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RECTIFIER TECHNOLOGIES LTD — Interim / Quarterly Report 2025
Feb 27, 2025
65691_rns_2025-02-27_198ac600-3180-4c8d-96ad-58f3b8399f72.pdf
Interim / Quarterly Report
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Rectifier Technologies Ltd and Controlled Entities Appendix 4D Half-year report
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1. Company details
Name of entity: Rectifier Technologies Ltd ACN: 058 010 692 Reporting period: For the half-year ended 31 December 2024 Previous period: For the half-year ended 31 December 2023
2. Results for announcement to the market
| $ | |||
|---|---|---|---|
| Revenues from ordinary activities | up | 39.3% to | 10,078,355 |
| Profit from ordinary activities after tax attributable to the owners of | |||
| Rectifier Technologies Ltd | up | 141.9% to | 882,868 |
| Profit for the half-year attributable to the owners of Rectifier Technologies | |||
| Ltd | up | 141.9% to | 882,868 |
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The profit for the consolidated entity after providing for income tax amounted to $882,868 (31 December 2023: loss of $2,107,839).
The consolidated entity reported an increase in the revenue by approximately 39.3% to $10,078,355 from $7,234,646 in the previous reporting period. Refer to the Directors report for commentary.
3. Net tangible assets
| Net tangible assets per ordinary security | Reporting period Cents 1.231 |
Previous period Cents 1.000 |
|---|---|---|
The net tangible assets calculation includes rights-of-use assets of $600,642 (31 Dec 2023: $594,244) and the corresponding lease liabilities of $640,000 (31 Dec 2023: $644,115).
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
Rectifier Technologies Ltd and Controlled Entities Appendix 4D Half-year report
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7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report.
11. Attachments
Details of attachments (if any):
The Interim Report of Rectifier Technologies Ltd for the half-year ended 31 December 2024 is attached.
12. Signed
Authorised by the Board of Directors.
Signed _________
Date: 28 February 2025
Mr (Zorn Wong) Zong Xu Wang Director Melbourne
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Rectifier Technologies Ltd and Controlled Entities ACN 058 010 692
Interim Report - 31 December 2024
| Rectifier Technologies Ltd and Controlled Entities | |
|---|---|
| Contents | |
| 31 December 2024 | |
| Corporate directory | 2 |
| Directors' report | 3 |
| Auditor's independence declaration | 5 |
| Consolidated statement of profit or loss and other comprehensive income | 6 |
| Consolidated statement of financial position | 7 |
| Consolidated statement of changes in equity | 8 |
| Consolidated statement of cash flows | 9 |
| Notes to the consolidated financial statements | 10 |
| Directors' declaration | 16 |
| Independent auditor's review report to the members of Rectifier Technologies Ltd | 17 |
1
Rectifier Technologies Ltd and Controlled Entities Corporate directory 31 December 2024
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| Directors | Dr. Mu Deng |
|---|---|
| Mr. (Zorn Wong) Zong Xu Wang | |
| Mr. Trevor Fox | |
| Mr. Philippe Compagnon | |
| Mr. Jeffrey Chu | |
| Company secretary | Ms. Xuekun Li |
| Registered office | 97 Highbury Road |
| BURWOOD, VIC 3125 | |
| Telephone: + 61 3 9896 7550 | |
| Facsimile: + 61 3 9896 7566 | |
| Share register | Computershare Investor Services Pty Ltd |
| 452 Johnston Street | |
| ABBOTSFORD, VIC 3067 | |
| Telephone: 1300 137 328 | |
| Auditor | Grant Thornton Audit Pty Ltd |
| Collins Square, Tower 5 | |
| 727 Collins Street | |
| MELBOURNE, VIC 3008 | |
| Bankers | ANZ Banking Group Limited |
| 10 Main Street BOX HILL, VIC 3128 | |
| Westpac Banking Corporation | |
| 39-41 Hamilton Place, MOUNT WAVERLEY, VIC 3149 | |
| Stock exchange listing | Rectifier Technologies Ltd shares are listed on the Australian Securities Exchange |
| (ASX code: RFT) | |
| Website | https://www.rectifiertechnologies.com/ |
2
Rectifier Technologies Ltd and Controlled Entities Directors' report 31 December 2024
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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Rectifier Technologies Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024.
