VINYL GROUP LTD — Annual Report 2016

Aug 30, 2016

ASX AND MEDIA RELEASE CODE: Date: 31 August 2016 MBO

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MBO yields positive operating cash flow in FY2016

• § Operating cash flows for the year of $0.5M

Perth, Western Australia : Global marine safety equipment provider, Mobilarm Limited (ASX: MBO) (“The Company”) today reported full year results for the year ended 30 June 2016. Mobilarm reported positive operating cash flows of $498,168 on revenues of $6,632,791.

Ken Gaunt, Mobilarm’s Chief Executive Officer, commented: “The investment in our rental program helped yield positive cash flows this year and puts the company in a position to grow next year.”

Mobilarm’s Chief Financial Officer, Jorge Nigaglioni, commented: “The shift to our rental and service model, yielded $2.9M in revenues during the year, stabilizing our year over year results. We aim to maximize the return of our investment in rental stock.”

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---

Ken Gaunt Chief Executive Officer

Perth, Western Australia 31 August 2016

Further details

Ken Gaunt

Chief Executive Officer

Email: keng@mrtsos.com Tel.: +61 417 961 770 Tel.: +44 782 731 4442

TEL. +61 8 9315 3511 MOBILARM LIMITED (ABN 15 106 513 580) WWW.MOBILARM.COM 2/33 ROBERTS STREET OSBORNE PARK WA 6017 / PO BOX 1837 OSBORNE PARK DC WA 6916

APPENDIX 4E

Full Year Report 30 June 2014

MOBILARM LIMITED

ACN 106 513 580

Results for announcement to the market

Results for announcement	to the market
		June 2016		June 2015
Financial Results	Movement	$		$
Revenue from ordinaryactivities	-1%	6,632,791		6,692,065
Profit/(loss) from ordinary activities after tax attributable to members	-40%	(1,129,614)		(807,086)
Netprofit/(loss)for theperiod attributable to members	-40%	(1,129,614)		(807,086)
Dividends	Amount per OrdinarySecurity		Franked amount per security
2014 dividend	Nil		-
2013 dividend	Nil		-
Record date for determiningentitlements to interim dividends	N/A
**Net Tangible Asset/(Liability) Backing **	June 2016		June 2015
Net tangible asset/(liability) backing per ordinary security – cents per share	0.0		0.1

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MOBILARM LIMITED

PRELIMINARY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016

Note Revenue Sale of goods & services Rental revenue Cost of units sold Depreciation of units under rental Interest income Other income Employee benefits Share based compensation expense Depreciation and amortisation Advertising Audit and tax Accountancy Freight and cartage External consultants and contractors Rental Travel and accommodation Allowance for doubtful debts Legal fees Telephone and internet charges Insurance Printing, postage and stationery Motor vehicles expenses Finance costs Property letting fees Rates and land tax Information technology costs Foreign exchange (loss)/gain Impairment of capitalised development costs Impairment of units under rental Other expenses Loss before income tax (carried forward) Income tax (expense)/benefit Loss after income tax from continuing operations	Mobilarm Limited 2016 2015 $ $ 5,520,948 5,860,627 1,111,843 831,438 6,632,791 6,692,065 (1,467,154) (1,328,590) (219,966) (149,765) (1,687,120) (1,478,355) 4,945,671 5,213,710 16,317 14,045 72,424 26,301 (2,031,849) (2,154,793) (413,394) (332,018) (411,380) (629,765) (29,219) (81,009) (98,815) (86,766) (29,361) (29,697) (200,574) (158,831) (358,257) (486,019) (213,166) (180,478) (507,574) (522,736) 8,354 48,055 (185,727) (346,386) (72,527) (84,719) (102,730) (61,360) (42,531) (47,151) (96,520) (93,005) (461,878) (247,296) (26,814) (41,969) (96,666) (75,215) (122,628) (80,425) (43,585) 241,945 - (4,395) (150,546) - (390,506) (439,870) (1,043,481) (639,847) (86,133) (167,239) (1,129,614) (807,086)	Mobilarm Limited 2016 2015 $ $ 5,520,948 5,860,627 1,111,843 831,438 6,632,791 6,692,065 (1,467,154) (1,328,590) (219,966) (149,765) (1,687,120) (1,478,355) 4,945,671 5,213,710 16,317 14,045 72,424 26,301 (2,031,849) (2,154,793) (413,394) (332,018) (411,380) (629,765) (29,219) (81,009) (98,815) (86,766) (29,361) (29,697) (200,574) (158,831) (358,257) (486,019) (213,166) (180,478) (507,574) (522,736) 8,354 48,055 (185,727) (346,386) (72,527) (84,719) (102,730) (61,360) (42,531) (47,151) (96,520) (93,005) (461,878) (247,296) (26,814) (41,969) (96,666) (75,215) (122,628) (80,425) (43,585) 241,945 - (4,395) (150,546) - (390,506) (439,870) (1,043,481) (639,847) (86,133) (167,239) (1,129,614) (807,086)
		6,692,065
		(1,328,590) (149,765)
		(1,478,355)
		5,213,710
		14,045 26,301 (2,154,793) (332,018) (629,765) (81,009) (86,766) (29,697) (158,831) (486,019) (180,478) (522,736) 48,055 (346,386) (84,719) (61,360) (47,151) (93,005) (247,296) (41,969) (75,215) (80,425) 241,945 (4,395) - (439,870)
		(639,847) (167,239)
		(807,086)

