Ann: Annual Report to Shareholders, page-6

It looks like they have decided to establish a company owned distribution channel and appoint local dealers directly rather than appoint a local distributor.

We now have local teams and subsidiaries in key regions including the Netherlands, Italy, France, the United Kingdom,
and Thailand aimed at improving local sales and finance, better support and distribution, and after-sales services.



Maybe they will appoint a local manufacturer to do the local assembly on a short term contract to unlock the local content savings , while putting a toe a toe in the water with them rather than Jump into a full on JV with a yet to be proven partner that could be difficult to unwind if all does not go well.

They seem to be good at managing those type of risks. Giving away the right to assembly the brand to a dud could be a big mistake.

Good to see the big jump in other income explined.

The loss allowance related to the bankruptcy of a Dutch B2B customer, and was fully provided for in 2022. In the current
year, the Group recovered US$1.6 million of stock and US$0.5 million in a settlement, resulting in the recovery of loss
allowance of A$2.43 million.