VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Appendix 4E and Annual Report
1. Details of reporting period
Reporting period:
Previous corresponding period:
12 months ended 31 December 2021
12 months ended 31 December 2020
2. Results for announcement to the market
Revenues from ordinary activities
Profit / (loss) from ordinary activities after tax
attributable to members
Profit / (loss) for the period attributable to members
Net tangible asset per share
12 months ended
31 December 2021
$
3,062,939
663,567
12 months ended
31 December 2020
$
1,882,665
(493,313)
%
Change
63%
235%
663,567
0.0004
(493,313)
0.0002
235%
100%
3. Dividends/distributions
No dividends were paid during the period, or in the prior period, and no dividends are proposed to be paid.
4. Details of entities over which control has been gained or lost during the period
During the reporting period, the Company subscribed for 9 new shares at between $50,000 and $75,000 per share in its
67% owned subsidiary EcoQuip Australia Pty Limited and its controlled entities (EcoQuip). The $540,000 investment in
EcoQuip increased the Company’s ownership interest from 67% as at 31 December 2020 to 70% as at 31 December
2021. Further details are included in the accompanying Annual Report.
5. Commentary on results for the year
Refer to the attached Annual Report.
6. Status of the audit
The attached Annual Report has been audited.
For and on behalf of the Board of Volt Power Group Limited.
Simon Higgins
Chairman
Perth
Dated: 28 February 2022
Appendix 4E and Annual Report – For the year ended 31 December 2021
1
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
ANNUAL REPORT
For the year ended 31 December 2021
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Contents
Corporate Directory ................................................................................................................................................. 3
Corporate Governance Statement ............................................................................................................................ 4
Corporate and Operational Review ........................................................................................................................... 4
Directors’ Report ..................................................................................................................................................... 9
Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................................................... 20
Consolidated Statement of Financial Position ........................................................................................................ 21
Consolidated Statement of Changes in Equity ....................................................................................................... 22
Consolidated Statement of Cash Flows .................................................................................................................. 23
Notes to the Consolidated Financial Statements .................................................................................................... 24
Directors' Declaration ............................................................................................................................................ 47
Independent Audit Report ...................................................................................................................................... 48
Investor Information .............................................................................................................................................. 52
2
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Corporate Directory
ABN: 62 009 423 189
Directors
Simon Higgins
Non-Executive Chairman
Adam Boyd
CEO and Managing Director
Peter Torre
Non-Executive Director
Company Secretary
Peter Torre
Principal place of business
6 Bradford Street
Kewdale WA 6105
ph (08) 9437 4966
Registered office
Unit B9, 431 Roberts Road
Subiaco WA 6008
Share register
Link Market Services Pty Ltd
Level 12
250 St George’s Terrace
Perth WA 6000
Auditor
BDO Audit (WA) Pty Ltd
Level 9 Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Solicitors
Thomson Greer
Level 27, Exchange Tower
2 The Esplanade
Perth WA 6000
Bankers
Commonwealth Bank of Australia
Corporate Financial Services
Level 14C, 300 Murray Street
Perth WA 6000
Stock Exchange Listings
Australian Securities Exchange (ASX)
ASX Code: VPR
Website
www.voltpower.com.au
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Corporate Governance Statement
Volt Power Group Limited and the Board are committed to achieving and demonstrating the highest standards of corporate
governance reasonably expected for a company of the size and nature of Volt Power Group Limited. Volt Power Group Limited
has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th
edition) published by the ASX Corporate Governance Council.
The 2021 corporate governance statement is dated as at 28 February 2022 and reflects the corporate governance practices
in place throughout the financial year. A description of the Group's current corporate governance practices is set out in the
Group's corporate governance statement which can be viewed at www.voltpower.com.au/about.
Corporate and Operational Review
The directors provide you with the following corporate and operational review of the consolidated entity (referred to hereafter
as the Group) consisting of Volt Power Group Limited ("Volt" or "the Company") and the entities it controlled at the end of, or
during, the year ended 31 December 2021.
1. Summary
(a) Operations
Corporate & Administration
The salient Corporate activities during the period included:
•
•
•
•
In February 2021, the Company and Wescone vendor(s) agreed terms for the settlement of all outstanding claims
in the proceedings in connection with a WA Supreme Court Claim against the vendor of the Company’s Wescone
business for misleading and deceptive conduct without admission of fault by any party. The terms of the
settlement provided for the payment to Volt of $1.3 million in two instalments. The first instalment of $1.0 million
was received by Volt on 16 February 2021 and the second and final instalment of $0.3 million was received on 19
August 2021.
In April 2021, the Company moved its operational activities from office and workshop accommodation provided by
Volt substantial shareholder, GenusPlus Group Pty Ltd (Genus) to the Company’s new leased office and
workshop accommodation located at 6 Bradford Street, Kewdale WA 6105 (New Premises). The Volt Board again
expresses its gratitude to the Genus Board and shareholders for the provision of office and workshop
accommodation from January 2020 to April 2021. The New Premises are ideally suited to the Company’s activities
providing office and workshop accommodation for all the Volt Group’s business activities.
During 2021, the Company provided $540,000 in new funding to EcoQuip Australia Pty Limited (EcoQuip)
increasing its ownership in EcoQuip from 67% to 70%. EcoQuip utilised these funds to complete the manufacture
of 25 EcoQuip Mobile Solar Light Towers (MSLT) to be deployed on Barrow Island for Chevron Australia under a
new 5-Year Master Dry Hire Agreement executed with AGC Industries Pty Limited (AGC) dated 26 July 2021.
During 2021, the Company also undertook acquisition due diligence activities on a proprietary technology
advantaged mining services business to inorganically complement its existing businesses. The Company
maintains a disciplined approach to due diligence and a strict acquisition opportunity conduct policy. The
Company was unable to reach mutually acceptable terms for a transaction with the vendors to proceed. The
Company engaged third party advisers to assist with due diligence, with these due diligence costs totalling
~$120,000.
ATEN (100% owned) – Waste heat to zero emission power generation
The ATEN Technology and achievements during the period are as follows:
•
The ATEN Technology is a baseload, zero emission waste heat to electricity generation solution that utilizes low
grade industrial waste heat vented to atmosphere as its energy source. The ATEN Technology requires no water
and operates autonomously without a requirement for operating personnel.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
The zero emission, baseload electricity supply, low CAPEX and OPEX and Australian Carbon Credit Unit (ACCU)
eligibility benefits of the ATEN Technology compels customers seeking Carbon Intensity and operating cost
reduction to investigate ATEN Technology retro-fit opportunities. The benefit summary also includes:
•
•
•
•
•
•
•
•
Enhanced energy efficiency:
Lowest cost zero emission generation: ~20 – 50% cheaper than annual generation equivalent Solar/BESS
~10 - 25% additional electricity with no incremental fuel use
Scope 1 emission reduction:
Grid stability:
No water consumption:
Autonomous operation:
Small Footprint:
Hydrogen fuel compatible:
solution
ACCU eligible - Carbon intensity reduction outcomes
Baseload - capacity / system stability enhancement (solar hybrid
grid compatible)
Reduced environmental approval requirements and OPEX
No operational personnel required and reduced OPEX
Retro-fit to existing assets on a brownfields site footprint
Compatible with & enhances hydrogen fuel use viability
•
The ATEN Technology achieves zero emission generation capacity with a lower levelized cost of energy relative to:
•
•
•
•
•
•
•
•
•
•
New diesel fuelled generation capacity;
Marginal diesel generation at existing diesel fuelled generation assets;
New gas fuelled generation capacity where site delivered gas prices exceed $4.00 – $5.00/GJ (subject to
heat resource quality);
Solar/BESS hybrid generation; and
Wind turbine hybrid generation.
During 2021, the Company continued business development activities to communicate the technical, commercial
and zero-emission benefits of the “waste heat to power” ATEN Technology to major infrastructure, industrial and
resource sector businesses that operate significant power station and/or industrial processes that vent waste heat
to atmosphere.
These discussions have resulted in the completion and initiation of preliminary studies for ATEN installation
opportunities. The preliminary study work completed has in all cases confirmed significant cost and technical benefits
of the ATEN Technology relative to traditional zero-emission solar and wind / battery hybrid installations.
During 2020, the Company previously reported that an ATEN Preliminary Feasibility Study to install a 14MW ATEN
Waste Heat to Power system at an existing WA domiciled power station (WA ATEN Project) was completed after
introducing the Waste Heat to Power opportunity to the Tier 1 resource company owner (Owner) of the power station
in June 2019.
This engagement between the Owner and Volt continued during 2021. During April / May 2021, the Owner advised
the Company that it had secured approval to complete a further Preliminary Feasibility Analysis Study to complete
engineering and related cost estimates associated with WA ATEN Project site interfaces including for site service
provision, electrical interconnection, site placement due diligence and related civil works, regulatory approvals and
engineering standards compliance.
Further incremental WA ATEN Project activities completed in the 12-months to 31 December 2021 at the request of
the Owner include:
A limited study to clarify the WA ATEN Project compliance with Australian and internal Owner engineering
standards;
A comprehensive response to a formal Expression of Interest process with our ATEN EPC Contract partner,
GenusPlus Group Limited (Genus) [ASX: GNP] and OEM sub-system partners; and
A comprehensive EPC Contract Price Enquiry request on 30 September 2021 seeking an EPC Contract
price and related costs for the installation of two ATEN waste heat to power systems at two existing power
stations.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
•
•
•
The Volt EPC Contract Price Enquiry response (prepared with the assistance of our OEM sub-system partners and
EPC contractor partner) was submitted on 18 November 2021. The response results confirm the opportunity to install
~35MW of ATEN zero emission, baseload generation capacity to displace natural gas fuelled generation and achieve
a carbon intensity reduction of ~140,000 CO2t per annum over a 20-year period. The two ATENs the subject of the
Price Enquiry response are expected to be eligible for “Offset Project” accreditation pursuant to the Australian
Federal Government Carbon Credit (CFI) Act 2011 and therefore, eligible to generate Australian Carbon Credit Units
(ACCUs).
The Company is now aware that the Volt EPC Contract Price Enquiry Response is the foundation information for an
Owner Feasibility Study scheduled for completion in early February 2022 (Owner Study). The Owner Study results
are subject to strict confidentiality and information use arrangements to protect confidential details and the
Company’s intellectual property and investment to date.
At the time of writing this Volt Annual Report, we had received preliminary feedback confirming the significant
technical and cost benefits of the ATEN Technology Vs alternative zero emission power generation technologies.
The Company’s analysis confirms that the Levelised Cost of Electricity (LCOE*) of the Volt EPC Contract Price
Enquiry is approximately 50% lower than an annual generation equivalent Solar / BESS system deployed in the
same location.
The Company secured a certified Australian Innovation Patent (AIP # 2020101347) in December 2020 from IP
Australia. Securing the ATEN Technology Australian Innovation Patent and completion of the Volt EPC Contract
Price Enquiry response was only possible due to the Company’s 4-year strategic investment in the development of
the proprietary ATEN Technology.
HYTEN (100% owned) – Waste heat to zero emission hydrogen production
•
•
•
•
During 2021, the Company advanced the flowsheet development of a combined ATEN Waste Heat to Power system
and proven, high efficiency alkaline electrolyser solution to produce zero emission hydrogen fuel. This new combined
ATEN / alkaline electrolyser system is called HYTEN. A HYTEN patent application has been submitted and related
initial patent search due diligence has been completed without highlighting any conflict concerns.
The initial HYTEN preliminary feasibility study activities are highly encouraging. To date, the results have confirmed
that HYTEN has numerous cost and technical competitive advantages relative to an equivalent annual electricity
supply equivalent solar/wind to electrolyser hydrogen system. These benefits include:
• 50% lower zero emission electricity supply LCOE* Vs Solar / BESS;
• 300% enhanced electrolyser utilisation due to ATEN baseload electricity supply Vs solar intermittency electricity
supply (~30% solar utilisation);
• ~50%+ lower electrolyser CAPEX due to 66% smaller electrolyser required for baseload electricity supply Vs
solar powered electrolyser (~30% solar utilisation); and
• HYTEN alkaline electrolyser efficiency ~8% higher than intermittent electricity supply compatible PEM
electrolyser.
