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 2023
12 months ended 31 December 2022
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 2023
$
5,032,762
607,685
12 months ended
31 December 2022
$
3,258,065
(345,259)
%
Change
54%
276%
607,685
0.0004
(345,259)
0.0003
276%
33%
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
Not applicable.
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.
Adam Boyd
Chairman
Perth
Dated: 28 February 2024
Appendix 4E and Annual Report – For the year ended 31 December 2023
1
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
ANNUAL REPORT
For the year ended 31 December 2023
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Contents
Corporate Directory .................................................................................................................................... 3
Corporate Governance Statement ................................................................................................................. 4
Corporate and Operational Review ................................................................................................................ 4
Directors’ Report ........................................................................................................................................ 8
Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................................... 22
Consolidated Statement of Financial Position ............................................................................................... 23
Consolidated Statement of Changes in Equity .............................................................................................. 24
Consolidated Statement of Cash Flows ....................................................................................................... 25
Notes to the Consolidated Financial Statements ........................................................................................... 26
Directors' Declaration ................................................................................................................................ 48
Independent Audit Report .......................................................................................................................... 49
Investor Information .................................................................................................................................. 53
2
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Corporate Directory
ABN: 62 009 423 189
Directors
Adam Boyd
Executive Chairman
Simon Higgins
Non-Executive Director
Peter Torre
Non-Executive Director
Paul Everingham
Non-Executive Director
Company Secretary
Peter Torre
Registered office and principal place of business
6 Bradford Street
Kewdale WA 6105
Ph: (08) 9437 4966
Website
www.voltpower.com.au
Stock Exchange Listings
Australian Securities Exchange (ASX)
ASX Code: VPR
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
Share register
Link Market Services Pty Ltd
Level 12
250 St George’s Terrace
Perth WA 6000
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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 Group 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 2023 corporate governance statement is dated as at 28 February 2024 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/investors.
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") and the entities it controlled at the end of, or during, the year
ended 31 December 2023.
1. Summary
(a) Operations
Corporate & Administration
The salient corporate activities during the period included:
•
In July 2023, the Group completed the sale of Volt shares under an Unmarketable Parcel Share Sale Facility 2023
(Facility) announced on 8 May 2023. On the Unmarketable Parcel Closing Date of 21 June 2023, an Unmarketable Parcel
of Volt shares for each individual shareholding was 333,333 or less.
• As at the Closing Date, there were 1,403 individual shareholdings of Volt shares of less than a Marketable Parcel which
were sold under the Facility from a total of 2,304 individual shareholdings. The total number of Volt shares sold was
68,438,279 Volt shares comprising approximately 0.639% of the 10,716,208,211 total Volt shares on issue.
•
The reduction of 1,403 individual shareholdings will reduce the Group’s administrative costs associated with maintaining
a large number of relatively small holdings on Volt’s share register.
Wescone (100% owned) – proprietary, global benchmark sample crusher supply and service
Wescone salient activities and outcomes during the period comprised:
• Wescone is the Original Equipment Manufacturer (OEM) of the proprietary W300 sample crusher extensively deployed
in the global iron ore and assay laboratory industries. The Wescone OEM offering comprises three sample crushing
equipment solutions with alternative dimensional feed acceptance capabilities – the W300 Series 3, W300 Series 4 and
W300 Lab crushers.
•
•
The business continues to service its Tier 1 client base and distribution partners across Australia, North America and
Africa and respond to new tender and enquiry opportunities for mineral resource & laboratory sample system projects
in these markets. Wescone maintains a growth strategy comprising the appointment of Distribution Agents with a sales
and service capability expanding the application of its crusher solution into sample and production flowsheet designs in
other bulk, battery, and rare earth commodities.
The Wescone African distribution partner, SPA, deployed multiple Wescone W300 crushers in 2023 and more recently
in 2024. This success highlights the sale and service capabilities of SPA, robust, proprietary capabilities of Wescone
OEM W300 crushers, and validates the Wescone global growth strategy potential.
• Wescone has secured Patent rights for the Wescone W300 Series 4 crusher on the Australian, African and Eurasian
continents. Wescone also has patent pending rights for the Wescone W300 Series 4 crusher in North America.
• Wescone successfully completed a comprehensive R&D program to enhance the durability of specific components of
the Wescone W300 crusher. Further, an initial scoping study commenced for the development of a new larger crusher
design compatible for both production sampling and production applications.
•
In FY23, Wescone achieved record annual revenues exceeding $3.5 million.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
EcoQuip Australia Pty Ltd (EcoQuip) (100% owned) – Mobile Solar Light & Communications Towers
EcoQuip salient achievements and activities for the period include:
•
•
•
•
•
•
•
•
•
•
•
•
•
EcoQuip is a developer and owner of a new Mobile Solar Light Tower solution incorporating a proprietary high efficiency
Solar / Battery Energy Storage System (BESS) and illumination solution delivering up to a 40% power budget
performance & efficiency increase compared to similar industry standard Solar / BESS illumination solutions.
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 fueled light tower market. The MSLT is
30-50% cheaper to hire and operate than a diesel fueled 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.
EcoQuip’s “beachhead” deployment of 25x MSLTs at the Chevron operated Gorgon natural gas project located on
Barrow Island pursuant to a 5-year Master Hire Agreement (“MHA”) in 2021 and subsequent deployments, continues to
operate with outstanding reliability and illumination performance.
In February 2023, EcoQuip secured a new repeat purchase order pursuant to the MHA for an additional 10x MSLTs for
deployment at Barrow Island. This MSLT deployment is providing illumination support for the on-shore execution of the
Jansz-Io compression project.
In February 2024, EcoQuip received a third new repeat purchase order for an additional 20x MSLT units for deployment
at Barrow Island bringing the total EcoQuip MSLT fleet deployed on Barrow Island to 55 units. These new 20x MSLT
units will be deployed in late March 2024.
The total 55-unit Barrow Island MSLT fleet deployed at the Chevron operated Gorgon natural gas project is another
third-party product validation signal confirming that the EcoQuip MSLT has the power budget reliability and illumination
performance capability to displace traditional diesel fueled and solar illumination equipment.
In FY23, EcoQuip made significant investments in the EcoQuip Technology Platform (ETP) and MSLT fleet expansion
totaling $1.18 and $1.48 million respectively. The ETP has now been completed subject to final customer trial activities.
The ETP has proprietary autonomous operational monitoring capabilities, cohort situational awareness and pre-emptive
notification capabilities. Initial customer ETP feedback has been extremely positive.
20x new MSLT units were advanced to near completion during Q4 FY23. These MSLTs units will be completed and
deployed to Barrow Island pursuant to the aforementioned new purchase order secured under the existing MHA.
EcoQuip advanced contract negotiations with a large national contract mining business for the hire procurement of the
EcoQuip Mobile Solar Light & Communications Tower solutions. These negotiations have advanced to full form contract
and EcoQuip anticipates conclusion of these negotiations during Q1 2024.
In January 2024, EcoQuip signed its first USA domiciled MSLT demonstration trial agreement. This is an exciting
development, and EcoQuip is looking forward to the opportunity to establish a significant presence in the southern states
of the USA.
EcoQuip and BHP Iron Ore Pty Ltd (BHP) have continued the now 18-month MSLT demonstration trial which remains
ongoing. The MSLT trial fleet continues to operate at the BHP sites. During 2023, a BHP procurement restructuring
resulted in the ‘contract owner’ for the EcoQuip MSLT trial being redeployed to another role. A new BHP ‘contract owner’
for the EcoQuip trial was recently confirmed. BHP personnel have confirmed the success of the MSLT trial and EcoQuip
expects to engage further procurement discussions during Q1 2024.
