ABN 87 602 638 531
BAUMART HOLDINGS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2022
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C O N T E N T S
Corporate Directory
Appendix 4E
Review of Operations
Directors’ Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Auditor’s Independence Declaration
Additional Information
C O R P O R A T E D I R E C T O R Y
Directors
Mr Matthew Logan – Executive Director
Mr Ben Talbot – Executive Director
Mr Berthus Budiman – Non-Executive Director
Mr Anson Gan – Non-Executive Director
Company Secretary
Ms Natalie Teo
Principal Place of Business
15 McCabe Street
North Fremantle WA 6159
Telephone: +61 8 6558 0814
Website: www.baumart.com.au
Registered Office
15 McCabe Street
North Fremantle WA 6159
Share Registry
Advanced Share Registry Services Pty Ltd
110 Stirling Highway
Nedlands WA 6009
Telephone:
+61 8 9389 8033
Facsimile:
+61 8 9262 3723
Auditor
Stantons International Audit and Consulting Pty Ltd
Level 2, 40 Kings Park Rd
West Perth WA 6005
Australian Securities Exchange
Australian Securities Exchange Limited
Level 40, Central Park,
152-158 St George’s Terrace
Perth WA 6000
Telephone: +61 8 6558 0814
ASX Code: BMH
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A P P E N D I X 4 E
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
The following information is provided to the ASX under listing rule 4.3A
Company Name:
ABN:
Reporting Period:
Previous Reporting Period:
BauMart Holdings Limited (the Company)
87 602 638 531
Year ended 30 June 2022
Year ended 30 June 2021
RESULTS FOR ANNOUNCEMENT TO THE MARKET
$ Revenue from ordinary activities ($’000)
$ Revenue from discontinuing operations ($’000)
$ Profit (loss) from continuing operations after tax
($’000)
$ Profit (loss) from discontinuing operations after tax
($’000)
$ Net profit (loss) attributable to members ($’000)
Net tangible assets per security
30 June
2022
214
6,091
(402)
753
351
0.04
30 June
2021
5,483
Change up/
(down)
%
-96.10%
-
N/A
3,316
-89.45%
-
4,133
0.04
N/A
-91.53%
0%
DIVIDENDS
No dividends have been paid or declared by the Company since the beginning of the current reporting period. No
dividends were paid for the previous reporting period.
FOREIGN ENTITIES
Foreign entities included in the Group are outlined below:
Entity
Eco Pallets NZ Limited
FOR FURTHER INFORMATION
Country of
Incorporation
New Zealand
The Independent Auditor’s Review Report contains a paragraph on material uncertainty relating to going concern.
Further information to assist in the understanding of the financial results presented above is provided throughout
this Annual Report.
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R E V I E W O F O P E R A T I O N S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
GROUP OPERATIONS
Group Revenue for continuing and discontinuing operations grew to $6.3m for FY22 (FY21: $5.48m), an increase
of 15%. The Group achieved a net profit of $351k for FY22 (FY21: $3.3m).
MATERIALS HANDLING UPDATE
Revenue from this division increased during the year to $6.1m (FY21: $4.9m), an increase of 24%. During the year,
the Board made the decision to sell the Materials Handling division. The sale was completed after balance date
and additional details are outlined in notes 28 and 31, in the notes to the financial statements section of this annual
report.
SOURCE & PROCURE UPDATE
Mining Consumables
The division ramped up its supply of mining consumables during the year securing additional purchase orders
totalling US$100K from an existing mining customer
New Project
Expanding its procurement division saw the Company sign a 5 year exclusive distribution agreement with Washpod
Consolidated Pty Ltd (Washpod Consolidated). Washpod Consolidated is the owner of an industrial parts washing
machine known as the Washpod 1200 (Washpods). The Company will market, promote and distribute the
Washpods through its strong network of contacts. The project is still in its early days but is expected to grow its
revenue in FY23.
Revenue from the source & procure division decreased by 78% to $91K (FY21: $415K). The division is currently
reviewing other strategic ventures.
BUILDING MATERIALS UPDATE
Revenue from this division decreased during the year to $123K (FY21: $147K), a decrease of 16%.
OTHER ACTIVITIES
The Group’s management services contract provided modest recurrent income during the year. Effective 30 June
2022, the Company ceased providing these services to focus on more potentially earnings accretive activities.
STRATEGIC BUSINESS REVIEW
As one result of the ongoing strategic business review the Board of Directors made the decision to sell its Eco
Pallets business and entered into a share sale agreement with APX Holdings Pty Ltd (refer announcement dated
23 June 2022). The sale completed on 30 August 2022 (refer announcement released on the same date) and the
Company received cash consideration of $1 million.
The Directors are of the opinion that the divestment will allow the Company to reallocate its funding to other revenue
generating activities that management has identified moving forward, with more information to be provided on this
in future announcements.
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D I R E C T O R S ’ R E P O R T
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
The Directors present their report together with the consolidated financial statements of BauMart Holdings Limited
(the Company or Parent Entity) and its controlled entities (together referred to hereafter as the Consolidated
Entity or Group) for the year ended 30 June 2022 and the auditor’s report thereon.