The completion of the Volt EPC Contract Price Enquiry response (refer above) delayed the completion of the HYTEN
preliminary study (including peer review). This process recommenced in January 2022 and the Company will update
shareholders on the technical benefits and cost performance of the HYTEN Technology once the final study is Volt
Board approved.
The Company also filed a new Patent Application for HYTEN during 2021 to compliment the Company’s existing
ATEN Australian Innovation Patent.
Wescone (100% owned) – proprietary, global benchmark sample crusher supply and service
The Wescone business and achievements during the period comprised:
•
Wescone is the original equipment manufacturer of the proprietary and unique W300 sample crusher installed
extensively in port loading sample preparation and assay system infrastructure utilized by the global iron industry
and metallurgical laboratory sector.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
•
•
•
During 2021, the Wescone business achieved record revenues and EBITDA performance. Total revenue for
calendar 2021 was ~ $2.5 million. Wescone delivered multiple new W300 Series 4 & 3 sample crushers to BHP, Rio
Tinto, FMG and Roy Hill iron ore operations located in Western Australia. A new crusher was also sold to Glencore’s
Mount Isa Mines operations located in Queensland.
The Wescone business also completed multiple crusher refurbishments for its clients including BHP, Rio Tinto,
Glencore and Roy Hill during 2021.
Wescone negotiated and signed a new distribution partner agreement with South African domiciled, Solid Process
Automation Pty (Ltd) (SPA) in March 2021. SPA completed a tender submission in Africa to supply Wescone
crushers to Anglo American subsidiary, Kumba Iron Ore (Pty) Ltd (Kumba). Kumba advised SPA that its tender
proposal was successful during 2021. SPA has advised it expects to receive the relevant purchase order during
March / April 2022.
Wescone received a positive International Preliminary Report on Patentability II for the Wescone W300 Series 4
crusher under the Patent Cooperation Treaty which provides a positive assessment of novelty and inventive step
during the period. We have now completed the relevant national application and examination step in Australia,
Canada, USA and Eurasia.
EcoQuip Australia Pty Ltd (EcoQuip) (70% owned) – Mobile Solar Light & Communications Towers
The EcoQuip business and salient achievements during the period comprised:
•
•
•
•
•
•
•
•
EcoQuip is a developer and owner of a new Mobile Solar Light & Communications Tower solution incorporating a
proprietary high efficiency Solar / Battery Energy Storage System (BESS) and LED luminaire technology delivering
up to a 40% performance efficiency increase compared to similar industry standard Solar / BESS Systems.
The EcoQuip MSLT is a zero emission, zero maintenance & zero OPEX mobile light tower solution with the
illumination performance and BESS power budget reliability to disrupt the traditional diesel fuelled light tower market.
The MSLT is 50% cheaper to hire and operate than a diesel fuelled equivalent. The zero lifecycle, maintenance and
OPEX capability reduces the need for site based skilled labour. Each MSLT is telemetry enabled, remotely
controlled/monitored and can be integrated with centralized autonomous operating systems.
In late July 2021, EcoQuip secured a new 5-year dry hire agreement for the deployment of EcoQuip’s Mobile Solar
Light Towers (MSLT) at the Chevron operated Gorgon natural gas facility located on Barrow Island, Western
Australia (Hire Agreement). The Hire Agreement was achieved after ~24 months of MSLT trialling and due diligence
by Chevron personnel via two separate demonstration deployments on Barrow Island commencing in 2019 and is
an outstanding product validation outcome for the new EcoQuip MSLT.
EcoQuip received the first Hire Agreement purchase order for 25x MSLTs for deployment in late August. These
MSLTs were sourced from EcoQuip’s existing MSLT fleet (Chevron Fleet). This Chevron Fleet has been 100%
equity funded by EcoQuip and assembled at our new Volt Power Group Office & Workshop facility and was fully
deployed in November 2021.
We are continuing to work with Chevron to identify new MSLT deployment opportunities across its extensive
Australian and global asset base. We anticipate significant additional purchase orders pursuant to the Hire
Agreement during 2022.
The Chevron Fleet deployment has increased EcoQuip’s annualised revenue run-rate to ~$1 million.
EcoQuip has advanced the manufacture of 10x new MSLT units with all components now ordered. EcoQuip expects
to complete assembly of these 10x MSLTs in March 2022.
During 2021, EcoQuip has delivered 3x MSLTs to the BMA owned Mt Arthur coal mine in Queensland for existing
client, Thiess Contracting. This adds to the 4x EcoQuip MSCTs deployed at Thiess coal mining operations in NSW
and Queensland in 2020, increasing the fleet to 7 units. The initial EcoQuip MSCT units supporting Thiess’
autonomous mining equipment systems have operated with 100% reliability and with no intervention for a period
exceeding ~24 months.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
•
•
EcoQuip and BHP Iron Ore agreed specific design refinements to its MSLT to ensure the EcoQuip MSLT and MSCT
solutions satisfied BHP Iron Ore standards requirements during the period. The purpose of the design modifications
is to facilitate completion of a second BHP Iron Ore trial of the EcoQuip MSLT during Q1 2022. A Demonstration
Trial Agreement is under negotiation, however remains incomplete and subject to BHP final approval.
In December 2021, EcoQuip (together with its technology partners) completed a proof of concept prototype (POC)
autonomous communication sentinel solution (ACS). The ACS is a live situational awareness security and
communications solution with live satellite uplink capability and is capable of long-term, unmanned remote
deployment and low-cost connectivity in remote locations with or without 4G, Wi-Fi and fixed capable internet
connectivity. The ACS incorporates a high-resolution camera, Ai recognition software capability and provides live
streaming security information and remote area resource sector communications.
EcoQuip maintains consistent promotional and business development activities directed at specific target markets.
The Company is continuing to advance multiple trial activities both in Australia and USA and develop new product
solutions based around the EcoQuip Solar / BESS power & telemetry system. We remain highly optimistic that the
competitively advantaged capabilities of the EcoQuip MSLT & MSCT solutions will compel positive procurement
decisions and revenue growth for our EcoQuip business.
(b) Financial performance and financial position
The financial results of the Group for the year ended 31 December 2021 are summarised as follows:
Revenue from ordinary activities
Profit/(loss) for the period attributable to members
Profit/(loss) per share
Cash and cash equivalents
Net tangible assets per share
2021
$
3,062,939
663,567
0.0072
1,882,994
0.0004
2020
$
1,882,665
(493,313)
(0.0054)
666,492
0.0002
Change
%
63%
235%
234%
183%
100%
As noted above, in August 2020, Wescone secured a 5-year purchase service exchange & repair contract with BHP (BHP
Goods Contract). The BHP Goods Contract provides for the replacement of ~20 existing installed crushers with the new
Wescone W300 Series 4 crusher and the exclusive provision of ongoing repair / service exchange related service for 5-years.
The estimated new average annual sales revenue generated by the BHP Goods Contract over its 5-year term is forecast at
~$1.4 million, which was the primary reason for the increase in revenue from the prior period.
The Group made a profit for the year of $663,567 (2020: loss of $493,313), experienced net cash inflows from operating
activities of $1,170,267 (2020: $362,076) and has a net asset balance of $4,345,615 (2020: $2,180,485).
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Directors’ Report
For the year ended 31 December 2021
The directors present their report together with the financial report of the consolidated entity (referred to hereafter as the
Group) consisting of Volt Power Group Limited ("Volt" or "the Company") and the entities it controlled at the end of, or during,
the year ended 31 December 2021 and the auditor's report thereon.
1. Directors
The names of the Company’s directors in office during the year and until the date of this report are set out below. Directors
were in office for this entire period unless otherwise stated.
• Mr Simon Higgins
• Mr Adam Boyd
• Mr Peter Torre
Non-Executive Chairman
Chief Executive Officer and Managing Director
Non-Executive Director
2. Directors and officers
Simon Higgins – Non-Executive Chairman
With an electrical trade background, Simon has close to 30 years’ experience in the delivery of large-scale complex projects
in renewables, mining, oil & gas, and community infrastructure. Simon was formerly the Chief Executive Officer and Managing
Director of the ECM group of companies, a leading construction and maintenance company based in Western Australia which
is now part of ASX-listed GenusPlus Group Ltd.
Mr Higgins is a past chairman of the National Electrical and Communications Association (NECA) WA, Electrical Group
Training and the College of Electrical Training.
Other current and former directorships in last 3 years
Non-Executive Chairman of Mayfield Group Holdings Limited (ASX: MYG)
Special responsibilities
Chairman of the board
Interests in shares and options
801,000,000 ordinary shares in Volt Power Group Limited
90,000,000 options in Volt Power Group Limited
Adam Boyd – Chief Executive Officer and Managing Director
Mr Boyd served as Chief Executive Officer and Managing Director of Pacific Energy Limited (ASX: PEA) from June 2006 to
March 2015. During his tenure at Pacific Energy Limited, Mr Boyd led the company to becoming the pre-eminent remote mine
site contract power business in Australia, with a 250 MW generation footprint across Australia. During this period Pacific
Energy's enterprise value increased from $9 million to approximate $250 million.
Prior to joining Pacific Energy Limited, Mr Boyd was a senior executive with Global Renewables Group when it was jointly
owned by GRD Limited and Hastings Fund Management Limited. During that tenure Mr Boyd was principally involved in the
successful commercialisation of the Global Renewables alternative waste treatment and renewable energy process
technology in Australia and the United Kingdom.
Mr Boyd is an infrastructure and energy specialist with considerable experience in areas of resource sector power generation,
energy and waste infrastructure project development, business development and business acquisitions, technology
commercialisation, public company management and equity and credit finance.
Other current and former directorships in last 3 years
None
Special responsibilities
None
Interests in shares and options
1,773,000,000 ordinary shares in Volt Power Group Limited
300,000,000 options in Volt Power Group Limited
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Peter Torre - Non-Executive Director and Company Secretary
Mr Peter Torre is a Chartered Accountant, a Chartered Secretary and a member of the Australian Institute of Company
Directors.
Mr Torre is the principal of Torre Corporate, an advisory firm which provides corporate secretarial services to a range of ASX
listed companies. He was previously a partner of an internationally affiliated firm of chartered accountants working within its
corporate services division.
Mr Torre is also the Company Secretary of the Company.
Other current and former directorships in last 3 years
Director of VEEM Ltd (ASX: VEE). Previously a director of Zenith Energy Limited (ceased in September 2020), Mineral
Commodities Ltd (ASX: MRC) (ceased on 15 October 2021) and Connexion Telematics Ltd (ASX: CXZ) (ceased on 17
November 2021).
Special responsibilities
None
Interests in shares and options
55,000,000 ordinary shares in Volt Power Group Limited
90,000,000 options in Volt Power Group Limited
3. Directors' meetings
The number of meetings of directors held during the year and the number of meetings attended by each director were as
follows:
Name
Simon Higgins
Peter Torre
Adam Boyd
Meetings held
4
4
4
Meetings attended
4
4
4
The size of the Board assists in facilitating the frequent informal meetings of the directors to control, implement and monitor
the Company’s activities throughout the year. Furthermore, the Company’s CEO is in frequent discussions with the directors
relevant to the key business decision of the Company’s operations. Matters of Board business have been resolved by a
number of circular resolutions which are a record of decisions made at such informal meetings held throughout the year.
4. Principal activities
The principal activities of the Group during the financial year were:
ATEN (100% owned)
•
•
•
Further development of the ATEN ’Waste Heat to Power” technology flowsheet design specifically for open cycle
turbine generation asset retrofit to maximise baseload, zero emission electricity generation performance and reduce
capital installation and operating costs.
Extensive business development activities including site specific scoping studies aimed at securing commercial
arrangements to install the Company’s first ATEN ‘Waste Heat to Power’ facility in Australia.
Advanced engagement with a significant Tier 1 resource sector business on various incremental engineering studies
and EPC price submissions for the installation of up to two ATEN Waste Heat to Power systems with 35MW
combined electrical generation capacity at two existing Australian domiciled power stations.
