Carbon Revolution plc

26/07/2024 | Press release | Distributed by Public on 26/07/2024 09:51

Carbon Revolution Public Limited Company Condensed Consolidated Statement of Financial Position Form 6 K

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
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.

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