Aerometrex Limited
Annual Report 2020
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Aerometrex Limited • Annual Report 2020For personal use only Contents
FY20 Highlights and Achievements.................................................................................................4
About Aerometrex..........................................................................................................................6
Aerial Photography & Mapping...............................................................................................10
LiDAR..................................................................................................................................12
3D Modelling........................................................................................................................14
MetroMap ...........................................................................................................................16
Letter from the Chair.....................................................................................................................18
Managing Director's Report...........................................................................................................20
Board of Directors.........................................................................................................................22
Executive Team............................................................................................................................24
Director's Report..........................................................................................................................26
Remuneration Report....................................................................................................................36
Auditor's Independence Declaration..............................................................................................43
Financial Statements & Notes.......................................................................................................44
Director's Declaration...................................................................................................................81
Independent Auditor's Report........................................................................................................82
Shareholder Information...............................................................................................................86
Corporate Information..................................................................................................................88
Cover Image:
3D Reality Mesh Model
within Twinmotion
of Historical Post Office
Bendigo, VIC
Australia
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Aerometrex Limited • Annual Report 2020
Near-infra-red Image
Central Coast, NSW
Australia
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020.For personal use only FY20 Highlights and Achievements
Operating Revenue
Operating Revenue
$20.1m +24.7%
$20.1m
+24.7%
(2019: $16.1m)
(2019: $16.1m)
EBITDA (Normalised)
EBITDA
(Normalised)
$4.6m -8.75%
$4.6m
-8.75%
(2019: $5.0m)
(2019: $5.0m)
Cashflow
Cashflow
from Operations
from Operations
$8.2m$8.2m
(2019: $5.1m)
(2019: $5.1m)
Financial Position
Financial Position
Available Cash
Available Cash
$22.2m
$22.2m
(2019: $5.1m)
(2019: $5.1m)
4.1M
SQUARE KMS
MAPPED
WITH ORTHOPHOTOS
(AS AT 02 JUL 2020)
4.5M
SQUARE KMS
PHOTOGRAPHED
Est.
900+
YEARS
8.5M
DWELLINGS
COMBINED INDUSTRY
EXPERIENCE
CURRENT COVERAGE
ACROSS AUSTRALIA
5,800+
102
PROJECTS
(SINCE 01 JUNE 2000)
STAFF MEMBERS
(99 FTE)
410
YEARS STAFF
EXPERIENCE WITH
AEROMETREX
40
YEARS IN BUSINESS
MetroMap
(DaaS Subscriptions)
Strategic Growth Focus
)
s
0
0
0
$
(
'
D
U
A
800
700
600
500
400
300
200
100
-
)
s
0
0
0
$
(
'
D
U
A
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
Subscription Revenue
705
344
+105%
2019
2020
As at 30 June
Annual Recurring Revenue
(ARR)
1,663
581
+186%
2019
2020
As at 30 June
)
s
0
0
0
$
(
'
D
U
A
1,200
1,000
800
600
400
200
-
Contract Liabilities
(Income in Advance)
1,025
-
2019
2020
As at 30 June
Dec 2019
Listed on ASX
Feb 2020
Establishment of
US Office
May 2020
Acquisition of Spookfish
Australia Pty Ltd
Deployment of
MetroCam
Continued expansion
of MetroMap capture
program
Delivery of world
leading 3D projects in
Australia & overseas
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Residential Suburb
East Sydney, NSW
Australia
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Aerometrex Limited • Annual Report 2020
About
Aerometrex
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only About Aerometrex
Aerometrex is a professional aerial mapping business, specialising in aerial photography, photogrammetry, LiDAR, 3D modelling and
aerial imagery subscription services.
Our History
The Aerometrex business was established in 1980 and the company is headquartered in South Australia.
1980
2005
2009
2011
2012
Our
Purpose
To provide our customers throughout Australia and overseas with accurate, high-quality,
best-value data products that satisfy all their aerial imagery and spatial data requirements.
Our
Vision
To become the market leading company in our service sector in terms of quality of
products, value offered to our customers, and market share. Be an internationally
recognised mapping company, utilizing the best available technology to deliver world class
products.
Our
Mission
To provide professional, accurate digital image mapping and geospatial engineering
solutions to our clients by exploiting both existing and emerging air and ground imaging
technologies.
Revenue is generated from Projects and Subscription Services (DaaS) across
Aerial Photography and
Mapping
Y
G
E
T
A
R
T
S
Growing subscription-
based revenue
Expanding geographically
Acquisition
New products
Increase sales and
marketing
LiDAR
3D Modelling
MetroMap
S
H
T
G
N
E
R
T
S
Imagery and LiDAR data
quality
Accuracy
3D modelling capability
S
L
A
T
N
E
M
A
D
N
U
F
E
R
O
C
Great data
Great reputation
Great customer service
High standards of
customer service
Innovation
People
Great technology
Data archive
Great team
Built on the foundation of image quality and accuracy
Aerometrex
established
First company to
introduce large-format
digital aerial cameras to
the Australian market
First company to
offer 2.5cm (1”) GSD
resolution aerial
surveys in Australia
Management buy-out of
Aerometrex
Launched sophisticated
3D modelling service
aero3Dpro
2015
2016-17
2018
2019
Acquisition of aerial
LiDAR surveying firm
Atlass Australia
Investment in new
sensors and aircraft to
support growth
experienced in all
sectors
Established imagery
subscription service
MetroMap
Filed patent and
delivery of new camera
technology, MetroCam
Successfully completed
$7m pre-IPO Convertible
Note to fund growth
FY20 Key Highlights
Dec
Feb
Mar
May
Jun
$25m initial public
offering listing under
ASX code ‘AMX’
Establishment of US
Office
Queensland contract
wins of $1M
Acquisition of Spookfish
Australia from EagleView
Addition to All Ordinaries
list
4.6m shares released
from escrow
Appointment of Chief
Operating Officer (COO)
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Aerial photography and mapping
Aerometrex’s historic business has been in the area of aerial photography, photogrammetry and mapping services.
Aerometrex has provided these services for many years. Aerometrex has a very large archive of digital aerial
imagery dating back to 2002, and has access rights to many older data sets dating back to 1943. The key products
from this activity are:
•
•
•
aerial orthophotography (scale-corrected 2D aerial imagery maps);
Digital Terrain Models (DTMs) and Digital Surface Models (DSMs); and
digitised 3D feature data for Geographic Information Systems.
Aerometrex operates in a business environment in which accuracy and reliability of the products is paramount.
Government clients and survey and mapping companies require professional-standard aerial surveying products.
In order to achieve high standards of data quality and accuracy Aerometrex uses the highest-quality professional-
standard commercial aerial mapping cameras. It is essential to service both the qualitative and quantitative market
for aerial imagery that the source aerial imagery is of the highest quality and accuracy. These cameras are very
sophisticated compound-lens metric cameras with stable sensors, calibrated lenses, image motion correction,
4-band spectral capability and state-of-the-art positioning technology, including airborne GPS and inertial
measurement systems.
Aerometrex has developed its own camera, MetroCam, which has a comparable level of sophistication and will
enable Aerometrex to continue to provide a high-quality service using its own hardware. A provisional patent
application has been filed for MetroCam.
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M7 Toll Road
Brisbane, QLD
Australia
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Tree Canopy Height
3m 45m
“Aerometrex is recognised
internationally and throughout Australia
as a producer of high quality imagery and
LiDAR data, as measured by established
Government quantitative standards for
these products.”
Aerial LiDAR surveys
Aerometrex provides an aerial LiDAR surveying service. LiDAR (Light Detection And Ranging) is an advanced
aerial surveying technique which utilises active laser pulses generated by the sensor to measure the distance
of the aircraft to the ground. The absolute position of the aircraft is determined by sophisticated airborne GPS
and inertial measurement systems, so the subtraction of the distance to ground from the aircraft height gives
the height of the terrain. The sensors can sample up to two million light pulses per second, and create a very
detailed, high-sampled model of the terrain surface in XY and Z coordinates.
LiDAR can be used for a wide variety of applications including creating of Digital Terrain Models (DTMs)
and Digital Surface Models (DSMs), measurement of mining stockpile volumes, sampling of tree heights,
measurement of buildings in suburban areas, monitoring major construction and infrastructure projects involving
mass movements of overburden, and other applications. The laser pulses are of sufficient number and strength
to penetrate to the ground through moderate to dense canopy vegetation, allowing the terrain level or features
to be mapped even under forests and woodland canopies. This is particularly helpful in such disciplines as
archaeology and forestry.
Aerometrex has greatly diversified its LiDAR business since acquiring it in 2015, when it was almost exclusively
working in the coal mining industry. It is currently servicing many industries including agriculture, environment,
forestry, infrastructure/engineering/transport, mining, surveying and mapping, urban planning, renewable energy,
and water resources.
To date, revenue from LiDAR operations has been largely project driven however there is the potential to present
derived LiDAR data products in the MetroMap subscription model.
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Belair National Park
Greater Adelaide, SA
Australia
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only 3D modelling
Aerometrex has developed its own 3D modelling service, which is a revolutionary implementation of the “massive
multi-ray matching” photogrammetric method. It offers 3D models of the highest resolution (2cm pixel) and
absolute accuracy (5cm in XY & Z) derived from aerial platforms. It has attracted world-wide attention via
Aerometrex’s YouTube channel and social media and has become a mainstream 3D modelling system for high-
value capital projects as well as high-value investment centres such as capital city CBDs.
Aerometrex also offers a lower-resolution 3D product for larger areas, at 7.5cm pixel size. This product is offered
for sale for metropolitan and suburban areas through the website ‘www.metromap.com.au’. This 3D product
resolution is superior to other offerings in the Australian market, which are generally at 15cm or even 50cm
resolution.
3D data can be viewed in many viewing systems, ranging from projection onto flat computer screens in a web
browser interface, to 3D TVs, holographic technology or fully immersive Virtual Reality (VR) systems. Aerometrex
caters for most known data formats, software systems and hardware viewing systems in delivering its 3D data
products.
During FY20, several class leading projects were completed including:
Pau, South of France
Karlsruhe, Germany
Auckland, Christchurch, Wellington and Tauranga in New Zealand
•
•
•
• Western Sydney, digital twin
•
Fishermans Bend, Melbourne
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3D model including mesh
overlay on the footpath
Coors Field
Denver, Colorado
USA
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only MetroMap™
MetroMap™ is an online imagery web-serving application offering Aerometrex’s high-quality and accurate imagery
to a subscriber base. MetroMap™ offers its subscribers 4 captures per annum for each major capital city, in addition
to rural and regional city captures. MetroMap™ fulfills all of the quality and accuracy requirements of sophisticated
geospatial data users and provides an easy-to-consume product for the corporate market, via a web browser
interface.
A by-product of aerial imagery terrain corrections, DSMs are a depiction of the terrain surface including buildings,
vegetation and surface features. These products are for applications involving line-of-sight calculation, such as
telecommunication. MetroMap™ will offer high-quality, accurate DSMs as part of its suite of geospatial data types.
In addition to standard natural colour imagery, MetroMap™ offers near-infra-red (nIR) imagery coverages for several
cities. nIR imagery is useful for all applications involving vegetation vigour as the nIR spectral brand is sensitive to
plant chlorophyll. These applications include management of parks and gardens, irrigation systems, agriculture and
horticulture, as well as bush fire burn severity.
MetroMap™ incorporates 3D viewing capability as well as 2D imagery capability within the one web browser interface.
MORE THAN JUST MAPS
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Residential Suburb
Greater Adelaide, SA
Australia
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Letter from
the Chair
Dear Fellow Shareholders,
After a successful 2020 financial year, delivering on both financial and
operational expectations, Aerometrex is in a great position to grow our
business in the coming years.
2020 has been a landmark year for Aerometrex. During the year the Company transitioned from a private company to an ASX
Listed Public Company via a successful IPO in December.
We welcomed a number of new shareholders through the IPO process who contributed a total of $25 million to the business.
The funds raised have allowed Aerometrex to accelerate its growth ambitions significantly and we look forward to continuing
to invest in organic growth via increased marketing efforts, people and developing and improving our core products. In addition,
our strong capital position will allow us to further our strategic objectives of breaking into new markets, capturing improved
margins via vertical integration and making sensible acquisitions when circumstances present.
We have been calculated in our approach to deploying shareholders’ funds, and we believe that the results will start to be seen in
the forthcoming financial year.
I am pleased to say that Aerometrex remains at the forefront of new technologies in the aerial spatial industry and we look
forward to bringing this technology to the market.
For the period of review, Aerometrex recorded solid growth in revenue of 24% from the previous year to $20.1 million and
positive cashflow from operations of $8.2 million. I commend the Company’s management and staff on a great result and
delivering on both financial and strategic expectations. Looking forward, we are observing challenges in the global economy but
pleasingly your Company is in a strong position to continue to grow and take advantage of a number opportunities.
I have been proud to serve as Chairman of Aerometrex in its first year as an ASX listed company. On behalf of the Board, I wish
to thank Mark and our great team for their outstanding contribution throughout the year.
To my fellow shareholders, thank you for your continued support and we look forward to an exciting year ahead.
Mark Lindh
Chair of the Board
Aerometrex Limited
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Cape Byron
Byron Bay, NSW
Australia
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Managing
Director’s
Report
“During the last 12 months
we have continued to see
strong growth in our
business.”
Agriculture Fields
Chinderah, NSW
Australia
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Aerometrex Limited • Annual Report 2020
Dear shareholder,
I am very pleased to present the Managing Director’s
Report for Aerometrex Limited’s first Annual Report as a
public company following our successful IPO in December
2019.
During the financial year we have achieved several key
milestones including:
•
•
The successful IPO and listing on the ASX in
December
The establishment of the US office in Denver,
Colorado to launch our world leading 3D product
into the US market
• Completion of significant 3D projects in Pau
in the South of France, Fishermans Bend in
Melbourne and Western Sydney digital twin
model which showcase the capability and quality
of the Aerometrex 3D product
• A number of large project wins which were won
through a competitive tender process
• Deployment of MetroCam, the Aerometrex
designed aerial camera system (provisional
patent application has been filed)
• Growth in MetroMap, our subscription service,
both in terms of customers but also image data
coverage
Expansion of the MetroMap product offering to
include LiDAR derived data products
•
• Acquisition of Spookfish Australia Pty Ltd from
EagleView Inc in May
During FY20, total operating revenue increased by
24.7% to $20.09m continuing the trend of year on year
revenue growth. We generated positive cashflow from
our operations of $8.2m which we invested under the
guidance of the Board into future growth initiatives of
sensors including MetroCam, increasing our data capture
program, increase marketing, people and investing in IT
systems to drive future scalability of the business. We
strengthened our balance sheet through the IPO process
with available cash at the end of the financial year of
$22.2m and minimal debt.
Acquisition of Spookfish
The acquisition of Spookfish Australia Pty Ltd in May
2020 from EagleView Inc provided immediate scale
to MetroMap, our data subscription offering (DaaS).
This strategic purchase included the acquisition of the
Spookfish customer list, introducing approximately 250
new customers to the MetroMap family as well acquiring
rights to licence the Spookfish image archive. The
increase in the MetroMap customer base also provides
the opportunity to cross sell our other services to these
customers in the form of LiDAR, 3D and other project aerial
services providing potential revenue growth opportunities.
During this process a strong co-operative relationship was
also formed with Spookfish’s parent company Eagleview
Inc. in the USA, and discussions on future cross-utilisation
of skills and data have been continuing.
MetroMap
MetroMap enjoyed significant revenue growth of 42% in
FY20. Client demand for the MetroMap service is gaining
pace, and our Annual Recurring Revenues are building
rapidly. Our MetroMap imagery capture program has been
greatly accelerated during FY20 and we are now on track
with our 4 captures per year program over most Australian
capital cities.
It has also been very gratifying to see the MetroMap aerial
imagery capture program extend so quickly to rural and
regional Australia, either by 100% owned surveys or by
sharing Intellectual Property Rights on aerial imagery with
our extensive project client base to allow these surveys to
also be published on MetroMap. We are looking forward
to building the MetroMap data coverages, client base and
revenues substantially in FY21.
