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spk_0: welcome to the the parents national off your results presentation for the six months and at thirty one december twenty twenty i'm gonna kick off with a strategic an operational game and then also covered the financial review for the periods so just going straight to the executive summary which is set out on page three the headline is our results for the hockey were affected by strict covered le le pen's ah but or growth outlook god is very strong as results of the tembo acquisition our revenues declines twenty ups and year on year to twenty two point seven mil are primarily as results of strict covered nineteen lockdowns in australia causing delays to shed works out for our of the to serve business units as a consequence or gross profit decreased eighteen percent year on you it's to four point six mil and or notwithstanding that rgb margin did improve to twenty percent versus eighteen percent sir in the previous corresponding year and that was the results of strong focus on project execution and labour efficiency are either dog declines to one point two mil for the hoppy a period of from four point two mil in the previous corresponding period again the primer drivers were the covered lockdown related revenue drop but in addition we did increase our headcount at sport pop schelling of the timber business or balancing has been howard forty points with the capital raising that was consummated censor in october twenty twenty rising grass figure twenty eight point seven five million a cash balance as results as increased from two point eight mil as at the end of june twenty twenty two seventeen point four million as at thirty one december
spk_1: the same year
spk_0: we also refinanced up parent company shehada lunch the says serb consummated enchanting with along a maturity dates and lower shreds which reflects improve credit profile company as i mentioned at the outset the tempo acquisition has really transform the grudge directory of the the about be completed the fifty wants and acquisition of tembo in november twenty twenty and subsequent to this party periods we moved to one hundred percent ownership in february twenty twenty one he also signed a major parties should deal with gb also to distribute up tempo electric vehicles in australia and that deal is worth up to two hundred fifty million us dollars in revenue over four years last but not lisa i'm also pleased to announce and report that sir we have secured our first sustainable energy solution deal with tottenham hotspur football club in the uk one of the world's leading our football clubs and we've become a global patrick partner
spk_2: as part of the of the transaction as well
spk_0: this is our first the as yes wholistic care deal and so also our first in relation to infrastructure assets being the stadium it's on him hotspur in the uk as well as the training facilities we expect or further orders sir in the second half of if y twenty one from i'm on except customers in particular that across the globe jumping to page for that just too review where we are at and sensor bar at y twenty one key objectives which way they shared the markets are back in august at the time about for your results bob were ahead of schedule at the moment sir and been in a nutshell we are tracking answer fifty five cents a completion in terms of the objectives that would set out and we're on track said to live on the rest of before the end of june twenty twenty one movie answer the specific a business units firstly i'll touch on the beaches which is are critical powers and such specific electrical infrastructure business and australia revenues gp any the da decline across the boards and again due to strict covered lockdowns that were experienced in australia the business delivered twenty two point three and million in revenues which is down twenty knots and year on year ross profit was four point six million to by point six million the crap period gross margins did however improve as results of efficiency gains that the underlying it does for the business was at three point three milk that is down eighty percent or reflecting allow across profits although that was partially offset by further overhead costs savings notwithstanding these results we continue to win work and said deliver on had some we are saying
spk_3: conditions improved since the start of that calendar twenty twenty one
spk_0: and said the outlook remains in a very buoyant search for the a a sister business unit we've also completed the refinancing of funding facilities which have resulted in a thirty upset percent reduction in financing costs as well as the retirements have some redundant working capitalized that we know of the need moving on to our solid development business which is called either solar so we have both the us portfolio as well as an australian portfolio starting off with the us portfolio first as mentioned sub during the four year results back in august we have taken other management control of the joint venture from object bench partner our been focused on maximizing value across portfolio we are however still hamstrung by negotiations that continue with our joint venture partner in relation to settlements all swag the settlements of five the joint venture arrangements where we are sitting as a minimum and the have offered as a minimum they're fifty percent of the portfolio phenomenal consideration we are still live and sims negotiations on that we do expect to complete that said before the end of the fiscal year as far as the portfolios concerns the nets megawatts is insert eight hundred ninety two which show that's that's and total and that is slightly down on the original economic share that we had at the outset witches nine hundred twenty two at that said we have made progress in terms of the developments a posh for a number of pisa of projects yeah look also has improved obviously with the biden presidency being far more accommodating to renewable as an industry in the us as so that said that been a positive of for that portfolio on just running front said we have been seeking to monetize are rob
spk_4: smaller solar projects in that markets
spk_0: that and during the post balanced dead period so we have successfully managed to sell days is phil and like closing in on a cell of you dolly solar as well both are expected to be profitable overall additionally in a j martin which is one of our beaches business units has successfully completed over one hundred and fifty megawatts of solar projects now and they have another three hundred megawatts sign that pipeline so the seller development activities in australia have feds the j martin business in terms of electrical on sites
spk_5: the installation support solar farms
