIDATED 31 December 30 June 2024 2024 $ $ CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other current assets 67,302 1,413,808 4,454,416 383,256 6,318,782 66,683 2,158,378 4,831,875 88,832 7,145,768 TOTAL NON-CURRENT ASSETS 9,323,249 2,683,891 128,688 102,050 12,237,878 9,710,646 3,050,916 119,089 102,051 12,982,702 TOTAL ASSETS 18,556,660 20,128,470 3,174,993 17,208,913 1,002,310 658,626 22,044,842 2,519,510 6,283,171 764,364 836,614 10,403,659 TOTAL NON-CURRENT LIABILITIES 2,344,125 2,251,073 22,056 4,617,254 10,874,712 2,633,687 26,945 13,535,344 TOTAL LIABILITIES 26,662,096 23,939,003 NET LIABILITIES (8,105,436) (3,810,533) 48,700,871 6,007,216 496,136 (62,682,366) (7,478,143) (627,293) (8,105,436) 48,055,587 5,963,548 496,136 (57,700,613) (3,185,342) (625,191) (3,810,533) 4 5 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment Right of use assets Intangible assets Other non-current assets 3 6 8 CURRENT LIABILITIES Trade and other payables Borrowings Lease liabilities Provisions 7 6 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES 7 6 Borrowings Lease liabilities Provisions EQUITY Issued capital Reserves Share based payment reserve Accumulated losses Parent interest Non-controlling interest 9 10 TOTAL DEFICENCY IN EQUITY The condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 8 Energy Technologies Limited – Half-year Report Condensed Consolidated Statement of Changes in Equity for the half-year ended 31 December 2024 Share Based Payment Reserve $ NonControlling Interest $ Total Equity/ (Deficiency in Equity) $ (47,163,402) (623,584) 3,726,281 - (5,145,877) (4,658) (5,150,535) 3,058 - - 3,057 6,115 - 3,058 - (5,145,877) (1,601) (5,144,420) Unlisted share options - - (9,478) - - (9,478) Total transactions with owners, in their capacity as owners, and other transfers - - (9,478) - - (9,478) Balance at 31.12.2023 45,239,038 5,781,151 486,658 (52,309,279) (625,185) (1,427,617) Balance at 1.7.2024 48,055,587 5,963,548 496,136 (57,700,613) (625,191) (3,810,533) Loss for the period - - - (4,981,753) 4,230 (4,977,523) Other comprehensive gain for the period, net of income tax - 43,668 - - (6,332) 37,336 Total comprehensive loss for the period - 43,668 - (4,981,753) (2,102) (4,940,187) 645,284 - - - - 645,284 Issued Capital $ Reserves $ 45,239,038 5,778,093 496,136 Loss for the period - - Other comprehensive gain for the period, net of income tax - Total comprehensive gain for the period Balance at 1.7.2023 Accumulated Losses $ Comprehensive income Transactions with owners in their capacity as owners and other transfers Comprehensive income Transactions with owners in their capacity as owners and other transfers Contributions of equity – net of capital raising cost Total transactions with owners, in their capacity as owners, and other transfers 645,284 - - - - 645,284 Balance at 31.12.2024 48,700,871 6,007,216 496,136 (62,682,366) (627,293) (8,105,436) The condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 9 Energy Technologies Limited - Half-Year Report Condensed Consolidated Statement of Cash Flows for the half-year ended 31 December 2024 CONSOLIDATED 31 December 2024 31 December 2023 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 5,935,921 8,388,913 238 453 190,113 - 5,057 22,148 (8,305,046) (11,487,264) (632,639) (993,504) (2,806,356) (4,069,254) 1,589 30,909 Purchase of property, plant and equipment (34,284) (62,117) Purchase of Intangible Assets (41,910) - NET CASH FLOWS (USED IN) INVESTING ACTIVITIES (74,605) (31,208) Proceeds from issue of shares 725,175 - Less outflows of raising capital (4,089) - Proceeds from borrowings 3,950,000 - Repayment of lease liabilities (234,662) (382,556) - 5,356,500 Repayment of borrowings (1,554,844) (729,718) NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 2,881,580 4,244,226 619 143,764 Cash at beginning of the financial period 66,683 49,440 CLOSING CASH BALANCE AT END OF FINANCIAL PERIOD 67,302 193,204 Interest received Receipts from government subsidies – R&D grant Receipts from government subsidies – Others Payments to suppliers and employees Finance costs NET CASH FLOWS (USED IN) OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of convertible notes NET INCREASE IN CASH HELD 10 Energy Technologies Limited – Half-year Report Notes to the Half –Year Financial Statements 31 December 2024 1. BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT (a) Basis of Preparation These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134 “Interim Financial Reporting”. The group is a for-profit entity for financial reporting purposes under Australian Accounting Standards. The half-year financial report is intended to provide users with an update on the latest annual financial statements of Energy Technologies Limited and its controlled entities (the Group). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Group. It is therefore recommended that this financial report be read in conjunction with the Annual Financial Report of Energy Technologies Limited for the year ended 30 June 2024 together with any public announcements made during the half-year. The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements, except in relation to some of the matters discussed at Note 1(c) below. The interim financial statements have been approved and authorised for issue by the Board of Directors on 28 February 2025. (b) Material Uncertainty Related to Going Concern This report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business. The Group incurred a loss after tax and excluding non-controlling interest of $4,981,753 (December 2023: loss of $5,145,877). During the period the group incurred negative cash flows from operating activities of $2,806,356 (December 2023: negative $4,069,254). At 31 December 2024 the Group had a net deficiency in equity of $8,105,436 (June 2024: net deficiency in equity of $3,810,533). The December 2024 net assets include intangible assets of $128,688 (June 2024: $119,089). The Group had a net current asset deficit (current liabilities in excess of current assets) of $15,726,060 (June 2024: net current asset deficit of $3,257,891). Included in current liabilities are employee entitlements of $658,626 which are not expected to be settled in cash in full within the next twelve months. In addition, included in current liabilities are convertible notes of $9,306,500 and short-term loans of $4,550,000 ie a total of $13,856,500. Subsequent to the reporting date $12,120,000 (87.5%) of the current convertible notes and loans outstanding have been extended for periods varying between March 2026 and September 2026. These matters give rise to a material uncertainty that may cast doubt on the Group’s ability to continue as a going concern. 