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On 29 January 2019, Vmoto Limited (ASX:VMT), a company from the automobiles & components sector confirms, announced that it has been successful in achieving positive earnings before interest, tax, depreciation and amortization (EBITDA) of circa A$18,000 for FY2018. The company is confident that with its increasing sales into Europe, FY2019 will also be a successful financial year. In the fourth quarter of FY2018, total 1,689 units were sold in Europe, representing an upside of 141% on its third quarter FY2018 and 587% up on the fourth quarter FY2017. Although, 730 units were sold to Non-European customers IN 4Q 2018 as compared to 2039 sales in 3Q 2018 and 3374 sales in 4Q 2017. Chinese customers accounted for 335 sales as compared to 361 sales in 4Q 2017.Â
The firm received its first international order for 3,027 units in December 2018 which is scheduled for the delivery in the first quarter of FY2019. The company has expanded its distribution network in Europe, Africa, and Asia. The company also appointed new exclusive distributors in Austria, Germany, South Africa, and Taiwan.
VMT has also entered a partnership deal with Mr. Graziano Milone, an Italian entrepreneur as well as an experienced electric vehicle operator, for the joint ownership and management of Italy. The agreement will focus on the distribution of electric two-wheel vehicle products in Italy. Vmoto has launched its new products, TC Max and CUX, at the EICMA exhibition in Milan, Italy in November 2018. As a result, the company was successful in securing its sales lead and also increased its sales orders through its existing and new distribution agreement in Europe.
By 31 December 2018, the group maintained net cash of A$4.5 million. It maintained the cash balance at a constant level quarter on quarter. Besides, the company has received a significant deposit from the customers for expanding orders. Also, the company made further investment in the stock for expanding European distribution operations which aims to reduce the lead time so that the product gets delivered to the European customers with greater efficiency in after-sales services.
In the upcoming fiscal year, VMT has plans where it will continue to execute its strategy of selling high value, high performance electric two-wheel vehicles to the international markets. The strategy includes delivery, sharing, and rental customers and B2C customers.
The stock has generated a negative return of 8.33 % during the past six months. It closed the trading session at A$0 0.057 on 31 January 2019 with 221.02 million shares outstanding and a market capitalization of circa A$12.16 million. The 52-week high and low stands at A$0.073 and A$0.044 respectively.
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