2020
M I S S I O N S TAT E M E N T
Ambertech Limited is an acknowledged leader in
the identification, supply and distribution of advanced
technologies for the Professional and Consumer audio/visual
markets within the Oceania region.
Our purpose is to add significant operational value by
developing and strengthening customer relationships,
expanding horizons of opportunity and delivering strong
and continuous financial growth to stake holders through
our proven ability to integrate, implement and commercialise
existing and emerging technologies.
C O N T E N T S
1. Letter to SharehoLderS
2. our BuSineSS and BrandS
3. ProfeSSionaL Segment
4. LifeStyLe entertainment Segment
5. financiaL rePort
6. SharehoLderS information
7. corPorate directory
L E T T E R T O S H A R E H O L D E R S
Dear Shareholders,
On behalf of your Board and executive management we would like to present you
with your 2020 Annual Report. This past year has represented a period of significant
achievement and change to our business, with the second half of the year operating
under the formidable shadow that is the COVID-19 pandemic.
Major business achievements during the year included:
- The acquisition of the Audio-Visual business of Hills Limited (“HAV”), supported
by a successful capital raising. This business has provided an additional $9.5M in
revenue since mid-December from a substantial new portfolio of brands. We have also
successfully integrated 26 new staff into our team across Australia and New Zealand;
- Significant contract wins for our Media Systems and Defence, Law Enforcement
and Surveillance (“DLES”) teams, including the announcement in March of a supply
and multi-year support contract with the Australian Broadcasting Corporation (“ABC”)
valued at over $5M; and
- Securing new finance facilities with Octet Finance totaling $10M. These new facilities
were completed in September 2020 and complement our continued growth strategy.
The initial trading period after the integration of the HAV business was strong, however
the business was impacted by COVID-19 and qualified for the JobKeeper support
subsidy. The improvement in annual revenues can be seen in the chart below.
Results in the second half of the financial year were particularly encouraging.
Executive management took the appropriate steps in scaling back expenses
where appropriate to ensure the ongoing success of the business as COVID-19
affected trading conditions. During this period the underlying EBIT result of the
business showed a significant improvement as seen in the table below.
Half on Half Results Comparison
Revenue
Underlying EBIT
JobKeeper
Restructure Costs
Reported EBIT
NPAT
1st Half
$,000
25,599
(325)
-
(705)
(1,030)
(1,577)
2nd Half
$,000
33,108
1,851
1,102
-
2,953
2,361
FY20
$,000
58,707
1,526
1,102
(705)
1,923
784
We also farewelled a long-term Director, Mr Ed Goodwin, who retired during the year.
We would like to thank Ed once again for his contribution to the Ambertech Board over
many years. We also introduced a new Director, Mr Santo Carlini, and we welcome him
on behalf of the Board.
Our profit result for the year, combined with strong operating cash flow performance,
have allowed the Board to declare a dividend to shareholders payable on 19 October.
We are pleased to be once again providing a return to shareholders, and we are looking
to improve our shareholder engagement in the coming months.
As we progress into the 2021 financial year, COVID-19 remains, and so our primary
concern continues to be contributing to the safety and wellbeing of our staff, customers,
suppliers and other business partners. There are many opportunities for business
growth despite the difficult economic times, and we are working hard to continue
the trajectory shown by the performance of the business this year.
We would like to thank all our dedicated executive management team and their
staff who have worked tirelessly during these difficult times, and each of whom took
significant temporary pay cuts to assist the business during this time. Your loyalty
to the business is inspirational.
On behalf of the Board of Ambertech Limited
Peter Wallace
Chairman
Peter Amos
Managing Director
O U R B U S I N E S S
Our business segments operate across both the Australian and New Zealand markets.
P R O F E S S I O N A L S E G M E N T
media SyStemS
The Media Systems team works with traditional television and radio
broadcast industry as well as new media partners in diverse industries such
as law enforcement and defence, sport, large scale events and education.
From content creation and acquisition, delivery, processing and asset
management, Amber Technology can offer turnkey packages for creating,
delivering and managing all types of media content.
ProfeSSionaL ProductS
Amber’s Professional Products group has a strong reputation as a preferred
supplier of high technology equipment for live sound in many different
industry segments, including touring artists, live stage shows, film and
television productions, broadcast news and sports, through to smaller sound
installations in education facilities, houses of worship and smaller venues.
L I F E S T Y L E E N T E R T A I N M E N T S E G M E N T
integrated SoLutionS
The Integrated Solutions team offers cohesive systems for the custom
installation and professional installation markets, with a portfolio of high
end audio visual and infrastructure brands for residential and commercial
installation projects. Customers typically engage the services of a
professional installer for a full turnkey solution.
major retaiL
The Major Retail division works with home electronics retailers nationally,
mass markets retail chains and independent specialist outlets to supply
home entertainment solutions for consumers in the residential market.
Our focus is on offering a comprehensive selection of high end audio
visual and accessory brands for end users.
O U R B R A N D S
AC Infinity
DALI
Accent Audio
David Horn
LP Morgan
LunaStone
Rockboard
Roland
Accent Visual
Communications
MC2
Sadowsky Guitars
Accent Acoustics
Dell EMC
Middle Atlantic
Silvus Technologies
Advanced Network
Telemetry
Aja
Ambertec Cables
Apart Audio
Apogee
Arista
ASL
Ateme
AudioQuest
Australian Monitor
Autoscript
AVer
Avid
Aviwest
Avonic
Barix
BATS Wireless
Blue Lucy
Canare
Chiayo Electronics
Cioks
Contacta
Cordial
CP Cases
Denon Pro
MP Antennas
Solid State Logic
Digital Projection
DNH
Neets
Neutrik
Sonance
Spectra Logic
DPA Microphones
Newline Interactive
SurgeX
Dynaudio Professional
Newtek
T-Rex Effects
Embrionix
Nexidia
Tannoy
Emotion Systems
NHT
TC Electronic
EVS
Niveo Professional
TC Helicon
Framus Guitars
NTi Audio
GB Labs
NuVo
Grandview Screens
One For All
Telestream
Teradek
Tonebone
Grass Valley
One Systems
Troll Systems
Haivision
HDAnywhere
Onkyo
Optoma
Hitachi and Maxell
Pakedge
Panasonic
Integra
iPort
Van Damme
Videssence
Vinten
Vipranet
Peavey Media Matrix
Warwick Basses
James Loudspeaker
Peterson
Well AV
Jet City Amplification
Philips Projection
Williams AV
JTS Microphones
Plura
Learning Glass
Primacoustic
WolfVision
WyreStorm
Lenco
Proel
Xilica Audio Design
Leon Speakers
Radial Engineering
XTA Electronics
Liberty AV
Litepanels
Rean
Yamaha Revolabs
Renkus Heinz
P R O F E S S I O N A L S E G M E N T
With a slowing of business in the traditional
broadcast market the Media Systems
group have sought to diversify, and we
have found some success in supplying
equipment and system integration services
for streaming studios – a significant growth
area especially with the ongoing COVID
situation. The pursuit of business in this
area has stimulated the introduction of new
partners and has opened up a new market
area, recent projects including:
- Virgin Gyms;
-
ING Bank; and
- Ausbiz, a streaming business channel.
MEDIA SYSTEMS GROUP
The process of consolidation and
restructuring within the media industry
continued in 2019/20 and accelerated
over the last 6 months through the impact
of COVID. All terrestrial broadcasters and
satellite operators are looking for cost
savings through improved efficiencies
in operation and the reduction of the
services offered.
From a technology point of view this has
led to our clients looking to extend the
lives of systems significantly beyond their
usual refresh cycle. There are, however, still
opportunities where an initial investment will
provide longer term operational savings.
Despite the challenging market Media
Systems has achieved some significant
wins during this year including:
- Multimillion-dollar EVS system upgrade
and support contract at the ABC;
- Avid storage upgrades at TEN and Nine;
- Embrionix (now Reidel) IP infrastructure
to Nine; and
- Vinten camera robotics to the Australian
News Channel and Nine.
Ausbiz
There is a growing number
of opportunities to offer the
expertise of our Technical
Services Group due to our
clients reducing their own
technical resources. There
also continues to be significant
revenue from support contracts
with substantial agreements in
place with the ABC, Seven, Fox
Sports, Southern Cross, Sky
Racing, NPC and Nine. This
includes new revenue through
extending our arrangement with
EVS to now supply first line
support and spares.
Despite the uncertainties, there
are a number of key projects
that our Media Systems team
are targeting in 2020/21 along
with continuing to look for new
opportunities in ‘non-traditional’
media areas.
Sky News
NPC Media
DLES GROUP
The terrible fires of Australia’s Black Summer
proved to be an aggressive testing ground
for the newly deployed Silvus data radio
systems in the ACT ESA and WA DFES
firefighting aircraft. Thankfully they performed
to expectation and played key roles in the
firefighting efforts in those states – most
notably in the ACT, where they were in use
against the Snowy Mountain fires on an
almost daily basis. We were also honoured
to be able to deliver communications
support radios to the NSW Telco Authority
to act as temporary link replacements for
the Government Radio Network, repairing
communication services disabled by the fires.
As a result of these successful uses,
agencies in West Australia and the ACT
are continuing to deploy further systems
and capabilities and following the Royal
Commission we anticipate an increased
uptake in other states.
We have engaged additional specialised
resellers in the Emergency Services and
Defence areas for both Haivision and Silvus
Technologies, which have allowed us to
significantly expand our presence in those
markets nationally. As a result, we have
secured several key contracts for delivery
this year (2020/21).
Rollout of systems to Navy continues
as planned, with a notable expansion to
present the naval systems developed in
Australia to the global market. Whilst we
await real returns from this effort,
the potential is substantial.
Gaz Watkins from Silvus Technologies, Tyler Stephens from Haivision and Ross Caston from Amber Tech at Pacific 2019
Key projects include:
- Communications systems for the
SEA1180 Arafura-Class Offshore Patrol
Vessel project (4 ship systems, more to come);
- Communications systems for High-Altitude
Balloons for the RAAF.
- Multiple systems to assorted UAV manufacturers
in Australia, where we have established an excellent
track record in this important market.
- Delivery of additional systems to Police, ADF and Emergency
Services across the country.
Drone at MILCIS 2019
Silvus Dual Transceiver Unit on One Tree Hill
PRO/MI GROUP
Major brands in the MI retail market,
Apogee Electronics, CIOKS, Radial
Engineering, TC Electronic, and
Warwick continue to provide strong
sales growth.
These brands continued to innovate
and provide products that the
market requires.
Solid State Logic entered the general
MI market with product that has a
wider customer appeal than their
traditional offerings and this has
been very well accepted.
Bass Guitar manufacturer, Warwick,
has signed a licensing and
distribution agreement with Roger
Sadowsky, this brings to us another
Bass Guitar brand that has a very
highly respected reputation.
The MI Retail sector has increased
their on-line sales channel with
Dealer based ecommerce solutions
along-side their bricks and mortar
outlets in the COVID era. Those
customers that invested prior to
lockdowns have increased their
sales considerably.
NTi Audio continues to offer
ever expanding solutions for test
and measurement solutions for
acoustics, audio and vibration
applications. Consultants
are embracing this brand for
measurement of Evacuation,
Noise Measurement, Building
Acoustics and Quality Control.
We are working very closely with
our New Zealand operation with
Brand Management, Marketing and
Logistics resources to enable sales
growth in their market.
Sadowsky
Bass Guitar
Jay Porter at the JMC Academy, Radial Demo Day
Audio Toolbox winner at ENTECH
L I F E S T Y L E E N T E R TA I N M E N T
S E G M E N T
INTEGRATED SOL UTI ONS GR O UP
Our Integrated Solutions group experienced a tumultuous but ultimately
positive year.
During the first half of the financial year, negotiations and due diligence
culminated in the acquisition of the AV business from Hills Limited. Our key
message to joining staff, manufacturer-partners and customers has been the
same: Amber Technology is 100% focussed on the AV market, and will offer new
opportunities for (personal and business) growth. This theme has been positively
received by most stakeholders.
At the completion of the
acquisition (on 17 December 2019),
our Integrated Solutions business
changed in size and shape.
26 new staff joined the team
(in Australia and New Zealand).
We added substantially to our
portfolio of brands, but also chose
to part ways with a number of
suppliers due to unmanageable
conflicts or unfavourable commercial
arrangements. A larger-than-
expected number of new customers
(commercial AV dealers and
integrators) were added to the
Amber base.
Amber Technology IS Team
Showcase 2019
HAV stock arriving at Amber
We entered the second half of the financial
year looking forward to a period of
consolidation and then growth based on
our expanded customer base, strengthened
portfolio and greater footprint in the market.
