Financial Result for Year Ended 31 March 2018

APPENDIX 1 RELEASE



30 May 2018

This document covers Energy Mad Limited’s un-audited financial results for the year ended 31 March 2018.




ENERGY MAD LIMITED
RESULTS FOR ANNOUNCEMENT TO THE MARKET


Reporting Period 12 months to 31 March 2018
Previous Reporting Period 12 months to 31 March 2017


Amount (000s) Percentage Change
Revenue from ordinary activities $NZ 663 (88%)
Profit / (loss) from continuing activities attributable to security holders $NZ (993) 75%
Net profit / (loss) attributable to security holders $NZ (993) 75%

Net Tangible Asset per security holder 31 March 2018 (2.8) cents
31 March 2017 (2.1) cents



Interim Final Dividend Amount per Security Imputed amount per Security
No dividend is proposed Not Applicable Not Applicable

Record Date Not Applicable
Dividend Payable Date Not Applicable



Audit The financial statements have not been audited.

Commentary

The results reflect the decision to conduct an orderly wind down of the business and sale of Energy Mad’s
residual assets.

Income Statement

• Operating revenue was $663,069 for the year ended 31 March 2018 compared to $5,327,270 for the
previous year (ignoring other income). The substantial decrease reflects the disposal of inventory
without replenishment.
• Gross profit was a loss of $82,104 for the year ended 31 March 2018 compared with a profit of
$1,865,955 for the previous year. Inventory is being liquidated in a difficult market, with realisations
net of holding costs less than estimated as at 31 March 2017.
• Administration and general expenses of $237,861 for the year ended 31 March 2018 (2017:
$2,183,405) are after the utilisation of $250,000 in exit costs provided for in the prior year. There are
no remaining staff, with resources contracted on an as required basis, and the group’s offices have
now been closed.
• Selling and distribution expenses stand at $220,647 for the year ended 31 March 2018 (2017:
$263,694), being primarily agency fees paid to Ecobulb Limited as part of the agreement entered into
on 8 May 2017.
• Net finance costs are $470,702 for the year ended 31 March 2018 compared to $604,480 for the prior
period. The reduction is due to the conversion of interest bearing convertible notes to shares in the
previous year.

Statement of Cash Flows and Financial Position

• There was a net cash inflow from operating activities of $324,171 compared to an outflow of
$1,351,529 the previous year. Cash generated from the sale of inventory and the realisation of
receivables was used to reduce outstanding payables and debtor factoring facilities.
• The Group’s assets have decreased by $1,275,055 from $1,747,768 to $472,713. The reduction
reflects:
o Lower receivables due to ongoing collection and the decrease in revenue.
o The sale of inventory without replenishment.
o An increase in balance date cash holdings.
• The Group’s liabilities have decreased by $275,101 from $4,911,642 to $4,636,542. The decrease
reflects:
o A reduction in trade and other payables, employee entitlements, short term advances
(debtor factoring facilities) and provisions
o An increase in borrowings (term loans and convertible notes), due to interest accrued but
unpaid. Borrowings also include a $100,000 short term loan to fund the transaction costs
associated with the proposed acquisition of PaySauce Limited.
Please refer to the accompanying Market Release and Consolidated Financial Statements.

For more information, contact
Aidan Johnstone
027 434 3108

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Energy Mad Limited (Group)
UnauditedAudited
NZ$NZ$
Revenue
663,069 5,327,270
Cost of sales
(745,172) (3,461,315)
Gross profit
(82,104) 1,865,955
Other income18,520 17,765
Administration and general expenses
(237,861) (2,183,405)
Selling and distribution expenses
(220,647) (263,694)
Provision for inventory obsolescence
- (1,657,678)
Provision for exit costs associated with winding down operations
- (250,000)
Impairment of fixed and intangible assets
- (923,636)
Operating loss
(522,092) (3,394,693)
Finance income
631 532
Finance costs
(471,333) (605,012)
Net finance costs
(470,702) (604,480)
Loss before taxation
(992,793) (3,999,172)
Income tax benefit / (expense)
- -
Loss for the year
(992,793) (3,999,172)
Other comprehensive income (loss)
Exchange gain / (loss) on translating foreign operations
(7,161) (30,468)
Total other comprehensive loss for the year
(7,161) (30,468)
Total comprehensive loss for the year
(999,954) (4,029,641)
Earnings per share:
Basic and diluted earnings per share
Loss for the year
(0.01) (0.05)
Total
(0.01) (0.05)
Statement of comprehensive income
For the 12 Months ended 31 March 2018