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Loss after income tax from continuing operations Other comprehensive income Changes in value of available-for-sale investments, net of tax Total comprehensive loss for the period Basic earnings per share (cents per share) (9) Diluted earnings per share (cents per share) (9)	(1,129,614) (586,908) (1,716,522) (0.2) (0.2)	(807,086) 284,736
		(522,350)
		(0.2)
		(0.2)

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MOBILARM LIMITED

PRELIMINARY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

Note CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories (3) Other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Plant and equipment (4) Intangible assets and Goodwill (5) Non-current financial assets (6) TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Interest bearing loans and borrowings (7) Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions Interest bearing loans and borrowings (7) TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity (8) Accumulated Losses Reserves (8) TOTAL EQUITY	Mobilarm Limited 2016 2015 $ $ 2,374,025 1,487,957 994,415 1,454,299 2,003,610 2,465,568 596,942 770,782 5,968,992 6,178,606 779,010 1,092,060 2,671,393 3,001,681 500,000 - 3,950,403 4,093,741 9,919,395 10,272,347 1,631,977 1,702,107 3,136,641 974,809 124,854 158,722 4,893,472 2,835,638 57,016 39,281 - 2,040,886 57,016 2,080,167 4,950,488 4,915,805 4,968,907 5,356,542 30,601,809 29,686,317 (26,810,634) (25,681,020) 1,177,732 1,351,245 4,968,907 5,356,542	Mobilarm Limited 2016 2015 $ $ 2,374,025 1,487,957 994,415 1,454,299 2,003,610 2,465,568 596,942 770,782 5,968,992 6,178,606 779,010 1,092,060 2,671,393 3,001,681 500,000 - 3,950,403 4,093,741 9,919,395 10,272,347 1,631,977 1,702,107 3,136,641 974,809 124,854 158,722 4,893,472 2,835,638 57,016 39,281 - 2,040,886 57,016 2,080,167 4,950,488 4,915,805 4,968,907 5,356,542 30,601,809 29,686,317 (26,810,634) (25,681,020) 1,177,732 1,351,245 4,968,907 5,356,542
		6,178,606
		1,092,060 3,001,681 -
		4,093,741
		10,272,347
		1,702,107 974,809 158,722
		2,835,638
		39,281 2,040,886
		2,080,167
		4,915,805
		5,356,542
		29,686,317 (25,681,020) 1,351,245
		5,356,542