We experienced teething challenges during
January as we worked through integration
issues, adapted systems and processes to
the changed dimensions of the business and
contended with some late-finishing physical
works that were necessary to prepare our
warehouse for increased activity.
The entire Integrated Solutions team
gathered for a very positive sales conference
and training event in early March – and
then almost immediately dispersed into
lockdown as the COVID-19 pandemic struck
Australia and New Zealand. Despite being
physically separated, the team worked to
maintain engagement with supplier-partners,
customers and influencers through the period
of great uncertainty.
Ritz Carlton Perth
Impacts of COVID-19 varied widely across
the categories served by the Integrated
Solutions team. Home theatre products,
for example, sold strongly as end users
invested in preparing for extended time
under confinement, but sales to the tertiary
education sector were heavily impacted
as universities faced budget challenges
wrought by the absence of overseas
students (and their fees).
At the end of the financial year, the group
was able to turn in a solid result that tends
to indicate hope for the new year as the
market stabilises and our customers adapt
to changed circumstances. We were
delighted to be recognised by the readers
of Connected Home+Business (a local trade
publication) as Most Popular Residential
Distributor (Australia), Most Popular
Commercial Distributor (Australia) and Most
Popular Distributor (New Zealand).
Looking into FY21, our focus will be on
continuing to consolidate our position in the
Commercial AV market following the Hills AV
acquisition, while maintaining our leadership
position in the Residential AV market.
MAJOR RETAI L GR OUP
During the financial year, the Major
Retail group has seen broad changes
driven by the impact of COVID19. Bricks
and mortar retail has been significantly
affected by the impact on foot traffic into
stores, whereas retailers with a strong
digital presence have been able to take
advantage of the consumer requirement
for product that relates to an increased
amount of time being spent at home.
The impacts of the pandemic have also
reached into the international supply
chain, where manufacturing and shipping
delays have impacted our efforts, as well
as those of our competitors.
Despite these difficulties, our
Major Retail group was able to
deliver on some key objectives
during the financial year, including:
- Cementing our relationship with
major CE retailers though the expansion
and refinement of in store fixtures and
merchandising arrangements;
- Expansion of product to meet
consumer demand for the “Lifestyle Living
Space” such as the new range of TV
stands from Universal Electronics; and
Introduction of new complementary
-
agencies to our portfolio in the new
Visual category with Phillips Projection
products. The demand for these has been
outstanding and we will see benefit in the
new financial year from this range.
We continue to provide support and
provide new ideas for reinvigorating less
dynamic categories whilst development
the platform to continue to introduce
exciting new products and brands
to the market.
OFA TV Stand for JB-HiFi
Philips Projectors
Philips Projectors display for JB-HiFi
A M B E R T E C H L I M I T E D
A N D C O N T R O L L E D E N T I T I E S
A C N 0 7 9 0 8 0 1 5 8
F I N A N C I A L S T AT E M E N T S
F O R T H E Y E A R E N D E D
3 0 J U N E 2 0 2 0
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
The directors present their report together with the financial statements of the consolidated entity consisting of Ambertech
Limited and its controlled entites, ("company" or "consolidated entity" or "economic entity") for the year ended 30 June 2020
and the auditor's report thereon.
DIRECTORS
The qualifications, experience and special responsibilities of each person who has been a director of the Company at any time
during or since the end of the financial year are listed below, together with the details of the company secretary as at the end
of the financial year. All directors were in office during the whole of the financial year and up to the date of this report unless
otherwise stated.
Information on directors
Peter Francis Wallace
Chairman - Non Executive Director
Member of the Audit and Risk Management Committee and Chairman of the Remuneration and Nomination Committee.
Peter Wallace is the founder and Managing Director of Endeavour Capital Pty Limited, an independent corporate advisory
firm. Prior to establishing Endeavour Capital Pty Limited in 1998, he was an Investment Director with private equity company
Hambro-Grantham. Mr Wallace has been a non-executive director of over 30 groups of companies. He was a non-executive
director of the listed entities THC Global Limited until 15 March 2018 and Range International Limited until 14 April 2020.
Mr Wallace has a Bachelor of Commerce degree from the University of New South Wales and a Master of Business
Administration degree from Macquarie University. He is a member of Chartered Accountants Australia and New Zealand, and
a fellow of the Australian Institute of Company Directors.
Mr Wallace has been a director of Ambertech’s Group companies since February 2000 and Chairman of Ambertech Limited
since October 2002.
Peter Andrew Amos
Managing Director
Peter Amos graduated from Sydney Technical College (now University of Technology, Sydney) with a Radio Trade Certificate
and from North Sydney Technical College with an Electronics Engineering Certificate. He joined Rank Electronics, the Company
from which Ambertech was formed via a management buyout, as a technician in the mid 1970s, rising from Senior Technician
to Service Manager. Upon the formation of Ambertech Limited, Mr Amos became Technical Director of the Ambertech Group.
He also served in a senior role as Marketing Director of Quantum Pacific Pty Ltd, another company owned by Ambertech
Limited, until it was sold in the mid 1990s.
Mr Amos has served as Managing Director of Ambertech Limited since 1995 and presided over the growth of the Company
since that date. Mr Amos has been a director of Ambertech’s Group companies since 1987.
Thomas Robert Amos
Non-Executive Director
Chairman of the Audit and Risk Management Committee.
Tom Amos founded telecommunications consultancy Amos Aked Pty Limited in the early 1980s. His career in
telecommunications and media spans over 30 years, during which time he has been involved in all facets of the industry. An
engineer by profession, Mr Amos holds a B.E. (Electrical Engineering) degree from Sydney University.
Mr Amos has also been prominent in the telecommunication deregulation debate over a period of 15 years as a (former)
director and Vice Chairman of Australian Telecommunications Users Group Limited (“ATUG”) and as an industry
commentator. He is a director of Wave Link Systems Pty Limited and a non executive director of listed entity Big Tin Can
Holdings Limited.
Mr Amos has been a director of Ambertech’s Group companies since June 1997.
2 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
Santo Carlini
Non-Executive Director
Mr Santo Carlini was appointed to the Board as a Non-Executive Director effective 1 March 2020.
Mr Carlini brings to the Ambertech Board key Audio-Visual industry experience in the major professional and installation
market segments, with over 20 years dedicated to achieving the best product and service outcomes for customers. Mr
Carlini is General Manager at WES Alliance Pty Ltd (WES). The company was founded in 1984 and since 1995 he has
successfully grown, first as part of the team and then as General Manager, the WES business from a specialist supplier of
Electronic Parts to a leading supplier of audio, visual products and solutions to the domestic and commercial installation
market.
Mr Carlini has strong international products and supply experience. This expertise has been built from a business need to
match the continuous domestic market demands by sourcing products from around the world that are the best fit audio and
visual products to meet the demands of the competitive and evolving Australian marketplace. Mr Carlini’s appointment to
the Board of Directors will be subject to shareholder approval at the next Company AGM.
David Rostil Swift
Non-Executive Director
Member of the Remuneration and Nomination Committee.
David Swift, who holds a B.E. (Electrical Engineering) degree from the University of NSW, has extensive experience in both
the telecommunications and professional electronics industries. Mr Swift, a co-founder of Amos Aked Swift Pty Ltd and the
founder of AAS Consulting Pty Ltd, is currently an independent telecommunications management and technology consultant
operating in the Australasian Pacific region.
Mr Swift was a Director and the Chairman of the Australian Telecommunications Users Group Limited (ATUG) and a Director
of Amos Aked Swift (NZ) Limited. In addition to his consulting experience he has had significant management experience
through senior positions with both Westpac Banking Corporation and Telecom Australia. Mr Swift has been a director of
Ambertech's Group companies since June 1997.
Company Secretary and Chief Operating Officer
The following person held the position of Company Secretary at the end of the financial year: Robert John Glasson
Robert Glasson joined Ambertech Limited on 1 July 2002 and also holds the position of Chief Operating Officer. He
previously held the position of Chief Financial Officer up until 30 June 2015. He has a Bachelor of Business degree from the
University of Technology, Sydney, and is a member of Chartered Accountants Australia and New Zealand. He was appointed
to the role of Company Secretary on 1 November 2004.
CORPORATE INFORMATION
Nature of operations and principal activities
The principal activities of the economic entity during the financial year were the import and distribution of high technology
equipment to the professional broadcast, film, recording and sound reinforcement industries; the import and distribution of
home theatre products to dealers; distribution and supply of custom installation components for home theatre and
commercial installations to dealers and consumers, and the distribution of projection and display products with business and
domestic applications.
There have been no significant changes in the nature of these activities since the end of the financial year.
Employees
The economic entity employed 125 employees as at 30 June 2020 (2019: 91 employees).
3 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REVIEW AND RESULTS OF OPERATIONS
The consolidated profit of the economic entity after providing for income tax for the financial year was $784,000. This
was up on the loss after tax of $1,332,000 in the previous year. Total revenues for the financial year increased by 2.7% to
$58,720,000 (2019: $57,178,000). Further information on the operations is included in the Chairman's and Managing
Director's Report section of the Annual Report, and in the ASX Appendix 4E.
FINANCIAL POSITION
The directors believe the economic entity is in a reasonably strong and stable financial position with the potential to
expand and grow its current operations. Whilst borrowings were decreased by $838,000 during the financial year, the
economic entity maintained a healthy working capital ratio.
The economic entity's working capital, being current assets less current liabilities, has increased by $3,916,000 to
$10,632,000 as at 30 June 2020 (2019: $6,716,000). The net assets of the economic entity have also increased by
$2,919,000 to $11,677,000 as at 30 June 2020 (2019: $8,758,000).
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than the acquisition of the Audio Visual Division of Hills Limited in December, there were no significant changes in
the state of affairs of the economic entity during the financial year.
EVENTS SUBSEQUENT TO REPORTING DATE
On 9 July 2020, the consolidated entity entered into a new financing facility with Octet Finance Pty Ltd (refer Note 14).
The Directors have resolved to pay a dividend of 0.3 cents per share.
Other than the above, there were no matters that have arisen since the end of the financial year that have significantly
affected, or may significantly affect the operations or state of affairs of the economic entity in future financial years.
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES
The 2020-21 financial year has begun well, and as a result the Board of Ambertech Limited ("the Board") is cautiously
optimistic that it can deliver on business strategies, which continue to focus on returning positive results for investors in
the short term. At this early stage the Board is unable to provide guidance on potential results with any certainty;
however expects to be able to update investors by the time of holding the company's AGM.
The board and management remain focused on utilising the traditional strengths of the Ambertech business as a
technical distributor to bring new products and brands to market and to redefine the methods and channels in which the
business operates. We are continuing to progress these initiatives which are the key drivers of future revenue and profit
growth.
ENVIRONMENTAL REGULATION
The company is subject to regulation by the relevant Commonwealth and State legislation. The nature of the company's
business does not give rise to any significant environmental issues.
4 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REMUNERATION REPORT (AUDITED)
The information provided below includes remuneration disclosures that are required under the Corporations Act 2001 and its
regulations. The disclosures contained within the remuneration report have been audited.
In recent years the remuneration policy of the company has had to take into account competing interests. On one hand,
shareholder returns are inadequate, while Directors, faced with their responsibilities to the Company, need to retain an
experienced, expert Board and executive management team. Directors are aware that these staff may have opportunities to
pursue their careers in less challenging environments with prospects of greater remuneration.
Consistent with this view, there have been no significant changes to the remuneration strategy employed by the Board for the
2020 financial year. There has been no change in the remuneration of non-executive directors since 1 January 2010.
Remuneration Strategy
Non-Executive Director Remuneration
Remuneration of non-executive directors is determined by the Remuneration and Nomination Committee. In determining
payments to non-executive directors, consideration is given to market rates for comparable companies for time, commitment
and responsibilities. The Remuneration and Nomination Committee reviews the remuneration of non-executive directors
annually, based on market practice, duties and accountability.
Remuneration of non-executive directors comprises fees determined having regard to industry practice and the need to
obtain appropriately qualified independent persons. Fees do not contain any non-monetary elements. In response to the
financial performance of the company the remuneration of non-executive directors has remained unchanged since 1 January
2010.
Executive Remuneration
Managing Director and Chief Operating Officer
Remuneration of the Managing Director and the Chief Operating Officer (COO) is determined by the Remuneration and
Nomination Committee. In this respect, consideration is given to normal commercial rates of remuneration for similar levels
of responsibility. Remuneration comprises salaries, bonuses, contributions to superannuation funds and options.
