XML 22 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Note 4 - Revenue and Segmental Information
 12 Months Ended
Jun. 30, 2020
Statement Line Items [Line Items]  
Disclosure of entity's operating segments [text block]
4
Revenue and segmental information
 
The Group determines and presents operating segments based on the information that is provided internally to the Board of Directors, which is the Group's chief operating decision maker.
 
The Group considers that it has
three
reportable segments: Critical Power Services, Solar Development, and Corporate Office. Critical Power Services is represented by J.A. Martin Electrical Pty Limited (“J.A. Martin”) and Kenshaw Electrical Pty Limited (“Kenshaw”) operating in Australia with a focus on the design, supply, installation and maintenance of power and control systems. Solar Development is the development and sale of commercial and utility scale PV solar power projects in Australia and the U.S. Corporate Office is all United Kingdom based corporate functions.
 
An operating segment is a component of the Group that engages in business activities from which it
may
earn revenues and incur expenses, including any revenues and expenses that relate to the transactions with any of the Group's other components. Operating segments results are reviewed regularly by the Board of Directors to assess its performance and make decisions about resources to be allocated to the segment, and for which discrete financial information is available.
 
Segment results that are reported to the Board of Directors include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis.
 
4.1
Revenue
 
Revenue by geographic location is as follows:
 
 
  
Year Ended
June 30
   
Three Months Ended June 30
   
Year Ended March 31
  
(US dollars in thousands)
  
2020
    
2019
    
201
9
    
201
8
  
Australia
    
48,707
      
13,507
      
37,889
      
31,985
  
United States
    
-
      
110
      
1,147
      
1,662
  
United Kingdom
    
3
      
-
      
-
      
-
  
Total revenue
 
 
48,710
      
13,617
      
39,036
      
33,647
  
 
Revenue by product and service is as follows:
 
 
  
Year Ended June 30
   
Three Months Ended June 30
    
Year Ended March 31
  
(US dollars in thousands)
  
2020
    
2019
    
2019
    
2018
  
Electrical products and related services
    
47,917
      
13,484
      
37,799
      
31,631
  
Development fees
    
69
      
-
      
90
      
828
  
Other revenue
    
724
      
133
      
1,147
      
1,188
  
Total revenue
 
 
48,710
      
13,617
      
39,036
      
33,647
  
 
The Group had
one
customer representing more than
10%
of revenue for the year ended
June 30, 2020 (
three
months ended
June 30, 2019:
one; year ended
March 31, 2019:
one;
2018:
none
). Revenue recognized for this customer amounted to
$20.4
million in the Critical Power Services segment in the year ended
June 30, 2020.
 
4.2
Operating segments
 
 
a
)
Segment results of operations
 
Results of operations by reportable segment are as follows:
 
Year
Ended June 30, 20
20
(US dollars in thousands)
  
Critical
Power
Services
    
Solar
Development
    
Corporate
Office
    
Total
  
Revenue from contracts with customers
    
48,638
      
69
      
3
      
48,710
  
Costs of sales
    
(40,865
)
    
(20
)
    
-
      
(40,885
)
Gross profit
  
 
7,773
    
 
49
    
 
3
    
 
7,825
  
General and administrative expenses
    
(2,745
)
    
(469
)
    
(2,265
)
    
(5,479
)
Gain/(loss) on solar development
    
41
      
1,548
      
-
      
1,589
  
Depreciation and amortization
    
(1,718
)
    
(45
)
    
(3
)
    
(1,766
)
Operating
profit/
(loss)
  
 
3,351
    
 
1,083
    
 
(2,265
)
  
 
2,169
  
Restructuring and other non-recurring costs
    
(124
)
    
(1,296
)
    
(1,990
)
    
(3,410
)
Finance expense – net
    
(1,436
)
    
(9
)
    
(1,704
)
    
(3,149
)
Profit/
(
l
oss) before
income
tax
  
 
1,791
    
 
(222
)
  
 
(5,959
)
  
 
(4,390
)
Income tax
    
15
      
(728
)
    
-
      
(713
)
Profit/(loss)
for the
period
  
 
1,806
    
 
(950
)
  
 
(5,959
)
  
 
(5,103
)
 
Three Months Ended June 30,
2019
(US dollars in thousands)
  
Critical
Power
Services
    
Solar
Development
    
Corporate
Office
    
Total
  
Revenue from contracts with customers
    
13,484
      
133
      
-
      
13,617
  
Costs of sales
    
(11,864
)
    
(96
)
    
-
      
(11,960
)
Gross profit
  
 
1,620
    
 
37
    
 
-
    
 
1,657
  
General and administrative expenses
    
(567
)
    
(206
)
    
(518
)
    
(1,291
)
Gain/(loss) on solar development
    
5
      
41
      
(8
)
    
38
  
Depreciation and amortization
    
(422
)
    
(14
)
    
(1
)
    
(437
)
Operating
profit/
(loss)
  
 
636
    
 
(142
)
  
 
(527
)
  
 
(33
)
Restructuring and other non-recurring costs
    
(15
)
    
(39
)
    
(471
)
    
(525
)
Finance expense – net
    
(358
)
    
(49
)
    
(389
)
    