spk_0: moving on i'm gonna talk about ten by now said tembo obscene electrical vehicle business that we acquired said back in november last year and move to one hundred percent ownership opened february this year so just to recap it focuses on customized and ruggedized applications including for the mining sector globally and that's very much been a focus of attention as far as serb securing borders the other sectors that we are practising our infrastructure which is where the tottenham deal and as well as utilities and government services we signed the a landmark deal with gbr also group in generate twenty twenty one as well that sir agreements sees to the auto were very well regarded israeli marketplace particular most the mining companies they are committing to purchase at least two thousand and ten even kids in the first four years of a seven year agreement with the minimum five hundred kids in the first year the steelers as i mentioned for is worth that up to us two hundred fifty million and pivo power and gd also are working very closely on a number of option is that so a second to close out the for the and financial year and sends a result serb the revenues contribution from tembo was a pretty small for the off the appearance of consulted revenues of zero point four mil reflect on the two months of flab contribution post the acquisition in october and that was primarily from delivery of existing oldest key launch and customers really his work is me lower your on due to operational disruption and delays in production and deliberate as a result of covered nineteen knockdowns in the netherlands and in the customer market small net loss for the period was a point five million driven by number of non recurring items work importantly has commenced on the next generation semi to kilowatt for our best platform and said the veto power on boarding and integration program commenced and is near completion at the time of the at the time of that the surface update that we are also live web a return a campaign to beef up the same and sims engineering capabilities
spk_5: a particular
spk_0: so movie along as again we've sat flags previously at the for the results presentation tempo really unable to beaver power to provide a holistic decarbonization solution which helps our customers to move towards achieving netzer a status and said the key elements of that as yes solution as would call it obviously deluxe vehicle secondly sites electrification including my progress and charging stations
spk_6: last but not least a battery life cycle management said
spk_0: program i see us is some fundamentally and it's by solution such comprises a full suite of hardware software and services that's a pompous better management systems telematics and beagle monitoring systems
spk_3: the hardware the form of vehicles the hardware in the form of micro grids and charging stations and batteries
spk_0: and sir this is ultimately where we are going to see the business of the vocab move towards as far as providing this wholistic solution that to our customers on that note sir i'm gonna talk a bit more about the battery partnership with tottenham hotspur which is enough today so this is a platform for a first full suite sts deal upset tottenham have engaged us to help them achieve net zero carbon status first of its kind deal with that with them and surge part of their drive to become and that zero carbon business and decarbonise both of the key infrastructure assets being there stadium in north london as well as the side of the ah training center not too far from the stadium and so are targeting actionable outcomes by the end of june tottenham recently named the premier league screen as club flown a strong a study carried out by bbc sport and the you and back sports positive summit it's also signatory of the you and sports for climate action framework so what will veto power be doing for tottenham we'll start off by evaluating with a view to supplying and stolen and signing and large solid state battery likely to be more than three megawatts at the stadium this will be the lots of any stadium or in in europe and the purposes to balance and guarantee the venue said power supply in addition to that so we are evaluating the potential to install a full suite sustainable energy solution at their training grounds so that will include rooftop solar panels battery storage custom microgrid capacity as well as electoral it's shutter to enabled either usage so that's a will run in parallel to the process with respect to the stadium also as as the club's official battery technology of powell benefits of from visibility on digital signage a tottenham hotspur her matches the be featured set in content on the club said popular social media channels which show last year that an audience reach of over four hundred thirty three million football fans so very excited by the steal it also it is our first deal in the uk market for as yes the uk is arguably the most attractive market for battery storage in the world at the moment so we are confident that the still a catalyst for their interest in what the power can offer a to other corporate sir in the uk he's to wrap up on the strategic an operational review add some other corporate developments that were completed serve in was the last six months so we established the and advisory council with worthless experience and relevant skills and so they are you know eggs michigan value and some sofa or growth plan practically for tembo and we've also added to the boards as such emma godfrey is based in london has joined us sub so she has extensive entrepreneurial experience some and flashed services technology media public policy and stability on the exactly front so we hired sir matthew nestor lose ourselves director for north america which is it which is a key market focus for us going forward gary challenge has joined us as director of stand obliged solutions were stranded zones and so would just recently hired a general counsel that announcement will be formally made shortly so team has been beefed up and so we expect to add for the highest in up in the me sam right pleased also said have been awarded the real leaders top fifty impacts awards and said be ranked forty seventh global a master one hundred and fifty leading companies that are i can't positive social or environmental impacts on the world so other brill their impact award winners include tesla patagonia as well as sub parents and see our wanna by virtue of the tempo acquisition we now have a presence in the you tube with the the netherlands of a sebring the base of the timbers activities at present we've also our plans or new offices in virginia the us well as toronto canada both palms to some of that was lodged mining infrastructure and utility companies and continue to note saying a strong presence in his job market so jumping to the financial review i'll cover that as well so just to recap revenues were down and for the half were twenty two point two mil versus thirty one point three million previous corresponding period as for the last heard that was very little by way of solid developments revenues and said ten both contribution to the half the results was really just two months and answer point four mil it's the revenue contribution there gross profit wise said this comes primarily from the critical pow services business in strength as mentioned before gg majnun improved but said it's still down overall vs said pride period are adjusted the the dot is sir one or ended at one point three million this is five point four male the corresponding period there are a number not a current costs that were and kurds are principally relating to the negation expenses involving the former ceo place to say that that's chapter has said has been concluded and serb we have cleared all those expenses related to that matter good basically p s the was negative three cents positive eight a cents in the previous period on an underlying basis said it's ten cents versus fourteen cents for the same periods and question i'll jump straight to the balance sheet summer so in terms of the balance sheets
spk_7: the key items note here is obviously the increase in unrestricted cash
spk_0: two point eight mil as at the end of june two seventeen point four million as at the end of december in addition to that so there's been a decrease in car liabilities as well as a decrease in long term liabilities and so that acid said improved and increase significantly principally as results of the equity capital raising that were completed sir in october last year that that has as as a result declines from twenty three point one million or two eight point three mil cause that's significantly improve the had profile of the company
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