The Managing Director and COO receive an incentive element of their salary which is based on achievement of Key
Performance Indicators (KPIs) relevant to their responsibilities. This includes a component that is based on the company's
profit targets. The total incentive amounts payable are capped at a fixed rate rather than as a percentage of total
remuneration, however if paid on target these incentives would have represented approximately 20% of total salary for the
Managing Director and 15% of total salary for the COO.
KPIs are set annually by the Remuneration and Nomination Committee and based on company performance targets, and vary
according to the roles and responsibilities of the executive. At the same time, these KPIs are aligned to reflect the common
corporate goals such as growth in earnings and shareholders' wealth, and achievement of working capital targets.
Performance against the KPIs is assessed annually by the Remuneration and Nomination Committee and recommendations
for payments determined following the end of the financial year.
As a result of the financial performance of the company, the Managing Director has foregone the entirety of his short term
incentive and KPI salary components for the past ten financial years.
5 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REMUNERATION REPORT (continued)
Other Executives
Remuneration of other key executives is set by the Managing Director and Chief Operating Officer, with reference to
guidelines set by the Remuneration and Nomination Committee. In this respect, consideration is given to normal
commercial rates of remuneration for similar levels of responsibility. Remuneration comprises salaries, bonuses,
contributions to superannuation funds and options.
Approximately 5% of the aggregate remuneration of the senior sales executives comprises an incentive element which is
related to the KPIs of those parts of the company's operations which are relevant to the executive's responsibilities. The
senior sales executives may also receive a sales commission component, which will vary with the sales performance of
those parts of the sales business for which they are responsible.
KPIs are set annually by the Remuneration and Nomination Committee, with a degree of consultation with executives to
ensure their commitment. The measures are tailored to the areas of each executive's involvement and over which they
have control. They are based on company performance targets, and at the same time, these KPIs are aligned to reflect the
common corporate goals such as growth in earnings and shareholders' wealth, and achievement of working capital targets.
Performance against the KPIs is assessed annually by the Remuneration and Nomination Committee and recommendations
for payments determined following the end of the financial year.
The table below sets out the economic entity's key shareholder indicators for the past 5 financial years:
Dividends paid (cents per share)
2020
-
Closing share price at 30 June ($)
$0.055
2019
-
$0.10
Net profit/(loss) after tax ($'000)
784
(1,332)
2018
-
$0.16
(143)
2017
-
$0.15
(634)
2016
-
$0.125
237
Details of Remuneration
Details of the remuneration of the directors and the key management personnel (as defined in AASB 124 Related Party
Disclosures) of the economic entity are set out in the following tables.
The key management personnel of the economic entity includes the following:
Name
Position
Name
Position
P Wallace
Non-Executive Chairman
R Glasson
Group COO, Company Secretary
P Amos
T Amos
E Goodwin
D Swift
S Carlini
Group Managing Director
R Neale
General Manager, Lifestyle Entertainment
Non-Executive Director
R Caston
General Manager, Broadcast & Professional
Non-Executive Director
Resigned: February 2020
Non-Executive Director
Non-Executive Director
Appointed: March 2020
Key management personnel are those directly accountable to the Managing Director and the Board and responsible for the
operational management and strategic direction of the Company.
The nature and amount of each major element of the remuneration of each director of the economic entity and each of the
key management personnel of the parent and the economic entity for the financial year are set out in the following tables.
6
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REMUNERATION REPORT (continued)
Elements of Remuneration
2020
Directors
P Amos
P Wallace
T Amos
E Goodwin*
S Carlini**
D Swift
Executives
R Glasson
R Caston
R Neale
Short-term employment
benefits
Post employment
benefits
Salary fees
and leave
Cash Bonus
$
$
Superannuation
$
Long-term
employment
benefits
LSL accrued/
(taken)
$
Share based
payments
Options
$
379,027
53,211
31,041
24,083
6,957
9,782
504,101
190,689
203,494
253,151
647,334
-
-
-
-
-
-
-
50,000
24,700
19,500
94,200
25,000
5,055
2,949
2,288
661
25,193
61,146
22,443
24,875
23,026
70,344
7,066
-
-
-
-
-
7,066
3,709
3,517
3,103
10,329
1,119
-
-
-
-
-
1,119
-
-
-
-
Total
$
412,212
58,266
33,990
26,371
7,618
34,975
573,432
266,841
256,586
298,780
822,207
%
Performance
Related
% Relating
to Options
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
18.7%
9.6%
6.5%
11.5%
0.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.0%
0.0%
0.0%
0.0%
(1) On 15 March 2020, a cash bonus of $50,000 was paid to Mr Glasson relating to performance against KPI's. The bonus is 58.8% of the total available to Mr Glasson under his KPI
scheme.
(1) On 15 August 2019, a cash bonus of $24,700 was paid to Mr Caston relating to performance against KPI's. The bonus is 98.8% of the total available to Mr Caston under his KPI
scheme.
(2) Quarterly cash bonuses totalling $19,500 were paid to Mr Neale relating to performance against KPI's. The bonuses are 97.5% of the total available to Mr Neale under his KPI
scheme.
* E Goodwin resigned February 2020.
** S Carlini appointed March 2020.
2019
Directors
P Amos
P Wallace
T Amos
E Goodwin
D Swift
Executives
R Glasson
R Caston
R Neale
N Lee*
Short-term employment
benefits
Post employment
benefits
Salary fees
and leave
Cash Bonus
$
$
Superannuation
$
Long-term
employment
benefits
LSL accrued/
(taken)
$
Share based
payments
Options
$
360,250
55,046
32,111
32,111
10,119
489,637
190,949
222,585
254,673
43,480
711,687
-
-
-
-
-
-
-
9,200
20,000
-
29,200
25,000
5,229
3,051
3,051
24,961
61,292
18,303
22,174
24,908
3,331
68,716
3,797
-
-
-
-
3,797
1,141
3,516
2,382
-
7,039
2,553
-
-
-
-
2,553
-
-
-
-
-
Total
$
391,600
60,275
35,162
35,162
35,080
557,279
210,393
257,475
301,963
46,811
816,642
%
Performance
Related
% Relating
to Options
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3.6%
6.6%
0.0%
3.6%
0.7%
0.0%
0.0%
0.0%
0.0%
0.5%
0.0%
0.0%
0.0%
0.0%
0.0%
(1) On 15 September 2018, a cash bonus of $9,200 was paid to Mr Caston relating to performance against KPI's. The bonus is 92% of the total available to Mr Caston under his KPI
scheme.
(2) Quarterly cash bonuses totalling $20,000 were paid to Mr Neale relating to performance against KPI's. The bonuses are 100% of the total available to Mr Neale under his KPI
scheme.
* N Lee resigned December 2018.
7
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REMUNERATION REPORT (continued)
Service agreements
An executive agreement exists between Peter Amos, the Managing Director, and Amber Technology Limited. This agreement
provides that Mr Amos, for a period of 12 months from the date of termination, will not engage in activities in competition with
the Amber Group. There is a notice period by either party of 12 months.
The agreement commenced on 31 May 1999 and continues indefinitely. In the event that the company was to exercise its right to
terminate the contract, the current payout value would be $380,000 (2019: $380,000).
Share based compensation
The company has adopted an Employee Share Option Plan (ESOP). The Board of Directors may determine the executives and
eligible employees who are entitled to participate in the ESOP.
The options issued under the ESOP will expire 5 years after the issue date, or earlier on any of the following events:
a
b
c
d
e
the eligible employee is dismissed with cause or has breached a restriction contained in his/her employment contract;
the eligible employee dies while in the employ of the Company;
the eligible employee is made redundant by the Company;
the eligible employee’s employment with the Company is voluntarily terminated by the eligible employee; or
the eligible employee’s employment terminates by reason of normal retirement.
The total number of shares reserved for issuance under the ESOP, together with shares reserved for issuance under any other
Option Plan, shall not exceed 5% of the diluted ordinary share capital in the Company (comprising all Shares, all Options issued
under the ESOP and under any other Option Plan, and all other convertible issued securities).
The ESOP provides the Board with the ability to determine the exercise price of the options, the periods within which the options
may be exercised, and the conditions to be satisfied before the option can be exercised.
The ESOP provides for adjustments in accordance with ASX Listing Rules if there is a capital reconstruction, a rights issue or a
bonus issue.
Options previously granted as remuneration which remain exercisable at year end are set out below.
Balance at
beginning
Balance at
end of year
P Amos
166,666
166,666
During the financial year, nil options vested with key management personnel (2019: Nil). None of these options were exercised
(2019: Nil).
In relation to bonus issues, each outstanding option confers on the option holder the right to receive, on exercise of those
outstanding options, not only one share for each of the outstanding options exercised but also the additional shares the option
holder would have received had the option holder participated in that bonus issue as a holder of ordinary shares.
8 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
REMUNERATION REPORT (continued)
Interests of Directors
At the date of this report the following interests were held by directors:
Director
P Wallace
P Amos
T Amos
D Swift
S Carlini
Ordinary Shares
2020
2019
2,341,878
4,768,388
7,214,925
3,086,735
28,065,287
486,528
4,313,843
5,484,625
2,995,826
-
Voting and Comments made at the Company’s 2019 Annual General Meeting (‘AGM’)
The Company received 92% of “for” votes in relation to its remuneration report for the year ended 30 June 2019. No issues
were raised with Directors concerning the Report.
This concludes the Remuneration Report which has been audited.
DIVIDENDS
On 31 August 2020 the Board of Ambertech resolved to pay a final dividend of 0.3 cents per share, fully franked. The record
date for the dividend is 1 October 2020, with a payment date of 19 October 2020.
DIRECTORS' MEETINGS
The number of directors' meetings (including meetings of committees of directors) and the number of meetings attended by
each of the directors of the Company during the financial year are:
Director
P Wallace
P Amos
T Amos
E Goodwin
D Swift
S Carlini
Board Meetings
Attended
Held
Audit and Risk Management
Committee Meetings
Held
Attended
Nomination and Remuneration
Committee
Attended
Held
10
10
10
5
8
3
10
10
10
7
10
3
3
3
-
-
-
-
3
3
-
-
-
-
2
2
-
-
-
-
2
2
-
-
-
-
9
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' REPORT
NON-AUDIT SERVICES
BDO continues in office in accordance with section 327 of the Corporations Act 2001 . The BDO entity performing the audit of
the Group transitioned from BDO East Coast Partnership to BDO Audit Pty Ltd on 17 July 2020.
It is the economic entity's policy to employ BDO East Coast Partnership, BDO Audit Pty Ltd and their respective related
entities (BDO) for assignments additional to their annual audit duties, when BDO's expertise and experience with the
economic entity are important. During the year these assignments comprised primarily tax compliance assignments. The
Board of Directors is satisfied that the auditors' independence is not compromised as a result of providing these services
because:
-
All non-audit services have been reviewed by the Audit and Risk Management Committee to ensure they do not impact
the impartiality and objectivity of the auditor, and
-
None of the services undermines the general principles relating to the auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants, including reviewing or auditing the auditors' own work, acting in a management or
decision making capacity for the company, acting as an advocate for the company or jointly sharing economic risks and
rewards.
During the year fees that were paid or payable for services provided by the auditor of the parent entity and its
related practices are disclosed at note 29.
The directors are satisfied that the provision of non-audit services during the year by the auditor is compatible with the
general standard of independence for auditors imposed by the Corporations Act 2001.
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.
No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 237 of
the Corporations Act 2001.
AUDITORS' INDEPENDENCE DECLARATION
A copy of the auditors' independence declaration as required under section 307C of the Corporations Act 2001 is set out on
page 11.
INDEMNIFICATION OF OFFICERS
The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director or
executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the company 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 2001. The contract of insurance prohibits
disclosure of the nature of liability and the amount of the premium.
ROUNDING
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.
Signed in accordance with a resolution of directors.
Director:
P F Wallace
P A Amos
Dated this 31st day of August 2020.
Sydney
10 Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF AMBERTECH LIMITED
As lead auditor of Ambertech Limited for the year ended 30 June 2020, I declare that, to the best of
my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Ambertech Limited and the entities it controlled during the financial
year.
Martin Coyle
Director
BDO Audit Pty Ltd
Sydney, 31 August 2020
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050
110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited
by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional
Standards Legislation.
11
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Ambertech Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Ambertech Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2020, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is 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
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of
BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member
firms. Liability limited by a scheme approved under Professional Standards Legislation.
12
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Going concern
Key audit matter
How the matter was addressed in our audit
Note 2 of the financial report outlines the basis of
preparation of the financial statements which
indicates being prepared on a going concern basis
which contemplates that the Group will continue
to meet its commitments in the ordinary course
of business.
Our audit procedures for addressing this key
audit matter included, but were not limited to,
the following:
• Obtaining and evaluating management’s
assessment of the Group’s ability to
continue as a going concern.
