August 2019

AWN reports annual results for year ended 30 June 2019

Strong group revenue growth with EBITDA improvement

Group balance sheet strengthened with increase in net cash

VivoPower results improved due to strong growth in Aevitas businesses

EdventureCo results significantly ahead of budgets as are strategic plans

Highlights from AWN's FY2021 results:

Statutory operating revenue up 36% year on year (YoY) to $109.5m; underlying operating revenue up 31% YoY to $108.4m
Statutory EBITDA improved 86% YoY to $3.7m loss; underlying consolidated group EBITDA improved 73% to $1.5m loss
Results reflect growth in underlying revenue and EBITDA contribution from all business units (except for Funds Management)
Group cash position increased materially to $17.6m as at 30 June 2019 (30 June 2018: $5.0m)
Group net cash has also increased significantly to $8.5m as at 30 June 2019 (30 June 2018: net debt of $1.0m)
Statutory NTA of $0.10 per share (30 June 18: $0.16 per share); underlying NTA of $0.45 per share (30 June 2018: $0.51 per share)
VivoPower grew revenues by 29% YoY driven by record contributions from the Aevitas businesses
VivoPower’s statutory EBITDA loss of ($7.2m) improved 69% YoY due to strong EBITDA growth from Aevitas business unit and a focus on reduction in corporate and solar overheads.
Sale of VivoPower’s 50% stake in the 1.8GW ISS JV progressing in accordance with value maximisation plan
EdventureCo grew revenues by 67% YoY to $42.7m due to underlying growth and full period contribution from DDLS acquisition
EdventureCo statutory EBITDA improved by $4.4m YoY ($0.4m in prior period to $4.8m for year ended 30 June 2019)
Expansion into the ASEAN region has commenced with first revenue generating courses delivered in Philippines in August 2019

Further information:

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