MetroCam
Our Aerometrex-designed aerial camera system
MetroCam has also been put into service this year,
and we have captured large programmes over Sydney,
Brisbane, Melbourne and Adelaide with MetroCam. A
provisional patent application has been filed for MetroCam
to protect our Intellectual Property in the design. The
second MetroCam is under construction at a specialist
manufacturer in the USA and is expected to arrive during
H1 of FY21.
LiDAR
LiDAR revenues have continued to grow quickly in
response to injections of further investments in resources,
aircraft and sensors. LiDAR has experienced very strong
growth in FY20 of 37.9% on the previous corresponding
period. The scope of our LiDAR activities has now
expanded to be national, with aircraft operating in every
State and mainland Territory of Australia. Aerometrex now
regularly services 10 different industries with aerial LiDAR,
which diversifies commercial risk and expands our range
of applications.
3D modelling and mapping
Among many smaller projects, Aerometrex has conducted
three stand-out high-value 3D projects during FY20, the
3D modelling of the City of Pau in France, 3D modelling
of Fishermans Bend in Melbourne, and the 3D modelling
of Western Sydney for NSW Dept of Spatial Services.
These 3D modelling projects formed the basis of ‘Digital
Twin’ or ‘Smart Cities’ programs for each location. These
projects have set international benchmarks for the quality
of 3D modelling and mapping data and have been widely
recognized as state-of-the-art data products.
Aerial photography and mapping
Aerometrex has continued to provide project aerial
photography, photogrammetry and mapping services to its
extensive client base. Demand for this service has been
particularly strong in the Resources sector but also in
Urban Planning, Infrastructure, Engineering, Transport and
Surveying. As expected there has been a small decline in
revenues for this business line owing to the transition of
city-based customers from project work to the MetroMap
subscription model. However in areas where bespoke
products are required, or in locations in which there is
little scope for additional data sales, project-based aerial
photography continues to provide our customers with the
high-quality information they need in a timely, reliable way.
Sales interaction between these 4 operating divisions is
common and our total aerial survey service offering is
unparalleled in Australia.
Our people
Our company is built on a foundation of image quality and
accuracy which is achieved through the passion, pride
and commitment of our team to deliver these results.
Staff headcount increased from 76 in June 2019 to 102
in June 2020 reflecting the investment into people across
the functional areas of sales and marketing, production
and support, investing now for future scalability of the
business.
FY20 provided some unusual challenges due to Covid-19
however I am extremely proud of the way that our team
worked flexibly to continue to deliver and meet client
needs.
“We are looking forward to building the
MetroMap data coverages, client base
and revenues substantially in FY21.”
COVID-19
The impact of COVID-19 on the broader economy saw the
introduction of a range of government incentives in an
attempt to minimize the financial impact of the lockdowns.
I am pleased to report that Aerometrex:
did not qualify for JobKeeper entitlements as
our revenue did not decline when compared to
the prior year and therefore we did not meet the
eligibility criteria
did not defer any expenses
did receive the temporary Cash Flow Boost which
applied to all businesses that employed staff
Looking forward to FY21
As we look forward to FY21, as a company we have clarity
of purpose with regard to our strategic objectives but we
must be mindful of the continuing effects of Covid-19 and
what impacts or opportunities that this may bring.
Finally, I would like to thank everyone who has contributed
to the success of Aerometrex in FY20 including our
Board, our staff, our investors, our advisers, our suppliers
and our customers. For all of these stakeholders I
thank you for your continued loyalty and support. I look
forward to providing further updates on our progress and
achievements throughout the year.
Mark Deuter
Managing Director
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Board of Directors
Mark Lindh
Independent Non-Executive
Director, Chair
Mark Deuter
Managing Director
B.Sc (Maths)
Matthew White
Non-Executive Director
B.Acc, CA
Dr Peter Foster
Independent Non-Executive
Director
PhD Physics
David Byrne
Executive Director, Chief
Operating Officer
B.Surveying (Hons.)
Appointed: May 2019 (Chair: Oct 2019)
Appointed: Oct 2011
Appointed: Sep 2011
Appointed: Oct 2019
Appointed: Oct 2011
Special responsibilities:
Nil
Special responsibilities:
• Member of the Remuneration &
Nomination Committee
• Member of the Audit & Risk Committee
Special responsibilities:
•
• Member of the Remuneration &
Chair of the Audit & Risk Committee
Nomination Committee
Special responsibilities:
Nil
Experience:
Mark joined Aerometrex in 2005 under
the previous ownership as Aerometrex’s
General Manager, overseeing the
expansion of Aerometrex as it introduced
digital aerial camera technology. He
established Aerometrex’s aerial operations
and managed the human resources,
sales and marketing functions. He also
set strategic directions for Aerometrex’s
growth in Australia. On the change of
ownership via a management buy-out
in 2011, Mark was appointed Managing
Director and Chairman of the Board
(2011 to Feb 2019). Under his direction,
Aerometrex has experienced a period
of sustained growth and corporate
innovation.
Prior to joining Aerometrex, Mark ‘s career
spanned 28 years working across airborne
geophysics data processing, cartography,
aerial surveying, photogrammetry, aerial
photography and topographic mapping
for various private and government
institutions.
Experience:
Matthew was appointed as Financial
Controller of Aerometrex in 2008 and then
Finance Director of the company in 2011
after guiding the company through the
management buyout process that occurred
in that year. He has been instrumental in
all financial strategies and decisions of the
company during the current successful
growth period.
Matthew has over 27 years experience as
an accountant, business and tax advisor.
He has over 12 years experience as a
registered mortgage broker and over 3
years experience as a financial planner.
Matthew is the founder and sole
director of Business Initiatives Pty Ltd, an
Adelaide based Chartered Accountancy
firm. The firm offers a holistic approach
to clients’ financial needs, offering a wide
range of services with a strong focus on
continuous business improvement and
wealth creation. Matthew works in a client
advisory role for small to medium sized
businesses.
Experience:
Peter has extensive business experience
across a variety of industries. He is a
creative entrepreneur with wide-ranging
experience in developing innovative
technologies for global markets, having
founded and grown numerous technology
and commercial ventures.
Peter has extensive experience with
the invention and intellectual property
protection process and holds over 40
international patents in optics and
precision electronics.
He has also held senior scientific positions
with a local medical laser manufacturer
and with the Department of Metallic
Materials, University of Bayreuth, Germany,
and has delivered intensive courses on
startups and technology commercialisation
for the University of Adelaide.
Peter holds several private company
directorships across a diverse range of
industries including VivoSense, a San Diego
based pharmaceutical services company
and leads its commercial advisory board
whose members are located across the US.
Experience:
David joined Aerometrex in 2000 as
Aerometrex’s Chief Photogrammetrist. He
has been largely responsible for
Aerometrex’s successful technical
programme, he has managed and
overseen its IT infrastructure, research
and development and led the production
team establishing high technical standards
which underpin the quality and accuracy
that Aerometrex is renowned for.
David was appointed as COO in June 2020.
David has published several technical
papers and has represented Aerometrex
at major Australian Spatial Science
conferences on many occasions. He
is a member of the Surveying and
Spatial Sciences Institute and served
on the National Remote Sensing
and Photogrammetry Committee for
three years. He was awarded Spatial
Professional of the Year at the SA Spatial
Excellence Awards in 2013.
Other ASX Directorships in the last
3 years:
Nil
Other ASX Directorships in the last
3 years:
Nil
Other ASX Directorships in the last
3 years:
Nil
Other ASX Directorships in the last
3 years:
Nil
Special responsibilities:
•
•
Chair of the Board
Chair of the Remuneration &
Nomination Committee
• Member of the Audit & Risk
Committee
Experience:
Mark is a founder and co-principal of
Adelaide Equity Partners, an investment
house established in 2006. Prior to that,
he was executive director of Rundle
Capital Partners which was a division
of Washington H Soul Pattinson.
Mark is a corporate advisor with
significant experience in advising
predominantly listed companies
encompassing a range of industries
including technology, energy, resources,
infrastructure and utilities.
He has acted as the principal corporate
and financial advisor to a number of
Australian corporate success stories
and has extensive experience in
Australian equity and debt markets and
advising clients on capital raisings,
mergers and acquisitions and investor
relations.
Other ASX Directorships in the last
3 years:
Bass Oil Ltd (BAS.ASX) appointed Dec
2014 (current)
Advanced Braking Technology Ltd (ABV.
ASX) appointed June 2017 (current).
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Executive Team
Chris Mahar
Chief Financial Officer
B. Acc., CA
Todd Dunow
National Sales
Manager
AssocDip. Cart.
Beata Serafin
Chief People Officer
Appointed: Oct 2019
Appointed: Aug 2001
Appointed: May 2003
Experience:
Chris has 30 years of experience across
commerce and business advisory
services. Prior to joining Aerometrex,
Chris was a Commercial Finance
Manager for Navitas Ltd (ASX: NVT), a
global education company which until
July 2019 was listed on the ASX prior to
being purchased by a private equity firm.
Priorities:
Chris is responsible for the Group’s
finance, tax, investor relations and
property functions. His priorities are
ensuring the provision of accurate,
independent and objective analysis in
a data led environment to drive sound
decision making.
Experience:
Todd has 25 years experience across
many aspects of the aerial survey
industry. Todd has led the sales and
business development team for the last
9 years.
Priorities:
Todd is focused on empowering
the sales team with the knowledge,
confidence and flexibility they need
to face the evolving market place they
operate in.
Experience:
Beata has 14 years experience across
various disciplines of aerial imagery and
has spent the last three years leading
the company's HR function.
Priorities:
Beata is responsible for leading the
human resources and work health safety
functions for the Group. This includes
the ongoing development of the team
for the future and supporting a diverse
and inclusive workforce across the
many functions.
Tol Mofflin
Head of Aviation /
Chief Pilot
B. Sc (Aviation)
Ralph Lante
GM - LiDAR
Rick Cassidy
President -
US Operations
Appointed: Feb 2020
Appointed: Nov 2015
Appointed: Feb 2020
Experience:
Tol has over 20 years and more than
6,500 hours of international aviation
experience including 18 years within
management roles.
Priorities:
Tol is responsible for ensuring that all
aspects of the aviation operations are
managed effectively and efficiently.
Experience:
Ralph has had a 40-year career in the
geospatial sciences. He has worked
for the South Australian and Northern
Territory Governments in key aerial
imagery roles and was centrally
involved in a major GIS program in
the Philippines. He also previously
worked for SAAB Systems as well as
Aerometrex during the period 2001-
2007. Ralph re-joined Aerometrex
in 2016 as General Manager, LiDAR
operations.
Priorities:
Ralph has overseen the rapid growth
of our LiDAR business during the
last 4 years and is looking forward
to further growth and technical
development opportunities in his area
of responsibility.
Experience:
Rick has over 30 years experience
across IT and engineering roles. For the
last 10 years Rick has been working in
the geospatial industry as VP, SVP and
President responsible for leading the
global and regional sales, operations
and delivery teams.
Priorities:
Rick is responsible for all facets of
establishing and growing the US
Operations which are focused on the
world leading 3D modelling product of
the Group. The US Operations are based
in Denver, Colorado.
24
Canal Houses
Mandurah, WA
Australia
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Director’s
Report
River Torrens and
Adelaide Oval
Adelaide, SA
Australia
26
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Aerometrex Limited • Annual Report 2020
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Director’s Report
The directors present their report, together with the consolidated financial statements of Aerometrex Limited (referred to hereafter as
‘Aerometrex’ or ‘Company’), formerly Aerometrex Pty Ltd, comprising of the company and its controlled entities, for the year ended 30
June 2020.
Directors
The Directors of Aerometrex Limited during the year ended 30 June 2020 and up to the date of this report are set out below:
Name
Role
Status
Appointed
Resigned
Mr Mark Llewellyn Lindh
Non-Executive Director, Chair
Independent
Dr Peter Graham Foster
Non-Executive Director
Independent
20 May 2019
15 Oct 2019
Mr Matthew Duval White
Non-Executive Director
Not Independent
07 Sep 2011
Mr Mark John Deuter
Managing Director
Not Independent
21 Oct 2011
Mr David Michael Byrne
Executive Director
Not Independent
21 Oct 2011
Ms Beata Maria Serafin
Executive Director
Not Independent
21 Oct 2011
20 Sep 2019
Mr Scott Tomlinson
Executive Director
Not Independent
21 Oct 2011
20 Sep 2019
Mr Glen Stuart Davis
Non-Executive Director
Independent
31 May 2019
23 Aug 2019
Company secretary
Name
Mr Matthew Duval White
Ms Kaitlin Louise Smith
Appointed
Resigned
07 Sep 2011
25 Nov 2019
25 Nov 2019
Company overview – principal activities
Aerometrex is a professional aerial mapping business specialising in aerial photography, photogrammetry, LiDAR, 3D modelling and
aerial imagery subscription services. The Company was listed on the ASX on 10 December 2019 (ASX: AMX) following the successful
completion of the IPO capital raising through a fully underwritten offer of 25 million new shares.
The Aerometrex business was established in 1980 with its corporate headquarters based in South Australia.
Changes in state of affairs
The last 12 months which ended 30 June 2020 saw a significant number of changes to the company:
Converted from a Proprietary Limited company to a public company limited by shares, on 29 August 2019 in anticipation of
listing on the Australian Securities Exchange (ASX);
Raised $25 million (25,000,000 shares at $1.00 each) via a fully underwritten initial public offering under a Prospectus lodged
with ASIC on 1 November 2019. The primary objectives were to:
o List on the Australian Securities Exchange;
o Provide Aerometrex with financial flexibility to pursue growth initiatives domestically and abroad;
o Provide Aerometrex with the benefits of increased public awareness that arises as an ASX listed entity; and
o Broaden Aerometrex’s shareholder base and provide a liquid market for its securities.
Successfully listed on the ASX on 10 December 2019.
Issued 1,000,000 options to Non-Executive Directors as part of the successful IPO process which vested on listing, are
exercisable at $1.25 with an expiry date of two years from the ASX quotation date.
Issued 944,000 options to the Lead Manager and Underwriter, Morgans as part of the IPO process exercisable at $1.25 vesting
two years from issue and expiring four years from issue of the options.
Converted 7,000,000 series ‘A’ convertible notes with a face value of $7m (notes issued at $1 per convertible note) into
9,200,000 million ordinary shares as part of the ASX listing process.
28
Issued 2,555,000 options to management and employees under an Employee Share Option Plan (ESOP) to ensure long term
alignment between the staff and shareholders.
Acquired 100% of the ordinary shares of Spookfish Australia Pty Ltd from EagleView Technologies Inc in May 2020. This
acquisition included the acquisition of the Spookfish existing customer client list and a licence to their aerial imagery archive.
Opened the US office in Denver, Colorado USA with the sole purpose of taking the world leading 3D capabilities of Aerometrex
to the US market.
There were no other significant changes in the state of affairs of the Group during the financial period.
Review of Operations
FY20 was a pivotal year for the company listing on the Australian Securities Exchange on 10 December 2019 (ASX: AMX) and follows a
successful capital raising of $25 million through an IPO.
Summary of results for FY20 compared to prior year:
Proforma Profit Statement (Unaudited)
Revenue
Aircraft and project costs - capture and processing costs
Operating costs
EBITDA
Amortisation
Depreciation
Finance costs
Finance income
(Loss) / Profit before income tax
Income tax expense
(Loss) / Profit after income tax
2020
Statutory
Accounts
$’000
Items not in
the ordinary
course of
operations
$’000
2020
Normalised
result
$’000
2019
$’000
Change
$’000
Change
%
20,265
(6,377)
(9,987)
3,901
(1,677)
(2,111)
(370)
177
(80)
(186)
(266)
-
-
697
697
-
-
177
-
874
-
874
20,265
16,291
3,974
(6,377)
(4,512)
(1,865)
(9,290)
(6,744)
(2,546)
4,598
(1,677)
(2,111)
(193)
177
794
(186)
608
5,035
(479)
(1,502)
(191)
3
2,866
(296)
2,570
24.4%
41.3%
37.8%
(8.7%)
(437)
(1,198)
250.1%
(609)
(2)
40.5%
1.0%
174
5800.0%
(2,072)
(72.3%)
110
(37.2%)
(1,962)
(76.3%)
EBITDA (Earnings before interest, tax, depreciation and amortization) is a non-IFRS standard term but is used by the Group to measure
performance.
