Ann: Full Year Statutory Accounts-ESI.AX, page-2

Highlights within the report that should be noted are:

• Revenues up – initial sales program resulting from operational outputs during testing works (adding impetus to the HVTF1 program), as well as consulting revenues
  
  
• EBITDA loss decreased year on year by $164k, driven largely by non-cash adjustments.
  
  
• Depreciation expense higher due to full year of Matmor Test plant assets depreciation (claimable under AusIndustry R&D Incentive scheme)
  
  
• Core company expenditure areas (Corporate, Legal, Employee costs, Sales & Marketing, Engineering & Plant costs, Occupancy and Travel & Accommodation) decreased year on year, despite inclusion of additional expenditures relating to Bacchus Marsh upgrade preparatory expense and Indian project work ramp up