Alamos Gold Annual Report 2021

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FY2021 Annual Report · Alamos Gold

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ANNUAL REPORT
2021

Ainsworth Game Technology

ABN: 37 068 516 665

10 Holker Street, Newington

New South Wales, Australia 2127

T: +61 2 9739 8000

F: +61 2 9648 4327

www.agtslots.com

Ainsworth 2021 Annual Report

Contents

Performance Overview
New Products
Board of Directors
Sustainability Statement
Chairperson’s Report
Chief Executive Officer’s Report
Shareholder Information
Directors’ Report

2
4
6
6
8
10
12
14

Financial Statements
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Lead Auditor’s Independent
Declaration
Corporate Directory

39
44
90
91

97
98

AINSWORTH GAME TECHNOLOGY | ANNUAL REPORT 2021

Notice of Annual General MeetingAinsworth Game Technology Limited ABN 37 068 516 665Notice is hereby given that the 2021 Annual General Meeting of the members of Ainsworth Game Technology Limited will be held on Thursday 25th November 2021 at 10:00am AEDT.In light of the continued uncertainty and potential health risks associated with the COVID-19 pandemic, Ainsworth will be webcasting the AGM online – details will be included in the AGM Notice of Meeting.RESULTS ANNOUNCEMENT FOR SIX MONTHS ENDING 31ST DECEMBER 2021:Tuesday 22nd February 2022Dates may be subject to changeRESULTS ANNOUNCEMENT FOR YEAR ENDING 30TH JUNE 2022:Tuesday 23rd August 2022Dates may be subject to changeIn accordance with ASX Listing Rule 4.10.3, Ainsworth Game Technology’s Corporate Governance Statement can be found on its website at: https://www.agtslots.com/investor/corporate-governance
• Positive adjusted EBITDA of A$15.5 million
(excludes currency and one-off
items),
improvement on the A$5.8 million reported
in FY20.

• Strong balance sheet to enable further

investment in product development.

• Cash at 30 June 2021 was A$42.4 million

(30 June 2020: A$26.5 million).

• Net cash of A$5.1 million compared to net

debt of (A$17.5 million) at pcp.

• Revenue of A$159.5 million, +7% from pcp.
• Effective management and control of
operational expenses resulting in operating
costs at A$98.4 million, -20% from pcp.

• R&D as a percentage of revenue at 21%

(2020: 28%).

Rest of the World
• Revenues of A$13.7 million, +96% due to the
increased in unit sales in Europe and New Zealand.

• Profit was up by 136% to A$6.6 million.
• Online contributed A$5.9 million of revenues,
up 28% compared to pcp. Increase in revenue
was primarily from the launch of Real Money
Gaming (“RMG”) in New Jersey in April 2020
and progressively going live with seven major
operators.

Online Gaming
• Further progress in accelerating monetisation
of on-line real money and social gaming was
achieved in the period.

• Following the successful launch of RMG in New
Jersey, AGT has partnered with GAN to provide
exclusive distribution to AGT game titles in
USA for a 5-year term with expectation that this
contractual agreement will generate US$30.0
million over the 5 years from FY22.

• Continuing strong partnership with Zynga
in providing AGT’s established and high
performing game titles in social online gaming.

North America
• Revenue increased by 23% as market recovers

from pandemic.

• Segment profit at 44%,

increased by 9%
resulting from improved revenue and effective
cost control management in place.

• The number of machines on participation was

2,712 (Class II: 1,731 and Class III: 981), +17%.

• Participation revenue

increased by A$15.3
million due to increased in placements and high
average yield per day from Historical Horse
Racing (“HHR”) products.

• MTD Gaming contributed positive impact on
revenue within the North America segment and
provide avenues of future growth in premium
performing Poker, Keno and Video Reel content.

Australia
• Profit was up to A$2.4 million given increased
revenue by 38% with improved performance
from new hardware and recently released
game titles.

• Further extended

lockdowns across New
South Wales and other states within Australia
have created an element of uncertainty and risk
associated for this Cash Generating Unit (CGU)
resulted in a one-off (non-cash) impairment
charge of A$8.0 million recognised in ‘Other
Expenses’.

Latin America
• Delivered loss of A$($8.6) million compared
to profit of A$2.3 million in FY20 due to the
prolonged severe impacts of COVID-19.

• Decline in revenue to A$18.3 due to closures
the primary markets of Mexico,

across
Argentina, and Peru.