EcoQuip management advanced its critical inventory plan & supply chain strategy (Supply Chain Strategy) during the
period. The Supply Chain Strategy was developed to ensure that potential geopolitical or coercive supplier behaviour
risk can be mitigated and manufacturing delay exposure minimised. The formal strategy implementation is ongoing.
The EcoQuip Mobile Solar Environmental Tower (MSET) trial success on Barrow Island completed in Q4 2022 expanded
into a more permanent environmental monitoring deployment during 2023. The 4 x MSET units deployed incorporate
high resolution low light camera surveillance and Wi-Fi, 4G and satellite streaming capability to monitor wildlife
movement and protection.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
EcoQuip’s national MSLT ‘roll-out’ strategy plan continued to progress during the period. However, negotiations with a
potential MSLT distribution, sales and customer service partner across Australia’s eastern states concluded
unsuccessfully. These negotiations advanced to the completion of detailed contract documentation and included a
successful MSLT demonstration trial at the Abermarle operated Kemerton lithium hydroxide facility in South-Western
Australia. Negotiations ceased after the potential national hire company partner sought to change agreed terms and
conditions which significantly changed the commercial potential of the arrangements for EcoQuip.
ATEN (100% owned) – Waste heat to zero emission power generation
The ATEN Technology and achievements during the period are as follows:
• Volt’s ATEN Technology is a baseload, zero emission waste heat to electricity generation solution that utilizes recovered
low grade industrial waste heat as its energy source. The ATEN Technology requires no water and operates
autonomously without a requirement for operating personnel.
•
•
•
•
The ATEN Technology enjoys Australian Innovation Patent certification (AIP# 2020202347).
Importantly, the ATEN waste heat to electricity technology is compatible and complimentary to the installation of hybrid
solar / wind intermittent power generation technologies. ATEN’s zero emission, baseload power supply capability reduces
the carbon intensity of OCGT & reciprocating engine powered thermal generation required to supply grid firming
generation capacity to electricity grids and remote island power with solar / wind and battery hybrid installations. This
increases the zero-emission penetration of electricity generation systems without the CAPEX increase associated with
generation intermittency associated with the high penetration solar and wind hybrid systems.
The Group continues to engage new project opportunities for the ATEN system and develop project concept
presentations to waste heat to resource owners including state owned power generation utilities and onshore LNG
production facility owners. These opportunities demonstrate significant carbon intensity reduction and new value
opportunity for all stakeholders.
The installation of incremental intermittent renewable capacity (solar/wind) to achieve medium to high penetration targets
(b/n 30% - 60%) are characterised by accelerating capital costs associated with the higher proportion of battery storage
required to follow Renewables generation intermittency, more complex control systems and forecast increases in the
manufacture solar and wind capacity. The Group believes low carbon emission, high efficiency gas fuelled generation
remains critical to the achievement of both affordable, high penetration renewable hybrid systems and the grid stability
required to deliver mission critical industrial electricity supply and economic prosperity.
•
The ATEN benefits include:
Enhanced energy efficiency:
Lowest cost zero emission generation:
Scope 1 emission reduction:
Grid stability:
No water consumption:
Autonomous operation:
Small Footprint:
Hydrogen fuel compatible:
ACCU eligibility:
~10 - 25%
~20 – 50% cheaper than generation equivalent solar/BESS hybrid solution
Material carbon intensity reduction outcomes
Baseload supply delivering capacity and system stability enhancement at
existing connection infrastructure
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 viability
Creates ACCUs where deployed at remote site locations (subject to
accreditation)
• The ATEN Technology delivers zero emission generation capacity with a lower levelized long term cost of energy relative
to:
New diesel fueled generation capacity;
New gas fueled generation capacity where site delivered gas prices exceed $3 – $4.50/GJ (subject to heat resource);
Solar/BESS hybrid generation; and
Wind turbine hybrid generation.
• Volt remains highly optimistic that compelling opportunities to deploy the Volt ATEN waste heat to power solution exist
and will continue to prosecute a committed business development effort to resources project, LNG facility, power
generation and industrial waste heat resource owners.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
HYTEN (100% owned) – Waste heat to zero emission hydrogen production
• The HYTEN waste heat to hydrogen technology comprises the aforementioned ATEN system supply baseload, zero
emission electricity and heat (where optimal) to either solid oxide, PEM and alkaline electrolyser systems.
•
In 2022, Volt secured a positive assessment of its HYTEN ‘Waste Heat to Hydrogen’ technology Preliminary International
Patent application with all claims confirmed as novel, inventive and compliant with the PCT. The preliminary assessment
encompasses HYTEN systems that incorporate all of alkaline, proton exchange membrane and solid oxide electrolyser
technologies. This positive milestone initiated the completion and submission of patent application documentation for
North America and Australasia.
• As previously reported, preliminary HYTEN engineering activities have confirmed that HYTEN has numerous cost and
technical competitive advantages relative to an equivalent annual hydrogen production Solar / Wind to Hydrogen system.
These include:
A ~60% lower LCOE* for zero emission electricity supply to the electrolyser;
Up to ~300% greater electrolyser utilization performance (baseload Vs intermittent power supply);
At least 50%+ lower electrolyser (or electricity supply related BESS storage) CAPEX;
Higher system efficiency (particularly incorporating solid oxide electrolyser technology); and
A levelized, zero emission hydrogen production cost of ~US$2-$4/kg.
•
•
•
In April 2023, Volt reached agreement with Primero Group Limited (Primero) to establish an exclusive EPC construction
delivery alliance for projects incorporating Volt’s Waste Heat to Energy technologies (Waste Heat to Energy Alliance).
Primero is an innovative, multi-disciplinary engineering business and a wholly owned subsidiary of ASX-listed NRW
Holdings Limited.
For the 3-year Term of the Waste Heat to Energy Alliance, Primero and Volt have committed to exclusively pursue
project opportunities that can exploit Volt’s zero emission, waste heat to energy technologies. This includes jointly
undertaking business development, feasibility study, tender and project delivery contract negotiation activities.
The Board remains excited about the potential of the HYTEN technology to facilitate existing LNG facilities, natural gas
pipeline compression stations and some power station assets to become significant low-cost hydrogen producers by
exploiting the waste heat generated at existing energy infrastructure to create zero emission hydrogen. The potential for
on-site use of zero emission hydrogen to displace fossil fuel combustion as a feedstock for a high value chain fertiliser
or ammonia production is compelling at the stage of HYTEN’s technology development.
(b) Financial performance and financial position
The financial results of the Group for the year ended 31 December 2023 are summarised as follows:
Revenue from ordinary activities
Other income
Total revenue and other income
Adjusted EBITDA1
EBITDA
Profit/(loss) for the period attributable to members
Profit/(loss) per share
Cash and cash equivalents
Net tangible assets per share
2023
$
5,032,762
333,489
5,366,251
2,090,929
1,420,796
607,685
0.0057
1,546,548
0.0004
2022
$
3,258,065
354,119
3,612,184
900,638
280,464
(345,259)
(0.0036)
2,274,608
0.0003
Change
%
54%
-6%
49%
132%
407%
276%
258%
-32%
33%
1 excluding $0.67 million (2023) and $0.62 million (2022) non-cash executive option issue expense.
The Group made a profit for the year attributable to members of $607,685 (2022: loss of $345,259), experienced net cash
inflows from operating activities of $1,485,065 (2022: $1,588,205) and has a net asset balance of $5,692,818 (2022:
$4,415,000).