The going concern assessment is largely based on
forecasts which include assumptions about future
cash flows which are uncertain in timing and
amounts. Due to this factor and the continued
uncertainty caused by the COVID-19 pandemic,
we considered this area to be a key audit matter.
• Reviewing management’s assumptions in
the cash flow forecasts to assess whether
current cash levels along with expected
cash inflows and expenditure can sustain
the operations of the Group for a period of
at least 12 months from the date of
authorisation of the financial report.
• Performing sensitivity analysis on the
assumptions within the cash flow forecasts.
Revenue recognition
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 3, the Group recognised
revenue of $58,720,000 during the financial year
ended 30 June 2020 (2019: $57,178,000).
Our audit procedures for addressing this key
audit matter included, but were not limited to,
the following:
The recognition of revenue was considered a key
audit matter at it’s a key performance indicator
to the Group’s management and of high interest
to the users of the financial report.
• Assessing the revenue recognition policies
for all material sources of revenue to
ensure compliance with AASB 15: Revenue
from Contracts with Customers.
• Analysing revenues and gross margins by
segment and by product group in
comparison to the prior period, budget and
our expectations.
13
• Testing the operating effectiveness of
internal controls surrounding the existence
and occurrence of revenues including
performing substantive testing on the
appropriate recognition of customer
rebates.
• Performing detailed cut-off testing to
ensure that revenue transactions around
the year end had been recorded in the
correct period.
Valuation of inventory
Key audit matter
How the matter was addressed in our audit
As at 30 June 2020, the Group held inventory of
$16,916,000 (2019: $13,629,000), as disclosed in
Note 7.
Due to the nature of the industry in which the
Group operates and the judgements applied by
Management in assessing net realisable value
(‘NRV’) along with the significance of the
inventory balance in the Consolidated Statement
of Financial Position, we considered this area to
be a key audit matter.
Our audit procedures for addressing this key
audit matter included, but were not limited to,
the following:
• Agreeing a sample of inventory items on
hand to initial purchase invoices and
subsequent sales invoices to ascertain
whether inventory was being recognised at
the lower of cost and NRV.
• Assessing the assumptions applied by
Management in determining the provision
for obsolescence in comparison to recent
sales experience and the ageing of
inventory.
• Analysing inventory turnover by product
group in comparison to prior period and to
expectations.
• Performing inventory turnover and gross
margin analysis by product group in
comparison to prior periods and our
expectations.
• Attending cyclical inventory counts and
assessing, by inspection, whether there was
any evidence of damaged or obsolete
inventory.
14
Other information
The directors are responsible for the other information. The other information comprises the
information contained in the Directors’ Report (excluding the audited Remuneration Report section) for
the year ended 30 June 2020, but does not include the financial report and our auditor’s report
thereon, which we obtained prior to the date of this auditor’s report, and the Annual Report to
Shareholders, which is expected to be made available to us after that date.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
When we read the Annual Report to Shareholders, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to the directors and will request that it is
corrected. If it is not corrected, we will seek to have the matter appropriately brought to the
attention of users for whom our report is prepared.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
15
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report under the heading
‘Remuneration Report’ for the year ended 30 June 2020.
In our opinion, the Remuneration Report of Ambertech Limited, for the year ended 30 June 2020,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Martin Coyle
Director
Sydney, 31 August 2020
16
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
Revenue
Cost of sales
Gross profit
Other income
Employee benefits expense
Distribution costs
Marketing costs
Premises costs
Depreciation and amortisation expenses
Finance costs
Travel costs
Other expenses
Acquisition and restructure costs
Profit/(loss) before income tax
Income tax benefit/(expense)
Profit/(loss) after income tax
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Earnings per share
Basic earnings/(loss) per share (cents)
Diluted earnings/(loss) per share (cents)
Economic Entity
Note
2020
$'000
2019
$'000
3
4
3
4
4
4
4
5
27
27
58,720
(40,478)
18,242
369
(10,926)
(1,408)
(388)
(367)
(1,358)
(1,467)
(391)
(1,132)
(705)
469
315
784
(61)
(61)
723
1.4
1.4
57,178
(41,618)
15,560
-
(10,283)
(1,405)
(528)
(1,982)
(447)
(592)
(535)
(1,085)
-
(1,297)
(35)
(1,332)
66
66
(1,266)
(4.4)
(4.4)
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the attached notes.
17
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Right-of-use assets
Intangible assets
Deferred tax assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Other financial liabilities
Contract Liabilities
Lease liabilities
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Contract Liabilities
Provisions
Lease liabilities
Deferred tax liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Share capital
Reserves
Accumulated losses
TOTAL EQUITY
Economic Entity
Note
2020
$'000
2019
$'000
25
6
7
9
10
11
5
12
14
13
15
16
13
16
15
5
17
18
989
14,397
16,916
32,302
717
6,407
1,068
2,652
10,844
43,146
10,437
4,770
3,331
938
2,194
21,670
174
179
9,408
38
9,799
31,469
11,677
15,915
(2)
(4,236)
11,677
1,207
11,249
13,629
26,085
875
-
61
1,213
2,149
28,234
10,417
5,608
1,580
-
1,764
19,369
-
88
-
19
107
19,476
8,758
11,138
58
(2,438)
8,758
The consolidated statement of financial position is to be read in conjuntion with the attached notes.
18
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2020
Foreign
Currency
Translation
Reserve
$'000
Share Based
Payments
Reserve
$'000
Share Capital
$'000
Note
Accumulated
losses
$'000
Total Equity
$'000
Economic Entity
Balance as at 30 June 2018
Loss for the year
Exchange differences on translation of foreign
operations
Total comprehensive income for the year
Transactions with equity holders:
Costs of share based payments
Balance as at 30 June 2019
Restatement on adoption of AASB 16 leases
2
Balance after adjustment 1 July 2019
Profit for the year
Exchange differences on translation of foreign
operations
Total comprehensive income for the year
Transactions with equity holders:
Share issue net of transaction cost
17
Costs of share based payments
Balance as at 30 June 2020
11,138
-
-
-
-
11,138
-
11,138
-
-
-
4,777
-
15,915
(14)
-
66
66
-
52
-
52
-
(61)
(61)
-
-
(9)
4
-
-
-
2
6
-
6
-
-
-
-
1
7
(1,106)
(1,332)
10,022
(1,332)
-
66
(1,332)
(1,266)
-
2
(2,438)
8,758
(2,582)
(5,020)
784
-
784
-
-
(2,582)
6,176
784
(61)
723
4,777
1
(4,236)
11,677
The consolidated statement of changes in equity is to be read in conjunction with the attached notes.
19 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020
Economic Entity
Note
2020
$'000
2019
$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Receipts from government grants
Payments to suppliers and employees
Interest received
Interest and other costs of finance paid
Goods and services tax remitted
Net cash provided by/(used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for plant and equipment
Payment for the acquisition of business
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
Repayment of borrowings
Repayment of leases
Proceeds from share issue
25
31
Net cash provided by financing activities
Net (decrease)/increase in cash and cash equivalents held
Cash and cash equivalents at beginning of year
Effect of exchange rate changes on the balance of cash and cash equivalents held in
foreign currencies at the beginning of the financial year
Cash and cash equivalents at end of year
25
The consolidated statement of cash flows is to be read in conjunction with the attached notes.
63,783
678
(57,189)
13
(1,467)
(4,491)
1,327
(200)
(4,611)
(4,811)
24
(861)
(656)
4,777
3,284
(200)
1,207
(18)
989
60,703
-
(56,181)
16
(592)
(4,426)
(480)
(51)
-
(51)
1,221
(346)
-
-
875
344
859
4
1,207
20
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: INTRODUCTION
The financial statements cover the economic entity consisting of Ambertech Limited and its controlled entities. Ambertech
Limited is a company limited by shares, incorporated and domiciled in Australia.
Operations and principal activities
Ambertech Limited is a distributor of high technology equipment to the professional broadcast, film, recording and sound
reinforcement industries and of consumer audio and video products in Australia and New Zealand.
Currency
The financial statements are presented in Australian dollars and rounded to the nearest one thousand dollars.
Registered office
Unit 1, 2 Daydream Street, Warriewood NSW 2102.
Authorisation of financial statements
The financial statements were authorised for issue on 31 August 2020 by the Directors. The company has the power to
amend the financial statements.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A) Overall Policy
The principal accounting policies adopted in the preparation of these consolidated financial statements are stated in
order to assist in a general understanding of the financial statements. These general purpose financial statements have
been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for profit oriented entities. The
financial statements have been prepared under the historic cost convention.
Statement of Compliance
The financial statements comply with Australian Accounting Standards which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial statements and
notes of the economic entity comply with International Financial Reporting Standards (IFRS).
Going Concern
The consolidated financial statements have been prepared on the going concern basis, which contemplates continuity
of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of
business.
During the financial year, the World Health Organisation (WHO) announced a global health emergency because of a
new strain of coronavirus outbreak (COVID-19) and the risks to the international community as the virus spread globally
beyond its point of origin. Because of the rapid increase in exposure globally, on 11 March 2020, the WHO classified the
COVID-19 outbreak as a pandemic.
The COVID-19 pandemic has caused large scale disruption and adverse economic conditions, the impact of which
continues to evolve as at the date of authorisation of the Group’s financial statements. Whilst the pandemic has
impacted most sectors of the economy in different ways (both positive and negative), the Group’s operations were
most notably effected by a reduction in sales over the last quarter of the financial year. Despite this reduction in
turnover, Management were able to successfully implement various operating efficiencies and manage the working
capital position of the Group, the impact of which resulted in the Group recognising profit after income tax of $784,000
(2019: loss of $1,332,000) and net operating cash inflows of $1,327,000 (2019: cash outflows of $480,000).
Notwithstanding the degree of uncertainty that the COVID-19 pandemic continues to pose on the national economy,
the Directors believe that there are reasonable grounds to conclude that the Group will continue as a going concern,
after consideration of the following factors:
•
•
Management have prepared forecasts for the 12 months following date of approval of the financial report, which
indicate that the Group can continue to pay its debts as and when they become due and payable;
On 9 July 2020, the Group successfully entered into a new agreement in relation to a two year finance facility for
up to $9,000,000 in invoice discounting and $1,000,000 in trade finance as disclosed in note 14;
21 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
•
•
•
The Group is expecting to achieve additional positive future cash flows following the acquisition of the Hills Audio
Visual business during the year;
Whilst COVID-19 impacted on sales in the last quarter of the year, trading has since returned to more normal
levels;
In the event of continuing business challenges associated with the COVID-19 pandemic, management are confident
in being able to manage working capital through the pursuit of operating efficiencies, re-negotiating financing
facilities and accessing JobKeeper extensions where eligible.
New, revised or amending Accounting Standards and Interpretations adopted
The economic entity has adopted all of the new, revised or amending Accounting Standards and interpretations issued
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new,
revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The following new Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 16 Leases
The consolidated entity has adopted AASB 16 from 1 July 2019. The standard replaces AASB 117 'Leases' and for lessees
eliminates the classifications of operating leases and finance leases. Except for short-term leases and leases of low-
value assets, right-of-use assets and corresponding lease liabilities are recognised in the statement of financial position.
Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets
(included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs).
In the earlier periods of the lease, the expenses associated with the lease under AASB 16 will be higher when
compared to lease expenses under AASB 117. However, EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortisation) results improve as the operating expense is now replaced by interest expense and depreciation in profit
or loss.
Operating lease commitments as at 1 July 2019 (AASB 117)
Lease option extension (AASB 16)
Operating lease commitments discount based on the weighted average incremental borrowing rate of
6.45% (AASB 16)
Short-term leases not recognised as a right-of-use asset (AASB 16)
Accumulated depreciation as at 1 July 2019 (AASB 16)
Right-of-use assets (AASB 16)
Lease liabilities - current (AASB 16)
Lease liabilities - non-current (AASB 16)
Tax effect on the above adjustments
Reduction in opening retained earnings as at 1 July 2019
1 July 2019
$'000
5,519
8,906
(3,429)
(12)
(3,689)
7,295
(834)
(10,150)
1,107
(2,582)
22 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
A) Overall Policy (continued)
The impact on the adoption of AASB 16 on profit or loss for the period was an increase in finance costs of $680,000 and
deprecation charges of $906,000, offset by a reduction in operating rental expenses of $1,336,000. The impact on the
statement of cash flows was a $656,000 increase in operating cash inflows relating to the principal component of lease
payments now disclosed in financing cash flows.
