VIVID TECHNOLOGY LIMITED ASX ANNOUNCEMENT, 24th October 2018
APPENDIX 4C
QUARTERLY CASH FLOW REPORT
HIGHLIGHTS
- $1.05m Customer Cash receipts Q1'19 ($0.92m Q1'18)
- $2.75m Received in proceeds from issue of Convertible Loans in the Quarter
- Repayment of the Moneytech trade finance facility
- Net Cash inflows for the Quarter of $0.44m
Vivid Technology Limited (ASX: VIV) Vivid Technology Limited (ASX: VIV) attaches its Appendix 4C (cash flow report) for the quarter ended 30 September 2018.
On the back of a 220% year on year growth of revenue in the 2018 financial year, Vivid Technology commenced the 2019 year with strong order book growth of over $2.2m of new orders closed in the first quarter.
From a cashflow reporting perspective, as outlined in prior quarterlies, the Company continues to see seasonality impacting Customer cash receipts, which were lower this quarter compared to the $2.9 million received in the prior quarter from the successful conversion of the strong order book reported throughout FY18. Customer receipts in the current quarter were additionally impacted by late paying customers at 30 September 2018, seeing >$0.4m of receipts being recorded in the first week of October 2018 to be reflected in 2Q'19 reporting. In addition to these late receipts, the Company also expects to receive a research and development rebate in 2Q'19.
As previously reported, the quarter saw a strong focus on enhancing the Company's working capital capacity to support the continuing growth in its business across LaaS product offerings and customer take-up, noting that this capital requirement is directly related to sales orders received. To this end, the Company completed the execution of two tranches of convertible loans to current shareholders (sophisticated lenders).
Vivid Technology Limited ABN: 60 120 710 625 ASX: VIV
Level 14, 500 Collins Street. Melbourne Vic 3000 | PO Box 24, Collins Street West, Vic 8007 T: +61 3 8625 0500 F: +61 3 9629 1624 E:info@Vividtechnology.com.au Vividtechnology.com.au
Total commitments under the two successfully completed convertible loan transactions was $2.8m with $2.75m being received as at 30 September with the balance of $0.05m received in early October. The commitments received under the loans offer from a core group of existing investors demonstrated the success the Company achieved in the FY18 year in revenue and sale order growth attributable to the progressive realisation of the business strategic growth plan.
The new funding arrangement enabled the Company to fully repay the Moneytech trade finance facility during the period. The Moneytech facility was deemed not to be of suitable capacity to meet the business near term growth requirements and did not allow the flexibility for expansion of the business core strategic growth plans.
Vivid Technology strong order book momentum of over $2.2m of new orders closed, will generate customer receipts over the coming quarters in addition to sales orders closed in the prior financial year that are in progress of being installed. These orders were won across a combination of both new customers and existing repeat customers across the Healthcare, Beverage and Logistic market segments.
Further to developing LaaS and the Origin LightingFlex (ASX Announcement 11 July 2018) product offerings, the Company is also assessing the commercial viability of establishing a separately funded operating vehicle to take the core LaaS hardware (and other associated) costs off balance sheet. This will negate the impact of these costs on the Vivid balance sheet whilst still maintaining a longer-term annuity income stream for the Company.
Samuel Marks, Managing Director of Vivid Technology noted that "Vivid Technology continues to build on the momentum experienced over the last financial year. The Company has entered a growth stage with customer traction and uptake and our focus is to ensure this is sustainable over many years to come. There continues to be, a significant effort by the team to develop solid foundations for this growth, including developing strong partnerships with our customers, establishing the right capital base and looking to ensure we continue to deliver unique and tangible efficiency savings for them".
- ENDS -
About Vivid Technology
Vivid Technology Limited is aB Corp™ certified, diversified, innovative Australian clean technology Company that delivers intelligent energy efficiency solutions and carbon reduction through IoT and CO2-to-fuel conversion technologies.
Vivid Technology has a range of patented clean tech solutions, including innovative and intelligent IoT Industry 4.0
MATRIXX® lighting platform. Vivid's MATRIXX® unique intelligent lighting control system combines a state of the art, human centric lighting system with unrivalled energy efficiency, reducing lighting energy costs by up to 90%. Delivering exceptionally high energy efficiency savings and carbon reductions, MATRIXX® captures and converts smart data to provide site intelligence for industrial and infrastructure sectors. Vivid's technology is easily installed and provides businesses the infrastructure for an IoT and industry 4.0 future. Vivid Technology is full turn key solutions partner.
Vivid Technology Limited is aB Corp™ certified Company, which highlights the Company's approach to driving business solutions with a strong corporate social responsibility.
Vivid Technology -www.vividtechnology.com.au
About Vivid Industrial
Vivid Industrial is a subsidiary of Vivid Technology, providing customised, intelligent and energy efficient cloud based solutions for industrial and infrastructure clients. The "internet of lights" and "cloud based monitoring" delivers quantifiable efficiencies and significant cost savings with environmentally sustainable benefits for businesses. Going beyond engineered design and installation, Vivid Industrial is a turnkey solutions business partner, offering solutions to suit custom lighting, cost and energy efficiency needs. Vivid Industrial is your complete intelligent lighting solutions partner with a base of blue chip, industrial companies.
Vivid Industrial -www.vividindustrial.com
About Vivid Ilumalite
Vivid Ilumalite specialising in creating highly effective, energy-saving and human centric LED lighting solutions, for commercial and government clients, that generate significant cost savings and reduce environmental impact. Ilumalite, has a reputation as a highly regarded and valued turnkey solutions partner who delivers exceptional tailored lighting results.
Vivid Ilumalite -www.vividilumalite.com
About NewCO2Fuels
NewCO2Fuels is a subsidiary of Vivid Technology. NewCO2Fuels' cutting-edge technology profitably converts CO2 into multi-purpose fuels (Diesel, Methanol or Hydrogen) and Oxygen.
NewCO2Fuels -www.newco2fuels.co.il
For Further Information Contact
Raphael Fiorini
Chief Commercial Officer Vivid Technology LTD
T: +61 3 8625 0500 | M: +61 405 316 706 E:Raphael.Fiorini@Vividtechnology.com.au
Nadya Krienke-Becker
Chief Marketing Officer Vivid Technology LTD
T: +61 3 8625 0500 | M: +61 414 672 863
E:Nadya.KrienkeBecker@Vividtechnology.com.au
Media Toolkit
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Appendix 4C
Quarterly report for entities subject to Listing Rule 4.7B
Appendix 4C
+Rule 4.7B
Quarterly report for entities subject to Listing Rule 4.7B
Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10, 01/09/16
Name of entity
VIVID TECHNOLOGY LIMITED
ABN
60 120 710 625
Quarter ended ("current quarter")
30 September 2018
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
| 1,052 (33) (1,379) (5) - (1,060) (359) - 1 (10) - - - | 1,052 (33) (1,379) (5) - (1,060) (359) - 1 (10) - - |
(1,793) | (1,793) |
2.
Cash flows from investing activities
2.1
Payments to acquire:
+ See chapter 19 for defined terms 1 September 2016
(a) property, plant and equipment | (3) | (3) |
(b) businesses (see item 10) | - | - |
(c) investments | (54) | (54) |
Page 1 |
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Disclaimer
Vivid Technology Limited published this content on 24 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 October 2018 01:02:01 UTC