The Group continues to grow its Ordinary Revenues (+54%) reflecting the ongoing uptake of the Wescone W300 crusher
solution and EcoQuip Mobile Solar Light / Comms Tower solution.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Directors’ Report
For the year ended 31 December 2023
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") and the entities it controlled at the end of, or during, the year ended 31
December 2023 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 Adam Boyd
• Mr Simon Higgins
• Mr Peter Torre
• Mr Paul Everingham
2. Directors and officers
Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
Adam Boyd – Executive Chairman
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
Chairman of the Board
Interests in shares and options
1,847,000,000 ordinary shares in Volt Power Group Limited
200,000,000 options in Volt Power Group Limited
Simon Higgins – Non-Executive Director
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
None
Interests in shares and options
801,000,000 ordinary shares in Volt Power Group Limited
60,000,000 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 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
60,000,000 options in Volt Power Group Limited
Paul Everingham – Non-Executive Director
Mr Paul Everingham has held numerous senior executive roles in Australian business and government, including Chief
Executive and Managing Director of the Chamber of Minerals & Energy; Founder and Managing Director of GRA Everingham
Corporate Advisory; and senior advisory roles to the Federal Minister for Finance and within the Commonwealth Treasury.
Mr Everingham has a Bachelor of Commerce from the University of Queensland, a Post Graduate Diploma in Applied Finance
& Investment (FINSIA) and a Graduate Certificate in Financial Derivates from the Queensland University of Technology.
Other current and former directorships in last 3 years
Previously Chair of Cirrus Networks Holdings Ltd (ASX: CNW) (ceased on 11 December 2023).
Special responsibilities
None
Interests in shares and options
197,942,344 ordinary shares in Volt Power Group Limited
180,000,000 options in Volt Power Group Limited
3. Directors' meetings
The number of meetings of directors held during the year (or during the time the director held office) and the number of
meetings attended by each director were as follows:
Name
Adam Boyd
Simon Higgins
Peter Torre
Paul Everingham
Meetings held
4
4
4
4
Meetings attended
4
4
4
4
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 Volt’s first ATEN ‘Waste Heat to Power’ facility in Australia.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
•
In April 2023, Volt and NRW Holdings Limited subsidiary, Primero Group Limited, signed an exclusive 3-year Waste
Heat to Energy Alliance to deliver projects that incorporate Volt’s zero emission waste heat to power and hydrogen
technologies.
HYTEN (100% owned)
•
•
•
Volt continued to advance the HYTEN flowsheet development comprising the integration of the ATEN Waste Heat to
Power Technology with a proven, high efficiency alkaline electrolyser and expanding the HYTEN patent to include PEM
and Solid oxide electrolyser solutions for the production of zero emission hydrogen fuel.
In 2022, Volt secured a positive assessment of its HYTEN ‘Waste Heat to Hydrogen’ technology Preliminary International
Patent application with all claims confirmed as novel, inventive and compliant with the PCT. The preliminary assessment
encompasses HYTEN systems that incorporate all of alkaline, proton exchange membrane and solid oxide electrolyser
technologies.
In 2023/24, Volt lodged HYTEN Patent Applications in Australasia, Eurasia and North America.
EcoQuip (100% owned)
•
•
•
•
•
•
The completed incremental design development on the EcoQuip Mobile Solar Light & Communications Tower solution
expanding the competency of its power management system, data analytics platform, customer portal capabilities,
remote control capability and satellite communications.
Deployment of the existing and newly manufactured EcoQuip Mobile Solar Light Tower (MSLT) fleet to achieve
maximum possible hire utilisation for the period.
Completion of ~25 new MSLT units component manufactured in the USA and assembled in Australia.
Deployment of a new Mobile Environmental Monitoring Tower with low-cost satellite live streaming and AI activation
capabilities.
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
and USA markets.
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 ~10 new Wescone W300 Series 4, Series 3 and Series 2 sample crushers.
Business development activities to expand the distribution capabilities and product offering in Australia, Africa and North
America.
Secured Australian, Eurasian and South African Patents, for the Wescone W300 Series 4 crusher developed in 2019/20.
This included trademark and design copyright registration in specific jurisdictions.
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 – 7 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.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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 events that occurred subsequent to the reporting period ending, that would have a material impact on the financial
statements as at 31 December 2023.
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 and
development of an expanded Wescone offering and related partnerships.
11. Risk Factors
The business activities of the Group are subject to several risk factors that may impact on the future performance of the
Group. The material risks identified are:
Changes in regulation
and regulators
The Group supplies its products and services to customers across several domestic
(Australian) states and territories as well as internationally. In addition, the Group is an
importer of goods from international markets including the United States of America and China.
Amendments to regulations, regulators or geopolitical instability can impact the operations of
the Group by:
-
-
-
Disrupting its supply chain
Requiring it to maintain more liquidity
Investment in new technologies or equipment (including low or reduced emissions
products)
To manage its exposure to this material risk, the Group constantly monitors changes in the
domestic and international regulatory environments in which it operates and adopts
commercial strategic policy and actions to mitigate supply chain risks.
Safety and harm to
employees
Employees of the Group operate in industries which can carry inherent risk of injury and harm
to themselves and members of the community. Management of the exposure to injury and
harm remains a key priority for the Board.
Global and domestic
financial market
conditions
The Group has sought to mitigate these risks by assessing and understanding the risk factors
across the Group’s operations, and implementing safety rules and safety commitments which
provide direction and guidance on these critical risks.
The Group’s operations may be impacted by changes in global and domestic financial
conditions in the following ways:
-
-
-
-
-
Changes in the market demand for the Group’s products or services;
Industry segment volatility (specific to the Australian resources and mining industry);
Rising input costs such as raw materials and labour;
Fluctuations in foreign exchange rates (primarily US dollars);
Increased cost of capital for operations and availability of funding.
Volt regularly monitors movements in inflation, interest rates, exchange rates and global and
domestic financial conditions generally, and has processes in place to ensure movements are
incorporated into pricing in order to protect its margins.
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VOLT POWER GROUP LIMITED
ABN 62 009 423 189
In addition, the Group monitors and manages its exposure by:
-
-
Robust financial modelling including cash flow forecasting, budgeting and monthly
reviews;
Reviews of operational and key risks by executive management and further, at regular
Board meetings;
- Management of foreign currency risks via fixing of rates, hedging and use of foreign
-
denominations where practicable; and
Reducing its exposure to single industries or segments to offset potential downturns
where possible.
Weather, environment
and climate change
Climate change may have the potential to impact the regions and sites in which the Group
operates. Long-term potential physical climate risks include, but are not limited to, higher
temperatures, higher intensity storm events, impacts to annual precipitation depending on the
latitude and proximity of the site to oceans, and more extreme heat.
Physical risks related to extreme weather events such as extreme precipitation, flooding,
longer wet or dry seasons, increased temperatures and drought, landslides, wildfires or
brushfires, or more severe storms may have impacts on the performance of equipment hired
to customers by the Group, such as delays and increased cost of delivery.
Assessment of the potential for climatic events that may impact the Group’s operations is
performed by management during the pre-contractual phase, to identify any influences that
may impact the ability of the Group to deliver.
Disruption to
information technology
systems and cyber
security events
The Group relies on information technology systems and networks in connection with business
operations. Information technology security threats designed by governments and third parties
to gain unauthorised access to our networks, systems and data are increasing in frequency
and sophistication.
The Group invests in robust processes of detection, employee education and information
technology security measures to secure business and customer information and undertakes
regular assessments of its exposure to disruption events.
Loss of personnel
The responsibility of overseeing the day-to-day operations and the strategic management of
Volt depends substantially on its senior management and key management personnel.
The loss of key management or other personnel may have a negative impact on Volt’s
businesses, including loss of knowledge and relationships. Volt faces the risk that it cannot
promptly or adequately replace key directors, management or personnel that leave the Group.
