EX-99.1 2 ef20032550_ex99-1.htm EXHIBIT 99.1
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
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