early entry, clean energy opportunity - delorean corporation€¦ · delorean corporation limited...

Q1 2021

IPO - Delorean Corporation Ltd

Early Entry, Clean Energy Opportunity

Underwritten by

DisclaimerImportant notice & Disclaimer

This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. The purpose of this presentation is to provide general information about Delorean Corporation Ltd (“Delorean” or the “Company”). This presentation is current as at [25 February 2021] (unless otherwise stated herein) and the information contained in it is in a summary form and does not purport to be complete. The information in this presentation remains subject to change without notice. It is not recommended that any person makes any investment decision in relation to the Company based solely on this presentation.This presentation does not necessarily contain all information which maybe material to the making of a decision in relation to the Company. Any investor should make their own independent assessment and determination as to the Company’s prospects prior to making any investment decision and should not rely on the information in this presentation for that purpose. This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. This presentation is not, and does not constitute, an offer to sell, or the solicitation, invitation or recommendation of an offer to buy, any securities in any jurisdiction, including the United States, and neither this presentation, nor any of the information contained herein, shall form the basis of any contract or commitment. The information in the presentation does not constitute an advertisement for an offer or proposed offer of securities and does not constitute a representation that an offering will occur. No person is authorised to give information or make any representation that an offering will occur.Any securities of Delorean have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States and, if there is an offer of securities, may not be offered or sold in theUnited States except in transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws.This presentation is presented for informational purposes only. It is not intended to be, and is not, a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporations Act 2001.Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for, and make no representations or warranty for, the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information.This presentation contains “forward-looking statements” and comments about future events, including statements about Delorean’s expectations about the performance of its business. Forward-looking statements may include words such as “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “out-look”, “upside”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication, prediction or guarantee of future performance. Actual results may differ materially from those expressed or implied in such statements and these differences maybe material. The forward-looking statements in this presentation involve known and unknown risks and other factors, many of which are beyond the control of, or unknown to, Delorean, its directors, officers and employees, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct.Such forward looking statements are based on information available to Delorean as at the date of this presentation. Recipients are cautioned not to place undue reliance on forward looking statements and except as required by law or regulation, Delorean assumes no liability to update these forward-looking statements. Such statements speak only as of the date hereof, and Delorean has no obligation to update or revise any such statements to reflect any change in events, conditions or circumstances on which any such statement is based.No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or prove to be correct. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company’s securities.The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

deloreancorporation.com.au

3

Introducing DeloreanProfitable And Proven Integrated Renewable Energy Company

DeloreanIntroduction

Investment Proposition

Delorean Corporation Limited (ASX:DEL), is a vertically-

integrated renewable energy generation and retail

company, building a portfolio of bioenergy generation

assets, leading bioenergy in Australia and New Zealand.

• Recognised Australian industry leader in bioenergy project development and generation.

• Established profitable energy retailer business with national energy market (NEM) licences.

• Proven history of profitable, organically funded growth from retained earnings.

• Significant pipeline of shovel ready bioenergy projects with the first to commence post-IPO, transitioning the company into owner, operator and generator of clean energy.

• Strong industry tailwinds behind renewable energy production and eliminating organic waste from landfill.

• Experienced, founder-led board and management team with a track record of growth and value creation.

4deloreancorporation.com.au

Delorean Solution To Meet Organic Waste Recycling Targets

Positive Fundamentals

2019 National Waste Policy “Halve the

amount of organic waste sent to landfill by

2030”

National Waste Landfill Levies 2019-20

5

(1) Source: www.nwric.com.au/wp-content/uploads/2019/10/NWRIC-White-Paper-Review-of-Waste-levies-9Oct19.pdf


Delorean Solution To Assist With Renewable Energy Targets

Positive Fundamentals

Australian Government incentives for renewable

energy, carbon credits, grants, financial

assistance (ARENA)(1) (CEFC)(2)

Social corporate responsibility, Australia’s big 4

banks have all joined RE100 and announced

commitment to 100% clean energy by 2025

(1) ARENA Australian Renewable Energy Agency (2) CEFC: Clean Energy Finance Corporation


Established energy retailer with licenses

to operate in the national market.

Delorean: Vertically Integrated Renewable Energy Business

Infastructure development and management company

specialising in bioenergy plants using mature

technology anaerobic digestion systems.

EPC(1) and O&M(2) contractor that builds bioenergy

facilities. Also includes fabrication and structural

company Tekpro for large storage vessels, steel

structures, fabrication and installation of steel

pipework.