• Results in H2 FY21 saw some recovery with
revenues of A$13.5 million compared to A$4.8
million reported in H1 FY21. Further recoveries
in FY22 as vaccination rates increase and
expectation that Government restrictions be
further eased.

• An impairment review of this CGU has resulted
in a one-off (non-cash) impairment charge of
A$24.7million recognised in ‘Other Expenses’.

AINSWORTH GAME TECHNOLOGY

Performance OverviewFinancial HighlightsHistorical Performance - AUD (M)
(by Half and Full Fiscal Year)

Domestic Revenue

International Revenue

Adjusted Profit /(Loss) After Tax

107.3

87.8

19.5 (0.7)

H1FY20

87.4

67.6

19.8 (0.8)

H2FY21

72.1

52.9

19.2

H1FY21

(16.8)

42.1

33.3
8.8

H2FY20

(28.7)

149.4

121.1

28.3

FY20

(29.4)

159.5

120.5

39.0

FY21

(17.6)

*Adjusted Profit/(Loss) After Tax excludes currency impacts and other one-off non-recurring items

Revenues - AUD (M)
(by Half and Full Fiscal Year)

149.4

159.5

107.3

42.1

87.4

72.1

H1FY20

H2FY20

H1FY21

H2FY21

FY20

FY21

*Note 1: Significant decline in revenue impacted by the onset of COVID-19 at beginning of Calender Year 2020

Reported and Adjusted EBITDA - AUD (M)
(by Half and Full Fiscal Year)

18.5

14.6

14.4

10.2

1.1

H1FY20

H2FY20

H1FY21

H2FY21

(12.7)

(23.6)

(36.8)

5.8

FY20

(9)

15.5

FY21

(26.6)

Reported

Adjusted

* Adjusted EBITDA excludes currency impacts and other one-off non-recurring items

ANNUAL REPORT 2021

CABINETS

ONLINE

A-StarTM Curve XL & A-StarTM Slant
Adding to the A-StarTM Dual Screen and Curve
cabinets which were launched globally in February
2020, Ainsworth introduces the A-StarTM Curve XL
and the A-StarTM Slant to the cabinet family. The
A-StarTM Curve XL features a 4K 55-inch floating
infinity monitor, dynamic LED lighting, and a state-
of-the-art LCD button deck and was unveiled in
the Americas July, 2021. The brand-new premium
cabinet was released with the new Take It or Leave
It game series. The A-StarTM Slant will make its
global debut at G2E in October, 2021. This sleek
new Slant cabinet offers a modular design, and all
the features the A-StarTM cabinet is known for but
in a sightline friendly low-
profile display.

B2B Real Money Gaming (RMG)
Ainsworth Interactive signed a 5-year partnership
with Game Account Network (GAN) for a minimum
guaranteed amount of US$30 million for the
exclusive supply of Ainsworth real money online
games in the USA. Ainsworth’s existing online
operations in New Jersey are incorporated in the
Agreement, as well as the planned expansions
into Michigan and Pennsylvania.

80 online games were developed and certified
in New Jersey for the US market along with
releasing them in parallel to European operators.

For FY21, we launched our online content into
the US market with Caesars Entertainment,
Rush Street Interactive, Borgata, BetMGM, Party
Casino, Mohegan Sun, Resorts Atlantic City and
WynnBet casinos.

B2B Social Casino Business
Ainsworth further expanded the relationship with
social casino partner, Zynga. Zynga has agreed
to provide engineering resources to develop
games, expediting the launch of the new games
on their Hit It Rich app.

HISTORICAL HORSE RACING (HHR)

from manufacturers Aristocrat,

Ainsworth’s award-winning Historical Horse
Racing System is experiencing continued success
in North America. Most recently, content and
cabinets
IGT,
Konami and Scientific Games can be connected
to Ainsworth’s HHR System. There are now more
than 2,000 Ainsworth games in operation across
Kentucky, Alabama and Virginia with over 100 titles
and 6 terminal styles directly available.

AINSWORTH GAME TECHNOLOGY

New ProductsNEW GAMES

Cash StacksTM

Cash StacksTM is Australia’s latest multi-denom
product with scalable bonuses and multiple
free games options in both stand-alone and link
progressive configurations. Cash Stacks™ brings
a fresh concept with 5th reel bonusing and the
new Hold n’ StackTM credit collection feature.
This feature provides an aspiring credit collection
whereby the more free games awarded, the
greater the potential stack award and increasing
chance of Major and Grand Jackpots.

