LEGEND

Company Name Green Solutions Manufacturing Ltd. Parameters

Financial Year End 31-Dec-23 User Inputs
Date Of Previous Financial Year End 31-Dec-22 Output
# of Prior Year Annual Reports Recorded 1
Input Currency £ Ones 1
Input Multiplier Thousands £'K Thousands 1,000
$ Millions 1,000,000
Millions £'M $'M Units Multipli 0

Exchange Rate 31-Dec-22 31-Dec-23

£-->$ 1.00 1.00
Green Solutions Manufacturing Ltd.
Income Statement
Actual Actual
£'K 31-Dec-22 31-Dec-23
Revenue 31,536 53,823
Cost of sales 24,906 40,217
Efficiency Ratio 79% 75%
Gross Profit 6,630 13,606
Research and development 1,491 2,593
Selling, general and administrative 3,145 4,517
Restructuring and other - (27)
Income (loss) from operations 1,994 6,523
Interest income 30 56
Interest expense (748) (371)
Other income (expense), net (122) 135
Profit Before Tax (PBT) 1,154 6,343
Tax 292 699
Net income attributable to noncontrolling interests
Profit
and After Tax (PAT)
redeemable noncontrolling interests in 862 5,644
subsidiaries 141 125
Total Comprehensive (loss)/ income 721 5,519

EBITDA computation
Operating profit 1,994 6,523
Depreciation & Amortisation (500) (1,000)
Depreciation (500) (1,000)
Amortisation
EBITDA 1,494 5,523
EBITDA Margin 5% 10%
Green Solutions Manufacturing Ltd.
Balance Sheet
Actual Actual
£'K 31-Dec-22 31-Dec-23
Assets

Non-Current Assets
Operating lease vehicles, net 3,091 4,511
Solar energy systems, net 5,979 5,765
Property, plant and equipment, net 12,747 18,884
Operating lease right-of-use assets 1,558 2,016
Digital assets, net - 1,260
Intangible assets, net 313 257
Goodwill 207 200
Other non-current assets 1,536 2,138
Total Non-Current Assets 25,431 35,031

Current Assets
Cash and cash equivalents 19,384 17,576
Short-term marketable securities - 131
Accounts receivable, net 1,886 1,913
Inventories 4,101 5,757
Prepaid expenses and other current assets 1,346 1,723
Total Current Assets 26,717 27,100

Total Assets 52,148 62,131

Liabilities & Equity

Liabilities

Current Liabilities
Accounts payable 6,051 10,025
Accrued liabilities and other 3,855 5,719
Deferred revenue 1,458 1,447
Customer deposits 752 925
Current portion of debt and finance leases 2,132 1,589
Total Current Liabilities 14,248 19,705

Non-Current Liabilities
Debt and finance leases, net of current portion 9,556 5,245
Deferred revenue, net of current portion 1,284 2,052
Other long-term liabilities 3,330 3,546
Total Non-Current Liabilities 14,170 10,843

Total Liabilities 28,418 30,548

Redeemable noncontrolling interests in subsidiaries 604 568

Convertible senior notes (Note 11) 51 -

Equity
Common stock 1 1
Additional paid-in capital 27,260 29,803
Accumulated other comprehensive income 363 54
Retained earnings (accumulated deficit) (5,399) 331
Noncontrolling interests in subsidiaries 850 826
Total Equity 23,075 31,015