In arriving to a ‘normalised result’ in the table above, there were a number of items incurred during the year which are not incurred in the
ordinary course of business and relate to:
Items not in the ordinary course of operations
Operating costs - one-off
IPO and Capital Raising Costs expensed
Refinance costs
Total operating costs not in the ordinary course of operations
Finance costs
Finance costs on convertible notes
Total finance costs not in the ordinary course of operations
Total items not in the ordinary course of operations
2020
$’000
499
198
697
177
177
874
29
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Director’s Report continued...
Revenue
Operating costs
Total revenue from ordinary activities continued to grow in line with prior years, increasing by 24.7% from $16.1m in 2019 to $20.1m in
2020.
Operating Revenue
Operating Revenue
Operating costs (normalised) increased from $6.7m in 2019 to $9.29m or 37.8% driven by investment into scaling of the business for
both growth and to reflect the change of status from a private to public company. The majority of the increase relates to investment
into people within sales and marketing, production or air operations which is expected to drive growth into the future. Employment
headcount increased from 76 in June 2019 to 102 in June 2020.
)
s
0
0
0
'
$
(
D
U
A
25,000
20,000
15,000
10,000
5,000
0
20,091
EBITDA
16,109
13,129
8,906
9,706
2016
2017
2018
2019
2020
Financial Year Ended 30 June
The normalised EBITDA for FY20 was $4.6m compared to $5.0m in FY19. Again, this reflects the investment into people to scale the
business for future growth.
Depreciation
Depreciation increased from $1.5m to $2.1m and reflects the investment into aircraft and sensors for LiDAR with evidence of the return
on investment seen through the growth in revenue. FY20 also saw the delivery of the first MetroCam which is the Aerometrex designed
aerial camera system. A provisional patent application has been filed for MetroCam. Additional investment was also made in scaling of
IT infrastructure.
Revenue growth across the business operating divisions was:
Amortisation
Operating Revenue by Division
Operative Revenue by Segment
2016
2017
2018
2019
2020
3
6
9
,
7
4
8
5
,
6
1
9
4
,
6
7
9
4
,
6
2
1
1
,
6
3
2
9
,
8
8
6
4
6
,
Amortisation increased from $0.48m to $1.7m reflecting the increased capture program for MetroMap and the acquisition of an
irrevocable perpetual licence to Spookfish datasets which was part of the acquisition of Spookfish Australia Pty Ltd in May 2020.
In total, $4.8m was invested into datasets for MetroMap during the FY20 year which is all part of the strategic intent to grow the
MetroMap subscription business. Datasets are amortised on a straight line basis over an effective life of two years.
Diversity of clients
Aerometrex works across a diverse range of industries and clients insulating Aerometrex from downturns in any one industry which is
particularly important in the current environment. The diversity of industry and client mix for FY20 was:
Invoiced project work by client type
Invoiced project work by market sector
5
3
1
,
3
9
7
6
,
1
5
9
4
,
1
1
6
3
,
3
2
5
9
1
,
5
0
5
,
1
5
2
3
,
1
4
5
6
5
9
6
,
1
2
9
1
1
,
6
2
5
3
7
1
1
1
2
Local Government
8%
Federal Government
3%
)
s
0
0
0
'
$
(
D
U
A
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Aerial Photomapping
LiDAR
3D
MetroMap
Financial Year Ended 30 June
Strong revenue growth was achieved in:
State Government
31%
MetroMap, the company’s Data as a Service (DaaS) model continued to experience growth, increasing total revenue by 42% on
2019. The company’s focus is to drive further growth in the MetroMap subscription platform following the injection of capital
from the IPO listing in December 2019.
LiDAR continued its strong pattern of revenue growth increasing by 38% on the 2019 year. The growth in revenue was driven
by increased investment into additional aircraft, sensors and upgrading one of the existing sensors to increase the sampling
rate from firing at a rate of 1 million light pulses per second to 2 million light pulses per second.
3D experienced growth of 72% on 2019 driven by winning and completing a number of significant projects throughout the year.
There were two standout high value projects during the year being the City of Pau in France, Fishermans Bend in Melbourne
and Western Sydney. These 3D modelling projects formed the basis of ‘Digital Twin’ or ‘Smart Cities’ programs. These projects
have set international benchmarks for the quality of 3D modelling and have been widely recognized as state-of-the-art data
products.
Aerial photomapping declined by 6% on the prior year however this was in line with expectations as clients moved towards
the subscription model of MetroMap or LiDAR to best suit their needs. Aerial photomapping is therefore skewed towards
project based work where there may be limited scope for additional data sales or the client wants proprietary ownership of
the dataset. The project based aerial photomapping continues to provide our customers with the high-quality information they
need in a timely, reliable way.
Utilities &
Infrastructure,
Agriculture,
Government
2%
Oil & Gas
3%
Environment
9%
Private Company
58%
Inf/Eng/Trans
11%
Urban Planning
15%
Other, Forestry, Disasters, LiDAR, Water, Renewables,
Construction, Property Dev, Internet Media
<1%
Survey/Mapping
25%
Mining
24%
Dividends
No dividends have been paid or proposed in respect of the current year (2019: $680,000).
In accordance with the Prospectus lodged with the Australian Securities and Investment Commission (ASIC) on 1 November 2019, the
company does not intend to pay dividends in the first two years from the Offer date in the Prospectus as the capital will be deployed to
pursue growth opportunities. Aerometrex will review this policy on an annual basis and provide updates to the market in accordance
with its disclosure obligations if it changes its dividend policy.
30
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Director’s Report continued...
Matters subsequent to the end of the financial year
Company secretary
The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst the Group did not experience any significant impact up to
30 June 2020, the ongoing economic uncertainties makes it difficult to estimate the potential impact, positive or negative, after the
reporting date. Various Australian state governments have imposed state border restrictions which may include the need to quarantine
for a stipulated period where employees are returning from an area / state deemed to be a COVID-19 hotspot. The Company continues
to work with various state authorities in relation to movement of staff around the country to maintain capture programs with staff
health and safety being a key priority.
Ms Kaitlin Smith B.Com (Acc), CA was appointed to the position of Company Secretary on 25 November 2019. Ms Smith provides
company secretarial and accounting services to various public and proprietary companies. She holds a Bachelor of Commerce
(Accounting) and is a Chartered Accountant.
The Company Secretary is accountable to the Board, through the Chair, on all matters to do with the effective functioning of the Board.
All directors have direct access to the Company Secretary.
There are no other matters or circumstances that have arisen since the end of the financial year that have significantly affected or may
significantly affect either:
Directors’ meetings
The number of meetings of Directors (including meetings of committees of Directors) held during the year, and the number of meetings
attended by each Director, were as follows:
The operations of the Group;
The results of those operations; or
The state of affairs of the Group in future financial years.
Future developments
The Group will continue to implement its business strategies to meet the Group’s long term growth and development objectives
including the scaling of the business to:
grow its subscription customer base of MetroMap through increased sales and marketing initiatives, capture programs,
product offering,
seek new opportunities to grow its world leading 3D products across the globe and in particular the US, and
continue to build scale in its LiDAR operations. Further information about future developments in the operations of the Group
and the expected results of those operations in future financial years has not been included in this report because disclosure
of the information would be likely to result in unreasonable prejudice to the Group under section 299 of the Corporations Act.
Further information about future developments in the operations of the Group and the expected results of those operations in future
financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable
prejudice to the Group under section 299 of the Corporations Act.
Environmental obligations
Name
Mark Lindh
Matthew White
Dr. Peter Foster
Mark Deuter
David Byrne
Beata Serafin¹
Scott Tomlinson¹
Glen Davis²
The current activities of Aerometrex are not subject to significant environmental regulation under Australian Commonwealth or State
law. The Board believes that the Group has adequate systems in place to manage its environmental obligations and is not aware of any
breach during the period. Any significant environmental incidents are reported to the Board.
1 Resigned from Board 20 September 2019
2 Appointed 31 May 2019, resigned 23 August 2019
Board Meetings
Audit and Risk Committee
Remuneration and Nomination
Committee
Number of meetings
Number of meetings
Number of meetings
Held while
Director
Attended
Held while
committee
member
Attended
Held while
committee
member
Attended
15
15
15
15
15
3
3
2
14
15
11
15
15
3
3
1
4
4
3
-
-
-
-
-
4
4
3
-
-
-
-
-
9
9
9
-
-
-
-
-
9
9
9
-
-
-
-
-
Indemnities and insurance
During the year, the Group paid a premium in respect of a contract to insure the directors and executives of the Company against a
liability to the extent permitted by the Corporations Act. The contract of insurance prohibits disclosure of the nature of the liability and
the amount of the premium.
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any
related entity against a liability incurred by the auditor.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined
in note 25 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm
on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act.
All Directors were eligible to attend all meetings held, unless specified.
Committee Membership
Throughout the year and as at the date of this report, the Company had an Audit and Risk Committee and a Remuneration and
Nomination Committee. Members acting on the committees of the board during the year were:
Audit and Risk
Remuneration and Nomination
Dr. Peter Foster (Chair)
Mark Lindh (Chair)
Mark Lindh
Matthew White
Matthew White
Dr. Peter Foster
The directors are of the opinion that the services as disclosed in note 25 to the financial statements do not compromise the external
auditor’s independence requirements of the Corporations Act 2001 for the following reasons:
Remuneration report
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the
The remuneration report on pages 36-42 forms part of the Director’s Report.
auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics
for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or
auditing the auditor’s own work, acting in a management or decision-making capacity for the company, acting as advocate for
the company or jointly sharing economic risks and rewards.
Share options
As at 30 June 2020 there were 4,499,000 unissued ordinary shares under option. Refer to note 20 of the consolidated financial
statements for further details of the Group’s share based payment plans. No shares were issued during or since the end of the financial
year as a result of exercise of options (2019: nil).
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Director’s Report continued...
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the
company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the
company for all or part of those proceedings.
Rounding of amounts
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments
Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument
to the nearest thousand dollars, or in certain cases, the nearest dollar.
Forward-looking statements
Aerometrex advises that this document contains forward-looking statements which may be subject to significant uncertainties outside
of Aerometrex's control. No representation is made as to the accuracy or reliability of forward-looking statements or the assumptions
on which they are based. Actual future events may vary from these forward-looking statements and it is cautioned that undue reliance
not be placed on any forward-looking statements.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out after this
directors’ report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
Mark Lindh
Chair of the Board
28 September 2020
Mark Deuter
Managing Director
34
Tree Canopy Coverage Map
Onkaparinga, SA
Australia
Aerometrex Limited • Annual Report 2020
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
The committee reviews and assesses the appropriateness of the remuneration on a periodic basis by reference to employment market
conditions with the overall objective to ensure shareholder value and benefit from the recruitment and retention of a high quality board
and executive team.
The payment of any bonuses or other incentives are reviewed by the Remuneration and Nomination Committee with appropriate
recommendations put to the Board for approval.
In accordance with best practice corporate governance, the structure of non-executive director and executive director remuneration is
separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors’ fees and
payments are reviewed annually by the Remuneration and Nomination Committee. The Remuneration and Nomination Committee may,
from time to time, receive advice from independent remuneration consultants to ensure non-executive directors’ fees and payments are
appropriate and in line with the market. The chairman’s fees are determined independently to the fees of other non-executive directors
based on comparative roles in the external market. The chairman is not present at any discussions relating to the determination of his
own remuneration.
Aerometrex’s constitution provides that all non-executive directors may be paid remuneration for their services. The total amount of
the remuneration for non-executive directors may not exceed the higher of $300,000 and the amount fixed in general meeting for that
purpose.
Any increase in the aggregate amount needs to be approved by shareholders. Directors will seek approval of the shareholders from time
to time as appropriate.
The current base Non-Executive Director fees per annum, excluding statutory superannuation are:
Chair of the Board
Non-Executive Director
2020
$70,000
$60,000
Remuneration Report
The remuneration report details the key management personnel (KMP) remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
The remuneration report is set out under the following main headings:
A. Key management personnel
B. Remuneration policy
C. Details of remuneration
D. Employment contracts
E. Share-based compensation
F. Shareholdings of key management personnel
G. Additional disclosures relating to key management personnel
A. Key management personnel (KMP)
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of
the entity, directly or indirectly, including all directors.
Non-executive directors
Position
Mark Lindh
Peter Foster
Matthew White
Glen Davis
Independent Non-Executive Director, Chair
Independent Non-Executive Director (appointed 15 October 2019)
Non-Executive Director
Non-Executive Director (appointed 31 May 2019, resigned 23 August 2019)
Executive directors
Position
Mark Deuter
David Byrne
Executives
Chris Mahar
Tol Mofflin
Executive Director, Managing Director
Executive Director, Chief Operating Officer
Position
Chief Financial Officer (appointed 15 October 2019)
Head of Aviation (appointed 3 February 2020)
Scott Tomlinson
Chief Aviation Officer (KMP until 3 February 2020)
Ralph Lante
Beata Serafin
Todd Dunow
Rick Cassidy
General Manager - LiDAR
Chief People Officer
National Sales Manager
President, US Operations (appointed 3 February 2020)
B. Remuneration policy
The objectives of the Group’s executive reward framework is:
to align rewards with business outcomes that deliver value to shareholders,
to ensure remuneration is competitive in the employment market to attract and retain executive talent,
to drive a high performance culture by rewarding high performing individuals based on achieving outcomes,
transparent and easily understood, and
acceptable to shareholders.
The Board has established a Remuneration and Nomination Committee which operates in accordance with its charter as approved
by the Board. This committee is responsible for determining and reviewing the compensation arrangements for the directors and the
executive team (collectively the key management personnel).
The Group has structured a remuneration framework that is commensurate with the current operational requirements.
The remuneration structure that has been adopted by the Group consists of the following components:
fixed remuneration being annual salary, and
short term and long term incentives being employee share schemes and bonuses.
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Remuneration Report continued...
C. Details of remuneration
D. Employment contracts
The company became a listed public company on 10 December 2019 with this being the first remuneration report of Aerometrex
Limited and the first remuneration report to be presented at an Annual General Meeting.
There are no formal contracts between the Company and non-executive directors other than the initial letter of appointment that
identifies the remuneration as at the initial appointment date.
Short-term benefits
Post
employment
Long term
benefits
Share based
payments
All executive employees and KMP are employed under ongoing employment agreements and as such only have a commencement date
with no fixed expiry date. Details of KMP contracts as at 30 June 2020 were as follows:
Salary &
Fees
Cash
bonus
Non-
monetary
Employee
entitlements 1
Superannuation
Employee
entitlements 2
Options 3 Shares
Total
Remuneration
Performance
related
$
%
Executive officers
Position
$
Non-executive directors
Mark Lindh
2020
60,000
Matthew White
2020
52,500
Peter Foster 4,10
2020
40,000
Glen Davis 5
2020
-
Executive directors
Mark Deuter 10
2020
234,880
David Byrne 10
2020
201,211
Executives
Chris Mahar 6
2020
107,574
Beata Serafin
2020
141,396
Todd Dunow
2020
167,590
Tol Mofflin 7
2020
55,083
Ralph Lante
2020
145,213
Rick Cassidy 8
2020
84,069
Scott Tomlinson 9
2020
140,043
1,429,559
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
-
-
-
6,457
-
6,457
$
-
-
-
-
$
5,383
11,780
3,800
-
$
-
-
-
-
$
34,500
34,500
11,518
-
(5,751)
914
28,456
22,488
11,518
24,900
12,817
11,518
7,621
9,363
(10,753)
6,657
(11,076)
6,818
2,602
6,395
10,172
166
11,518
20,170
30,439
11,518
15,445
5,295
11,518
5,207
59
11,518
13,738
3,799
11,518
1,345
15,338
-
-
5,759
-
155,735
75,063
166,906
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 Net movement in annual leave provision for the year
2 Net movement in long service leave provision for the year
3 Value of options recognised in the profit and loss statement
4 Appointed 15 October 2019
5 Appointed 31 May 2019, resigned 23 August 2019
6 Appointed 15 October 2019
7 Appointed 3 February 2020
8 Appointed 3 February 2020 and non-monetary benefits relate to US health insurance contributions
9 Ceased as a KMP on 2 February 2020
10 Granting of options subject to shareholder approval at the AGM
99,883
98,780
55,318
-
291,591
251,361
137,052
212,886
189,095
78,524
163,193
104,448
157,983
1,840,115
0.0%
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
No key management personnel appointed during the period received a payment as part of their consideration for agreeing to hold the
position.
