Exhibit 99.1
Carbon Revolution Public Limited Company
Condensed Consolidated Statement of Financial Position
(Unaudited)
US $'0001 | AU $'000 | |||||||||||
As of December 31, 2023 | As of December 31, 2023 | As of June 30, 2023 | ||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | 18,852 | 26,931 | 19,582 | |||||||||
Restricted trust fund | - | - | 14,677 | |||||||||
Receivables | 6,782 | 9,689 | 6,430 | |||||||||
Contract assets | 12,734 | 18,192 | 8,239 | |||||||||
Inventories | 16,528 | 23,612 | 22,173 | |||||||||
Other current assets | 2,588 | 3,697 | 378 | |||||||||
Total current assets | 57,484 | 82,121 | 71,479 | |||||||||
Non-current assets | ||||||||||||
Restricted trust fund | 4,841 | 6,916 | - | |||||||||
Property, plant and equipment | 48,273 | 68,962 | 62,638 | |||||||||
Right-of-use asset | 4,962 | 7,088 | 7,446 | |||||||||
Intangible assets | 12,004 | 17,148 | 16,774 | |||||||||
Total non-current assets | 70,080 | 100,114 | 86,858 | |||||||||
Total assets | 127,564 | 182,235 | 158,337 | |||||||||
Current liabilities | ||||||||||||
Payables | 35,164 | 50,236 | 15,474 | |||||||||
Borrowings | 63,202 | 90,288 | 13,829 | |||||||||
Lease liability | 460 | 657 | 645 | |||||||||
Contract liability | 1,279 | 1,827 | 748 | |||||||||
Deferred income | 1,299 | 1,856 | 1,919 | |||||||||
Provisions | 2,798 | 3,997 | 12,957 | |||||||||
Total current liabilities | 104,202 | 148,861 | 45,572 | |||||||||
Non-current liabilities | ||||||||||||
Borrowings | 28,929 | 41,327 | 70,833 | |||||||||
Derivative financial instruments | 8,029 | 11,470 | - | |||||||||
Lease liability | 4,926 | 7,037 | 7,368 | |||||||||
Contract liability | 3,058 | 4,368 | 1,755 | |||||||||
Deferred income | 9,958 | 14,225 | 15,235 | |||||||||
Provisions | 1,712 | 2,446 | 1,843 | |||||||||
Total non-current liabilities | 56,612 | 80,873 | 97,034 | |||||||||
Total liabilities | 160,814 | 229,734 | 142,606 | |||||||||
Net (liabilities) / assets | (33,250 | ) | (47,499 | ) | 15,731 | |||||||
(Deficiency in equity) / equity | ||||||||||||
Contributed equity | 37 | 53 | 386,432 | |||||||||
Reserves | 269,739 | 385,342 | 7,166 | |||||||||
Accumulated losses | (303,026 | ) | (432,894 | ) | (377,867 | ) | ||||||
Total (deficiency in equity) / equity | (33,250 | ) | (47,499 | ) | 15,731 |
1 All USD figures converted from AUD to USD at $1:$0.7 for convenience.
1
Carbon Revolution Public Limited Company
Condensed Consolidated Statement of Profit or Loss and
Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income
(Unaudited)
US $'0002 | AU $'000 | |||||||||||
Six Months Ended December 31, | Six Months Ended December 31, | |||||||||||
2023 | 2023 | 2022 | ||||||||||
Sale of wheels | 23,881 | 34,116 | 18,009 | |||||||||
Engineering services | 1,038 | 1,483 | - | |||||||||
Sale of tooling | 931 | 1,330 | - | |||||||||
Revenue | 25,850 | 36,929 | 18,009 | |||||||||
Cost of goods sold | (35,877 | ) | (51,253 | ) | (25,586 | ) | ||||||
Gross margin | (10,027 | ) | (14,324 | ) | (7,577 | ) | ||||||
Other income | 937 | 1,339 | 2,485 | |||||||||
Finance income | 3,356 | 4,794 | - | |||||||||
Operational expenses | (1,884 | ) | (2,692 | ) | (388 | ) | ||||||
Research and development | (5,253 | ) | (7,504 | ) | (9,134 | ) | ||||||
Administrative expenses | (5,783 | ) | (8,261 | ) | (7,855 | ) | ||||||
Marketing expenses | (456 | ) | (653 | ) | (732 | ) | ||||||
Capital raising transaction costs | (12,080 | ) | (17,257 | ) | (3,243 | ) | ||||||
Finance costs | (10,690 | ) | (15,271 | ) | (1,037 | ) | ||||||
Loss before income tax expense | (41,880 | ) | (59,829 | ) | (27,481 | ) | ||||||
Income tax expense | - | - | - | |||||||||
Loss for the period after income tax | (41,880 | ) | (59,829 | ) | (27,481 | ) | ||||||
Other comprehensive income | ||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||
Foreign currency translation differences - foreign operations | (609 | ) | (870 | ) | (17 | ) | ||||||
Other comprehensive income | (609 | ) | (870 | ) | (17 | ) | ||||||
Total comprehensive loss for the period, net of tax | (42,489 | ) | (60,699 | ) | (27,498 | ) | ||||||
Earnings per share | ||||||||||||
Basic | $ | (22.34 | ) | $ | (31.91 | ) | $ | (0.13 | )3 | |||
Diluted | $ | (22.34 | ) | $ | (31.91 | ) | $ | (0.13 | )3 |
2 All USD figures converted from AUD to USD at $1:$0.7 for convenience.
3 Based on shareholding at December 31, 2022 prior to the Business Combination and resulting changes in the group structure that were previously disclosed.