The Group manages this risk through the careful management of staff numbers and
remuneration levels, and consideration of resourcing requirements as the Group’s operations
grow. Where possible, relationships with clients and suppliers are managed through multiple
contact points to remove a single point of failure.
Intellectual property
To market and protect its market position, the Group must protect its intellectual property in its
brands and technologies.
Although some of the Group’s technology is patented, there may be situations where it cannot
be protected or is subject to unauthorised disclosure, infringement or challenge by a third
party. This may require significant cost and effort to defend or to obtain the necessary
protections to prevent such conduct.
The Group may also rely on a combination of confidentiality and licence agreements with its
consultants and third parties with whom it has relationships, including domain names, trade
secrets, copyright and patent laws, to protect its brand and other intellectual property rights.
However, various events outside of the Group’s control could pose a threat to its intellectual
property rights, as well to its products and technologies.
12
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Global pandemic
The Group’s operations are exposed both directly and indirectly to the risks associated with
pandemics such as the recent COVID-19 pandemic which impacted certain underlying
markets, customers, supply chains and negatively impacted macroeconomic conditions.
Key operational risks to the Group of a global pandemic include the potential temporary
cessation of business activity, disruption to the supply chain, closure of customer locations
and government mandated lockdowns and medical interventions. The ability of customers to
pay for products and services within agreed terms may also be impacted.
The Group maintains management vigilance and operational flexibility relating to its business
activities, along with maintenance of a level of liquidity for events such as COVID-19. Supply
chains have been impacted and the Group has managed these through a combination of
increased inventory levels, increased orders of critical long lead time parts and maintaining
multiple supply alternatives where possible.
12. 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.
13. Remuneration report (audited)
This Remuneration Report sets out information about the remuneration of the key management personnel (KMP) of the Group
for the year ended 31 December 2023. 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 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
Mr Paul Everingham
Executives
Mr Adam Boyd
Position
Term as KMP
Non-Executive Director
Non-Executive Director
Non-Executive Director
Appointed 28 April 2017
Appointed 28 April 2017
Appointed 11 April 2022
Executive Chairman
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.
13
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(b) Remuneration policy, link to performance and elements of remuneration
The Group’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 Group to attract and retain key talent,
(ii) aligned to the Group’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 Group are set competitively to attract and retain appropriately qualified
and experienced senior executives.
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 Group’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 Executive Chairman, Non-Executive Directors and a senior executive in prior years 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
2023
0.608
0.001
-
0.006
Y/E
2022
(0.345)
0.002
-
(0.004)
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)
(d) Contractual arrangements for executive KMP
Executive Chairman
In 2017, the Group appointed Mr Adam Boyd as Managing Director and Chief Executive Officer. He was subsequently
appointed to the role of Executive Chairman on 11 April 2022. Mr Boyd is contracted to the Group through his private company,
and the contract does not have a fixed timeframe.
14
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
The termination provisions in the contract are as follows:
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 which has remained unchanged since 2017.
(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
2023
2022
2023
2022
Post
employ-
ment
benefits
-
-
-
-
Non-
mone-
tary
benefits
-
-
-
-
Termin-
ation
benefits
-
-
-
-
Rights
to
deferred
shares
-
-
-
-
Options
228,641
228,641
228,641
228,641
Total
588,641
588,641
588,641
588,641
Perform-
ance
related
39%
39%
39%
39%
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 Group. The Group 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, Mr Peter Torre and Mr Paul Everingham 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, 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 is currently set at $3,333 excluding GST and equates to an annual fee of $40,000
excluding GST.
• Mr Torre – for his services as a Non-Executive Director and Company Secretary, 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 is currently set at $3,333 excluding GST and equates to an annual fee of
$40,000 excluding GST.
• Mr Everingham – for his services as a Non-Executive Director, 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 is currently set at $3,333 excluding GST and equates to an annual fee of $40,000
excluding GST.
15
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Details of the nature and amount of each major element of remuneration are set out below:
Simon Higgins
Peter Torre
Paul Everingham
Total non-executive directors
Short-
term
benefits
40,000
42,500
39,960
39,960
40,000
28,791
119,960
111,251
Year
2023
2022
2023
2022
2023
2022
2023
2022
Post
employment
Options
-
-
-
-
68,592
68,592
68,592
68,592
107,222
336,469
244,406
473,653
Perform-
ance
related
63%
62%
63%
63%
73%
92%
67%
81%
Total
108,592
111,092
108,552
108,552
147,222
365,260
364,366
584,904
(g) Share-based compensation
There were no options over ordinary shares in the company granted as compensation to key management personnel during
the reporting period, and no options vested during the reporting period.
Details of options over ordinary shares in the company that were granted as compensation to key management personnel
during prior periods and that are expected to vest in future reporting periods are as follows:
Fair value
per
option at
grant
date
$
Exercise
price per
option
$
$0.00391
$0.00429
$0.00398
$0.00450
$0.00391
$0.00429
$0.00398
$0.00450
$0.00277
$0.00402
$0.00291
$0.00429
$0.00296
$0.00450
$0.00391
$0.00429
$0.00398
$0.00450
Number of
options
granted
30,000,000
30,000,000
30,000,000
30,000,000
60,000,000
60,000,000
60,000,000
100,000,000
100,000,000
Grant Date
11 May
2021
11 May
2021
11 May
2021
11 May
2021
11 April
2022
11 April
2022
11 April
2022
11 May
2021
11 May
2021
Tranche
Options
Non-executive directors
Simon
Higgins
2
Peter Torre
Paul
Everingham
Executive KMP
Adam Boyd
3
2
3
1
2
3
2
3
Number of
options
vested
Expiry date
Expected
vesting date
11 May 2024
11 May 2025
11 May 2024
11 May 2025
-
-
-
-
60,000,000
-
-
-
-
-
11 April 2025
11 April 2023
11 May 2024
11 May 2025
11 May
2024
11 May
2025
11 May
2024
11 May
2025
11 April
2024
11 April
2025
11 April
2026
11 May
2024
11 May
2025
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.
16
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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.
There are no amounts unpaid on the shares issued as a result of the exercise of the options in the 2023 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
Paul Everingham
Executive KMP
Adam Boyd
Fixed
At risk STI
At risk LTI
2023
2022
2023
2022
2023
2022
2023
2022
37%
38%
37%
37%
27%
8%
61%
61%
-
-
-
-
-
-
-
-
63%
62%
63%
63%
73%
92%
39%
39%
17
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
S Higgins
P Torre
P Everingham
Executive KMP
A Boyd
Balance at start of the
year
Granted as
compensation
Acquired for
cash
(on-market)
Options
exercised
Other
changes
Balance at the
end of the year
801,000,000
55,000,000
136,942,344
1,797,000,000
-
-
-
-
-
-
61,000,000
50,000,000
-
-
-
-
-
-
-
-
801,000,000
55,000,000
197,942,344
1,847,000,000
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:
Name
S Higgins
P Torre
P Everingham
A Boyd
Balance at start of year
Vested and
exercisable
30,000,000
30,000,000
60,000,000
100,000,000
Unvested
60,000,000
60,000,000
120,000,000
200,000,000
Granted as
compensation
-
-
-
-
Vested
Forfeited
Balance at end of year
Number
%
Exercised
-
-
-
-
-%
-%
-%
-%
Number
30,000,000
-
30,000,000
-
-
-
- 100,000,000
%
33%
33%
-%
33%
Other
changes
Vested and
exercisable
-
-
60,000,000
-
-
-
-
-
Unvested
60,000,000
60,000,000
120,000,000
200,000,000
(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.