Share based remuneration
As part of the listing on the Australian Securities Exchange (ASX), options were issued to Mr Mark Lindh (Chair of the Board) and Mr
Matthew White (Non-executive director) in recognition of achieving the successful listing of the company.
Bonuses included in remuneration
No short term incentive cash bonuses were awarded as remuneration during the financial year ended 30 June 2020 (2019: $Nil).
Mark Deuter
David Byrne
Chris Mahar
Tol Mofflin
Ralph Lante
Beata Serafin
Todd Dunow
Rick Cassidy
Executive director, Managing Director
Executive director, Chief Operating Officer
Chief Financial Officer
Head of Aviation
General Manager - LiDAR
Chief People Officer
National Sales Manager
President, US Operations
Notice period for termination
By Company
By Executive
6 months
6 months
2 weeks
2 weeks
3 weeks
4 weeks
4 weeks
3 months
6 months
6 months
2 weeks
2 weeks
2 weeks
4 weeks
4 weeks
3 weeks
The Company may terminate employment by providing appropriate written notice or provide payment in lieu of notice, in accordance
with the employment agreement as outlined above. On termination, any unvested options expire and lapse. Where options have vested
or will vest during the notice period, they are required to be exercised within 90 days, after which the options will expire and lapse.
The Company may terminate employment without notice, or payment in lieu of notice, in cases of serious misconduct. A non-exhaustive
list of circumstances that may amount to serious misconduct is outlined in the KMP employment agreement. Where termination with
cause has occurred, the employee is entitled to remuneration up to and including the date of termination. The remuneration is based on
the fixed component only. Under these circumstances any options will expire and lapse immediately on termination.
E. Share based compensation
Options
During the current reporting period an Employee Share Option Plan was implemented such that Directors and employees may be issued
with options to acquire ordinary shares in the company. Options may be issued based on the terms and conditions as determined by the
Board in accordance with the plan rules.
Options vest based on the provision of service over the vesting period whereby the participant becomes beneficially entitled to the
option on vesting date provided certain conditions are met, generally that they are employed or engaged at the time of vesting, or that
specified performance hurdles have been met to determine vesting. Options are exercisable by the holder as from the vesting date.
There has not been any alteration to the terms or conditions of the grant since the grant date. There are no amounts paid or payable by
the recipient in relation to the granting of such options other than on their potential exercise.
The Company has applied the Black-Scholes Valuation Model to determine the fair value of the options granted which takes into
account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk-free interest rate for the term of the option. The fair value of such grants is being amortised and
disclosed as part of remuneration on a straight line basis over the vesting period. Further details are included in note 20 to the notes to
the financial statements.
38
39
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Remuneration Report continued...
Options over ordinary shares granted, exercised and lapsed for directors and other key management personnel is as follows:
Balance
as at 1
July 2019
#
Granted
during the
period
#
Lapsed or
forfeited
during the
period
#
Exercised
during the
period
#
Balance
at 30
June
2020
#
Vested
during the
period
#
Unvested
at balance
date
#
Value per
option /
share at
grant date
$
Exercise
price per
share
(option)
$
Vesting
date
Grant date
Value
exercised
during
the
period
$
Expiry
date
Balance
as at 1
July 2019
#
Granted
during the
period
#
Lapsed or
forfeited
during the
period
#
Exercised
during the
period
#
Balance
at 30
June
2020
#
Vested
during the
period
#
Unvested
at balance
date
#
Value per
option /
share at
grant date
$
Exercise
price per
share
(option)
$
Vesting
date
Grant date
Value
exercised
during
the
period
$
Expiry
date
Other key management personnel
Directors
Mark Lindh
Options 1
-
500,000
Matthew White
Options 1
-
500,000
Peter Foster
Options 2
Options 2
Mark Deuter
Options 2
Options 2
David Byrne
Options 2
Options 2
-
-
-
-
-
-
50,000
50,000
50,000
50,000
50,000
50,000
-
-
-
-
-
-
-
-
- 500,000
500,000
- Dec 2019
0.069
1.25 Dec 2019 Dec 2021
- 500,000
500,000
- Dec 2019
0.069
1.25 Dec 2019 Dec 2021
-
-
50,000
50,000
-
-
50,000
50,000
-
-
50,000
50,000
-
-
-
-
-
-
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
-
-
-
-
-
-
-
-
1 Granted for the successful listing of the company on the ASX.
2 Subject to shareholder approval at the AGM.
There are no performance related conditions attached to any of these options other than being employed at the vesting date.
The issue of options is to align the interests of employees of the company with the long term interests of shareholders.
Chris Mahar
Options
Options
Tol Mofflin
Options
Options
Ralph Lante
Options
Options
Beata Serafin
Options
Options
Todd Dunow
Options
Options
Rick Cassidy
Options
Options
-
-
-
-
-
-
-
-
-
-
-
-
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
25,000
25,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,000
50,000
-
-
50,000
50,000
-
-
50,000
50,000
-
-
50,000
50,000
-
-
50,000
50,000
-
-
25,000
25,000
-
-
-
-
-
-
-
-
-
-
-
-
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
50,000 May 2020
1.001
1.25 May 2021 May 2023
50,000 May 2020
1.001
1.25 May 2022 May 2023
25,000 May 2020
1.001
1.25 May 2021 May 2023
25,000 May 2020
1.001
1.25 May 2022 May 2023
-
-
-
-
-
-
-
-
-
-
-
-
The options are not quoted on the ASX and carry no dividend or voting rights. Options cannot be transferred without approval from the
Board.
40
41
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Auditor’s Independence Declaration
Remuneration Report continued...
F. Shareholdings of key management personnel
Directors
Mark Lindh
Matthew White
Peter Foster
Mark Deuter
David Byrne
Other key management personnel
Chris Mahar
Tol Mofflin
Ralph Lante 3
Ralph Lante
Beata Serafin
Todd Dunow
Rick Cassidy
Scott Tomlinson
Balance as at 30
June 2019
Ordinary Shares
Balance as at 30
June 2019
Convertible Notes
Restructure of
Capital 1
Conversion of
Convertible
Notes 2
Additions
Disposals
Balance as at 30
June 2020
-
365,965
-
338,240
254,665
958,870
-
-
-
-
197,618
101,618
-
248,090
-
-
-
-
-
-
-
-
115,000
-
-
-
-
-
-
11,969,411
-
11,062,625
8,329,185
31,361,221
-
-
-
-
6,463,381
3,323,563
-
8,114,140
-
-
-
-
-
-
-
-
-
146,750
-
50,000
20,000
-
216,750
25,000
-
-
-
-
-
-
-
-
-
(115,000)
151,143
2,685
-
-
-
-
-
-
-
-
-
-
-
-
146,750
12,335,376
50,000
11,420,865
8,583,850
32,536,841
25,000
-
-
153,828
6,660,999
3,425,181
-
8,362,230
547,326
115,000
17,901,084
151,143
27,685
(115,000)
18,627,238
1 Share split of 1:32.70644 on 9 September 2019
² Conversion of 1 convertible note into 1.31428 ordinary shares
³ Disposal of convertible note is the conversion to ordinary shares
G. Additional disclosures relating to key management personnel
Related party transactions
Mark Lindh is a director of Adelaide Equity Partners and a beneficiary of a trust for which shares in Adelaide Equity Partners are held.
The company entered into an agreement with Adelaide Equity Partners on 26 June 2018 to provide corporate advisory and investor
relations services in relation to the capitalisation requirements of the company. Adelaide Equity Partners was paid a retainer of $7,500
per month until the Corporate Advisor Mandate was terminated in November 2019 ahead of the public listing. Total payments made
during the period were $37,500 (2019: $90,000).
Adelaide Equity Partners received $250,000 as a success fee in relation to the listing of the company on the Australian Securities
Exchange on 10 December 2019. In the prior reporting period, Adelaide Equity Partners received $70,000 (June 2019) as a success fee
in relation to the convertible note issue. The success fees are part of the June 2018 mandate which was signed prior to Mark Lindh
being appointed as a Director.
AE Administrative Services Pty Ltd provided company secretarial services during the reporting period. Total payments made during the
period were $21,360 (2019: $nil).
Matthew White is the owner of Business Initiatives which provided accounting, taxation and financial controlling services during the
reporting period. The amounts billed related to the provision of services during the period and totalled $200,574 (2019: $192,125) were
based on normal market rates and were fully paid as of the reporting date. A significant portion of this $200,574 related to services
provided in respect of the prospectus and preparing the company for becoming a public company limited by shares.
End of audited remuneration report.
42
43
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Financial
Statements
& Notes
Clock Tower
Brisbane, QLD
Australia
44
44
Aerometrex Limited • Annual Report 2020
Aerometrex Limited • Annual Report 2020
45
45
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Notes
5
5
20
21
21
6
Notes
22
22
2020
$’000
20,091
174
20,265
(6,377)
(6,538)
(363)
(2,111)
(1,677)
(229)
(163)
(579)
(225)
(123)
(499)
(198)
(1,070)
(370)
177
(80)
(186)
(266)
(293)
27
(266)
2020
$
(0.004)
(0.004)
2019
$’000
16,109
182
16,291
(4,512)
(4,712)
-
(1,502)
(479)
(19)
(233)
(219)
(157)
(740)
-
-
(664)
(191)
3
2,866
(296)
2,570
2,562
8
2,570
2019
$
0.043
0.043
Revenue from ordinary activities
Other income
Total operating revenue
Aircraft and project - project and processing costs
Employee benefits expense
Share based payments
Depreciation of property, plant and equipment
Amortisation of intangible assets
Advertising and marketing
Consulting, professional services
IT and telecommunications
Occupancy
Travel & accommodation
IPO and Capital Raising Costs expensed
Refinance costs
Other expenses
Finance costs
Finance income
(Loss)/Profit before income tax
Income tax expense
(Loss) / Profit for the year after income tax
(Loss) / Profit attributable to:
Equity holders of the parent
Non-controlling interests
(Loss) / Profit for the year after income tax
Earnings per share:
Basic, (loss) profit for the year attributable to ordinary equity holders of the parent
Diluted, (loss) profit for the year attributable to ordinary equity holds of the parent
To be read in conjunction with the accompanying notes.
46
Assets
Current
Cash and cash equivalents
Trade and other receivables
Contract Assets
Other Assets
Total current assets
Non-current
Property, plant and equipment
Intangibles
Deferred tax assets
Total non-current assets
Total assets
Liabilities
Current
Trade and other payables
Contract liabilities
Current tax liabilities
Other Financial liabilities
Employee benefits
Other Liabilities
Total current liabilities
Non-current
Other Financial liabilities
Employee benefits
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Equity attributable to owners of the parent:
Share capital
Share based payment reserve
Retained earnings
Non-controlling interest
Total equity
To be read in conjunction with the accompanying notes.
Notes
2020
$’000
2019
$’000
7
8
9
10
11
12
18
13
14
15
16
17
15
16
18
19
20
22,239
2,512
563
459
25,773
16,364
6,572
1,418
24,354
50,127
4,267
1,334
-
400
1,295
750
8,046
2,731
157
1,588
4,476
5,110
2,759
1,276
97
9,242
9,800
3,102
349
13,251
22,493
1,103
522
293
8,520
890
-
11,328
3,112
93
1,091
4,296
12,522
15,624
37,605
6,869
32,892
2,377
487
3,829
397
37,605
-
4,122
370
6,869
47
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Financial Statements continued...
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Operating activities
Receipts from customers
Payments to suppliers and employees
Income taxes paid
Research & development tax incentive claim (refundable)
Interest received
Interest paid
Net cash generated from operating activities
Investing activities
Purchase of property, plant and equipment
Deposits paid for property, plant and equipment
Purchase of other intangible assets
Payments for acquisitions
Net cash generated used in investing activities
Financing activities
Proceeds from borrowings
Proceeds from issue of shares - IPO
Proceeds from issue of convertible notes
IPO costs incurred
Repayment of borrowings
Return of capital
Dividends paid
Net cash generated from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
To be read in conjunction with the accompanying notes.
Notes
2020
$’000
2019
$’000
23,332
16,115
(14,761)
(10,291)
(489)
97
177
(193)
8,163
(5,251)
(1,812)
(3,750)
(750)
(541)
-
3
(191)
5,095
(2,615)
-
(1,564)
-
(11,563)
(4,179)
7,633
25,000
1,500
(2,225)
(11,379)
-
-
20,529
17,129
5,110
22,239
(430)
-
5,080
-
-
(750)
(680)
3,220
4,136
974
5,110
30
29
24
7
Notes
Balance as at 1 July 2019
(Loss) after income tax for the year
Total comprehensive income
Proceeds from issue of ordinary shares - IPO
Share based payment reserve - broker options
IPO costs
Tax effect of IPO costs
Proceeds from issue of Series ‘A’ convertible notes
Convertible note costs
Tax effect of convertible notes costs
Finance cost of convertible notes now expensed
Net proceeds from conversion of Convertible notes to
Issued Equity
Share
capital
$’000
2,377
-
2,377
25,000
(124)
(1,661)
457
7,000
(420)
86
177
6,843
Share
based
payment
reserve
$’000
Retained
earnings
$’000
Total
attributable
to owners of
parent
$’000
Non-
controlling
interest
$’000
-
-
-
-
-
-
-
-
-
-
-
-
4,122
(293)
3,829
-
-
-
-
-
-
-
-
-
-
6,499
(293)
6,206
25,000
(124)
(1,661)
457
7,000
(420)
86
177
6,843
487
370
27
397
-
-
-
-
-
-
-
-
-
-
Total
equity
$’000
6,869
(266)
6,603
25,000
(124)
(1,661)
457
7,000
(420)
86
177
6,843
487
Fair Value of options granted during the year
20
-
487
Balance as at 30 June 2020
32,892
487
3,829
37,208
397
37,605
Notes
23
Share
capital
$’000
3,127
-
-
-
(750)
2,377
Total
attributable
to owners of
parent
$’000
Non-
controlling
interest
$’000
Retained
earnings
$’000
Total
equity
$’000
2,240
5,367
362
5,729
2,562
2,562
(680)
-
4,122
2,562
2,562
(680)
(750)
6,499
8
8
-
-
2,570
2,570
(680)
(750)
370
6,869
Balance as at 1 July 2018
Profit after income tax for the year
Total comprehensive income
Dividends paid
Return of Capital
Balance as at 30 June 2019
To be read in conjunction with the accompanying notes.
48
49
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Notes to the Consolidated Financial Statements
1. Reporting entity and general information
3.3. Changes in accounting policies and disclosures
Aerometrex Limited (the Company) is a for profit company incorporated in Australia and limited by shares which are publicly traded
on the Australian Securities Exchange (ASX: AMX). The consolidated financial statements comprise the Company and its controlled
entities (the Group).
The principal accounting policies adopted are consistent with those of the previous financial year.
Certain comparative information has also been reclassified to conform with the current period’s presentation.
The accounting policies that are critical to understanding the financial statements are set out in this section. Where an accounting
policy is specific to one note, the policy is described in the note to which it relates.
The Company’s registered office and principal place of business is 51-53 Glynburn Road, Glynde SA 5070.
The Company is a professional aerial mapping business specialising in aerial photography, photogrammetry, LiDAR, 3D modelling and
aerial imagery subscription services. These activities are grouped into the following service lines:
Aerial photography and mapping: flying, processing and delivering two dimensional digital maps on a project basis
• Aerial LiDAR surveys: flying, processing and delivering full waveform LiDAR products on a project basis
•
• MetroMap: online aerial imagery delivery service (DaaS subscription service)
3D modelling: flying, processing and delivering high resolution 3D models on a project basis
The consolidated financial statements for the year ended 30 June 2020 were approved and authorised for issue by the Board of
Directors on 28 September 2020.
2. Change to company type
On the 29 August 2019, the Company lodged an application to change the company type from a proprietary company limited by shares
(Pty Ltd) to a public company limited by shares (Ltd). The application was approved by the Australian Securities and Investment
Commission on 3 October 2019.
3. Summary of significant accounting policies
3.1. Basis of preparation
The financial statements are prepared in accordance with Australian Accounting Standards (AASBs) and Interpretations issued by
the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for for-profit orientated entities.
These financial statements also comply with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB).
The financial statements are presented in Australian dollars with all values rounded to the nearest thousand unless otherwise
stated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191.
