Ann: ABV - Investor and Strategy Presentation , page-3

I & S presentation , provides shareholders with some
future direction .

However , there are concerns with the figures provided
Cost of sales in years (cos) 11 - 38% , 12 - 33% , 13 - 38%

in FY14 - Revenue 5.46m and ebitda of -4.13m
4.0m in wages , 2.1 m cos 1 m product development
costs then fixed costs ie rent.... ok
in Fy15 - Revenue 13.23 m , cos (assume 38%) 5.02 m
ebitda -.81 m WHAT !! ?????
in FY16 - Revenue 22.32 m , cos 8.48 m ebita 1.67 m

I must be missing something ,
eg revenue 22.32 m
less cos 8.48 m
less fixed costs 5.00 m ( wages , rent etc..)
ebitda 8.90 m
expected ebitda 1.67 m
that's 7 m difference , maybe an increased sales marketing expense is the reason , maybe not

Combining mining sales and truck sales
In FY 14 sales 156 (150 + 6) revenue 5.46 m
Average price received 35000 per sibs
In FY 15 sales 760 , revenue 13.23 m
Ave 17047 per unit
In FY 16 sales 1590 , revenue 22.32 m
Ave 14037 per unit

Well , it does explain the thin margins