Volt Power : Appendix 4E, Financial Statements and Annual Report

For personal use only

VOLT POWER GROUP LIMITED

ABN 62 009 423 189

Appendix 4E and Annual Report

1.	Details of reporting period
	Reporting period:	12 months ended 31 December 2021
	Previous corresponding period:	12 months ended 31 December 2020
2.	Results for announcement to the market
			12 months ended		12 months ended
			31 December 2021		31 December 2020	%
			$		$	Change
Revenues from ordinary activities		3,062,939		1,882,665	63%
Profit / (loss) from ordinary activities after tax	663,567		(493,313)	235%
attributable to members
Profit / (loss) for the period attributable to members	663,567		(493,313)	235%
Net tangible asset per share		0.0004		0.0002	100%

1. Dividends/distributions
   No dividends were paid during the period, or in the prior period, and no dividends are proposed to be paid.
2. Details of entities over which control has been gained or lost during the period
   During the reporting period, the Company subscribed for 9 new shares at between $50,000 and $75,000 per share in its 67% owned subsidiary EcoQuip Australia Pty Limited and its controlled entities (EcoQuip). The $540,000 investment in EcoQuip increased the Company's ownership interest from 67% as at 31 December 2020 to 70% as at 31 December 2021. Further details are included in the accompanying Annual Report.
3. Commentary on results for the year Refer to the attached Annual Report.
4. Status of the audit
   The attached Annual Report has been audited.

For and on behalf of the Board of Volt Power Group Limited.

Simon Higgins

Chairman

Perth

Dated: 28 February 2022

Appendix 4E and Annual Report - For the year ended 31 December 2021

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For personal use only

VOLT POWER GROUP LIMITED

ABN 62 009 423 189

ANNUAL REPORT

For the year ended 31 December 2021

For personal use only

VOLT POWER GROUP LIMITED
ABN 62 009 423 189
Contents
Corporate Directory .................................................................................................................................................	3
Corporate Governance Statement ............................................................................................................................	4
Corporate and Operational Review...........................................................................................................................	4
Directors' Report .....................................................................................................................................................	9
Consolidated Statement of Profit or Loss and Other Comprehensive Income.........................................................	20
Consolidated Statement of Financial Position ........................................................................................................	21
Consolidated Statement of Changes in Equity .......................................................................................................	22
Consolidated Statement of Cash Flows..................................................................................................................	23
Notes to the Consolidated Financial Statements ....................................................................................................	24
Directors' Declaration ............................................................................................................................................	47
Independent Audit Report ......................................................................................................................................	48
Investor Information ..............................................................................................................................................	52

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For personal use only

VOLT POWER GROUP LIMITED ABN 62 009 423 189

Corporate Directory

ABN: 62 009 423 189

Directors

Simon Higgins

Non-Executive Chairman

Adam Boyd

CEO and Managing Director

Peter Torre

Non-Executive Director

Company Secretary

Peter Torre

Principal place of business 6 Bradford Street Kewdale WA 6105

ph [phone]

Registered office

Unit B9, 431 Roberts Road Subiaco WA 6008

Share register

Link Market Services Pty Ltd

Level 12

250 St George's Terrace

Perth WA 6000

Auditor

BDO Audit (WA) Pty Ltd

Level 9 Mia Yellagonga Tower 2

5 Spring Street

Perth WA 6000

Solicitors

Thomson Greer

Level 27, Exchange Tower

2 The Esplanade

Perth WA 6000

Bankers

Commonwealth Bank of Australia

Corporate Financial Services

Level 14C, 300 Murray Street

Perth WA 6000

Stock Exchange Listings

Australian Securities Exchange (ASX)

ASX Code: VPR

Website

www.voltpower.com.au

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For personal use only

VOLT POWER GROUP LIMITED

ABN 62 009 423 189

Corporate Governance Statement

Volt Power Group Limited and the Board are committed to achieving and demonstrating the highest standards of corporate governance reasonably expected for a company of the size and nature of Volt Power Group Limited. Volt Power Group Limited has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance Council.

The 2021 corporate governance statement is dated as at 28 February 2022 and reflects the corporate governance practices in place throughout the financial year. A description of the Group's current corporate governance practices is set out in the Group's corporate governance statement which can be viewed at www.voltpower.com.au/about.

Corporate and Operational Review

The directors provide you with the following corporate and operational review of the consolidated entity (referred to hereafter as the Group) consisting of Volt Power Group Limited ("Volt" or "the Company") and the entities it controlled at the end of, or during, the year ended 31 December 2021.

1. Summary

(a) Operations

Corporate & Administration

The salient Corporate activities during the period included:

• In February 2021, the Company and Wescone vendor(s) agreed terms for the settlement of all outstanding claims in the proceedings in connection with a WA Supreme Court Claim against the vendor of the Company's Wescone business for misleading and deceptive conduct without admission of fault by any party. The terms of the settlement provided for the payment to Volt of $1.3 million in two instalments. The first instalment of $1.0 million was received by Volt on 16 February 2021 and the second and final instalment of $0.3 million was received on 19 August 2021.
• In April 2021, the Company moved its operational activities from office and workshop accommodation provided by Volt substantial shareholder, GenusPlus Group Pty Ltd (Genus) to the Company's new leased office and workshop accommodation located at 6 Bradford Street, Kewdale WA 6105 (New Premises). The Volt Board again expresses its gratitude to the Genus Board and shareholders for the provision of office and workshop accommodation from January 2020 to April 2021. The New Premises are ideally suited to the Company's activities providing office and workshop accommodation for all the Volt Group's business activities.
• During 2021, the Company provided $540,000 in new funding to EcoQuip Australia Pty Limited (EcoQuip) increasing its ownership in EcoQuip from 67% to 70%. EcoQuip utilised these funds to complete the manufacture of 25 EcoQuip Mobile Solar Light Towers (MSLT) to be deployed on Barrow Island for Chevron Australia under a new 5-Year Master Dry Hire Agreement executed with AGC Industries Pty Limited (AGC) dated 26 July 2021.
• During 2021, the Company also undertook acquisition due diligence activities on a proprietary technology advantaged mining services business to inorganically complement its existing businesses. The Company maintains a disciplined approach to due diligence and a strict acquisition opportunity conduct policy. The Company was unable to reach mutually acceptable terms for a transaction with the vendors to proceed. The Company engaged third party advisers to assist with due diligence, with these due diligence costs totalling ~$120,000.

ATEN (100% owned) - Waste heat to zero emission power generation

The ATEN Technology and achievements during the period are as follows:

• The ATEN Technology is a baseload, zero emission waste heat to electricity generation solution that utilizes low grade industrial waste heat vented to atmosphere as its energy source. The ATEN Technology requires no water and operates autonomously without a requirement for operating personnel.

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