When adopting AASB 16 from 1 July 2019, the consolidated entity has applied the following practical expedients:
●
●
●
●
applying a single discount rate to the portfolio of leases with reasonably similar characteristics;
accounting for leases with a remaining lease term of 12 months as at 1 July 2019 as short-term leases;
excluding any initial direct costs from the measurement of right-of-use assets;
using hindsight in determining the lease term when the contract contains options to extend or terminate the
lease; and
not apply AASB 16 to contracts that were not previously identified as containing a lease.
●
Other new accounting standards that have been published but are not mandatory for the 30 June 2020 reporting period
are as set out below:
Conceptual Framework for Financial Reporting (Conceptual Framework)
The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1 January 2020 and
early adoption is permitted. The Conceptual Framework contains new definition and recognition criteria as well as new
guidance on measurement that affects several Accounting Standards. Where the consolidated entity has relied on the
existing framework in determining its accounting policies for transactions, events or conditions that are not otherwise
dealt with under the Australian Accounting Standards, the consolidated entity may need to review such policies under
the revised framework. At this time, the application of the Conceptual Framework is not expected to have a material
impact on the consolidated entity's financial statements.
B) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, unless the GST incurred is not recoverable
from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the
expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the
statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
C) Government Grants
Government grants are recognised as income when it is reasonably certain that the Group complies the conditions
attached to them and when the right to receive payment is established. The Group has elected to recognise grant
income as an offset to the directly attributable expenditure in the financial statements.
23 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3: REVENUE
A) Revenue
- Sale of goods
- Rendering of services
- Interest received
Economic Entity
2020
$'000
2019
$'000
54,549
4,158
13
58,720
53,930
3,232
16
57,178
Revenue Recognition
Sales revenue comprises revenue earned (net of returns, discounts and allowances) from the provision of
goods and services to entities outside the economic entity.
Sale of goods
Revenue from the sale of goods is recognised at a point in time when control transfers to the customer. In
most cases this coincides with the transfer of legal title, or the passing of possession to the customer. In
arrangements whereby the consolidated entity is required to meet contractually agreed upon specifications,
control over the goods generally occurs when the customer has confirmed acceptance.
Rendering of services
Revenue from the rendering of services is recognised at the point in time in which the service is provided to
the customer. Maintenance and support contracts usually extend for one year. Revenue is respect to these
services are generally recognised overtime as the customer simultaneously receives and consumes the
benefits of the services as the Group provides the services. Where amounts are invoiced before revenue is
earned, a deferred revenue liability is brought to account. These contract liabilities reflect the consideration
received in respect of unsatisfied performance obligations.
Interest revenue
Interest revenue is recognised as it accrues using the effective interest method.
B) Other income
- Net foreign exchange gains
NOTE 4: EXPENSES
Additional information on the nature of expenses
A) Inventories
Cost of sales
Movement in provision for inventory obsolescence
B) Employee benefits expense
Salaries and wages*
Defined contribution superannuation expense
Employee termination expense
Share-based payments expense
369
-
40,478
41,618
288
(132)
10,006
862
57
1
10,926
9,156
778
346
3
10,283
* Salaries and wages for the year is net of $1,101,750 in Government grants which was provided as a result of the COVID-
19 pandemic.
24
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4: EXPENSES (continued)
C) Depreciation
Plant and equipment
Furniture and fittings
Leasehold improvements
Leased property plant and equipment
Buildings right-of-use assets
Plant and equipment right-of-use assets
D) Amortisation
Website costs
Customer/Supplier Relationships
E) Bad debts and expected credit losses
F) Rental expense on operating leases:
Minimum lease payments
G) Finance costs
Interest and finance charges paid/payable on borrowings
Interest and finance charges paid/payable on lease liabilities
NOTE 5: INCOME TAX
A) Major components of income tax
Deferred tax
Income tax (benefit)/expense
B) Reconciliation between income tax and prima facie tax on accounting profit/(loss)
profit/(loss) before income tax
Tax at 30% (2019:30%)
Tax effect of non deductible expenses/non assessable income
- Entertainment
- Other items
Recognition of movements in deferred tax
Unused tax losses not recognised as deferred tax assets
Income tax (benefit)/expense
C) Applicable tax rate
The applicable tax rate is the national tax rate in Australia of 30%.
Economic Entity
2020
$'000
2019
$'000
95
166
143
15
875
31
1,325
17
16
33
31
12
787
680
1,467
(315)
(315)
469
141
12
(7)
(307)
(154)
(315)
95
180
139
16
-
-
430
17
-
17
(1)
1,503
592
-
592
35
35
(1,297)
(389)
15
2
-
407
35
25
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5: INCOME TAX (continued)
D) Analysis of deferred tax assets
Employee benefits
Plant and equipment
Right-of-use assets
Lease Liability
Accrued expenses
Provision for impairment of receivables
Provision for obsolesence
Provision for warranty
Inventory
Other
E) Analysis of deferred tax liabilities
Unrealised foreign currency gain
Other
Economic Entity
2020
$'000
2019
$'000
623
352
(1,921)
3,103
23
27
277
51
80
37
2,652
34
4
38
459
297
-
-
104
18
190
46
63
36
1,213
11
8
19
F) Income Tax
The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts. However, the deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is 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.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases
of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary
differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities
and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
G) Tax consolidated group
Ambertech Limited and its Australian wholly owned controlled entities have implemented the tax consolidation legislation.
The head entity, Ambertech Limited, and the controlled entities in the tax consolidated group continue to account for their
own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated group
continues to be a ‘stand-alone taxpayer’ in its own right.
26
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5: INCOME TAX (continued)
Current tax liabilities/assets and deferred tax assets arising from unused tax losses and tax credits are immediately transferred
to the head entity. The tax consolidated group has entered a tax sharing agreement whereby each company in the group
contributes to the income tax payable by the group in proportion to their contribution to the group’s taxable income.
Differences between the amounts of net tax assets and liabilities derecognised and the net amounts recognised pursuant to
the funding arrangement will be recognised as either a contribution by, or distribution to the head entity.
H) Tax Losses
In order to recognise a deferred tax asset relating to tax losses, the Directors must be satisfied that forecast results provide
sufficient evidence that the economic entity will be able to utilise tax losses against future taxable profits of the economic
entity. As a general rule, Directors will consider forecast reults over a three year period as a guide to determining the
recoverability of the asset.
In 2015 the board determined that it could no longer justify the recognition of a deferred tax asset resulting from
accumulated tax losses. At balance date, total Australian unused tax losses available amounted to $1,070,784 (2019:
$1,419,434). The potential tax benefit of these losses at 30% is $321,235 (2019: $425,830).
NOTE 6: TRADE AND OTHER RECEIVABLES
Current
Trade receivables
Allowance for expected credit losses
Other receivables
Prepayments
Deposits paid on goods to be delivered
Economic Entity
2020
$'000
2019
$'000
11,490
(90)
11,400
1,942
373
682
14,397
10,009
(61)
9,948
1,088
213
-
11,249
A)
Current trade receivables are non-interest bearing loans, generally between 30 and 60 day terms.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less any expected credit loss.
B)
An allowance for expected credit losses (ECLs) is required when a difference arises between the contracted cashflows and
the amount expected to be received, discounted at the original effective interest rate.
For trade receivables, a simplified approach is applied in calculating the ECLs. Loss allowances recognised are based on
lifetime ECLs at each reporting date. This is established from historical credit losses, adjusted for forward looking factors
specific to the receivable.
The consolidated entity has increased its monitoring of debt recovery as there is an increased probability of customers
delaying payment or being unable to pay, due to the Coronavirus (COVID-19) pandemic. As a result, the amount of
expected credit losses has increased since the previous corresponding period.
C)
Movement in the allowance for expected credit losses is as follows:
Current trade receivables
Opening balance
Charge for the year
Amounts written off
Closing balance
61
31
(2)
90
101
(2)
(38)
61
D)
The economic entity's exposure to credit risk and impairment losses related to trade and other receivables is disclosed at
note 26.
27
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7: INVENTORIES
Current
Finished goods
Stock in transit
Provision for obsolescence
Economic Entity
2020
$'000
2019
$'000
15,826
2,016
17,842
(926)
16,916
12,641
1,628
14,269
(640)
13,629
Inventories
A)
Inventories include finished goods and stock in transit and are measured at the lower of weighted average cost and net
realisable value. Costs are assigned on a first-in first-out basis and include direct materials, direct labour and an
appropriate proportion of variable and fixed overhead expenses.
B)
Provision for impairment of inventories
Movement in the provision for obsolescence is as follows:
Opening balance
Charge for the year
Amounts written off
Closing balance
640
873
(587)
926
772
352
(484)
640
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the
provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that
affect inventory obsolescence.
NOTE 8: CONTROLLED ENTITIES
Entity
Parent Entity
-
Ambertech Limited
Subsidiaries of Ambertech Limited
Amber Technology Limited
-
Subsidiaries of Amber Technology Limited
-
-
Alphan Pty Limited
Amber Technology (NZ) Limited
Country of
Incorporation
Percentage Owned
2020
2019
Australia
Australia
100%
100%
Australia
New Zealand
100%
100%
100%
100%
A controlled entity is any entity controlled by Ambertech Limited. Control exists where Ambertech Limited is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power to direct the activities of the entity so that the other entity operates with Ambertech Limited to achieve the
objectives of Ambertech Limited.
All inter-company balances and transactions between entities in the economic entity, including any unrealised profits or
losses, have been eliminated on consolidation.
28
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9: PLANT AND EQUIPMENT
Non-Current
A) Carrying amounts
Cost
Accumulated depreciation
2020
$'000
2019
$'000
2020
$'000
2019
$'000
Net carrying amount
2019
2020
$'000
$'000
Economic Entity
Plant and equipment
Furniture and fittings
Leasehold improvements
Leased plant and equipment
Total plant and equipment
1,628
937
1,499
171
4,235
1,487
943
1,416
171
4,017
(1,402)
(820)
(1,154)
(142)
(3,518)
(1,332)
(661)
(1,022)
(127)
(3,142)
226
117
345
29
717
155
282
394
44
875
B)
Reconciliation of carrying amounts:
2020
Plant and
equipment
$'000
Furniture and
fittings
$'000
Leasehold
improvements
$'000
Balance at the beginning of the year
Additions
Additions on acquisition of HAV
Depreciation and amortisation expense
Carrying amount at the end of the year
155
106
60
(95)
226
282
1
-
(166)
117
394
94
-
(143)
345
2019
Plant and
equipment
$'000
Furniture and
fittings
Leasehold
improvements
$'000
$'000
Leased
plant and
equipment
$'000
44
-
-
(15)
29
Leased
plant and
equipment
$'000
Balance at the beginning of the year
Additions
Depreciation and amortisation expense
Carrying amount at the end of the year
200
50
(95)
155
464
-
(182)
282
531
1
(138)
394
59
-
(15)
44
Total
$'000
875
201
60
(419)
717
Total
$'000
1,254
51
(430)
875
Recognition and measurement
C)
Plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
Depreciation of property, plant and equipment
D)
Plant and equipment is depreciated over its estimated useful life taking into account estimated residual values. The straight
line method is used.
29
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9: PLANT AND EQUIPMENT
Non-Current (continued)
D) Depreciation of property, plant and equipment (continued)
Plant and equipment is depreciated from the date of acquisition or, in respect of leasehold improvements, from
the time the asset is completed and ready for use. The depreciation rates used for each class of plant and
equipment remain unchanged from the previous year and are as follows:
Class of Asset
Useful life
Plant and equipment
Furniture and fittings
Leasehold improvements
Leased plant and equipment
3-8 years
3-8 years
Term of the lease
Term of the lease
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate
the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the
estimated recoverable amount, the plant and equipment or cash generating units to which the plant and equipment belong
are written down to their recoverable amount.
NOTE 10: RIGHT-OF-USE ASSETS
Non-Current
Land and buildings - right-of-use
Less: Accumulated amortisation
Plant and equipment - right-of-use
Less: Accumulated amortisation
Economic Entity
2020
$'000
2019
$'000
7,216
(875)
6,341
97
(31)
66
6,407
-
-
-
-
-
-
-
2020
Land and
buildings
$'000
Plant and
equipment
$'000
Balance on adoption of AASB 16 (note 2A)
Additions
Modifications
Amortisation
Balance at the end of the year
7,239
-
(23)
(875)
6,341
56
41
-
(31)
66
Total
$'000
7,295
41
(23)
(906)
6,407
Land and buildings – right-of-use
The land and buildings right of use asset related to a lease for the consolidated entities property lease for its premises at
Unit 1, 2 Daydream Street, Warriewood NSW 2102. The lease has a lease term of 10 years and 9 months commencing 14
April 2012 with rent payable monthly. An option exists to renew the lease at the end of this time for an additional term of 5
years with a final expiry date being 13 January 2028. As at 30 June 2020 it is reasonably certain that the consolidated entity
will exercise this option to extend the lease and this has been included in the lease term. The lease has rent increases by
3.75% each year and has a market rent increase in April each year.