Other than where stated below, or in the notes, the consolidated financial statements have been prepared on a going concern basis
using the historical cost convention.
3.2. Basis of consolidation
The Group’s financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2020. The
parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the
ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 June.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses
on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the
underlying asset is also tested for impairment from a group perspective.
Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the
accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the
effective date of acquisition, or up to the effective date of disposal, as applicable.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net assets that is not
held by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and
the non-controlling interests based on their respective ownership interests.
AASB 16 Leases
Transition to AASB 16
Accounting standard AASB 16 Leases was applied from 1 July 2019 with the company using the modified retrospective method
of adoption. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard
recognised at the date of initial application. The company has elected to use the transition practical expedient allowing the
standard to be applied only to contracts that were previously identified as leases applying AASB 17 and AASB Interpretation 4 at
the date of initial application. The company has also elected to use the recognition exemptions for lease contracts that, at the
commencement date, have a lease term of 12 months or less and do not contain a purchase option (‘short-term leases’), and lease
contracts for which the underlying asset is of low value (‘low-value assets’).
The leases held by the company satisfy the relevant criteria of a short-term lease or low value asset under AASB 16. As a result, the
adoption of this standard has had no impact on the company.
Summary of new accounting policies
Set out below are the new accounting policies of the company upon adoption of AASB 16, which have been applied from the date
of initial application:
Right-of-use assets
The company recognises right-of-use assets at the commencement date of a lease (i.e., the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless
the company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use
assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets
are subject to impairment.
Lease liabilities
At the commencement date of a lease, the company recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
the company and payments of penalties for terminating a lease, if the lease term reflects the company exercising the option to
terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the company uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value
assets recognition exemption that are considered of low value. Lease payments on short-term leases and leases of low-value
assets are recognised as an expense on a straight-line basis over the lease term. Leases held by the Company satisfy the relevant
criteria of a short-term lease or low value asset. As a result, the standard did not have a material impact on the Company.
50
51
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
AASB Interpretation 23 Uncertainty over Income Tax Treatment
3.8. Critical accounting estimates
The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application
of AASB 112 Income Taxes. It does not apply to taxes or levies outside the scope of AASB 112, nor does it specifically include
requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses
the following:
Whether an entity considers uncertain tax treatments separately
The assumptions an entity makes about the examination of tax treatments by taxation authorities
How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
How an entity considers changes in facts and circumstances
An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other
uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The Group
applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex
multinational environment, it assessed whether the Interpretation had an impact on its consolidated financial statements. Upon
adoption of the Interpretation, the Group considered whether it had any uncertain tax positions. The interpretation did not have an
impact on the consolidated financial statements of the Group.
3.4. Standards or interpretations issued but not yet effective or relevant to the Group
There are no standards or amendments that have been issued but are not yet effective that are expected to have a significant
impact on the Group.
The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
3.5. Business combination
The Group applies the acquisition method in accounting for business combinations.
In preparing the financial statements, the Group is required to make estimates and assumptions about the recognition and
measurement of assets, liabilities, income and expenses as reported in the financial statements. These estimates, judgements
and assumptions are based on experience and other factors, including expectations of future events that may have an impact
on the Group. All judgements, estimates, and assumptions made are believed to be reasonable based on the most current set of
circumstances available to the Group. Actual results may differ from judgements, estimates, and assumptions.
Where the Group has made significant judgements, estimates, and assumptions in the preparation of these financial statements,
these are outlined with the financial statement notes to which they specifically relate.
4. Segment information
Aerometrex recognises revenue across four operating segments being aerial photography and mapping, aerial LiDAR surveys, 3D
modelling, and MetroMap. The tracking of revenue into operating segments is used for the internal assessment of company revenue
performance and future planning however the expenditure is not recorded into the same revenue streams as a significant portion of
the costs are shared. That is, the aviation and production resources are available as a whole of company resource and allocated to
undertake work as required including dependency on external factors such as weather. The gross margin is therefore an accumulative
result based on the mixed revenue stream nature of the company (project or on demand revenue and subscription- based revenue).
The detailed revenue from the four operating segments are then combined with a whole of company expense analysis which is
reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers (CODM)) in assessing
performance and in determining the allocation of resources.
The CODM reviews segment revenue with EBITDA (earnings before interest, tax, depreciation and amortisation) at a whole of business
level. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.
The assets and liabilities (Statement of Financial Position) of the company are reported and reviewed by the CODM at a whole of
company level as this is not allocated to individual operating segments.
The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition date fair
values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration arrangement.
5. Revenue
Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they
have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities
assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of (a) fair
value of consideration transferred; (b) the recognised amount of any non-controlling interest in the acquiree; and (c) acquisition-
date fair value of any existing equity interest in the acquiree, over the acquisition- date fair values of identifiable net assets. If the
fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e., gain on a bargain purchase) is
recognised in profit or loss immediately.
3.6. Goods and Services Tax (GST)/VAT
Revenues, expenses and assets are recognised net of the amount of GST/VAT, except where the amount of GST/VAT incurred is
not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or
as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of investing and
financing activities, which are disclosed as operating cash flows.
3.7. Notes to the financial statements
The notes include additional information required to understand the financial statements that is material and relevant to the
operations, financial position and performance of the Group. Information is considered material and relevant if the amount in
question is significant because of its size, nature or incidence or it helps to explain the impact of significant changes in the
business, for example, acquisitions and asset write downs.
Line items labelled ‘other’ on the face of the consolidated statements comprise miscellaneous income, expenses, assets, liabilities
or cash flows which individually or in aggregate are not considered material to warrant additional disclosures.
52
Aerometrex generates revenue from two principle sources:
1.
2.
Subscription revenue from MetroMap aerial imagery subscription service or “Data as a Service” (DaaS); and
Project based contracts to undertake LiDAR surveys, aerial imagery and mapping and 3D modelling (on demand).
Services
Aerial photography and
mapping
The key products
from this activity are
aerial photographs,
orthophotography (scale
corrected 2D aerial
imagery maps), Digital
Terrain Models (DTMs),
Digital Surface Models
(DSMs) and digitised
3D feature data for
Geographic Information
Systems.
Aerial LiDAR surveys
3D
MetroMap
Aerometrex provides an
aerial LiDAR surveying
service, an advanced
aerial surveying
technique which
accurately maps the
ground surface using
airborne lasers.
Aerometrex has developed
a sophisticated 3D
modelling and mapping
system derived from
oblique aerial photographs.
It offers 3D models of the
highest resolution (1cm-
2cm pixel) and absolute
accuracy (5cm in the XY
& Z dimensions) derived
from aerial platforms.
Aerometrex provides an
online imagery web-serving
application, MetroMap, which
offers Aerometrex’s high-
quality, accurate imagery to a
subscriber base. MetroMap
fulfils all the quality and
accuracy requirements of
sophisticated geospatial
data users and provides easy
to consume product for the
corporate market, via a web
browser interface.
Revenue
Model
Project based revenue
Project based revenue
Project based revenue
Revenue
Recognition
On demand revenue
(transferred over time)
On demand revenue
(transferred over time)
On demand revenue (trans-
ferred over time)
Subscription revenue from “Data
as a Service” (DaaS)
Subscription revenue
(transferred over time)
Or
On demand revenue (projects
delivered via MetroMap)
(transferred over time)
53
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
Accounting policy
Project based (on demand revenue): relates to revenue to be recognised over time as the project is being completed in accordance with
percentage of completion method.
Sale of goods and services (data sets) is recognised in full when the Group has transferred to the buyer the significant risks and
rewards of ownership, generally when the customer has taken undisputed delivery of the goods or service.
Generally, for project work, the Group will invoice a component up front as a deposit to mobilise the air crew, a further component upon
acquisition and the balance upon delivery of the data set.
The maximum amount of revenue to be recognised for each milestone is determined by estimating relative contract fair values of
each project phase, i.e., by comparing the Group’s overall contract revenue with the expected profit for each corresponding milestone.
Progress and related contract revenue in-between milestones is determined by comparing input method of costs incurred to date with
the total estimated costs estimated for that particular milestone (a procedure sometimes referred to as the cost-to-cost method).
The gross amount due from customers for contract work is presented as contract assets for contracts in progress for which costs
incurred plus recognised profits (less recognised losses) exceed progress billings.
The gross amount due to customers for contract work is presented as unearned revenue for all contracts in progress for which
progress billings exceed costs incurred plus recognised profits (less recognised losses).
The cost value of any unbilled work-in-progress is recognised as a contract asset in the statement of financial position.
Subscription revenue: Revenue from subscription services is recognised over time, over the contract term beginning on the date the
services are made available to the customer. The contract terms may vary in accordance with the individual terms of the subscription
agreement. Revenue from the subscription service represents a single promise to provide continuous access to the company’s digital
aerial imagery. As each day of providing access to the data is substantially the same and the customer simultaneously receives and
consumes the benefit as access is provided, the Group has determined that its subscription service arrangement include a single
performance obligation comprised of a series of distinct services.
Operating revenue arises from the sale of goods and the rendering of services. It is measured by reference to the fair value of
consideration received or receivable. The Group often enters into sales transactions involving a range of the Group’s products and
services. The Group applies the revenue recognition criteria set out below to each separately identifiable component of the sales
transaction in order to reflect the substance of the transaction. The consideration received from these multiple-component transactions
are allocated to the separately identifiable component in proportion to its relative fair value.
Operating Revenue
3D
LiDAR
MetroMap
Photo Contracting
Total revenue from contracts with customers
Timing of recognition of operating revenue
3D
LiDAR
MetroMap
Photo Contracting
Transferred over time (on demand revenue)
MetroMap
Transferred over time (subscription revenue)
Total revenue from contracts with customers
2020
$’000
3,361
8,923
1,695
6,112
2019
$’000
1,952
6,468
1,192
6,497
20,091
16,109
2020
$’000
3,361
8,923
990
6,112
2019
$’000
1,952
6,468
848
6,497
19,386
15,765
705
705
344
344
20,091
16,109
Operating revenue by geographic location
Australia
US 1
Europe 1
Total revenue from contracts with customers
1 Customers were serviced from the Australian operations
Other Income
COVID-19 related grants and credits
Government employment incentives
Export grants
Other income
Total other income
Government grants
2020
$’000
2019
$’000
19,553
15,910
-
538
62
137
20,091
16,109
2020
$’000
2019
$’000
50
38
-
86
174
-
8
11
163
182
Government grants are recognised as income when received or when the Company complies with any conditions such that it becomes
to entitled to the grant (either before or after year end).
COVID-19 related grants and credits
Coronavirus (COVID-19) related grants consist of the temporary Cash Flow Boost scheme that was introduced to support business
during the economic downturn associated with COVID-19. Under the Cash Flow Boost payment scheme, eligible businesses who
employ staff will receive a cash flow boost in the form of a credit when lodging their business activity statement. The activity statement
must be lodged to receive the entitlement to the cash flow boost. The Company recognises the entitlement of the Cash Flow Boost in
the profit or loss when the business activity statement is lodged.
6.
Income tax
Income tax expense
Current tax
Deferred tax - origination and reversal of temporary differences
Research and development tax offset
Adjustment recognised for prior periods
Income tax expense
2020
$’000
2019
$’000
39
211
(113)
49
186
293
16
-
(13)
296
54
55
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Notes to the Consolidated Financial Statements continued...
The reconciliation of income tax expense at the Australian tax rate to total income tax expense is as follows:
8. Trade and other receivables
Profit / (Loss) from continuing operations before income tax expense
Tax expense / (loss) at the Australian tax rate of 27.5% (2019: 27.5%)
Income tax expense adjustments:
Effect of different tax rates in foreign jurisdictions
Effect on non-assessable income and non-deductible expenses
Shared based payments
Interest on convertible notes (converted to equity)
Adjustments for current and deferred tax
Research and development tax offsets
Income tax expense
Accounting policy
2020
$’000
(80)
(22)
7
146
100
49
19
(113)
186
2019
$’000
2,866
788
-
67
-
-
(462)
(97)
296
Trade receivables
Less: Allowance for credit losses
Trade receivables
Trade and other receivables
2020
$’000
2,512
-
2019
$’000
2,759
-
2,512
2,759
2,512
2,759
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30-90 days depending
on the nature of the transaction and are non-interest bearing and unsecured.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To
measure the expected credit losses, trade receivables have been grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
The Group has not recognised any loss in relation to expected credit losses (2019: $nil).
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax
rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax
losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are
recovered or liabilities are settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only
if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets
recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to
be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable
profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current
tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same
taxable entity or different taxable entities which intend to settle simultaneously.
Aerometrex Limited (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income tax consolidated group
under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own
current and deferred tax amounts. The tax consolidated group has applied the ‘separate taxpayer within group’ approach in determining
the appropriate amount of taxes to allocate to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the
deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from
or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals
the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the
subsidiaries nor a distribution by the subsidiaries to the head entity.
7. Cash and cash equivalents
Cash at bank and in hand:
Cash at bank and on hand
Short term deposits at call
Cash and cash equivalents
Short term deposits at call represent deposits with a maturity date of less than three months.
2020
Expected loss rate
Gross carrying amount
Expected credit loss
2019
Expected loss rate
Gross carrying amount
Expected credit loss
Critical accounting estimate
Current
0.0%
2,427
-
Current
0.0%
2,502
-
30-60
Days
0.0%
84
-
30-60
Days
0.0%
94
-
61-90
Days
0.0%
1
-
61-90
Days
0.0%
163
-
90+
Days
0.0%
-
-
90+
Days
0.0%
-
-
Total
2,512
-
Total
2,759
-
Trade receivables are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable that
would give rise to an expected credit loss. As at the reporting date, the assessment of impairment was nil. The assessment assumptions
include recent sales experience and historical collection rates.
9. Contract assets
Contract Assets
Contract Assets
2020
$’000
563
563
2019
$’000
1,276
1,276
2020
$'000
2019
$'000
Contract assets relate to work that has been undertaken in relation to ongoing projects where the revenue is recognised over time but
had not been billed as at the reporting date.
3,631
18,608
22,239
5,110
-
5,110
56
57
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
10. Other assets
Prepayments
Deposits and Bonds
Total other assets
2020
$’000
456
3
459
2019
$’000
97
-
97
Prepayments relate to expenses that have either been paid or incurred (and therefore recognised in trade and other payables) in the
current reporting period but the goods or services will be provided in a future period.
11. Property, plant and equipment
As at 30 June 2020
Cost
Less Accumulated Depreciation
Carrying amount at the end of the year
Reconciled as:
Cost as at 1 July 2019
Additions
Disposals
Cost as at 30 June 2020
Accumulated Depreciation as at 1 July 2019
Disposals
Depreciation
Accumulated Depreciation as at 30 June 2020
Land
$’000
Buildings
$’000
Plant &
Equipment
$’000
Capital Work
in Progress
$’000
794
-
794
2,395
(214)
2,181
794
2,395
-
-
-
-
794
2,395
-
-
-
-
(124)
-
(90)
(214)
16,119
(6,606)
9,513
11,367
4,799
(45)
16,121
(4,632)
45
(2,021)
(6,608)
3,876
-
3,876
-
3,876
-
3,876
-
-
-
-
Total
$’000
23,184
(6,820)
16,364
14,556
8,675
(45)
23,186
(4,756)
45
(2,111)
(6,822)
Net carrying value as at 30 June 2020
794
2,181
9,513
3,876
16,364
Land
$’000
Buildings
$’000
Plant &
Equipment
$’000
Capital Work
in Progress
$’000
As at 30 June 2019
Cost
Less Accumulated Depreciation
Carrying amount at the end of the year
Reconciled as:
Cost as at 1 July 2018
Additions
Disposals
Cost as at 30 June 2019
Accumulated Depreciation as at 1 July 2018
Disposals
Depreciation
Accumulated Depreciation as at 30 June 2019
794
-
794
2,395
(124)
2,271
11,367
(4,632)
6,735
794
2,395
-
-
-
-
8,830
2,537
-
794
2,395
11,367
-
-
-
-
(23)
-
(101)
(124)
(3,236)
-
(1,396)
(4,632)
Net carrying value as at 30 June 2019
794
2,271
6,735
Reconciliation of carrying amount at 30 June 2019
Carrying amount at the beginning of the year
794
2,372
Additions
Disposals
Depreciation
Carrying amount at the end of the year
Accounting policy
-
-
-
794
-
-
(101)
2,271
5,595
2,541
-
(1,401)
6,735
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
$’000
14,556
(4,756)
9,800
12,019
2,537
-
14,556
(3,259)
-
(1,497)
(4,756)
9,800
8,761
2,541
-
(1,502)
9,800
Each class of property, plant and equipment is carried at historical cost or fair value, less, where applicable, any accumulated
depreciation and impairment losses. The historical cost includes any expenditure that is directly attributable to the acquisition of the
item.