Directors
The following persons were directors of Rectifier Technologies Ltd during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
-
Dr. Mu Deng Mr. (Zorn Wong) Zong Xu Wang
-
Mr. Trevor Fox
-
Mr. Philippe Compagnon
Mr Jeffrey Chu (appointed on 18 July 2024)
- Mr. Ying Ming Wang (retired as Chairman on 7 June 2024 and resigned as director on 18 July 2024)
Principal activities
The principal activities of the consolidated entity were the design and manufacture of high efficiency power rectifiers, and the production of electronic and specialised magnetic components.
Review of operations
The profit for the consolidated entity after providing for income tax amounted to $882,868 (31 December 2023: loss of $2,107,839).
The consolidated entity reported an increase in revenue by approximately 39.3% to $10,078,355 from $7,234,646 in the previous reporting period.
The consolidated entity achieved a remarkable turnaround, moving from a net loss of $2,107,839 in the prior half-year ended 31 December 2023 to a net profit of $882,868 in the current half-year ended 31 December 2024.
During the first half of the current financial year, the consolidated entity consistently generated profits. While there was a temporary slowdown due to delays in constructing EV charger infrastructure, which impacted charger deployments, the consolidated entity remains optimistic that this represents a short-term setback. Encouraging signs of market recovery are already emerging.
Additionally, despite one of the consolidated entity's major customers undergoing a change in ownership and management, the consolidated entity is confident that the new leadership team is honouring the current open orders for this product.
With the support of the new management team, the consolidated entity continues to make steady progress toward enhancing production. Manufacturing processes have become more efficient, delivering higher quality outputs and the potential for increased volumes. The successful implementation of the EPR system across the group has further enhanced operational transparency, equipping the management team with real-time data to drive more efficient operations and make well-informed decisions.
Outlook
The consolidated entity will continue developing next-generation EV charging modules with higher power density, greater efficiency, and improved reliability in a cost-effective manner. RT22 G3 prototypes to reduce product costs are expected to be ready for customer validation by the end of Q1 2025, with full-scale production planned for Q3 2025.
Continued engineering efforts have focused on the RT21 High-Voltage Input Rectifier to improve efficiency and EMC performance. 48V prototypes for customer validation are expected by March 2025, with volume production planned to commence in Q2 2025.
The consolidated entity's manufacturing strategy focuses on efficiency, capacity expansion, and quality enhancement. Under the leadership of the new management team, key initiatives are being implemented to strengthen operations and drive sustainable growth.
This includes expanding subcontracting to maximize efficiency and agility by leveraging external expertise to enhance productivity and strategic investments in automation to streamline operations, minimize errors, and ensure greater consistency in production processes. These advancements will increase capacity, elevate product quality, and reinforce operational excellence.
3
Rectifier Technologies Ltd and Controlled Entities Directors' report 31 December 2024
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Additionally, the successful implementation of an ERP system across the entities has transformed our operational transparency. With real-time data at our fingertips, management can make faster, data-driven decisions that enhance efficiency and drive continuous improvement.
The consolidated entity continues to explore opportunities in Battery and Energy Management Systems (BMS and EMS) and potential projects in Southeast Asia, while evaluating the expansion of its business into system solutions through proprietary innovations and partnerships with global suppliers.
In conclusion, the consolidated entity remains focused on the E-Mobility sector while exploring new opportunities in the energy market. The consolidated entity's strategic product development priorities will continue to align with market demands, ensuring sustained growth and long-term success.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
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_________Mr (Zorn Wong) Zong Xu Wang Director
28 February 2025 Melbourne
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Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222
Auditor’s Independence Declaration
To the Directors of Rectifier Technologies Limited
In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of Rectifier Technologies Limited for the half-year ended 31 December 2024. I declare that, to the best of my knowledge and belief, there have been:
- a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
b no contraventions of any applicable code of professional conduct in relation to the review.