18
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 94.10% of “yes” votes on its remuneration report for the 2022 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
14. 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
11 May 2021
11 May 2021
11 April 2022
11 April 2022
11 April 2022
16 November 2022
16 November 2022
Expiry date
11 May 2024
11 May 2025
11 April 2024
11 April 2025
11 April 2025
16 November 2025
16 November 2026
Exercise price
$0.00429
$0.00450
$0.00402
$0.00429
$0.00450
$0.00429
$0.00450
Number under option
160,000,000
160,000,000
60,000,000
60,000,000
60,000,000
75,000,000
75,000,000
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.
Details of options granted to key management personnel are disclosed in the remuneration report above.
No options were granted to the directors or any of the five highest remunerated officers of the Group during or since the end
of the financial year.
(b) Shares issued on the exercise of options
No shares were issued during the year ended 31 December 2023 on the exercise of options.
15. Insurance of officers
During the financial year, the company paid a premium to insure the directors and secretaries of the Group. 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.
16. 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.
19
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
17. Non-audit services
The Group 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 years ended 31 December 2023 and 2022, the Group engaged BDO for the following non-audit services:
Financial and tax due diligence services
2023
$
-
-
2022
$
34,917
34,917
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.
18. 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 21.
This report is made in accordance with a resolution of directors.
Adam Boyd
Executive Chairman
Perth
Dated: 28 February 2024
20
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 2023, 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 2024
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 2023
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 expense
Profit / (loss) from continuing operations
Other comprehensive income for the year, net of tax
Total comprehensive profit / (loss) for the year
Profit / (loss) for the year is attributable to:
Owners of Volt Power Group Limited
Total comprehensive profit / (loss) for the year is attributable to:
Owners of Volt Power Group Limited
Note
7
8
9
10
32(c)
11
12
12
13
2023
$
5,032,762
(474,182)
4,558,580
2022
$
3,258,065
(403,819)
2,854,246
333,489
354,119
(411,838)
(1,554,908)
(670,133)
(1,606,853)
648,337
23,767
(64,419)
(40,652)
(407,356)
(1,253,518)
(620,174)
(1,211,997)
(284,680)
7,192
(67,771)
(60,579)
607,685
(345,259)
-
607,685
-
607,685
607,685
607,685
607,685
607,685
-
(345,259)
-
(345,259)
(345,259)
(345,259)
(345,259)
(345,259)
Profit 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 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)
cents
cents
0.0057
0.0057
0.0057
0.0057
(0.0036)
(0.0036)
(0.0036)
(0.0036)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes.
22
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Financial Position
As at 31 December 2023
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
Employee benefits liability
Lease liabilities and borrowings
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ Equity
Share capital
Reserves
Retained losses
Total Shareholders’ Equity
Note
2023
$
2022
$
14
15
16
17
18
19
26
17
20
21
22
27
21
23
1,546,548
782,990
255,104
103,288
2,687,930
3,797,091
857,562
497,144
115,715
5,267,512
7,955,442
849,287
68,916
279,606
414,255
1,612,064
7,821
642,739
650,560
2,262,624
5,692,818
2,274,608
291,430
305,642
108,017
2,979,697
2,950,210
531,633
190,283
115,715
3,787,841
6,767,538
722,441
53,982
315,267
770,000
1,861,690
-
490,848
490,848
2,352,538
4,415,000
24(a)
24(c)
76,861,879
8,571,391
(79,740,452)
5,692,818
76,861,879
7,901,258
(80,348,137)
4,415,000
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
23
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Changes in Equity
As at 31 December 2023
At 1 January 2022
74,132,092
7,004,480
(77,437,094)
3,699,478
646,137
4,345,615
Attributable to owners of Volt Power Group Limited
Note
Share
capital
$
Reserves
$
Retained
losses
$
Total
attributable
to owners
$
Non-
controlling
interest
$
Total
equity
$
-
-
-
-
(345,259)
(345,259)
(345,259)
(345,259)
-
-
(345,259)
(345,259)
Total comprehensive profit / (loss) for the year
Profit / (loss) for the year
Transactions with owners in their capacity as owners
Acquisition of non-controlling interests
Share issue costs
Share-based payments
At 31 December 2022
At 1 January 2023
Total comprehensive profit for the year
Profit / (loss) for the year
Transactions with owners in their capacity as owners
Share-based payments
At 31 December 2023
24(a)
2,740,351
(10,564)
-
2,729,787
76,861,879
276,604
-
620,174
896,778
7,901,258
(2,565,784)
-
-
(2,565,784)
(80,348,137)
451,171
(10,564)
620,174
1,060,781
4,415,000
(646,137)
-
-
(646,137)
-
76,861,879
7,901,258
(80,348,137)
4,415,000
-
-
-
-
607,685
607,685
607,685
607,685
-
-
76,861,879
670,133
670,133
8,571,391
-
-
(79,740,452)
670,133
670,133
5,692,818
-
-
-
-
-
-
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
(194,966)
(10,564)
620,174
414,644
4,415,000
4,415,000
607,685
607,685
670,133
670,133
5,692,818
24
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Note
2023
$
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
Net cash inflows from operating activities
14(a)
Cash flows from investing activities
Payments for non-controlling interests
Payments for property, plant and equipment
Payments for intellectual property
Payments for loans to other entities
Proceeds from the sale of property, plant and equipment
Net cash outflows from investing activities
Cash flows from financing activities
Share issue costs
Proceeds from borrowings
Repayment of borrowings
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
14
4,376,438
(3,130,901)
22,561
(48,234)
265,201
1,485,065
-
(1,491,053)
(560,238)
(15,958)
-
(2,067,249)
-
-
(145,876)
(145,876)
(728,060)
2,274,608
1,546,548
2022
$
4,226,388
(3,009,808)
7,192
(40,807)
405,240
1,588,205
(194,964)
(1,272,252)
(237,663)
-
12,727
(1,692,152)
(10,564)
620,779
(114,654)
495,561
391,614
1,882,994
2,274,608
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
25
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
1. Reporting entity
The consolidated financial report of Volt Power Group Limited (the Group) and its subsidiaries for the year ended 31 December 2023
was authorised for issue in accordance with a resolution of directors on 28 February 2024.
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 6 Bradford Street, Kewdale WA 6105.
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 2023; 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
2023. 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.
26
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.
27
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(ii) Financial liabilities
The Group classifies its financial liabilities depending on the purpose for which the liability was acquired.
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.
(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.
(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.
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.
28
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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.
(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.
29
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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) is 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 benefits, the company intends to complete the internal
development and their costs can be measured reliably.
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”).
30
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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 payments 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 payments 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:
(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.
31
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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.
The Group assesses impairment of all assets at each reporting date by evaluating conditions specific to the Group and to the
particular asset that may lead to impairment. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of
assets (cash-generating units) The recoverable amounts of cash-generating units have been determined based on fair value less
costs to sell calculations. These calculations require the use of assumptions including estimated discount rates based on the current
cost of capital and growth rates of the estimated future cash flows. Refer note 19 in this report for a list of the significant estimates
used by management for the recoverability of the cash generating units and the sensitivities thereof.
(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 may be higher or lower than estimated, and this will impact revenue in future periods.
(iv) Share-based payment transactions
The Group 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 aggregates two or more business activities into an operating segment when they have similar practical and technical skill
characteristics, and the business activities are similar in each of the following respects:
nature of product and service provision;
nature of the production processes;
type or class of customer for the products and services;
•
•
•
• methods used to distribute the products or provide the services;
• methods and skills used to manufacture products; and if applicable
•
nature of the regulatory environment.
The Group has determined that it has one operating segment, the provision of services to the mining and construction industries.