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MOBILARM LIMITED

PRELIMINARY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016

As at 30 June 2014 Net loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners Costs of share issues Currency translation reserve Share based payments – Performance Shares Share based payments – Performance Shares Rights Share based payments – Stock Options As at 30 June 2015 Net loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners Issue of equity Costs of share issues Currency translation reserve Share based payments – Performance Shares Rights Share based payments – Stock Options As at 30 June 2016	Issued Capital $ 27,790,295 - - - (120,000) 242 1,777 - - 29,686,317 - - - 980,239 (64,500) (247) - - 30,601,809	Accumulated Losses $ (24,873,934) (807,086) - (807,086) - - - - - (25,681,020) (1,129,614) - (1,129,614) - - - - - (26,810,634)	Stock Option Reserve $ 335,187 - - - - - - 84,776 245,458 835,882 - - - - - - 309,216 104,179 1,249,277	Currency Translation Reserve $ - - 284,736 284,736 - - - - - 515,363 - (586,908) (586,908) - - - - - (71,545)	Total Equity $ 3,314,940
					(807,086) 284,736
					(522,350)
					(120,000) 242 1,777 84,776 245,458
					5,356,542
					(1,129,614) (586,908)
					(1,716,522)
					980,239 (64,500) (247) 309,216 104,179
					4,968,907

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MOBILARM LIMITED PRELIMINARY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Payment for research & development R&D tax rebate Interest and other borrowing costs paid NET CASH FLOWS USED IN OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Payments for plant and equipment Payments for shares in other business Term Deposit NET CASH FLOWS PROVIDED/(USED) IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings (7) Proceeds from share issues (8) Costs of share issue (8) NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES NET INCREASE/(DECREASE) IN CASH HELD CASH AT THE BEGINNING OF THE FINANCIAL YEAR CASH AT THE END OF THE FINANCIAL YEAR	2016 $ 7,301,625 (6,723,409) 16,317 (66,588) 216,036 (245,813) 498,168 (12,589) (500,000) - 512,589 - 980,239 (79,750) 900,489 886,068 1,487,957 2,374,025	2015 $ 6,806,149 (8,965,819) 14,045 (261,131) 320,917 (64,131)
		(2,149,970)
		(35,366) - 48,217
		12,851
		2,902,847 - (120,000)
		2,782,847
		645,728 842,229
		1,487,957

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NOTES TO THE PRELIMINARY FINAL REPORT (UNAUDITED) FOR THE YEAR ENDED 30 JUNE 2016

1 CORPORATE INFORMATION

The financial report of Mobilarm Limited (the “Company”) for the year ended 30 June 2016 was authorised for issue in accordance with a resolution of directors on 31 August 2016.

Mobilarm Limited is a Company limited by shares incorporated and domiciled in Australia. The nature of the operations and principal activities of the Company are described in the Director’s Report.

The Company owns three wholly owned subsidiary companies as follows:

	Name		Country of Incorporation		Date of Establishment
	Marine Rescue Technologies Ltd		United Kingdom
	Mobilarm, Inc.		United States of America
	Rentquip Ltd		United Kingdom		14 June 2013

The Company also owns 50% ownership stake of a joint venture as follows:

	Name		Country of Incorporation		Date of Establishment
	Mobilarm Nigeria		Nigeria		19 March 2013

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The preliminary final report has been prepared in accordance with the Australian Securities Exchange Listing Rules as set out in Appendix 4E and in accordance with the measurement and recognition (but not disclosure) requirements of the Australian Accounting Standards, Corporations Act 2001 and other pronouncements of the Australian Accounting Standards.

As such, this preliminary final report does not include all the notes of the type included in an annual financial report and accordingly, should be read in conjunction with the annual report for the year ended 30 June 2015 and with any public announcement made by Mobilarm Limited during the reporting period in accordance with the disclosure requirements of the Corporations Act 2001.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

The accounting policies and methods of computation are the same as those adopted in the annual financial report for the year ended 30 June 2015.