HYTEN (100% owned)
•
The Company advanced flowsheet development of combining the ATEN Waste Heat to Power Technology with a
proven, high efficiency alkaline electrolyser solution for the production of zero emission hydrogen fuel. The combined
ATEN / electrolyser system is called, HYTEN. A HYTEN patent application has been submitted and the related initial
patent search due diligence completed without conflict identification.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
EcoQuip (70% owned)
•
•
•
•
•
•
The continued design development of a new innovative EcoQuip Mobile Solar Light & Communications Tower
solution incorporating robust design features including high quality solar / lithium battery power management system,
autonomous telemetry, control system and GPS capability (MSLT Gen4).
Deployment of the existing EcoQuip Mobile Solar Light Tower (MSLT) fleet to achieve maximum possible hire
utilisation for the period.
Completion of 20 new MSLT Gen4 units component manufactured in the USA and assembled in Australia.
Commencement of manufacture of a further 10x EcoQuip MSLT Gen4 units for demonstration and deployment in
Australia.
Demonstration deployment of the EcoQuip MSLT & MSCT Gen4 to major potential users in the resources and
construction sectors.
Negotiation of commercial terms for the long-term deployment of EcoQuip MSLT & MSCT equipment in the
Australian market.
Wescone (100% owned)
•
•
•
The operation of the Wescone business – the owner of the Wescone W300 sample crusher predominantly deployed
throughout the global iron ore and assay laboratory industry.
Completion of manufacture of ~30 new Wescone W300 Series 4 & Series 3 sample crushers.
Negotiation of commercial terms for the deployment of the Wescone W300 Series 4 crushers.
5. Dividends
There were no dividends paid or declared by the Company to members since the end of the previous financial year.
6. Operational and financial review
Information on the operations and financial position of the group and its business strategies and prospects is set out in the
corporate and operational review on pages 4 – 8 of this annual report.
7. Use of cash and assets readily convertible to cash
The Group has used its cash and assets readily convertible to cash during the period in a way that was consistent with its
business objectives.
8. Significant changes in the state of affairs
There are no significant changes in the state of affairs of the Group during the financial year.
9. Events since the end of the financial year
There are no other events that occurred subsequent to the reporting period ending, that would have a material impact on the
financial statements as at 31 December 2021.
10. Likely developments and expected results of operations
The following events are likely to occur over the coming year:
•
Further progress towards the installation of the first ATEN waste heat to power technology at a power station.
• Expansion of the EcoQuip MSLT Gen4 fleet in both light and communications tower variants and deployment of an
expanded fleet in resource sector and construction markets in Australia and USA.
• Continued repair and sale deployment of the proprietary Wescone W300 crusher in Australia and internationally.
11. Environmental regulation
The Group is subject to environmental regulation in respect of any continuing operations. There have been no significant
known breaches of any environmental regulations to which the Group is subject.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
12. Remuneration report (audited)
This Remuneration Report sets out information about the remuneration of the key management personnel (KMP) of the
Company and its controlled entities for the year ended 31 December 2021. This Report forms part of the Directors’ Report
and has been audited in accordance with section 300A of the Corporations Act 2001.
The Report details the remuneration arrangements for the Group’s key management personnel:
• Non-executive directors (NED’s); and
• Executive directors and senior executives (collectively the Executives).
KMP are those persons who, directly or indirectly, have authority and responsibility for planning, directing and controlling the
major activities of the Company and the Group.
The report is structured as follows:
(a) Key Management Personnel (KMP) covered in this report
(b) Remuneration policy, link to performance and elements of remuneration
(c) Link between remuneration and performance
(d) Contractual arrangements for executive KMP
(e) Remuneration expenses for executive KMP
(f) Non-executive director arrangements
(g) Share-based compensation
(h) Other statutory information
(a) Key Management Personnel (KMP) covered in this report
The table below outlines the KMP of the Group covered in this report.:
Name
Non-executive directors
Mr Simon Higgins
Mr Peter Torre
Executives
Mr Adam Boyd
Position
Term as KMP
Non-Executive Chairman
Non-Executive Director
Appointed 28 April 2017
Appointed 28 April 2017
CEO and Managing Director
Appointed 28 April 2017
Changes since the end of the reporting period
There have been no changes to the non-executive directors and other key management personnel covered in this report since
the end of the reporting period.
(b) Remuneration policy, link to performance and elements of remuneration
The Company’s remuneration committee is comprised of the Chairman and a non-executive director. The committee reviews
and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets the
remuneration principles. In particular, the board aims to ensure that remuneration practices are:
(i) competitive and reasonable, enabling the company to attract and retain key talent,
(ii) aligned to the company’s strategic and business objectives and the creation of shareholder value,
(iii) transparent and easily understood, and
(iv) acceptable to shareholders.
During the reporting period, no payments were made to a person before the person took office as part of the consideration for
the person agreeing to hold office.
Non-executive directors
On appointment to the Board, all non-executive directors enter into a service agreement with the Company in the form of a
letter of appointment. The letter summarises the board policies and terms, including compensation, relevant to the office of
director.
Executive management
Executive management have authority and responsibility for planning, directing and controlling the activities of the company.
Compensation levels for executive management of the Company are set competitively to attract and retain appropriately
qualified and experienced senior executives.
12
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The compensation structures for executives are designed to attract suitably qualified candidates, reward the achievement of
strategic objectives, and achieve the broader outcome of the creation of value for shareholders. The compensation structure
takes into account the executives’ capability and experience, level of responsibility and ability to contribute to the Company’s
performance, including the establishment of revenue streams and growth in shareholder returns.
Fixed compensation consists of a base salary or fee (calculated on a total cost basis, including any fringe benefits tax related
to employee benefits) as well as employer contributions to superannuation funds. The board through a process that considers
individual and company achievement reviews compensation levels annually.
(c) Link between remuneration and performance
The Group has in place an Incentive Option Scheme (long-term incentive (LTI) scheme), the purpose of which is to:
(i) encourage participation by Eligible Participants in the Company through Share ownership; and
(ii) attract, motivate and retain Eligible Participants.
At present the Group does not have any short-term incentive (STI) scheme, but the remuneration committee will consider this
in due course.
Options were issued to the Managing Director and Non-Executive Directors during the year as part of their remuneration
package, which represent performance linked remuneration.
Key performance indicators of the group over the last five years:
NPAT $m
Share price $
Dividend paid
EPS $
Y/E
2021
0.589
0.003
-
0.007
Y/E
2020
(0.588)
0.003
-
(0.005)
Y/E
2019
(1.889)
0.001
-
(0.023)
Y/E
2018
(4.773)
0.002
-
(0.056)
Y/E
2017
2.626
0.004
-
0.068
(d) Contractual arrangements for executive KMP
Managing Director
In 2017, the Group appointed Mr Adam Boyd as Managing Director and Chief Executive Officer. Mr Boyd is contracted to the
Company through his private company, and the contract does not have a fixed timeframe.
The termination provisions in the contract are as follows:
MD notice period (by Company or executive)
Termination
for cause
None
Termination by
redundancy or
notice without cause
3 months1
Resignation
1 month
1 The notice period is increased by one month for each completed year of service.
Mr Boyd’s remuneration package consists of a fee of $360,000 per annum plus unlisted options as otherwise disclosed in this
report.
(e) Remuneration expenses for executive KMP
The following table shows the details of the remuneration expense recognised for the group’s executive key management
personnel for the current and previous financial year measured in accordance with the accounting standards.
Name
Adam Boyd
Total executive
KMP
Salary &
fees
360,000
360,000
360,000
360,000
Year
2021
2020
2021
2020
Post
employ-
ment
benefits
-
-
-
-
Non-
mone-
tary
benefits
-
-
-
-
Termin-
ation
benefits
-
-
-
-
Rights
to
deferred
shares
-
-
-
-
Options
529,586
-
529,586
-
Total
889,586
360,000
889,586
360,000
Perform-
ance
related
60%
-
60%
-
13
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The value of the options granted to key management personnel as part of their remuneration is calculated as at the grant date
using a trinomial option pricing model. The amounts disclosed for the financial year have been determined by allocating the
grant date value on a straight-line basis over the period from grant date to vesting date.
(f) Non-executive director arrangements
Non-executive directors are paid base fees only, which are fixed by the Board.
There is no additional fee for serving on board committees. They do not receive performance-based pay or retirement
allowances. Fees are reviewed annually by the board with the level of Directors’ remuneration being set having regard to
independent survey data and publicly available information about fees paid to non-executive directors in a range of comparable
companies.
The Directors are entitled to be reimbursed for all travel and related expenses properly incurred in connection with the business
of the Company. The Company makes contributions at the statutory minimum rate to superannuation funds nominated by
directors, included in the base fee.
The total amount of remuneration, including superannuation, for all non-executive directors must not exceed the limit approved
by shareholders. The aggregate cash remuneration of all non-executive directors was set at $400,000 per annum at a general
meeting held on 1 December 2009. During the period Mr Simon Higgins and Mr Peter Torre held the position of Non-Executive
Directors. The terms of their appointment are as follows:
• Mr Higgins – For his services as a Non-Executive Director and Chairman of the Company, the Company will pay him an
all-inclusive annual fee as is determined by the Board and approved by shareholders from time to time during his
appointment. The monthly fee payable is payable in arrears and will be initially set at $4,166.67 excluding GST. This
equates to an annual fee of $50,000 excluding GST, commencing 1 May 2017.
• Mr Torre – For his services as a Non-Executive Director and Company Secretary of the Company, the Company will pay
him an all-inclusive annual fee as is determined by the Board and approved by shareholders from time to time during his
appointment. The monthly fee payable is payable in arrears and will be initially set at $3,330 excluding GST. This equates
to an annual fee of $39,960 excluding GST, commencing 1 May 2017.
Details of the nature and amount of each major element of remuneration are set out below:
Simon Higgins
Peter Torre
Total non-executive directors
Year
2021
2020
2021
2020
2021
2020
Short-term
benefits
Post
employment
Options
Total
50,000
50,000
39,960
39,960
89,960
89,960
-
-
-
-
-
-
158,876
-
158,876
-
317,752
-
208,876
50,000
198,836
39,960
407,712
89,960
(g) Share-based compensation
Details on options over ordinary shares in the Company that were granted as compensation to each key management person
during the reporting period and details on options that vested during the reporting period are as follows:
Options
Non-executive
directors
Simon Higgins
Peter Torre
Executive KMP
Adam Boyd
Number of
options
granted
during
2021
Tranche
Fair value
per option
at grant
date
$
Grant Date
1
2
3
1
2
3
1
2
3
30,000,000
30,000,000
30,000,000
30,000,000
30,000,000
30,000,000
11 May 2021
11 May 2021
11 May 2021
11 May 2021
11 May 2021
11 May 2021
$0.00380
$0.00391
$0.00398
$0.00380
$0.00391
$0.00398
100,000,000
100,000,000
100,000,000
11 May 2021
11 May 2021
11 May 2021
$0.00380
$0.00391
$0.00398
Exercise
price per
option
$
$0.00402
$0.00429
$0.00450
$0.00402
$0.00429
$0.00450
$0.00402
$0.00429
$0.00450
Number of
options
vested
during
2021
Expiry date
11 May 2023
11 May 2024
11 May 2025
11 May 2023
11 May 2024
11 May 2025
30,000,000
-
-
30,000,000
-
-
11 May 2023
11 May 2024
11 May 2025
100,000,000
-
-
14
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The value of the options granted to key management personnel as part of their remuneration is calculated as at the grant date
using a trinomial option pricing model taking into account the terms and conditions upon which the options were granted.
Expiry date
Expected volatility ¹
Risk-free interest rate
Expected life of option (days) ²
Grant date share price (cents)
Fair value of each option (cents)
Tranche 1
11 May 2023
287.6%
0.12%
730
0.4
0.00380
Tranche 2
Tranche 3
11 May 2024
268.9%
0.13%
1,096
0.4
0.00391
11 May 2025
281.0%
0.58%
1,461
0.4
0.00398
¹ The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not
necessarily be the actual outcome.