Project Development and Delivery Infrastructure Owner and Operator Energy Retailing

(1) EPC: Engineering, procurement and construction (2) O&M: Operation and maintenancedeloreancorporation.com.au

Delorean Gentailer Business Overview


Delorean History Proven Track Record

2015 2016 2017 2018 2019 2020 2021

Jandakot (WA) bioenergy successfully completed

Biogass secures$10.4M EPC and O&M contract, first municipal food waste bioenergy facility in New Zealand

Biogass secures$7.6m EPC contractfor Blue Lake Milling bioenergy plant (SA)

Delorean Energy secures Australia’s 1st renewable biomethane offtake agreement for export to the gas mains

ASX listing expected April 2021

Tekprocompletes construction of first showcase Double Bund ProCrimp spiral wound tank

Incorporation of Delorean Corporation Pty Ltd

Biogass wins Bioenergy Australia Award

CleanTech’sfirst major contract – IGA WA

CleanTechIncorporated and secures WEM license as energy retailer

Tekpro incorporated as a tank manufacturer and fabricator

Delorean Energy Incorporated as bioenergy plant developer

9

Construction expected to begin on Delorean’sEnergy SA One Project(SA)

Construction expected to begin on Project DEVO - Delorean Energy VIC One

CleanTech Energy Secures NEM and Victoria Electricity retail license


Biogass starts construction on Blue Lake Milling bioenergy plant (SA)

10

BioenergyDelorean’s Proven Solution

Early Mover in Emerging Energy Market

• The production of biogas has the potential to grow significantly from a base of 0.5% of national electricity in 2017, to an estimated 9 %

• Biogas is an under-utilised renewable energy source in Australia

• The investment opportunity for new bioenergy and energy

from waste projects is estimated at $3.5 to $5.0 billion1

These diagrams demonstrate that compared to the

United Kingdom, Australia is at the beginning of a

substantial growth curve for the deployment of

commercial-scale bionenergy operations, with

Delorean at the forefront of this curve.1. Source: Biogas opportunity for Australia EN EA Consulting-March2019

2. Source: Australian Renewable Energy Mapping Infrastructure

3. Source: Anaerobic Digestion and Biogas Association

INDUSTRIAL BIOWASTE

MUNICIPAL COMMERCIAL

INDUSTRIAL

BIOMETHANE PLANT

ELECTRICITY PLANT

HEAT PLANT

source: EN EAReport

AUSTRALIA: ANAEROBIC DIGESTION PLANTS2

UNITED KINGDOM: ANAEROBIC DIGESTION PLANTS3


Large Project Pipeline Across Australia and New Zealand

DELOREAN ENERGY QUEENSLAND ONE PROJECT (QLD)

JANDAKOT BIOENERGY PLANT (WA)

DELOREAN ENERGY SA ONE PROJECT (SA)

BLUE LAKE MILLING BIOENERGY PLANT (BORDERTOWN)

DELOREAN ENERGY VICTORIA ONE PROJECT (VIC)

DELOREAN ENERGY VICTORIA TWO PROJECT (VIC)

ECOGAS BIOENERGY PROJECT (REPOROA,NZ)

IN CONSTRUCTION

COMPLETED PROJECTS

PROJECT PIPELINE *FID READY

<12 MONTHS


Biogass Renewables Completed Projects

Award Winning Bioenergy Plant

• Location: Jandakot, Perth WA

• Start Date: November 2013

• Completion Date: January 2015

• Client: Richgro Garden Products

• Value: $10m

• Biogass Renewables undertook the development, design, finance, build,

commissioning and operational support for the Jandakot Bioenergy Plant

– processing commercial and industrial organic waste streams to power

generation. Biogass Renewables handled all approvals from planning to

DER (EPA) including grid connection and sale of the renewable power

generated on site


Biogass Renewables Projects In Construction

Blue Lake Milling (CBH Group) Bioenergy Plant ($7.6m contract value)

Ecogas Bioenergy Project (Pioneer) ($10.4m contract value)

• Location: Bordertown, South Australia

• Start Date: Q3 2019

• Completion Date: Q2 2021

• Biogass Renewables contracted for the design, turnkey EPC, commissioning and operation of a grain milling

operation bioenergy plant supplying electricity and heat to offset in full the Principal’s existing and future energy

requirements with surplus energy exported to the grid.