The financial report is presented in Australian Dollars and all values are rounded to the nearest dollar.

(b) Going Concern

This report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business.

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The Company has incurred a net loss after tax for the year ended 30 June 2016 of $1,129,614 (2015: $807,086) and experienced net cash inflows from operating activities of $498,168 (2015: $2,149,970 outflow). As 30 June 2016, the Company had net assets of $4,968,907 (2014: $5,356,542).

Notwithstanding the above, the ability of the Company to continue as a going concern is reliant on:

• increased cash flows from operations, and/ or

• the raising of funds through a debt or equity issues.

The Directors have reviewed the business outlook and plans of the company and believe that the Company will achieve increased cash flows from operations to sustain its ability to continue as a going concern, which will also make the raising of funds more achievable if needed. Over the last twelve months the companies rental and service programs yielded positive cash flows, partially attributable to . cash flows used to build up stock in previous years. Net rental revenues increased from $831,498 in the previous year to $1,111,843. The Company has also expanded its service portfolio to increase the business resulting in a total increase in revenues of $875,873 during the year. The Company is also focused on long term cost savings to continue to improve its operating results.

The Company has also made an investment in another business during the year to further diversify its technology offerings.

Should the entity not achieve the matters set out above, there is significant uncertainty whether the entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at amounts stated in the financial report.

The financial report does not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

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3 INVENTORIES

3 INVENTORIES
	June 2016 June 2015 $ $
Inventories, at cost Raw materials, stores and work in progress inventory at net realisable value Finished goods Total inventories at lower of cost and net realisable	1,829,392 2,374,145 174,218 91,423
	2,003,610 2,465,568

The Company increased its inventory levels during the year as part of its strategy to increase its rental business.

4 PLANT AND EQUIPMENT

Plant and Equipment net of depreciation Units under Customer Rental Plant and equipment Motor vehicles Intangible assets net of amortisation	June 2016 June 2015 $ $ 540,548 802,491 235,635 283,141 2,827 6,429
	779,010 1,092,060

The Company increased its units under customer rental as part of the additional rental contracts signed during year.

5 INTANGIBLE ASSETS

Intangible assets net of amortisation Development Cost Goodwill Computer software Intangible assets net of amortisation	June 2016 June 2015 $ $ 746,006 1,075,250 1,924,068 1,924,068 1,319 2,363
	2,671,393 3,001,681

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6 NON-CURRENT FINANCIAL ASSETS

NON-CURRENT FINANCIAL ASSETS
Financial instruments at fair value through profit or loss Investment in Jaxsta Enterprise Pty Ltd Total financial instruments at fair value through profit or loss	June 2016 June 2015 $ $ 500,000 -
	500,000 -

In May 2016, the Company made a $500,000 investment in Jaxsta Holdings Pty Ltd (Jaxsta) for a 3.33% equity position. Mobilarm values this investment at fair value, with changes recognised in the statement of comprehensive income or loss. Jaxsta is not traded on a stock exchange and there was no information requiring a change in the fair value as at 30 June 2016.

Mobilarm will also have the right to invest a further $2,500,000 directly for a further 16.67% equity.

If the above investment is completed within 18 months, Mobilarm will have the right to buy a further 20% of Jaxsta from an existing Jaxsta shareholder and associate of Melanie Verheggen, a major shareholder of MBO, for $5,000,000 being $2,200,000 in cash and $2,800,000 in Mobilarm shares at a deemed price of $0.007, being 400,000,000 shares with a free attaching option for four years at an exercise price of $0.007. This right has an exercise window of 18 months after the initial investment is complete.

7 INTEREST BEARING LOANS AND BORROWINGS

CURRENT Intangible assets net of amortisation Convertible Note (i) Convertible Notes (ii) Finance leases NON CURRENT Convertible Notes (ii) Finance leases	June 2016 June 2015 $ $ 1,094,830 974,809 2,040,508 -
	3,135,338 974,809
	1,303 -
	3,136,641 974,809
	- 2,038,866
	- 2,020
	- 2,040,886

The Company entered into various interest bearing loans for working capital purposes. The terms of each loan are described below.

