VivoPower International PLC (NASDAQ: VVPR) (“VivoPower,” the “Company”) today announced its preliminary results for the fiscal year ended June 30, 2021.
Highlights for the fiscal year ended June 30, 2021:
A reconciliation of IFRS (“International Financial Reporting Standards”) to non-IFRS financial measures has been provided in the financial statement table included in this press release. An explanation of these measures is also included below, under the heading “About Non-IFRS Financial Measures.”
“The financial year ended June 30, 2021, was on the one hand very difficult due to COVID lockdowns in our key markets, especially Australia, but on the other hand very positive in that we now have a strategic SES platform that underpins a very strong growth trajectory,” said Kevin Chin, VivoPower’s Executive Chairman and Chief Executive Officer. “Our financial results were adversely impacted by COVID lockdowns that have delayed fulfillment of contracts and increased operating costs due to supply chain disruptions. No doubt, we will be contending with continued disruptions in the short term. However, we believe the tailwinds for our SES strategy have only strengthened and augur well for the medium to long term outlook. This time last year, we announced the SES strategy, but we were missing a key plank, being the electric vehicles. We were able to execute in relation to our stated SES strategy over the past year following the acquisition of Tembo and have secured nearly 5,000 potential commitments for our e-LV conversion kits through distribution partners over the next five to six years. One of our key objectives for the next 12 months is to expand our distribution relationships globally and we expect to be announcing further orders in due course.”
About Non-IFRS Financial Measures
Our preliminary results include certain non-IFRS financial measures, including adjusted EBITDA, adjusted net after-tax loss and adjusted EPS. Management believes that the use of these non-IFRS financial measures provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of our results of operations, and also facilitates comparisons with peer companies, many of which use similar non-IFRS or non-GAAP (“Generally Accepted Accounting Principles”) financial measures to supplement their IFRS or GAAP results. Non-IFRS results are presented for supplemental informational purposes only to aid in understanding our results of operations. The non-IFRS results should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from non-IFRS or non-GAAP measures used by other companies.
The table included in this press release titled “Reconciliation of Adjusted (Underlying) EBITDA to IFRS Financial Measures” provides reconciliations of non-IFRS financial measures to the most recent directly comparable financial measures calculated and presented in accordance with IFRS.
Year ended June 30 | |||||
Reconciliation of Adjusted (Underlying) EBITDA to IFRS Financial Measures (US dollars in thousands) | 2021 | 2020 | |||
Net loss for the period | (7,958 | ) | (5,103 | ) | |
Income tax | (115 | ) | 713 | ||
Foreign exchange gains and losses | (2,093 | ) | (33 | ) | |
Interest income and expense | 2,504 | 3,182 | |||
Non-cash share-based compensation | 1,078 | - | |||
Restructuring and other non-recurring costs | 2,880 | 3,410 | |||
Depreciation and amortization | 2,256 | 1,768 | |||
Adjusted (Underlying) EBITDA | (1,448 | ) | 3,937 | ||
The table included in this press release titled “Reconciliation of Adjusted (Underlying) net after-tax loss and adjusted (underlying) EPS to IFRS Financial Measures” provides reconciliations of non-IFRS financial measures to the most recent directly comparable financial measures calculated and presented in accordance with IFRS.
Year ended June 30 | |||||
Non-IFRS Financial Measures (US dollars in thousands - except where indicated otherwise) | 2021 | 2020 | |||
Net loss for the period | (7,958 | ) | (5,103 | ) | |
Restructuring and other non-recurring costs | 2,880 | 3,410 | |||
Adjusted (Underlying) net loss for the year | (5,078 | ) | (1,693 | ) | |
Weighted average number of shares used in computing (loss)/earnings per share (shares) | 16,306,494 | 13,557,376 | |||
Group Basic EPS (Statutory) (dollars) | (0.49 | ) | (0.38 | ) | |
Restructuring and other non-recuring costs per share (dollars) | 0.18 | 0.26 | |||
Group Adjusted (Underlying) EPS (dollars) | (0.31 | ) | (0.12 | ) | |
About VivoPower
VivoPower is a sustainable energy solutions company focused on battery storage, electric solutions for customized and ruggedized fleet applications, solar and critical power technology and services. The Company's core purpose is to provide its customers with turnkey decarbonization solutions that enable them to move toward net zero carbon status. VivoPower is a certified B Corporation with operations in Australia, Canada, the Netherlands, the United Kingdom and the United States.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about potential revenues from e-LV distribution agreements, future market outlooks, the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
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