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in
the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset,
and restoring the site or asset.
30
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10: RIGHT-OF-USE ASSETS
Non-Current (continued)
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at
the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or
adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
Key Estimate and Judgement: Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is
exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the
underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods
to be included in the lease term. In determining the lease term, all facts and circumstances that create an economical
incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease
commencement date.
Factors considered may include the importance of the asset to the Groups operations; comparison of terms and conditions
to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the
costs and disruption to replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension
option, or not exercise a termination option, if there is a significant event or significant change in circumstances.
NOTE 11: INTANGIBLE ASSETS
Non-Current
Net carrying amounts and movements during the year
Goodwill at cost
Less impairment
Website at cost
Less accumulated amortisation
Brand name
Less impairment
Customer/Supplier relationships
Less accumulated amortisation
Reconciliation of written down values:
Goodwill
Website
Opening balance at 1 July 2019
Additions
Impairment
Amortisation expense
Closing balance at 30 June 2020
$'000
-
790
-
-
790
$'000
61
-
-
(17)
44
Brand
name
$'000
-
100
-
-
100
Customer/Supplier
relationships
$'000
-
150
-
(16)
134
Economic Entity
2020
$'000
3,760
(2,970)
790
85
(41)
44
100
-
100
150
(16)
134
1,068
2019
$'000
2,970
(2,970)
-
85
(24)
61
-
-
-
-
-
-
61
Total
$'000
61
1,040
-
(33)
1,068
31
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 11: INTANGIBLE ASSETS
Non-Current (continued)
Recognition and measurement
A) Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference
between the cost of the acquisition and the fair value of the net identifiable assets acquired.
Goodwill is stated at cost less any accumulated impairment. Goodwill is allocated to cash generating units and is not
subject to amortisation, but tested annually for impairment.
Where the recoverable amount of the cash generating unit is less than the carrying amount, an impairment loss is
recognised.
Impairment of Assets
B)
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annually for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-
generating units).
The consolidated entity determined the recoverable amount of assets based on a value-in-use calculation, using cash
flow projections based on financial budgets approved by management covering a five-year period. The following
assumptions have been applied by management in the 30 June 2020 calculation of value-in-use based on past
performance and expectations for the future:
● Annual sales growth of between 5% - 8% over the five-year forecast period
● Terminal value factor of 1.78
● Post-tax discount rate of 12.20%
Management have performed sensitivity analysis and assessed reasonable changes for key assumptions and have not
identified any instances that could cause the carrying amount of the consolidated entity’s assets to exceed its
recoverable amount.
If there is evidence of impairment for any of the company’s assets, the loss is measured as the difference between the
asset’s carrying amount and the recoverable amount. The loss is recognised in the statement of profit or loss and
other comprehensive income.
C) Website Costs
Significant costs associated with website costs are deferred and amortised on a straight-line basis over the period of
their expected benefit, being a finite life of 5 years.
D) Customer/Supplier Relationships
Significant costs associated with customer/supplier costs on acquisition are deferred and amortised on a straight-line
basis over the period of their expected benefit, being a finite life of 5 years.
E) Brand Names
Brand names have an indefinite useful life and are not subject to amortisation but are tested annually for impairment,
or more frequently if events or changes in circumstances indicate that they might be impaired.
32 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 12: TRADE AND OTHER PAYABLES
Current
Trade accounts payable
Other accounts payable
Economic Entity
2020
$'000
2019
$'000
7,984
2,453
10,437
7,167
3,250
10,417
These amounts represent liabilities for goods and services provided to the economic entity prior to the end of financial year
which are unpaid. Due to their short term nature, they are measured at amortised cost and are not discounted. The
amounts are unsecured and are usually paid within 30 days of recognition.
Amounts payable in foreign currencies:
Trade accounts payable:
- US Dollars
-
-
-
- New Zealand Dollars
British Pounds
Euro
Swiss Francs
NOTE 13: CONTRACT LIABILITIES
Current
Deferred Revenue
Non Current
Deferred Revenue
NOTE 14: OTHER FINANCIAL LIABILITIES
Current
Debtor finance
Business transaction facility
3,020
227
378
552
465
4,642
3,331
174
3,505
4,538
232
4,770
4,432
583
405
558
581
6,559
1,580
-
1,580
5,414
194
5,608
Details of the economic entity's exposure to interest rate changes on other financial liabilities is outlined in note 26.
The fair value of the financial liabilities approximates their carrying value.
A) Debtor finance
On 9 July 2020, the economic entity entered into an agreement with Octet finance Pty Ltd in relation to a new two
year invoice discounting solution. The facility has approval up to $9,000,000. The Scottish Pacific Business Finance
Facility will be paid out using funds from this new facility in September 2020.
The economic entity did not breach any covenants during the financial year.
B) Business transaction facility
On 9 July 2020 the economic entity entered into an agreement with Octet Finance Pty Ltd to extend the Business
Transaction Facility with an increased limit of $1,000,000 with no fixed term. As at 30 June 2020, the amount drawn
under this facility was $231,653.
C) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in the statement of profit or loss and other comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this
case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over
the period of the facility to which it relates.
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a
substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such
time as the assets are substantially ready for their intended use or sale. Other borrowing costs are expensed.
33
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15: LEASE LIABILITIES
Current
Lease liabilities
Non Current
Lease liabilities
Economic Entity
2020
$'000
2019
$'000
938
9,408
-
-
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate,
amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the
option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not
depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use
asset is fully written down.
Key Estimate and Judgement: Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to
discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a
rate is based on what the Group estimates it would have to pay a third party to borrow the funds necessary to obtain an
asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
NOTE 16: PROVISIONS
Current
Service warranty
Employee benefits
Non Current
Employee benefits
297
1,897
2,194
179
179
321
1,443
1,764
88
88
A) Service warranty
Provision is made for the estimated warranty claims in respect of products sold which are still under warranty at balance
date. These claims are expected to be settled in the next financial year. Management estimates the provision based on
historical warranty claim information and any recent trends that may suggest future claims could differ from historical
amounts.
In determining the level of provision required for warranties, the economic entity has made judgements in respect of the
expected performance of the product, expected customer claims and costs of fulfilling the conditions of warranty. The
provision is based on estimates made from historical warranty costs associated with similar products.
34
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 16: PROVISIONS (continued)
Service warranty (continued)
A)
Movements in provisions, other than employee benefits are set out below:
Opening balance at 1 July 2019
Additional provision recognised
Reductions resulting from payments
Closing balance at 30 June 2020
Service
warranty
$'000
321
211
(235)
297
Employee benefits
B)
Short term employee benefits are employee benefits (other than termination benefits and equity compensation
benefits) which fall due wholly within 12 months after the end of the period in which employee services are rendered.
They comprise wages, salaries, commissions, social security obligations, short-term compensation absences and bonuses
payable within 12 months and non-mandatory benefits such as car allowances.
The undiscounted amount of short-term employee benefits expected to be paid is recognised as an expense.
Other long-term employee benefits include long-service leave payable 12 months or more after the end of the financial
year.
The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to
be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of
attrition rates and pay increases through promotion and inflation have been taken into account.
C)
Amounts not expected to be settled within the next twelve months:
The current provisions for annual leave and long service leave include all unconditional entitlements where employees
have completed the required period of service. The entire amount is presented as current, since the economic entity
does not have an unconditional right to defer settlement. However, based on past experience, the economic entity
does not expect all employees to take the full amount of accrued leave or require payment within the next twelve
months.
The following amounts reflect leave that is not expected to be taken within the next twelve months:
Current annual leave obligation expected to be settled after 12 months
Current long service leave obligation expected to be settled after 12 months
Economic Entity
2020
$'000
2019
$'000
383
432
268
418
35
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17: SHARE CAPITAL
Economic Entity
Economic Entity
2020
Shares
2019
Shares
2020
$'000
2019
$'000
A) Ordinary Shares fully paid (no par value)
76,454,995
30,573,181
15,915
11,138
Details
Balance 30 June 2019
Issue of Shares
Less: Transaction costs in relation to the capital raising
Balance 30 June 2020
(a)
(b)
No of shares
30,573,181
45,881,814
76,454,995
$'000
11,138
5,047
(270)
15,915
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
Movements in share capital
Date
Shares
Issue Price
Balance at the start of the financial year
Share capital issued
Share capital issued
Share capital issued
Less: capital raising costs
(a)
(a)
(a)
(b)
No.
30,573,181
14/11/2019
4,585,977
16/12/2019
27,204,933
16/12/2019
14,090,904
$
0.11
0.11
0.11
Balance at the end of the financial year
76,454,995
Total
$
11,138,019
504,457
2,992,543
1,549,999
(269,835)
15,915,183
(a)
On 8 November 2019 Ambertech Limited announced an equity raising in relation to the acquisition of the Audio Visual
division of Hills Limited. The raising was done with a combination of a Share Placement and a fully underwritted Share
Purchase Plan. Institutional and sophisticated investors, as well as existing shareholders participated in the issue of
45,881,814 shares at an issue price of 11c per share.
(b)
Transaction costs deducted from issued capital relating directly to the capital raising.
B) Voting Rights
On a show of hands, one vote for every registered shareholder, and for a poll, one vote for every share held by a
registered shareholder.
C) Options
At reporting date, there were 166,666 ordinary shares reserved for issue under options (2019: 500,000)
D) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the year but not distributed at balance date.
36
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18: RESERVES
Foreign currency translation reserve
Share base payments reserve
Economic Entity
2020
$'000
2019
$'000
(9)
7
(2)
52
6
58
For an explanation of movements in reserve accounts refer to the Statement of Changes in Equity.
Nature and purpose of reserves
A) Foreign currency translation reserve
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are
translated to Australian dollars at exchange rates prevailing at the balance sheet date. The revenues and expenses of
foreign operations are translated to Australian dollars at rates approximating to the exchange rates prevailing at the
dates of the transactions.
Exchange differences arising on translation of the foreign controlled entity are taken to the foreign currency translation
reserve. The reserve is recognised in profit and loss when the net investment is disposed of.
B) Share Base Payments Reserve
The share based payments reserve is used to recognise the fair value of options issued but not exercised.
NOTE 19: CAPITAL
Capital Commitments
The economic entity had no commitments for capital expenditure as at 30 June 2020
(2019: Nil)
NOTE 20: CONTINGENT LIABILITIES
Estimates of the maximum amounts of contingent liabilities that may
become payable:
-
Bank guarantee by Amber Technology Limited in respect of
Sydney property lease
Economic Entity
2020
$'000
2019
$'000
612
612
612
612
No material losses are anticipated in respect of any of the above contingent liabilities.
NOTE 21: EVENTS SUBSEQUENT TO REPORTING DATE
On 9 July 2020, the consolidated entity entered into a new financing facility with Octet Finance Pty Ltd (refer Note 14).
The Directors have resolved to pay a dividend of 0.30 cents per share.
Other than the above, there were no matters that have arisen since the end of the financial year that have significantly
affected, or may significantly affect the operations or state of affairs of the economic entity in future financial years.
NOTE 22: RELATED PARTY TRANSACTIONS
Key management personnel compensation
Key management personnel comprises directors and other persons having authority and responsibility for planning,
directing and controlling the activities of the economic entity.
Summary
-
-
-
-
Short term employee benefits
Post employment benefits
Long term employee benefits
Share-based employee benefits
Economic Entity
2020
$
2019
$
1,245,635
131,490
17,395
1,119
1,395,639
1,230,524
130,008
10,836
2,553
1,373,921
37
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 23: SHARE BASED PAYMENT ARRANGEMENTS
On 24 November 2016, 500,000 share options were granted to Managing Director, Peter Amos under the Ambertech
Limited Executive Share Option Scheme to take up ordinary shares at an exercise price of $0.15 each. The options are
exercisable on or before 30 November 2021. The options hold no voting or dividend rights and are not transferable.
These options vest as follows:
(i) One third of the options have vested (tranche 1)
(ii) Two thirds have lapsed due to failed performance hurdles (tranches 2 and 3)
Vesting subsequent to grant date is also subject to key management personnel meeting specified performance criteria.
Further details of these options are provided in the directors’ report. The options hold no voting or dividend rights but
have been listed. The options lapse when a director ceases their employment with the Group. During the financial year,
nil options vested with key management personnel (2019: Nil).
The consolidated entity established the Ambertech Limited Employee Share Option Plan on 5 November 2004 as a long-
term incentive scheme to strive for improved group performance. The options are issued for no consideration and carry
no entitlements to voting rights or dividends of the Group. The number available to be granted is determined by the
Board and is based on performance measures including profitability, return on capital employed and dividends.
