Note 18 - Assets Classified as Held for Sale

12 Months Ended

Jun. 30, 2020

Statement Line Items [Line Items]

Disclosure of non-current assets or disposal groups classified as held for sale [text block]

1

8

.

         

Assets

classified as

held for sale

		As at June 30				As at March 31
(US dollars in thousands)	% Owned	2020		2019		2019		201 8
Innovative Solar Ventures I, LLC	50%		4,080		13,530		13,530		-
US-NC-31 Sponsor Partner, LLC	14.45%		-		-		-		6,595
US-NC-47 Sponsor Partner, LLC	10%		-		-		-		4,841
Total			4,080		13,530		13,530		11,436

As more fully disclosed in Note

14,

the Company's portfolio of U.S. solar projects is held through

50%

ownership in the ISS Joint Venture. During the year ended

March 31, 2019,

the Company made the decision to sell its portfolio of U.S. solar projects and accordingly, the investment has been reclassified to current assets as assets held for sale. Assets classified as held for sale are included within the Solar Development segment in Note

4.2.

Reconciliation of the ISS Joint Venture investment is as follows:

	As at June 30						As at March 31
(US dollars in thousands)	20 20			2019			2019			2018
Capital commitment		15,044			15,044			15,044			14,904
Commission credit		(770	)		(770	)		(770	)		(757	)
Discontinued projects		(2,079	)		(848	)		(848	)		-
Acquisition costs		110			104			104			-
Net assets		12,305			13,530			13,530			14,147

Allocation of the net book value of the equity accounted investment in the ISS Joint Venture, between current assets held for sale, and non-current investments (as disclosed in Note

14

), is as follows:

	As at June 30				As at March 31
(US dollars in thousands)	20 20		2019		2019		2018
Assets classified as held for sale		4,080		13,530		13,530		-
Investments accounted for using the equity method		8,225		-		-
Net assets		12,305		13,530		13,530		14,147

The table below provides summarized financial information for the ISS Joint Venture. The information disclosed reflects the amounts presented in the financial statements of ISS Joint Venture, amended to reflect adjustments made by the Company when using the equity method, including fair value adjustments and modifications for differences in accounting policy. The summarized financial information for the ISS Joint Venture does

not

represent the Company's share of those amounts.

	As at June 30					As at March 31
(US dollars in thousands)	2020		2019		2019			201 8
Current assets		2		1,187			1,187		1,373
Non-current assets		23,277		27,107			27,107		26,921
Net assets		23,279		28,294			28,294		28,294

No

summarized statement of comprehensive income has been presented as there were

no

movements in comprehensive income in the year (

March 31, 2019:

nil;

2018:

nil

).

Reconciliation to carrying amounts of the ISS Joint Venture (including amounts disclosed within Investments, see Note

14

):

	As at June 30						As at March 31
(US dollars in thousands)	2020			2019			2019			201 8
Opening net assets		28,294			28,294			28,294			-
Initial investment		-			-			-			29,808
Commission credit		(1,546	)		-			1,514			(1,514	)
Commission credit on abandonments		144			-			-			-
Sundry income		90			-			-			-
Project swaps		-			-			281			-
Abandoned projects		(2,592	)		-			(1,795	)		-
Net assets		24,390			28,294			28,294			28,294
VivoPower share in %		50	%		50	%		50	%		50	%
VivoPower share in $ (excluding funding obligation)		12,195			14,148			14,148			14,147
Commission credit		-			(721	)		(721	)		-
Acquisition costs		110			103			103			-
Net Assets		12,305			13,530			13,530			14,147