• Location: Reparoa, New Zealand

• Start Date: Q1 2021

• Completion Date: Q2 2022

• Biogass Renewables contracted for the design, turnkey build and commissioning of a bioenergy facility taking food

organics from the Auckland City Council collections with energy supplying a major greenhouse operation.


Biogass: Competitive Advantage

15

• Early-mover bioenergy EPC company with a successful 8 year track record

• Industry know-how and expertise delivering commercial-scale mature-technology plants using a scalable and modular method at a low capex

• Quick project delivery, construction, commissioning and full ramp up to near 100% energy generation ~15 months total

• Cost advantage owing to in-house delivery of tanks, pipework and associated infrastructure through Tekpro


16

DeloreanBuild Own Operate

How Do Bioenergy Assets Make Money?

17

Incomes from:

• Accepting municipal organic waste (FOGO) , Commercial and Industrial waste

• Sale of electricity, heat and gas

• Future opportunities for sale of biofertiliser, CO2 and hydrogen


Delorean Energy Development Pipeline

• Stage 1 - 60,000tpa bioenergy anaerobic digestion facility

• First green gas to mains project in Australia (150TJ biomethane to mains via Origin Energy/AGIG) surplus energy exported to the electricity grid

• 70% owned by Clean Peak Energy subject to FID

• Clawback provisions for recovery of 100% ownership by Delorean Energy if CleanPeak Energy doesn’t

complete FID

• Project Stage 1 is shovel ready pending FID

• Unlevered Project IRR Range: 10 -13%

• 40,000tpa bioenergy anaerobic digestion facility

• 1.2MW capacity generation (electricity to grid option for behind the meter)

• Exclusive option to acquire 90% of project subject to FID

• Delorean Energy to complete build and commissioning of project

• Project is shovel ready pending FID

• Unlevered Project IRR Range: 12 – 16%

Delorean Energy SA One Project (~$25.3m capex)

Delorean Energy Victoria One Project (~$13.4m capex)


• 80,000tpa bioenergy anaerobic digestion facility.

• 3.0MW generation capacity (electricity to grid/behind the meter)

• 100% owned by Delorean Energy subject to FID

• Project is under development and is expected to be ready for FID in October 2021.

• Unlevered Project IRR Range: 12 – 17%

• 50,000tpa bioenergy anaerobic digestion facility

• 2.0MW capacity generation (electricity to grid/behind the meter)

• Project development co-funded by Sustainability Victoria

• Delorean Energy to complete build and commissioning of project.

• Project is under development and expected to be ready for FID in September 2021.

• Unlevered Project IRR Range: 1 4 - 1 7 %

Delorean Energy Queensland One Project (~$21.9m capex)

Delorean Energy Victoria Two Project (~$15.0m capex)

Delorean Energy Development Pipeline


20

Delorean Owned And Operated Bioenergy Plants

• Growth strategy; to own and operate bioenergy assets in Australia and New Zealand.

• Post-IPO; Delorean to commence construction on mature pipeline of 4 projects

FY21 - DEVO project (90% owned) to commence construction fully funded by IPO capital raise

FY21 - DESAO project (30% owned) to commence construction, delivered under an existing free-carry arrangement with farm-in

partner Clean Peak

FY22 - DEVO refinanced with debt on successful commissioning

FY22 - Two additional projects expected to commence construction, funded by redeployment of equity capital and debt financing

• Portfolio of first 4 assets $75.6m.

• Bioenergy assets generate two incomes: (1) fees to accept organic waste; (2) sale of energy. (annuity-based income streams, average project - 50/50 income derive from waste disposal and energy sales)

• The longer term strategy is to develop and own a ~$200m portfolio of bioenergy assets with a view to establishing a managed renewable energy infrastructure fund


IPO Strategy - Develop, Own And Operate Bioenergy Plants


22

Energy Retailing Vertically integrated Business Model

• An established energy retailer in the WA Energy Market with National Energy Market (NEM) licences

• During FY2020, CleanTech recorded sales of $22.7m with an EBITDA of $1.7m (all 3rd party energy

sources)

• CleanTech’s role in the Delorean Corporation is to:

• Act as offtake partner for Delorean projects, selling direct to retail, or long-term agreements

with investment grade counterparties

• Brokering 3rd party energy sources

23

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

2015 2016 2017 2018 -Audited

2019 -Audited

2020 -Audited

Revenue

-$500,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

2015 2016 2017 2018 -Audited

2019 -Audited

2020 -Audited

EBITDA


24

• Growth Strategy; expand geographically east into the National Energy Market.