Statement of Changes in Equity
For the 12 Months ended 31 March 2018
ShareForeign exchange AccumulatedTotal
Unaudited
capitaltranslation reservelossesequity
NZ$NZ$NZ$NZ$
Balance at 1 April 2017
21,982,117 (183,632) (24,962,359) (3,163,874)
Issue of share capital
- - - -
Transactions with owners
- - - -
Loss for the year
- - (992,793) (992,793)
Other comprehensive income
- (7,161) - (7,161)
Total comprehensive income
- (7,161) (992,793) (999,954)
Balance at 31 March 2018
21,982,117 (190,793) (25,955,152) (4,163,828)
ShareForeign exchange AccumulatedTotal
Audited
capitaltranslation reservelossesequity
NZ$NZ$NZ$NZ$
Balance at 1 April 2016
19,732,117 (153,164) (20,963,186) (1,384,233)
Issue of share capital
2,250,000 - - 2,250,000
Transactions with owners
2,250,000 - - 2,250,000
Loss for the year
- - (3,999,172) (3,999,172)
Other comprehensive income
- (30,468) - (30,468)
Total comprehensive income
- (30,468) (3,999,172) (4,029,641)
Balance at 31 March 2017
21,982,117 (183,632) (24,962,359) (3,163,874)
Energy Mad Limited (Group)

UnauditedAudited
20182017
NZ$NZ$
Current assets
Cash and cash equivalents
121,367 57,195
Trade and other receivables
238,213 1,048,101
Income tax receivable
10,004 11,740
Inventories
103,130 630,732
Total current assets
472,713 1,747,768
Non current assets
Total non current assets
- -
Total assets
472,713 1,747,768
Current liabilities
Trade and other payables
1,005,057 1,140,738
Employee entitlements
- 100,698
Short term advance
1,934 354,773
Provisions
- 250,000
Finance lease payable
- 925
Convertible notes
406,334 369,288
Loans
3,223,216 2,695,219
Total current liabilities
4,636,541 4,911,642
Non current liabilities
Total non current liabilities- -
Total liabilities
4,636,541 4,911,642
Equity
Share capital
21,982,117 21,982,117
Foreign exchange translation reserve
(190,793) (183,632)
Accumulated losses
(25,955,152) (24,962,359)
Total equity
(4,163,828) (3,163,874)
Total equity and liabilities
472,713 1,747,768
Energy Mad Limited (Group)
Statement of financial position
As at 31 March 2018

For the 12 Months ended 31 March 2018
UnauditedAudited
20182017
NZ$NZ$
Operating activities
Cash was received from:
Receipts from customers
1,491,477 6,699,023
Interest received
631 532
1,492,108 6,699,555
Cash was applied to:
Interest paid
6,290 361,820
Payments to suppliers and employees
1,163,382 7,682,729
Taxation paid
(1,736) 6,534
1,167,937 8,051,083
Net cash inflow (outflow) from operating activities
324,171 (1,351,528)
Investing activities
Cash was applied to:
Purchase of property, plant & equipment
- 2,995
Purchase of intangible assets
- 250,555
- 253,550
Net cash outflow from investing activities
- (253,550)
Financing activities
Cash was provided from:
Short term loan
100,000 2,150,000
Short term advance
- -
Cash was applied to:
Short term advances repaid
352,839 748,123
352,839 748,123
Net cash inflow (outflow) from financing activities
(252,839) 1,401,878
Net (decrease) / increase in cash and cash equivalents
71,332 (203,201)
Cash and cash equivalents, beginning of the year
57,195 290,865
Effect of foreign exchange rates
(7,161) (30,468)
Cash and cash equivalents, end of the year
121,367 57,196
Statement of Cash Flows
Energy Mad Limited (Group)