Take It or Leave ItTM

Take It or Leave ItTM launches Ainsworth’s A-STARTM
Curve XL premium slot cabinet. This two-game
series – Super Hot 7s ClassicTM and Solid Gold
8s ClassicTM – combines popular QuickSpin
ClassicTM wheel play mechanics and proven
Ainsworth High Denomination math into a
powerful Linked Progressive bank built for
the biggest gamblers. The player chase
focuses on a line-win Progressive and the
Take It or Leave ItTM wheel bonus.

Lucky StarsTM

Ainsworth’s library of innovative game content
expands with the release of the Lucky Stars
LinkTM. Two unique titles – Blazin’ Hot Lucky
StarsTM and Emperor’s Lucky StarsTM – offer
players the chance to try to win two Jackpots
during an exciting Symbol Collection Feature.
These new multi-denom games also include
metamorphic pots and a fun Bonus Wheel.

Rio Grande RapidsTM

The Rio Grande RapidsTM brand is celebrating 10
years of uninterrupted fun with customers in Latin
American casinos. In addition to being a widely
recognized game, after 10 years it continues to
offer high productivity rates.

Rio Grande RapidsTM offers an interconnected
progressive jackpot with three jackpot
levels and an exciting, stacked symbol
feature that triggers numerous prize
rounds. The titles that make up
the brand are Rio ExpressTM, Rio
SunsetTM, & Rio GoldTM.

Danny Gladstone

Harald Neumann

Chairperson and
Non-Executive Director

Member of the Audit and
Risk Committee

Appointed Non-Executive
Director 1 July 2019

Chairperson since
26 November 2019

Chief Executive Officer and
Executive Director

Former Senior Advisor
to Novomatic AG

Appointed 21 February 2017

Chief Executive Officer since
1 October 2021 (Subject to
regulatory approval)

Graeme Campbell

OAM

Lead Independent
Non-Executive Director

Chairperson of the Audit and
Risk Committee
Member of the Remuneration
and Nomination Committee

Appointed 18 September 2007

Colin Henson

Dip-Law BAB, FCPA, FCG (CS, CGP) FAICD

Independent Non-Executive Director

Chairperson of the Remuneration
and Nomination Committee
Chairperson of the Regulatory
and Compliance Committee
Member of the Audit
and Risk Committee

Appointed 3 April 2013

• Recycling of paper and cardboard waste, used
metal (such as that found in end-of-life used
gaming machines) and water;

• Ongoing minimisation of use of hazardous
substances in the design and manufacture of
the Company’s products;

• Continuous initiatives to reduce paper usage
by incorporating paperless transactions and
record keeping where possible.

Despite the impacts of the pandemic on operations
over the period, the Company has maintained
a range of initiatives directed towards ensuring
its business and operations make a positive
contribution towards sustainable development.

ENVIRONMENT & ENERGY

Mission:

Minimise the impact of the Company’s business
activities on the environment.

Example of initiatives:

• Implementation of solar energy technologies
and industrial standard energy saving high
lumen LED lighting throughout its Newington
premises and factory;

6 AINSWORTH GAME TECHNOLOGY

Board of DirectorsSustainability Statement• Through

the Company’s

full membership
and support of the Gaming Technologies
Association of Australia (‘GTA’), assisting in the
provision of responsible gaming resources to
the general public that allow players to make
informed decisions about their participation
in gaming machine play. More information
on these initiatives is available from the GTA
website: www.gamingta.com.

LICENSING & COMPLIANCE

Mission:

Ensuring that we operate in accordance with global
compliance best practice across global markets.

OUR PEOPLE

Mission:

Build an engaged, skilled, and responsible workforce
guided by values that support our strategy.

Example of initiatives:

• Provide a safe and enjoyable work environment, with
programs that support and incentivise employees;

Example of initiatives:

• The conduct of employee training in support
of the Company’s global compliance efforts,
including training
for employees on what
constitutes bribery, unlawful/corrupt conduct
and money
the penalties
laundering and
associated with such conduct;

• An ongoing assessment of the workplace health
and safety risks of all Ainsworth employees,
the proactive encouragement of
including
COVID-19 vaccine take up by all employees
worldwide and allowing all employees to utilise
flexible work conditions where practicable to
minimise the disruption to both employees
and the Company’s business caused by the
COVID-19 pandemic.

RESPONSIBLE GAMBLING

Mission:

While we strive to deliver excellence in gaming
global solutions, supporting and promoting
responsible gambling is one of our core values.

