Ann: Vmoto secures A$13 million B2B order, page-172

Nice to see you delving into the numbers.

I'm of course more bullish on growth having learnt that Greenmo's first order for this year is 3x last years.

If you delve a bit deeper into the underlying numbers you will get a better forecast. FH20 NPAT % is not a good guide to what will happen when the business is manufacturing as well as distributing and sales volumes have grown to 400,000 units/annum.

Following are a few stand out for instances:-

* FH 20 Corporate and Administration was 4.4% of sales. The performance rights will boost this for the full year but at 400,000 units /annum it should drop to < 0.5%.

* FH20 the manufacturing JV started in the latter part and during start up added a 0.4% of revenues loss to VMT's bottom line. Will this turn into a profit?

* FH 20 the tax rate was only 10.86%

Also as has been pointed out the factory capacity is shared with Super Soco.

I'm puzzled by your view of the benefits of merging with Super Soco. How does such a merger achieve your forecast of a doubling of NPAT margin?