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Grant Thornton Audit Pty Ltd Chartered Accountants
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T S Jackman Partner – Audit & Assurance Melbourne, 28 February 2025
www.grantthornton.com.au ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.
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Rectifier Technologies Ltd and Controlled Entities Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024
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| Note Revenue 4 Other income 5 Interest revenue calculated using the effective interest method Expenses Changes in inventories Raw materials and consumables used Employee benefits expense Professional and compliance expense Depreciation and amortisation expense Share-based payments expense 12 Other expenses Finance costs Profit/(loss) before income tax (expense)/benefit Income tax (expense)/benefit Profit/(loss) after income tax (expense)/benefit for the half-year attributable to the owners of Rectifier Technologies Ltd Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Rectifier Technologies Ltd Basic earnings per share 11 Diluted earnings per share 11 |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 10,078,355 7,234,646 1,418,697 9,450 83,755 41,878 433,356 (2,581,527) (5,771,587) (150,602) (3,206,830) (4,111,261) (1,083,661) (674,279) (510,964) (516,418) - (432,900) (632,005) (757,387) (128,071) (143,295) |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 10,078,355 7,234,646 1,418,697 9,450 83,755 41,878 433,356 (2,581,527) (5,771,587) (150,602) (3,206,830) (4,111,261) (1,083,661) (674,279) (510,964) (516,418) - (432,900) (632,005) (757,387) (128,071) (143,295) |
|---|---|---|
| 681,045 201,823 |
(2,081,695) (26,144) |
|
| 882,868 692,997 |
(2,107,839) 18,434 |
|
| 692,997 | 18,434 | |
| 1,575,865 | (2,089,405) | |
| Cents 0.06 0.06 |
Cents (0.15) (0.15) |
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
6
Rectifier Technologies Ltd and Controlled Entities Consolidated statement of financial position As at 31 December 2024
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| Note Assets Current assets Cash and cash equivalents Trade and other receivables Inventories 6 Current tax assets Total current assets Non-current assets Property, plant and equipment Right-of-use assets Intangibles Deferred tax Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 7 Contract liabilities Borrowings Lease liabilities Current tax liabilities Employee benefits Provisions Total current liabilities Non-current liabilities Contract liabilities Borrowings Lease liabilities Deferred tax Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital Reserves 8 Accumulated losses Total equity |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 4,782,811 7,343,079 3,204,260 3,305,862 14,507,662 14,423,407 861,648 706,280 |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 4,782,811 7,343,079 3,204,260 3,305,862 14,507,662 14,423,407 861,648 706,280 |
|---|---|---|
| 23,356,381 | 25,778,628 | |
| 5,169,753 600,642 106,981 1,988,990 |
5,008,504 417,905 109,030 823,698 |
|
| 7,866,366 | 6,359,137 | |
| 31,222,747 | 32,137,765 | |
| 6,565,406 208,189 162,811 301,231 1,242,033 796,275 241,349 |
9,005,460 552,927 141,563 208,414 1,351,692 849,280 179,889 |
|
| 9,517,294 | 12,289,225 | |
| 23,289 2,216,349 338,769 239,495 54,836 |
83,237 2,040,229 254,183 166,987 47,054 |
|
| 2,872,738 | 2,591,690 | |
| 12,390,032 | 14,880,915 | |
| 18,832,715 | 17,256,850 | |
| 40,134,175 1,024,022 (22,325,482) |
40,134,175 559,175 (23,436,500) |
|
| 18,832,715 | 17,256,850 |
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
7
Rectifier Technologies Ltd and Controlled Entities Consolidated statement of changes in equity For the half-year ended 31 December 2024
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| Consolidated Balance at 1 July 2023 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments (note 12) Balance at 31 December 2023 Consolidated Balance at 1 July 2024 Profit after income tax benefit for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Lapsed options transferred to accumulated losses Balance at 31 December 2024 |
Issued capital $ 40,072,575 - - |
Reserves $ 114,934 - 18,434 |
Accumulated losses $ (24,183,979) (2,107,839) - |
Total equity $ 16,003,530 (2,107,839) 18,434 |
|---|---|---|---|---|
| - 61,600 - |
18,434 - 432,900 |
(2,107,839) - - |
(2,089,405) 61,600 432,900 |
|
| 40,134,175 | 566,268 | (26,291,818) | 14,408,625 | |
| Issued capital $ 40,134,175 - - |
Reserves $ 559,175 - 692,997 |
Accumulated losses $ (23,436,500) 882,868 - |
Total equity $ 17,256,850 882,868 692,997 |
|
| - - |
692,997 (228,150) |
882,868 228,150 |
1,575,865 - |
|
| 40,134,175 | 1,024,022 | (22,325,482) | 18,832,715 |