Example of initiatives:

• Ensuring the Company’s gaming products are
regularly tested and approved in accordance
with relevant local laws and technical standards
to ensure they operate with fairness and
integrity and that they facilitate responsible
gaming machine play;

• Proactive approach to compliance and probity
by having vigorous policies and procedures
ensuring that we maintain our licences around
the world;

• The regular vetting and review of all new and
existing significant customers and suppliers of
the Company by a dedicated and professionally
trained regulatory compliance function overseen
by the Company’s Regulatory and Compliance
Committee, to ensure all persons that do business
with the Company are aligned with Ainsworth’s
ethical and compliance values and requirements.
these values
For more details concerning
and requirements please see the Ainsworth
Regulatory and Compliance Committee Charter,
published on the Company’s website.

ETHICAL SOURCING

Mission:

Ensuring that those involved in our supply chain
are treated fairly and operate in a safe environment
and conforming to local requirements.

Example of initiative:

• The ongoing efforts of the Company to minimise
the risk of modern slavery within the Company’s
domestic and global supply chain as detailed in
the Company’s Modern Slavery Statement and
published on the Company’s website.

ANNUAL REPORT 2021

improved performance for the 2HFY21 with a loss
of $2.6 million.

remain

Our goals
further expand our
to
international footprint and build our participation
fleet to improve the quality of earnings.

International markets contributed $120.5 million in
revenue for FY21, representing 76% of the group’s
FY21 total revenue. This delivered an improved
performance overall with 2HFY21 representing
$67.6 million, up 28% on 1HFY21. Recurring
revenues continue to grow, accounting for 28%
of total revenues (26% in PCP). AGT’s units under
gaming operation increased by 9% to 7,052,
generating annuity style recurring revenues.

Operating costs were well controlled in FY21 with
a decrease of 20% on the $122.7 million in the
prior year. Current economic challenges resulted
in the instigation of effective management and
control of operational expenses, including agreed
rental concessions, voluntary employee salary
reductions and receipt of available government
subsidies. Headcount reductions towards the end
of FY20 provided additional overhead savings
during the year as costs were maintained despite
growth in revenue.

remained

Despite these significant operational challenges,
we
innovation and
focused on
developing superior products for our customers.
This commitment underpins our strategy and
sustainability. The imminent appointment of our
new Chief Product Officer, Mr David Bollesen,
combined with
increased collaboration from
Novomatic AG will ensure greater emphasis on
creating more diverse product offerings across
our global markets.

I would like to highlight two examples of our
commitment to innovation and excellence. The
first is AGT’s leading Historical Horse Racing
(HHR) products and system, which continued to
perform well in the year. AGT is pursuing new
revenue opportunities in current established
markets and new jurisdictions where legislation
including New
recently been passed,
has
Hampshire, Wyoming and Louisiana.

Dear Shareholders,

2021 has clearly been a challenging year for our
customers, communities, and colleagues. I am
proud of the way Ainsworth has supported our
teams through these anxious times and delivered
a strong recovery in results in the second half of
the financial year. With progress in vaccine roll
outs and the progressive reopening of customers’
venues across most markets, we look forward to
further improvement in trading conditions in FY22.

For FY21, AGT reported a Loss before Tax of
$59.2 million. This loss reflects the impact of the
pandemic and government imposed mandatory
closures of customers’ venues, particularly in the
first six months of FY21. The results also included
$42.1 million relating to currency impacts and
other one-off non-recurring items, including non-
cash impairment charges of $41.7 million.

Excluding currency translation impacts and one-
off items noted above, the Loss before Tax for the
year was $17.1 million. This compares to a loss of
$34.0 million in FY20 on a similar basis.

The results for the second half of FY21 showed
a significant improvement on the first half results.
Our performance has followed the progress of
vaccination programs and increased customer
activity. Compared to the $56.6 million Loss
before Tax reported for 1HFY21, AGT delivered

The previously launched A-StarTM cabinet is
another example of Ainsworth at its best. We
successfully exhibited the A-StarTM at the National
Indian Gaming Association trade show in July
2021, the first to take place since the declaration
the pandemic. The positive customer
of

AINSWORTH GAME TECHNOLOGY

Chairperson’s Reportresponses and feedback bode well for future
growth. The effectiveness of our R&D investment
will continue to be a primary objective with the
efficient production of innovative, high performing
products being the key to our future success.