11 Energy Technologies Limited – Half-year Report Notes to the Half –Year Financial Statements 31 December 2024 1. BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT (Continued) (b) Material Uncertainty Related to Going Concern (continued) The Directors believe, notwithstanding the above financial performance, position and operating cash outflows, this result, along with funding raised post the reporting date (refer to note 13 on subsequent events), as well as its track record of raising capital is not a cause of concern for the following reasons:  The results for the half year continue to be impacted by residual issues with staff retention, final transactional issues in the relocation, expansion and then fully commissioning of the new manufacturing facility in Rosedale, regional Victoria and delays in the construction of the new silicone line shed, which is expected to be completed during the 2026 financial year;  Cash constraints continued to impact the supply of raw materials resulting in the factory not operating at full capacity;  Although revenue was down on the previous corresponding half year period, the most recent quarterly revenue was 17.5% higher than the September 2024 quarter;  Operationally, the Board’s conviction as to the merits of the revised business plan is being validated with increased tender opportunities, higher margin sales and the initial tender awarded to the Manufactured and Purchased Sales Divisions associated with a significant infrastructure project in NSW (as detailed to the market on 25 November 2024);  Further initiatives in place to raise further working capital;  The potential to raise additional capital (as and when required);  The potential to renegotiate and or extend debt facilities including but not limited to convertible notes; and  In the event that the forecast growth in revenue is slower than anticipated, the Directors are confident they have the ability to raise additional funds through share issues and placements to sophisticated investors. The Directors’ also note the following:  A contributing factor to the decline in revenue in half year to 31 December 2024 was the company's change in business planning. The business is now focusing on maintaining safe manufacturing margins supported by a focus on the renewable energy sector and purchased product to sell into previously manufactured product clients. This resulted in a shift in capital employed to re-position the factory while investing in the lateral business opportunities;  The company has revised its business strategy to include purchased imported product delivered into the domestic market;  In addition, in November 2024 the company announced that its Manufactured and Purchased Sales Divisions have been awarded their first cable supply contract since adoption of the Company’s revised business plan;  The current sales order book remains strong; and  Loans of $4,550,000 were raised during the period. 12 Energy Technologies Limited – Half-year Report Notes to the Half –Year Financial Statements 31 December 2024 1. BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT (Continued) (b) Material Uncertainty Related to Going Concern (continued) Matters already occurred post the reporting date (refer Note 13):  Further working capital has been provided by way of unsecured loans of $1,320,000 received post balance date;  The maturity dates of convertible notes of $7,570,000, included in current liabilities in the balance sheet, have been extended until March 2026 and September 2026. Accordingly, these convertible notes whilst technically current at balance sheet date, now retain characteristics of a non-current liability post balance sheet date; and  The maturity dates of short-term loans of $4,550,000, included in current liabilities in the balance sheet, have all been extended until March 2026 and September 2026. Accordingly, these short-term loans whilst technically current at balance sheet date, now retain characteristics of a non-current liability post balance sheet date. Matters expected to occur in the view of the Directors’:  The Group has maintained ongoing support from its financiers and shareholders throughout the period and in the period subsequent to the date of this report;  The potential to renegotiate and or extend debt facilities;  The potential to raise additional capital, including the issue of further additional convertible notes (as and when required). To this end, preliminary discussions are being held with several parties to raise additional funding. The Directors are confident about the successful outcome of these negotiations and this is a key assumption in the cashflow projections; and  As is prudent for a Group of this size, and consistent with the factors noted 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. Management have prepared a cash flow projection (including the above assumptions) for the period to 31 March 2026 and a FY2025-26 budget that supports the ability of the Group to continue as a going concern. As a consequence of these matters, the Directors believe the Group will continue as a going concern and it is appropriate to prepare these financial statements on that basis. In the event that the Group is unable to achieve the matters detailed above, it may not be able to continue as a going concern and therefore the Group 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 Group and company not continue as going concerns. 13 Energy Technologies Limited – Half-year Report Notes to the Half –Year Financial Statements 31 December 2024 1. BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT (Continued) (c) New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board