(796
)
Profit/
(
l
oss) before
income
tax
  
 
263
    
 
(230
)
  
 
(1,387
)
  
 
(1,354
)
Income tax
    
(92
)
    
-
      
-
      
(92
)
Profit/(loss)
for the
period
  
 
171
    
 
(230
)
  
 
(1,387
)
  
 
(1,446
)
 
 
Year Ended March 31,
2019
(US dollars in thousands)
  
Critical
Power
Services
    
Solar
Development
    
Corporate
Office
    
Total
  
Revenue
    
37,800
      
1,236
      
-
      
39,036
  
Costs of sales
    
(32,317
)
    
(409
)
    
-
      
(32,726
)
Gross profit
  
 
5,483
    
 
827
    
 
-
    
 
6,310
  
General and administrative expenses
    
(2,823
)
    
(2,148
)
    
(2,714
)
    
(7,685
)
Loss on solar development
    
(30
)
    
(2,585
)
    
-
      
(2,615
)
Depreciation and amortization
    
(1,272
)
    
(140
)
    
(8
)
    
(1,420
)
Operating
profit/
(loss)
  
 
1,358
    
 
(4,046
)
  
 
(2,722
)
  
 
(5,410
)
Restructuring and other non-recurring costs
    
(8
)
    
7
      
(2,016
)
    
(2,017
)
Finance expense – net
    
(1,354
)
    
(221
)
    
(1,664
)
    
(3,239
)
Profit/
(
l
oss) before
income
tax
  
 
(4
)
  
 
(4,260
)
  
 
(6,402
)
  
 
(10,666
)
Income tax
    
(572
)
    
15
      
-
      
(557
)
Loss for the year
  
 
(576
)
  
 
(4,245
)
  
 
(6,402
)
  
 
(11,223
)
 
Year Ended March 31,
2018
(US dollars in thousands)
  
Critical
Power
Services
    
Solar
Development
    
Corporate
Office
    
Total
  
Revenue
    
31,807
      
1,840
      
-
      
33,647
  
Costs of sales
    
(27,482
)
    
(1,042
)
    
-
      
(28,524
)
Gross profit
  
 
4,325
    
 
798
    
 
-
    
 
5,123
  
General and administrative expenses
    
(2,173
)
    
(6,468
)
    
(4,173
)
    
(12,814
)
Gain on solar development
    
213
      
1,143
      
-
      
1,356
  
Depreciation and amortization
    
(1,233
)
    
(19
)
    
(8
)
    
(1,260
)
Operating
profit/
(loss)
  
 
1,132
    
 
(4,546
)
  
 
(4,181
)
  
 
(7,595
)
Restructuring and other non-recurring costs
    
(335
)
    
(964
)
    
(574
)
    
(1,873
)
Impairment of assets
    
-
      
(10,191
)
    
-
      
(10,191
)
Impairment of goodwill
    
-
      
(11,092
)
    
-
      
(11,092
)
Finance expense – net
    
(1,283
)
    
(400
)
    
(1,703
)
    
(3,386
)
Loss
before
income
tax
  
 
(486
)
  
 
(27,193
)
  
 
(6,458
)
  
 
(34,137
)
Income tax
    
(85
)
    
6,291
      
52
      
6,258
  
Loss
for the year
  
 
(571
)
  
 
(20,902
)
  
 
(6,406
)
  
 
(27,879
)
 
 
b
)
Segment net assets
 
Net assets by reportable segment are as follows:
 
As at
June 30,
20
20
(US dollars in thousands)
  
Critical
Power
Services
    
S
olar
Development
    
Corporate
Office
    
Total
  
Assets
    
38,519
      
22,965
      
896
      
62,380
  
Liabilities
    
(14,481
)
    
(1,697
)
    
(28,312
)
    
(44,490
)
Net assets
/(liabilities)
  
 
24,038
    
 
21,268
    
 
(27,416
)
  
 
17,890
  
 
As at
June 30,
2019
(US dollars in thousands)
  
Critical
Power
Services
    
S
olar
Development
    
Corporate
Office
    
Total
  
Assets
    
45,881
      
26,534
      
694
      
73,109
  
Liabilities
    
(21,171
)
    
(5,766
)
    
(23,656
)
    
(50,593
)
Net assets
/(liabilities)
  
 
24,710
    
 
20,768
    
 
(22,962
)
  
 
22,516
  
 
As at March 31,
2019
(US dollars in thousands)
  
Critical
Power
Services
    
S
olar
Development
    
Corporate
Office
    
Total
  
Assets
    
35,472
      
29,538
      
385
      
65,395
  
Liabilities
    
(13,603
)
    
(6,085
)
    
(21,722
)
    
(41,410
)
Net assets
/(liabilities)
  
 
21,869
    
 
23,453
    
 
(21,337
)
  
 
23,985
  
 
As at March 31,
2018
(US dollars in thousands)
  
Critical
Power
Services
    
Solar
Development
    
Corporate
Office
    
Total
  
Assets
    
34,421
      
41,270
      
621
      
76,312
  
Liabilities
    
(6,473
)
    
(11,101
)
    
(21,735
)
    
(39,309
)
Net assets
/(liabilities)
  
 
27,948
    
 
30,169
    
 
(21,114
)
  
 
37,003