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
8
Rectifier Technologies Ltd and Controlled Entities Consolidated statement of cash flows For the half-year ended 31 December 2024
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| Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Finance costs Income taxes paid Net cash from/(used in) operating activities Cash flows from investing activities Payments for plant and equipment Payments for intangibles Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Proceeds from borrowings Repayment of borrowings Repayment of lease liabilities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial half-year |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 9,850,820 8,642,450 (11,437,733) (5,604,957) 83,755 41,878 (128,071) (143,295) (1,255,329) (416,962) |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 9,850,820 8,642,450 (11,437,733) (5,604,957) 83,755 41,878 (128,071) (143,295) (1,255,329) (416,962) |
|---|---|---|
| (2,886,558) | 2,519,114 | |
| (12,586) - |
(461,500) (6,071) |
|
| (12,586) | (467,571) | |
| - - (73,556) (112,276) |
61,600 7,327,132 (11,539,828) (124,200) |
|
| (185,832) | (4,275,296) | |
| (3,084,976) 7,343,079 524,708 |
(2,223,753) 6,348,867 66,070 |
|
| 4,782,811 | 4,191,184 |
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
9
Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 1. General information
The financial statements cover Rectifier Technologies Ltd as a consolidated entity consisting of Rectifier Technologies Ltd ('company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year (the 'consolidated entity'). The financial statements are presented in Australian dollars, which is Rectifier Technologies Ltd's functional and presentation currency.
Rectifier Technologies Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:
97 Highbury Road Burwood, VIC 3125
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 28 February 2025.
Note 2. Material accounting policy information
These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.
These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity during the financial half-year ended 31 December 2024 and are not expected to have significant impact for the full financial year ending 30 June 2025.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Note 3. Operating segments
Identification of reportable operating segments
The consolidated entity is organised into 4 operating segments as described below. These operating segments are based on the internal reports that are reviewed and used by the executive management committee (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. The executive management committee considers the business from both a product and geographic perspective and assesses performance and allocates resources on this basis. There is no aggregation of operating segments.
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Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 3. Operating segments (continued)
| Segment | Description |
|---|---|
| Electronic Components | Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd which is |
| based in Malaysia manufacture electronic components for a number of industries. | |
| Industrial Power Supplies | Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd |
| (Electricity generation/ | manufacture and distribute rectifiers, controllers, accessories and complete systems for the |
| distribution and Defence) | power generation, distribution industries and defence. Rectifier Technologies Singapore Pte |
| ('E&D') | Ltd only focuses on distribution. |
| Industrial Power Supplies | Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd |
| (Transport and | manufacture and distribute power supplies for the transport industries and |
| Telecommunication) ('T&T') | telecommunications. Rectifier Technologies Singapore Pte Ltd only focuses on distribution. |
| Industrial Power Supplies | Rectifier Technologies Pacific Pty Ltd, Rectifier Technologies Singapore Pte Ltd and Rectifier |
| (Electric vehicles) ('EV') | Technologies Malaysia Sdn Bhd manufacture and distribute electric vehicle charges, battery |
| charges and power supplies for a number of industries. Rectifier Technologies Singapore Pte | |
| Ltd only focuses on distribution. |
The CODM reviews earnings before interest, tax, depreciation and amortisation ('EBITDA'). This measure excludes nonrecurring expenditure such as restructuring costs, impairments and share-based payments as well as interest revenue and interest expense and other items which are considered part of the corporate treasury function. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.
The information reported to the CODM is on a monthly basis. Refer to note 4 for geographic information.