The options are issued with a strike price representing a discount of 6% to the average market price of the underlying
shares determined at the time the shares were granted.
A summary of the movements of all options issued is as follows:
Number
Weighted Average
Exercise Price
Options outstanding as at 1 July 2019
166,666
$0.15
Granted
Foreited
Exercised
Expired
Options outstanding as at 30 June 2020
Options exercisable as at 30 June 2020
Options exercisable as at 30 June 2019
-
-
-
-
166,666
166,666
-
-
-
-
-
$0.15
$0.15
-
The weighted average remaining contractual life of options outstanding at year-end was 0 years. The exercise price of
outstanding shares at the end of the reporting period was $0.15.
The fair value of the options granted to key management personnel is considered to represent the value of the
employee services received over the vesting period.
Options issued over ordinary shares are valued using the Black-Scholes pricing model which takes into account the
option exercise price, the current level and volatility of the underlying share price, the risk free interest rate, the
expected dividends on the underlying share, the current market price of the underlying share and the expected life of
the option.
38
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 23: SHARE BASED PAYMENT ARRANGEMENTS (continued)
The value of the options is recognised in an option reserve until the options are exercised, forfeited or expire.
The weighted average fair value of options granted during the year was nil (2019: Nil). These values were calculated
using the Black-Scholes option pricing model applying the following inputs:
- Weighted average exercise price:
- Weigted average life of the option
- Expected share volitility
- Risk free interest rate
$0.15
5 Years
25%
2%
Historical share price volatility has been the basis for determining expected share price volatility as it is assumed that this
is indicative of future volatility.
The life of the options is based on the historical exercise patterns, which may not eventuate in the future.
These shares were issued as compensation to key management personnel of the Group. Further details are provided in
the directors’ report.
Included under employee benefits expense in the statement of profit or loss is $1,119, which relates to equity-settled
share-based payment transactions (2019: $5,419).
39 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 24: SEGMENT REPORTING
(a) Description of segments
Management has determined the operating segments based on the internal reports that are reviewed and used by the
Board of Directors in assessing performance and determining the allocation of resources.
The economic entity comprises the following operating segments:
Professional
Lifestyle Entertainment
Distribution of high technology equipment to professional broadcast, film, recording
and sound reinforcement industries.
Distribution of home theatre products to dealers, distribution and supply of custom
installation components for home theatre and commercial installations to dealers and
consumers, and the distribution of projection and display products with business and
domestic applications.
New Zealand
Distribution of a wide range of quality products for both professional and consumer
markets in New Zealand.
Professional
Lifestyle
Entertainment
New Zealand
Eliminations
$'000
$'000
$'000
$'000
Economic
Entity
$'000
24,543
58
24,601
30,973
1,096
32,069
3,191
20
3,211
-
(1,174)
(1,174)
582
1,032
1
(b) Segment information
2020
Revenue
-
-
Revenue from external customers
Total segment revenue
Inter-segment revenue
Segment EBIT
Result
-
- Unallocated / corporate result
- EBIT
-
- Profit before income tax
-
Income tax benefit
- profit for the year
Interest and finance costs
Assets
-
Segment Assets
- Unallocated/corporate assets
- Total assets
Liabilities
-
Segment Liabilities
- Unallocated/corporate liabilities
-
Total liabilities
16,825
21,736
1,950
9,359
5,441
611
Other
-
Acquisition of non current segment assets
499
748
-
Depreciation and amortisation of segment
assets
474
863
95
21
58,707
-
58,707
1,615
321
1,936
(1,467)
469
315
784
40,511
2,635
43,146
15,411
16,058
31,469
1,342
1,342
1,358
1,358
-
-
-
-
-
40
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 24: SEGMENT REPORTING (continued)
2019
Professional
Lifestyle
Entertainment
New Zealand
Eliminations
$'000
$'000
$'000
$'000
Economic
Entity
$'000
Revenue
- Total segment revenue
-
Inter-segment revenue
Revenue from external customers
Result
- Segment EBIT
Interest revenue
Interest and finance costs
- Unallocated / corporate result
- EBIT
-
-
- Loss before income tax
Income tax expense
-
- Loss for the year
Assets
- Segment Assets
- Unallocated/corporate assets
- Total assets
Liabilities
-
Segment Liabilities
- Unallocated/corporate liabilities
- Total liabilities
28,359
3
28,362
25,300
798
26,098
3,503
46
3,549
-
(847)
(847)
1,139
(1,521)
(80)
11,857
12,486
1,631
7,475
5,149
513
57,162
-
57,162
(462)
(259)
(721)
16
(592)
(1,297)
(35)
(1,332)
25,974
2,260
28,234
13,137
6,339
19,476
51
51
447
447
-
-
-
-
-
Other
-
Acquisition of non current segment assets
18
26
-
Depreciation and amortisation of segment
assets
115
326
7
6
41
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 24: SEGMENT REPORTING (continued)
(c) Segment information on geographical region
Segment Revenues from
Sales to External Customers
2020
$'000
2019
$'000
Carrying Amount of Segment
Non Current Assets
2020
$'000
2019
$'000
Acquisition of Non-
Current Assets
2020
$'000
2019
$'000
Geographical Location
Australia
-
- New Zealand
55,516
3,191
58,707
53,659
3,503
57,162
8,102
90
8,192
926
10
936
1,247
95
1,342
44
7
51
(i) Carrying amount of segment non current assets
These amounts include all non current assets other than deferred tax assets located in the country of domicile.
(d) Other segment information
(i) Accounting Policies
Segment revenues and expenses are those directly attributable to the segments and include any joint revenues and
expenses where a reasonable basis of allocation exists. Segment assets include all assets used by a segment and consist
principally of cash, receivables, inventories and property, plant and equipment and goodwill. All remaining assets of the
economic entity are considered to be unallocated assets. Segment liabilities consist principally of accounts payable,
employee entitlements, accrued expenses, provisions and borrowings.
Segment assets and liabilities do not include income taxes.
(ii) Intersegment Transfers
Segment revenues, expenses and result include transfers between segments. The prices charged on intersegment
transactions are the same as those charged for similar goods to parties outside of the economic entity. These transfers
are eliminated on consolidation.
(iii) Major Customers
During the year ended 30 June 2020, $3,752,021 or 6% (2019: $5,165,810 or 9%) of the consolidated entity's external
revenue was derived from sales to a major Australian retailer through the Lifestyle Entertainment segment.
42
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 25: CASH FLOW INFORMATION
(i) Cash and cash equivalents
Cash and cash equivalents included in the statement of cash flows comprise the
following amounts:
Cash on hand
At call deposits with financial institutions
(ii) Reconciliation of net cash provided by operating activities to (loss) after income tax
Profit/(loss) for the year
Depreciation and amortisation
Foreign exchange (gain)/loss
Non-cash share based payments
Changes in operating assets and liabilities
Increase in trade and other receivables
Increase in prepayments
Increase in inventories
Increase in trade and other payables
Increase in contract liabilities
Increase/(decrease) in provisions
(Increase)/decrease in deferred taxes
Net cash provided by/(used in) operating activities
(iii) Non Cash Financing and Investing Activities
There were no non-cash financing or investing activities during the financial year.
Economic Entity
2020
$'000
2019
$'000
3
986
989
3
1,204
1,207
784
(1,332)
1,358
(369)
1
447
24
3
(1,978)
(1,419)
(842)
(803)
(538)
3,505
525
(316)
1,327
(57)
(288)
581
1,580
(53)
34
(480)
A)
Cash and Cash Equivalents
For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand, deposits at call with
banks or financial institutions, investments in money market instruments maturing within three months, and bank
overdrafts.
43 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26: FINANCIAL RISK MANAGEMENT
The economic entity's financial risk management policies are established to identify and analyse the risks faced by the
business, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the economic entity's activities.
The economic entity's activities expose it to a wide variety of financial risks, including the following:
credit risk
liquidity risk
-
-
- market risk (including foreign currency risk and interest rate risk)
This note presents information about the economic entity's exposure to each of the above risks, the objectives, policies
and processes for measuring and managing risk and how the economic entity manages capital.
Liquidity and market risk management is carried out by a central treasury department (Group Treasury) in accordance
with risk management policies. The Board has overall responsibility for the establishment and oversight of the risk
management framework. The Board, through the Audit and Risk Management Committee, oversees how management
monitors compliance with the risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to risks.
The economic entity uses derivative financial instruments such as foreign exchange contracts to hedge certain risk
exposures. Derivatives are used exclusively for hedging purposes. The economic entity does not enter into or trade
financial instruments, including derivative financial instruments, for speculative purposes.
A) Credit Risk
Credit risk is the risk of financial loss to the economic entity if a customer or the counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the economic entity's receivables from customers. The
maximum exposure to credit risk is the carrying amount of the financial assets.
Trade and other receivables
Exposure to credit risk is influenced mainly by the individual characteristics of each customer. The customer base
consists of a wide variety of customer profiles. New customers are analysed individually for creditworthiness, taking into
account credit ratings where available, financial position, past experience and other factors. This includes major contracts
and tenders approved by executive management. Customers that do not meet the credit policy guidelines may only
purchase using cash or recognised credit cards. The general terms of trade for the economic entity are between 30 and
60 days.
In monitoring credit risk, customers are grouped by their debtor ageing profile. Monitoring of receivable balances on an
ongoing basis minimises the exposure to bad debts.
Expected credit loss allowance
The expected credit loss allowance relates to specific customers, identified as being in trading difficulties, or where
specific debts are in dispute. The expected credit loss allowance does not include debts past due relating to customers
with a good credit history, or where payments of amounts due under a contract for such customers are delayed due to
works in dispute and previous experience indicates that the amount will be paid in due course.
44 AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26: FINANCIAL RISK MANAGEMENT (continued)
The ageing of trade receivables at the reporting date was:
Not past due
Past due up to 30 days
Past due 31-60 days
Past due 61 days and over
Total trade receivables not impaired
Trade receivables impaired
Total trade receivables
Economic Entity
2020
$'000
2019
$'000
6,489
3,181
750
980
11,400
90
11,490
4,615
3,032
566
1,735
9,948
61
10,009
The economic entity does not have other receivables which are past due (2019: Nil).
The consolidated entity has increased its monitoring of debt recovery as there is an increased probability of customers
delaying payment or being unable to pay, due to the Coronavirus (COVID-19) pandemic. As a result, the amount of
expected credit losses has increased since the previous corresponding period.
B) Liquidity Risk
Liquidity risk is the risk that the economic entity will not be able to meet its financial obligations as they fall due. The
economic entity's policy for managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity
(cash reserves and finance facilities) to meet its liabilities when due, under both normal and stressed conditions. The
objective of the policy is to maintain a balance between continuity of funding and flexibility through the use of finance
facilities.
The economic entity monitors liquidity risk by maintaining adequate cash reserves and financing facilities and by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The table below summarises the maturity profile of the economic entity's financial liabilities based on contractual
undiscounted payments:
2020
Financial liabilities due for payment
Trade payable
Other accounts payable
Other financial liabilities
Lease liability
Total expected outflows
Financial assets - cash flows realisable
Trade receivables
Total anticipated inflows
Contractual Cash Flows
Within
1 Year
$'000
1 to 5
Years
$'000
Over 5
Years
$'000
Total
$'000
7,984
2,453
5,079
1,573
17,089
-
-
-
8,639
8,639
-
2,911
2,911
7,984
2,453
5,079
13,123
28,639
11,400
11,400
-
-
-
-
11,400
11,400
Net outflow on financial instruments
(5,689)
(8,639)
(2,911)
(17,239)
45
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26: FINANCIAL RISK MANAGEMENT (continued)
2019
Financial liabilities due for payment
Trade payable
Other accounts payable
Other financial liabilities
Total expected outflows
Financial assets - cash flows realisable
Trade receivables
Total anticipated inflows
Net outflow on financial instruments
Contractual Cash Flows
Within
1 Year
$'000
1 to 5
Years
$'000
Over 5
Years
$'000
7,167
3,250
5,971
16,388
9,948
9,948
(6,440)
-
-
-
-
-
-
-
-
-
-
-
-
Total
$'000
7,167
3,250
5,971
16,388
9,948
9,948
(6,440)
The carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables are assumed
to approximate their fair values due to their short term nature.
The fair value of debtor finance and lease liabilities is estimated by discounting the remaining contractural maturities at the
current market interest rate that is available for similar financial liabilities.
