Love your work on the numbers.The last couple of years have been...

Love your work on the numbers.

The last couple of years have been a catastrophe for world economies and Europe in particular.

Last year was an absolute disaster which was in fact far worse than the headline figures you presented indicate for VMT.

2022 earnings per share dropped from $0.0491 to $0.0343 due to the Greenmo bankruptcy bad debt write off.

Management had that pretty well covered as it turned out by retaining title to the bikes until payment was received.

The 2023 earnings per share were in fact only $0.0129 before the claw back of the Greenmo write off.

Diversifying into the southern hemisphere.

Good to see the SE Asian, South America and Middle East markets being stimulated by governments and hopefully taking up some of the slack in the sales book and potyentially eliminating the northern winters effect on quarterly performance.

The quarterly update is unlikely to show much improvement but you have turned up a lot of green shoots. in the social media posts.


The at risk remuneration.

The Total Shareholder return metrics that VMT use to determine whether Management are performing well enough to earn the at risk component of their remuneration are the harshest I have ever seen in a company.

I have been really put off other companies that reward management for performing in areas that simply create bigger jobs with no regard to profitably.

It's good that shareholders get to vote on the remuneration package which to date has shown that the disgruntled few are in a very small majority.

Worth noting that no dreaded freebies were awarded in 2023.

In 2023 Management had a big haircut as did the rest of us.

The 25.6c per share share price hurdle for the next three years at risk remuneration does seem low but thats the way the cookie crumbles after you have had a one blade cut. There is always a silver lining.

IRR: "Buying when others are selling".

A share price of 25.6c at the end of 2026 would be 5 x in 7 years which is a doubling of the share price every 3 years. That delivers a compound internal rate of return of a very handsome 24% PA.

Rollling with the punches.

The above calculation simply serves to draw attention to how important buying when other people are selling is .

Which is exactly what your charts are telling folks to do at the moment

12.5 c to 25.6 cents in 3 years is a tad more than a 24% compound annual rate of return and as we all well know it should be a walk in the park

"even if all management do in the next three years is sell the patents, the distribution network and the factories."

Funded to produce 300,000 units per annum.

Irons in the fire here there and everywhere. Mind boggling potential and FA risk.