Depreciation is recognised on a straight-line basis to write off the cost off the item less any estimated residual value over its expected
useful life. The following useful lives are applied:
Reconciliation of carrying amount at 30 June 2020
Carrying amount at the beginning of the year
794
2,271
Additions
Disposals
Depreciation
Carrying amount at the end of the year
Capital work in progress represents:
-
-
-
794
-
-
(90)
2,181
6,735
4,799
-
(2,021)
9,513
-
3,876
-
-
3,876
9,800
8,675
-
(2,111)
16,364
Land:
Buildings:
IT equipment:
Other equipment: 3-12 years
As land does not have a finite life, related carrying amounts are not depreciated
40 years
3-5 years
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal
proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses.
a. Progress payments on delivery of a new aeroplane which is intended to be used in the LiDAR operations; and
b. Deposits on acquisition of three additional imagery sensors including a second MetroCam for use in MetroMap data captures
(subscription service) and additional LiDAR sensor for use with new aeroplane.
Any impairment charges are separately identified in the financial statements.
Critical accounting estimate - Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected use of the
assets. Uncertainties in these estimates relate to technical obsolescence that may change the effective life of technology related
equipment - IT, sensors.
58
59
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
12.
Intangible assets
As at 30 June 2020
Cost
Less Accumulated Amortisation
Carrying amount at the end of the year
Reconciled as:
Cost as at 1 July 2019
Additions
Disposals
Impairment
Cost as at 30 June 2020
Accumulated Amortisation as at 1 July 2019
Amortisation
Disposals
Accumulated Amortisation as at 30 June 2020
Datasets
$’000
Other
$’000
Goodwill
$’000
Contractual
Rights
$’000
7,339
(2,915)
4,424
2,555
4,784
-
-
7,339
(1,271)
(1,644)
-
(2,915)
32
-
32
33
19
-
(20)
32
-
-
-
-
1,785
-
1,785
1,785
-
-
-
1,785
-
-
-
-
364
(33)
331
-
364
-
-
364
-
(33)
-
(33)
Total
$’000
9,520
(2,948)
6,572
4,373
5,167
-
(20)
9,520
(1,271)
(1,677)
-
(2,948)
Net carrying value as at 30 June 2020
4,424
32
1,785
331
6,572
Gross carrying amount
Balance 1 July 2019
Additions
Impairment
Amortisation
Carrying amount 30 June 2020
1,284
4,784
-
(1,644)
4,424
33
19
(20)
1,785
-
-
-
32
1,785
-
364
-
(33)
331
3,102
5,167
(20)
(1,677)
6,572
As at 30 June 2019
Cost
Less Accumulated Amortisation
Carrying amount at the end of the year
Reconciled as:
Cost as at 1 July 2018
Additions
Disposals
Impairment
Cost as at 30 June 2019
Accumulated Amortisation as at 1 July 2018
Amortisation
Disposals
Accumulated Amortisation as at 30 June 2019
Net carrying value as at 30 June 2019
Gross carrying amount
Balance 1 July 2018
Additions
Amortisation
Carrying amount 30 June 2019
Accounting policy
Datasets
$’000
Other
$’000
Goodwill
$’000
Contractual
Rights
$’000
2,555
(1,271)
1,284
933
1,623
-
-
2,556
(793)
(479)
-
(1,272)
1,284
140
1,623
(479)
1,284
33
-
33
22
12
-
(1)
33
-
-
-
-
33
33
-
-
33
1,785
1,785
1,785
-
-
-
1,785
-
-
-
-
1,785
1,785
-
-
1,785
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
$’000
4,373
(1,271)
3,102
2,740
1,635
-
(1)
4,374
(793)
(479)
-
(1,272)
3,102
1,958
1,623
(479)
3,102
Each class of intangible assets is carried at historical cost, less, where applicable, any accumulated amortisation and impairment
losses. The historical cost includes any expenditure that is directly attributable to the acquisition of the item.
Amortisation is recognised on a straight-line basis to write off the cost off the item less any estimated residual value over its expected
useful life. The following useful lives are applied:
Datasets:
Contractual rights:
2 years
1-3 years (remainder of subscription term)
An intangible item is derecognised upon disposal or when there is no future economic benefit to the Group. Gains or losses arising on
the disposal of intangibles are determined as the difference between the disposal proceeds and the carrying amount of the assets and
are recognised in profit or loss within other income or other expenses.
Any impairment charges are separately identified in the financial statements.
Critical accounting estimate - Datasets
MetroMap datasets are capitalised to the statement of financial position and amortised on a straight line basis over an effective life of
two years. The capitalisation and amortisation commences from the completed date of capture being the date that the dataset is made
available to customers. The capitalised cost for the dataset includes the cost of capture being the aerial survey and employment costs
directly attributable to the transformation of the data to enable the upload of the imagery to the MetroMap platform.
Management reviews its estimate of the useful lives of capitalised datasets at each reporting date. Uncertainties in these estimates relate
to technical obsolescence that may change the use of datasets in future periods.
During the year, the Company acquired Spookfish Australia Pty Ltd from EagleView Technologies Inc and as part of the acquisition
acquired an irrevocable perpetual licence to the data imagery and the existing customer list.
60
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Notes to the Consolidated Financial Statements continued...
Critical accounting estimate – Value of assets and effective life of intangibles acquired via Spookfish Australia Pty Ltd
Valuation of dataset (imagery) of $1.2m
Management reviewed the available datasets included under the perpetual licence identifying datasets that were less that two years old
in line with the Company’s existing amortisation policy of datasets. A valuation was attributed to the datasets based on square kilometres
captured multiplied by a conservative capture cost per kilometre based on past experience and knowledge. The imputed cost was then
subject to a notional amortisation calculation with the remaining effective life component being recognised as the asset acquired. This
dataset is then amortised over the remaining useful life in line with the Company’s assessment of its own datasets. That is the effective
life of imagery is two years from its publishing date.
Valuation of contractual rights of $364k
The pre-tax discount rate applied to the cash flow projections is 14.9% (2019: 13.8%). The growth rate used to extrapolate the cash flows
of the unit beyond the five-year period is 3% (2019: 3%).
These projections are based on company experience and external information sources of the available target market. The industry
segments in the Group’s customer portfolio have not been significantly impacted COVID-19. However, in preparing financial projections,
the Group has considered the macroeconomic uncertainty arising from COVID-19 and the likely impact on cash flows.
As a result of the analysis, there is adequate headroom and management did not identify an impairment for this CGU.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any
remaining impairment loss is charged pro rata to the other assets in the cash- generating unit. With the exception of goodwill, all assets
are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is
reversed if the cash- generating unit’s recoverable amount exceeds its carrying amount
Contractual rights relate to customer contracts held by Spookfish Australia Pty Ltd. The cost of the contractual rights is amortised over the
effective life of the remaining subscription term.
13. Trade and other payables
Critical accounting estimate – Research and development
Expenditure on research and development activities is expensed and recognised in the statement of profit or loss and other
comprehensive income as incurred. Development costs are capitalised when it is probable that the project will be a success considering
its commercial and technical feasibility, the consolidated entity is able to use or sell the asset, the consolidated entity has sufficient
resources and intent to complete the development, and its costs can be measured reliably. Capitalised development costs are amortised
on a straight-line basis over the period of their expected benefit.
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
Current
Trade payables
Other payables - asset acquisitions (capital work in progress)
Other payables
Total trade and other payables
2020
$’000
2019
$’000
1,083
2,081
1,103
4,267
838
-
265
1,103
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each
reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to impairment. If an
impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use
calculations, which incorporate a number of key estimates and assumptions.
Due to their short term nature these liabilities are measured at amortised value and not discounted. The amounts are unsecured and
normally settled within 30 days of recognition.
These amounts represent liabilities owing by the Group at the end of the reporting period where:
Goodwill
Goodwill represents the excess of purchase consideration over the fair value of net assets acquired in a business combination and is
measured at cost less, where applicable, any accumulated impairment losses.
Critical accounting estimate – Impairment of goodwill
Goodwill and other indefinite life intangible assets are not subject to amortisation but are tested for impairment annually, or more
frequently if events or changes in circumstances indicate impairment. An impairment loss is recognised when the carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less disposal costs or value in use. For
the purposes of goodwill impairment testing, the cash generating unit (CGU) to which goodwill has been allocated, generally the CGU(s)
that is expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which
management monitors goodwill, is compared against the recoverable amount of the CGU to determine any impairment loss.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable
amount, which is the higher of fair value less costs to sell and value-in-use. To determine the value-in-use, management estimates
expected future cash flows from each cash-generating unit and determines a suitable interest rate in order to calculate the present value
of those cash flows.
The Group performed its annual impairment test at 30 June 2020. The Group considers the relationship between its market capitalisation
and its book value, among other factors, when reviewing for indicators of impairment. As at 30 June 2020, the market capitalisation of the
Group was above the book value of its equity and growth within photomapping and capture of datasets continued throughout the 2020
financial year.
Australia CGU
The Australia CGU includes the value of goodwill and data sets at 30 June 2020 totalling $6.2m and property, plant and equipment of
$16.3m giving rise to a total CGU value of $22.5m.
The recoverable amount of the Australia CGU is determined based on a value in use calculation using cash flow projections from financial
budgets approved by senior management covering a five-year period.
The goods or services had been provided to the Group prior to the end of the reporting period and had not been paid.
Goods or services that had not been provided to the Group by the end of the reporting period, but an obligation to pay an amount
had been incurred, are recognised within prepayments (other current assets).
In relation to asset acquisitions, invoices had been received prior to the end of the reporting period but had not been paid. These
are recognised in property, plant and equipment as capital work in progress.
14. Contract Liabilities
Current
Projects billed in advance
Subscriptions billed in advance
Total contract liabilities
2020
$’000
2019
$’000
309
1,025
1,334
522
-
522
This should be read in conjunction with Note 5 Revenue.
Projects billed in advance is where the progress billings to customers for contract work (projects) which has not been completed
exceeds the costs incurred plus recognised profits (less recognised losses).
Subscriptions billed in advance represents monies paid by subscribers to the MetroMap data service in advance of the service being
provided. Monies received in advance of the services being provided are deferred to the future period matching the subscription term,
generally 1-3 years.
62
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
The security for the debt facilities includes a general security agreement from Aerometrex over fixed and floating assets and a guarantee
and general security agreement from Atlass-Aerometrex Pty Ltd. There are no director guarantees associated to the facilities.
The facilities have the following financial covenants:
At all times the equity ratio must not be less than:
o 30% in the period up to 31 December 2019; and
o 40% in the period after 31 December 2019; and
At all times the financial debt to equity ratio must be less than 2.5 times.
These covenants were met for the year ended 30 June 2020.
In addition, AMX Capital Pty Ltd as trustee for the AMX Capital Trust, a controlled entity of Aerometrex and the owner of Aerometrex’s
head office premises has a bank bill loan secured by a general security agreement from AMX Capital Pty Ltd as trustee for AMX Capital
Trust, a first mortgage over 51-53 Glynburn Road, Glynde SA and guarantees from Aerometrex and Atlass-Aerometrex Pty Ltd. At the end
of the reporting period the outstanding liability was $1.89m (June 2019: $2.035m commercial bill).
Convertible Notes
During the reporting period the company issued 1,500,020 (2019: 5,499,980) series ‘A’ convertible notes (pre IPO notes) with a face value
of $1.00 each to sophisticated and institutional investors in a number of tranches to raise $1,520,000 (before costs) in pre IPO funding
(2019: $5,499,980). Under the terms of the convertible note deed poll, the notes would convert to shares based on the IPO or sale event
conversion price through a successful IPO before 30 June 2020.
The 7,000,000 series ‘A’ convertible notes were converted into ordinary shares at the rate of 1 convertible note for 1.31428 ordinary
shares and became 9,200,000 ordinary shares immediately prior to the public listing.
Opening balance at 1 July
Issue of convertible notes
Conversion of convertible notes
Transaction costs
Addback of finance cost on convertible note now expensed
Closing balance at 30 June
2020
#
5,499,980
2019
#
-
1,500,020
5,499,980
(7,000,000)
-
-
-
-
-
-
5,499,980
2020
$’000
5,080
1,500
(6,757)
-
177
-
2019
$’000
-
5,500
-
(420)
-
5,080
Notes to the Consolidated Financial Statements continued...
15. Other Financial liabilities
Carrying amount at amortised cost
Other bank borrowings:
Credit card facilities
Chattel mortgage liabilities
Commercial hire purchase
Commercial bills
Business loans
Convertible notes
Total
Current
2020
$’000
Non-current
2019
$’000
2020
$’000
2019
$’000
123
-
156
-
121
-
400
106
1,299
-
2,035
-
954
-
-
1,777
-
5,080
8,520
-
3,112
-
-
-
-
2,731
3,112
Chattel mortgages and commercial hire purchases
Under the terms of the current debt facility with Westpac, equipment that is financed is held under a commercial hire purchase agreement
whilst previously this was held under a chattel mortgage with ANZ. On the refinance of the debt facilities from ANZ to Westpac the
chattel mortgages were paid out in full.
The arrangements are classified as follows:
Minimum payments
Less future charges
Present value of minimum payments
Current Liability
Non-Current Liability
Total
Commercial bills
2020
$’000
2019
$’000
Commercial
hire purchase
Chattel
mortgage
1,270
(160)
1,110
156
954
1,110
4,896
(485)
4,411
1,299
3,112
4,411
The commercial bill facility was replaced with a bank bill business loan. Refer to note below.
Finance arrangements
Aerometrex has the following debt facilities available with Westpac. These debt facilities are:
1. A bank bill business loan facility of $4.4m which was used to refinance the previous equipment finance under the chattel
mortgages. This facility has a term of 4 years (expires October 2023). This debt was repaid following the successful completion
of the IPO. This facility has a reducing limit in line with a principal and interest loan however is available to be drawn down as
required. At the end of the reporting period the outstanding liability was $1k (June 2019: $4,411k chattel mortgage) with an
available facility limit of $3.8m at the end of the reporting period.
1. A pre-approved equipment line of $2m which is intended to assist with new capital purchases of plant and equipment. At the
end of the reporting period the outstanding balance was $1.185m represented by the commercial hire purchases (2019: $4.4m
as chattel mortgages).
2. Corporate credit card facility of $200k. Balance as at the end of the reporting period was $123k (June 2019: $106k). This
balance is cleared in full on a monthly basis.
3. A $100k bank guarantee facility.
64
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
16. Employee benefits
Employee benefits
The liabilities recognised for employee benefits consist of the following amounts:
Current
Leave provisions
Other short-term employee obligations
Total current provisions
Non-current
Leave provisions
Total non-current provisions
Total employee provisions and obligations
Short-term employee benefits
2020
$’000
2019
$’000
1,233
62
1,295
157
157
1,452
852
38
890
93
93
983
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12 months after
the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries, non-
monetary benefits and accumulating sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to
be paid when the liabilities are settled.
The Group presents employee benefit obligations as current liabilities in the statement of financial position if the Group does not have
an unconditional right to defer settlement for at least 12 months after the reporting period, irrespective of when the actual settlement is
expected to take place.
Other long-term employee benefits
The Group’s liabilities for annual leave and long service leave are included in other long-term benefits where they are not expected to be
settled wholly within 12 months after the end of the period in which the employees render the related service. They are measured at the
present value of the expected future payments to be made to employees. The expected future payments incorporate anticipated future
wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference
to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing
of the estimated future cash outflows.
Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in
which the changes occur.
17. Other liabilities
Deferred consideration
Total
2020
$’000
750
750
2019
$’000
-
-
Deferred consideration represents the second instalment payable to EagleView Technologies Inc for the acquisition of Spookfish
Australia Pty Ltd. This is the maximum amount payable for the final settlement payment in relation to the acquisition of key contracts
and is based on the number of customers retained on the first anniversary of the original acquisition date.