² The expected life of the options is not based on historical data and is not necessarily indicative of exercise patterns that
may occur. The number of days is calculated by the number of days between the grant date and expiry date of the option.
No other features of options granted were incorporated into the measurement of fair value.
A summary of the vesting conditions for each Tranche of options is provided below:
Tranche
Vesting condition
Tranche 1
Tranche 2
Tranche 3
6 months employment;
12 months employment and First ATEN Construction Start
12 months employment and there being a 180-day VWAP of Volt Power Group Ltd shares of at least
0.60 cents per share
All options expire on the earlier of their expiry date or 60 days following the termination of the individual’s employment.
The board does not have a policy that restricts the holders of securities issued as share based payments as part of their
remuneration from entering into other arrangements that limit their exposure to losses that would result from share price
decreases.
Other than noted above no terms of equity-settled share-based payment transactions (including options granted as
compensation to a key management person or director) have been altered or modified by the Company during the reporting
period.
On 20 May 2021, Mr Boyd exercised 175,000,000 options that were previously granted as compensation, at an exercise price
of $0.002 per option.
There are no amounts unpaid on the shares issued as a result of the exercise of the options in the 2021 financial year.
(h) Other statutory information
The following tables show the relative proportions of remuneration that are linked to performance and those that are fixed
based on the amounts disclosed as statutory remuneration expense in (e) and (f) above.
(i) Proportions of remuneration linked to performance
Non-executive directors
Simon Higgins
Peter Torre
Executive KMP
Adam Boyd
Fixed
At risk STI
At risk LTI
2021
2020
2021
2020
2021
2020
24%
100%
20%
100%
40%
93%
-
-
-
-
-
-
76%
-
80%
-
60%
-
15
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(ii) Reconciliation of ordinary shares and options held by KMP
Shareholdings
The number of shares in the Company held during the financial year by each director and other key management personnel of the Group, including their personally related parties, are set out below.
Name
Non-executive directors
Simon Higgins
Peter Torre
Executive KMP
Adam Boyd
Balance at
start of the
year
801,000,000
55,000,000
1,598,000,000
Granted as
compensation
Acquired for
cash
Options
exercised
Other
changes
-
-
-
-
-
-
-
-
175,000,000
Balance at the
end of the
year
-
-
-
801,000,000
55,000,000
1,773,000,000
Options
The number of options over ordinary shares in the Company held during the financial year by each director of the Company and other key management personnel of the Group, including their personally
related parties, are set out below:
Balance at start of year
Vested
Forfeited
Balance at end of year
Name
S Higgins
P Torre
A Boyd
Vested and
exercisable
-
-
175,000,000
Unvested
Granted as
compensation
90,000,000
90,000,000
300,000,000
-
-
-
Number
30,000,000
30,000,000
100,000,000
%
Exercised
-
-
(175,000,000)
33%
33%
58%
Number
%
-
-
-
Other
changes
Vested and
exercisable
30,000,000
30,000,000
100,000,000
-
-
-
Unvested
60,000,000
60,000,000
200,000,000
0%
0%
0%
(iii) Loans to key management personnel
During the year, there were no loans made to directors of the Company or any other key management personnel of the Group, including any related parties.
(iv) Other transactions with key management personnel
There were no other transactions with key management personnel during the year.
16
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(v) Reliance on external remuneration consultants
The Board have not sought any recommendations from external remuneration consultants. Remuneration levels for Directors
and KMP are reviewed annually by the Board with the level of Non-Executive Directors’ remuneration being set having regard
to independent survey data and publicly available information about fees paid to non-executive directors in a range of
comparable companies.
(vi) Voting of shareholders at last year's annual general meeting
Volt Power Group Limited received more than 97% of “yes” votes on its remuneration report for the 2020 financial year. The
Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices.
The information in this section has been audited, together with the rest of the Remuneration Report.
This is the end of the Remuneration Report
13. Shares under option
(a) Unissued ordinary shares
Unissued ordinary shares of Volt Power Group Limited under option at the date of this report are as follows:
Date options granted
4 March 2021
11 May 2021
11 May 2021
11 May 2021
Expiry date
3 September 2022
11 May 2023
11 May 2024
11 May 2025
Exercise price
$0.00378
$0.00402
$0.00429
$0.00450
Number under option
60,000,000
160,000,000
160,000,000
160,000,000
No option holder has any right under the options to participate in any other share issue of the Company or any other entity.
Included in these options were options granted as remuneration to the directors and the five most highly remunerated officers
during the year. Details of options granted to key management personnel are disclosed in the remuneration report above. In
addition, the following options were granted to officers who are among the five highest remunerated officers of the Company
and the Group, but are not key management persons and hence not disclosed in the remuneration report:
Name of Officer
Tim Banner – Lead Process Engineer
Tim Banner – Lead Process Engineer1
Tim Banner – Lead Process Engineer1
Date granted
4 March 2021
4 March 2021
4 March 2021
Exercise price
$0.00378
$0.00429
$0.00501
Number of options
granted
60,000,000
60,000,000
60,000,000
1 These options expired unvested on 8 January 2022 as the service conditions were not met.
No options were granted to the directors or any of the five highest remunerated officers of the Company since the end of the
financial year.
(b) Shares issued on the exercise of options
175,000,000 shares were issued during the year ended 31 December 2021 on the exercise of options.
14. Insurance of officers
During the financial year, the Company paid a premium to insure the directors and secretaries of the Company and its
Australian-based controlled entities. The Group has not disclosed the premium paid for the insurance policy as there is a
confidentiality condition contained in the contract.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought
against the officers in their capacity as officers of entities in the Group, and any other payments arising from liabilities incurred
by the officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a
wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for
themselves or someone else or to cause detriment to the Company. It is not possible to apportion the premium between
amounts relating to the insurance against legal costs and those relating to other liabilities.
17
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
15. Proceedings on behalf of the Company
No person has applied to the court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility
on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of
the Corporations Act 2001.
16. Non-audit services
The Company may decide to employ the auditor (BDO) on assignments additional to their statutory audit duties where the
auditor’s experience and expertise with the Company and/or the Group are important.
During the year ended 31 December 2021 and 2020, the Company did not pay the auditor for any non-audit services.
The Board of Directors is satisfied that the provision of non-audit services is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001.
17. Auditor's Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on
page 19.
This report is made in accordance with a resolution of directors.
Simon Higgins
Chairman
Perth
Dated: 28 February 2022
18
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY GLYN O'BRIEN TO THE DIRECTORS OF VOLT POWER GROUP
LIMITED
As lead auditor of Volt Power Group Limited for the year ended 31 December 2021, I declare that, to
the best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Volt Power Group Limited and the entities it controlled during the
period.
Glyn O’Brien
Director
BDO Audit (WA) Pty Ltd
Perth, 28 February 2022
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2021
Revenue from trading activities
Cost of sales
Gross profit
Other income
Consultants and advisors
Employment benefits expense
Share based payments expense
General and administration expenses
Operating profit / (loss)
Finance income
Finance expenses
Finance costs - net
Profit / (loss) before income tax expense
Income tax benefit / (expense)
Profit / (loss) from continuing operations
Other comprehensive income/(loss) for the year, net of tax
Note
7
8
9
10
33
11
12
12
13
2021
$
3,062,939
(536,265)
2,526,674
2020
$
1,882,665
(304,298)
1,578,367
1,698,783
519,733
(538,241)
(1,208,025)
(1,175,719)
(798,811)
504,661
200
(35,193)
(34,993)
(1,044,930)
(1,083,873)
-
(413,599)
(444,302)
455
(20,042)
(19,587)
469,668
(463,889)
119,743
589,411
-
(124,203)
(588,092)
-
Total comprehensive profit / (loss) for the year
589,411
(588,092)
Profit / (loss) for the year is attributable to:
Minority interests
Owners of Volt Power Group Limited
Total comprehensive profit / (loss) for the year is attributable to:
Minority interests
Owners of Volt Power Group Limited
Profit / (loss) per share:
Basic profit / (loss) for the period attributable to ordinary equity holders
of the parent
Diluted profit / (loss) for the period attributable to ordinary equity holders
of the parent
Profit / (loss) per share from continuing operations:
Basic profit / (loss) from continuing operations attributable to ordinary
equity holders of the parent
Diluted profit / (loss) from continuing operations attributable to ordinary
equity holders of the parent
25(a)
25(b)
25(a)
25(b)
(74,156)
663,567
589,411
(74,156)
663,567
589,411
(94,779)
(493,313)
(588,092)
(94,779)
(493,313)
(588,092)
cents
cents
0.0072
0.0071
0.0072
0.0071
(0.0054)
(0.0053)
(0.0054)
(0.0053)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes.
20
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Financial Position
As at 31 December 2021
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventory
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right of use asset
Other non-current assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Employee benefits liability
Lease liabilities and borrowings
Provisions
Total current liabilities
Non-current liabilities
Lease liabilities and borrowings
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ Equity
Share capital
Reserves
Retained losses
Total attributable to owners of parent
Non-controlling interest
Total Shareholders’ Equity
Note
2021
$
2020
$
14
15
16
17
18
19
26
17
20
21
22
27
23
13
24(a)
24(c)
31
1,882,994
495,687
292,769
98,001
2,769,451
2,199,980
395,694
306,857
115,715
3,018,246
666,492
147,183
307,520
65,403
1,186,598
1,649,290
727,751
-
-
2,377,041
5,787,697
3,563,639
846,163
47,418
152,629
165,000
1,211,210
230,872
-
230,872
1,100,284
43,183
111,921
-
1,255,388
33,697
94,069
127,766
1,442,082
1,383,154
4,345,615
2,180,485
74,132,092
7,004,480
(77,437,094)
3,699,478
646,137
4,345,615
73,782,092
5,873,546
(78,100,661)
1,554,977
625,508
2,180,485
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
21
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Changes in Equity
As at 31 December 2021
At 1 January 2020
73,519,592
6,060,365
(77,607,348)
1,972,609
445,968
2,418,577
Attributable to owners of Volt Power Group Limited
Note
Share
capital
$
Reserves
$
Retained
losses
$
Total
attributable
to owners
$
Non-
controlling
interest
$
Total
equity
$
Total comprehensive loss for the year
Loss for the year
Transactions with owners in their capacity as owners
Transactions with non-controlling interests
Issue of shares on exercise of options
At 31 December 2020
At 1 January 2021
Total comprehensive profit / (loss) for the year
Profit / (loss) for the year
Transactions with owners in their capacity as owners
Transactions with non-controlling interests
Issue of shares on exercise of options
Share-based payments
At 31 December 2021
-
-
-
-
(493,313)
(493,313)
(493,313)
(493,313)
(94,779)
(94,779)
(588,092)
(588,092)
24(a)
-
262,500
262,500
73,782,092
(186,819)
-
(186,819)
5,873,546
-
-
-
(78,100,661)
(186,819)
262,500
75,681
1,554,977
274,319
-
274,319
625,508
87,500
262,500
350,000
2,180,485
73,782,092
5,873,546
(78,100,661)
1,554,977
625,508
2,180,485
-
-
-
-
663,567
663,567
663,567
663,567
(74,156)
(74,156)
589,411
589,411
31
24(a)
-
350,000
-
350,000
74,132,092
(44,785)
-
1,175,719
1,130,934
7,004,480
-
-
-
-
(77,437,094)
(44,785)
350,000
1,175,719
1,480,934
3,699,478
94,785
-
-
94,785
646,137
50,000
350,000
1,175,719
1,575,719
4,345,615
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
22
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
Cash flows from operating activities
Receipts from customers (inclusive of goods and services tax)
Payments to suppliers and employees (inclusive of goods and services
tax)
Interest received
Interest paid
R&D tax refund
Income tax refund (payment)
Net cash inflows/(outflows) from operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Payments for intellectual property
Payments for refundable deposits
Proceeds from the sale of property, plant and equipment
Other income – wescone claim settlement
Net cash inflows/(outflows) from investing activities
Cash flows from financing activities
Repayment of borrowings
Transactions with non-controlling interests
Net cash inflows/(outflows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at end of the year
Note
2021
$
2020
$
3,211,262
2,064,069
(2,810,557)
202
(12,576)
756,262
25,674
1,170,267
(755,913)
(342,009)
(115,715)
35,000
1,303,073
124,436
(78,201)
-
(78,201)
1,216,502
666,492
1,882,994
14(a)
14
(2,259,064)
455
(18,272)
605,022
(30,134)
362,076
(487,941)
(395,217)
-
-
-
(883,158)
(100,131)
-
(100,131)
(621,213)
1,287,705
666,492
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
23
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
1. Reporting entity
The consolidated financial report of Volt Power Group Limited (the Group) and its subsidiaries for the year ended 31 December 2021
was authorised for issue in accordance with a resolution of directors on 28 February 2022.