2
On April 9, 2024 the Company published preliminary, unaudited financial results for the half year ended December 31, 2023. Subsequently, the Company has identified certain adjustments to those financial results which are set out below. These adjustments and the adjusted financial results are unaudited. The Company is currently preparing its financial statements for the year ended June 30, 2024 which will be subject to audit and released to shareholders upon their completion.
Press Release April 9, 2024 | 1. OIC Commitment fee | 2. OIC Warrant reclass & Revalue | 3. SPAC Warrant reclass & revalue | 4. PIUS reclass in BS | 5. OEM Interest | TOTAL | 6-K Release July 26, 2024 | |||||||||||||||||||||||||
Impacted line in Statement | AU$'000 | AU$'000 | AU$'000 | AU$'000 | AU$'000 | AU$'000 | AU$'000 | AU$'000 | ||||||||||||||||||||||||
Condensed Consolidated Statement of Profit or loss and other comprehensive income for the six months ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Sale of wheels | 34,532 | - | - | - | - | (416 | ) | (416 | ) | 34,116 | ||||||||||||||||||||||
Finance Cost | (10,375 | ) | (1,712 | ) | (3,216 | ) | (384 | ) | - | 416 | (4,896 | ) | (15,271 | ) | ||||||||||||||||||
Net Impact to Profit or loss | (54,517 | ) | (1,712 | ) | (3,216 | ) | (384 | ) | - | - | (5,312 | ) | (59,829 | ) | ||||||||||||||||||
Condensed Consolidated Statement of Financial Position as of December 31, 2023 | ||||||||||||||||||||||||||||||||
Restricted trust fund | 6,916 | - | - | - | (6,916 | ) | - | (6,916 | ) | - | ||||||||||||||||||||||
Total current assets | 89,037 | - | - | - | (6,916 | ) | - | (6,916 | ) | 82,121 | ||||||||||||||||||||||
Restricted trust fund | - | - | - | - | 6,916 | - | 6,916 | 6,916 | ||||||||||||||||||||||||
Total non current assets | 93,198 | - | - | - | 6,916 | - | 6,916 | 100,114 | ||||||||||||||||||||||||
Payables | 48,524 | 1,712 | | - | - | - | - | 1,712 | 50,236 | |||||||||||||||||||||||
Borrowings | 22,439 | - | - | - | 67,849 | - | 67,849 | 90,288 | ||||||||||||||||||||||||
Total current liabilities | 79,300 | 1,712 | | - | - | 67,849 | - | 69,561 | 148,861 | |||||||||||||||||||||||
Borrowings | 111,606 | - | (1,830 | ) | (600 | ) | (67,849 | ) | - | (70,279 | ) | 41,327 | ||||||||||||||||||||
Derivative financial instruments | - | - | 10,486 | 984 | - | - | 11,470 | 11,470 | ||||||||||||||||||||||||
Total non current liabilities | 139,682 | - | 8,656 | 384 | (67,849 | ) | - | (58,809 | ) | 80,873 | ||||||||||||||||||||||
Net liabilities | (36,747 | ) | (1,712 | ) | (8,656 | ) | (384 | ) | - | - | (10,752 | ) | (47,499 | ) | ||||||||||||||||||
Warrant | 5,440 | - | (5,440 | ) | - | - | - | (5,440 | ) | - | ||||||||||||||||||||||
Accumulated Losses | (427,582 | ) | (1,712 | ) | (3,216 | ) | (384 | ) | - | - | (5,312 | ) | (432,894 | ) | ||||||||||||||||||
Total Equity | (36,747 | ) | (1,712 | ) | (8,656 | ) | (384 | ) | - | - | (10,752 | ) | (47,499 | ) | ||||||||||||||||||
1 Under the original agreement with OIC a 25% commitment fee (USD$8.7m in total) was payable if milestones were not reached. As of December 31, 2023, it was probable this would not be reached and therefore it is now appropriate to accrue for this fee at USD$583k per month across the OIC Second Reserve Release Condition period. 2 The terms of the warrants issued to OIC result in them being treated as a derivative liability, which are carried at fair value. Changes in fair value are recorded through finance costs. Subsequent to December 31, 2023, the terms of these warrants have been amended such that they will be presented in equity for future periods. 3 Reflects the revaluation of the SPAC Warrants as of December 31, 2023 and the reclassification of the SPAC Warrants to Derivative financial instruments rather than Long term borrowings. 4 The terms of the PIUS borrowings limit the use of the restricted trust fund to certain situations, including loan repayment default. It was not expected that any of these situations would eventuate within 12 months from the balance date and hence the restricted trust fund has been reclassified to non-current. Reflects the reclassification of PIUS Borrowings to current liabilities from non current liabilities as a result of a breach of a covenant as of December 31, 2023 for which no waiver or grace period was then available. A waiver was subsequently received and this will be reported as Non Current at June 30, 2024. 5 Reflects reclassification of charges imposed on OEM bailment as revenue. Such charges constitute a discount to revenue receivable by the Company from OEM. The Company previously viewed these amounts as interest on prepayment of such amounts by the customer, but has concluded that, because the customer is a trade customer rather than a financing source, these amounts should be classified as a reduction in revenue rather than financing costs. |
3