66
18. Deferred tax assets and liabilities
Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows:
Deferred tax liabilities / (assets)
Non-current assets
Property, plant and equipment
Intangible assets
Current assets
Other assets
Unused income tax losses
Non-current liabilities
Employee obligations
Current liabilities
Contract liabilities
Employee obligations
Equity
Capital Raising Costs
Net deferred tax
Total deferred tax assets
Total deferred tax liabilities
Deferred tax liabilities / (assets)
Non-current assets
Property, plant and equipment
Intangible assets
Current assets
Other assets
Non-current liabilities
Employee obligations
Current liabilities
Provisions
Employee obligations
Total deferred tax assets
Total deferred tax liabilities
Recognised
in profit
and loss
$’000
1 July 2019
$’000
Recognised
in equity
$’000
30 June 2020
$’000
447
359
285
61
566
(130)
(66)
(26)
(17)
(78)
(245)
(436)
(121)
-
-
-
-
-
-
-
508
925
155
(66)
(43)
(514)
(366)
-
(429)
(429)
742
(349)
1,091
(143)
(640)
497
(429)
(429)
-
170
(1,418)
1,588
Recognised
in profit
and loss
$’000
30 June 2019
$’000
1 July 2018
$’000
440
331
181
(16)
(22)
(187)
727
(225)
952
7
28
104
(10)
(56)
(58)
15
(124)
139
447
359
285
(26)
(78)
(245)
742
(349)
1,091
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
Deferred tax liabilities in relation to the datasets (intangible assets) have been reclassified in the current period such that this is now
recognised against the intangible assets line. In the prior reporting period, the datasets were recognised against property, plant and
equipment. There is no impact to balances stated in the statement of financial position.
20. Share based payments
During the reporting year, the Company issued the following options:
The company has recognised deferred tax assets on the current period tax losses as it is probable that there will be future taxable profits
for the utilisation of these losses in the future.
All deferred tax assets (including tax losses and other tax credits) have been recognised in the statement of financial position.
Options
granted Beneficiary
Number
#
Grant date Vesting date
Expiry date
Exercise
price
$
Fair value at
grant date
$
Critical accounting estimate – Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining
the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which
the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax audit issues based on the
consolidated entity’s current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made.
19. Share capital
Shares issued and fully paid:
Opening Balance 1 July
Restructure of Existing Securities (a)
Restructured number of shares prior to IPO / note conversion
60,200,000
1,786,009
Issue of Securities (prospectus) (b)
Net costs (after tax effect) associated to IPO
Allocation of options to Lead Manager on IPO
Convertible notes (conversion) (c)
Net costs (after tax effect) of convertible notes
Return of Capital
25,000,000
-
-
9,200,000
-
-
-
-
-
-
-
-
Total contributed equity at 30 June
94,400,000
1,786,009
32,892
2020
Shares
2019
Shares
2020
$’000
1,786,009
1,786,009
58,413,991
-
2019
$’000
3,127
-
3,127
-
-
-
-
-
(750)
2,377
2,377
-
2,377
25,000
(1,204)
(124)
7,000
(157)
-
Share capital represents the fair value of shares that have been issued. Any transaction costs associated with the issuing of shares are
deducted from share capital, net of any related income tax benefits.
During the current reporting year, the following security transactions were undertaken:
a) The number of shares on issue at 1 July 2019 was 1,786,009 fully paid A class shares which were restructured following a 1 for
32.706 split on 9 September 2019 and became 60,200,000 ordinary shares.
b) 25,000,000 ordinary shares were issued from a fully underwritten IPO prospectus which was lodged with ASIC on 1 November
2019.
c) 7,000,000 series ‘A’ convertible notes were converted into ordinary shares at the rate of 1 convertible note for 1.31428 ordinary
shares and became 9,200,000 ordinary shares.
68
10 Dec 2019 Non-Executive Directors
1,000,000 10 Dec 2019 10 Dec 2019 10 Dec 2021
10 Dec 2019 Lead Manager and Underwriter
944,000 10 Dec 2019 10 Dec 2021 10 Dec 2023
05 May 2020 Employees via ESOP
1,277,500 05 May 2020 05 May 2021 05 May 2023
05 May 2020 Employees via ESOP
1,277,500 05 May 2020 05 May 2022 05 May 2023
1.25
1.25
1.25
1.25
Non executive directors
Employees via ESOP
Expensed to the Consolidated Statement of Profit & Loss
Lead manager and underwriter
Share based payments reserve
Summary of terms:
2020
Options
2019
Options
2020
$’000
1,000,000
2,555,000
3,555,000
944,000
4,499,000
-
-
-
-
-
69
294
363
124
487
0.069
0.132
1.001
1.001
2019
$’000
-
-
-
-
-
Broker options –the Lead Manager and Underwriter was issued 944,000 options with an exercise price of $1.25 per option as part of the
Lead Manager Mandate. These options will vest two years from the date the options are granted and will expire four years from the date
the options are granted. As all vesting conditions have been met, these options have been recognised in full in the statement of financial
position as a cost against the successful IPO.
Non-executive director options - the non-executive directors were issued 1,000,000 options with an exercise price of $1.25 per option
to the Chair, Mark Lindh, and non-executive director, Matthew White. These options will expire two years from the quotation date. As all
vesting conditions have been met, these options have been recognised in full in the profit or loss statement.
Employee share option plan (ESOP) – during the reporting year 2,555,000 options were granted to staff under an employee share
option plan to align staff with long term interests of shareholders. These options were issued for nil consideration with no performance
obligations in relation to the options however there is a staged vesting based on employment with 50% vesting 12 months after issue and
the remaining 50% vesting two years from issue. The options expiry date is set as three years from the offer date and have an exercise
price of $1.25 per option. As the vesting condition is based on time served during employment, the value of the options granted are
recognised over the vesting condition service period (based on days).
Fair value of share options granted during the period
The fair value of the options granted was determined using the Black-Scholes Valuation Model which takes into account the exercise
price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend
yield, the risk-free interest rate for the term of the option and the assumed volatility.
Valuation input - Black Scholes
Strike price (nominal value)
Current price
Time to expiration (years)
Risk free rate
Dividend yield
Volatility (assumed)
Number of units
Black-Scholes valuation (per option)
Total Valuation
Lead Manager
Non-Executive
Directors
$1.25
$1.00
4
1.070%
0.000%
25.00%
$1.25
$1.00
2
1.070%
0.000%
25.00%
ESOP
$1.25
$1.62
3
0.239%
0.000%
89.32%
944,000
1,000,000
2,555,000
$0.132
$0.069
$1.001
$124,353
$68,602
$2,558,264
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Notes to the Consolidated Financial Statements continued...
Movement in share options during the reporting period was as follows:
22. Earnings per share
2020
Options
#
2020
Average
exercise price
$
2019
Options
#
2019
Average
exercise price
$
Options
Number of options outstanding at 1 July
Options granted during the period
Options exercised during the period
Options exercised during the period
Options forfeited during the period
-
4,499,000
-
-
-
-
1.25
-
-
-
Total options at 30 June
4,499,000
1.25
Vested and exercisable at 30 June
1,000,000
1.25
-
-
-
-
-
-
-
-
-
-
-
-
Accounting policy
The Group implemented an employee share option plan during the reporting period to enable share based compensation benefits
(equity-settled) to be provided to employees. The fair value of the shares granted is recognised as an employee benefits expense with a
corresponding increase in equity (share based payments reserve). The fair value is measured at the grant date and is recognised over the
period in which employees become unconditionally entitled to the shares (vesting conditions are met).
The Company adopts a Black-Scholes valuation methodology to determine the fair value of the shares at the grant date. The valuation
methodology considers the current share price at grant date, risk free rate, volatility, expected dividend yield, the risk free interest rate
for the term and any restrictions that may apply. The fair valuation of the shares granted excludes the impact of any non-market vesting
conditions. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At each
reporting date, the Company reviews and revises, if necessary, its estimate of the number of shares that expected to vest. The employee
benefit expense recognised in each period takes into account management’s latest estimate. The impact of a revision of the original
estimate is recognised in the profit or loss statement with a corresponding adjustment to equity (share based payments reserve).
Critical accounting estimate – non-market vesting conditions
Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At each reporting date,
the Company reviews and revises, if necessary, its estimate of the number of shares that expected to vest. The employee benefit expense
recognised in each period takes into account management’s latest estimate.
21. Finance costs and finance income
21.1. Finance income
Interest income from cash and cash equivalents
Total finance income
2020
$’000
177
177
2019
$’000
3
3
Finance income comprises interest income on cash and cash equivalents and short term deposits. Interest income is reported on
an accrual basis using the effective interest method.
21.2. Finance costs
Interest expenses for chattel mortgage arrangements
Interest expenses on other facilities
Finance costs on pre-IPO Convertible Notes
Total finance costs
70
2020
$’000
2019
$’000
78
115
177
370
147
44
-
191
Basic earnings per share (EPS) is calculated by dividing the net profit or loss after income tax attributable to equity holders of the parent
entity divided by the weighted average number of ordinary shares outstanding during the reporting period.
Dilutes EPS is calculated by dividing the net profit or loss after income tax attributable to equity holders of the parent entity divided by
the weighted average number of ordinary shares outstanding during the reporting period plus the weighted average number of ordinary
shares that would be issued on conversion if all of the share options were exercised and converted into ordinary shares.
The following table reflects the data used in the calculation of the EPS computations:
(Loss) or profit attributable to equity holders of the parent
2020
$’000
(293)
2020
#
2019
$’000
2,562
2019
#
Weighted average number of ordinary shares on issue used in the calculation of basic earnings per
share
79,220,822
60,200,000
Effects of dilution from:
Allotment of options to lead manager
Allotment of options to non executive directors
Allotment of options under employee share option plan (ESOP)
525,019
556,164
392,000
-
-
-
Weighted average number of ordinary shares on issue used in the calculation of diluted earnings per
share
80,694,005
60,200,000
Basic earnings per share
Diluted earnings per share
2020
$
(0.004)
(0.004)
2019
$
0.043
0.043
Total number of shares used in the calculation for the prior year has been adjusted to account for the share split of 1:32.7 which
occurred on 9 September 2019 to enable comparison with the current period.
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
23. Related party transactions
24. Dividends
The Group’s related parties include key management, post-employment benefit plans for the Group’s employees and others as
described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees
were given or received. Outstanding balances are usually settled in cash.
Transactions with key management personnel
Ordinary dividends declared during the year:
Fully franked dividends (2020: $nil per share) - (2019: $0.38 per share)
-
680
2020
$’000
2019
$’000
Key management of the Group are the executive members of Aerometrex’s Board of Directors and members of the executive team.
Key management personnel remuneration includes the following expenses:
Dividends in the current year
Period
Payment Date
Amount per
security
Franked amount
per security
Franked %
Franking Credit
tax rate
Short term employee benefits:
Salaries including bonuses
Employee entitlements
Total short-term employee benefits
Long service leave
Total long-term benefits
Superannuation
Share based payments
Total Remuneration
2020
$
1,436,016
6,395
1,442,411
75,063
75,063
155,735
166,906
1,840,115
During the FY20 year the company was listed on the Australia Stock exchange, and therefore key management personnel disclosures
are only applicable from the date of listing. Therefore only KMP remuneration for 2020 has been disclosed with no comparative
information as the listed company did not exist in the prior year.
Equity instruments issued to directors
The following equity instruments were issued to directors during the period:
Director
Position
Mr Mark Lindh
Independent Non-Executive Director, Chair
Mr Matthew White
Non-Executive Director
Options #
500,000
500,000
Options issued during the period under the terms and conditions as described in Note 20 Share based payments as follows:
Mark Lindh is a director of Adelaide Equity Partners and a beneficiary of a trust for which shares in Adelaide Equity Partners are held.
The company entered into an agreement with Adelaide Equity Partners on 26 June 2018 to provide corporate advisory and investor
relations services in relation to the capitalisation requirements of the company. Adelaide Equity Partners was paid a retainer of
$7,500 per month until the Corporate Advisor Mandate was terminated in November 2019 ahead of the public listing. Total payments
made during the period were $37,500 (2019: $90,000).
Adelaide Equity Partners received $250,000 as a success fee in relation to the listing of the company on the Australian Securities
Exchange on 10 December 2019. In the prior reporting year, Adelaide Equity Partners received $70,000 (June 2019) as a success fee
in relation to the convertible note issue. The success fees are part of the June 2018 mandate which was signed prior to Mark Lindh
being appointed as a Director.
AE Administrative Services Pty Ltd provided company secretarial services during the reporting period. Total payments made during
the period were $21,360 (2019: $nil).
Matthew White is the owner of Business Initiatives which provided accounting, taxation and financial controlling services during the
reporting period. The amounts billed related to the provision of services during the period and totalled $200,574 (2019: $192,125)
were based on normal market rates and were fully paid as of the reporting date. A significant portion of this $200,574 related to
services provided in respect of the prospectus and preparing the company for becoming a public company limited by shares.
There were no other transactions with key management personnel during the year.
Nil
-
-
-
-
-
-
In accordance with the Prospectus lodged with the Australian Securities and Investment Commission (ASIC) on 1 November 2019, the
company does not intend to pay dividends in the first two years from the Offer date in the Prospectus as the capital will be deployed to
pursue growth opportunities. Aerometrex will review this policy on an annual basis and provide updates to the market in accordance
with its disclosure obligations if it changes its dividend policy.
Dividends in the prior year
Period
Payment Date
Amount per
security
Franked amount
per security
Franked %
Franking Credit
tax rate
Interim dividend
Final dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
Interim dividend
31 Dec 2018
01 Jul 2018
30 Jun 2018
25 Jul 2018
31 Dec 2018
28 Jul 2018
31 Dec 2018
28 Aug 2018
31 Dec 2018
28 Sep 2018
31 Dec 2018
28 Oct 2018
31 Dec 2018
28 Nov 2018
31 Dec 2018
28 Dec 2018
30 Jun 2019
28 Jan 2019
30 Jun 2019
28 Feb 2019
30 Jun 2019
28 Mar 2019
30 Jun 2019
28 Apr 2019
30 Jun 2019
01 May 2019
30 Jun 2019
28 May 2019
$0.008
$0.112
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.168
$0.008
$0.008
$0.008
$0.112
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.008
$0.168
$0.008
$0.008
Dividend franking account
Franking credits available for future financial periods (tax paid basis, 27.5% tax rate)
The above amount represents the balance of the franking account at the end of the reporting period, adjusted for:
Franking credits that will arise from the payment of any income tax payable at the end of the period;
Franking debits that are expected to arise from any refundable income tax amount where the initial payment had given rise to a
franking credit; and
Franking debits that will arise from the payment of any provided at the end of the period.
Accounting policy
Dividends represent a distribution of profits that holders of ordinary receive from time to time. Where a dividend has been determined
by the Board it is recognised with a corresponding reduction to the retained earnings when the dividend is paid.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
27.5%
2020
$’000
741
2019
$’000
233
Transactions with director-related entities
Total dividends paid in the prior reporting period
$0.381
$0.381
72
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Notes to the Consolidated Financial Statements continued...
Notes to the Consolidated Financial Statements continued...
25. Auditors remuneration
Audit or review of financial statements - Grant Thornton
Remuneration for audit or review of financial statements
Total audit or review remuneration
Other services - Grant Thornton
Investigating accountant’s report relating to IPO
Total other services remuneration
Total auditors’ remuneration
The audit or review fee consists of:
2020
$
2019
$
46,461
46,461
25,000
25,000
26,000
26,000
-
-
72,461
25,000
•
•
For 2020, this represents the review of the half year results (inaugural half year results as an ASX listed entity) and audit of the
2019 financial results under reduced disclosure reporting requirements given that Aerometrex was a private company.
For 2019, this represents historical audits for 2017 and 2018 as required ahead of the IPO.
26. Commitments
Capital commitments
Committed at the reporting date but not recognised as liabilities, payables:
Property, plant and equipment
Total commitments
2020
$’000
2019
$’000
768
768
-
-
Capital commitments to property, plant and equipment are in relation to remaining payments due on the acquisition of aircraft and
sensors. The progress payments made as at the reporting date have been included as ‘capital work in progress’ as outlined in Note 11
Property, plant and equipment.