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
2023
$
2022
$
3,731,865
1,300,897
-
5,032,762
3,731,865
1,300,897
5,032,762
2,369,848
877,808
10,409
3,258,065
2,369,848
888,217
3,258,065
32
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
8. Other income
Research and development tax incentive rebate1
Other income
2023
$
331,389
2,100
333,489
2022
$
342,881
11,238
354,119
¹ A total R&D tax incentive amount of $432,964 was receivable by the Group in the year, however $101,575 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.
9. Consultants and advisors
Audit, tax, accounting and finance
Legal expenses
10. Employee benefit expense
Salary and wages
Superannuation
Other
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
2023
$
138,309
273,529
411,838
2022
$
213,952
193,404
407,356
2023
$
2022
$
1,436,855
77,784
40,269
1,554,908
1,141,647
61,965
49,906
1,253,518
2023
$
2022
$
88,025
107,201
49,728
53,935
772,459
2,085
533,420
1,606,853
2023
$
23,767
23,767
9,505
54,914
64,419
(40,652)
115,362
88,565
14,835
29,630
565,144
26,379
372,082
1,211,997
2022
$
7,192
7,192
11,022
56,749
67,771
(60,579)
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.
33
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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
(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 25%)
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expenses
R&D related expenditure
Deferred tax assets /(liabilities) not brought to account
Income tax benefit /(expense)
The franking account balance at year-end was $nil (2022: nil).
2023
$
2022
$
-
-
-
-
-
-
2023
$
607,685
(151,921)
(86,163)
(116,426)
354,510
-
-
-
-
-
-
-
2022
$
(345,259)
86,315
(70,831)
(55,908)
40,424
-
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) Unrecognised 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
2023
$
2022
$
4,576,336
186,615
131,338
4,894,289
(214,390)
(634,295)
(124,286)
(972,971)
4,094,488
301,900
57,718
4,454,106
(140,408)
(381,240)
(47,570)
(569,218)
Net deferred taxes not brought to account
3,921,318
3,884,888
(d) Tax losses
2023
$
2022
$
Unused tax losses for which no deferred tax asset has been recognised for the tax
consolidated group:
Potential tax benefit @ 25% (prior year 25%)
18,305,342
15,892,954
4,576,336
3,973,238
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.
34
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
14. Cash and cash equivalents
Cash at bank
(a) Reconciliation of cash flows from operating activities
Profit for the year
Adjustments for:
Depreciation and amortisation
Net loss/ (profit) on disposal of PPE
Foreign exchange movements
R&D rebate
Share-based payment transactions
Changes in:
Trade and other receivables
Inventory
Other current assets
Right of use assets
Trade and other payables
Lease liabilities
Employee benefit liability
Provisions
Net cash inflow from operating activities
2023
$
2022
$
1,546,548
2,274,608
2023
$
607,685
772,459
13,381
525
101,575
670,133
(475,603)
50,538
4,729
(306,861)
214,083
165,411
22,755
(355,745)
1,485,065
2022
$
(345,259)
565,145
(7,914)
3,997
62,359
620,174
203,763
(12,873)
(10,016)
116,574
(10,638)
(208,310)
6,203
605,000
1,588,205
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
2023
$
1,546,548
(279,606)
(642,739)
624,203
1,546,548
(922,345)
624,203
2023
$
599,209
183,781
782,990
2022
$
2,274,608
(315,267)
(490,848)
1,468,493
2,274,608
(806,115)
1,468,493
2022
$
284,929
6,501
291,430
35
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Impaired receivables and receivables past due
Refer to financial instruments note for credit risk assessment of trade and other receivables.
16. Inventory
Completed goods and parts on hand
17. Other assets
Current
Prepayments
Non-Current
Lease deposits
18. Property, plant and equipment
31 December 2022
Opening net book amount
Additions
Transfers from work in progress
Disposals
Depreciation charge
31 December 2022
31 December 2022
Cost or fair value
Accumulated depreciation
Net book amount
31 December 2023
Opening net book amount
Additions
Transfers from work in progress
Disposals
Depreciation charge
31 December 2023
31 December 2023
Cost or fair value
Accumulated depreciation
Net book amount
Recognition and measurement
2023
$
2022
$
255,104
305,642
2023
$
103,288
103,288
115,715
115,715
Office
furniture,
fittings and
equipment
$
22,319
13,936
-
-
(5,258)
30,997
36,551
(5,554)
30,997
30,997
-
-
-
(5,710)
25,287
2022
$
108,017
108,017
115,715
115,715
Total
$
2,199,980
1,107,697
-
(4,813)
(352,654)
2,950,210
4,411,959
(1,461,749)
2,950,210
2,950,210
1,363,874
-
(13,381)
(503,612)
3,797,091
36,551
(11,264)
25,287
5,661,768
(1,864,677)
3,797,091
Plant and
equipment
$
1,600,552
112,731
286,486
(4,813)
(347,396)
1,647,560
3,103,755
(1,456,195)
1,647,560
1,647,560
23,525
1,386,845
(13,381)
(497,902)
2,546,647
4,400,060
(1,853,413)
2,546,647
Work in
progress
$
577,109
981,030
(286,486)
-
-
1,271,653
1,271,653
-
1,271,653
1,271,653
1,340,349
(1,386,845)
-
-
1,225,157
1,225,157
-
1,225,157
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.
36
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
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.
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 year
Capitalised expenditure
R&D tax incentive received
Amortisation charge
Balance at the end of the year
2023
$
2022
$
531,633
567,278
(101,575)
(139,774)
857,562
395,694
285,989
(62,359)
(87,691)
531,633
Intangible assets comprise capitalised intellectual property development costs associated with the design and development of the
EcoQuip Technology Platform incorporated into all EcoQuip OEM equipment solutions. The EcoQuip Technology Platform
incorporates a unique power management system, remote operational control capabilities, pre-emptive reliability notifications and a
web-enabled customer portal. The EcoQuip Technology Platform is designed, manufactured and owned by EcoQuip Australia Pty
Ltd and is amortised over a five-year period from the date it is deemed ready for use.
The Group performed an impairment assessment as at 31 December 2023. The capitalised development costs of $857,562, along
with property, plant and equipment of $3,676,738 and right-of-use assets of $248,572 have been allocated to the EcoQuip Cash
Generating Unit (“CGU”) for impairment testing using the fair value less costs to sell method. Fair value less costs to sell is the price
that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of
factors that may be specific to the Group. In determining this fair value, recent market transactions are considered. If no such
transactions can be identified, an appropriate valuation model, such as discounted cash flow, is applied on a post-tax basis using an
appropriate discount rate and estimates are made about the assumptions market participants would use when pricing the asset or
CGU.
Fair value less costs to sell has been derived by calculating the discounted value of net cash flows expected to be derived from the
CGU, based on financial budget forecasts prepared by management covering a two-year period, with the following key assumptions:
Key assumption
CGU budgeted revenue and expenditure
Annual growth rate (years 3-5)
Long-term growth rate
Inflation rate (years 3-5)
Average EBITDA margin
Post-tax discount rate
Input
Year 1 (2024) and Year 2 (2025)
0%
0%
4.1% (affecting both revenue and expenses)
58%
11.37%
Key assumption
Number of units on hire
Average EBITDA margin
Post-tax discount rate
Approach used to determine values
Management’s expectations of fleet growth and utilisation rates
for years 1 and 2, with no further fleet growth for years 3-5
Average annual EBITDA margin over the five-year forecasts
period based on management’s expectations
Reflects specific risks relating to industry peers and forecast
uncertainty
Based off the fair value less costs to sell model, no impairment was recognised during the year.