• (i) The Company entered into a convertible note, with an interest rate of 6%. The note is convertible by the noteholder upon giving the Company thirty days notice at the lower of $0.04 per share or the price of any new Entitlements Issue, currently $0.007 per share. The note can be converted by the Company at the expiration date at a price that equals 80% of the trailing 30 day VWAP at the time of expiry. The convertible note expires on 7 March 2017.

• (ii) The Company entered into eight convertible note agreements on 31 January 2015 for a total of $2,000,000. The notes have an interest rate of 12% payable quarterly. The notes are convertible into ordinary shares at a price of $0.06 cents per share. The notes expire starting on 31 July 2016.

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8 CONTRIBUTED EQUITY

Ordinary shares (a) Performance shares (b) Contributed equity (a) Ordinary Shares Movement in ordinary shares on issue Balance at beginning of year Issuance of equity Cost of share issues Conversion of performance share rights Performance shares class C Currency revaluation Balance at end of the year	June 2016 June 2015 $ $ 29,686,317 29,686,317 - - 29,686,317 29,686,317 June 2016 June 2015 Number $ Number $ 350,085,416 29,686,317 350,085,416 29,752,742 140,034,143 980,239 - - - (64,500) - (120,000) 3,000,000 - - - - - - 53,333 - (247) - 242
	493,119,559 30,601,809 350,085,416 29,686,317

Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholder meetings.

(i) Movement in Performance Shares Class C Balance at beginning of year Shares lapsed during the year Share based payment expense for the year Balance at end of the year Total Performance Shares	June 2016 June 2015 Number $ Number $ - - 333,334 51,556 - - - (53,333) - - - 1,777
	- - - -
	- - - -

Performance class C shares convert to ordinary shares on a 1 for 1 basis upon the Company reaching a market capitalisation of $100 million dollars based on the five day weighted average share price on the ASX. The Company has amortised the Performance shares class C based upon the Company’s financial plans to reach that milestone. 333,334 Performance shares class C reached their expiry date without meeting the performance condition.

	June 2016	June 2015
	$		$
Stock options	959,856		650,640
Performance share rights	289,421		185,242
Reserves	1,249,277		835,882

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(c) Options Movement in options on issue Balance at beginning of year (i) Options cancelled – Employee Stock Option Plan Options issued – Directors Compensation Options cancelled – Capital Raising Subtotal	June 2016 June 2015 Number $ Number $ 32,878,820 650,640 68,178,820 405,182 (1,208,333) - (300,000) - (2,000,000) 309,216 - 245,458 - - (38,166,651) -
	29,670,487 959,856 32,878,820 650,640

• (i) On the 8th of August 2012 the Board (excluding Mr Ken Gaunt who did not wish to make any recommendation) has proposed the issue of 29,670,487 share options to Director/Chief Executive Officer Ken Gaunt. Each option entitles the holder to exercise the option in exchange for one ordinary share in the Company. The options are exercisable at an exercise price of per option A$0.021. The Options vest when the Share Price is equal to or greater than A$0.10 (subject to adjustment under the terms of the grant). In addition, upon a Change of Control Event (i), the Options automatically vest.

• (i) Change of Control Event means:

  • a. a person acquires voting power in at least 50.1% or more of the issued Shares;

  • b. a person acquires the power to direct or cause the direction of management or policies of the Company;

  • c. a person directly or indirectly acquires all or substantially all of the business and assets of the Group; or

  • d. (d) a person otherwise acquires or merges with the Group,

including by way of a takeover bid, scheme of arrangement, amalgamation, merger, capital reconstruction, consolidation, share acquisition, securities issuance, share buyback or repurchase, reverse takeover, dual listed company structure, establishment of a new holding entity for the Group or any other comparable transaction or arrangement.

