Ann: Vmoto secures A$13 million B2B order, page-204

After reviewing the H1 2019, Final 2019, H1 2020 & October Market Update reports along with the FY20 Profit Guidance report it appears that sales for Q420 may possibly be 50% lower than Q320 due to Covid extended European lockdowns. Overall H2 2020 is expected to be at best the same as H1 2020 with no growth.

H1 2019 about $300k NPAT reported & H2 2019 about $1,000 NPAT reported = $1.3M NPAT & there were nil tax expenses. H2 2019 NPAT improved by 233%.

H1 2020 about $2M profit - about $200k tax expense = $1.8M NPAT. The FY20 Profit Guidance mentions $3.2M-$3.4M NPAT for FY20 implying that H2 2020 NPAT will be about $1.4M-$1.6M therefore down on H1 2020 $1.8M NPAT.

Working the NPAT figures backwards I am estimating $24M-$25M revenue for H2 2020. Somewhere around the 10,000 units for H2 2020 slightly down on H1 2020 10,510 units. H1 2020 tax expense was about 10% of profit. I increased tax expense to 20% to bring up the overall revenue.

The October Market Update mentions 7,009 units sold 3Q20 up 10% QOQ & up 16% YOY. This means about 3,000 units have been sold in Q420 for FY20 NPAT to be circa $3.2M-$3.4M.

There was no announcement to inform us that European lockdowns are having a significant effect on sales so my figures are incorrect.

Not downramping just interested as to why NPAT was $1.8M H1 2020 & will be lower at $1.4-1.6M H2 2020 give the Profit Guidance report.

Feedback much appreciated.