Volt Power Group Limited is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly
traded on the Australian Securities Exchange. The Group’s registered office is Unit B9, 431 Roberts Rd Subiaco WA 6008.
The nature of the operations and principal activities of the Group are power generation technology solutions, mobile solar powerbox
towers compatible with LED lighting, LTE/WiFi repeater communication solutions and CCTV retro-fit and sample crushing equipment,
all of which service the resources and construction sectors.
2. Basis of preparation
(a) General information
The financial report is a general-purpose financial report, which:
•
•
•
•
•
has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and
other authoritative pronouncements of the Australian Accounting Standards Board (“AASB”) and International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board as applicable to a for-profit entity;
has been prepared on a historical cost basis;
is presented in Australian dollars, which is the functional currency of the Company and each of its subsidiaries;
adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the operations
of the Group and effective for reporting periods beginning on or before 1 January 2021; and
does not early adopt any Accounting Standards and Interpretations that have been issued or amended but are not yet effective.
(b) Going concern
The Directors are satisfied that the going concern assumption has been appropriately applied in preparing the financial statements
and the historical financial information has been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the normal course of business.
3. Significant accounting policies
(a) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December
2021. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting
rights results in control.
Consolidation of the subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control
over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed during the year are included in the
consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and
losses resulting from intra-group transactions have been eliminated.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and
to the non-controlling interests, even if this results in the non-controlling interests having a debit balance.
(b) Business combinations
Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination
shall be measured at fair value, which shall be calculated as the sum of the acquisition date fair values of the assets transferred by
the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree and the equity issued by the acquirer. Acquisition-
related costs are expensed as incurred.
24
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(c) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian
dollars, which is the Group’s functional and presentational currency.
(ii) Transactions and balances
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rate ruling at the date of
transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the
reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or
loss. They are deferred in equity if they relate to qualifying cashflow hedges and qualifying net investment hedges or are attributable
to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All
other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other income or other
expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when
the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair
value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value
through profit or loss are recognised in profit or loss as part of the fair value gain or loss and translation differences on non-monetary
assets such as equities classified as available-for-sale financial assets are recognised in other comprehensive income.
(d) Financial instruments
(i) Financial assets
The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset
was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as
follows:
Fair value through profit or loss
This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic
value (see "Financial liabilities" section for out-of-money derivatives classified as liabilities). They are carried in the statement of
financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the
finance income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the
Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through
profit or loss.
Amortised cost
These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate
other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual
cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are
directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate
method, less provision for impairment.
Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9
using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-
payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such
provisions are recorded in a separate provision account with the loss being recognised within cost of sales in the consolidated
statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the
asset is written off against the associated provision.
The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in
the consolidated statement of financial position.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with
original maturities of three months or less, and, for the purpose of the statement of cash flows, bank overdrafts. Bank overdrafts are
shown within loans and borrowings in current liabilities on the consolidated statement of financial position.
25
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(ii) Financial liabilities
The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Other than financial liabilities in a qualifying hedging relationship (see below), the Group's accounting policy for each category is as
follows:
Fair value through profit or loss
This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value (see "Financial
assets" for in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value). They
are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated
statement of comprehensive income. The Group does not hold or issue derivative instruments for speculative purposes, but for
hedging purposes. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has
it designated any financial liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities include the following items:
Bank borrowings, where applicable, are initially recognised at fair value net of any transaction costs directly attributable to the issue
of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate
method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability
carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial
transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method.
(iii) Hedge accounting
The Group has not applied hedge accounting.
(e) Revenue recognition
Performance obligations and timing of revenue recognition
The majority of the Group’s revenue is derived from leasing equipment (revenue recognised over time) and selling goods (revenue
recognised at a point in time when control of the goods has transferred to the customer).
Revenue recognised at a point in time is generally when the goods are delivered to the customer. However, for export sales, control
might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the
contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the
products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to
payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.
Determining the transaction price
Most of the Group’s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each
contract is determined by reference to those fixed prices.
Allocating amounts to performance obligations
For most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time.
Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract
price divided by the number of units ordered).
Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between
each product line by reference to each product’s standalone selling prices (all product lines are capable of being, and are, sold
separately). Therefore, there is no judgement involved in determining the contract price.
Some products sold by the Group are sold with a right of return. The Group estimates and provides for such returns at the time of
sale.
26
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(f) R&D Rebate and Government Grants
Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received
and the Group will comply with all attached conditions. The Group received the following government grants:
(a) Research and development tax incentives received or receivable are recognised at fair value where there is a reasonable
assurance that the amount will be received and the Group will comply with all attached conditions. The value of the research
and development tax incentive received or receivable is either recorded as other income as part of profit or loss or deducted
from the carrying value of the associated capitalised intangible asset.
(b) JobKeeper Payment scheme and ATO Cash flow boost received have no unfulfilled conditions or other contingencies
attaching to these grants. Grants related to income are presented as part of profit or loss as other income.
The Group did not benefit directly from any other forms of government assistance.
(g) Income tax
Volt Power Group Limited and its 100% owned Australian resident subsidiaries formed a tax consolidated group with effect from 19
January 2010.
Income tax expense comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary
differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and associates and jointly controlled
entities to the extent that it is probable that they will not reverse in the foreseeable future.
In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred
tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that
have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the
same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax
assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Additional income tax expenses that arise from the distribution of cash dividends are recognised at the same time that the liability to
pay the related dividend is recognised. The Group does not distribute non-cash assets as dividends to its shareholders.
(h) Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of
GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of
acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to,
the ATO is included as a current asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing
and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.
(i) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation the amount of which
at can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
27
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(j) Leases
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
•
•
Leases of low value assets; and
Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the
discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable,
in which case the group’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only
included in the measurement of the lease liability if they depend on an index or rate.
In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the
lease term. Other variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
•
•
•
Amounts expected to be payable under any residual value guarantee;
The exercise price of any purchase option granted in favour of the group if it is reasonable certain to assess that option;
Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option
being exercised.
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased
for:
•
•
•
Lease payments made at or before commencement of the lease;
Initial direct costs incurred; and
The amount of any provision recognised where the group is contractually required to dismantle, remove or restore the leased
asset (typically leasehold dilapidations).
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee
extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make
over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised
when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains
unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying
amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero,
any further reduction is recognised in profit or loss.
(k) Inventory
Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realisable value. Cost
comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being
allocated based on normal operating capacity. Costs are assigned to individual items of inventory based on weighted average costs.
Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling
price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale
inventories are valued at the lower of cost and net realisable value.
Intangible assets
(l)
Intangible assets acquired are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently
measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and
impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the
difference between net disposal proceeds and the carrying amount of the intangible asset.
The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption
or useful life are accounted for prospectively by changing the amortisation method or period.
Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible
asset arising from development (including those arising from the development phase of an internal project) are capitalised when it is
probable that the project will be a success considering its commercial and technical feasibility; the Group can use or sell the asset;
the Group has sufficient resources, the asset will generate future economic benefit, the Company intends to complete the internal
development and their costs can be measured reliably.
28
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when
the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period in which it is incurred. After initial recognition, internally generated
intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as
intangible assets that are acquired separately.
Capitalised development costs are amortised on a straight-line or diminishing value method over the period of their expected benefit,
being their finite useful lives of three to five years.
(m) Impairment
(i) Non-financial assets
The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable
amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the
recoverable amount is estimated each year at the same time.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment
testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows
from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).
Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been
allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for
internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit
from the synergies of the combination.
The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired,
then the recoverable amount is determined for the CGU to which the corporate asset belongs.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce
the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit
(group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods
are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is
reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
(n) Share based payments
The fair value of options issued as share-based payment are measured using an appropriate pricing model. Measurement inputs
include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic
volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments
(based on historical experience and general option holder behaviour), expected dividends, and the risk-free interest rate (based on
government bonds).
The fair value of shares issued as share-based payment is measured based on the share price on the date of issue.
4. Other accounting policies
Significant and other accounting policies that summarise the measurement basis used and are relevant to an understanding of the
financial statements are provided throughout the notes to the financial statements.
5. Key judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts in the financial statements. Actual results may differ from these estimates under different assumptions and
conditions and may materially affect financial results or the financial position reported in future periods. Management have identified
the following critical accounting policies for which significant judgements, estimates and assumptions are made:
29
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(i) Taxation
Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised in the consolidated
statement of financial position. Deferred tax assets, including those arising from unrecouped tax losses, capital losses and temporary
differences, are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the
generation of sufficient future taxable profits.
Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. Judgements
are also required about the application of income tax legislation. These judgements and assumptions are subject to risk and
uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of
deferred tax assets and deferred tax liabilities recognised in the statement of financial position and the amount of other tax losses
and temporary differences not yet recognised.
In such circumstances, some or all of the carrying amounts of recognised deferred tax assets and liabilities may require adjustments,
resulting in a corresponding credit or charge to the income statement.
Internally generated intangible assets (Development costs)
(ii)
Expenditure on internally developed products is capitalised if it can be demonstrated that:
•
•
•
•
It is technically feasible to develop the product for it to be rented;
Adequate resources are available to complete the development;
There is an intention to complete the product and to obtain future economic benefits through the Rental Revenue generated
from Rental of the Gen4 Light Towers; and
Expenditure on the product can be measured reliably.
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed only
once the asset is ready for use. The amortisation expense is included within the cost of sales line in the consolidated statement of
comprehensive income. Development expenditure not satisfying the above criteria and expenditure on the research phase of internal
projects are recognised in the consolidated statement of comprehensive income as incurred.
(iii) Revenue
The sale of some goods by the Group are sold with a right of return. At balance date, the Group has estimated the number of returns
it expects to receive in relation to sales made during the year through the recognition of a refund liability within the statement of
financial position with a corresponding decrease in revenue earned within the statement of profit or loss. The actual returns received
as a result of sales in 2021 may be higher or lower than estimated, and this will impact revenue in future periods.
(iv) Share-based payment transactions
The Company measures the cost of equity-settled transactions with Directors, Key Management Personnel, and employees by
reference to the fair value of the equity instruments at the date at which they are granted. The fair value at grant date for options are
valued using trinomial models.
Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable.
The share-based payment expense recognised in each reporting period considers the most recent estimate. The impact of the
revision to original estimates, if any, is recognised in the statement of profit or loss and other comprehensive income with a
corresponding adjustment to equity.
6. Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors of the Company. The Group has determined that it has one operating
segment, the provision of services to the mining and construction industries.
30
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
7. Revenue from trading activities
Revenue from sales of inventory
Revenue from equipment leases
Revenue from other sales
Timing of revenue recognition
At a point in time
Over time
8. Other income
Research and development tax incentive rebate1
Government incentives and subsidies
Other income2
2021
$
2020
$
2,398,456
589,849
74,634
3,062,939
2,398,456
664,483
3,062,939
1,464,223
350,880
67,562
1,882,665
1,464,223
418,442
1,882,665
2021
$
2020
$
349,286
-
1,349,497
1,698,783
358,625
161,108
-
519,733
¹ A total R&D tax incentive amount of $756,262 was received in the period, however, $406,976 of this balance related to
Capitalised R&D expenditure. Accordingly, this portion has been offset against the corresponding Intangible Asset in the
Statement of Financial Position, as disclosed in note 19.
