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VSTE Vast Renewables Limited

Annual report (foreign)

Note	June 30, 2024			June 30, 2023
(In thousands of US Dollars)
Assets			Current assets:			Cash and cash equivalents			$			11,081	$	2,060	Trade and other receivables	9		839	314	R&D tax incentive receivable	—			638	Prepaid expenses	8		1,887	44	Total current assets	13,807			3,056	Non-current assets:
Investment in joint venture accounted for using the equity method			14		1,065	1,300	Loans and advances to related parties	456			225	Property, plant and equipment	62			30	Right-of-use-assets	379			45	Total non-current assets	1,963			1,600	Total assets	$			15,770	$	4,656	Liabilities
Current liabilities:
Borrowings and other financial liabilities			13		$	—	$	19,812	Derivative financial instruments	22		—	18	Trade and other payables	11		5,157	5,622	Contract liabilities	—			2	Lease liabilities	134			26	Warrants liability	12		3,670	—	Deferred consideration payable	14		959	955	Provisions	314			183	Total current liabilities	10,235			26,618	Non-current liabilities:
Lease liabilities			299			28	Borrowings and other financial liabilities	13		12,821	7,134	Provisions	156			117	Derivative financial instruments	22		561	174	Total non-current liabilities	13,836			7,453	Total liabilities	$			24,071	$	34,071	Equity:
Issued capital			19		$	297,618	$	2,354	Share-based payment reserve	20		24,294	4	Foreign currency translation reserve	20		2,883	3,285	Capital contribution reserve	20		—	4,591	Accumulated losses	21		(333,094)	(39,649)	Total deficit	$			(8,300)	$	(29,415)	Total liabilities and equity	$			15,770	$	4,656

VSTE Vast Renewables Limited

Annual report (foreign)

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended June 30,
2024			2023			2022
(In thousands of US Dollars)
Cash from operating activities:			Net loss			$	(293,445)	$	(15,217)	$	(6,193)	Adjustments to net loss:							Share in loss of jointly controlled entities			206		254	10	Shares based listing expenses	106,055		—	—	Share based payment expense	1,694		—	—	Depreciation and amortization expense	84		49	47	Non-cash finance costs recognised in profit or loss	2,046		2,518	2,118	Unrealised (gain)/loss on derivative financial instruments	164,935		(105)	3	Deferred income tax expense/(benefit)	—		(378)	(618)	Changes in operating assets and liabilities:							Decrease/(Increase) in trade and other receivable			(525)		(233)	68	(Increase)/decrease in prepayments	(1,843)		(13)	(28)	(Increase)/decrease in tax incentive receivable	638		76	35	Increase/(decrease) in trade and other payables	(19,126)		4,079	1,149	Deferred income	—		—	(1,037)	Increase/(decrease) in contract liabilities	2		(102)	104	Increase in provisions	170		66	17	Foreign exchange differences	(1,200)		(45)	215	Net cash (used) in operating activities	$	(40,309)	$	(9,051)	$	(4,110)	Cash flows from investing activities:							Acquisition of interest in joint venture			—		—	(67)	Interest received	98		9	1	Loans and advances paid to related parties	(227)		(144)	(43)	Purchases of property, plant and equipment	(115)		(33)	(15)	Net cash used in investing activities	$	(244)	$	(168)	$	(124)	Cash flows from financing activities:							Payment of deferred consideration			—		(607)	—	Proceeds from borrowings and other financial liabilities	40,285		11,515	1,838	Proceeds from Capital Reorganisation	9,203		—	—	Increase/(decrease) in lease liabilities	45		(37)	(45)	Net cash generated by financing activities	$	49,533	$	10,871	$	1,793	Net increase/(decrease) in cash and cash equivalents	8,979		1,652	(2,441)	Effect of exchange rate changes on cash	42		(15)	(234)	Cash and cash equivalents at the beginning of the year	2,060		423	3,098	Cash and cash equivalents at the end of the year	$	11,081	$	2,060	$	423

VSTE Vast Renewables Limited

Annual report (foreign)

Current & deferred tax liabilities/assets

Year Ended June 30,
2024			2023
(In thousands of US Dollars)
Current tax assets			R&D tax incentive receivable			$	—	$	638	—	638	Deferred tax assets	1,675		419	Deferred tax liabilities	(1,675)		(419)	Net deferred tax (liability)/asset	$	—	$	—

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