Sensitivity analysis
Management have considered and assessed the sensitivities associated with the key assumptions noted above in accordance with
accounting standard requirements. This sensitivity analysis highlighted that if revenue across the 5-year forecast period was 4%
lower than forecast, if average monthly MSLTs on hire over the 5-year forecast period reduced by 15% or if the forecast EBITDA
margin is reduced to 54% then an impairment would be required.
37
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
20. Trade and other payables
Trade creditors
Accrued expenses
GST
PAYG
Sundry creditors
21. Employee benefit liabilities
Current
Employee entitlements
Superannuation
Non-Current
Employee entitlements
Recognition and measurement
2023
$
351,586
487,323
(20,155)
30,533
-
849,287
2023
$
47,606
21,310
68,916
7,821
7,821
2022
$
458,644
283,798
(47,593)
27,144
448
722,441
2022
$
35,020
18,962
53,982
-
-
(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.
(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.
38
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
22. Lease liabilities and borrowings – current liabilities
Non-bank loans
Lease liabilities
Hire purchase liabilities
23. Lease liabilities and borrowings – non-current liabilities
Lease liabilities
Hire purchase liabilities
24. Equity
(a) Contributed equity
Note
26
26
Note
26
26
2023
No. of shares
2022
No. of shares
2023
$
-
124,193
155,413
279,606
2023
$
401,160
241,579
642,739
2023
$
Fully paid ordinary shares
10,716,208,211
10,716,208,211
76,861,879
2022
$
32,376
137,015
145,876
315,267
2022
$
93,856
396,992
490,848
2022
$
76,861,879
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.
Movements in ordinary shares
Details
1 January 2022
Issue of shares to non-controlling interests of EcoQuip Australia Pty Ltd
Share issue costs
31 December 2022
No. of shares
9,344,533,558
1,371,674,653
-
10,716,208,211
$
74,132,092
2,740,351
(10,564)
76,861,879
31 December 2023
10,716,208,211
76,861,879
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.
39
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(b) Other equity
$0.00402 expiry 11 May 2023
$0.00402 expiry 16 November 2023
$0.00402 expiry 11 April 2024
$0.00429 expiry 11 May 2024
$0.00429 expiry 11 April 2025
$0.00450 expiry 11 May 2025
$0.00429 expiry 16 November 2025
$0.00450 expiry 11 April 2026
$0.00450 expiry 16 November 2026
Total
2023
No. of options
-
-
60,000,000
160,000,000
60,000,000
160,000,000
75,000,000
60,000,000
75,000,000
650,000,000
2022
No. of
options
160,000,000
75,000,000
60,000,000
160,000,000
60,000,000
160,000,000
75,000,000
60,000,000
75,000,000
885,000,000
Movements in other equity
There were no movements in other equity during the financial year ending 31 December 2023.
(c) Reserves
Share based reserves - reserve holding shares subject to the achievement of
performance-based measures
Options based reserves
2023
$
2022
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2023
$
2022
$
3,470,000
5,101,391
8,571,391
3,470,000
4,431,258
7,901,258
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
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
2023
cents
0.0057
0.0057
2023
$
2022
cents
(0.0036)
(0.0036)
2022
$
607,685
(345,259)
Issued ordinary shares at the beginning of the period
Effect of shares issued for acquisition of non-controlling interests
Weighted average number of ordinary shares at the end of the period
10,716,208,211
-
10,716,208,211
9,344,553,558
169,110,574
9,513,664,132
40
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(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
2023
$
2022
$
607,685
(345,259)
Issued ordinary shares at the beginning of the period
Effect of shares issued for acquisition of non-controlling interests
Weighted average number of ordinary shares at the end of the period
10,716,208,211
-
10,716,208,211
9,344,553,558
169,110,574
9,513,664,132
26. Leases
In April 2021, Volt 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. In November 2023, Volt provided
notice of extension to the lessor, and in February 2024, signed an Extension of Lease Agreement to extend the term of the lease
through to 30 June 2027 as provided for in the original lease agreement. The lease contract provides for a minimum percentage rent
increase per year, or CPI, whichever is the greatest.
Right-of-Use Assets
Opening balance
Additions
Amortisation
Balance at the end of the year
2023
$
Land and buildings
2022
$
190,283
435,935
(129,074)
497,144
306,857
8,225
(124,799)
190,283
The Group also has various items of plant and equipment that are held under finance lease arrangements. 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
2023
$
2022
$
279,606
642,739
282,891
490,848
Total
$
836,599
(62,860)
773,739
954,936
(32,591)
922,345
Future minimum finance lease payments at the end of each reporting period under review were as follows:
2022
Lease payments
Finance charges
Net present values
2023
Lease payments
Finance charges
Net present values
Within 1 Year
$
313,160
(30,269)
282,891
300,337
(20,731)
279,606
1-5 years
$
523,439
(32,591)
490,848
654,599
(11,860)
642,739
After 5 years
$
-
-
-
-
-
-
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.
41
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
27. Provisions
Service Exchange Provision
Current
At the beginning of the year
Provisions made during the year
Provision used
Balance at the end of the year
2023
$
2022
$
770,000
587,338
(943,083)
414,255
165,000
605,000
-
770,000
Service Exchange Provision
In August 2020, Wescone secured a 5-year purchase service exchange & repair contract with a customer which provides for the
replacement of 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 total credit that could potentially be supplied for the corresponding exchange crushers if they are
returned, has been recognized at 31 December and offset against revenue recognised during the year.
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
Financial and tax due diligence 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.
2023
$
37,688
37,688
-
37,688
2023
$
479,960
473,047
953,007
2022
$
60,189
60,189
34,917
95,106
2022
$
471,251
702,294
1,173,545
(b) Transactions with other related parties
There were no transactions with any related parties during the years ended 31 December 2022 and 31 December 2023.
30. Subsidiaries and transactions with non-controlling interests
Significant investments in subsidiaries during the year ended 31 December 2023 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
EcoQuip (EC Fleet) Pty Ltd
EcoQuip Fleet Pty Ltd
Country of
incorporation
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Class of
shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Equity holding
2023
%
Equity holding
2022
%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
42
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
31. Events occurring after the reporting period
There are no events that occurred subsequent to the reporting period ending, that would have a material impact on the financial
statements as at 31 December 2023.
32. 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
11 May 2021
11 May 2021
11 April 2022
11 April 2022
11 April 2022
16 November 2022
16 November 2022
Total
Number of options
160,000,000
160,000,000
60,000,000
60,000,000
60,000,000
75,000,000
75,000,000
650,000,000
Vesting conditions
12 months employment and First ATEN Construction Start
12 months and there being a 180-day VWAP of at least 0.60 cents per share
6 months employment
12 months employment and First ATEN Construction Start
12 months and there being a 180-day VWAP of at least 0.60 cents per share
18 months employment and deployment of 150 MSLT units
24 months employment and deployment of 270 MSLT units
The number and weighted average exercise prices of share options are as follows:
Outstanding at the beginning of the year
Granted during the period
Exercised during the period
Cancelled during the period
Expired during the period
Outstanding at the end of the year
Exercisable at the end of the year
Weighted
average
exercise price
$0.004270
-
-
-
$0.004020
$0.004360
$0.004020
2023
Number of
options
885,000,000
-
-
-
235,000,000
650,000,000
60,000,000
Weighted
average
exercise price
$0.004295
$0.004270
-
-
$0.004360
$0.004270
$0.004020
2022
Number of
options
660,000,000
405,000,000
-
-
180,000,000
885,000,000
220,000,000
The exercise price of options outstanding at 31 December 2023 ranged between $0.00402 and $0.0045 (2022: $0.00402 and
$0.0045) and their weighted average contractual life was 2.33 years (2022: 1.85 years).