I would also like to express the Board’s gratitude
to Lawrence Levy, who resigned from the CEO role
in September for personal reasons. On behalf of
the Board, I would like to thank Lawrence for his
contribution, and we wish him well for the future.

I would like to acknowledge and thank my fellow
Board members for their efforts and support
during difficult and challenging times.

I would like to close by thanking the rest of the
highly capable executive team in Australia and
the Americas, as well as our dedicated and
loyal employees, my fellow shareholders and of
course, our customers.

Danny Gladstone
Chairperson

sheet and

In line with the strategic priority to protect AGT
during this challenging period, the Company’s
balance
liquidity have been
strengthened. At 30 June 2021, AGT had a cash
balance of $42.4 million and since then, the cash
balance has further increased. As a result of the
exclusive distribution agreement for Real Money
Gaming within the USA, AGT received the initial
US$5 million contribution from GAN Limited in
July 2021.

Given the focus on liquidity and ensuring AGT is
well placed during challenging market conditions,
the dividend program remains suspended.

implemented

While the FY21 results were significantly affected
by the pandemic, the proactive measures we
have
to strengthen AGT and
position the Company for further recovery, should
lead to improved performance as customer
activity continues to increase. As you will have
heard me say before, we have a professional
workforce, an excellent industry reputation and a
well-established footprint across our markets.

We also have a new CEO to lead our growth and
recovery. Subject to regulatory approvals, Harald
Neumann commenced as CEO on 1st October
2021. As the former successful CEO of Novomatic
AG, our major shareholder, and a director of AGT,
he brings a wealth of knowledge and experience
to the role with a thorough understanding of
AGT. He will be able to seamlessly transition to
the new position. Harald will be based primarily
in Las Vegas where he can lead AGT in our
largest market and continue to drive our
success.

(and

recently

traveled

to Australia

I
the
United States) to review our operations and
opportunities. While I was there, I had the benefit
of talking with shareholders, customers and many
of my colleagues including management, sales
and marketing teams and product developers. It
became very clear to me that we have the ability,
as pandemic restrictions are removed, to deliver
on our potential to be a larger and more profitable
company in our major markets.

The improved results we delivered in the second half
of FY21 highlight this recovery potential. Revenue in
2H increased by 21% compared to the first half. Loss
after tax for 2H, including $12.5 million of non-cash
impairments, was $3.3 million compared to a loss of
$50.1 million in the first six months.

Underlying EBITDA, a more reflective measure
of operational performance, vastly improved
in 2HFY21, and increased year on year. AGT
reported underlying EBITDA of $15.5 million
for FY21 compared to $5.8 million in the Prior
Corresponding Period (PCP). Underlying EBITDA
for 2HFY21 was $14.4 million compared to $1.1
million in 1HFY21. While these results don’t reflect
Ainsworth’s real earnings potential, they are much
better results than we reported for the first half.

The North America region was once again the
highlight of the results. The region reported
revenue of $88.5 million, up 23%. Customer
activity has recovered strongly as many markets
reopened once vaccination programs advanced.

Assets on participation were up 17% to 2,712.
Participation and lease revenue increased by 66%
year on year, and now contribute a greater share
of overall regional revenue at 44% (32% in FY20).

Following the close of the financial year, AGT
completed a cash sale to Kentucky Downs of 400
machines previously under participation. The sale
represents a mixture of hardware configurations
including a portion of the newly released A-StarTM
curve cabinets. The agreement provides for AGT to
receive connection fees in FY22 and beyond. This
sale gives us a good start to the new financial year.

Australia delivered a good result in FY21, with
solid growth over the PCP. The new A-StarTM
curve cabinet and suite of innovative games were
launched in the year. Revenue grew by 38% and
EBITDA by 15% to $5.4 million (PCP: $4.7 million).
Revenue increased in all states except Victoria.

Dear Shareholders,

I am delighted to provide my first report as your
recently appointed Chief Executive Officer (CEO).

As many of you will know, I started in my new
role on the 1 October this year. Although my
appointment is recent, I am not new to Ainsworth,
or to the industry. I have been a director of
your Company since 2017 and this will be my
fifth Annual General Meeting of shareholders.
Previously I was the CEO of Novomatic for five
years and during this time, I was heavily involved
in the due diligence and acquisition of the AGT
shareholding. It is a privilege to be appointed to
this executive leadership position at Ainsworth
at such an important and challenging time in the
company’s development.

Given my experience and directorship, I have
been able to build a strong knowledge of the
business and a good understanding of our
strengths and opportunities. Our key strengths
include our trusted brand, our highly capable
staff, the company’s enduring commitment to
developing superior game technologies and our
customer relationships across our major markets,
particularly in North America.