Total Liabilities & Equity 52,148 62,131

Check - -

Net Working Capital

Change in Inventory 1,656
Change in Receivables 27
Change in Payables 3,974
Change in NWC 5,657
Green Solutions Manufacturing Ltd.
Cash Flow Statement
Actual Actual
£'K 31-Dec-22 31-Dec-23
Cash Flows from Operating Activities
Net income (loss) 862 5,644
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and impairment 2,322 2,911
Stock-based compensation 1,734 2,121
Inventory and purchase commitments write-downs 202 140
Foreign currency transaction net unrealized (gain) loss 114 (55)
Non-cash interest and other operating activities 525 245
Digital assets gain, net - (78)
Operating cash flow related to repayment of discounted convertible senior notes -
Changes in operating assets and liabilities:
Accounts receivable (652) (130)
Inventory (422) (1,709)
Operating lease vehicles (1,072) (2,114)
Prepaid expenses and other current assets (251) (271)
Other non-current assets (344) (1,291)
Accounts payable and accrued liabilities 2,102 4,578
Deferred revenue 321 793
Customer deposits 7 186
Other long-term liabilities 495 476
Net cash provided by operating activities 5,943 11,446

Cash Flows from Investing Activities

Purchases of property and equipment excluding finance leases, net of sales (3,157) (6,482)
Purchases of solar energy systems, net of sales (75) (32)
Purchases of digital assets - (1,500)
Proceeds from sales of digital assets - 272
Purchases of marketable securities - (132)
Receipt of government grants 123 6
Purchase of intangible assets (10) -
Business combinations, net of cash acquired (13) -
Net cash used in investing activities (3,132) (7,868)

Cash Flows from Financing Activities

Proceeds from issuances of common stock in public offerings, net of issuance costs 12,269 -
Proceeds from issuances of convertible and other debt 9,713 8,883
Repayments of convertible and other debt (11,623) (14,167)
Collateralized lease repayments (240) (9)
Proceeds from exercises of stock options and other stock issuances 417 707
Principal payments on finance leases (338) (439)
Debt issuance costs (6) (9)
Purchase of convertible note hedges - -
Proceeds from issuance of warrants - -
Proceeds from investments by noncontrolling interests in subsidiaries 24 2
Distributions paid to noncontrolling interests in subsidiaries (208) (161)
Payments for buy-outs of noncontrolling interests in subsidiaries (35) (10)
Net cash (used in) provided by financing activities 9,973 (5,203)

Effect of exchange rate changes on cash and cash equivalents and restricted cash 334 (183)
Net (decrease) increase in cash and cash equivalents and restricted cash 13,118 (1,808)
Cash and cash equivalents and restricted cash, beginning of period 6,266 19,384
Cash and cash equivalents and restricted cash, end of period 19,384 17,576

Supplemental Non-Cash Investing and Financing Activities

Equity issued in connection with business combination - -
Acquisitions of property and equipment included in liabilities 1,088 2,251
Supplemental Disclosures
Cash paid during the period for interest, net of amounts capitalized 444 266
Cash paid during the period for taxes, net of refunds 115 561

Increase / (decrease) in cash and cash equivalents 13,118 (1,808)

Cash and cash equivalents at the beginning of the year 6,266 19,384
Cash and cash equivalents at the end of the year 19,384 17,576
Green Solutions Manufacturing Ltd.
Report
Actual Actual
£'M 31-Dec-22 31-Dec-23 Comments
Financial Performance
Total Revenue 32 54
EBITDA 1 6
Net Interest Expense (1) (0)
Net Profit/(Loss) Before Tax 1 6
Net Profit/(Loss) After Tax 1 6

Financial Position
Total Assets (Including Intangibles) 52 62
Total Tangible Assets (TTA) 52 62
Inventories 4 6
Cash and cash equivalents 19 18
Total Liabilities 28 31
Net Worth (inc intangibles) (NW) 24 32
Tangible Net Worth (TNW) 23 31

Cash Flows
Net Cash in/(out)flow from operating activities 6 11
Capital Expenditure (3,242) (8,014)
Free Cash Flow (3,236) (8,003)

Ratios
EBITDA Margin 4.7% 10.3%
Operating Margin 0.06 0.12
EBITDA Net Interest Cover (x) 2.08 17.53
Current Ratio i.e. Current Assets / Current Liabilities (%) 1.88 1.38
Leverage Metric 7.82 1.24
Net Leverage (5.15) (1.94)
Cash flow to capital expenditures (CF/CapEX) -0.18% -0.14%