² As announced on 15 February 2021, the Company advised that it had reached a commercial settlement of all outstanding claims
alleged in the Proceedings in connection with the 2018 acquisition of Volt’s Wescone business with all vendor parties (Wescone
Vendor) without admission of liability by either party. The settlement terms are confidential but provided for the payment to Volt
of $1.3 million in two instalments (Settlement Sum) and is included in the other income balance for the year ended 31 December
2021.
9. Consultants and advisors
Audit, tax, accounting and finance
Legal expenses
10. Employee benefit expense
Salary and wages
Superannuation
Other
2021
$
214,599
323,642
538,241
2020
$
275,471
769,459
1,044,930
2021
$
2020
$
1,162,603
48,770
(3,348)
1,208,025
1,055,538
26,372
1,963
1,083,873
31
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
11. General and administration expenses
Occupancy costs
Insurance
IT expenses
Travel & accommodation
Depreciation & amortisation
Foreign currency (gains)/losses
Other expense
12. Finance costs - net
Interest income
Bank fees
Interest expense
Finance expense
2021
$
52,608
71,246
3,759
665
344,890
16,727
308,916
798,811
2021
$
200
200
4,357
30,836
35,193
(34,993)
2020
$
25,519
62,465
4,417
7,967
148,820
(12,470)
176,881
413,599
2020
$
455
455
3,218
16,824
20,042
(19,587)
Recognition and measurement
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the
effective interest method.
Finance costs comprise interest expense on borrowings and convertible notes, unwinding of the discount on provisions, and
impairment losses recognised on financial assets. Borrowing costs that are not directly attributable to the acquisition, construction or
production of a qualifying asset are recognised in profit or loss using the effective interest method.
Foreign currency gains and losses are reported on a net basis.
13. Income tax
(a) Income tax (expense)/benefit
Current tax benefit / (expense)
Adjustment for over provision in prior periods
Deferred tax credit / (expense) arising from temporary differences
Total income tax benefit / (expense)
Attributable to:
Continuing operations
2021
$
-
25,674
94,069
119,743
119,743
119,743
2020
$
(30,134)
-
(94,069)
(124,203)
(124,203)
(124,203)
32
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(b) Numerical reconciliation of income tax expense to prima facie tax payable
Profit / (loss) from continuing operations before income tax expense
Tax at the Australian tax rate of 25% (prior year 26%)
Tax effect of amounts which are not deductible/(taxable) in calculating
taxable income:
Non-deductible expenses
Adjustment for over provision in previous periods
R&D related expenditure
Change in tax rate
Previously recognised deferred tax assets not brought to account
Deferred tax assets /(liabilities) not brought to account
Income tax benefit /(expense)
The franking account balance at year-end was $nil (2020: nil).
2021
$
469,668
(117,417)
117,470
25,674
66,610
3,618
(61,553)
85,341
119,743
2020
$
(463,889)
120,611
65,158
-
(119,153)
-
(49,950)
(140,869)
(124,203)
Net deferred tax assets have not been brought to account as it is not probable within the immediate future that tax profits will be
available against which deductible temporary differences and tax losses can be utilised.
(c) Deferred tax assets and liabilities
Deferred tax assets
Tax losses
Other timing differences
Right of use liability
Deferred tax liabilities
Intangible assets
Other timing differences
Right of use asset
Net deferred taxes not brought to account
(d) Tax losses
2021
$
4,830,214
306,136
80,639
5,216,989
(106,424)
(342,198)
(76,713)
(525,335)
4,691,654
2021
$
2020
$
106,663
853
-
107,516
(197,015)
(4,570)
-
(201,585)
(94,069)
2020
$
Unused tax losses for which no deferred tax asset has been recognised
for the tax consolidated group:
Unused tax losses for which no deferred tax asset has been recognised
for partially owned subsidiaries:
Potential tax benefit @ 25% (prior year 26%)
17,273,284
18,569,213
2,047,574
4,830,214
39,966
4,838,386
All unused tax losses were incurred by Australian entities. Unrecognised deferred tax balances will only be available subject to
continuing to meet the relevant statutory tests.
14. Cash and cash equivalents
Cash at bank
2021
$
2020
$
1,882,994
666,492
33
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(a) Reconciliation of loss after income tax to net cash outflow from operating activities
Profit / (Loss) for the year
Adjustments for
Depreciation and amortisation
Other income
NCI conversion of debt to equity
Net profit on disposal of PPE
Foreign exchange movements
Options exercised
R&D rebate
Share-based payment transactions
Changes in operating assets and liabilities, net of effects from
purchase of controlled entity and reversal of amounts subject to the
deeds of company arrangement
(Increase)/decrease in trade and other receivables
(Increase)/decrease in inventory
(Increase)/decrease in other current assets
(Increase)/decrease in right of use assets
(Decrease)/increase in trade and other payables
(Decrease)/increase in lease liabilities
(Decrease)/increase in employee benefit liability
(Decrease)/increase in provisions
(Increase)/decrease in net deferred tax assets and liabilities
Net cash inflow/(outflow) from operating activities
2021
$
2020
$
589,411
(588,092)
344,890
(1,303,073)
50,000
(11,944)
2,112
350,000
406,976
1,175,719
(348,504)
14,751
(32,598)
(306,857)
(73,665)
237,883
4,235
165,000
(94,069)
1,170,267
148,820
-
87,500
-
7,103
262,500
85,289
-
55,692
59,734
-
-
147,498
-
1,963
-
94,069
362,076
Recognition and measurement
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with an
original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, net of outstanding bank overdrafts.
For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.
(b) Reconciliation of cash and non-cash movements in financial liabilities
Cash and cash equivalents
Borrowings repayable within one year
Borrowings repayable after one year
Cash and liquid assets
Gross Debt - Fixed interest rate
15. Trade and other receivables
Accounts receivable
Other debtors
Note
22
23
2021
$
1,882,994
(152,629)
(230,872)
1,499,493
1,882,994
(383,501)
1,499,493
2021
$
494,687
1,000
495,687
2020
$
666,492
(111,921)
(33,697)
520,874
666,492
(145,618)
520,874
2020
$
134,785
12,398
147,183
Impaired receivables and receivables past due
Refer to financial instruments note for credit risk assessment of trade and other receivables.
34
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
16. Inventory
Completed goods and parts on hand
292,769
307,520
2021
$
2020
$
17. Other assets
Current
Prepayments
Non-Current
Lease deposits
18. Property, plant and equipment
31 December 2020
Opening net book amount
Additions
Depreciation charge
31 December 2020
31 December 2020
Cost or fair value
Accumulated depreciation
Net book amount
31 December 2021
Opening net book amount
Additions
Disposals
Depreciation charge
31 December 2021
31 December 2021
Cost or fair value
Accumulated depreciation
Net book amount
2021
$
98,001
98,001
115,715
115,715
Office
furniture,
fittings and
equipment
$
1,598
-
(438)
1,160
18,703
(17,543)
1,160
1,160
22,615
(868)
(588)
22,319
22,614
(295)
22,319
2020
$
65,403
65,403
-
-
Total
$
1,060,346
748,714
(148,820)
1,660,240
2,742,576
(1,093,286)
1,649,290
1,649,290
768,007
(19,872)
(197,445)
2,199,980
3,345,956
(1,145,976)
2,199,980
Plant and
equipment
$
1,058,748
748,714
(148,382)
1,659,080
2,723,873
(1,075,743)
1,648,130
1,648,130
745,392
(19,004)
(196,857)
2,177,661
3,323,342
(1,145,681)
2,177,661
Recognition and measurement
Property, plant and equipment
All classes of property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the
parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and
equipment as a replacement only if it is eligible for capitalisation. All other repairs and maintenance are recognised in the income
statement as incurred.
Depreciation is calculated on a straight-line or diminishing value basis for all classes of property, plant and equipment. The estimated
useful life of plant and equipment is between 3 and 20 years.
35
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year
end. An item of property, plant and equipment is de-recognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
19. Intangible assets
Capitalised Development Costs
The movements in the net carrying amount of
Capitalised Development costs are as follows:
Balance at the start of the period
Capitalised expenditure
R&D tax incentive received
Amortisation charge
Balance at the end of the period
2021
$
2020
$
727,751
140,536
(406,976)
(65,617)
395,694
269,470
458,281
-
-
727,751
Intangible assets comprise capitalised development costs associated with the design and development of the MSLT Generation 4
(Gen4) trailer power management, operational control and data telemetry system, designed, built and owned by EcoQuip Australia
Pty Ltd and is to be amortised over a five-year period. At 30 June 2021, the intellectual property was deemed ready for use and
amortisation commenced from that date.
20. Trade and other payables
Trade creditors
Accrued expenses
GST
PAYG
Sundry creditors
21. Employee benefit liabilities
Employee entitlements
Superannuation
2021
$
406,546
346,005
71,126
22,270
216
846,163
2021
$
28,720
18,698
47,418
2020
$
1,060,247
41,690
(21,889)
17,850
2,386
1,100,284
2020
$
32,069
11,114
43,183
Recognition and measurement
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulating annual leave that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of
employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current employee benefit obligations in the Statement of Financial Position.
(ii) Other long-term employee benefit obligations
The liabilities for long term benefits is recognised and measured as the present value of expected future payments to be made in
respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration
is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that
match, as closely as possible, the estimated future cash outflows.
The obligations are presented as current liabilities in the Statement of Financial Position if the entity does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected
to occur.
36
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(iii) Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of
withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination
benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary
redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are
payable more than 12 months after the reporting period, then they are discounted to their present value.
(iv) Share-based payment transactions
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense, with a
corresponding increase in equity.
Share-based payment arrangements in which the Group receives goods or services as consideration for its own equity instruments
are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by
the Group.
22. Lease liabilities and borrowings – current liabilities
Non-bank loans
Lease liabilities
23. Lease liabilities and borrowings – non-current liabilities
Lease liabilities
24. Equity
(a) Contributed equity
Note
26
Note
26
2021
$
24,201
128,428
152,629
2021
$
230,872
230,872
2020
$
30,674
81,247
111,921
2020
$
33,697
33,697
2021
No. of shares
2020
No. of shares
2021
$
2020
$
Fully paid ordinary shares
9,344,533,558
9,169,533,558
74,132,092
73,782,092
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity, net of any tax effects.
Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the Company, to participate in
the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Capital Management
The Company’s capital management policy provides a framework to maintain a capital structure to support the development of the
business into one that is income producing. The Company seeks to utilise available borrowing facilities when and to the extent
prudent to do so, in order to maximise returns for equity shareholders and limit the need to raise additional equity capital.
Dividends
There were no dividends declared or paid during the reporting period.
37
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Movements in ordinary shares
Details
1 January 2020
Exercise of options
31 December 2020
Exercise of options
31 December 2021
(b) Other equity
No. of shares
8,994,533,558
175,000,000
9,169,533,558
$
73,519,592
262,500
73,782,092
175,000,000
350,000
9,344,533,558
74,132,092
2021
No. of options
2020
No. of options
2021
$
2020
$
$0.0020 expiry 22 May 2021
$0.0045 expiry 9 November 2021
$0.00378 expiry 3 September 2022
$0.00402 expiry 11 May 2023
$0.00429 expiry 3 March 2024
$0.00429 expiry 11 May 2024
$0.00450 expiry 11 May 2025
$0.00501 expiry 3 September 2025
Total
-
60,000,000
160,000,000
60,000,000
160,000,000
160,000,000
60,000,000
660,000,000
175,000,000
20,000,000
-
-
-
-
-
-
195,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Movements in other equity
There were no movements in other equity during the financial year ending 31 December 2021.
(c) Reserves
Share based reserves - reserve holding shares subject to the
achievement of performance-based measures
Options based reserves
Non-controlling interest reserve
2021
$
3,470,000
3,811,084
(276,604)
7,004,480
2020
$
3,470,000
2,635,365
(231,819)
5,873,546
Recognition and measurement
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are recognised
directly in equity as a deduction, net of tax, from the proceeds.
25. Earnings/(loss) per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding adjusted for the effects of all dilutive potential ordinary shares, which comprise
convertible notes and share options granted to employees.