Intersegment transactions
Intersegment transactions were made at market rates. Inter-segment revenue comprises sales between segments which are on arm's length terms. Intersegment transactions are eliminated on consolidation.
Intersegment receivables, payables and loans
Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation.
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Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 3. Operating segments (continued)
Operating segment information
| Consolidated - 31 Dec 2024 Revenue Sales to external customers Intersegment sales Total revenue EBITDA Depreciation and amortisation Finance costs Profit before income tax benefit Income tax benefit Profit after income tax benefit Assets Segment assets Total assets Liabilities Segment liabilities Total liabilities Consolidated - 31 Dec 2023 Revenue Sales to external customers Total revenue EBITDA Depreciation and amortisation Finance costs Loss before income tax expense Income tax expense Loss after income tax expense Consolidated - 30 Jun 2024 Assets Segment assets Total assets Liabilities Segment liabilities Total liabilities |
Electronic components $ 43,877 19,643 |
Industrial power supplies (E&D) $ 2,524,518 1,176,593 |
Industrial power supplies (T&T) $ 120 60 |
Industrial power supplies (EV) $ 7,509,840 6,424,125 |
Eliminations/ Corporate $ - (7,620,421) |
Total $ 10,078,355 - |
|---|---|---|---|---|---|---|
| 63,520 | 3,701,111 | 180 | 13,933,965 | (7,620,421) | 10,078,355 | |
| 8,349 | 615,990 | 23 | 1,424,743 | (707,521) | 1,341,584 (510,964) (128,071) |
|
| 245,475 | 18,112,077 | 670 | 41,892,011 | (29,005,982) | ||
| 702,549 201,823 |
||||||
| 904,372 | ||||||
| 31,244,251 | ||||||
| 170,875 | 12,607,769 | 466 | 29,160,918 | (29,549,996) | 31,244,251 | |
| 12,390,032 | ||||||
| Electronic components $ 12,984 |
Industrial power supplies (E&D) $ 2,452,834 |
Industrial power supplies (T&T) $ 645,226 |
Industrial power supplies (EV) $ 4,123,602 |
Eliminations/ Corporate $ - |
12,390,032 | |
| Total $ 7,234,646 |
||||||
| 12,984 | 2,452,834 | 645,226 | 4,123,602 | - | 7,234,646 | |
| 1,373 | 259,534 | 68,271 | 436,318 | (2,187,478) | (1,421,982) (516,418) (143,295) |
|
| 803,078 | 12,439,330 | 3,382,633 | 40,576,623 | (25,063,899) | ||
| (2,081,695) (26,144) |
||||||
| (2,107,839) | ||||||
| 32,137,765 | ||||||
| 564,608 | 8,745,536 | 2,378,178 | 28,527,605 | (25,335,012) | 32,137,765 | |
| 14,880,915 | ||||||
| 14,880,915 |
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Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 4. Revenue
| Sale of goods After sales services Sale of extended warranties Revenue Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: Geographical regions Australia Asia North America South America Europe Oceania Timing of revenue recognition Goods transferred at a point in time |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 9,669,125 7,195,615 2,246 39,031 406,984 - |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 9,669,125 7,195,615 2,246 39,031 406,984 - |
|---|---|---|
| 10,078,355 | 7,234,646 | |
| Consolidated 31 Dec 2024 31 Dec 2023 $ $ 708,392 1,172,365 1,147,078 1,369,996 154,327 2,602,739 2,759 5,363 8,065,799 2,074,575 - 9,608 |
||
| 10,078,355 | 7,234,646 | |
| 10,078,355 | 7,234,646 |
Note 5. Other income
| Net foreign exchange gain Government grants Other Other income Note 6. Inventories Current assets Raw materials - at cost Work in progress - at cost Finished goods - at cost |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 1,401,905 - 2,292 8,875 14,500 575 |
Consolidated 31 Dec 2024 31 Dec 2023 $ $ 1,401,905 - 2,292 8,875 14,500 575 |
|---|---|---|
| 1,418,697 | 9,450 | |
| Consolidated 31 Dec 2024 30 Jun 2024 $ $ 9,127,735 9,786,214 717,821 319,074 4,662,106 4,318,119 |
||
| 14,507,662 | 14,423,407 |
Inventories are recognised net of a provision for obsolescence of $629,228 (30 June 2024: $541,451) as at 31 December 2024.
