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ASX Announcement | 28 January 2022 |
Energy Technologies Limited 2Q FY22 Quarterly Activities
Report and Appendix 4C
Key highlights
- Achieved quarterly cash receipts of A$3.3m taking the first half cash receipts to $7.7m, up 46.7% on the first half 2021
- Achieved quarterly unaudited sales revenue of A$2.49m, up 27% on the Previous Corresponding Period (PCP)
- Achieved HY unaudited operational revenue of A$6.13m, up 51.2% on the Previous Corresponding Period (PCP)
- Successfully completed $A11m Entitlement issue
Energy Technologies Limited (ASX:EGY or "the Company"), a 100% owner of Bambach Wires and Cables Pty Ltd (Bambach), which manufactures low voltage copper insulated cables, is pleased to release its Quarterly Activities Report and Appendix 4C Quarterly Cash Flow Report for the period ended 31 December 2021 ("2Q FY22").
During the quarter, EGY had access to further working capital and with the East Coast of Australia in lockdown, and specifically construction which affected everyone in the industry, the company invested in inventory. Net cash from operating activities for the half year was a loss of A$5.27m partly as a result of an increase in Inventory of A$1.77m and one-off costs associated to the raising and redundancies of A$0.9m.
Logistics issues and Covid 19 isolation periods continue to plague industry in the current quarter in Australia, and EGY is not immune to this. However, the company is well placed with the current inventory levels and the restructuring of the workforce to manage the current climate. Moreover, as these issues are relaxed, EGY will benefit through its pace to get product to market.
Figure 1: EGY Quarterly Cash Receipts (A$'000)
4411 | |||
3470 | 3443 | 3306 | |
2946 | 2777 | 2845 | |
2114 |
1817 | 1689 |
Q1 | Q2 | Q3 | Q4 | |||||
FY20 | FY21 | FY22 | ||||||
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Bambach CEO, Alf Chown said, "Industry in Australia has again experienced problems around lockdowns, supply chain issues and human resource restraints due to the Omicron isolation periods and Bambach has not been immune. However, the company has positioned itself with excess stock on hand and a restructured workforce to be ready to capitalise on the environment when it changes."
ASX Listing Rule 4.7C.3
In accordance with ASX Listing Rule 4.7C, payments made to related parties included in item 6.1 of the Appendix 4C incorporate director's fees and salary.
- END -
About Energy Technologies
Energy Technologies Limited (ABN 38 002 679 469) has a 100% ownership of Bambach Wires and Cables Pty Ltd, a manufacturer of low voltage copper insulated cables. Learn more about Energy Technologies at www.energytechnologies.com.au.
website: www.energytechnologies.com.au
For more information, please contact:
General enquiries
Corporate Communications
Mr. Gregory Knoke
Company Secretary
Greg.knoke@energytechnologies.com.au
This announcement is authorised by Energy Technologies Limited's Board of Directors
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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity | |
ENERGY TECHNOLOGIES LIMITED | |
ABN | Quarter ended ("current quarter") |
38 002 679 469 | 31 DECEMBER 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | |||||
$A'000 | (6 months) | ||||||
$A'000 | |||||||
1. | Cash | flows | from | operating | |||
activities | |||||||
1.1 | Receipts from customers | 3,306 | 7,717 | ||||
1.2 | Payments for | ||||||
(a) | research and development | (10) | (10) | ||||
(b) product manufacturing and operating | |||||||
costs | (5,570) | (9,542) | |||||
(c) | advertising and marketing | (70) | (88) | ||||
(d) | leased assets | (48) | (70) | ||||
(e) | staff costs | (1,970) | (2,958) | ||||
(f) administration and corporate costs | (782) | (1,140) | |||||
1.3 | Dividends received (see note 3) | - | - | ||||
1.4 | Interest received | 9 | 9 | ||||
1.5 | Interest and other costs of finance paid | (311) | (571) | ||||
1.6 | Income taxes paid | - | - | ||||
1.7 | Government grants and tax incentives | 1,801 | 1,801 | ||||
1.8 | Other (restructure) | (418) | (418) | ||||
1.9 | Net cash from / (used in) operating | (4,063) | (5,270) | ||||
activities | |||||||
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) | entities | - | - |
(b) | businesses | - | - |
(c) | property, plant and equipment | (75) | (118) |
(d) | investments | - | - |
(e) | intellectual property | - | - |
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Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
(f) | other non-current assets | - | - | |
2.2 | Proceeds from disposal of: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) property, plant and equipment | 4 | 4 | ||
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other | - | - | |
2.6 | Net cash from / (used in) investing | (71) | (114) | |
activities | ||||
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | 11,000 | 11,000 | |
3.2 | Proceeds from issue of convertible debt | ||
securities | - | - | |
3.3 | Proceeds from exercise of options | - | - |
3.4 Transaction costs related to issues of
equity securities or convertible debt | |||
securities | (549) | (549) | |
3.5 | Proceeds from borrowings | - | 1,417 |
3.6 | Repayment of borrowings | (3,980) | (4,152) |
3.7 | Transaction costs related to loans and | ||
borrowings | - | - | |
3.8 | Dividends paid | - | - |
3.9 | Other (Repayment of Convertible Notes) | (2,345) | (2,345) |
3.10 | Net cash from / (used in) financing | 4,126 | 5,371 |
activities | |||
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period | 118 | 123 |
4.2 Net cash from / (used in) operating
activities (item 1.9 above) | (4,063) | (5,270) |
4.3 Net cash from / (used in) investing activities
(item 2.6 above) | (71) | (114) |
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Consolidated statement of cash flows | Current quarter | Year to date |
$A'000 | (6 months) | |
$A'000 |
4.4 Net cash from / (used in) financing activities
(item 3.10 above) | 4,126 | 5,371 |
4.5 Effect of movement in exchange rates on
cash held | - | - |
4.6 Cash and cash equivalents at end of
period | 110 | 110 | |
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
equivalents | $A'000 | $A'000 | |
at the end of the quarter (as shown in the | |||
consolidated statement of cash flows) to the | |||
related items in the accounts | |||
5.1 | Bank balances | 110 | 118 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of | ||
quarter (should equal item 4.6 above) | 110 | 118 | |
6. | Payments to related parties of the entity and their | Current quarter | |
associates | $A'000 | ||
6.1 | Aggregate amount of payments to related parties and their | 148 | |
associates included in item 1 | |||
6.2 | Aggregate amount of payments to related parties and their | - | |
associates included in item 2 | |||
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
6.1 $77K Director's Fee and $71 K Salary
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