AJX Revenue, page-3

I have made an attempt to overcome ambiguity (if that’s possible) with some real revenue numbers.

The December Newsletter indicates that for CY2016 top line sales are 12x the corresponding CY2015 figure. Values contained in available half-yearly and annual reports allow calculation of the latter.

The top line in any financial report normally is devoted solely to revenue from product sales. As has become typical, calculation is complicated by the top line revenue figures reported in the Dec14 and Dec15 half-yearly reports not corresponding solely to sales. Figures for sales alone require extraction from Note 4 of the financial statements in each case.

I have performed calculations based both on reported revenue figures as well as on sales alone, as shown below. All values are in A$.

Using a multiplier of 12 applied to the CY2015 revenue number (if justified) would result in CY2016 REVENUE to date calculating as A$18.2M, with A$16.0M allocated to the final six months.

Using the figures reported for sales alone gives CY2016 SALES to date as A$12.2M, with A$10.2M being received in the current half year.

I assume that it is solely the sales figures that are referred to in the newsletter. These demonstrate very respectable growth but still remain well away from the stated baseline projection, unless the timing of a major contract falls within the current month. At least inclusion of other non-sales revenue would take us a bit closer to that target.