• CleanTech’s plan is to replicate a proven formula by securing beach-head generation and build out its retail customer base.

• Delorean’s future (expected) bioenergy assets will secure offtake agreements, growing its own retail customer base in each State.

• Significant IP embedded in pricing, billing and forecasting systems to run a competitive, lowoverhead energy retailer.

• CleanTech manages commercial and prudential risk by:

• Bilateral agreements in place with market participants (purchase/sale)

• Participates in non-standard market price requests for new asset developers, enhancing

forecast ability

• Actively trades Short-Term Energy Market (STEM - that is a day ahead market) and the

Balancing Market (real time) to manage exposure/opportunities

• Signs predominately 24-month retail agreements


25

Financials Funded By Retained Earnings And Profitable

The Growth Story Built On Waste

26

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

FY15 FY16 FY17 FY18Audited

FY19Audited

FY20Audited

FY21Forecast

Revenue

Group Consolidated (Statutory)

FY15 FY16 FY17 FY18 Audited FY19 Audited FY20 Audited FY21 Forecast

Revenue $ 113,919 $ 721,381 $ 1,301,106 $ 6,051,071 $ 18,822,178 $ 31,233,203 $ 30,206,000

EBITDA -$ 28,242 $ 137,000 $ 170,000 $ 981,000 $ 1,468,000 $ 3,651,000 $ 3,117,0001

Notes:1. The EBITDA forecast for FY21 includes $347,095 of offer costs, $80,000 of listed company costs and $314,000 of non-cash share-based payment expenses.Adjusting for these items, underlying FY21 EBITDA is $3,858,095.

-$500,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000


FY19Audited

FY20Audited

FY21Forecast

EBITDA

-$500,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000


FY19Audited

FY20Audited

FY21Forecast

EBITDA

(1)

Segment Information(Statutory Revenue and Results)

27

$000 FY18

Statutory Actual

FY19

Statutory Actual

FY20

Statutory Actual

FY21

Statutory Forecast

RevenueEnergy retail (1) 5,177 17,721 22,742 23,126Construction (2) 625 831 7,224 14,092Development (3) 450 613 1,267 50Intersegment eliminations (201) (343) - (7,062)Total Revenue 6,051 18,822 31,233 30,206EBITDAEnergy retail (1) 569 1,380 1,731 1,709Construction (2) 190 18 1,174 2,740Development (3) 222 70 746 65Other Corporate Costs - - - (1,161)Intersegment eliminations – capitalised - - - (236)Total EBITDA 981 1,468 3,651 3,117

Notes:In accordance with AASB 8 Operating Segments, Delorean has determined that its reporting segments comprise:(1) Energy retail – the retailing of electricity(2) Construction – the construction of anaerobic digestion plants(3) Development – the development, ownership and operation of anaerobic digestion plants(4) Intersegment revenue and EBITDA relates to the development and construction of the Stanhope plant by the construction division. This project will be owned and operated by a 90%

owned subsidiary of the Company and the revenue and internal profit on this project has therefore been eliminated in the consolidated FY21 forecast.


Revenue Model Moving To Owner Operator

Develop, own, operate and monetise renewable energy infrastructure projects in Australia and New Zealand.


29

Corporate IPO For Continued Growth

Hamish Jolly

Executive Chair & Co-Founder

Hamish is a seasoned executive and holds a Bachelor of

Business (Business Law and Accounting) and is a Member of

the Institute of Chartered Accountants in Australia and New

Zealand. He is a former Director of Strategy and Ventures at

Bankwest, and former CEO of Greening Australia, one of

Australia’s largest environmental NGO’s.

David McArthur

Non-Executive Director & Company Secretary

David is a Chartered Accountant, with over 30 years’ experience. He

recently has been on the board of Lodestar Minerals (LSR), Xstate

Resources (XST) Harvest Technology (HTC), where he was chair of Audit

and Risk Management Committee for all three.

Strong Leadership

30

Steve Gostlow

Non-Executive Director

Steve has over 20 years’ experience in the waste management

industry. He was Managing Director of Tox Free Solutions Ltd

(Toxfree) for 16 years where he developed Toxfree into one of

Australia’s largest waste management companies. Steve has

formal governance qualifications as a Graduate of the

Australian Institute of Company Directors.