(a) Basic earnings/(loss) per share
From continuing operations attributable to the ordinary equity holders of
the company
Total basic earnings per share attributable to the ordinary equity holders
of the company
2021
cents
0.0072
0.0072
2020
cents
(0.0054)
(0.0054)
38
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Profit/(loss) attributable to the ordinary equity holders of the company used
in calculating basic earnings per share:
From continuing operations
Weighted average number of ordinary shares
2021
$
2020
$
663,567
(493,313)
Issued ordinary shares at the beginning of the period
Effect of shares issued on exercise of options
Weighted average number of ordinary shares at the end of the period
9,169,533,558
107,876,712
9,277,410,270
8,994,533,558
106,625,683
9,101,159,241
(b) Diluted earnings/(loss) per share
Profit/(loss) attributable to the ordinary equity holders of the company used
in calculating basic earnings per share:
From continuing operations
Weighted average number of ordinary shares
2021
$
2020
$
663,567
(493,313)
Issued ordinary shares at the beginning of the period
Effect of shares issued on exercise of options
Weighted average number of ordinary shares at the end of the period
9,169,533,558
175,000,000
9,344,533,558
8,994,533,558
243,374,317
9,344,533,558
26. Leases
In April 2021, the Company entered into a new operating lease for an office and workshop located at 6 Bradford Street, Kewdale
WA 6105. These premises currently provide office and workshop accommodation for all the Volt Group business activities. The
lease has an initial term to 30 June 2024, with the provision for a further 3-year extension beyond that date. The lease contract
provides for a minimum percentage rent increase per year, or CPI, whichever is the greatest.
Right-of-Use Assets
At 1 January 2020
Additions
Amortisation
At 31 December 2020
At 1 January 2021
Additions
Amortisation
At 31 December 2021
Land and
buildings
$
-
-
-
-
-
388,685
(81,828)
306,857
The Group also has various items of plant and equipment that are held under finance lease arrangements. As at 31 December 2021,
the net carrying amount held under finance lease arrangements is $36,743 (2020: $114,944).
The Group’s finance lease liabilities, which are secured by the related assets held under finance leases, are classified as follows:
Lease Liabilities
Finance lease liabilities
Current
Finance lease liabilities
Non-current
2021
$
128,428
230,872
2020
$
81,247
33,697
39
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Future minimum finance lease payments at the end of each reporting period under review were as follows:
2020
Lease payments
Finance charges
Net present values
2021
Lease payments
Finance charges
Net present values
Within 1 Year
$
1-5 years
$
After 5 years
$
86,742
(5,495)
81,247
130,078
(1,650)
128,428
35,314
(1,617)
33,697
230,872
-
230,872
-
-
-
-
-
-
Total
$
122,056
(7,112)
114,944
360,950
(1,650)
359,300
Leases under the terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance
leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the present value
of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting
policy applicable to that asset.
27. Provisions
Service Exchange Provision
Current
At the beginning of the period
Provisions made during the period
Provision used
Balance at the end of the period
2021
$
-
165,000
-
165,000
2020
$
-
-
-
-
Service Exchange Provision
In August 2020, Wescone secured a 5-year purchase service exchange & repair contract with BHP (BHP Goods Contract). The BHP
Goods Contract provides for the replacement of ~20 existing installed crushers with the new Wescone W300 Series 4 crusher and
the exclusive provision of ongoing repair / service exchange related service for 5-years. Revenue for the sale of each W300 Series
4 crusher is recognized upon delivery, and a provision for the expected credit to be supplied for the corresponding exchange crushers
to be returned has been recognized at 31 December.
28. Remuneration of auditors
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices
and non-related audit firms:
BDO
Audit and review of financial statements
Total remuneration for audit and other assurance services
Total remuneration of BDO
29. Related party transactions
(a) Key management personnel compensation
Short-term employee benefits
Share based payments
Detailed remuneration disclosures are provided in the remuneration report.
2021
$
54,000
54,000
54,000
2021
$
449,960
847,338
1,297,298
2020
$
50,000
50,000
50,000
2020
$
449,960
-
449,960
40
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(b) Transactions with other related parties
ECM Pty Ltd (ECM) is a related party of Mr Simon Higgins and during the year ending 31 December 2020 the Company acquired a
motor vehicle off ECM for $34,000 (incl GST).
There were no transactions with any related parties during the year ended 31 December 2021.
30. Subsidiaries and transactions with non-controlling interests
Significant investments in subsidiaries during the year ended 31 December 2021 are set out below:
Name of entity
ATEN Operations Pty Ltd
Enerji Holdings Pty Ltd
Enerji Research Pty Ltd
Enerji PE Management Pty Ltd
Enerji GMRL SPV Pty Ltd
Wescone Distribution Pty Ltd
EcoQuip Australia Pty Ltd
31. Non-controlling interests
Country
of
incorporation
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Class
of
Shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Equity
holding
2021
%
100
100
100
100
100
100
70
Equity
holding
2020
%
100
100
100
100
100
100
67
EcoQuip Australia Pty Ltd, a 70% (2020: 67%) owned subsidiary of the Group, has material non-controlling interests (NCI).
Summarised financial information in relation to EcoQuip Australia Pty Ltd, before intra-group eliminations, is presented below
together with amounts attributable to NCI:
(a) Ecoquip summarised balance sheet
Current assets
Current liabilities
Current net (liabilities)/assets
Non-current assets
Non-current liabilities
Non-current net assets
Net assets
Non-controlling interest
Accumulated non-controlling interest
(b) Ecoquip summarised statement of comprehensive income
Revenue
Loss for the period
Other comprehensive income
Total comprehensive loss
Non-controlling interest
Loss attributable to non-controlling interest
2021
$
286,553
(650,626)
(364,073)
2,509,279
-
2,509,279
2,145,206
30%
646,136
2021
$
604,825
(246,202)
-
(246,202)
30%
(74,156)
2020
$
294,503
(643,560)
(349,057)
2,278,234
(33,698)
2,244,536
1,895,479
33%
625,508
2020
$
362,911
(287,209)
-
(287,209)
33%
(94,779)
41
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(c) Ecoquip summarised cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net increase/ (decrease) in cash and cash equivalents
32. Events occurring after the reporting period
2021
$
731,862
(685,901)
(78,201)
(32,240)
2020
$
114,059
67,991
(83,875)
98,175
There are no other events that occurred subsequent to the reporting period ending, that would have a material impact on the financial
statements as at 31 December 2021.
33. Share based payments
(a) Employee share scheme
A scheme under which shares may be issued by the Company to employees with an interest free loan for the purchase price of the
shares was approved by shareholders at a general meeting on 1 December 2009.
(b) Other share-based payments
Incentive Option Scheme
The establishment of an Incentive Option Scheme (‘Scheme’) was approved by shareholders at the 2021 Annual General Meeting.
The objective of the Scheme is to appropriately motivate, retain and reward directors, management and employees for driving long
term growth and performance of the Company by allowing them to participate in equity in the Company and ultimately aligning their
interest with that of shareholders. Under the Scheme, participants are granted options, which will only vest if certain performance
standards are met. Participation in the Scheme is at the board’s discretion and no individual has a contractual right to participate in
the Scheme or to receive guaranteed benefits.
Options granted under the Scheme carry no dividend of voting rights.
When exercisable, each option is convertible into one ordinary shares in the Company.
Set out below are summaries of options granted under the Scheme:
Grant Date
Number of options Vesting conditions
4 March 2021
4 March 2021
4 March 2021
11 May 2021
11 May 2021
11 May 2021
Total
60,000,000 6 months employment
60,000,000 12 months employment and First ATEN Construction Start
60,000,000 12 months employment and First ATEN EPC Completing Test Satisfaction
160,000,000 6 months employment
160,000,000 12 months employment and First ATEN Construction Start
160,000,000 12 months and there being a 180-day VWAP of at least 0.60 cents per share
660,000,000
The number and weighted average exercise prices of share options are as follows:
Outstanding at the beginning of the period
Granted during the period
Exercised during the period
Cancelled during the period
Expired during the period
Outstanding at the end of the period
Exercisable at the end of the period
Weighted
average
exercise price
$0.002256
$0.004295
$0.000200
-
$0.004500
$0.004295
$0.003955
2021
Number of
options
195,000,000
660,000,000
175,000,000
-
20,000,000
660,000,000
220,000,000
Weighted
average
exercise price
$0.001822
-
$0.001500
-
$0.004000
$0.002256
$0.002256
2020
Number of
options
390,000,000
-
175,000,000
-
20,000,000
195,000,000
195,000,000
The exercise price of options outstanding at 31 December 2021 ranged between $0.00378 and $0.00501 (2020: $0.0020 and
$0.0045) and their weighted average contractual life was 2.31 years (2020: 0.44 years).
42
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The number of options over ordinary shares in the Company held during the financial year by each director and other members of
key management personnel of the Company, including their personally related parties is as set out below:
Balance at
the start of
the year
Granted as
compen-
sation
175,000,000 300,000,000
Exercised
(175,000,000)
Forfeited
-
Balance
at the
end of
the year
Vested
and
exercisable
- 300,000,000 100,000,000
Other
changes
Unvested
200,000,000
90,000,000
90,000,000
175,000,000 480,000,000
-
-
-
-
(175,000,000)
-
-
-
90,000,000
90,000,000
30,000,000
-
-
30,000,000
- 480,000,000 160,000,000
60,000,000
60,000,000
320,000,000
Name
Adam Boyd
Directors
Simon Higgins
Peter Torre
Set out below are summaries of options granted under the Scheme during the year ended 31 December 2021. These options were
granted to directors upon shareholder approval pursuant to ASX Listing Rule 10.14:
Balance
at start
of period
Granted
during the
period
Exercised
during
the period
Expiry date
Exercise
price
Number
Number
Number
Forfeited
during
the
period
Number
Balance at
end of
period
Number
Vested and
exercisable
at end of
period
Number
11 May 2023
11 May 2024
11 May 2025
$0.00402
$0.00429
$0.00450
11 May 2023
11 May 2024
11 May 2025
$0.00402
$0.00429
$0.00450
11 May 2023
11 May 2024
11 May 2025
$0.00402
$0.00429
$0.00450
3 Sept 2022
3 Mar 2024
3 Sept 2025
$0.00378
$0.00429
$0.00501
-
-
-
-
-
-
-
-
-
-
-
-
30,000,000
30,000,000
30,000,000
100,000,000
100,000,000
100,000,000
30,000,000
30,000,000
30,000,000
60,000,000
60,000,000
60,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,000,000
30,000,000
30,000,000
30,000,000
-
-
- 100,000,000
- 100,000,000
- 100,000,000
100,000,000
-
-
-
-
-
-
-
-
30,000,000
30,000,000
30,000,000
30,000,000
-
-
60,000,000
60,000,000
60,000,000
60,000,000
-
-
Grant date
Simon Higgins
11 May 2021
11 May 2021
11 May 2021 ¹
Adam Boyd
11 May 2021
11 May 2021
11 May 2021 ¹
Peter Torre
11 May 2021
11 May 2021
11 May 2021 ¹
Tim Banner
4 Mar 2021
4 Mar 2021
4 Mar 2021
¹ Options valued based on market conditions.
There has been no alteration of the terms and conditions of the above share-based payment arrangement since grant date.
The fair value of the equity-settled share options granted under the Scheme is estimated as at the date of grant using the Trinomial
option pricing model taking into account the terms and conditions upon which the options were granted.
Expiry date
Expected volatility ¹
Risk-free interest rate
Expected life of option (days) ²
Grant date share price (cents)
Fair value of each option (cents)
Simon Higgins, Adam Boyd and Peter Torre
11 May 2025
11 May 2024
11 May 2023
281.0%
268.9%
287.6%
0.58%
0.13%
0.12%
1,461
1,096
730
0.4
0.4
0.4
0.00398
0.00391
0.00380
3 Sept 2022
281.1%
0.12%
549
0.4
0.00367
Tim Banner
3 Mar 2024
268.9%
0.13%
1,096
0.4
0.00392
3 Sept 2025
280.5%
0.76%
1,645
0.4
0.00399
¹ The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not
necessarily be the actual outcome.