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Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 7. Trade and other payables
| Current liabilities Trade payables Customer deposits Sundry creditors and accrued expenses |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 402,201 1,173,924 5,562,217 6,765,160 600,988 1,066,376 |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 402,201 1,173,924 5,562,217 6,765,160 600,988 1,066,376 |
|---|---|---|
| 6,565,406 | 9,005,460 |
Note 8. Reserves
| Foreign currency reserve Share-based payments reserve |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 819,272 126,275 204,750 432,900 |
Consolidated 31 Dec 2024 30 Jun 2024 $ $ 819,272 126,275 204,750 432,900 |
|---|---|---|
| 1,024,022 | 559,175 |
Movements in reserves
Movements in each class of reserve during the current financial half-year are set out below:
| Consolidated Balance at 1 July 2024 Foreign currency translation Lapsed options transferred to accumulated losses Balance at 31 December 2024 |
Foreign currency reserves $ 126,275 692,997 - |
Share-based payments $ 432,900 - (228,150) |
Total $ 559,175 692,997 (228,150) |
|---|---|---|---|
| 819,272 | 204,750 | 1,024,022 |
Note 9. Dividends
There were no dividends paid, recommended or declared during the current or previous financial half-year.
Note 10. Contingent liabilities
The consolidated entity had no contingent liabilities as at 31 December 2024 and 30 June 2024.
Note 11. Earnings per share
| Profit/(loss) after income tax attributable to the owners of Rectifier Technologies Ltd | Consolidated 31 Dec 2024 31 Dec 2023 $ $ 882,868 (2,107,839) |
|---|---|
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Rectifier Technologies Ltd and Controlled Entities Notes to the consolidated financial statements 31 December 2024
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Note 11. Earnings per share (continued)
| Weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Options over ordinary shares Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share |
Number 1,382,780,602 23,260,000 |
Number 1,381,089,950 - |
|---|---|---|
| 1,406,040,602 | 1,381,089,950 | |
| Cents 0.06 0.06 |
Cents (0.15) (0.15) |
Note 12. Share-based payments
A share option plan has been established by the consolidated entity and approved by shareholders at a general meeting, whereby the consolidated entity may, at the discretion of the Board, grant options over ordinary shares in the Company to certain key management personnel of the consolidated entity. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Board.
| Outstanding at the beginning of the financial half-year Granted Exercised Expired Outstanding at the end of the financial half-year |
Number of options Weighted average fair value 31 Dec 2024 31 Dec 2024 42,760,000 $0.0550 - $0.0000 - $0.0000 (19,500,000) $0.0600 23,260,000 $0.0550 |
Number of options Weighted average exercise price 31 Dec 2023 31 Dec 2023 8,840,000 $0.0150 37,000,000 $0.0600 (3,080,000) $0.0200 - $0.0000 42,760,000 $0.0540 |
|---|---|---|
Note 13. Events after the reporting period
No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
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Rectifier Technologies Ltd and Controlled Entities Directors' declaration 31 December 2024
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In the directors' opinion:
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the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;
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the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2024 and of its performance for the financial half-year ended on that date; and
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there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
On behalf of the directors
_________Mr (Zorn Wong) Zong Xu Wang Director
28 February 2025 Melbourne
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Independent Auditor’s Review Report
Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222
To the Members of Rectifier Technologies Limited
Report on the half year financial report
Conclusion
We have reviewed the accompanying half year financial report of Rectifier Technologies Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2024, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half year ended on that date, including material accounting policy information, other selected explanatory notes, and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Rectifier Technologies Limited does not comply with the Corporations Act 2001 including:
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a giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the half year ended on that date; and
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b complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
www.grantthornton.com.au ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.
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Directors’ responsibility for the half-year financial report
The Directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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Grant Thornton Audit Pty Ltd Chartered Accountants
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T S Jackman Partner – Audit & Assurance Melbourne, 28 February 2025
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Grant Thornton Audit Pty Ltd