Joe Oliver

Managing Director & Co-Founder

Joe has 15 years experience in engineering, power generation

and renewable energy across both Australasia and Europe. Prior

to Delorean, Joe worked for Edina ltd, specialised in power

generation. Joe has been involved in developing the UK

Anaerobic Digestion sector delivering over 10 facilities

nationwide through both Farmgen Ltd and Monsal Ltd.


Chris WallaceGeneral Manager CleanTech Energy

Before joining CleanTech, Chris worked 5 years for AGL and +5 years for Alinta Energy both in West and East Coast markets. He holds a Master of Business Administration and Management at Griffin University.

Rebekha Hanna Financial Controller

Rebekha holds a Bachelor of Business (Accounting/Business Management) and CPA membership, and is about to graduate with a Master of Applied Finance.

Martin DunneGeneral Manager Biogass Renewables and Tekpro

Martin holds a Bachelor of Engineering (Mechanical). Prior to joining Delorean, Martin was the Engineering Director at Ogtec Engineering.

Michael HuttTechnical Director - Tekpro

Michael has 20 years experience as a project engineer and tradesman. This includes 6 years of quality assurance for vessel fabrication.

Executive Team


$14 Million IPO Capital RaiseUnderwritten by RM Corporate Finance and Morgans

Key Offer Details

Offer Price per share $0.20

Shares to be issued under the Offer 70,000,000

Gross proceeds from the Public Offer $14,000,000

Lead Manager Shares to be Issued 4,281,851

Total Shares on issue on completion of Offer (undiluted) 179,078,281

Indicative Market Capitalisation at $0.20 (undiluted) $35,815,656

Pro-forma Net Cash on hand on completion of Offer(1) $16,985,675

Performance shares (2) 13,671,714

Broker Options (ex $0.25, exp 4 yrs) 14,000,000

Enterprise value at $0.20 (undiluted) (3) $18,829,981

Enterprise Value / Pro Forma FY21F EBITDA (4) 6.9x

Indicative Dates

Lodgement of Prospectus 04 Mar 2021

Opening Date of Offer 12 Mar 2021

Closing Date of Offer 19 Mar 2021

Settlement and Allocation 26 Mar 2021

Expected date of quotation on ASX 08 Apr 2021

Use of Funds

Pro-forma Cash on hand on completion of Offer $17,432,000

Investment in Renewable Energy Projects $13,400,000

Working Capital $2,692,000

Capital raising fees for the IPO $840,000

Costs of the Offer $500,000

32

1. Net Cash is cash and cash equivalents less interest-bearing borrowings and excludes AASB 16 lease liabilities relating to right-of-use asserts.

2. Performance milestones (a) Performance Shares A >$5.0m EBITDA within 5 years (4,557,238)(b) Performance Shares B >$10.0m EBITDA within 5 years (4,557,238)(c) Performance Shares C >$12.5m EBITDA within 5 years (4,557,238)

3. Enterprise Value is the market capitalisation of the Company at the Offer Price less the pro forma Net Cash as at 30 June 2020 of [$16,985,675]

4. EBITDA is earnings before interest income, interest expense, income tax expense, depreciation and amortisation, but includes R&D tax incentive offset income (Pro-forma FY21F EBITDA of $2,737,000)

Shareholder Structure (Post-IPO)

Board Members 50.5%%

IPO Shareholders 39.2%%

Other 10.3%%

Why Invest?

Early Entry, Clean Energy Opportunity

• High growth market fuelled by favourable regulatory conditions to remove organics from landfill and

replacing fossil fuels

• History of success - completing EPC contracts, running an energy retailer business, year on year growth

across all divisions while being profitable

• Delorean projects shovel ready - IPO capital raised for direct investment into Delorean’s pipeline projects to

deliver growth strategy

• Company Board strategically aligned, owning more than 50% of the Company post-IPO

• Environmental and sustainable benefits, reducing greenhouse emissions and reducing landfill


Corporate Finance

Tel: (08) 6380 9233

E: [email protected]

Bryce Gould

Joe Oliver

Managing Director

Ground Floor, 1205 Hay Street

West Perth WA 6005Tel:: (08) 6147 7508


Joint Underwriters

Tel: (08) 6160 8703


Sam Turner

mailto:[email protected]

mailto:[email protected]

APPENDIX


Profit and Loss Statement(Statutory)