² The expected life of the options is not based on historical data and is not necessarily indicative of exercise patterns that may
occur. The number of days is calculated by the number of days between the grant date and expiry date of the option.
No other features of options granted were incorporated into the measurement of fair value.
43
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(c) Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period were as follows:
Expense arising from equity-settled share-based payment transaction
Total expense arising from share-based payment transactions
2021
$
1,175,719
1,175,719
2020
$
-
-
34. Financial instruments
Financial risk management policies
The Group financial instruments consist mainly of deposits with banks, accounts receivables and payables and domestic loans.
The Board of Directors analyse financial risk exposure at Board Meetings to evaluate treasury management strategies in the context
of the most recent economic conditions and forecasts. The Board’s overall risk management strategy seeks to assist the Group in
meeting its financial targets, whilst minimizing potential adverse effects on financial performance.
(a) Market risk
(i) Foreign exchange risk
The Group is exposed to currency risk on purchases of spare parts and plant and equipment that are denominated in US dollars
(USD). The use of currency hedging in relation to these exposures is assessed on a case-by-case basis.
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency
that is not the entity’s functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. Management
has set up a policy that all transactions in foreign currencies be transacted at spot. Management will continually review this policy
based on volumes of foreign currency required.
The carrying amount of the Group’s foreign currency denominated financial assets and financial liabilities at the reporting date were
as follows:
Trade and other receivables
Trade and other payables
Net exposure
USD
$
-
(225,272)
(225,272)
2021
AUD
$
495,687
(535,928)
(40,241)
USD
$
-
(339,927)
(339,927)
2020
AUD
$
147,183
(660,861)
(513,678)
The effect of a 3% strengthening of the USD against the AUD at the reporting date on USD denominated trade payables carried at
that date would, all other variables held constant, have resulted in a decrease in net assets of AU $9,033 (2020: $12,799). A 3%
weakening in the exchange rate would, on the same basis, have increased post-tax profit and increased net assets by AU$9,033
(2020: $12,799).
(ii) Cash flow and fair value interest rate risk
The Group’s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer term borrowings are therefore
usually at fixed rates. The Group’s exposure to interest rate risk relate primarily to cash and cash equivalents. As at 31 December
2021, the Group has hire purchase financial liabilities that are at fixed rates and has no financial liabilities subject to interest rate
movements. The Group’s maximum exposure to interest rate risk at reporting date is shown below. As such, sensitivity to interest
rate risk is considered immaterial.
Cash and cash equivalents
Trade and other receivables - current
Note
14
15
2021
$
1,882,994
495,687
2,378,681
2020
$
666,492
147,183
813,675
(b) Credit risk
Credit risk arises from cash and cash equivalents, held-to-maturity investments, favourable derivative financial instruments and
deposits with banks and financial institutions, as well as the credit exposures to wholesale and retail customers, including outstanding
receivables.
44
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum exposure to
credit risk at the reporting date was:
Cash and cash equivalents
Trade and other receivables - current
Note
14
15
2021
$
1,882,994
495,687
2,378,681
2020
$
666,492
147,183
813,675
The Group manages credit risk through dealing with creditworthy counterparties and balances are monitored on an ongoing basis.
For bank and financial institutions, only independently rated parties with a minimum Standard & Poor’s credit rating of A (or
equivalent) are accepted.
In respect of trade and other receivables, the Group is not exposed to any significant credit risk exposure to any single counterparty
or any group of counter parties having similar characteristics. Trade receivables include blue chip companies in mining and mining
services industries. Management considers the credit quality of trade receivables that are not past due or impaired to be in good
standing.
(c) Liquidity risk
The Group has limited exposure to liquidity risk as the Group’s main liabilities are trade and other payables and hire purchase
liabilities. The Group considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its
cash resources and trade receivables. The Group’s existing cash resources and trade receivables (see Notes 14 and 15) exceed
the current cash outflow requirements. Cash flows from trade and other receivables are all contractually due within six months.
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities. The
amounts disclosed in the table are the contractual discounted cash flows. Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.
Contractual maturities of
financial liabilities
Less than
6 months
6-12
months
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
Total
contractual
cash flows
At 31 December 2021
Trade Payables
Borrowings
Lease liabilities
Total
At 31 December 2020
Trade Payables
Borrowings
Lease liabilities
$
846,163
20,369
111,743
978,275
1,100,284
28,194
48,076
1,176,554
$
-
3,832
77,537
81,369
-
2,480
33,171
35,651
$
-
-
145,631
145,631
-
-
32,717
32,717
$
$
-
-
72,816
72,816
-
-
-
-
-
-
-
-
-
-
-
-
Carrying
amount
(assets) /
liabilities
$
846,163
24,201
359,300
1,229,664
$
846,163
24,201
407,726
1,278,090
1,100,284
30,674
113,964
1,244,922
1,100,284
30,674
114,944
1,245,902
(d) Recognised fair value measurements
The net fair value and carrying amounts of financial assets and financial liabilities are disclosed in the Consolidated Statement of
Financial Position and in the Notes to the Consolidated Statement of Financial Position. This note provides an update on the
judgements and estimates made by the group in determining the fair values of the financial instruments.
Financial Instruments Measured at Fair Value
The financial instruments recognised at fair value in the Statement of Financial Position have been analysed and classified using a
fair value hierarchy reflecting the significance of the inputs used in making the measurements.
Fair value hierarchy
The fair value hierarchy consists of the following levels:
• Quoted prices in active markets for identical assets and liabilities (Level 1);
•
•
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices) (Level 2); and
Inputs for the asset or liability that are not based on observable market date (unobservable inputs) (Level 3)
As at 31 December 2021 and 31 December 2020, the carrying amount of assets and liabilities approximate their fair values.
45
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
There were no transfers between levels for recurring fair value measurements during the year. The Group’s policy is to recognize
transfers into and transfers out of fair value hierarchy levels as at the end of the reporting date.
Level 1: the fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-
for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial
assets held by the Group is the current bid price. These instruments are included in level 1.
Level 2: the fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximises the use of observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value an instrument is observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Capital management
The Board’s policy is to maintain a strong asset base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. There were no changes in the Group’s approach to capital management during the year. Neither the
Group nor any of its subsidiaries is subject to externally imposed capital requirements.
35. Parent entity financial information
Statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Issued capital
Reserves
Accumulated losses
Total shareholders’ equity
Profit / (loss) for the year
Total comprehensive loss
2021
$
833,241
3,529,037
4,362,278
(371,569)
(227,539)
(599,108)
3,763,169
74,132,092
7,281,084
(77,650,007)
3,763,169
56,965
56,965
2020
$
190,379
2,557,135
2,747,514
(567,029)
-
(567,029)
2,180,485
73,782,092
6,105,365
(77,706,972)
2,180,485
(95,582)
(95,582)
46
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Directors' Declaration
In accordance with a resolution of the directors of Volt Power Group Limited, I state that:
1.
In the opinion of the directors:
(a) the financial statements and notes of Volt Power Group Limited for the financial year ended 31 December 2021 are in
accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2021 and of its performance
for the year ended on that date; and
(ii) complying with Accounting Standards and the Corporations Regulations 2001;
(b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in note 2(a); and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and
payable.
2. This declaration has been made after receiving the declarations required to be made to the directors by the chief executive
officer and chief financial officer in accordance with section 295A of the Corporations Act 2001 for the financial year ended 31
December 2021.
On behalf of the board.
Simon Higgins
Chairman
Perth
28 February 2022
47
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Volt Power Group Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Volt Power Group Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 31 December 2021,
the consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended,
and notes to the financial report, including a summary of significant accounting policies and the
directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 31 December 2021 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Accounting for share based payments
Key audit matter
How the matter was addressed in our audit
During the year ended 31 December 2021, the Group
Our procedures included, but were not limited to the
issued options to key management personnel, which
following:
have been accounted for as share-based payments
(refer to Note 33).
(cid:127)
Reviewing relevant supporting documentation to
obtain an understanding of the contractual nature
Refer to Note 5 of the financial report for a
and terms and conditions of the share-based
description of the significant estimates and
payment arrangements;
judgements applied to these arrangements.
Share-based payments are a complex accounting area
and due to the complex and judgemental estimates
used in determining the fair value of the share-based
payments, we consider the Group’s calculation of the
share-based payment expense to be a key audit
matter.
(cid:127)
(cid:127)
(cid:127)
(cid:127)
(cid:127)
Holding discussions with management to
understand the share-based payment transactions
in place;
Reviewing management’s determination of the
fair value of the share-based payments granted,
considering the appropriateness of the valuation
models used and assessing the valuation inputs;
Involving our valuation specialists, to assess the
reasonableness of management’s valuation
method and inputs, including volatility;
Assessing the reasonableness of the share-based
payment expense; and
Assessing the adequacy of the related disclosures
in Note 5 and Note 33 of the Financial Report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 31 December 2021, but does not include
the financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 12 to 17 of the directors’ report for the
year ended 31 December 2021.
In our opinion, the Remuneration Report of Volt Power Group Limited, for the year ended 31 December
2021, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Glyn O'Brien
Director
Perth, 28 February 2022
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Investor Information
Additional information required by the Australian Securities Exchange Limited and not shown elsewhere in this report is as
follows. The information is current as at 18 February 2022.
Distribution of equity securities
The number of shareholders, by size of holding, in each class of share are detailed below:
Range
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
Total
Unmarketable Parcels
Securities
9,324,693,892
17,613,493
1,349,416
768,678
108,078
9,344,533,557
32,575,713
% No. of holders
965
459
165
269
425
2,283
1,416
99.79
0.19
0.01
0.01
0.00
100.00
0.35
%
42.27
20.11
7.23
11.78
18.62
100.00
62.02
Twenty largest shareholders
The names of the twenty largest holders of quoted shares are:
Rank
Name
18 Feb 2022
%IC
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
19
20
MR MICHAEL CAMPBELL HENDER
RENEWABLE INITIATIVE PTY LTD
GENUSPLUS GROUP PTY LTD
ADAM BOYD
S & N HIGGINS SUPER PTY LTD
SIMON HIGGINS
AHB SUPER PTY LTD
RENEWABLE INITIATIVE PTY LTD
CS FOURTH NOMINEES PTY LTD
MR GREGORY JOHN BITTAR
DAVID OGG & ASSOCIATES PTY LTD
CHEMBANK PTY LIMITED
HOODWINKED PTY LTD
BOUCHI PTY LTD
BOTSIS HOLDINGS PTY LTD
AHB SUPER PTY LTD
GETTYSBURG INVESTMENT COMPANY PTY LTD
SAMOZ PTY LTD
MR MARK JOHN CLARK
DARRYL PETER OLDFIELD
HIGGINS WESTERN PTY LTD
Total
Balance of register
Grand total
692,000,000
579,500,000
461,000,000
443,000,000
428,000,000
345,000,000
320,000,000
300,500,000
281,200,000
207,499,999
204,236,707
200,000,000
170,000,000
152,530,017
136,706,690
130,000,000
121,942,344
115,000,000
115,000,000
110,000,000
109,000,000
5,622,115,757
3,722,417,800
9,344,533,557
7.41
6.20
4.93
4.74
4.58
3.69
3.42
3.22
3.01
2.22
2.19
2.14
1.82
1.63
1.46
1.39
1.30
1.23
1.23
1.18
1.17
60.16
39.84
100.00
52
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Substantial shareholders
The following shareholders have declared a relevant interest in the number of voting shares at the date of giving notice under
Part 6C.1 of the Corporations Act 2001.
Name
Adam Boyd (and related)
Simon Higgins (and related)
GenusPlus Group Pty Ltd
No. ordinary
shares
1,773,000,000
801,000,000
461,000,000
% of issued
capital
18.97%
8.57%
4.93%
Voting rights
Each ordinary shareholder present at a general meeting in person, by proxy or by representative is entitled to one vote on a
show of hands, or on a poll, one vote for each fully paid ordinary share subject to any voting restrictions that may apply.
53