Ann: Vmoto secures A$13 million B2B order, page-222

I'm inclined to think your forecast of 24000 units for 2020 could be right.

NPAT after tax in the first half was $1.8m and the NPAT from distribution before corporate and admin. costs was $280/ unit.

If your forecast of an extra 4000 units in the second half is correct then if nothing else changed except the $700K bonus, full year NPAT
would be $1.8m + $1.8m + (4000x $280)$1.1m = $4.1 - $0.7m = $3.4 which is the top end of the forecast.

It would seem therefore that any increase in R&D expenditure on the new models has been funded from profits made in the JV. R&D has not been capitalised in the past.

Any increase in marketing expenses on the Distribution side would come from extra sales or the NPAT dropping below $3.4m

Have to wait another month to find out the finer details but should know the units sold and manufactured any day.