In association with the grant above, the Company has also proposed that the Company enter into an interest-free loan agreement with Mr. Gaunt of an amount equal to the total Grant Price payable for the 29,670,487 Options, being a total loan amount of $267,034. These transactions were approved at a general meeting of shareholders on the 7[th] of September 2012.

(d) Performance Share Rights Movement in options on issue Balance at beginning of year Performance share rights issued Performance share rights converted Performance share rights cancelled Balance at end of the year	June 2016 June 2015 Number $ Number $ 19,000,000 185,242 11,000,000 100,466 - 104,179 10,000,000 84,776 (3,000,000) - - - - - (2,000,000) -
	16,000,000 289,421 19,000,000 185,242

The Company granted 11,000,000 performance share rights in 2013 to employees, 9,000,000 of these remain valid as of 30 June 2016. The Company granted a further 7,000,000 performance share rights in February 2015 to employees. The performance share rights vest when the Share Price is equal to or

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greater than A$0.10 (subject to adjustment under the terms of the grant). In addition, upon a Change of Control Event (i), the performance share rights automatically vest.

• (i) Change of Control Event means:

• a. a person acquires voting power in at least 50.1% or more of the issued Shares;

• b. a person acquires the power to direct or cause the direction of management or policies of the Company;

• c. a person directly or indirectly acquires all or substantially all of the business and assets of the Group; or

• d. (d) a person otherwise acquires or merges with the Group,

including by way of a takeover bid, scheme of arrangement, amalgamation, merger, capital reconstruction, consolidation, share acquisition, securities issuance, share buyback or repurchase, reverse takeover, dual listed company structure, establishment of a new holding entity for the Group or any other comparable transaction or arrangement.

Some of the performance share rights have additional vesting criteria regarding specific performance of projects being completed, such as the development of our next generation products.

The Company granted a further 3,000,000 performance share rights in February 2015 to employees that vested in February 2016.

9 EARNINGS PER SHARE

EARNINGS PER SHARE Weighted average number of ordinary shares outstanding during the year used in the calculation of basic earnings per share Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted earnings per share Basic earnings/(loss) per share (cents per share) Diluted earnings/(loss) per share (cents per share)	June 2016 June 2015 Number Number 455,817,802 350,084,416
	455,817,802 350,084,416
	(0.2) (0.2)
	(0.2) (0.2)

10 SEGMENT INFORMATION

The company operates solely in the development, manufacturing and sale of Man Overboard safety systems. The Company operates in four geographical locations being Australia, the United Kingdom, Nigeria and the United States of America. The Company manages its operations internally as one segment under the management of the CEO. The accounting policies applied for internal reports are consistent with the policies used to prepare the financial statements.

11 CONTINGENT LIABILITIES

As at reporting date there were no contingent liabilities.

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12 SUBSEQUENT EVENTS

There have been no events since the end of the financial year that affect the results as at and for the year ended 30 June 2016.

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ANNUAL MEETING

The annual meeting will be held as follows:

Place To be advised Date To be advised Time To be advised Approximate date the +annual report will be 31 October 2016 available

COMPLIANCE ESTATEMENT

• 1 This report has been prepared in accordance with AASB Standards, other AASB authoritative

pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to

ASX (see note 12).

Identify other standards used

• 2 This report, and the +accounts upon which the report is based (if separate), use the same accounting policies.

• 3 This report does give a true and fair view of the matters disclosed

• 4 This report is based on +accounts to which one of the following applies.

• (Tick one)

¨ The +accounts have been ¨ The +accounts have been audited. subject to review.

ü The[+] accounts are in the ¨ The[+] accounts have not yet process of being audited or been audited or reviewed. subject to review.

• 5 The entity has formally constituted audit committee.

Sign here:

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Date: 31 August 2016

Print name: Jorge Nigaglioni

Executive Director & Chief Financial Officer

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