It is the potential to leverage these strengths into
large market opportunities to deliver sustained
growth and improved returns for shareholders
that appeals to me about the role and excites me
about Ainsworth.

10 AINSWORTH GAME TECHNOLOGY

Chief Executive Officer’s ReportWhile the latest lockdowns in some states of
Australia are creating
further uncertainties,
customers are looking to invest in their gaming
floors to ensure they are competitively placed
and appropriately resourced for when venues
are permitted to reopen.

Latin America was heavily
impacted by
the pandemic with high transmission rates,
Government mandated closures and access
in Mexico,
to customer venues
restrictions
Argentina, and Peru. These restrictions affected
performance. Revenues for the region were $18.3
million, a reduction of 56% compared to PCP.

Results in 2HFY21 saw some recovery with
revenues of $13.5 million compared to $4.8
million reported in 1HFY21. Of the 625 machines
AGT sold in the region last year, 514 were in
2HFY21. As these markets increase vaccination
rates, it is expected that Government restrictions
will be eased within FY22 and further revenue
opportunities can be expected as previously
deferred purchasing decisions are progressed
across the region.

Online revenue grew by 28% to $5.9 million in the
year following the launch of Real Money Gaming
in New Jersey in April 2020 and progressively
going live with AGT content with seven (7) major
operators. The success of this business led to
the US exclusivity agreement AGT executed
with GAN Limited, ensuring continued growth for
FY22 and beyond.

The gross margin in FY21 was 56%, an increase
on the 52% reported in the 1HFY21, however
an overall reduction on the 61% in the PCP. The
reduced margin was primarily due to further write
down of older style cabinets, higher production
overhead costs resulting from lower production
units and sales forecasts in most jurisdictions.

Despite all the challenges of the pandemic across
our regions, AGT today is well placed for further
recovery and long-term growth. We proactively
took the opportunities the pandemic presented
to enhance product development, streamline
our cost base, expand our market presence, and
strengthen our balance sheet. These initiatives
have improved our financial results. We will
conduct a broad review of our operations and
investments to ensure we are maximizing our
assets and opportunities so that we are well
positioned for the future.

We have an optimistic outlook. Our North
American business is performing well. Markets
there, with
have effectively reopened over
social distancing. We are pursuing new growth
opportunities for our market leading Historical
Horse Racing (HHR) products in new jurisdictions
following the passing of new legislation. We are
excited by the opportunities to extend MTD, which
we acquired in H2FY20 across our jurisdictions to
drive new sales and we can promote the A-StarTM
cabinet, which is still not known in the US given so
many trade shows and exhibitions were canceled
last year. Our Australian business is also making
progress despite the recent lockdowns.

The commitment to employing the best talent
available to drive effective and efficient product
to our success. To
development
enhance our efforts in this area we are pleased
to announce the appointment of our new Chief
Product Officer, David Bollesen.

is critical

Our strong financial model supports our growth
ambitions. 28% of group revenues recur and 76%
of our sales are from offshore markets. In FY21 we
refinanced a $50 million flexible loan facility and
closed the year with a cash balance of $42.4 million.

AGT is purposefully a different company to the
one we were before the pandemic. We have
deliberately taken advantage of the opportunities
available to us over the last year to become more
streamlined, more efficient, and more competitive.
We are well positioned for recovery and growth.

I wish to express my appreciation to my fellow
Board members, including Danny Gladstone as
the Chairman for their ongoing contribution to
the Company. Danny has tremendous industry
knowledge and proven expertise and I look
forward to working closely with him.

I would also like to thank Mark Ludski our CFO
and Company Secretary, the executive teams from
North America, Latin America and Australia and our
talented employees, supportive shareholders and,
importantly, our customers for their trust and support.

Harald Neumann
Chief Executive Officer

ANNUAL REPORT 2021

Shareholder Information

INFORMATION ABOUT SHAREHOLDERS
Shareholder
the Australian
Securities Exchange Limited Listing Rules and not disclosed
elsewhere in this report is set out below:

required by

information

Distribution of shareholders

SHARE HOLDINGS (AS AT 20 SEPTEMBER 2021)
Number of shareholders and shares on issue
The issued shares in the Company were 336,793,929
ordinary shares held by 3,698 shareholders.

Substantial shareholders
The number of shares held by substantial shareholders and
their associates are set out below: