ANNUAL
REPORT
2022
ANNU AL R EPORT 2022
We are expecting the current extreme
flooding events seen over the last 12
months to continue until early 2023.
KE RRY PLOWRIGHT
Table of Contents
Chairman and CEO’s Letter
2022 Highlights
Financial Highlights
Operational Highlights
Review of Operations
Aeeris Team Active in Saving Lives
Aeeris in the Data Age
Aeeris Products
Meet our Team
Additional Information for Listed Public Companies
Corporate Directory
IV
VI
VI
VIII
X
XIII
XIV
XVI
XVIII
LXX
LXXII
III
ANNU AL R EPORT 2022
Chairman and
CEO’s Letter
On behalf of the Board of Aeeris Ltd (ASX: AER),
I am pleased to present our Annual Report for the
year ending 30 June 2022.
This has been a year of achievement for the
Company, measured by outcomes in customer
acquisition, increased revenue, and technological
gains. Aeeris finished FY22 with 20% growth in
year-on-year revenue from ordinary activities.
The Company reported a small loss in FY22
compared to a profit in FY21 due to the continued
investment in new staff to drive future growth.
After raising $1.5M of additional capital in October
2021, the Board is pleased with the investment
and outcomes delivered. The additional funds
in
supported new staff hires who assisted
making significant advances in the Company’s
technology. Aeeris has now
successfully
migrated its key platform to the cloud, on time
and budget with no down time or loss of data.
Further, significant technological advances to the
Climatics V.2 platform, data analytics, API’s and
internal management systems have been made.
While some customers use our primary system,
(SARP),
the Spatial Analysis Risk Platform
for multi-purpose, multi-channel alerting and
communications, many of our customers prefer
to consume our data through their own platforms.
Over the period we have successfully integrated
multiple large enterprises via our API’s, delivering
spatial alerting and climate data through their
own corporate systems.
IV
Marketing, sales systems, monitoring and
reporting have been greatly enhanced and the
Company is starting to realise these benefits with
increased sales.
Our Climatics platform has become a “push
button” exercise covering multiple perils. It is
a multiuser, scalable application with its own
billing system and the Company now has several
customers using Climatics.
in
Our primary platform, SARP, has been
continuous use by water authorities and dam
operators as the wet events continue. Northern
and eastern Australia is currently experiencing
a La Niña weather pattern. Our nation dances
between the extremes with the odd interlude
of stable climatic conditions. There may well be
other contributing factors.
Recently, researchers
calculated that the eruption
of Hunga Tonga-Hunga
Ha’apai spewed a staggering
50 million tons (45 million
metric tons) of water vapor
into the atmosphere. This
massive vapor injection
increased the amount
of moisture in the global
stratosphere by about 5%.
(LIVE SCIENCE) 1
The extreme events of the last financial year have
attracted industries to our services that have
not previously been part of our portfolio. These
include large retail clients, vehicle manufacturers,
repairers, and community services.
The growing appetite among those who invest in
Australian companies for the disclosure of climate-
related risks further bolsters our opportunities,
particularly for our Climatics product. And it
seems likely that Australia may follow other
jurisdictions like New Zealand, which have already
implemented a mandatory disclosure regime,
putting further pressure on companies to assess
and disclose climate related risk.
James Eyers reported in the Australian Financial
Review that “Australian Prudential Regulation
Authority (APRA) last month found nearly a
quarter of banks, insurers and super funds had
no proper metrics to measure and monitor climate
risk. APRA considers climate risk could have a
compounding impact on credit, market liquidity
and operational risk and is keen to see banks
develop better data sets to assess exposures.
“APRA has been interrogating the availability
and quality of risk data at the largest financial
institutions through a Prudential Standard known
as CPS 230 on ‘operational resilience.” 2 This is
what we call operationalised data, something
granular, location specific and can be acted on
versus modelling.
Aeeris is in a unique position to service these
requirements as we provide lifesaving, asset
protection and predictive analysis on acute
and physical climate risks, producing useful
information and insights for decision makers
We enter FY2023 with a larger more balanced team,
enhanced technology assets, a strong balance
sheet, no debt and increased resources to scale
the business through accelerated revenue growth.
On behalf of the board, I would like to congratulate
the Aeeris team responsible for achieving excellent
outcomes for the year under difficult conditions.
I would like to thank and welcome the many new
customers who have made the choice to support
a safer future, and for the strong support from
shareholders and our key stakeholders who
continue with us on our journey to reduce climate
risk and help protect people, assets and operations.
Yours sincerely,
Kerry Plowright
Chairman & CEO
1 Water vapor is by far the most influential greenhouse gas and is likely strengthening the La Niña pattern.
2 https://www.afr.com/companies/financial-services/apra-wants-banks-to-urgently-find-better-climate-data-20220907-p5bg7d
V
ANNU AL R EPORT 2022
2022 Highlights
Financial Highlights
Customer revenue from ordinary activities grew 20% in
FY22 to $2,210,529
Cash at bank at year end was $2,739,215 vs last year $1,426,958
The Company has no debt
VI
VII
ANNU AL R EPORT 2022
2022 Highlights
Operational Highlights
During the financial year, Aeeris:
Successfully raised $1.5m, bolstering its cash position and leaving it well capitalised to chase growth.
Hired a new Business Development Manager and Senior Developer.
Successfully integrated almost all of its APIs into a client’s disaster management platform.
Setup bushfire and weather alerts to residents of large residential estates southwest of Sydney, now
a legal requirement under new planning and development regulations.
Supported and helped clients navigate the flooding disasters seen across Australia’s east coast
through the provision of its services, including its popular flooding alert product where continual
monitoring of remotes sensors and subsequent response have protected many communities.
Completed and launched Climatics 2.0, as well as signing its first customers. The platform allows
clients to easily understand the climate risk their assets across Australia are facing and the probability
of these events occurring with push button ease.
Successful migrated its operational SARP to Microsoft’s Azure cloud platform. The migration was
technically challenging, however, was successfully achieved without any data loss or disruption to
users. The streamlining of operations to the Cloud will enhance operational performance and achieve
some technology cost savings, vastly improving granular control of system performance, scalability
and redundancy. This was a crucial step in a generational upgrade to the core system and will provide
stability and scalability for the future. Being part of the Microsoft’s Azure ecosystem opens new doors
to exciting possibilities, allowing the system to be easily adapted for other locations/countries.
Produced over 1628 hail alerts through its Hail product released in FY22.
VIII
IX
ANNU AL R EPORT 2022
Review of
Operations
This year, we have added a fully authenticated
AWS API gateway around the Climatics solution
and have added to the API functionality offering.
This is a result of product testing feedback
from clients who really wanted to use the API’s
functionality long term. As we have seen with the
recent Optus news, the need to properly secure
API interfaces is crucial. The AWS API gateway
is enterprise grade security and authentication.
Additionally, there will be new work to extend and
improve the API underpinning the GIS platform,
improving the existing offering and integrating
many more relevant data feeds (from partners
such as the Bureau of Meteorology) to help
clients understand the immediate severe weather
landscape and the implications for their assets.
X
Australia saw more than its fair share of extreme
weather events, after undergoing a second
consecutive year of La Niña, bringing increased
rainfall to Australia’s east coast during FY22. The
floods experienced along the east coast, as well as
other extreme weather events across the country
increased enquiries for and use of Aeeris’ services.
Throughout the floods, Aeeris provided customers
with detailed threat forecasts, monitoring, alerting
and advanced protection of customers’ assets.
Services provided included the:
Provision of critical water and dam
release information to customers of a
major water organisation across
southeast QLD and NSW;
24/7 monitoring of major rivers and remote
sensors, provision of pre-event forecasts
and alerts to State Government Agencies,
and major rail customers, enabling the
safety of assets and staff. This involved
24/7 client briefing meetings with our
meteorologists, providing event critical
information; and
Provision of 24/7 rainfall and flood
monitoring to councils, removing false
alarms and sending time critical alerts to
residents before flooding occurred.
FY22 also saw Aeeris successfully deliver and
integrate almost all of its available APIs into
a customer’s disaster management platform;
setup bushfire and weather alerts to residents of
large residential estates southwest of Sydney, a
requirement under new planning and development
regulation; experience increased uptake of its
hail alerting product and the recent addition of a
heatwave alerting system has just been launched.
XI
ANNU AL R EPORT 2022
XII
Aeeris Team Active
in Saving Lives
One thing you can guarantee about Australia
is that a disaster is nearly always happening
somewhere at some time. Floods in one place,
catastrophic fires in another, cyclones, droughts,
or plate sized hailstones.
All our team in Aeeris have a passion for
weather…indeed all hazards. Our team comprises
meteorologists, SES volunteers, scientists and
storm chasers. Whether on duty or not, they live it
every day. The team aren’t just observers, they are
actively involved in events and fully understand
the potential outcomes. This experience helps
keep our customers safe. Actionable information
is key to any enterprise in potential risk situations,
and that is what we deliver – “get out before you
get in it.”
Following
is unedited commentary from our
General Manager, James Harris, from when he was
involved in the Lismore floods, 28 February 2022.
Today was an emotional roller-
coaster. The confusion at the start
of the day as to whether we could
take boats down or not. We went
out anyway but felt like we should
have gone out sooner.
Searching streets in a boat that
we were literally walking down 24
hours earlier. Hearing cries for help,
it became very real. Seeing the joy
on people’s faces knowing they
were safe was incredible. I wanted
to cry, but at the same time I felt
immense pride watching everyone
work together. The boats coming
in with rescued people to the left
whilst a queue of empty boats on
the right heading out for more.
Pulling up to the road, volunteers
would wade out and help the boat
in. We were then met by police, SES
and more volunteers all helping
the people off the boat and to the
paramedics waiting for them. The
next few weeks are going to be
tough, but after witnessing what I
saw today and hearing of so many
others volunteering at shelters,
catering etc to assist those who
have lost everything there is hope!
XIII
ANNU AL R EPORT 2022
Aeeris in the
Data Age
Aeeris deals in real world data and real time
alerting and forecasting. This, combined with
the Company’s SARP, arguably delivers the
most superior spatial dataset for multiple perils
in Australia. Andy Pitman, director of the ARC
Centre of Excellence for Climate System Science,
summarises the value of such data in a recent
study as reported to The Weekend Australian:
“Climate models are very
valuable tools for many
applications, but they are
not something I want used to
decide investment strategies
for my superannuation.”
The central issue is the
difference between weather
and climate and the inability
of models to predict weather
events at city scale.
Professor Pitman said
attempts to use dynamical
downscaling to get far
higher resolution data was
“excellent science but not
science designed for the
financial sector”.
XIV
Previous Aeeris reports expand on the data
value, the point here is to catch up to where the
market is. A climate risk self-assessment survey
published by the Australian Prudential Regulation
Authority last month found nearly a quarter of
banks, insurers and super funds had no proper
metrics to measure and monitor climate risk.
“Empirical measurement, rather than a subjective
judgment, is going to be needed fairly urgently,”
APRA chairman Wayne Byres said in a speech. The
New Zealand government has just made climate
risk disclosures mandatory for insurers and banks
– the same rules could be imminent in Australia.
Insurance Australia Group’s (IAG) Ramana James
said his company, the biggest general insurer in
Australasia, is well prepared.
The combination of a solution and superior data
and risk analytics is unique.
One of the strongest features Climatics provides
customers is the ability to compare and contrast
their assets across Australia and determine
locations that may require immediate attention.
This kind of analysis across the country is
important to help businesses recognise the
changes that are being experienced at one
location are not necessarily equivalent in other
locations and provides them with climate context
so they may make informed decisions about the
future of their assets.
Flooding across the eastern seaboard in the
first half of 2022 has highlighted the need for
businesses to be able to assess their flood risk,
which is a key component of the offering from
Climatics through use of JBA Risk Management
Australian flood maps. To date, the data has
verified well from events with a positive response
from users regarding its ability to identify if an
asset will or not as a worst case scenario.
The analysis work focuses on increasing the
number of hazards available to users, including
adding analysis for sea level, storm surge, lightning,
frost and solar energy. This will undoubtedly
place Climatics in a unique position in the Climate
Risk market by being able to provide climate
intelligence for 15+ hazards in a single, easy to
use platform that will also be available via an API.
Weather has a direct impact on the performance
of a business with a trail of affected service
providers and employees. The Construction
sector, already under pressure, is a good example
of the substantial impact of weather on business.
Wet weather forecasts for spring and summer
will likely cause more construction delays as the
2022 trifecta of Covid, rain and price escalation
continue to take its toll. With the east coast of
Australia looking set to experience another La
Niña season over the coming six months, this will
bring heavy rain and more flooding to communities
still in disrepair. Roberts Co chief executive Alison
Mirams said it would be a “depressing” outcome
after what had already proved to have been a
tough year in the construction sector.
As of July 2022, the commercial builder had lost
about 75 workdays this year to wet weather,
meaning the business only achieved 46 per cent
productivity from January to July.
The recent independent inquiry led by Mick
Fuller and Mary O’Kane into the catastrophic
Northern Rivers floods found that “many people
live on flood plains in NSW, and many of these
are in known high-risk areas”. If a 19m flood
(such as the 1867 record flood) happened in the
Hawkesbury-Nepean Valley, more than 90,000
people would need to be evacuated and more
than 15,500 homes would flood. The Insurance
Council of Australia estimates that since 1970
the total incurred claims from flooding are more
than $21.3bn, with floods in NSW and southeast
Queensland in February-March this year costing
more than $3.35bn.
XV
ANNU AL R EPORT 2022
Aeeris Products
Through the Company’s wholly owned subsidiary, Early Warning Network (EWN)
Alerting
Forecasting
GIS Platform
We provide alerts to
clients who need to know
about events before they
impact on their locations
of interest.
EWN provides clients
across Australia with
customised weather
forecasts focused on only
the weather you need to
know about.
Our unrivalled web-based
Weather and Hazard
monitoring platform for
organisations wanting
24×7 forecast and
observational intelligence.
Worker Zone
Management
Immediately identify,
communicate and
ensure the safety of your
workforce from severe
weather threats and
natural hazards.
Embargo
Warnings for selected
hazards across
Australia with additional
information such as
postcode areas and
dwelling numbers likely to
be impacted.
Flood Monitoring
24/7, 365 day per year
flash flood and flood
alerting service across
Australia, issuing alerts
according to pre-set
criteria for amounts of
rainfall or water level
heights.
XVI
Climatics 2.0
Resolves the problem of producing
forensic and trusted results using
‘actual’ data to deliver actionable
and operationalized reports and risk
disclosure.
Spatial Analysis Risk
Platform (SARP)
Using its 12 years of non-stop operational
experience and system development,
EWN has evolved its primary platform to
deliver a stand-alone SaaS cloud solution.
SARP encompasses all the features of the
original system but with substantial new
capability and commercial application.
Heat
Extreme heat weather can have
devastating effects to your health.
Heatwaves can cause droughts and
wildfires and can lead to health issues
and increased energy demand and
water shortages.
With Early Warning Network’s new
Heatwave Alerts Service, a warning can
be issued up to three days in advance of
the heatwave starting. This allows time for
agencies and the public to take protective
actions. The Heatwave Warning is issued
for a state or territory when severe or
extreme heat waves are expected to
affect at least 10% of a weather district.
We only send the alert when your
nominated region(s) is/are affected.
Hail
This product folds into our alerting and
forecasting portfolio.
Decades of thunderstorm experience and
involvement in hail research projects with
some of Australia’s leading universities
have resulted in services being delivered
to large organisations and government
departments across Australia. Powered by
our 3D radar technology, we have utilised
the latest research from the USA and the
Bureau of Meteorology to calculate the
estimated hail sizes in thunderstorms
across Australia LIVE.
XVII
ANNU AL R EPORT 2022
Meet Our Team
James Harris
General Manager
Michael Bath
Dave Evans
Operations Manager
IT Manager
Michael has been with Aeeris
since the Early Warning Network
first launched its proprietary GNIS
natural hazard alerting platform
and has led the evolution of the
company’s operational capabilities.
He manages the team of spatial
analysts and meteorologists who
provide 24/7 alerting, forecast and
support services to EWN customers
in Australia and New Zealand and
is integral to ongoing product
development, system support and
client setup including the Climate
Risk Intelligence platform.
Dave is interested in the future
of weather, climate and disaster
response. With 15 years of
experience in various technology
businesses, he is passionate
about supporting business and
communities as they adapt to and
mitigate the impact of climate
phenomena on their lives and
assets.
His involvement with EWN ensures
our digital architecture, IT assets
and cloud solutions are up to the
task of meeting our demanding
needs into the future.
James is General Manager of
EWN having started with the
company in 2013. Roles in both
the Forecasting and Sales team
allowed James to develop a deep
understanding of EWN where he
progressed through to his current
General Manager role.
Working closely with each of
the departments and reporting
to the board, James provides
strategic guidance for EWN whilst
assisting each department where
required. James has a strong
Meteorological background and
enjoys the challenge of continually
developing our services to assist
our clients’ needs.
XVIII
Kathryn Turner
Todd Harris
Lead Climate Scientist
Climate Scientist
Kathryn has been working with
Aeeris since 2020 and has been
responsible for the scientific and
user interface development within
Climatics and is actively involved
in the sales and feedback process
with testers and users.
With a Bachelors of Science with
first class honours, her passion for
extreme weather and experience
in communicating complex
scientific information ensures
that Climatics is always providing
businesses with accurate and easy
to understand climate intelligence.
Kathryn has recently started a
PhD on extreme bushfires while
continuing to project manage
EWN’s newest revenue stream.
Todd is a published researcher
with international experience
in leveraging geospatial cloud
technology to process and analyse
climate and meteorological data.
He has attained a Masters of
Environmental Sciences and
Engineering as well as a Bachelor
of Philosophy (Honours) majoring in
Physics from ANU.
Todd enjoys the challenge that
comes from working with big data
and creating different ways to
communicate the changing climate
trends to businesses. His expertise
in Python and cloud formation
is critical in the development
and success of Climatics and its
ongoing maintenance.
Martin Katzmann
Business Development
Manager
Martin is the newest addition to
the EWN team bringing with him
a strong sales background.
With a passion for weather,
Martin is able to work closely
with new leads and existing
clients to ensure they receive the
right solution everytime.
Utilising the latest digital sales
tools and working closely with
our marketing team, Martin has
made an immediate positive
effect to the business.
XIX
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Consolidated Financial Report
For the year ended 30 June 2022
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Consolidated Financial Report
For the year ended 30 June 2022
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Contents
Financial Report
Directors’ Report
Remuneration Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Directors’ Report
General Information
Directors
date of this report:
Your Directors present their report on the consolidated entity consisting of Aeeris Ltd (the “Company”) and
its controlled entities (the “Group”) for the financial year ended 30 June 2022.
3
8
11
12
13
14
15
16
42
43
The following persons were Directors of Aeeris Ltd during or since the end of the financial year up to the
Mr Kerry Plowright – Executive Chairman and CEO
Mr Bryce Reynolds – Non-Executive Director
Mr Nathan Young – Non-Executive Director
Ms. Elissa Hansen – Non-Executive Director (appointed 1 May 2022) and Company Secretary
Particulars of each director’s experience and qualifications are:
Kerry Plowright
Qualifications
Experience
None
In 2007 Kerry founded the Early Warning Network’s Geographical
Notification and Information System (GNIS) and has been the key
driver behind the development of the Group’s technology
platform. Kerry is responsible for leading the Aeeris team in both
the operation and further technical evolution of the EWN
platform.
Previously an Army Officer, Founder-Editor of NZ Green Magazine
and Director of Earthtrust South Pacific, he has a depth of
experience in establishing and growing successful businesses. In
1995 he launched a digital publishing and software business called
Ezimerchant, which created one of the world’s first out-of-the-box
e-commerce and DIY product and payments platforms.
Interest in Shares and Options
23,407,803 Shares
950,000 Performance Rights
Executive Chairman and CEO
Special Responsibilities
Directorships held in other listed
None
entities during the three years
prior to the current year
Aeeris Ltd
ABN 18 166 705 595
Page 2
Aeeris Ltd
ABN 18 166 705 595
Page 3
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Contents
Financial Report
Directors’ Report
Remuneration Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
3
8
11
12
13
14
15
16
42
43
Directors’ Report
Your Directors present their report on the consolidated entity consisting of Aeeris Ltd (the “Company”) and
its controlled entities (the “Group”) for the financial year ended 30 June 2022.
General Information
Directors
The following persons were Directors of Aeeris Ltd during or since the end of the financial year up to the
date of this report:
Mr Kerry Plowright – Executive Chairman and CEO
Mr Bryce Reynolds – Non-Executive Director
Mr Nathan Young – Non-Executive Director
Ms. Elissa Hansen – Non-Executive Director (appointed 1 May 2022) and Company Secretary
Particulars of each director’s experience and qualifications are:
Kerry Plowright
Qualifications
Experience
None
In 2007 Kerry founded the Early Warning Network’s Geographical
Notification and Information System (GNIS) and has been the key
driver behind the development of the Group’s technology
platform. Kerry is responsible for leading the Aeeris team in both
the operation and further technical evolution of the EWN
platform.
Previously an Army Officer, Founder-Editor of NZ Green Magazine
and Director of Earthtrust South Pacific, he has a depth of
experience in establishing and growing successful businesses. In
1995 he launched a digital publishing and software business called
Ezimerchant, which created one of the world’s first out-of-the-box
e-commerce and DIY product and payments platforms.
Interest in Shares and Options
23,407,803 Shares
Special Responsibilities
Directorships held in other listed
entities during the three years
prior to the current year
950,000 Performance Rights
Executive Chairman and CEO
None
Aeeris Ltd
ABN 18 166 705 595
Page 2
Aeeris Ltd
ABN 18 166 705 595
Page 3
Bryce Reynolds
Qualifications
Experience
B. Comm (Accounting/Finance) UNSW
The principal activity of the consolidated group during the financial year was enterprise asset and people
In 2006, Bryce established Veritas Securities Limited as a founding
director after working for a large investment bank and two mid
tiered Australian securities firms. Since then, he has further added
to his skill base by being an active company director for numerous
private ventures in the funds management and IT/digital field.
Interest in Shares and Options
5,361,320 Shares
Special Responsibilities
Directorships held in other listed
entities during the three years
prior to the current year
Nathan Young
Qualifications
Experience
625,000 Performance Rights
3,540,000 Options
Chairman of the Audit and Risk Committee
None
B. Comm
Nathan began his career in financial markets over 20 years ago. He
holds a Bachelor of Commerce from The University of Melbourne
and a Graduate Diploma in Applied Finance and Investment. He
has previously been employed by a large Investment Bank and
Hedge Fund focused on trading and investment strategies. In
these organisations one of his roles was to evaluate seed capital,
pre-IPO and listed investment opportunities in the technology
sector.
Interest in Shares and Options
500,000 Shares
Special Responsibilities
Directorships held in other listed
entities during the three years
prior to the current year
Elissa Hansen #
Qualifications
Experience
500,000 Performance Rights
Member of the Audit and Risk Committee
Non-Executive Director, Bora Bora Resources Limited
B.Com, Gdip.AppCorGov, GAICD, FGIA
Elissa is a Chartered Secretary with over twenty years’ experience
advising management and boards of ASX listed companies on
governance, investor relations and other corporate issues. She has
worked with boards and management of a range of ASX listed
companies including assisting companies through the IPO process.
Elissa is a Chartered Secretary who brings best practice
governance advice, ensuring compliance with the Listing Rules,
Corporations Act and other relevant legislation.
Interest in Shares and Options
175,000 Shares
Special Responsibilities
Directorships held in other listed
entities during the three years
prior to the current year
#Appointed 1 May 2022
175,000 Performance Rights
Member of the Audit and Risk Committee, Company Secretary
Non-Executive Director Zoono Group Limited (ASX:ZNO) and
QMines Limited (ASX:QML)
Principal Activities
protection technologies.
Operating Results
providing for income tax.
Review of Operations
Significant Changes to Activities
No significant changes in the nature of the principal activities occurred during the financial year.
The consolidated loss of the consolidated group amounted to $211,295 (2021: Profit of $467,854) after
Aeeris Ltd is one of the World’s leading aggregators of geospatial data and provides unique location- based
Safety, Operations Management, Severe Weather and All Hazards data and content services.
The Group’s Early Warning Network (EWN) platform and proprietary Spatial Analysis Risk Platform (SARP)
technology system enables Aeeris to provide a range of critical services - live data, content, alerts and
notifications on natural and man-made hazards affecting its clients, and digital tracking, mapping and
monitoring of assets and personnel.
Additionally, the Group’s Climatics platform, Australia’s most comprehensive database of historic acute and
chronic severe weather hazards and warnings, identifies changes in event intensity and severity and season
duration at any location since 1911. Combined with an organisations’ vulnerability and exposure
information, it assists companies with physical risk reporting.
The Group’s services solve natural disaster awareness problems and promote personal and employee
safety, asset protection, risk management, as well as helping to mitigate the financial impact of adverse
events. The SARP system is globally scalable.
COVID-19 Impact Assessment
Aeeris does not expect any further impact on its business from the COVID-19 pandemic.
Aeeris is listed on ASX with the ticker code AER.
Financial Position
The net assets of the consolidated group have increased by $1,330,589 from 30 June 2021 to $2,390,872 in
2022. This increase is largely due to the following factors:
• An increase of $1,312,257 in cash and cash equivalents arising from a $1.5 million capital raise in
October 2021 by way of a placement of new fully paid ordinary shares;
• An increase of $136,200 in trade and other receivables; and offset by
• An increase of $19,515 in trade & other payables.
Significant Changes in State of Affairs
There were no significant changes in the state of affairs of the parent entity during the financial year.
There have been no events after the reporting period and there has been no impact from COVID-19 after
Events After the Reporting Period
balance date.
Aeeris Ltd
ABN 18 166 705 595
Page 4
Aeeris Ltd
ABN 18 166 705 595
Page 5
B. Comm (Accounting/Finance) UNSW
In 2006, Bryce established Veritas Securities Limited as a founding
director after working for a large investment bank and two mid
tiered Australian securities firms. Since then, he has further added
to his skill base by being an active company director for numerous
private ventures in the funds management and IT/digital field.
Interest in Shares and Options
5,361,320 Shares
625,000 Performance Rights
3,540,000 Options
Special Responsibilities
Chairman of the Audit and Risk Committee
Directorships held in other listed
None
entities during the three years
prior to the current year
Bryce Reynolds
Qualifications
Experience
Nathan Young
Qualifications
Experience
B. Comm
Nathan began his career in financial markets over 20 years ago. He
holds a Bachelor of Commerce from The University of Melbourne
and a Graduate Diploma in Applied Finance and Investment. He
has previously been employed by a large Investment Bank and
Hedge Fund focused on trading and investment strategies. In
these organisations one of his roles was to evaluate seed capital,
pre-IPO and listed investment opportunities in the technology
Interest in Shares and Options
500,000 Shares
sector.
500,000 Performance Rights
Special Responsibilities
Member of the Audit and Risk Committee
Directorships held in other listed
Non-Executive Director, Bora Bora Resources Limited
entities during the three years
prior to the current year
Elissa Hansen #
Qualifications
Experience
B.Com, Gdip.AppCorGov, GAICD, FGIA
Elissa is a Chartered Secretary with over twenty years’ experience
advising management and boards of ASX listed companies on
governance, investor relations and other corporate issues. She has
worked with boards and management of a range of ASX listed
companies including assisting companies through the IPO process.
Elissa is a Chartered Secretary who brings best practice
governance advice, ensuring compliance with the Listing Rules,
Corporations Act and other relevant legislation.
Interest in Shares and Options
175,000 Shares
175,000 Performance Rights
Special Responsibilities
Member of the Audit and Risk Committee, Company Secretary
Directorships held in other listed
Non-Executive Director Zoono Group Limited (ASX:ZNO) and
entities during the three years
QMines Limited (ASX:QML)
prior to the current year
#Appointed 1 May 2022
Principal Activities
The principal activity of the consolidated group during the financial year was enterprise asset and people
protection technologies.
Significant Changes to Activities
No significant changes in the nature of the principal activities occurred during the financial year.
Operating Results
The consolidated loss of the consolidated group amounted to $211,295 (2021: Profit of $467,854) after
providing for income tax.
Review of Operations
Aeeris Ltd is one of the World’s leading aggregators of geospatial data and provides unique location- based
Safety, Operations Management, Severe Weather and All Hazards data and content services.
The Group’s Early Warning Network (EWN) platform and proprietary Spatial Analysis Risk Platform (SARP)
technology system enables Aeeris to provide a range of critical services - live data, content, alerts and
notifications on natural and man-made hazards affecting its clients, and digital tracking, mapping and
monitoring of assets and personnel.
Additionally, the Group’s Climatics platform, Australia’s most comprehensive database of historic acute and
chronic severe weather hazards and warnings, identifies changes in event intensity and severity and season
duration at any location since 1911. Combined with an organisations’ vulnerability and exposure
information, it assists companies with physical risk reporting.
The Group’s services solve natural disaster awareness problems and promote personal and employee
safety, asset protection, risk management, as well as helping to mitigate the financial impact of adverse
events. The SARP system is globally scalable.
COVID-19 Impact Assessment
Aeeris does not expect any further impact on its business from the COVID-19 pandemic.
Aeeris is listed on ASX with the ticker code AER.
Financial Position
The net assets of the consolidated group have increased by $1,330,589 from 30 June 2021 to $2,390,872 in
2022. This increase is largely due to the following factors:
• An increase of $1,312,257 in cash and cash equivalents arising from a $1.5 million capital raise in
October 2021 by way of a placement of new fully paid ordinary shares;
• An increase of $136,200 in trade and other receivables; and offset by
• An increase of $19,515 in trade & other payables.
Significant Changes in State of Affairs
There were no significant changes in the state of affairs of the parent entity during the financial year.
Events After the Reporting Period
There have been no events after the reporting period and there has been no impact from COVID-19 after
balance date.
Aeeris Ltd
ABN 18 166 705 595
Page 4
Aeeris Ltd
ABN 18 166 705 595
Page 5
Future Developments, Prospects and Business Strategies
Current areas of strategic focus of the Group include the following:
• Focus on converting the pipeline of potential clients and on-boarding new customer referrals and
lines of enquiry for forecasting, alerting and climate risk reporting services. Several of these
prospects may be material if realised.
• Further development of the Climatics platform to increase sales opportunities.
• Consideration of the replication/expansion of the Groups’ alerting, forecasting and real time data
to other jurisdictions.
Environmental Issues
The Group’s operations are not regulated by any significant environmental regulations under the laws of
the Commonwealth or of a state or territory in Australia.
Dividends Paid or Recommended
No dividends were paid or declared since the start of the financial period. No recommendation for payment
of dividends has been made.
Insurance of Directors and Officers
The Company has entered into an agreement to insure the Directors and Officers of the Company. The
liabilities insured are legal costs that may be incurred defending civil or criminal proceedings that may be
brought against the Directors and Officers in their capacity as officers of the entity, and any other payments
arising from liabilities incurred by the Officers in connection with such proceedings, other than where such
liabilities arise out of conduct involving a wilful breach of duty by the Officers or the improper use by the
Officers of their position or of information to gain advantage for themselves or someone else or to cause
detriment to the Company.
Indemnifying Officers or Auditor
The Company has agreed to indemnify and keep indemnified Directors and Officers against any liability:
incurred in connection with, or as a consequence of the director or officer acting in that capacity, including
representing the Company on any body corporate; and for legal costs incurred in defending an action in
connection with or as a consequence of the Director or officer acting in that capacity.
The indemnity only applies to the extent of the amount that the Directors are not indemnified under any
other indemnity, including an indemnity contained in any insurance policy taken out by the Company,
under the general law or otherwise.
The indemnity does not extend to any liability:
to the Company or a related body corporate of the Company;
•
• arising out of conduct of the Directors or Officers involving a lack of good faith; or
• which is in respect of any negligence, default, breach of duty or breach of trust of which the
Directors or Officers may be guilty in relation to the Company or related body corporate.
No liability has arisen under these indemnities as at the date of this report. No indemnities have been given
or insurance premiums paid during or since the end of the financial year, for any person who is or has been
an auditor of the Company.
Proceedings on Behalf of the Company
No person has applied for leave of court to bring proceedings on behalf of the Company or 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 any part of those proceedings.
The Company was not a party to any such proceedings during the year.
The lead auditor’s independence declaration for the year ended 30 June 2022 has been received and can be
Auditor’s Independence Declaration
found on page 11 of the financial report.
Options
At the date of this report, there were 3,540,000 unissued ordinary shares of Aeeris Ltd under option.
There have been no options granted over unissued shares or interests of any controlled entity within the
Group since the end of the reporting period.
Meetings of Directors
During the financial year, 11 meetings of Directors, excluding committee of Directors were held.
Attendances by each director during the year were as follows:
Directors’ Meetings
Audit & Risk Committee
Number eligible to
attend
Number attended
Number attended
Number eligible to
attend
11
11
11
2
11
11
11
2
4
4
4
-
4
4
4
-
Kerry Plowright
Bryce Reynolds
Nathan Young
Elissa Hansen #
# Appointed 1 May 2022
The board comprises of four Directors.
Aeeris Ltd
ABN 18 166 705 595
Page 6
Aeeris Ltd
ABN 18 166 705 595
Page 7
Future Developments, Prospects and Business Strategies
Current areas of strategic focus of the Group include the following:
• Focus on converting the pipeline of potential clients and on-boarding new customer referrals and
lines of enquiry for forecasting, alerting and climate risk reporting services. Several of these
prospects may be material if realised.
• Further development of the Climatics platform to increase sales opportunities.
• Consideration of the replication/expansion of the Groups’ alerting, forecasting and real time data
The Group’s operations are not regulated by any significant environmental regulations under the laws of
the Commonwealth or of a state or territory in Australia.
No dividends were paid or declared since the start of the financial period. No recommendation for payment
The Company has entered into an agreement to insure the Directors and Officers of the Company. The
liabilities insured are legal costs that may be incurred defending civil or criminal proceedings that may be
brought against the Directors and Officers in their capacity as officers of the entity, and any other payments
arising from liabilities incurred by the Officers in connection with such proceedings, other than where such
liabilities arise out of conduct involving a wilful breach of duty by the Officers or the improper use by the
Officers of their position or of information to gain advantage for themselves or someone else or to cause
to other jurisdictions.
Environmental Issues
Dividends Paid or Recommended
of dividends has been made.
Insurance of Directors and Officers
detriment to the Company.
Indemnifying Officers or Auditor
The Company has agreed to indemnify and keep indemnified Directors and Officers against any liability:
incurred in connection with, or as a consequence of the director or officer acting in that capacity, including
representing the Company on any body corporate; and for legal costs incurred in defending an action in
connection with or as a consequence of the Director or officer acting in that capacity.
The indemnity only applies to the extent of the amount that the Directors are not indemnified under any
other indemnity, including an indemnity contained in any insurance policy taken out by the Company,
under the general law or otherwise.
The indemnity does not extend to any liability:
•
to the Company or a related body corporate of the Company;
• arising out of conduct of the Directors or Officers involving a lack of good faith; or
• which is in respect of any negligence, default, breach of duty or breach of trust of which the
Directors or Officers may be guilty in relation to the Company or related body corporate.
No liability has arisen under these indemnities as at the date of this report. No indemnities have been given
or insurance premiums paid during or since the end of the financial year, for any person who is or has been
an auditor of the Company.
Proceedings on Behalf of the Company
No person has applied for leave of court to bring proceedings on behalf of the Company or 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 any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Auditor’s Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2022 has been received and can be
found on page 11 of the financial report.
Options
At the date of this report, there were 3,540,000 unissued ordinary shares of Aeeris Ltd under option.
There have been no options granted over unissued shares or interests of any controlled entity within the
Group since the end of the reporting period.
Meetings of Directors
During the financial year, 11 meetings of Directors, excluding committee of Directors were held.
Attendances by each director during the year were as follows:
Directors’ Meetings
Audit & Risk Committee
Number eligible to
attend
Number attended
Number eligible to
attend
Number attended
11
11
11
2
11
11
11
2
4
4
4
-
4
4
4
-
Kerry Plowright
Bryce Reynolds
Nathan Young
Elissa Hansen #
# Appointed 1 May 2022
The board comprises of four Directors.
Aeeris Ltd
ABN 18 166 705 595
Page 6
Aeeris Ltd
ABN 18 166 705 595
Page 7
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Nil
Remuneration Report
Remuneration Policy
All key management personnel (including Directors) (“KMP”) of Aeeris Ltd were engaged on fixed
remuneration consultancy agreements for the provision of services. No performance incentives were
issued during the period. The Board of Aeeris Ltd believes, given the size and operations of the Company
during the period, that the remuneration policy to be appropriate. All KMP, including Executive Directors,
are large shareholders in the Company in their own right, providing them with appropriate incentives for
outstanding performance.
All remuneration paid to KMP is valued at the cost to the Company and expensed.
The Board’s policy is to remunerate non-executive Directors at market rates for their time, commitment
and responsibilities. The Board as a whole determines payments to the non-executive Directors and
reviews their remuneration annually, based on market practice, duties and accountability. Independent
external advice may be sought when required. The maximum aggregate amount of fees that can be paid to
non-executive Directors is subject to approval by shareholders at an annual general meeting and is
currently $300,000 per annum
Employment Details of Members of Key Management Personnel (KMP)
Table of Benefits and Payments for the Year Ended 30 June 2021
Group KMP
Position held
as at 30 June
2022 and any
Change during
the Year
Mr K Plowright
Executive
Chairman and
CEO
Mr B Reynolds
Mr N Young
Ms E Hansen#
Non Executive
Director
Non Executive
Director
Non Executive
Director and
Company
Secretary
# Appointed 1 May 2022
Contract Details (Duration and
Termination)
• Executive Consulting contract
with no fixed term. Can be
terminated with 3 months
notice.
• As Managing Director,
exempt from the
requirement to stand for re-
election as a director.
• Re-election as director
required every 3 years.
• Re-election as director
required every 3 years.
• Re-election as director
required every 3 years.
Proportions of
Elements of
Remuneration
Related to
Performance
Proportions of
Elements of
Remuneration
Not Related to
Performance
-
-
-
-
100%
100%
100%
100%
The employment terms and conditions of all executives are formalised in contracts of employment.
Changes in Directors and Executives Subsequent to Year-end
Remuneration Expense Details for the Year Ended 30 June 2022
The following table of benefits and payments represents the components of the current year and
comparative year remuneration expenses for each member of KMP of the Group. Such amounts have been
calculated in accordance with Australian Accounting Standards.
Table of Benefits and Payments for the Year Ended 30 June 2022
Mr. K Plowright *
Remuneration
$139,312
Short Term Benefits Equity-settled Share-based Payments
Shares/Options/Rights
Mr. B Reynolds *
$24,000
Mr. N Young *
$24,000
Ms. E Hansen *#
$8,600
# Appointed 1 May 2022. Remuneration includes Director and Company Secretarial fees.
$195,912
Mr. K Plowright *
Remuneration
$128,382
Short Term Benefits Equity-settled Share-based Payments
Shares/Options/Rights
Mr. B Reynolds *
$24,000
Mr. N Young *
$24,000
$176,382
* Paid through their related entities, refer Note 24.
-
-
-
-
-
-
-
-
-
2022
Total
$139,312
$24,000
$24,000
$8,600
$195,912
2021
Total
$128,382
$24,000
$24,000
$176,382
Securities Received that are Not Performance-Related
No members of KMP are entitled to receive securities that are not performance-based as part of their
remuneration package.
Cash Bonuses, Performance-related Bonuses and Share-Based Payments
There were no cash bonuses, performance-related bonuses or share based payments paid as remuneration
to KMP during the period.
Options and Rights Granted as Remuneration
There were no options or rights issued as remuneration to KMP during the period.
Aeeris Ltd
ABN 18 166 705 595
Page 8
Aeeris Ltd
ABN 18 166 705 595
Page 9
Nil
Remuneration Expense Details for the Year Ended 30 June 2022
The following table of benefits and payments represents the components of the current year and
comparative year remuneration expenses for each member of KMP of the Group. Such amounts have been
calculated in accordance with Australian Accounting Standards.
Table of Benefits and Payments for the Year Ended 30 June 2022
Mr. K Plowright *
Short Term Benefits Equity-settled Share-based Payments
Remuneration
$139,312
Shares/Options/Rights
-
Mr. B Reynolds *
$24,000
Mr. N Young *
$24,000
Ms. E Hansen *#
$8,600
$195,912
-
-
-
-
# Appointed 1 May 2022. Remuneration includes Director and Company Secretarial fees.
Employment Details of Members of Key Management Personnel (KMP)
Table of Benefits and Payments for the Year Ended 30 June 2021
Mr. K Plowright *
Short Term Benefits Equity-settled Share-based Payments
Remuneration
$128,382
Shares/Options/Rights
-
Mr. B Reynolds *
$24,000
Mr. N Young *
$24,000
$176,382
-
-
-
* Paid through their related entities, refer Note 24.
2022
Total
$139,312
$24,000
$24,000
$8,600
$195,912
2021
Total
$128,382
$24,000
$24,000
$176,382
Securities Received that are Not Performance-Related
No members of KMP are entitled to receive securities that are not performance-based as part of their
remuneration package.
Cash Bonuses, Performance-related Bonuses and Share-Based Payments
There were no cash bonuses, performance-related bonuses or share based payments paid as remuneration
to KMP during the period.
Options and Rights Granted as Remuneration
There were no options or rights issued as remuneration to KMP during the period.
Aeeris Ltd
ABN 18 166 705 595
and Controlled Entities
Remuneration Report
Remuneration Policy
All key management personnel (including Directors) (“KMP”) of Aeeris Ltd were engaged on fixed
remuneration consultancy agreements for the provision of services. No performance incentives were
issued during the period. The Board of Aeeris Ltd believes, given the size and operations of the Company
during the period, that the remuneration policy to be appropriate. All KMP, including Executive Directors,
are large shareholders in the Company in their own right, providing them with appropriate incentives for
outstanding performance.
All remuneration paid to KMP is valued at the cost to the Company and expensed.
The Board’s policy is to remunerate non-executive Directors at market rates for their time, commitment
and responsibilities. The Board as a whole determines payments to the non-executive Directors and
reviews their remuneration annually, based on market practice, duties and accountability. Independent
external advice may be sought when required. The maximum aggregate amount of fees that can be paid to
non-executive Directors is subject to approval by shareholders at an annual general meeting and is
currently $300,000 per annum
Group KMP
Contract Details (Duration and
Proportions of
Proportions of
Position held
as at 30 June
2022 and any
Change during
the Year
Termination)
Elements of
Remuneration
Related to
Performance
Elements of
Remuneration
Not Related to
Performance
• Executive Consulting contract
with no fixed term. Can be
terminated with 3 months
notice.
• As Managing Director,
exempt from the
requirement to stand for re-
election as a director.
• Re-election as director
required every 3 years.
• Re-election as director
required every 3 years.
• Re-election as director
required every 3 years.
-
-
-
-
Mr K Plowright
Chairman and
Executive
CEO
Mr B Reynolds
Mr N Young
Ms E Hansen#
Non Executive
Director
Non Executive
Director
Non Executive
Director and
Company
Secretary
# Appointed 1 May 2022
100%
100%
100%
100%
The employment terms and conditions of all executives are formalised in contracts of employment.
Changes in Directors and Executives Subsequent to Year-end
Aeeris Ltd
ABN 18 166 705 595
Page 8
Aeeris Ltd
ABN 18 166 705 595
Page 9
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF
TO THE DIRECTORS OF AEERIS LIMITED AND CONTROLLED ENTITIES
THE CORPORATIONS ACT 2001
ABN 18 166 705 595
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Aeeris Limited.
As the auditor for the audit of the financial report of Aeeris Limited for the year ended 30 June 2022,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
i.
ii.
MNSA Pty Ltd
Allan Facey
Director
Sydney
Dated this 26th August 2022
KMP Shareholdings
The number of ordinary shares in Aeeris Ltd held by each KMP of the Group during the financial year is as
follows:
Balance at 1
July 2021
Granted as
Remuneration
during the
Year
Mr. K Plowright
23,407,803
Mr. B Reynolds
4,591,320
Mr. N Young
500,000
Ms. E Hansen #
-
# Appointed 1 May 2022
* Shares held on appointment as a director
-
-
-
-
Issued on
Exercise of
Performance
Rights during
the Year
-
-
-
-
Other Changes
during the
Year
Balance at 30
June 2022
-
23,407,803
770,000
5,361,320
-
175,000*
500,000
175,000
KMP Performance Rights
The number of performance rights in Aeeris Ltd held by each KMP of the Group during the financial year is
as follows:
Balance at 1
July 2021
Issued during
the year
Mr. K Plowright
950,000
Mr. B Reynolds
625,000
Mr. N Young
500,000
Ms. E Hansen #
-
-
-
-
-
# Appointed 1 May 2022
* Performance Rights held on appointment as a director
Exercised
during the
year
-
Other Changes
during the
Year
-
-
-
-
-
-
175,000*
Balance at 30
June 2022
950,000
625,000
500,000
175,000
Other Equity-related KMP Transactions
There have been no other transactions involving equity instruments other than those described in the
tables above relating to options, rights and shareholdings.
Other Transactions with KMP and/or their Related Parties
There were no other transactions conducted between the Group and KMP or their related parties, apart
from those disclosed above relating to equity, compensation or loans, that were conducted other than in
accordance with normal employee, customer or supplier relationships on terms no more favourable than
those reasonably expected under arm’s length dealings with unrelated persons.
This Directors’ report, incorporating the remuneration report, is signed in accordance with a resolution of
the Board of Directors.
Chairman:
_____________________________________________________
Mr Kerry Plowright
Dated this 26 day of August 2022
Aeeris Ltd
ABN 18 166 705 595
Page 10
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF
THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF AEERIS LIMITED AND CONTROLLED ENTITIES
ABN 18 166 705 595
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Aeeris Limited.
As the auditor for the audit of the financial report of Aeeris Limited for the year ended 30 June 2022,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
i.
ii.
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
MNSA Pty Ltd
Allan Facey
Director
Sydney
Dated this 26th August 2022
The number of ordinary shares in Aeeris Ltd held by each KMP of the Group during the financial year is as
KMP Shareholdings
follows:
Balance at 1
Granted as
July 2021
Remuneration
during the
Year
Issued on
Exercise of
Performance
Rights during
the Year
Other Changes
Balance at 30
during the
June 2022
Year
The number of performance rights in Aeeris Ltd held by each KMP of the Group during the financial year is
Balance at 1
Issued during
July 2021
the year
Exercised
during the
year
Other Changes
Balance at 30
during the
June 2022
Year
Mr. K Plowright
23,407,803
Mr. B Reynolds
4,591,320
Mr. N Young
500,000
Ms. E Hansen #
-
# Appointed 1 May 2022
* Shares held on appointment as a director
KMP Performance Rights
as follows:
Mr. K Plowright
950,000
Mr. B Reynolds
625,000
Mr. N Young
500,000
Ms. E Hansen #
-
# Appointed 1 May 2022
* Performance Rights held on appointment as a director
Other Equity-related KMP Transactions
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
770,000
5,361,320
23,407,803
500,000
175,000
175,000*
950,000
625,000
500,000
175,000
175,000*
There have been no other transactions involving equity instruments other than those described in the
tables above relating to options, rights and shareholdings.
Other Transactions with KMP and/or their Related Parties
There were no other transactions conducted between the Group and KMP or their related parties, apart
from those disclosed above relating to equity, compensation or loans, that were conducted other than in
accordance with normal employee, customer or supplier relationships on terms no more favourable than
those reasonably expected under arm’s length dealings with unrelated persons.
This Directors’ report, incorporating the remuneration report, is signed in accordance with a resolution of
the Board of Directors.
Chairman:
_____________________________________________________
Mr Kerry Plowright
Dated this 26 day of August 2022
Aeeris Ltd
ABN 18 166 705 595
Page 10
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Revenue from continuing operations
Revenue
Other income
Total Revenue
Expenses
Consultants and subcontractors
Depreciation and amortisation expense
Employee benefits expense
Finance costs
Share based payments
SMS communication
Weather reports
Other expenses from ordinary activities
Total Expenses
(Loss)/profit before income tax
Income tax expense
Net (loss)/profit for the year
Earnings per share
From continuing operations
Basic (loss)/profit per share (cents)
Diluted (loss)/profit per share (cents)
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
3
3
4
22
5
6
10
10
2,210,529
471,231
2,681,760
(464,553)
(10,215)
(1,237,189)
(224)
(125,591)
(181,542)
(257,496)
(616,245)
(2,893,055)
(211,295)
-
(211,295)
1,837,691
699,276
2,536,967
(496,210)
(3,874)
(878,615)
(1,954)
-
(107,913)
(201,029)
(379,518)
(2,069,113)
467,854
-
467,854
(0.31)
(0.31)
0.78
0.78
The above consolidated statement of profit or loss should be read in conjunction with the accompanying
notes.
Current Assets
Cash & cash equivalents
Trade & other receivables
Prepayments
Total Current Assets
Non-Current Assets
Property, plant & equipment
Total Non-Current Assets
Total Assets
Current Liabilities
Trade & other payables
Provisions
Total Current Liabilities
Non-Current Liabilities
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Share based payments reserve
Accumulated losses
Total Equity
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
11
12
14
15
16
16
17
27
28
2,739,215
337,988
14,791
3,091,994
1,426,958
201,788
67,623
1,696,369
11,968
11,968
15,490
15,490
3,103,962
1,711,859
586,018
66,279
652,297
60,793
60,793
566,503
35,539
602,042
49,534
49,534
713,090
651,576
2,390,872
1,060,283
6,516,861
206,809
(4,332,798)
2,390,872
5,100,568
81,218
(4,121,503)
1,060,283
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
Aeeris Ltd
ABN 18 166 705 595
Page 12
Aeeris Ltd
ABN 18 166 705 595
Page 13
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Revenue from continuing operations
Revenue
Other income
Total Revenue
Expenses
Consultants and subcontractors
Depreciation and amortisation expense
Employee benefits expense
Finance costs
Share based payments
SMS communication
Weather reports
Other expenses from ordinary activities
Total Expenses
(Loss)/profit before income tax
Income tax expense
Net (loss)/profit for the year
Earnings per share
From continuing operations
Basic (loss)/profit per share (cents)
Diluted (loss)/profit per share (cents)
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
3
3
4
22
5
6
10
10
2,210,529
471,231
2,681,760
(464,553)
(10,215)
(1,237,189)
(224)
(125,591)
(181,542)
(257,496)
(616,245)
(211,295)
-
(211,295)
1,837,691
699,276
2,536,967
(496,210)
(3,874)
(878,615)
(1,954)
-
(107,913)
(201,029)
(379,518)
467,854
-
467,854
(2,893,055)
(2,069,113)
(0.31)
(0.31)
0.78
0.78
The above consolidated statement of profit or loss should be read in conjunction with the accompanying
notes.
Current Assets
Cash & cash equivalents
Trade & other receivables
Prepayments
Total Current Assets
Non-Current Assets
Property, plant & equipment
Total Non-Current Assets
Total Assets
Current Liabilities
Trade & other payables
Provisions
Total Current Liabilities
Non-Current Liabilities
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Share based payments reserve
Accumulated losses
Total Equity
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
11
12
14
15
16
16
17
27
28
2,739,215
337,988
14,791
3,091,994
1,426,958
201,788
67,623
1,696,369
11,968
11,968
15,490
15,490
3,103,962
1,711,859
586,018
66,279
652,297
60,793
60,793
566,503
35,539
602,042
49,534
49,534
713,090
651,576
2,390,872
1,060,283
6,516,861
206,809
(4,332,798)
2,390,872
5,100,568
81,218
(4,121,503)
1,060,283
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
Aeeris Ltd
ABN 18 166 705 595
Page 12
Aeeris Ltd
ABN 18 166 705 595
Page 13
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
Notes
Issued
capital
$
Share based
payments
reserve
$
Accumulated
losses
$
Total
$
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Balance at 1 July 2020
5,100,568
81,218
(4,589,357)
592,429
Profit for the financial year
28
-
-
467,854
467,854
Balance at 30 June 2021
5,100,568
81,218
(4,121,503)
1,060,283
Balance at 1 July 2021
5,100,568
81,218
(4,121,503)
1,060,283
(Loss) for the financial year
28
-
Issue of shares
Share issue costs
1,509,300
(93,007)
-
-
-
Issue of options and performance
rights
-
125,591
(211,295)
(211,295)
-
-
-
1,509,300
(93,007)
125,591
Balance at 30 June 2022
6,516,861
206,809
(4,332,798)
2,390,872
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
Cash flow from operating activities
Receipts from customers
COVID-19 Stimulus Support
Interest received
Research and Development refund
Payments to suppliers & employees
Net cash (used in)/provided by operating activities
21
Cash flow from investing activities
Purchases of property, plant & equipment
Net cash(used in) investing activities
Cash flow from financing activities
Proceeds from the issue of shares
Fund raising expense
Net cash provided by financing activities
Net increase in cash held
Cash & cash equivalents at the beginning of the
financial year
financial year
Cash & cash equivalents at the end of the
2,139,180
-
1,266
469,965
(2,707,754)
(97,343)
(6,693)
(6,693)
1,509,300
(93,007)
1,416,293
1,312,257
1,426,958
1,991,544
222,127
1,918
475,231
(2,056,317)
634,503
(7,402)
(7,402)
-
-
-
627,101
799,857
11
2,739,215
1,426,958
The above consolidated statement of cash flows should be read in conjunction with the accompanying
notes.
Aeeris Ltd
ABN 18 166 705 595
Page 14
Aeeris Ltd
ABN 18 166 705 595
Page 15
Share based
Notes
Issued
capital
$
payments
Accumulated
reserve
$
losses
$
Total
$
Balance at 1 July 2020
5,100,568
81,218
(4,589,357)
592,429
Profit for the financial year
28
-
467,854
467,854
Balance at 30 June 2021
5,100,568
81,218
(4,121,503)
1,060,283
Balance at 1 July 2021
5,100,568
81,218
(4,121,503)
1,060,283
(Loss) for the financial year
28
(211,295)
(211,295)
-
-
Issue of shares
Share issue costs
1,509,300
(93,007)
Issue of options and performance
rights
-
125,591
125,591
Balance at 30 June 2022
6,516,861
206,809
(4,332,798)
2,390,872
-
-
-
1,509,300
(93,007)
-
-
-
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
Notes
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Cash flow from operating activities
Receipts from customers
COVID-19 Stimulus Support
Interest received
Research and Development refund
Payments to suppliers & employees
Net cash (used in)/provided by operating activities
21
Cash flow from investing activities
Purchases of property, plant & equipment
Net cash(used in) investing activities
Cash flow from financing activities
Proceeds from the issue of shares
Fund raising expense
Net cash provided by financing activities
Net increase in cash held
Cash & cash equivalents at the beginning of the
financial year
Cash & cash equivalents at the end of the
financial year
2,139,180
-
1,266
469,965
(2,707,754)
(97,343)
(6,693)
(6,693)
1,509,300
(93,007)
1,416,293
1,312,257
1,426,958
1,991,544
222,127
1,918
475,231
(2,056,317)
634,503
(7,402)
(7,402)
-
-
-
627,101
799,857
11
2,739,215
1,426,958
The above consolidated statement of cash flows should be read in conjunction with the accompanying
notes.
Aeeris Ltd
ABN 18 166 705 595
Page 14
Aeeris Ltd
ABN 18 166 705 595
Page 15
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
These consolidated financial statements and notes represent those of Aeeris Ltd (the “Company”) and
Controlled Entities (the “consolidated group” or “Group”).
The separate financial statements of the parent entity, Aeeris Ltd, have not been presented within this
financial report as permitted by the Corporations Act 2001.
The financial statements were authorised for issue on 26 August 2022 by the Directors of the Company.
NOTE 1. Significant Accounting Policies
Basis of Preparation
These General Purpose consolidated financial statements have been prepared in accordance with the
Corporations Act 2001, Australian Accounting Standards and Interpretations of the Australian Accounting
Standards Board and in compliance with International Financial Reporting Standards as issued by the
International Accounting Standards Board. The Group is a for-profit entity for financial reporting purposes
under Australian Accounting Standards. Material accounting policies adopted in the preparation of these
financial statements are presented below and have been consistently applied unless stated otherwise.
Except for the cash flow information, the financial statements, have been prepared on an accruals basis and
are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-
current assets, financial assets and financial liabilities. The amounts presented in the financial statements have
been rounded to the nearest dollar.
Going Concern
The accounts have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and liabilities in the normal course of business.
The Directors are aware that the Group’s ability to continue as a going concern, and its ability to pay its debts
as and when they fall due, is largely dependent on increases in revenue and successfully managing its short to
medium term liquidity position.
COVID-19 Impact Assessment on Going Concern
The Company enjoys a reliable annuity income stream from blue chip customers. This annuity revenue stream
enables it to map and comfortably manage cashflows for the next 12 months without the assumption of any
new business.
Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Aeeris
Ltd) and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when
it 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 over the entity. A list of the subsidiaries is provided in Note 13.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the
Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or
losses on transactions between group entities are fully eliminated on consolidation. Accounting policies of
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the
accounting policies adopted by the Group.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Business Combinations
consolidation of its assets and liabilities.
Business combinations occur where an acquirer obtains control over one or more businesses and results in the
A business combination is accounted for by applying the acquisition method, unless it is a combination
involving entities or businesses under common control. The business combination will be accounted for from
the date that control is obtained, whereby the fair value of the identifiable assets acquired and liabilities
(including contingent liabilities) assumed are recognised.
When measuring the consideration transferred in the business combination, any asset or liability resulting
from a contingent consideration arrangement is also included. Subsequent to initial recognition, contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity. Contingent consideration classified as an asset or liability is remeasured in each reporting period to fair
value, recognising any change to fair value in profit or loss, unless the change in value can be identified as
existing at acquisition date.
All transaction costs incurred in relation to business combinations, other than those associated with the issue
of a financial instrument, are recognised as expenses in profit or loss when incurred.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the
Goodwill
sum of:
i.
ii.
The consideration transferred;
method); and
Any non-controlling interest (determined under either the full goodwill or proportionate interest
iii.
The acquisition date fair value of any previously held equity interest; over the acquisition date fair
value of any identifiable assets acquired.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition
date fair value of any previously held equity interest shall form the cost of the investment in the separate
financial statements.
Fair value remeasurements in any pre-existing equity holdings are recognised in profit or loss in the period in
which they arise. Where changes in the value of such equity holdings had previously been recognised in other
comprehensive income, such amounts are recycled to profit or loss.
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is
included in investments in associates.
Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of
cash-generating units, representing the lowest level at which goodwill is monitored and not larger than an
operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill
related to the entity disposed of.
Changes in the ownership interests in a subsidiary that do not result in a loss of control are accounted for as
equity transactions and do not affect the carrying amounts of goodwill.
Aeeris Ltd
ABN 18 166 705 595
Page 16
Aeeris Ltd
ABN 18 166 705 595
Page 17
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
These consolidated financial statements and notes represent those of Aeeris Ltd (the “Company”) and
Controlled Entities (the “consolidated group” or “Group”).
The separate financial statements of the parent entity, Aeeris Ltd, have not been presented within this
financial report as permitted by the Corporations Act 2001.
The financial statements were authorised for issue on 26 August 2022 by the Directors of the Company.
NOTE 1. Significant Accounting Policies
Basis of Preparation
These General Purpose consolidated financial statements have been prepared in accordance with the
Corporations Act 2001, Australian Accounting Standards and Interpretations of the Australian Accounting
Standards Board and in compliance with International Financial Reporting Standards as issued by the
International Accounting Standards Board. The Group is a for-profit entity for financial reporting purposes
under Australian Accounting Standards. Material accounting policies adopted in the preparation of these
financial statements are presented below and have been consistently applied unless stated otherwise.
Except for the cash flow information, the financial statements, have been prepared on an accruals basis and
are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-
current assets, financial assets and financial liabilities. The amounts presented in the financial statements have
been rounded to the nearest dollar.
Going Concern
The accounts have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and liabilities in the normal course of business.
COVID-19 Impact Assessment on Going Concern
The Company enjoys a reliable annuity income stream from blue chip customers. This annuity revenue stream
enables it to map and comfortably manage cashflows for the next 12 months without the assumption of any
new business.
Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Aeeris
Ltd) and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when
it 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 over the entity. A list of the subsidiaries is provided in Note 13.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the
Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or
losses on transactions between group entities are fully eliminated on consolidation. Accounting policies of
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the
accounting policies adopted by the Group.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Business Combinations
Business combinations occur where an acquirer obtains control over one or more businesses and results in the
consolidation of its assets and liabilities.
A business combination is accounted for by applying the acquisition method, unless it is a combination
involving entities or businesses under common control. The business combination will be accounted for from
the date that control is obtained, whereby the fair value of the identifiable assets acquired and liabilities
(including contingent liabilities) assumed are recognised.
When measuring the consideration transferred in the business combination, any asset or liability resulting
from a contingent consideration arrangement is also included. Subsequent to initial recognition, contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity. Contingent consideration classified as an asset or liability is remeasured in each reporting period to fair
value, recognising any change to fair value in profit or loss, unless the change in value can be identified as
existing at acquisition date.
All transaction costs incurred in relation to business combinations, other than those associated with the issue
of a financial instrument, are recognised as expenses in profit or loss when incurred.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.
The Directors are aware that the Group’s ability to continue as a going concern, and its ability to pay its debts
as and when they fall due, is largely dependent on increases in revenue and successfully managing its short to
iii.
medium term liquidity position.
Goodwill
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the
sum of:
i.
ii.
The consideration transferred;
Any non-controlling interest (determined under either the full goodwill or proportionate interest
method); and
The acquisition date fair value of any previously held equity interest; over the acquisition date fair
value of any identifiable assets acquired.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition
date fair value of any previously held equity interest shall form the cost of the investment in the separate
financial statements.
Fair value remeasurements in any pre-existing equity holdings are recognised in profit or loss in the period in
which they arise. Where changes in the value of such equity holdings had previously been recognised in other
comprehensive income, such amounts are recycled to profit or loss.
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is
included in investments in associates.
Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of
cash-generating units, representing the lowest level at which goodwill is monitored and not larger than an
operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill
related to the entity disposed of.
Changes in the ownership interests in a subsidiary that do not result in a loss of control are accounted for as
equity transactions and do not affect the carrying amounts of goodwill.
Aeeris Ltd
ABN 18 166 705 595
Page 16
Aeeris Ltd
ABN 18 166 705 595
Page 17
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Income Tax
The income tax expense for the year comprises current income tax expense and deferred tax expense.
Current income tax expense charged to profit or loss is the tax payable on taxable income for the current
period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from)
the relevant taxation authority using the tax rates that have been enacted or substantively enacted by the end
of the reporting period. Deferred income tax expense reflects movements in deferred tax asset and deferred
tax liability balances during the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited directly to equity instead of profit or loss
when the tax relates to items that are recognised outside profit or loss.
its highest and best use.
Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset
or liability where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled and their measurement also reflects the manner in which
management expects to recover or settle the carrying amount of the related asset or liability. With respect to
non-depreciable items of property, plant and equipment measured at fair value and items of investment
property measured at fair value, the related deferred tax liability or deferred tax asset is measured on the
basis that the carrying amount of the asset will be recovered entirely through sale.
The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer
of such financial instruments, by reference to observable market information where such instruments are held
as assets. Where this information is not available, other valuation techniques are adopted and, where
significant, are detailed in the respective note to the financial statements.
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable,
any accumulated depreciation and impairment losses.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent
that it is probable that future taxable profit will be available against which the benefits of the deferred tax
asset can be utilised.
Property
Where temporary differences exist in relation to investments in subsidiaries, branches, associates and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the
temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable
future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended
that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.
Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set-off exists; and (b) the
deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities where it is intended that net settlement or simultaneous
realisation and settlement of the respective asset and liability will occur in future periods in which significant
amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an
orderly transaction between independent, knowledgeable and willing market participants at the measurement
date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used
to determine fair value. Adjustments to market values may be made having regard to the characteristics of the
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are
determined using one or more valuation techniques. These valuation techniques maximise, to the extent
possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or
liability or, in the absence of such a market, the most advantageous market available to the entity at the end
of the reporting period.
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to
use the asset in its highest and best use or to sell it to another market participant that would use the asset in
Freehold land and buildings are carried at their fair value (being the amount for which an asset could be
exchanged between knowledgeable, willing parties in an arm’s length transaction), based on periodic, but at
least triennial, valuations by external independent valuers, less accumulated depreciation for buildings.
Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation
surplus in equity. Decreases that offset previous increases of the same asset are recognised against
revaluation surplus directly in equity; all other decreases are recognised in profit or loss.
Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the
asset and the net amount is restated to the revalued amount of the asset.
Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated
depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is
greater than the estimated recoverable amount, the carrying amount is written down immediately to the
estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation
decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is
made when impairment indicators are present.
The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of
the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected
net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net
cash flows have been discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Aeeris Ltd
ABN 18 166 705 595
Page 18
Aeeris Ltd
ABN 18 166 705 595
Page 19
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Income Tax
The income tax expense for the year comprises current income tax expense and deferred tax expense.
Current income tax expense charged to profit or loss is the tax payable on taxable income for the current
period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from)
the relevant taxation authority using the tax rates that have been enacted or substantively enacted by the end
of the reporting period. Deferred income tax expense reflects movements in deferred tax asset and deferred
tax liability balances during the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited directly to equity instead of profit or loss
when the tax relates to items that are recognised outside profit or loss.
Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset
or liability where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled and their measurement also reflects the manner in which
management expects to recover or settle the carrying amount of the related asset or liability. With respect to
non-depreciable items of property, plant and equipment measured at fair value and items of investment
property measured at fair value, the related deferred tax liability or deferred tax asset is measured on the
basis that the carrying amount of the asset will be recovered entirely through sale.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent
that it is probable that future taxable profit will be available against which the benefits of the deferred tax
asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the
temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable
future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended
that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.
Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set-off exists; and (b) the
deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities where it is intended that net settlement or simultaneous
realisation and settlement of the respective asset and liability will occur in future periods in which significant
amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an
orderly transaction between independent, knowledgeable and willing market participants at the measurement
date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used
to determine fair value. Adjustments to market values may be made having regard to the characteristics of the
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are
determined using one or more valuation techniques. These valuation techniques maximise, to the extent
possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or
liability or, in the absence of such a market, the most advantageous market available to the entity at the end
of the reporting period.
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to
use the asset in its highest and best use or to sell it to another market participant that would use the asset in
its highest and best use.
The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer
of such financial instruments, by reference to observable market information where such instruments are held
as assets. Where this information is not available, other valuation techniques are adopted and, where
significant, are detailed in the respective note to the financial statements.
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable,
any accumulated depreciation and impairment losses.
Property
Freehold land and buildings are carried at their fair value (being the amount for which an asset could be
exchanged between knowledgeable, willing parties in an arm’s length transaction), based on periodic, but at
least triennial, valuations by external independent valuers, less accumulated depreciation for buildings.
Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation
surplus in equity. Decreases that offset previous increases of the same asset are recognised against
revaluation surplus directly in equity; all other decreases are recognised in profit or loss.
Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the
asset and the net amount is restated to the revalued amount of the asset.
Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated
depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is
greater than the estimated recoverable amount, the carrying amount is written down immediately to the
estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation
decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is
made when impairment indicators are present.
The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of
the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected
net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net
cash flows have been discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
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AEERIS LTD
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AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as
expenses in profit or loss during the financial period in which they are incurred.
Classification and Subsequent Measurement
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding
freehold land, is depreciated on a straight-line basis over the asset’s useful life to the consolidated group
commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the
shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Plant and equipment
Plant and equipment leased to external parties
Depreciation Rate
5-33%
10-20%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains
and losses are recognised in profit or loss in the period in which they arise. When revalued assets are sold,
amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.
Financial Instruments
Initial Recognition and Measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual
provisions to the instrument. For financial assets, this is the date that the entity commits itself to either the
purchase or sale of the asset.
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is
classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss
immediately.
derecognised.
iii.
Held-to-maturity investments
method, or cost.
Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at
initial recognition less principal repayments and any reduction for impairment, and adjusted for any
cumulative amortisation of the difference between that initial amount and the maturity amount calculated
using the effective interest method.
The effective interest method is used to allocate interest income or interest expense over the relevant period
and is equivalent to the rate that discounts estimated future cash payments or receipts (including fees,
transaction costs and other premiums or discounts) over the expected life (or when this cannot be reliably
predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or
financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying
amount with a consequential recognition of an income or expense item in profit or loss.
The Group does not designate any interests in subsidiaries, associates or joint ventures as being subject to the
requirements of Accounting Standards specifically applicable to financial instruments.
i.
Financial assets at fair value through profit or loss
Financial assets are classified at “fair value through profit or loss” when they are held for trading for
the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are
designated as such to avoid an accounting mismatch or to enable performance evaluation where a
group of financial assets is managed by key management personnel on a fair value basis in accordance
with a documented risk management or investment strategy. Such assets are subsequently measured
at fair value with changes in carrying amount being included in profit or loss.
ii.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are
recognised in profit or loss through the amortisation process and when the financial asset is
Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed
or determinable payments, and it is the Group’s intention to hold these investments to maturity. They
are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through
the amortisation process and when the financial asset is derecognised.
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AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as
expenses in profit or loss during the financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding
freehold land, is depreciated on a straight-line basis over the asset’s useful life to the consolidated group
commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the
shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Plant and equipment
Plant and equipment leased to external parties
Depreciation Rate
5-33%
10-20%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains
and losses are recognised in profit or loss in the period in which they arise. When revalued assets are sold,
amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.
Financial Instruments
Initial Recognition and Measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual
provisions to the instrument. For financial assets, this is the date that the entity commits itself to either the
purchase or sale of the asset.
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is
classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss
immediately.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Classification and Subsequent Measurement
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest
method, or cost.
Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at
initial recognition less principal repayments and any reduction for impairment, and adjusted for any
cumulative amortisation of the difference between that initial amount and the maturity amount calculated
using the effective interest method.
The effective interest method is used to allocate interest income or interest expense over the relevant period
and is equivalent to the rate that discounts estimated future cash payments or receipts (including fees,
transaction costs and other premiums or discounts) over the expected life (or when this cannot be reliably
predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or
financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying
amount with a consequential recognition of an income or expense item in profit or loss.
The Group does not designate any interests in subsidiaries, associates or joint ventures as being subject to the
requirements of Accounting Standards specifically applicable to financial instruments.
i.
Financial assets at fair value through profit or loss
Financial assets are classified at “fair value through profit or loss” when they are held for trading for
the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are
designated as such to avoid an accounting mismatch or to enable performance evaluation where a
group of financial assets is managed by key management personnel on a fair value basis in accordance
with a documented risk management or investment strategy. Such assets are subsequently measured
at fair value with changes in carrying amount being included in profit or loss.
ii.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are
recognised in profit or loss through the amortisation process and when the financial asset is
derecognised.
iii.
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed
or determinable payments, and it is the Group’s intention to hold these investments to maturity. They
are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through
the amortisation process and when the financial asset is derecognised.
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AEERIS LTD
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AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
iv.
Available-for-sale investments
Available-for-sale investments are non-derivative financial assets that are either not capable of being
classified into other categories of financial assets due to their nature or they are designated as such by
management. They comprise investments in the equity of other entities where there is neither a fixed
maturity nor fixed or determinable payments.
considered.
Derecognition
They are subsequently measured at fair value with any remeasurements other than impairment losses
and foreign exchange gains and losses recognised in other comprehensive income. When the financial
asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in
other comprehensive income is reclassified into profit or loss.
Available-for-sale financial assets are classified as non-current assets when they are not expected to
be sold within 12 months after the end of the reporting period. All other available-for-sale financial
assets are classified as current assets.
v.
Financial liabilities
Non-derivative financial liabilities other than financial guarantees are subsequently measured at
amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and
when the financial liability is derecognised.
Impairment
A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective
evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an
impact on the estimated future cash flows of the financial asset(s).
In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the
instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss
immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income
is reclassified to profit or loss at this point.
In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors
or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or
principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes
in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is
used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible
measures of recovery, if management establishes that the carrying amount cannot be recovered by any
means, at that point the written-off amounts are charged to the allowance account or the carrying amount of
impaired financial assets is reduced directly if no impairment amount was previously recognised in the
allowance account.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
When the terms of financial assets that would otherwise have been past due or impaired have been
renegotiated, the Group recognises the impairment for such financial assets by taking into account the original
terms as if the terms have not been renegotiated so that the loss events that have occurred are duly
Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the
risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations
are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability
extinguished or transferred to another party and the fair value of consideration paid, including the transfer of
non-cash assets or liabilities assumed, is recognised in profit or loss.
Impairment of Assets
At the end of each reporting period, the Group assesses whether there is any indication that an asset may be
impaired. The assessment will include the consideration of external and internal sources of information,
including dividends received from subsidiaries, associates or joint ventures deemed to be out of pre-
acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the
recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in
use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is
recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with
another Standard (e.g. in accordance with the revaluation model in AASB 116: Property, Plant and
Equipment). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with
that other Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible
assets not yet available for use.
Intangibles Other Than Goodwill
IT Research and Development
Expenditure during the research phase of a project is recognised as an expense when incurred. Development
costs are capitalised only when technical feasibility studies identify that the project is expected to deliver
future economic benefits and these benefits can be measured reliably. IT research and development costs are
amortised over 5 years using the prime cost method.
Employee Benefits
Short-Term Employee Benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee
benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12
months after the end of the annual reporting period in which the employees render the related service,
including wages, salaries and sick leave. Short-term employee benefits are measured at the
(undiscounted) amounts expected to be paid when the obligation is settled.
The Group’s obligations for short-term employee benefits such as wages, salaries, superannuation and
leave are recognised as a part of current trade and other payables in the statement of financial position.
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AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
iv.
Available-for-sale investments
Available-for-sale investments are non-derivative financial assets that are either not capable of being
classified into other categories of financial assets due to their nature or they are designated as such by
management. They comprise investments in the equity of other entities where there is neither a fixed
maturity nor fixed or determinable payments.
They are subsequently measured at fair value with any remeasurements other than impairment losses
and foreign exchange gains and losses recognised in other comprehensive income. When the financial
asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in
other comprehensive income is reclassified into profit or loss.
Available-for-sale financial assets are classified as non-current assets when they are not expected to
be sold within 12 months after the end of the reporting period. All other available-for-sale financial
assets are classified as current assets.
v.
Financial liabilities
Non-derivative financial liabilities other than financial guarantees are subsequently measured at
amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and
when the financial liability is derecognised.
Impairment
A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective
evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an
impact on the estimated future cash flows of the financial asset(s).
In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the
instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss
immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income
is reclassified to profit or loss at this point.
In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors
or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or
principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes
in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is
used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible
measures of recovery, if management establishes that the carrying amount cannot be recovered by any
means, at that point the written-off amounts are charged to the allowance account or the carrying amount of
impaired financial assets is reduced directly if no impairment amount was previously recognised in the
allowance account.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
When the terms of financial assets that would otherwise have been past due or impaired have been
renegotiated, the Group recognises the impairment for such financial assets by taking into account the original
terms as if the terms have not been renegotiated so that the loss events that have occurred are duly
considered.
Derecognition
Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the
risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations
are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability
extinguished or transferred to another party and the fair value of consideration paid, including the transfer of
non-cash assets or liabilities assumed, is recognised in profit or loss.
Impairment of Assets
At the end of each reporting period, the Group assesses whether there is any indication that an asset may be
impaired. The assessment will include the consideration of external and internal sources of information,
including dividends received from subsidiaries, associates or joint ventures deemed to be out of pre-
acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the
recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in
use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is
recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with
another Standard (e.g. in accordance with the revaluation model in AASB 116: Property, Plant and
Equipment). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with
that other Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible
assets not yet available for use.
Intangibles Other Than Goodwill
IT Research and Development
Expenditure during the research phase of a project is recognised as an expense when incurred. Development
costs are capitalised only when technical feasibility studies identify that the project is expected to deliver
future economic benefits and these benefits can be measured reliably. IT research and development costs are
amortised over 5 years using the prime cost method.
Employee Benefits
Short-Term Employee Benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee
benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12
months after the end of the annual reporting period in which the employees render the related service,
including wages, salaries and sick leave. Short-term employee benefits are measured at the
(undiscounted) amounts expected to be paid when the obligation is settled.
The Group’s obligations for short-term employee benefits such as wages, salaries, superannuation and
leave are recognised as a part of current trade and other payables in the statement of financial position.
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AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
The Group’s obligations for employees’ annual leave and long service leave entitlements are recognised
as provisions in the statement of financial position.
Other Long-Term Employee Benefits
At this stage there are no long-term leave entitlements.
Equity-Settled Compensation
The Group provides compensation benefits to employees (including Directors) of the Group in the form of
share-based payment transactions, whereby employees render services in exchange for shares or rights
over shares (‘equity-settled transactions’).
The cost of these equity-settled transactions with employees is measured by reference to the fair value at
the date at which they are granted. The fair value is determined by a Black Scholes model. The cost of
equity-settled transactions is recognised, together with a corresponding increase in equity, over the
period in which the performance conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (‘vesting date’).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting
date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in
the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best
available information at balance date. No adjustment is made for the likelihood of market performance
conditions being met as the effect of these conditions is included in the determination of fair value at
grant date.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
conditional upon a market condition. Where the terms of an equity-settled award are modified, as a
minimum an expense is recognised as if the terms had not been modified. In addition, an expense is
recognised for any increase in the value of the transaction as a result of the modification, as measured at
the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and
any expense not yet recognised for the award is recognised immediately. However, if a new award is
substituted for the cancelled award and designated as a replacement award on the date that it is granted,
the cancelled and new award are treated as if they were a modification of the original award, as described
in the previous paragraph.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the
computation of earnings per share.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic benefits will result and that outflow can be reliably
measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at the
end of the reporting period.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits available on demand with banks, other short-
term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are reported within short-term borrowings in current liabilities in the statement of financial
position.
Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking into account
any trade discounts and volume rebates allowed. When the inflow of consideration is deferred, it is
treated as the provision of financing and is discounted at a rate of interest that is generally accepted in
the market for similar arrangements. The difference between the amount initially recognised and the
amount ultimately received is interest revenue.
Revenue from subscriptions is recognised over the period which the relevant service is provided.
Interest revenue is recognised using the effective interest rate method.
Subscription Income
Interest Revenue
Rendering of Services
Revenue in relation to rendering of services depends on whether the outcome of the services can be
measured reliably. If this is the case, then the stage of completion of the service is used to determine the
appropriate level of revenue to be recognised in the period. If the outcome cannot be reliably measured,
then revenue is recognised to the extent of expenses recognised that are recoverable.
Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed
in the ordinary course of business. Receivables expected to be collected within 12 months of the end of
the reporting period are classified as current assets. All other receivables are classified as non-current
assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment.
Trade and Other Payables
Trade and other payables represent the liabilities for goods and services received by the entity that
remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the
amounts normally paid within 30 days of recognition of the liability.
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
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 ATO is included with other receivables or payables in
the statement of financial position.
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ABN 18 166 705 595
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ABN 18 166 705 595
Page 25
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
The Group’s obligations for employees’ annual leave and long service leave entitlements are recognised
as provisions in the statement of financial position.
Other Long-Term Employee Benefits
At this stage there are no long-term leave entitlements.
Equity-Settled Compensation
The Group provides compensation benefits to employees (including Directors) of the Group in the form of
share-based payment transactions, whereby employees render services in exchange for shares or rights
over shares (‘equity-settled transactions’).
The cost of these equity-settled transactions with employees is measured by reference to the fair value at
the date at which they are granted. The fair value is determined by a Black Scholes model. The cost of
equity-settled transactions is recognised, together with a corresponding increase in equity, over the
period in which the performance conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (‘vesting date’).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting
date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in
the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best
available information at balance date. No adjustment is made for the likelihood of market performance
conditions being met as the effect of these conditions is included in the determination of fair value at
grant date.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
conditional upon a market condition. Where the terms of an equity-settled award are modified, as a
minimum an expense is recognised as if the terms had not been modified. In addition, an expense is
recognised for any increase in the value of the transaction as a result of the modification, as measured at
the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and
any expense not yet recognised for the award is recognised immediately. However, if a new award is
substituted for the cancelled award and designated as a replacement award on the date that it is granted,
the cancelled and new award are treated as if they were a modification of the original award, as described
in the previous paragraph.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the
computation of earnings per share.
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic benefits will result and that outflow can be reliably
Provisions
measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at the
end of the reporting period.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits available on demand with banks, other short-
term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are reported within short-term borrowings in current liabilities in the statement of financial
position.
Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking into account
any trade discounts and volume rebates allowed. When the inflow of consideration is deferred, it is
treated as the provision of financing and is discounted at a rate of interest that is generally accepted in
the market for similar arrangements. The difference between the amount initially recognised and the
amount ultimately received is interest revenue.
Subscription Income
Revenue from subscriptions is recognised over the period which the relevant service is provided.
Interest Revenue
Interest revenue is recognised using the effective interest rate method.
Rendering of Services
Revenue in relation to rendering of services depends on whether the outcome of the services can be
measured reliably. If this is the case, then the stage of completion of the service is used to determine the
appropriate level of revenue to be recognised in the period. If the outcome cannot be reliably measured,
then revenue is recognised to the extent of expenses recognised that are recoverable.
Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed
in the ordinary course of business. Receivables expected to be collected within 12 months of the end of
the reporting period are classified as current assets. All other receivables are classified as non-current
assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment.
Trade and Other Payables
Trade and other payables represent the liabilities for goods and services received by the entity that
remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the
amounts normally paid within 30 days of recognition of the liability.
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
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 ATO is included with other receivables or payables in
the statement of financial position.
Aeeris Ltd
ABN 18 166 705 595
Page 24
Aeeris Ltd
ABN 18 166 705 595
Page 25
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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 ATO are presented as operating cash
flows included in receipts from customers or payments to suppliers.
NOTE 2. Parent Information
The following information has been extracted from the books and records of the financial information of
the parent entity and has been prepared in accordance with Australian Accounting Standards.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes
in presentation for the current financial year.
Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or
reclassifies items in its financial statements, an additional (third) statement of financial position as at the
beginning of the preceding period in addition to the minimum comparative financial statements is
presented.
Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgements incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and within
the Group.
Key Estimates
Capitalisation of development costs
Development costs associated with intangible assets are only capitalised by the Group when it can
demonstrate the technical feasibility of completing the asset so that the asset will be available for use or
sale, how the asset will generate future economic benefits and the ability to measure reliably the
expenditure attributable to the intangible asset during its development.
Key Judgements
Share-based payment transactions
The Directors measure the cost of equity-settled share-based payment transactions by reference to the
fair value of the equity instruments at grant date. The fair value is determined by an external valuer using
the Black Scholes Model simulation. The accounting estimates and assumptions relating to equity-settled
share-based payments would have no impact on the carrying amounts of assets and liabilities within the
annual reporting period but may impact expenses and equity.
Revenue
The Directors have assessed the impact of AASB 15: Revenue from Contracts with Customers on the
financial statements and have determined that other than unearned revenue, the Group has recognised
revenue to depict the transfer of services to customers in an amount that reflects the consideration to
which the Group expects to be entitled in exchange for the services.
Unearned revenue
The Directors have assessed the impact of AASB 15: Revenue from Contracts with Customers on the
financial statements and have determined that unearned revenue reflects the value of consideration that
has or will be received before the transfer of services is made to customers.
Statement of Financial Position
ASSETS
Current Assets
Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Non-Current Liabilities
TOTAL LIABILITIES
EQUITY
Issued Capital
Share Based Payments Reserve
Retained Earnings/(accumulated losses)
TOTAL EQUITY
Statement of Profit or Loss
Total (loss)/profit
Guarantees
NOTE 3. Revenue and Other Income
Revenue from Ordinary Activities
Sales Revenue:
Subscription income
Rendering of services
Other Income:
Interest received
COVID-19 stimulus support
Research and development refund
2022
$
1,984,605
4,725,228
6,709,833
-
-
-
6,516,861
206,809
(13,837)
6,709,833
2021
$
567,097
4,725,228
5,292,325
-
-
-
5,019,351
81,218
191,756
5,292,325
(205,593)
1,179
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
1,958,764
251,765
2,210,529
1,266
-
469,965
471,231
1,603,096
234,595
1,837,691
1,918
222,127
475,231
699,276
Aeeris Ltd did not enter into any deed of cross guarantees during the reporting period.
Contingent Liabilities
Aeeris Ltd does not have any contingent liabilities.
Contractual Commitments
Aeeris Ltd does not have any contractual commitments.
Aeeris Ltd
ABN 18 166 705 595
Page 26
Aeeris Ltd
ABN 18 166 705 595
Page 27
Total Revenue and Other Income
2,681,760
2,536,967
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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 ATO are presented as operating cash
flows included in receipts from customers or payments to suppliers.
NOTE 2. Parent Information
The following information has been extracted from the books and records of the financial information of
the parent entity and has been prepared in accordance with Australian Accounting Standards.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes
in presentation for the current financial year.
Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or
reclassifies items in its financial statements, an additional (third) statement of financial position as at the
beginning of the preceding period in addition to the minimum comparative financial statements is
presented.
Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgements incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and within
the Group.
Key Estimates
Capitalisation of development costs
Development costs associated with intangible assets are only capitalised by the Group when it can
demonstrate the technical feasibility of completing the asset so that the asset will be available for use or
sale, how the asset will generate future economic benefits and the ability to measure reliably the
expenditure attributable to the intangible asset during its development.
Key Judgements
Share-based payment transactions
The Directors measure the cost of equity-settled share-based payment transactions by reference to the
fair value of the equity instruments at grant date. The fair value is determined by an external valuer using
the Black Scholes Model simulation. The accounting estimates and assumptions relating to equity-settled
share-based payments would have no impact on the carrying amounts of assets and liabilities within the
annual reporting period but may impact expenses and equity.
Revenue
The Directors have assessed the impact of AASB 15: Revenue from Contracts with Customers on the
financial statements and have determined that other than unearned revenue, the Group has recognised
revenue to depict the transfer of services to customers in an amount that reflects the consideration to
which the Group expects to be entitled in exchange for the services.
Unearned revenue
The Directors have assessed the impact of AASB 15: Revenue from Contracts with Customers on the
financial statements and have determined that unearned revenue reflects the value of consideration that
has or will be received before the transfer of services is made to customers.
Statement of Financial Position
ASSETS
Current Assets
Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Non-Current Liabilities
TOTAL LIABILITIES
EQUITY
Issued Capital
Share Based Payments Reserve
Retained Earnings/(accumulated losses)
TOTAL EQUITY
Statement of Profit or Loss
Total (loss)/profit
2022
$
1,984,605
4,725,228
6,709,833
-
-
-
6,516,861
206,809
(13,837)
6,709,833
2021
$
567,097
4,725,228
5,292,325
-
-
-
5,019,351
81,218
191,756
5,292,325
(205,593)
1,179
Guarantees
Aeeris Ltd did not enter into any deed of cross guarantees during the reporting period.
Contingent Liabilities
Aeeris Ltd does not have any contingent liabilities.
Contractual Commitments
Aeeris Ltd does not have any contractual commitments.
NOTE 3. Revenue and Other Income
Revenue from Ordinary Activities
Sales Revenue:
Subscription income
Rendering of services
Other Income:
Interest received
COVID-19 stimulus support
Research and development refund
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
1,958,764
251,765
2,210,529
1,266
-
469,965
471,231
1,603,096
234,595
1,837,691
1,918
222,127
475,231
699,276
Total Revenue and Other Income
2,681,760
2,536,967
Aeeris Ltd
ABN 18 166 705 595
Page 26
Aeeris Ltd
ABN 18 166 705 595
Page 27
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Short-term employee benefits
These amounts include fees and benefits paid to the executive chair and non-executive Directors as well
as all salary, paid leave benefits, fringe benefits and cash bonuses awarded to executive Directors and
NOTE 4. Employee Benefits Expense
other KMP.
Total wages, salary, super and employee expense
1,237,189
878,615
Share-based Payments
NOTE 5. Other Expenses from Ordinary Activities
Expenses included in other expenses
Internet & Hosting Charges
Legal Costs
Travelling & Accommodation
Corporate Expenses
Corporate Secretarial
Other Administration & Operating Costs
Total Other Expenses
NOTE 6. Income Tax Expense
The components of tax (expense)/income comprise:
Current year tax expense
Recoupment of prior year tax losses
130,248
5,800
20,955
155,316
30,945
272,981
616,245
-
-
-
116,908
2,520
12,964
45,002
24,045
178,079
379,518
121,642
(121,642)
-
These amounts represent the expense related to the participation of KMP in equity-settled benefit
schemes as measured by the fair value of the options, rights and shares granted on grant date.
Further information in relation to KMP remuneration can be found in the Directors’ report.
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
• Auditing or reviewing the financial statements
20,000
22,525
NOTE 8. Auditors’ Remuneration
Remuneration of the auditor for:
NOTE 9. Dividends
No dividends were declared or paid during the 2021 financial year.
NOTE 7. Key Management Personnel Compensation
NOTE 10. Earnings Per Share
Refer to the remuneration report contained in the Directors’ report for details of the remuneration paid
or payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June
2022.
The totals of remuneration paid to KMP of the Company and the Group during the year are as follows:
Short-term employee benefits
195,912
176,382
2022
$
2021
$
Basic and diluted (loss)/earnings per share (cents)
(0.31)
0.78
(Loss)/earnings used to calculate basic and diluted
(loss)/earnings per share ($)
(211,295)
467,854
Weighted average number of ordinary shares used in
the calculation of basic and diluted loss per share
68,189,474
59,973,858
The potential ordinary shares, being its options granted, are not considered dilutive as the conversion of
these options would result in a decrease in the net gain/(loss) per share.
Cash at Bank
2,739,215
1,426,958
NOTE 11. Cash and Cash Equivalents
Reconciliation of cash
Cash and Cash Equivalents reported in the statement of cash flows are reconciled to the equivalent items
in the statement of financial position as follows:
Cash at Bank
2,739,215
1,426,958
Aeeris Ltd
ABN 18 166 705 595
Page 28
Aeeris Ltd
ABN 18 166 705 595
Page 29
NOTE 4. Employee Benefits Expense
Total wages, salary, super and employee expense
1,237,189
878,615
NOTE 5. Other Expenses from Ordinary Activities
Expenses included in other expenses
Internet & Hosting Charges
Legal Costs
Travelling & Accommodation
Corporate Expenses
Corporate Secretarial
Other Administration & Operating Costs
Total Other Expenses
NOTE 6. Income Tax Expense
The components of tax (expense)/income comprise:
Current year tax expense
Recoupment of prior year tax losses
130,248
5,800
20,955
155,316
30,945
272,981
616,245
-
-
-
116,908
2,520
12,964
45,002
24,045
178,079
379,518
121,642
(121,642)
-
Refer to the remuneration report contained in the Directors’ report for details of the remuneration paid
or payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June
2022.
The totals of remuneration paid to KMP of the Company and the Group during the year are as follows:
Short-term employee benefits
195,912
176,382
2022
$
2021
$
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Short-term employee benefits
These amounts include fees and benefits paid to the executive chair and non-executive Directors as well
as all salary, paid leave benefits, fringe benefits and cash bonuses awarded to executive Directors and
other KMP.
Share-based Payments
These amounts represent the expense related to the participation of KMP in equity-settled benefit
schemes as measured by the fair value of the options, rights and shares granted on grant date.
Further information in relation to KMP remuneration can be found in the Directors’ report.
NOTE 8. Auditors’ Remuneration
Remuneration of the auditor for:
• Auditing or reviewing the financial statements
20,000
22,525
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
NOTE 9. Dividends
No dividends were declared or paid during the 2021 financial year.
NOTE 7. Key Management Personnel Compensation
NOTE 10. Earnings Per Share
Basic and diluted (loss)/earnings per share (cents)
(0.31)
0.78
(Loss)/earnings used to calculate basic and diluted
(loss)/earnings per share ($)
(211,295)
467,854
Weighted average number of ordinary shares used in
the calculation of basic and diluted loss per share
68,189,474
59,973,858
The potential ordinary shares, being its options granted, are not considered dilutive as the conversion of
these options would result in a decrease in the net gain/(loss) per share.
NOTE 11. Cash and Cash Equivalents
Cash at Bank
2,739,215
1,426,958
Reconciliation of cash
Cash and Cash Equivalents reported in the statement of cash flows are reconciled to the equivalent items
in the statement of financial position as follows:
Cash at Bank
2,739,215
1,426,958
Aeeris Ltd
ABN 18 166 705 595
Page 28
Aeeris Ltd
ABN 18 166 705 595
Page 29
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 12. Trade and Other Receivables
Current
Trade Receivables
GST Paid
Total Current Trade and Other Receivables
Consolidated
30-Jun-2022
$
300,519
37,469
337,988
Consolidated
30-Jun-2021
$
191,354
10,434
201,788
Credit Risk
The Group has no significant concentration of credit risk with respect to any single counterparty or group
of counterparties other than those receivables specifically provided for and mentioned within Note 25.
The class of assets described as “trade and other receivables” is considered to be the main source of
credit risk related to the Group.
The following table details the Group’s trade and other receivables exposure to credit risk with ageing
analysis and impairment provided for thereon. Amounts are considered as “past due” when the debt has
not been settled, with the terms and conditions agreed between the Group and the customer or
counterparty to the transaction. Receivables that are past due are assessed for impairment by
ascertaining solvency of the debtors and are provided for where there are specific circumstances
indicating that the debt may not be fully repaid to the Group.
The balances of receivables that remain within initial trade terms are considered to be of high credit
quality.
Gross
Amount
178,068
178,068
201,788
201,788
2022
Trade
Receivables
Total
2021
Trade
Receivables
Total
Past Due
and
Impaired
Past Due but Not Impaired
(Days Overdue)
<30
31-60
61-90
>90
Within Initial Trade
Terms
-
-
-
-
176,237
176,237
-
-
-
-
1,831
1,831
176,237
176,237
<30
31-60
61-90
>90
171,476
171,476
-
-
-
-
30,312
30,312
171,476
171,476
NOTE 13. Interests in Subsidiary
Subsidiary
The subsidiary listed below has share capital consisting solely of ordinary shares which are held directly by
the Group. The proportion of ownership interests held equals the voting rights held by the Group. The
subsidiary’s principal place of business is also its country of incorporation.
Name of Subsidiary
Principle Place of Business
Early Warning Network Pty Ltd
Australia
Ownership Interest Held by the
Group
2022
100%
2021
100%
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
NOTE 14. Property, Plant and Equipment
Office Equipment
At cost
Accumulated depreciation
Camera Equipment
At cost
Accumulated depreciation
Furniture and Fittings
At cost
Accumulated depreciation
Motor Vehicles
At cost
Accumulated depreciation
Total Property, Plant and Equipment
44,700
(39,542)
5,158
50,288
(49,302)
986
7,890
(3,583)
4,307
12,000
(10,483)
1,517
11,968
38,007
(31,343)
6,664
50,288
(48,642)
1,646
7,890
(2,733)
5,157
12,000
(9,977)
2,023
15,490
Aeeris Ltd
ABN 18 166 705 595
Page 30
Aeeris Ltd
ABN 18 166 705 595
Page 31
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 12. Trade and Other Receivables
Current
Trade Receivables
GST Paid
Credit Risk
Total Current Trade and Other Receivables
Consolidated
30-Jun-2022
$
300,519
37,469
337,988
Consolidated
30-Jun-2021
$
191,354
10,434
201,788
The Group has no significant concentration of credit risk with respect to any single counterparty or group
of counterparties other than those receivables specifically provided for and mentioned within Note 25.
The class of assets described as “trade and other receivables” is considered to be the main source of
credit risk related to the Group.
The following table details the Group’s trade and other receivables exposure to credit risk with ageing
analysis and impairment provided for thereon. Amounts are considered as “past due” when the debt has
not been settled, with the terms and conditions agreed between the Group and the customer or
counterparty to the transaction. Receivables that are past due are assessed for impairment by
ascertaining solvency of the debtors and are provided for where there are specific circumstances
indicating that the debt may not be fully repaid to the Group.
The balances of receivables that remain within initial trade terms are considered to be of high credit
quality.
2022
Trade
2021
Trade
Gross
Past Due
and
Amount
Impaired
Past Due but Not Impaired
(Days Overdue)
Within Initial Trade
Terms
<30
31-60
61-90
>90
Receivables
Total
178,068
178,068
Receivables
Total
201,788
201,788
-
-
-
-
176,237
176,237
171,476
171,476
-
-
-
-
-
-
-
-
<30
31-60
61-90
>90
1,831
1,831
176,237
176,237
30,312
30,312
171,476
171,476
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 13. Interests in Subsidiary
Subsidiary
The subsidiary listed below has share capital consisting solely of ordinary shares which are held directly by
the Group. The proportion of ownership interests held equals the voting rights held by the Group. The
subsidiary’s principal place of business is also its country of incorporation.
Name of Subsidiary
Principle Place of Business
Early Warning Network Pty Ltd
Australia
Ownership Interest Held by the
Group
2022
100%
2021
100%
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
NOTE 14. Property, Plant and Equipment
Office Equipment
At cost
Accumulated depreciation
Camera Equipment
At cost
Accumulated depreciation
Furniture and Fittings
At cost
Accumulated depreciation
Motor Vehicles
At cost
Accumulated depreciation
Total Property, Plant and Equipment
44,700
(39,542)
5,158
50,288
(49,302)
986
7,890
(3,583)
4,307
12,000
(10,483)
1,517
11,968
38,007
(31,343)
6,664
50,288
(48,642)
1,646
7,890
(2,733)
5,157
12,000
(9,977)
2,023
15,490
Aeeris Ltd
ABN 18 166 705 595
Page 30
Aeeris Ltd
ABN 18 166 705 595
Page 31
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 15. Trade and Other Payables
Current
Trade Payables
Superannuation Liability
GST Collected
PAYG Withholding
Sundry Creditors
Unearned Income
NOTE 16. Provisions
Current
Annual Leave Provision
Opening Balance at 1 July
Net movement during the year
Balance at 30 June
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
37,426
9,602
47,145
19,823
1,078
470,944
586,018
35,539
30,740
66,279
79,998
6,100
40,347
26,641
25,084
388,333
566,503
41,357
(5,818)
35,539
Annual Leave Provision
Provision for employee benefits represents amounts accrued for annual leave and long service leave.
The current portion for this provision includes the total amount accrued for annual leave entitlements
that have vested due to employees having completed the required period of service. Based on past
experience, the Group does not expect the full amount of annual leave balances classified as current
liabilities to be settled within the next 12 months. However, these amounts must be classified as current
liabilities since the Group does not have an unconditional right to defer the settlement of these amounts
in the event employees wish to use their leave entitlement.
Non-Current
Long Service Leave Provision
Opening Balance at 1 July
Net movement during the year
Balance at 30 June
49,534
11,259
60,793
-
49,534
49,534
Long Service Leave Provision
The non-current portion for the provision includes the total amount accrued for long service leave
entitlements due to employees having completed between 5 to 10 years of service. The Group does not
expect the full amount of long service leave balances to be classified as current liabilities until any
employees have completed 10 years of service.
NOTE 17. Issued Capital
71,583,858 (2021: 59,973,858) Fully Paid Ordinary Shares
6,516,861
5,100,568
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Consolidated
30-Jun-2021
No.
Consolidated
30-Jun-2020
No.
59,973,858
10,840,000
770,000
71,583,858
59,973,858
-
-
59,973,858
Ordinary Shares
At the beginning of the reporting period
Shares Issued – 11 October 2021
Shares issued – 6 December 2021
At the end of the reporting period
Ordinary shareholders participate in dividends and the proceeds on winding-up of the parent entity in
proportion to the number of shares held.
At the shareholders’ meeting each ordinary share is entitled to one vote when a poll is called, otherwise
each shareholder has one vote on a show of hands.
Options
For more information relating to the Aeeris Ltd employee option plan, including details of options issued,
exercised and lapsed during the financial year and the options outstanding at year-end, refer to Note 22.
For information relating to share options issued to key management personnel during the financial year,
refer to Note 24.
Capital Management
a going concern.
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio,
generate long-term shareholder value and ensure that the Group can fund its operations and continue as
The Group’s debt and capital include financial liabilities and ordinary share capital and is not subject to
any externally imposed capital requirements. Management effectively manages the Group’s capital by
assessing the Group’s financial risks and adjusting its capital structure in response to changes in these
risks and in the market. These responses include the management of debt levels, distributions to
shareholders and share issues.
NOTE 18. Capital and Leasing Commitments
There are no capital or leasing commitments at the date of this report.
NOTE 19. Contingent Liabilities and Contingent Assets
The Company does not have any contingent liabilities or contingent assets.
Aeeris Ltd
ABN 18 166 705 595
Page 32
Aeeris Ltd
ABN 18 166 705 595
Page 33
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
NOTE 17. Issued Capital
71,583,858 (2021: 59,973,858) Fully Paid Ordinary Shares
6,516,861
5,100,568
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Ordinary Shares
At the beginning of the reporting period
Shares Issued – 11 October 2021
Shares issued – 6 December 2021
At the end of the reporting period
Consolidated
30-Jun-2021
No.
Consolidated
30-Jun-2020
No.
59,973,858
10,840,000
770,000
71,583,858
59,973,858
-
-
59,973,858
Ordinary shareholders participate in dividends and the proceeds on winding-up of the parent entity in
proportion to the number of shares held.
At the shareholders’ meeting each ordinary share is entitled to one vote when a poll is called, otherwise
each shareholder has one vote on a show of hands.
Options
For more information relating to the Aeeris Ltd employee option plan, including details of options issued,
exercised and lapsed during the financial year and the options outstanding at year-end, refer to Note 22.
For information relating to share options issued to key management personnel during the financial year,
refer to Note 24.
Capital Management
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio,
generate long-term shareholder value and ensure that the Group can fund its operations and continue as
a going concern.
The Group’s debt and capital include financial liabilities and ordinary share capital and is not subject to
any externally imposed capital requirements. Management effectively manages the Group’s capital by
assessing the Group’s financial risks and adjusting its capital structure in response to changes in these
risks and in the market. These responses include the management of debt levels, distributions to
shareholders and share issues.
NOTE 18. Capital and Leasing Commitments
There are no capital or leasing commitments at the date of this report.
NOTE 19. Contingent Liabilities and Contingent Assets
The Company does not have any contingent liabilities or contingent assets.
NOTE 15. Trade and Other Payables
Current
Trade Payables
Superannuation Liability
GST Collected
PAYG Withholding
Sundry Creditors
Unearned Income
NOTE 16. Provisions
Current
Annual Leave Provision
Opening Balance at 1 July
Net movement during the year
Balance at 30 June
Annual Leave Provision
Non-Current
Long Service Leave Provision
Opening Balance at 1 July
Net movement during the year
Balance at 30 June
Long Service Leave Provision
Provision for employee benefits represents amounts accrued for annual leave and long service leave.
The current portion for this provision includes the total amount accrued for annual leave entitlements
that have vested due to employees having completed the required period of service. Based on past
experience, the Group does not expect the full amount of annual leave balances classified as current
liabilities to be settled within the next 12 months. However, these amounts must be classified as current
liabilities since the Group does not have an unconditional right to defer the settlement of these amounts
in the event employees wish to use their leave entitlement.
The non-current portion for the provision includes the total amount accrued for long service leave
entitlements due to employees having completed between 5 to 10 years of service. The Group does not
expect the full amount of long service leave balances to be classified as current liabilities until any
employees have completed 10 years of service.
37,426
9,602
47,145
19,823
1,078
470,944
586,018
35,539
30,740
66,279
79,998
6,100
40,347
26,641
25,084
388,333
566,503
41,357
(5,818)
35,539
49,534
11,259
60,793
-
49,534
49,534
Aeeris Ltd
ABN 18 166 705 595
Page 32
Aeeris Ltd
ABN 18 166 705 595
Page 33
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Note 20. Operating Segments
The Group operates predominantly in one business and one geographical segment being early warning
notifications within Australia.
Revenue
Operating revenue
Interest revenue
Other revenue
Research and development refund
Total revenue
Expenses
Other expenses
Depreciation, amortisation & impairment expenses
Total expenses
Segment results
Assets
Current assets
Non-current assets
Total Assets
Current Liabilities
Non-current liabilities
Total Liabilities
Net Assets
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
NOTE 21. Cash Flow Information
Reconciliation of Cash Flow from Operating Activities
Profit/(loss) during the year
(211,295)
467,854
2,210,529
1,266
-
469,965
2,681,760
(2,882,840)
(10,215)
(2,893,055)
1,837,691
1,918
222,127
475,231
2,536,967
(2,065,239)
(3,874)
(2,069,113)
(211,295)
467,854
3,091,994
11,968
3,103,962
652,297
60,793
713,090
1,696,369
15,490
1,711,859
602,042
49,534
651,576
2,390,872
1,060,283
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Non-Cash flows
Depreciation, amortisation and impairment
Share based payments
Changes in assets and liabilities, net of the effects of
purchase and disposal of subsidiaries
Decrease/(increase) in trade and other receivables
(Increase)/decrease in prepayments
Increase/(decrease) in trade and other payables
Increase/(decrease) in provisions
Cash flows from operating activities
NOTE 22. Share-Based Payments
A summary of the movements of all options issued is as follows:
10,215
125,591
(136,200)
52,832
19,515
41,999
(97,343)
3,874
-
132,396
(59,151)
45,814
43,716
634,503
Options Outstanding as at 1 July
Granted during the year
Options Outstanding at 30 June
Consolidated
Consolidated
Consolidated
Consolidated
30-Jun-2022
30-Jun-2022
30-Jun-2021
30-Jun-2021
No.
$
No.
-
3,540,000
3,540,000
$
-
125,591
-
-
-
All options granted during the year were issued to Veritas Securities Limited at an exercise price of $0.30
and expire on 6 December 2025. The options were issued in consideration for corporate advisory services
provided to the Company as approved by shareholders at the Annual General Meeting held on 30
November 2021.
Performance Rights Outstanding as at 1 July
Performance Rights issued during the year
Performance Rights converted during the year
Performance Rights Outstanding at 30 June
3,312,500
600,000
-
3,912,500
3,312,500
3,312,500
The value of the performance rights issued during the year were $nil (2021: $nil). There were no shares
granted to key management personnel during the year.
NOTE 23. Events after the Reporting Period
There have been no events after the reporting period and there has been no material impact on the
Financial Statements from COVID-19 after balance date.
-
-
-
-
Aeeris Ltd
ABN 18 166 705 595
Page 34
Aeeris Ltd
ABN 18 166 705 595
Page 35
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
The Group operates predominantly in one business and one geographical segment being early warning
Note 20. Operating Segments
notifications within Australia.
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Research and development refund
Depreciation, amortisation & impairment expenses
Revenue
Operating revenue
Interest revenue
Other revenue
Total revenue
Expenses
Other expenses
Total expenses
Segment results
Assets
Current assets
Non-current assets
Total Assets
Current Liabilities
Non-current liabilities
Total Liabilities
Net Assets
2,210,529
1,266
-
469,965
2,681,760
(2,882,840)
(10,215)
(2,893,055)
3,091,994
11,968
3,103,962
652,297
60,793
713,090
1,837,691
1,918
222,127
475,231
2,536,967
(2,065,239)
(3,874)
(2,069,113)
1,696,369
15,490
1,711,859
602,042
49,534
651,576
(211,295)
467,854
2,390,872
1,060,283
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 21. Cash Flow Information
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
Reconciliation of Cash Flow from Operating Activities
Profit/(loss) during the year
(211,295)
467,854
Non-Cash flows
Depreciation, amortisation and impairment
Share based payments
Changes in assets and liabilities, net of the effects of
purchase and disposal of subsidiaries
Decrease/(increase) in trade and other receivables
(Increase)/decrease in prepayments
Increase/(decrease) in trade and other payables
Increase/(decrease) in provisions
Cash flows from operating activities
NOTE 22. Share-Based Payments
A summary of the movements of all options issued is as follows:
10,215
125,591
(136,200)
52,832
19,515
41,999
(97,343)
3,874
-
132,396
(59,151)
45,814
43,716
634,503
Consolidated
30-Jun-2022
No.
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
No.
Consolidated
30-Jun-2021
$
Options Outstanding as at 1 July
Granted during the year
Options Outstanding at 30 June
-
3,540,000
3,540,000
-
125,591
-
-
-
-
-
All options granted during the year were issued to Veritas Securities Limited at an exercise price of $0.30
and expire on 6 December 2025. The options were issued in consideration for corporate advisory services
provided to the Company as approved by shareholders at the Annual General Meeting held on 30
November 2021.
Performance Rights Outstanding as at 1 July
Performance Rights issued during the year
Performance Rights converted during the year
Performance Rights Outstanding at 30 June
3,312,500
600,000
-
3,912,500
3,312,500
-
-
3,312,500
The value of the performance rights issued during the year were $nil (2021: $nil). There were no shares
granted to key management personnel during the year.
NOTE 23. Events after the Reporting Period
There have been no events after the reporting period and there has been no material impact on the
Financial Statements from COVID-19 after balance date.
Aeeris Ltd
ABN 18 166 705 595
Page 34
Aeeris Ltd
ABN 18 166 705 595
Page 35
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 24. Related Party Transactions
The Group’s main related parties are as follows:
• Key Management Personnel
Any person(s) having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any director (whether executive or
otherwise) of that entity are considered key management personnel.
For details of disclosures relating to key management personnel, refer to Note 7.
• Entities subject to significant influence by the Group
An entity that has the power to participate in the financial and operating policy decisions of an
entity, but does not have control over those policies, is an entity that holds significant influence.
Significant influence may be gained by share ownership statute or agreement.
• Other Related Parties
Other related parties include entities controlled by the ultimate parent entity and entities over
which key management personnel have joint control.
Transactions with Related Parties
Transactions between related parties are on normal commercial terms and conditions no more favourable
than those available to other parties unless otherwise stated.
The following transactions occurred with related parties:
Kerry Plowright through his controlled entity WASPZ Pty Ltd, was paid $24,000 (2021: $24,000) for
director’s fees including superannuation and $115,312 (2021: $104,382) for consulting services rendered
during the year.
Bryce Reynolds through his related party entity Bluestar Management Pty Ltd, was paid $24,000 (2021:
$24,000) for director’s fees including superannuation during the year. Also 3,540,000 options were issued
to his related party entity Veritas Securities Limited at an exercise price of $0.30 and expire on 6
December 2025. The options were issued in consideration for corporate advisory services provided by
Veritas Securities Limited to the Company as approved by shareholders at the Annual General Meeting
held on 30 November 2021.
Nathan Young through his related party entity Mychi Le Investments Pty Ltd, was paid $24,000 (2021:
$24,000) for director’s fees including superannuation during the year.
Elissa Hansen through her related party entity, CoSec Services Pty Ltd was paid $8,600 for Company
Secretarial services and director’s fees since the date of her appointment of 1 May 2022.
Margo Plowright, the spouse of Kerry Plowright, was paid $80,463 (2021: $24,914) for services rendered
during the year.
Credit Risk Exposures
The Group’s financial instruments consist mainly of deposits with banks, accounts receivables and
NOTE 25. Financial Risk Management
payables and loans to subsidiaries.
The totals for each category of financial instruments, measured in accordance with AASB 139: Financial
Instruments: Recognition and Measurement as detailed in the accounting policies to these financial
statements, are as follows:
Note
11
12
15
Consolidated Group
2022
$
2021
$
2,739,215
337,988
3,077,203
1,426,958
201,788
1,628,746
586,018
586,018
566,503
566,503
Financial Assets
Cash and Cash Equivalents
Trade and Other Receivables
Total Financial Assets
Financial Liabilities
Trade and Other Payables
Total Financial Liabilities
from the previous period.
a) Credit Risk
Financial Risk Exposures and Management
The Group has no exposure through financial instruments and therefore has minimal credit risk and
liquidity risk. There have been no substantive changes in the types of risks the Group is exposed to, how
these risks arise, or the Board’s objectives, policies and processes for managing or measuring the risks
Exposure to credit risk relating to financial assets arises from the potential non-performance by
counterparties of contract obligations that could lead to a financial loss to the Group.
Credit risk is managed through the maintenance of procedures (such as the utilisation of systems for the
approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and
monitoring of the financial stability of significant customers and counterparties), ensuring to the extent
possible that customers and counterparties to transactions are of sound credit worthiness. Such
monitoring is used in assessing receivables for impairment. Depending on the division within the Group,
credit terms are generally 30 days from the invoice date.
The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting
period, excluding the value of any collateral or other security held, is equivalent to the carrying amount
and classification of those financial assets (net of any provisions) as presented in the statement of
financial position. Credit risk also arises through the provision of financial guarantees, as approved at
board level, given to parties securing the liabilities of certain subsidiaries.
Aeeris Ltd
ABN 18 166 705 595
Page 36
Aeeris Ltd
ABN 18 166 705 595
Page 37
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
NOTE 24. Related Party Transactions
The Group’s main related parties are as follows:
• Key Management Personnel
Any person(s) having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any director (whether executive or
otherwise) of that entity are considered key management personnel.
For details of disclosures relating to key management personnel, refer to Note 7.
• Entities subject to significant influence by the Group
An entity that has the power to participate in the financial and operating policy decisions of an
entity, but does not have control over those policies, is an entity that holds significant influence.
Significant influence may be gained by share ownership statute or agreement.
• Other Related Parties
Other related parties include entities controlled by the ultimate parent entity and entities over
which key management personnel have joint control.
Transactions with Related Parties
Transactions between related parties are on normal commercial terms and conditions no more favourable
than those available to other parties unless otherwise stated.
The following transactions occurred with related parties:
Kerry Plowright through his controlled entity WASPZ Pty Ltd, was paid $24,000 (2021: $24,000) for
director’s fees including superannuation and $115,312 (2021: $104,382) for consulting services rendered
during the year.
Bryce Reynolds through his related party entity Bluestar Management Pty Ltd, was paid $24,000 (2021:
$24,000) for director’s fees including superannuation during the year. Also 3,540,000 options were issued
to his related party entity Veritas Securities Limited at an exercise price of $0.30 and expire on 6
December 2025. The options were issued in consideration for corporate advisory services provided by
Veritas Securities Limited to the Company as approved by shareholders at the Annual General Meeting
held on 30 November 2021.
Nathan Young through his related party entity Mychi Le Investments Pty Ltd, was paid $24,000 (2021:
$24,000) for director’s fees including superannuation during the year.
Elissa Hansen through her related party entity, CoSec Services Pty Ltd was paid $8,600 for Company
Secretarial services and director’s fees since the date of her appointment of 1 May 2022.
Margo Plowright, the spouse of Kerry Plowright, was paid $80,463 (2021: $24,914) for services rendered
during the year.
NOTE 25. Financial Risk Management
The Group’s financial instruments consist mainly of deposits with banks, accounts receivables and
payables and loans to subsidiaries.
The totals for each category of financial instruments, measured in accordance with AASB 139: Financial
Instruments: Recognition and Measurement as detailed in the accounting policies to these financial
statements, are as follows:
Financial Assets
Cash and Cash Equivalents
Trade and Other Receivables
Total Financial Assets
Financial Liabilities
Trade and Other Payables
Total Financial Liabilities
Note
11
12
15
Consolidated Group
2021
2022
$
$
2,739,215
337,988
3,077,203
1,426,958
201,788
1,628,746
586,018
586,018
566,503
566,503
Financial Risk Exposures and Management
The Group has no exposure through financial instruments and therefore has minimal credit risk and
liquidity risk. There have been no substantive changes in the types of risks the Group is exposed to, how
these risks arise, or the Board’s objectives, policies and processes for managing or measuring the risks
from the previous period.
a) Credit Risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by
counterparties of contract obligations that could lead to a financial loss to the Group.
Credit risk is managed through the maintenance of procedures (such as the utilisation of systems for the
approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and
monitoring of the financial stability of significant customers and counterparties), ensuring to the extent
possible that customers and counterparties to transactions are of sound credit worthiness. Such
monitoring is used in assessing receivables for impairment. Depending on the division within the Group,
credit terms are generally 30 days from the invoice date.
Credit Risk Exposures
The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting
period, excluding the value of any collateral or other security held, is equivalent to the carrying amount
and classification of those financial assets (net of any provisions) as presented in the statement of
financial position. Credit risk also arises through the provision of financial guarantees, as approved at
board level, given to parties securing the liabilities of certain subsidiaries.
Aeeris Ltd
ABN 18 166 705 595
Page 36
Aeeris Ltd
ABN 18 166 705 595
Page 37
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
The Group has no significant concentrations of credit risk with any single counterparty or group of
counterparties. Details with respect to credit risk of trade and other receivables are provided in Note 12.
Fair Value Estimations
Trade and other receivables that are neither past due nor impaired are considered to be of high credit
quality. Aggregates of such amounts are detailed in Note 12.
b) Liquidity Risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or
otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the
following mechanisms:
• preparing forward-looking cash flow analysis in relation to its operating, investing and financing
activities;
• obtaining funding from a variety of sources;
• maintaining a reputable credit profile;
• managing credit risk related to financial assets;
• only investing surplus cash with major financial institutions; and
•
comparing the maturity profile of financial liabilities with the realisation profile of financial assets.
Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation.
Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to
settle financial liabilities reflects the earliest contractual settlement dates and does not reflect
management’s expectations that banking facilities will be rolled forward.
Consolidated
Group
Financial
Liabilities due for
Payment
Trade and other
Payables
Total Expected
Outflows
Financial Assets –
Cash Flows
Realisable
Trade and other
Receivables
Total anticipated
inflows
Net
(outflow)/inflow
on financial
instruments
Within 1 Year
1 to 5 Years
Over 5 Years
Total
2022
2021
2022
2021
2022
2021
2022
2021
586,018
566,503
586,018
566,503
337,988
201,788
337,988
201,788
(248,030)
(364,715)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
586,018
566,503
586,018
566,503
337,988
201,788
337,988
201,788
-
(248,030)
(364,715)
The fair values of financial assets and financial liabilities are presented in the following table and can be
compared to their carrying amounts as presented in the statement of financial position. Refer to Note 26
for detailed disclosures regarding the fair value measurement of the Group’s financial assets and financial
liabilities.
Consolidated Group
Note
Financial Assets
Cash and Cash
Equivalents
Trade and Other
Receivables
Total Financial Assets
Financial Liabilities
Trade and Other
Payables
Total Financial
Liabilities
11
12
15
2022
Carrying
Amount
Fair Value
Fair Value
2021
Carrying
Amount
2,739,215
2,739,215
1,426,958
1,426,958
337,988
3,077,203
337,988
3,077,203
201,788
1,628,746
201,788
1,628,746
586,018
586,018
566,503
586,018
586,018
566,503
566,503
566,503
Cash and cash equivalents, trade and other receivables, and trade and other payables are short-term
instruments in nature whose carrying amounts are equivalent to their fair values.
NOTE 26. Fair Value Measurements
The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.
Fair Value Hierarchy
AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair
value hierarchy, which categorises fair value measurements into one of three possible levels based on the
lowest level that an input that is significant to the measurement can be categorised into as follows:
Level 1
Level 2
Level 3
Measurements based on
other than quoted prices
quoted prices in active markets
included in Level 1 that are
Measurements based on inputs
for identical assets or liabilities
observable for the asset or
Measurements based on
that the entity can access at the
liability, either directly or
unobservable inputs for the asset or
measurement date.
indirectly.
liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of
observable market data. If all significant inputs required to measure fair value are observable, the asset or
liability is included in Level 2. If one or more significant inputs are not based on observable market data,
the asset or liability is included in Level 3.
Aeeris Ltd
ABN 18 166 705 595
Page 38
Aeeris Ltd
ABN 18 166 705 595
Page 39
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
The Group has no significant concentrations of credit risk with any single counterparty or group of
counterparties. Details with respect to credit risk of trade and other receivables are provided in Note 12.
Trade and other receivables that are neither past due nor impaired are considered to be of high credit
quality. Aggregates of such amounts are detailed in Note 12.
b) Liquidity Risk
following mechanisms:
activities;
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or
otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the
• preparing forward-looking cash flow analysis in relation to its operating, investing and financing
• obtaining funding from a variety of sources;
• maintaining a reputable credit profile;
• managing credit risk related to financial assets;
• only investing surplus cash with major financial institutions; and
•
comparing the maturity profile of financial liabilities with the realisation profile of financial assets.
Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation.
Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to
settle financial liabilities reflects the earliest contractual settlement dates and does not reflect
management’s expectations that banking facilities will be rolled forward.
Within 1 Year
1 to 5 Years
Over 5 Years
Total
2022
2021
2022
2021
2022
2021
2022
2021
Consolidated
Group
Financial
Liabilities due for
Payment
Trade and other
Payables
Total Expected
Outflows
Financial Assets –
Cash Flows
Realisable
Trade and other
Receivables
Total anticipated
inflows
Net
(outflow)/inflow
on financial
instruments
586,018
566,503
586,018
566,503
337,988
201,788
337,988
201,788
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
586,018
566,503
586,018
566,503
337,988
201,788
337,988
201,788
(248,030)
(364,715)
-
(248,030)
(364,715)
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Fair Value Estimations
The fair values of financial assets and financial liabilities are presented in the following table and can be
compared to their carrying amounts as presented in the statement of financial position. Refer to Note 26
for detailed disclosures regarding the fair value measurement of the Group’s financial assets and financial
liabilities.
Consolidated Group
Note
2022
Carrying
Amount
Fair Value
2021
Fair Value
Carrying
Amount
Financial Assets
Cash and Cash
Equivalents
Trade and Other
Receivables
Total Financial Assets
Financial Liabilities
Trade and Other
Payables
Total Financial
Liabilities
11
12
15
2,739,215
2,739,215
1,426,958
1,426,958
337,988
3,077,203
337,988
3,077,203
201,788
1,628,746
201,788
1,628,746
586,018
586,018
566,503
586,018
586,018
566,503
566,503
566,503
Cash and cash equivalents, trade and other receivables, and trade and other payables are short-term
instruments in nature whose carrying amounts are equivalent to their fair values.
NOTE 26. Fair Value Measurements
The Group does not subsequently measure any liabilities at fair value on a non-recurring basis.
Fair Value Hierarchy
AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair
value hierarchy, which categorises fair value measurements into one of three possible levels based on the
lowest level that an input that is significant to the measurement can be categorised into as follows:
Level 1
Measurements based on
quoted prices in active markets
for identical assets or liabilities
that the entity can access at the
measurement date.
Level 2
Measurements based on inputs
other than quoted prices
included in Level 1 that are
observable for the asset or
liability, either directly or
indirectly.
Level 3
Measurements based on
unobservable inputs for the asset or
liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of
observable market data. If all significant inputs required to measure fair value are observable, the asset or
liability is included in Level 2. If one or more significant inputs are not based on observable market data,
the asset or liability is included in Level 3.
Aeeris Ltd
ABN 18 166 705 595
Page 38
Aeeris Ltd
ABN 18 166 705 595
Page 39
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Valuation Techniques
The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient
data is available to measure fair value. The availability of sufficient and relevant data primarily depends
on the specific characteristics of the asset or liability being measured. The valuation techniques selected
by the Group are consistent with one or more of the following valuation approaches:
• Market Approach: valuation techniques that use prices and other relevant information generated
•
•
by market transactions for identical or similar assets or liabilities
Income Approach: valuation techniques that convert estimated future cash flows or income and
expenses into a single discounted present value
Cost Approach: valuation techniques that reflect the current replacement cost of an asset at its
current service capacity.
Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use
when pricing the asset or liability, including assumptions about risks. When selecting a valuation
technique, the Group gives priority to those techniques that maximise the use of observable inputs and
minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly
available information on actual transactions) and reflect the assumptions that buyers and sellers would
generally use when pricing the asset or liability are considered observable, whereas inputs for which
market data is not available and therefore are developed using the best information available about such
assumptions are considered unobservable.
The following tables provide the fair values of the Group’s assets and liabilities measured and recognised
on a recurring basis after initial recognition and their categorisation within the fair value hierarchy:
Recurring Fair Value Measurements Note
Financial Assets
Cash and Cash Equivalents
Trade and Other Receivables
Prepayments
Total Financial Assets
11
12
Non-Financial Assets
Property Plant and Equipment
Total Non-Financial Assets
Liabilities
Trade and other Payables
Provisions
Total Liabilities
14
15
16
Level 1
Level 2
Level 3
Total
30 June 2022
2,739,215
337,988
14,791
3,091,994
11,968
11,968
586,018
127,072
713,090
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,739,215
337,988
14,791
3,091,994
11,968
11,968
586,018
127,072
713,090
There were no transfers between Level 1 and level 2 for assets and liabilities measured at fair value on a
recurring basis during the reporting period (2021: no transfers).
The share based payments reserve records items recognised as expenses on valuation of employee share
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
81,218
125,591
-
206,809
81,218
-
-
81,218
NOTE 28. Accumulated Losses
Accumulated losses at the beginning of the financial year
Net profit/(loss) attributable to members of the group
Accumulated losses at the end of the financial year
(4,121,503)
(211,295)
(4,332,798)
(4,589,357)
467,854
(4,121,503)
Note 27. Reserves
Share based payments reserve
based payments.
Opening Balance
Options issued during the year
Performance Rights issued during the year
Balance as at 30 June
NOTE 29. Company Details
The registered office of the Company is:
Level 12
225 George Street
SYDNEY NSW 2000
The principal place of business is:
21 Longboard Circuit
KINGSCLIFF NSW 2487
Aeeris Ltd
ABN 18 166 705 595
Page 40
Aeeris Ltd
ABN 18 166 705 595
Page 41
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Valuation Techniques
The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient
data is available to measure fair value. The availability of sufficient and relevant data primarily depends
on the specific characteristics of the asset or liability being measured. The valuation techniques selected
by the Group are consistent with one or more of the following valuation approaches:
• Market Approach: valuation techniques that use prices and other relevant information generated
by market transactions for identical or similar assets or liabilities
Income Approach: valuation techniques that convert estimated future cash flows or income and
expenses into a single discounted present value
Cost Approach: valuation techniques that reflect the current replacement cost of an asset at its
•
•
current service capacity.
Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use
when pricing the asset or liability, including assumptions about risks. When selecting a valuation
technique, the Group gives priority to those techniques that maximise the use of observable inputs and
minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly
available information on actual transactions) and reflect the assumptions that buyers and sellers would
generally use when pricing the asset or liability are considered observable, whereas inputs for which
market data is not available and therefore are developed using the best information available about such
assumptions are considered unobservable.
The following tables provide the fair values of the Group’s assets and liabilities measured and recognised
on a recurring basis after initial recognition and their categorisation within the fair value hierarchy:
Recurring Fair Value Measurements Note
Level 1
Level 2
Level 3
Total
30 June 2022
Financial Assets
Cash and Cash Equivalents
Trade and Other Receivables
Prepayments
Total Financial Assets
Non-Financial Assets
Property Plant and Equipment
14
Total Non-Financial Assets
Liabilities
Trade and other Payables
Provisions
Total Liabilities
11
12
15
16
2,739,215
337,988
14,791
3,091,994
11,968
11,968
586,018
127,072
713,090
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,739,215
337,988
14,791
3,091,994
11,968
11,968
586,018
127,072
713,090
There were no transfers between Level 1 and level 2 for assets and liabilities measured at fair value on a
recurring basis during the reporting period (2021: no transfers).
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
Note 27. Reserves
Share based payments reserve
The share based payments reserve records items recognised as expenses on valuation of employee share
based payments.
Opening Balance
Options issued during the year
Performance Rights issued during the year
Balance as at 30 June
Consolidated
30-Jun-2022
$
Consolidated
30-Jun-2021
$
81,218
125,591
-
206,809
81,218
-
-
81,218
NOTE 28. Accumulated Losses
Accumulated losses at the beginning of the financial year
Net profit/(loss) attributable to members of the group
Accumulated losses at the end of the financial year
(4,121,503)
(211,295)
(4,332,798)
(4,589,357)
467,854
(4,121,503)
NOTE 29. Company Details
The registered office of the Company is:
Level 12
225 George Street
SYDNEY NSW 2000
The principal place of business is:
21 Longboard Circuit
KINGSCLIFF NSW 2487
Aeeris Ltd
ABN 18 166 705 595
Page 40
Aeeris Ltd
ABN 18 166 705 595
Page 41
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
Directors’ declaration
In accordance with a resolution of the Directors of Aeeris Ltd, the Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 12 to 41, are in accordance with the
Corporations Act 2001 and:
(a) comply with Australian Accounting Standards, which, as stated in accounting policy Note 1 to the
financial statements, constitutes compliance with International Financial Reporting Standards
(IFRS); and
(b) give a true and fair view of the financial position as at 30 June 2022 and of the performance for
the year ended on that date of the consolidated group.
2.
In the director’s 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.
3. The Directors have been given the declarations required by s 295A of the Corporations Act 2001 from
the Chief Executive Officer and Chief Financial Officer.
Basis for Opinion
Chairman: _____________________________
Mr Kerry Plowright
Dated this 26th day of August 2022
INDEPENDENT AUDITOR’S REPORT TO THE OWNERS OF
AEERIS LIMITED AND CONTROLLED ENTITIES
ABN 18 166 705 595
Report on the Financial Report
Opinion
We have audited the accompanying financial report of Aeeris Limited (the Company) and its controlled entities (the
Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated
statement of profit or loss, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the consolidated financial statements, including a summary
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:
a. giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial
performance for the year then ended; and
b. complying with Australian Accounting Standards and the Corporations Regulations 2001.
The financial report also complies with the International Financial Reporting Standards as disclosed in Note 1.
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 auditor independence requirements of 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 (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 Aeeris Limited, would be in the same terms if given to the directors as at the time of this auditor’s
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
report.
opinion.
Aeeris Ltd
ABN 18 166 705 595
Page 42
INDEPENDENT AUDITOR’S REPORT TO THE OWNERS OF
AEERIS LIMITED AND CONTROLLED ENTITIES
ABN 18 166 705 595
Report on the Financial Report
Opinion
We have audited the accompanying financial report of Aeeris Limited (the Company) and its controlled entities (the
Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated
statement of profit or loss, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the consolidated financial statements, including a summary
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:
a. giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial
performance for the year then ended; and
b. complying with Australian Accounting Standards and the Corporations Regulations 2001.
The financial report also complies with the International Financial Reporting Standards as disclosed in Note 1.
3. The Directors have been given the declarations required by s 295A of the Corporations Act 2001 from
the Chief Executive Officer and Chief Financial Officer.
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 auditor independence requirements of 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 (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 Aeeris Limited, 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.
AEERIS LTD
ABN 18 166 705 595
AND CONTROLLED ENTITIES
Directors’ declaration
In accordance with a resolution of the Directors of Aeeris Ltd, the Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 12 to 41, are in accordance with the
Corporations Act 2001 and:
(a) comply with Australian Accounting Standards, which, as stated in accounting policy Note 1 to the
financial statements, constitutes compliance with International Financial Reporting Standards
(IFRS); and
(b) give a true and fair view of the financial position as at 30 June 2022 and of the performance for
the year ended on that date of the consolidated group.
2.
In the director’s 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.
Chairman: _____________________________
Mr Kerry Plowright
Dated this 26th day of August 2022
Aeeris Ltd
ABN 18 166 705 595
Page 42
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 for the year ended 30 June 2022. 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.
Key Audit Matters (continued)
Key Audit Matter
Going Concern
How Our Audit Addressed the Key Audit Matter
Key Audit Matter
How Our Audit Addressed the Key Audit Matter
Revenue recognition – accuracy of revenue
recorded given the complexity of systems
Revenue represents a material balance and we
have identified the following types of transactions
and assertions related to revenue recognition
which give rise to key risks:
•
the completeness of revenue recorded as a
result of the reliance on output of the billing
systems.
Refer to note 1 – Basis of preparation (Critical
accounting estimates and judgments).
In responding to this area of focus, our audit approach
included controls testing and substantive procedures
covering, in particular:
•
testing control procedures in place around
systems that bill revenue streams;
•
• performing tests on the accuracy of customer
bill generation on a sample basis and testing of
a sample of the credits and discounts applied to
enterprise customer bills;
testing cash receipts for a sample of customers
back to the customer invoice;
testing the costs associated to the delivery of
sales; and
considering COVID-19 impacts to collection of
trade receivables.
•
•
We also considered the application of the Group’s
accounting policies to amounts billed.
Based on our work, we noted no significant issues on
the accuracy of revenue recorded in the year.
Following previous operating losses and cash flow
We have challenged the key assumptions in
deficits, there is a heightened degree of judgement
management’s forecast cash flows for the next 12
as to the group’s ability to continue as a going
months (base case and downside possibilities) by:
concern through the assessment period.
Accordingly, we considered the appropriateness of
Board approved budget, and obtaining
the going concern assumption, the question as to
whether there is a material uncertainty and the
adequacy of management’s disclosure to be a key
explanations for any significant differences;
• ensuring consistency between the forecasts in
the group going concern model and those used
•
comparing the cash flow forecasts with the
risk.
in the asset value-in-use calculations for
impairment assessment purposes;
• assessing the historical accuracy of forecasts
prepared by management;
•
testing the mechanical accuracy of the model
used;
period;
• performing stress tests for a range of
reasonably possible scenarios on
management’s cash flow for the going concern
•
•
challenging management’s plans for mitigating
any identified exposures, obtain additional
sources of financing;
considering whether the disclosures relating to
going concern referred to in the basis of
preparation section of the accounting policies
are balanced, proportionate and clear; and
• Consider COVID-19 impacts cash flow forecast
assumptions.
We have determined that there are no material
uncertainties that may cast significant doubt on the
group’s ability to continue as a going concern.
There were no restrictions on our reporting of Key Audit matters.
Key Audit Matters
these matters.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report for the year ended 30 June 2022. 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
Key Audit Matter
How Our Audit Addressed the Key Audit Matter
Revenue recognition – accuracy of revenue
recorded given the complexity of systems
Revenue represents a material balance and we
In responding to this area of focus, our audit approach
have identified the following types of transactions
included controls testing and substantive procedures
and assertions related to revenue recognition
covering, in particular:
which give rise to key risks:
•
the completeness of revenue recorded as a
result of the reliance on output of the billing
systems.
Refer to note 1 – Basis of preparation (Critical
accounting estimates and judgments).
•
testing control procedures in place around
systems that bill revenue streams;
• performing tests on the accuracy of customer
bill generation on a sample basis and testing of
a sample of the credits and discounts applied to
enterprise customer bills;
testing cash receipts for a sample of customers
back to the customer invoice;
testing the costs associated to the delivery of
sales; and
trade receivables.
considering COVID-19 impacts to collection of
•
•
•
We also considered the application of the Group’s
accounting policies to amounts billed.
Based on our work, we noted no significant issues on
the accuracy of revenue recorded in the year.
Key Audit Matters (continued)
Key Audit Matter
Going Concern
Following previous operating losses and cash flow
deficits, there is a heightened degree of judgement
as to the group’s ability to continue as a going
concern through the assessment period.
Accordingly, we considered the appropriateness of
the going concern assumption, the question as to
whether there is a material uncertainty and the
adequacy of management’s disclosure to be a key
risk.
How Our Audit Addressed the Key Audit Matter
We have challenged the key assumptions in
management’s forecast cash flows for the next 12
months (base case and downside possibilities) by:
•
comparing the cash flow forecasts with the
Board approved budget, and obtaining
explanations for any significant differences;
• ensuring consistency between the forecasts in
the group going concern model and those used
in the asset value-in-use calculations for
impairment assessment purposes;
• assessing the historical accuracy of forecasts
•
prepared by management;
testing the mechanical accuracy of the model
used;
•
• performing stress tests for a range of
reasonably possible scenarios on
management’s cash flow for the going concern
period;
challenging management’s plans for mitigating
any identified exposures, obtain additional
sources of financing;
considering whether the disclosures relating to
going concern referred to in the basis of
preparation section of the accounting policies
are balanced, proportionate and clear; and
• Consider COVID-19 impacts cash flow forecast
•
assumptions.
We have determined that there are no material
uncertainties that may cast significant doubt on the
group’s ability to continue as a going concern.
There were no restrictions on our reporting of Key Audit matters.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2022, but does not include the financial report and our
auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly
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 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, 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.
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 have 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.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the
direction, supervision and performance of the Group audit. We remain solely responsible for our audit
opinion.
audit.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2022, but does not include the financial report and our
auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly
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 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, 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.
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 have 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.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
effectiveness of the Group’s internal control.
and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the
direction, supervision and performance of the Group audit. We remain solely responsible for our audit
opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report We have audited the Remuneration Report included on pages 8 to 10 of the directors’ report for the year ended 30 June 2022. In our opinion the remuneration report of Aeeris Limited for the year ended 30 June 2022, 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. MNSA Pty Ltd Allan Facey Director Sydney Dated this 26th August 2022 Report on the Remuneration Report We have audited the Remuneration Report included on pages 8 to 10 of the directors’ report for the year ended 30 June 2022. In our opinion the remuneration report of Aeeris Limited for the year ended 30 June 2022, 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. MNSA Pty Ltd Allan Facey Director Sydney Dated this 26th August 2022 ANNU AL R EPORT 2022
Additional Information for
Listed Public Companies
The following information is current as at 12 October 2022.
Shareholding
Distribution of Shareholders
Category (size of holding)
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001-99,999,999,999
Totals
Voting Rights
Holders
27
27
78
126
73
331
Number
Units
3,202
82,105
637,196
4,588,263
66,273,092
71,583,858
%
0.000
0.110
0.890
6.410
92.580
100.000
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a
meeting or by proxy has one vote on a show of hands. There are no other classes of equity securities
that have voting rights.
20 Largest Shareholders
No.
Name
K & M PLOWRIGHT SUPER PTY LIMITED
JETOSEA PTY LIMITED
MR KERRY MAURICE PLOWRIGHT
JETOSEA PTY LTD
MS MARGO PLOWRIGHT
WASPZ PTY LIMITED
DMX CAPITAL PARTNERS LIMITED
CERTANE CT PTY LTD
VERITAS CONSOLIDATED PTY LTD
BLUESTAR MANAGEMENT PTY LTD
UBS NOMINEES PTY LTD
NATIONAL NOMINEES LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
1
2
3
4
5
6
7
8
9
10
11
12
13
LXX
Number of
Ordinary Shares
Held
% of Issued
Capital
8,564,780
6,100,000
5,782,298
4,752,026
4,715,770
4,085,000
3,931,680
3,375,000
2,838,962
1,645,000
1,530,357
1,465,000
1,000,000
11.965%
8.521%
8.078%
6.638%
6.588%
5.707%
5.492%
4.715%
3.966%
2.298%
2.138%
2.047%
1.397%
14
15
16
17
18
19
20
H RAYBURN NOMINEES PTY LTD
MAD FISH MANAGEMENT PTY LTD
BLUESTAR MANAGEMENT PTY LTD
SYMINGTON PTY LTD
IRWIN BIOTECH NOMINEES PTY LTD
MAMBAT PTY LTD
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
Total Securities of Top 20 Holdings
Total Securities
1,000,000
1.397%
712,237
627,358
600,000
556,250
513,596
500,000
55,295,314
71,583,858
0.995%
0.876%
0.838%
0.777%
0.717%
0.698%
77.246%
The names of the substantial shareholders as disclosed in substantial holding notices given to the
Company are:
Shareholder
Mr Kerry Plowright#
K & M Plowright Super Pty Limited
Waspz Pty Limited
Ms Margo Plowright
Mr. Bryce Reynolds*
Jetosea Pty Limited
Number of Shares
% Issued Capital
22,376,622
5,012,858
4,085,000
5,188,774
3,843,708
11,178,252
31.60%
7.08%
5.77%
7.33%
5.43%
15.79%
# Includes the substantial shareholders associates’ holdings being K & M Plowright Super Pty Limited, Waspz Pty Limited and Ms. Margo Plowright
* Includes related parties
Unmarketable Holders
There are 47 shareholders holding less than a marketable parcel of shares based on the closing price of
$0.135 on 12 October 2022 representing a total of 56,257 shares.
Performance Rights
Aeeris has 3,912,500 Performance Rights on issue held by 16 holders. The Performance Rights were
issued under an Employee Incentive Scheme. Each Performance Right converts into one fully paid
ordinary share once vesting conditions have been met.
Options
Aeeris has 3,540,000 Unlisted Options on issue exercisable at $0.30 and expiring 6 December 2025 held
by one holder, Veritas Consolidated Pty Ltd.
Unmarketable Holders
Aeeris is not undertaking an on-market buy-back.
LXXI
ANNU AL R EPORT 2022
Corporate
Directory
Directors
Kerry Plowright
Executive Chairman & CEO
Bryce Reynolds
Non-Executive Director
Elissa Hansen
Non-Executive Director
Nathan Young
Non-Executive Director
Company Secretary
Elissa Hansen
Registered Office
Aeeris Limited
ACN 166 705 595
Level 12, 225 George Street,
Sydney NSW 2000
Phone +61 2 6674 5717
Website: www.aeeris.com
LXXII
Share Registry
Boardroom Pty Ltd
Level 12, 225 George Street
Sydney NSW 2000
Telephone +61 2 9290 9600
Facsimile +61 2 9279 0664
Corporate Advisor
Veritas Securities Limited
Level 4, 175 Macquarie Street
Sydney NSW 2000
Phone +61 2 8252 3201
Facsimile +61 2 8252 3299
Auditor
Mark Schiliro & Associates (MNSA) Pty Ltd
Level 1, 283 George Street
Sydney NSW 2000
ASX Code
AER
L XXIII
Level 12, 225 George Street | Sydney | NSW | 2000
Australia PO Box 1915 | Kingscliff | NSW | 2487 | Australia
aeeris.com | ewn.com.au