New Energy Solar : Full Year Statutory Accounts

			Appendix 4E
			Annual Financial Report
			For the year ended 31 December 2021
only	Name of entity
New Energy Solar Limited (Company)	Up by 94% to*	-$4,423,942
	ABN	Reporting Period		Previous Corresponding Period
	Company ABN: 20 609 396 983	1 January 2021 to 31 December 2021		1 January 2020 to 31 December 2020
	Results for announcement to the market
						31 December 2021 ($)
	Total net loss - New Energy Solar
use	("loss from ordinary activities")
Net operating loss for the year - New Energy Solar	Up by 74.5% to*	-$20,174,484
("loss from ordinary activities after tax attributable to securityholders")
	Total comprehensive loss - New Energy Solar	Up by 74.5% to*	-$20,174,484
	("total comprehensive loss attributable to securityholders")
	*Movements calculated using prior year figures based on a combined basis of the Company and the Trust. The movements of the Company (excluding the
	Trust) was up 92.8% for net loss and up by 67% for net operating loss for the year and total comprehensive loss.
	Commentary on results
	Refer to attached Annual Report and Financial Statements including the Chairman's Letter to Securityholders and Investment Manager's Report. Additional
	Appendix 4E disclosure requirements can be found in the notes to these financial statements.
personal
Dividends
						Amount	Franked
						per	Amount per
						security	security
		Dividend for 6 months ended 30 June 2021 (paid on 26 August 2021)			3.00 cents	0 cents
		Dividend for 6 months ended 31 December 2021 (payable on 6 April 2022)			1.00 cent	0 cent
		Total Dividends				4.00 cents	0 cents
		Dividend dates:
		Record date:	Thursday, 17 February 2022
		Payment date:	Wednesday, 6 April 2022
	Net tangible assets per share - New Energy Solar
	31/12/2021	$1.15
	31/12/2020	$1.25 *
	*Represented a net asset value per stapled sercurity on a combined basis of the Company and the Trust. The net asset value per share for the Company
	(excluding the Trust) was $1.06.
	Earnings per share - New Energy Solar
					31 December 2021	31 December 2020
For	Basic loss per share			-5.76 cents		-18.43 cents*
Diluted loss per share			-5.76 cents		-18.43 cents*
*Represents Basis loss per share and Diluted loss per share on a combined basis of the Company and the Trust.
	Financial Report
	This report is based on the 31 December 2021 Annual Report which has been audited by Deloitte Touche Tohmatsu.

For personal use only

New Energy Solar Limited

ACN 609 396 983

ANNUAL REPORT

31 December 2021

Renewable energy. Sustainable investments.

NEW ENERGY SOL AR	Annual Report

CONTENTS
only
Chair's Letter.................................................................................................	i
Business Highlights.....................................................................................	v
I vestment Manager's Report.....................................................................	x
C rporate Governance Statement...............................................................	1
Directors' Report..........................................................................................	9
use
Auditor's Independence Declaration........................................................	23
Financial Statements.................................................................................	25
Statement of Profit or Loss and Other Comprehensive Income.............	26
Statement of Financial Position................................................................	27
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Statement of Changes in Equity................................................................	28
St tement of Cash Flows............................................................................	29
Notes to the Financial Statements............................................................	30
Directors' Declaration...............................................................................	62
Independent Auditor's Report..................................................................	63
Stock Exchange Information....................................................................	67
Unaudited Aggregated Historical Financial Information......................	70
Additional Disclosures..............................................................................	78
Directory.....................................................................................................	80

For personal use only

Chair's Letter

NC-31 south side aerial view - March 2017

NC-47 aerial view - June 2017

i

NEW ENERGY SOLAR	Annual Report

Chair's Letter

FOR THE YEAR ENDED 31 DECEMBER 2021

only	STATUS
STRATEGIC INITIATIVE

Dear Investors,

On behalf of New Energy Solar Limited (NEW), I present the full-year report for the 12 months ended 31 December 2021.

In 2021 there were a number of changes consistent with the Board's intention to address the share price discount to net asset value (NAV). Specifically, NEW implemented the following recommendations of the Strategic Review conducted in late 2020 (Strategic Review).

Sale of NEW's shares in US Solar Fund Plc

useSale of up to a 50% interest in the Mount Signal 2 (MS2) solar power plant

Sale of the two Australian power plants and exit from the Australian electricity market

Un-stapling to simplify corporate structure and streamline corporate governance

Use of asset sale proceeds to pay down debt

Return of capital through equal access off-market buyback

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Further to the above, NEW commenced an on-market buyback at the end of 2021. However, it has been personalpaused while the Board contemplates further action to address the share price discount which has persisted

despite completion of the initiatives set out above.

The Board's actions to date have resulted in a simplified structure and more streamlined reporting, the sale of some assets, a reduction in debt and a return of some capital to shareholders. However, despite these

i itiatives, not enough progress has been made on closing the share price discount.

The Strategic Review contemplated additional phases if the share price discount did not improve and accordingly, the Board is now in the process of revisiting the recommendations. As indicated in the business update announcement on 11 February 2022, these recommendations include the sale of individual assets or the sale of the whole portfolio.

We will ensure shareholders are updated on our progress in keeping with NEW's obligations of continuous disclosure.

Forii