Ann: Vmoto secures A$13 million B2B order, page-207

Ok I will try to equate the unknown unkowns, bonuses etc assuming sales in 4Q20 remain flat & are the same as 3Q20 sales as opposed to factoring in 10% QOQ growth similar to 3Q20.

Hence if sales flat 4Q20 same as 3Q20 = 7,000 units x 2 = 14,000 units for H2 2020 = 33% HOH growth up from about 10,500 units H1 2020

14,000 units x $2,495 average revenue per unit from H1 2020 financials = $34.93M x 21.35% margin = $7.46M gross profit + $0.95M other income same as H1 2020 = $8.4M total gross profit.

$8.4M gross profit - $4.5M expenses same as H1 2020 = $3.9M EBITDA vs $1.6M-$1.8M EBITDA to match guidance of $1.4-1.6M NPAT at 10.86% tax rate similar to H1 2020. There may be a small increase in expenses related to additional sales in H2 2020 but i left it the same to keep it simple.

Thus $3.9M EBITDA - $1.6-1.8M EBITDA = $2.1-2.3M gone somewhere.

I followed the money trail for the $6.4M Super Soco JV & it was recorded in Investments in H1 2020 Financials.

I wonder what the circa $2M is for? Maybe some bonuses as has been mentioned or expenses with Super Soco JV etc