27. Financial instrument risk
27.1. Financial risk management objectives
The Group’s activities expose it to various financial risks in relation to financial instruments. The main types of risks are market
risk, credit risk and liquidity risk. The Group’s Board of Directors monitor these risks on an on-going basis with the primary focus on
actively securing the Group’s short to medium-term cash flows by minimising the exposure to financial markets.
The Group’s financial assets include cash and cash equivalents, trade and other receivables.
The Group’s financial liabilities include trade and other payables, deferred consideration and interest-bearing liabilities.
The Group does not actively engage in the trading of financial assets for speculative purposes.
27.2. Market risk
Market risk comprises foreign currency risk, price risk and interest rate risk.
Foreign currency risk
The Group undertakes certain transactions in foreign currency and is exposed to foreign currency risk through foreign exchange
rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial
liabilities denominated in a currency that is not the entity’s functional currency.
The carrying amount of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the
reporting date were as follows:
US dollar
Total foreign currency
Assets
Liabilities
2020
$’000
147
147
2019
$’000
-
-
2020
$’000
42
42
2019
$’000
-
-
The Group has exposure to foreign currency risk upon consolidation of its foreign currency denominated entities, currently US
(2019: nil). The currency impacted is US dollar. The impact on the Group’s total comprehensive income is due to changes in the
fair value of monetary assets and liabilities. Movements in foreign currency exchange rates will result in gains or losses being
recognised because of the revaluation of balances. The Group’s exposure of foreign currency is immaterial for the current reporting
year.
Price risk
The consolidated entity is not exposed to any significant price risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s main interest rate risk arises from cash and cash equivalent assets and interest-bearing
liabilities.
2020
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payables
Deferred consideration
Interest-bearing liabilities
2019
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payables
Convertible Notes
Interest-bearing liabilities
Variable interest
rate
$’000
Fixed interest
rate
$’000
Non-interest
bearing
$’000
Notes
7
8
13
17
15
22,239
-
22,239
-
-
2,021
2,021
-
-
-
-
-
1,110
1,110
-
2,512
2,512
4,267
750
-
5,017
Variable interest
rate
$’000
Fixed interest
rate
$’000
Non-interest
bearing
$’000
Notes
7
8
13
15
15
5,110
-
5,110
-
-
2,141
2,141
-
-
-
-
5,080
4,411
9,491
-
2,759
2,759
1,103
-
-
Total
$’000
22,239
2,512
24,751
4,267
750
3,131
8,148
Total
$’000
5,110
2,759
7,869
1,103
5,080
6,552
The Group’s profit before tax is affected through the sensitivity to a reasonably possible change in interest rates on cash and
equivalents and that portion of interest-bearing liabilities affected.
1,103
12,735
74
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
27.3. Credit risk
The following outlines the unused borrowing facilities available at the reporting date:
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group is exposed is exposed to credit risk from its operating activities primarily through trade receivables and deposits with
banks. Cash and cash equivalents are all maintained by banks with high credit ratings. The maximum exposure to credit risk at
the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as
disclosed in the statement of financial position and notes to the financial statements. The consolidated entity does not hold any
collateral.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss
allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Trade receivables
are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable that would give
rise to an expected credit loss. As at the reporting date, the assessment of impairment was nil. The assessment assumptions
include recent sales experience and historical collection rates.
2020
Expected loss rate
Gross carrying amount
Expected credit loss
2019
Expected loss rate
Gross carrying amount
Expected credit loss
27.4. Liquidity risk
Liquidity risk
Current
0.0%
2,427
-
Current
0.0%
2,502
-
30-60
Days
0.0%
84
-
30-60
Days
0.0%
94
-
61-90
Days
0.0%
1
-
61-90
Days
0.0%
163
-
90+
Days
0.0%
-
-
90+
Days
0.0%
-
-
Total
2,512
-
Total
2,759
-
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and
available borrowing facilities to be able to pay debts as and when they become due and payable. The Group manages liquidity risk
by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash
flows and matching the maturity profiles of financial assets and liabilities.
The following outlines the estimated and undiscounted contractual obligations of the respective financial liabilities for the year
ended 30 June 2020 which may differ to the carrying values of the liabilities at the reporting date.
Bank loans
Equipment line of credit
Unused borrowing facilities
2020
$’000
3,741
807
4,548
2019
$’000
-
-
-
27.5. Fair value measurement of financial instruments
The Group has assessed the carrying amounts of financial instruments and that they approximate their fair value.
28. Capital management
The Group’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can maximise
shareholder value. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is
calculated as total borrowings less cash and cash equivalents.
The Group is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk management
decisions. There have been no events of default on the financing arrangements during the financial year.
The Group manages its capital structure and makes adjustments as required in light of changes in economic and market conditions.
29. Asset acquisition
On 20 May 2020, Aerometrex Limited acquired 100% of the ordinary shares of Spookfish Australia Pty Ltd for the total consideration
of $1,500,000. The acquisition was treated as an asset acquisition following consideration of the requirement of AASB3 - Business
Combination and the lack of processes and outputs acquired. The acquisition included:
An irrevocable and royalty-free licence to the aerial imagery datasets in Australia, and
Customer contracts
This is a subscription business that has been merged with the existing MetroMap division of Aerometrex with the benefits of the
acquisition being the customer contracts and the dataset archive which further expands the MetroMap offering.
Deferred consideration for the acquisition is detailed in Note 17 Other Liabilities.
Details of the acquisition are as follows:
On demand
$’000
Less than 3
months
$’000
3 to 12
months
$’000
1 to 5 years
$’000
Greater than
5 years
$’000
4,267
-
123
-
-
80
-
750
241
-
-
2,780
-
-
67
On demand
$’000
Less than 3
months
$’000
3 to 12
months
$’000
1 to 5 years
$’000
Greater than
5 years
$’000
1,103
-
106
-
-
-
-
-
-
2,360
6,054
3,112
-
-
-
Total
$’000
4,267
750
3,291
Total
$’000
1,103
-
11,632
Rights to historical datasets
Contractual rights - customer contracts
Acquisition date fair value of the consideration transferred
Representing:
Cash paid to vendor
Deferred consideration
Cash paid or payable in relation to acquisition costs
Total cash used
2020
Financial liabilities
Trade and other payables
Deferred consideration
Financial liabilities
2019
Financial liabilities
Trade and other payables
Deferred consideration
Financial liabilities
76
Note
2020
$’000
Fair Value
17
1,198
363
1,561
750
750
61
1,561
77
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Notes to the Consolidated Financial Statements continued...
30. Reconciliation of profit after income tax to net cash flow from operating activities
33. Parent entity information
2020
$’000
2019
$’000
Information relating to Aerometrex Limited (the Parent Entity):
Profit / (Loss) for the year after income tax
Depreciation and amortisation
Amortisation
Non-cash share based payments
Non-cash interest payments on convertible notes
Other non-cash items
Change in operating assets and liabilities
(Increase) / decrease in trade debtors
(Increase) / decrease in contract assets
(Increase) / decrease in prepayments and other current assets
(Increase) / decrease in deferred tax assets
Increase / (decrease) in trade payables
Increase / (decrease) in contract liabilities
Increase / (decrease) in employee entitlements
Increase / (decrease) in tax liabilities
Increase / (decrease) in deferred tax liabilities
(293)
2,111
1,677
363
177
(50)
247
713
(362)
(1,069)
3,164
812
469
(293)
497
2,562
1,502
479
-
-
(223)
101
(479)
(97)
(124)
639
384
236
(260)
139
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Share based payments reserve
Retained earnings
Total equity
Statement of profit or loss and other comprehensive income
Profit for the year
Other comprehensive income
Total comprehensive income
Guarantees entered into by the parent entity in relation to debts of its subsidiaries
As at 30 June 2020, Aerometrex Limited did not have any guarantees in relation to the debts of subsidiaries.
2020
$’000
2019
$’000
25,643
46,614
7,523
10,038
36,576
32,921
487
3,168
36,576
211
-
211
8,869
18,702
8,915
13,274
5,428
2,377
-
3,051
5,428
2,722
-
2,722
Net cash flows from operating activities
8,163
5,095
Contingent liabilities of the parent entity
31. Contingent liabilities
The Group has bank guarantees totalling $10,467 held with Westpac as at 30 June 2020 (2019: $76,000). There are no other contingent
liabilities recorded as at reporting date.
Contractual commitments for the acquisition of property, plant and equipment
Contractual commitments detailed in Note 26 relate to the parent entity.
Contingent liabilities detailed in Notes 17 and 31 relate to the parent entity.
32. Subsequent events
The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the
same as those applied in the consolidated financial statements except as set out below.
The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst the Group has not experienced any significant impact up
to 30 June 2020, the ongoing economic uncertainties makes it difficult to estimate the potential impact, positive or negative, after the
reporting date. Various Australian state governments have imposed state border restrictions which may include the need to quarantine
for fourteen days where employees are returning from an area / state deemed to be a COVID-19 hotspot. The Company continues to
work with various state authorities in relation to movement of staff around the country to maintain capture programs.
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost. Dividends received from subsidiaries are recognised in the profit or loss when a
right to receive the dividend is established, provided that it is probable that the economic benefits will flow to the Parent and the amount
of income can be reliably measured.
There were no other significant events between the balance date and the date that these financial statements were approved for
release.
Tax consolidation legislation
Aerometrex Limited and its wholly owned Australian controlled entities are members of a tax-consolidated group under Australian tax
law. The company is the head entity within the consolidated tax group. In addition to its own current and deferred tax amounts, the
company also recognises the current tax liabilities and assets and deferred tax assets and liabilities or tax credits of members of the
consolidated tax group.
The head entity, Aerometrex Limited, and the controlled entities in the consolidated Group account for their own current and deferred
tax amounts. These amounts are measured as if each entity in the tax consolidated group continued to be a stand-alone taxpayer in its
own right.
The entities have entered into a tax funding agreement under which the wholly owned entities fully compensate Aerometrex Limited for
any current tax payable assumed and are compensated by Aerometrex Limited for any current tax receivable and deferred tax assets
relating to unused tax losses or unused tax credits that are transferred to Aerometrex Limited under the tax consolidation legislation.
The funding amounts are determined by reference to the amounts recognised in the wholly owned entities’ financial statements.
78
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only
Notes to the Consolidated Financial Statements continued...
Director’s Declaration
The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity,
which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding
amounts to assist with its obligations to pay tax instalments.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts
receivable from or payable to other entities in the Group.
Any difference between the amounts assumed and amounts receivable or payable under tax funding agreement are recognised as a
contribution to (or distribution from) wholly owned tax consolidation entities.
34. Subsidiary information
Name of the entity
Atlass- Aerometrex Pty Ltd
Aerometrex Ltd
MetroMap Pty Ltd
AMX LAMS Pty Ltd
AMX Capital Pty Ltd
SpookFish Australia Pty Ltd
(Acquired 20 May 2020)
Country of incorporation and
principal place of business
Australia
USA
Australia
Australia
Australia
Australia
Proportion of ownership interests
held by the Group
2020
100%
100%
100%
100%
64.4%
100%
2019
100%
100%
100%
100%
64.4%
-
In accordance with a resolution of the Directors of Aerometrex Limited, I state that:
1. In the opinion of the Directors:
(a) the financial statements and notes of Aerometrex Limited for the financial year ended 30 June 2020 are
in accordance with the Corporations Act 2001, including:
i) giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance
for the year ended on that date; and
ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) the financial statements and notes also comply with International Financial Reporting Standards as
disclosed in Note 2; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
2. This declaration has been made after receiving the declarations required to be made to the Directors by the
Chief Executive Officer and Chief Financial Officer in accordance with section 295A of the Corporations Act
2001 for the financial year ended 30 June 2020.
On behalf of the directors
Mark Lindh
Chair of the Board
28 September 2020
Mark Deuter
Managing Director
80
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Independent Auditor's Report
Independent Auditor’s Report
82
83
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Independent Auditor's Report continued...
84
85
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Shareholder Information
Ordinary share capital
94,400,000 fully paid ordinary shares are held by 2,780 individual shareholders. All ordinary shares carry one vote per share.
Top 20 Shareholders
Rank Name
Range of Units as at 16 Sep 2020
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 over
Rounding
Total
Unmarketable Parcels
Minimum $500 parcel at $1.30 per unit
Total holders
542
1,174
535
495
34
Units
331,396
3,682,075
4,290,606
12,609,905
73,486,018
2,780
94,400,000
Minimum Parcel Size
385
Holders
116
Shares under escrow
60,200,000 full paid ordinary shares escrowed to 10 December 2020.
Options
Non-executive directors
Lead manager and underwriter
Employees via ESOP
Total options issued at 30 June
Options do not carry a right to vote.
% Units
0.35
3.9
4.55
13.36
77.85
-0.01
100
Units
27,873
2020
Options
1,000,000
944,000
2,555,000
4,499,000
1
199 INVESTMENT PTY LTD <199 INVESTMENT A/C>
2 MARK JOHN DEUTER + LYNETTE GWYNEDD DEUTER
3
4
5
DAIJ PTY LTD
SCOTT TOMLINSON
BEATA MARIA SERAFIN + WOJCIECH MISIARA
6 NATIONAL NOMINEES LIMITED
7 MRS MARGARET CAROLYN DARLEY
8
9
TODD ANTHONY DUNOW + JANE REBECCA SWINTON
CITICORP NOMINEES PTY LIMITED
10 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
11 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
12 MR WARREN DARLEY + MARGARET DARLEY
13 MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
14 NATIONAL NOMINEES LIMITED
15 NATHAN WILLIAM MICHAEL
16 KATALIN GARAMI + PETER PAP
17 ALBERTO ZANIOLO + JOANNA STEFANIA DZIOLAK
18 JEREMY POLLARD
19 FABRICE MARRE
20 BNP PARIBAS NOMINEES PTY LTD
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total)
Total Remaining Holders Balance
Balance as at
16 Sep 2020
12,113,824
11,400,865
% Units
12.83
12.08
8,583,850
8,362,230
6,660,999
5,129,105
4,935,566
3,425,181
2,735,265
1,626,691
1,101,381
1,083,427
976,548
722,857
649,388
568,088
473,407
421,330
252,798
250,000
9.09
8.86
7.06
5.43
5.23
3.63
2.90
1.72
1.17
1.15
1.03
0.77
0.69
0.60
0.50
0.45
0.27
0.26
71,472,800
22,927,200
75.71
24.29
Substantial shareholders
The following table shows holdings of five percent or more of voting rights in Aerometrex Limited's shares as notified to Aerometrex
Limited under the Australian Corporations Act 2001, Section 671B as at 16 September 2020.
Name
MATTHEW WHITE
MARK DEUTER
DAVID BYRNE
SCOTT TOMLINSON
PERENNIAL VALUE MANAGEMENT LIMITED
BEATA MARIA SERAFIN + WOJCIECH MISIARA
MARGARET DARLEY
Number Held
12,113,824
11,400,865
8,583,850
8,362,230
7,268,855
6,660,999
4,935,566
% of Issued
Capital
12.83%
12.08%
9.09%
8.86%
7.70%
7.06%
5.23%
86
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Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Corporate Information
Company
Aerometrex Limited
Registered Office
51-53 Glynburn Road
GLYNDE SA 5070
+61 8362 9911
94 153 103 925
153 103 925
ABN
ACN
Internet Address
www.aerometrex.com.au
ASX Code
AMX
Directors
Mark Lindh
Mark Deuter
Independent Non-Executive Director, Chair
Managing Director
Matthew White
Non-Executive Director
Peter Foster
David Byrne
Independent Non-Executive Director
Chief Operating Officer
Company Secretary
Kaitlin Smith
Auditor
Grant Thornton Audit Pty Ltd
Share Registrar
Computershare Investor Services Pty Ltd
Level 5, 115 Grenfell Street
Adelaide SA 5000
GPO Box 2975
Melbourne VIC 3001
Telephone: 1300 556 161
88
Princes Highway
Narooma, NSW
Australia
Aerometrex Limited • Annual Report 2020
89
89
Aerometrex Limited • Annual Report 2020Aerometrex Limited • Annual Report 2020For personal use only Aerometrex Limited
ACN 153 103 925
51-53 Glynburn Road
GLYNDE SA 5070
AUSTRALIA
T: +61 8362 9911
www.aerometrex.com.au
For personal use only