Environmental Clean Technologies Limited (ASX:ESI) attaches the Company’s Financial Report for the year ended 30 June 2016.
In the attached Financial Report, you will find a wealth of detail outlining the Company’s status; financial results, governance status, remuneration detail and so on.
The document is important, and the Board of ECT encourages you to read it in its entirety.
Highlights within the report that should be noted are:
- Revenues up – initial sales program resulting from operational outputs during testing works (adding impetus to the HVTF* program), as well as consulting revenues
- EBITDA loss decreased year on year by $164k, driven largely by non-cash adjustments.
- Depreciation expense higher due to full year of Matmor Test plant assets depreciation (claimable under AusIndustry R&D Incentive scheme)
- Core company expenditure areas (Corporate, Legal, Employee costs, Sales & Marketing, Engineering & Plant costs, Occupancy and Travel & Accommodation) decreased year on year, despite inclusion of additional expenditures relating to Bacchus Marsh upgrade preparatory expense and Indian project work ramp up
*HVTF – High Volume Test Facility
Download (PDF): ECT Financial Report 2016