36

www.deloreancorporation.com.au

$000 FY18

Statutory Actual

FY19

Statutory Actual

FY20

Statutory Actual

FY21

Statutory Forecast

Revenue 6,051 18,822 31,233 30,206Cost of sales (3,940) (15,182) (25,805) (26,313)Gross profit 2,111 3,640 5,428 3,893Other income 4 - 1,215 2,220Operating expenses:Employment expenses (741) (1,262) (2,210) (1,909)Administrative expenses (263) (693) (480) (320)Occupancy expenses (79) (162) (111) (10)Costs of the Offer - - - (347)Share-based payments expense (314)Other expenses (51) (55) (191) (96)

EBITDA 981 1,468 3,651 3,117Depreciation and amortisation (63) (39) (182) (406)EBIT 918 1,429 3,469 2,777Net interest income/(expense) (11) (16) (90) (158)Profit before income tax 907 1,413 3,379 2,553Income tax expense (174) (554) (780) (652)Net profit after tax 733 859 2,599 1,901


Profit and Loss Statement(Pro Forma)

37


$000 FY18

Pro forma Actual

FY19

Pro forma Actual

FY20

Pro forma Actual

FY21

Pro forma Forecast

Revenue 6,051 18,822 31,233 30,206Cost of sales (3,940) (15,182) (25,805) (26,313)Gross profit 2,111 3,640 5,428 3,893Other income - - -Operating expenses: 4 - 135 1,868Employment expensesAdministrative expenses (1,031) (1,552) (2,500) (2,006)Occupancy expenses (633) (1,063) (850) (598)Costs of the Offer 8 (75) (111) (10)Share-based payments expense (314)Other expenses (51) (55) (191) (96)

EBITDA 407 895 1,911 2,737Depreciation and amortisation (146) (122) (182) (406)EBIT 261 773 1,728 2,331Net interest income/(expense) (24) (30) (90) (158)Profit before income tax 237 743 1,638 2,173Income tax expense 7 (372) (474) (463)Net profit after tax 244 371 1,164 1,710


Historical And Forecast Cash Flow Statement(Statutory)


$000 FY18

Statutory Actual

FY19

Statutory Actual

FY20

Statutory Actual

FY21

Statutory ForecastNet cash from/(used in) operating activities 1,407 (1,483) 4,415 (832)Net cash used in investing activities (179) (59) (1,173) (7,673)Net cash from/(used in) financing activities 186 363 (793) 14,517Net increase/(decrease) in cash and cash equivalents 1,414 (1,179) 2,448 6,012Net cash flow (before financing) 1,228 (1,542) 3,242 (8,505)Adjustments:COVID-19 stimulus income - - (468) (352)Management remuneration (290) (290) (290) (97)Listed company costs (370) (370) (370) (278)Income tax effect 182 182 305 189

Pro forma net cash flow (before financing) 808 (1,962) 2,651 (9,043)

Notes:- The above table provides a summary of the statutory historical consolidated cash flow statements of the Company for the financial years ended 30 June 2018, 2019 and 2020 and the

statutory forecast consolidated cash flow statement for the financial year ending 30 June 2021, together with a reconciliation to the pro forma cash flow statements set out in section 7.6.

- Refer to the Prospectus, Section 7.7 for details of pro forma adjustments

Consolidated Statement of Financial Position(Statutory and Pro Forma)

39


As at 30 June 2020$000

Actual

Audited

Subsequent eventsUnaudited

Offer adjustmentsUnaudited

Pro forma

UnauditedTotal current assets 6,734 1,860 12,660 21,254Total non-current assets 1,815 - - 1,815TOTAL ASSETS 8,549 1,860 12,660 23,069Total current liabilities 3,943 - - 3,943Total non-current liabilities 523 - - 523Total Liabilities 4,466 - - 4,466Net Assets 4,083 1,860 12,660 18,603Total Liabilities and Equity 4,083 1,860 12,660 18,603

Notes:- The table below sets out the statutory historical consolidated statement of financial position of the Company as at 30 June 2020 and the pro forma adjustments that have been made

to prepare the pro forma historical consolidated statement of financial position as at that date. These adjustments take into account the effect of certain events which have occurred subsequent to 30 June 2020, the proceeds and expenses of the Offer and other pro forma adjustments as if they had occurred at 30 June 2020.

- Refer to the Prospectus, Section 7.8 for details of pro forma adjustments


early entry, clean energy opportunity - delorean corporation€¦ · delorean corporation limited...

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