C) Market Risk
Market risk is the risk that changes in market prices will affect the economic entity's income or the value of its holdings of
financial instruments. The activities of the ecomonic entity expose it primarily to the financial risks of changes in foreign
currency rates and interest rates. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, whilst optimising the returns.
Foreign Currency Risk
The following table demonstrates the impact on the profit and equity of the economic entity, if the Australian Dollar
weakened/strengthened by 10%, which management consider to be reasonably possible at balance date against the
respective foreign currencies, with all other variables remaining constant:
Impact on profit/(loss)
Impact on equity
Weakening of 10%
2020
2019
$'000
$'000
(516)
(729)
(516)
(729)
Strengthening of 10%
2020
2019
$'000
$'000
422
422
596
596
46
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26: FINANCIAL RISK MANAGEMENT (continued)
Interest Rate Risk
The economic entity has a debtor financing facility. The use of the facility exposes the economic entity to cash flow interest
rate risk.
As at the reporting date, the economic entity had the following fixed and variable rate borrowings:
Debtor finance
Business transaction facility
Other financial liabilities
Weighted average interest
rate
Note
2020
%
6.49%
6.29%
6.48%
2019
%
6.45%
7.33%
6.48%
13
13
Balance
2020
$'000
2019
$'000
4,538
232
4,770
5,414
194
5,608
The following table demonstrates the impact on the profit and equity of the economic entity if the average interest rate on
the borrowing facility had either increased or decreased by 1%, which management consider to be reasonably possible over
the whole year ending 30 June 2020, with all other variables remaining constant:
Impact on profit/(loss)
Impact on equity
Increase of 1% of average
interest rate
Decrease of 1% of average
interest rate
2020
$'000
2019
$'000
2020
$'000
2019
$'000
(48)
(48)
(56)
(56)
48
48
56
56
D) Net Fair Values
The net fair values of assets and liabilities approximate their carrying values. No financial assets or liabilities are readily
traded on organised markets.
E) Capital Management
The Board's aim is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board seeks to maintain a balance between the higher returns that might
be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.
Total capital is defined as shareholders' equity. The Board monitors the return on capital, which is defined as net operating
income divided by total shareholders' equity. The Board also establishes a dividend payout policy which is targeted as being
greater than 50% of earnings, subject to a number of factors, including the capital expenditure requirements and the
company's financial and taxation position. Dividends paid for the year ended 30 June 2020 were nil (2019: nil).
There were no changes to the economic entity's approach to capital management during the financial year.
47
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 27: EARNINGS PER SHARE
A) Basic earnings/(loss) per share (cents)
Weighted average number of ordinary shares (number)
Earnings/(loss) used to calculate basic earnings/(loss) per share ($)
Economic Entity
2020
2019
1.4
55,738,848
784,000
(4.4)
30,573,181
(1,332,000)
Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the company,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the year, adjusted for bonus elements in ordinary shares issued during the year.
B) Diluted earnings per share (cents)
Weighted average number of ordinary shares (number)
Earnings/(loss) used to calculate diluted earnings/(loss) per share ($)
1.4
55,738,848
784,000
(4.4)
30,573,181
(1,332,000)
Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares
and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive
potential ordinary shares.
NOTE 28: DIVIDEND FRANKING CREDITS
Tax rate
Amount of franking credits available for subsequent reporting periods ($'000)
30%
6,139
30%
6,139
NOTE 29: AUDITORS' REMUNERATION
The BDO entity performing the audit of the Group transitioned from BDO East Coast Partnership to BDO Audit Pty Ltd on 17
July 2020. The disclosures include amounts received or due and receivable by BDO East Coast Partnership, BDO Audit Pty
Ltd and their respective related entities.
Audit services
BDO Audit Pty Ltd
Audit and review of financial reports under the Corporations Act 2001.
Total remuneration for audit services
Non-audit services
BDO Audit Pty Ltd
$
122,000
122,000
$
115,000
115,000
Tax compliance services, including review of company income tax returns
20,000
19,450
Other practices - BDO Auckland
Tax compliance services, including review of company income tax returns
Total remuneration for non-audit services
5,812
25,812
5,731
25,181
It is the economic entity's policy to employ BDO on assignments additional to their statutory audit duties where BDO's
expertise and experience with the economic entity are important. These assignments are principally tax compliance
assignments.
48
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 30: PARENT ENTITY INFORMATION
Information relating to Ambertech Limited (parent entity):
- Current Assets
- Total Assets
- Current Liabilities
- Total Liabilities
- Share capital
- Share issue cost reserve
- Retained earnings
Loss of the parent entity
Total comprehensive income of the parent entity
Contingent Liabilites
The parent entity had no contingent liabilities as at 30 June 2020 (2019: Nil).
Parent Entity
2020
$'000
2019
$'000
15,933
20,490
1,587
1,587
11,048
15,606
1,462
1,462
15,915
11,138
7
6
2,981
3,000
(19)
(19)
(7)
(7)
Capital Commitments
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2020 (2019: Nil)
Significant Accounting Policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1
and throughout the notes.
49
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 31: BUSINESS COMBINATIONS
On 17 December 2019, Ambertech Limited acquired the Audio Visual Division of Hills Limited.
Details of the acquisition are as follows:
Consideration
-
-
Total Cash Consideration
Contract sum
Deferred cash payments
Net identifiable assets acquired
Inventory on hand
-
Fixed Assets
-
Other assets
-
Customer Relationships and other intangible assets
-
-
Employee provisions
Net identifiable assets acquired
Goodwill on acquisition
Fair Value
$'000
4,736
(125)
4,611
3,713
60
100
250
(302)
3,821
790
Transaction costs of $255,000 and restructure costs of $450,000 were recognised in respect to this
acquisition for the financial year and are included in the consolidated statement of profit or loss and other
comprehensive income.
Impact of acquisition on the results of the Group
AASB 3 Business Combinations requires disclosure of both the revenue and profit and loss of the acquired
business from the date of acquisition, and disclosure of revenue and profit and loss for the current reporting
period as though the acquisition date had been as of the commencement of the financial period. Since the
acquisition date, the Hills Audio Visual business has contributed $9,492,000 of revenue to the group for the
financial reporting period. Management has however determined that disclosure of the profit and loss of the
acquired business from date of acquisition is impracticable, given it has now consolidated with the existing
business of Ambertech Limited.
Management has also determined that is is impractical to determine the revenue and profit and loss of the
combined entity for the current reporting period as though the acquisition date occurred at the beginning of
the reporting period, as the acquired business was not separately reported within the business of the
acquiree.
50
AMBERTECH LIMITED AND CONTROLLED ENTITIES
ACN 079 080 158
DIRECTORS' DECLARATION
The directors of the company declare that:
1.
The financial statements, comprising the statement of profit or loss and other comprehensive income, statement
of financial position, statement of cash flows, statement of changes in equity and accompanying notes, are in
accordance with the Corporations Act 2001 and:
(a)
(b)
comply with Accounting Standards and the Corporations Regulations 2001 ; and
give a true and fair view of the consolidated entity's financial position as at 30 June 2020 and of its
performance for the year ended on that date.
The company has included in the notes to the financial statements an explicit and unreserved statement of
compliance with International Financial Reporting Standards.
In the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its debts as
and when they become due and payable.
The directors have been given the declarations by the chief executive officer and chief operating officer required by
Section 295A of the Corporations Act 2001.
2.
3.
4.
This declaration is made in accordance with a resolution of the Board of Directors persuant to section 295(5)(a) of the
Corporations Act 2001, and is signed for and on behalf of the directors by:
P F Wallace
Director
Dated this 31st day of August 2020.
Sydney
P A Amos
Director
51 S H A R E H O L D E R S I N F O R M AT I O N
The following information is required by the Australian Securities Exchange Limited.
Distribution of equity security by size of holding:
Number of
shareholders
Number of
Ordinary Shares
% of total
capital
1
1,001
5,001
10,001
100,001
Total
-
-
-
-
and
1,000
5,000
10,000
100,000
over
74
51
30
53
52
260
63,218
191,734
270,132
1,849,025
74,080,886
76,454,995
0.08
0.25
0.35
2.42
96.90
100.00
The number of security investors holding less than a marketable parcel of 4,167 securities
is 103 and they hold 145,900 securities.
Equity Security Holders
The twenty largest shareholders as at 28 September 2020 were:
Rank Twenty largest holders
1 Appwam Pty Limited
2 BT Portfolio Services Limited (Amos Super Fund)
3 Wavelink Systems Pty Ltd (Employee Superannuation Fund)
4 Horrie Pty Ltd (Horrie Superannuation A/C)
5 Merrill Lynch (Australia) Nominees Pty Limited
6 Mr Nathan Carlini
7 Mr Edwin Goodwin & Ms Julia Griffith (EFG Investments A/C)
8 Wavelink Systems Pty Ltd
9 Wallace Capital Pty Ltd (Super Fund A/C)
Ironwood Investments Pty Limited (Phillips Super Fund A/C)
10
11 Wygrin Pty Ltd (Wygrin Pension Fund)
12 SI Coprporation Pty Ltd (Santo Carlini DT A/C)
13 Wygrin Pty Ltd
14 Dr Stephanie Phillips
15 Mr Michael Carman
Jeslands Investments Pty Ltd (Jerusalem Retirement A/C)
J Anderson Investments Pty Ltd (M&G Anderson S/Fund A/C)
16 Liaison Super Pty Ltd (liaison S/F A/C)
17
18
19 Roffey Superannuation No1 Pty Ltd (SI & EM Roffey No1 S/F
20 Breuer Investments Pty Ltd (Mark Breuer Family A/C)
A/C)
Source: Boardroom Pty Limited
Number of shares % of total
capital
26,207,404
4,768,388
4,380,350
4,325,879
4.106.304
3,300,000
2,883,556
2,784,625
2,189,278
1,764,874
1,579,179
1,552,735
1,507,556
821,260
712,426
645,454
604,519
455,000
455,000
28,948,892
455,000
34.28
6.24
5.73
5.66
5.37
4.31
3.77
3.64
2.86
2.31
2.07
2.03
1.97
1.07
0.93
0.84
0.79
0.60
0.60
85.67
0.60
S U B S T A N T I A L S H A R E H O L D E R S
Substantial Shareholders
Substantial shareholders with a relevant interest of 5% or more of total issued shares, based on
notifications provided to the company under the Corporations Act 2001 include:
Shareholder
Number of
shares
% of total
capital
Appwam Pty Limited
Wavelink Systems Pty Ltd
Crowton Pty Limited
Greig & Harrison Pty Ltd
Regal Funds Management Pty Ltd
On-Market Buy Back
26,207,404
7,214,925
4,768,338
4,325,879
4,106,304
34.28
9.44
6.24
5.66
5.37
On 2 September 2005, the company lodged an Appendix 3C announcing an on-market buy-back
of up to 1,543,150 ordinary shares on issue. On 28 September 2006 the company lodged an
Appendix 3D amending the buy-back duration to unlimited. The company has not lodged an
Appendix 3F to finalise the buy back as at 28 September 2020.
The buy back is a part of the company's capital management and is designed to improve
shareholder returns. During the year ended 30 June 2020 no shares were bought back
by the company.
Voting rights
On a show of hands, one vote for every registered shareholder, and for a poll, one vote for every
share held by a registered shareholder.
C O R P O R AT E D I R E C T O R Y
Financiers
Octet
Registered Office
Unit 1, 2 Daydream Street
Level 3, 10-14 Waterloo St
Warriewood NSW 2102
Surry Hills NSW 2010
T: +61 2 9356 6300
Auditors
BDO
East Coast Partnership
Level 11, 1 Margaret Street
Sydney NSW 2000
T: + 61 2 9251 4100
ASX Listing
AMO
www.ambertech.com.au
T: +61 2 9998 7600
Melbourne
Ground Floor
737 Burwood Road
Hawthorn VIC 3122
T: +61 2 9998 7600
Auckland
Unit 3, 77 Porana Road
Glenfield, Auckland 0672
New Zealand
T: + 64 9 443 0753
Directors
Peter F Wallace
Chairman
Peter A Amos
Managing Director
Tom R Amos
David R Swift
Santo Carlini
Company Secretary
Robert J Glasson
Share Registry
Boardroom Pty Limited
GPO Box 3993
Sydney NSW 2001
Or
Level 12, 255 George Street
Sydney NSW 2000
T: +61 2 9290 9600 or
T: 1300 737 760
Corporate Governance Statement
www.ambertech.com.au/investors/corporate-governance
N O T E S
AMBER T ECH LIMITED
PO Box 955, Mona Vale
NSW 1660
Unit 1, 2 Daydream St
Warriewood NSW 2102
Email: info@ambertech.com.au
Phone: 02 9998 7600
Fax: 02 9999 0770
ACN 079 080 158