43
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
Name
Directors
300,000,000
Adam Boyd
90,000,000
Simon Higgins
Peter Torre
90,000,000
Paul Everingham 180,000,000
660,000,000
Granted
as
compen-
sation Exercised
Forfeited
Balance
at the
end of
the year
Vested
and
exercisable
Other
changes
Unvested
-
-
-
-
-
- 100,000,000
30,000,000
-
30,000,000
-
-
-
- 160,000,000
- 200,000,000
60,000,000
-
-
60,000,000
- 180,000,000
- 500,000,000
-
-
-
60,000,000
60,000,000
200,000,000
60,000,000
60,000,000
120,000,000
440,000,000
There were no options granted under the Scheme during the year ended 31 December 2023. There has been no alteration of the
terms and conditions of the above share-based payment arrangements 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.
Grant date
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 2021
11 May
2024
268.9%
0.13%
1,096
11 May
2025
281.0%
0.58%
1,461
Paul Everingham
David Sharp
11 April 2022
11 April
2025
255.5%
2.505%
1,096
11 April
2024
257.4%
2.110%
731
11 April
2026
257.5%
2.675%
1,461
16 November 2022
16 November
2025
247.3%
3.25%
1,096
16 November
2026
253%
3.37%
1,461
0.4
0.4
0.3
0.3
0.3
0.2
0.2
0.391
0.398
0.277
0.291
0.296
0.191
0.197
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.
(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
2023
$
670,133
670,133
2022
$
620,174
620,174
33. 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.
44
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(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
$
-
(54,222)
(54,222)
2023
AUD
$
599,209
(769,689)
(170,481)
USD
$
-
(114,304)
(114,304)
2022
AUD
$
284,929
(554,488)
(269,559)
The effect of a 3.5% 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 $2,681 (2022: $4,914). A 3.5%
weakening in the exchange rate would, on the same basis, have increased post-tax profit and increased net assets by AU $2,681
(2022: $4,914).
(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 relates primarily to cash and cash equivalents. As at 31 December
2023, 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
2023
$
1,546,548
782,990
2,329,538
2022
$
2,274,608
291,430
2,566,038
(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.
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
2023
$
1,546,548
782,990
2,329,538
2022
$
2,274,608
291,430
2,566,038
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.
45
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
(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 2023
Trade Payables
Lease liabilities
Total
At 31 December 2022
Trade Payables
Borrowings
Lease liabilities
Total
$
849,287
173,410
1,022,697
$
-
175,972
175,972
$
-
354,585
354,585
$
-
354,338
354,338
$
722,441
28,329
165,323
916,093
-
4,047
167,252
171,299
-
-
255,711
255,711
-
-
253,438
253,438
-
-
-
-
-
-
-
Carrying
amount
(assets) /
liabilities
$
849,287
922,345
1,771,632
$
849,287
1,058,305
1,907,592
722,441
32,376
841,724
1,596,541
722,441
32,376
773,739
1,528,556
(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 2023 and 31 December 2022, the carrying amount of assets and liabilities approximate their fair values.
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.
46
VOLT POWER GROUP LIMITED
ABN 62 009 423 189
34. 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 profit / (loss)
2023
$
802,787
8,697,733
9,500,520
(648,994)
(3,200,160)
(3,849,154)
5,651,366
76,861,879
8,571,391
(79,781,905)
5,651,365
(556,566)
(556,566)
2022
$
652,083
5,210,474
5,862,557
(433,700)
(1,013,857)
(1,447,557)
4,415,000
76,861,879
7,901,258
(80,348,137)
4,415,000
(516,457)
(516,457)
47
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 2023 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 2023 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 2023.
On behalf of the Board.
Adam Boyd
Chairman
Perth
28 February 2024
48
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 2023,
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 2023 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.
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.
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.
Recoverability of Intangible Assets
Key audit matter
How the matter was addressed in our audit
The Group’s carrying value intangible assets
as disclosed in Note 19 represents a significant
asset to the Group.
The Australian Accounting Standards require
the Group to assess indicators of impairment
on the Cash Generating Unit (CGU) to which
the asset is allocated on an annual basis.
During the year the Group performed an
impairment assessment as disclosed within
Note 19 of the financial report.
The assessment of impairment is complex and
highly judgemental and includes assessing a
range of external and internal factors and
modelling a range of assumptions that could
impact the recoverable amount of a cash
generating unit (“CGU”). Accordingly, this
matter was considered a key audit matter.
Our work included but was not limited to the
following procedures:
• Assessing the appropriateness of the
Group’s identification of CGU’s based on
our understanding of the Group’s business
and internal reporting;
• Considering the appropriateness of the
valuation methodology applied;
• Assessing the reasonableness of
management’s key estimates and
judgements applied within the model;
• Assessing the arithmetic accuracy of the
model and underlying information;
•
In conjunction with our internal valuation
specialist, reviewing and assessing the
appropriateness of the discount rate
applied;
• Obtaining and reviewing reasonableness of
the cash flow forecast prepared by
management;
• Reviewing the Director’s minutes and ASX
announcements for evidence of consistency
of information with management’s
assessment of the carrying value; and
• Assessing the adequacy of the related
disclosures.
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 2023, 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 13 to 19 of the directors’ report for the
year ended 31 December 2023.
In our opinion, the Remuneration Report of Volt Power Group Limited, for the year ended 31 December
2023, 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 2024
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 20 February 2024.
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
10,713,797,954
2,170,704
177,726
50,536
11,291
10,716,208,211
42,066,465
%
99.98
0.02
0.00
0.00
0.00
100.00
0.39
No. of
holders
733
53
22
18
40
866
270
%
84.64
6.12
2.54
2.08
4.62
100.00
31.18
Twenty largest shareholders
The names of the twenty largest holders of quoted shares are:
Rank
Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
DAVID JAMES SHARP & STEFANIE LOUISE KING
MR MICHAEL CAMPBELL HENDER & MR JOHN ERNEST
HENDER
RENEWABLE INITIATIVE PTY LTD
GENUSPLUS GROUP PTY LTD
ADAM BOYD
S & N HIGGINS SUPER PTY LTD
MR CHRIS CARR & MRS BETSY CARR
AHB SUPER PTY LTD
SIMON HIGGINS
RENEWABLE INITIATIVE PTY LTD
MR GREGORY JOHN BITTAR
DAVID OGG & ASSOCIATES PTY LTD
BLAMNCO TRADING PTY LTD
GETTYSBURG INVESTMENT COMPANY PTY LTD
HOODWINKED PTY LTD
AHB SUPER PTY LTD
MR JUSTIN O’NEIL MALOUF
BOTSIS HOLDINGS PTY LTD
DARRYL PETER OLDFIELD
HIGGINS WESTERN PTY LTD
Total
Balance of register
Grand total
20 Feb 2024
1,421,674,653
692,000,000
579,500,000
461,000,000
443,000,000
428,000,000
400,000,000
370,000,000
345,000,000
300,500,000
220,000,000
204,236,707
200,000,000
181,942,344
170,000,000
154,000,000
150,000,000
136,706,690
110,000,000
109,000,000
7,076,560,394
3,639,647,817
10,716,208,211
%IC
13.27
6.46
5.41
4.30
4.13
3.99
3.73
3.45
3.22
2.80
2.05
1.91
1.87
1.70
1.59
1.44
1.40
1.28
1.03
1.02
66.04
33.96
100.00
53
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)
David Sharp & Stefanie King ATF Sharp Family Trust
Simon Higgins (and related)
No. ordinary
shares
1,847,000,000
1,421,674,653
801,000,000
% of
issued
capital
17.24%
13.27%
7.47%
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.
54