DIRECTORS
The Directors of the Company at any time during or since the end of the year are:
Mr Matthew Logan
Executive Director, B. Com., MAICD – appointed 8 August 2016
Mr Logan graduated with a Bachelor of Commerce majoring in Accounting and Business Law from Curtin University
in Western Australia and is an experienced commercial manager in the industrial supplies and materials handling
industry.
He is responsible for the Eco Pallets Pty Ltd (Eco Pallets) business and has worked closely with BauMart since the
acquisition of Eco Pallets. He has also been instrumental in developing the Australia wide infrastructure for all
product distribution divisions of BauMart.
Mr Logan was formerly an associate of a private practice for over 10 years where he provided corporate and
accounting services to various ASX clients in the mining, energy, industrial and technology industries.
Mr Ben Talbot
Executive Director – appointed 1 January 2022
Ben has over 15 years’ experience as a senior financial and engineering consultant with special interests in the
aviation industry and rural communities. In this role, he provided strategic planning, compliance and corporate
services to his clients in various engineering and development projects, all over regional Western Australia.
Between 2000-2005 Ben developed a security solutions business installing integrated electronic security systems
and access control solutions for his clients. Ben has also been involved in the management of his family’s farming
interests in the south-west region of WA and has over 25 years’ experience in the agribusiness and finance sector.
Ben holds a Juris Doctor from the University of Southern Queensland, and MBA from Murdoch University and a
Bachelor of Business from the Edith Cowan University, and an Advanced Diploma of Electrical Engineering from
EIT. He also holds a commercial pilot’s licence with a flight instructor rating.
Mr Berthus Budiman
Non-Executive Director – appointed 31 October 2014 (transitioned from Executive Director to Non-
Executive Director on 1 February 2022)
Mr Budiman has more than 30 years’ experience in the manufacturing, wholesale and distribution industry across
an extensive range of products such as building and raw materials, industrial products, pharmaceutical products
and consumer goods in South East Asia.
Prior to joining BauMart, Mr Budiman held senior management positions with global corporations such as Young
Corporation (Young Indonesia Pratama, PT), Mahakam Group of Companies and SC Johnson & Son
(Indonesia).
During his time with the Young Corporation as Vice President, Mr Budiman oversaw the establishment of various
distribution companies and manufacturing facilities in Asia Pacific, Europe, the Middle East and North and South
America.
Mr Budiman studied at the Christian University of Indonesia’s Faculty of Mechanical Engineering from 1967 to
1970.
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D I R E C T O R S ’ R E P O R T
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
Mr Anson Gan
Non-Executive Director, B.Eng (Hons) – appointed 19 March 2015
Mr Gan is a registered electrical engineer with the Institution of Engineers (Malaysia). He has held a range of
project engineering and consulting positions with various engineering companies in Australia, Malaysia and China,
as well as establishing his own business specialising in green building design and green energy technology and
the supply of green building materials.
He is experienced in electrical engineering, project management and green building consultancy in large scale
residential and commercial construction projects in Malaysia.
Mr Gan has a Bachelor of Engineering with a major in Electrical Engineering from Curtin University, Western
Australia.
Mr Michael Crichton
Non-Executive Director – appointed 19 March 2015 (resigned on 31 December 2021)
Mr Crichton has been involved in the logistics and construction industry for over 20 years. He spent 12 years in
senior management positions at TNT Express Worldwide and DHL Worldwide Express in South Australia and
Western Australia.
Mr Crichton went on to establish new apprenticeship programs with MPA Skills (Master Plumbers and Painters
Association WA) before taking on a consulting role in the construction industry, specialising on apprenticeships, on
behalf of the Western Australian State Government for 10 years.
COMPANY SECRETARY
Ms Natalie Teo, B. Com. – appointed 19 March 2015
Ms Teo graduated with Bachelor of Commerce majoring in Marketing and Management and a Masters in
Accounting from Curtin University in Western Australia. She also holds a Graduate Diploma in Applied Corporate
Governance with the Governance Institute of Australia.
Ms Teo is a Chartered Secretary and an Associate of the Governance Institute of Australia. She is currently the
secretary to several ASX and NSX-listed entities and is working with a firm which provides company secretarial
and accounting services to both listed and unlisted entities.
DIRECTORSHIPS IN OTHER LISTED ENTITIES
Directorships of other listed entities held by Directors of the Company during the last 3 years immediately before
the end of the year are as follows:
Director
Company
Mr M Logan
Mr B Talbot2
Mr B Budiman
Mr A Gan
Mr M Crichton1
1
Mr Crichton resigned on 31 December 2021
2
Mr Talbot appointed on 1 January 2022
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Period of directorship
From
-
-
-
-
-
To
-
-
-
-
-
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D I R E C T O R S ’ R E P O R T
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
DIRECTORS’ INTERESTS
The relevant interests of each director in the securities of the Company at the date of this report are as follows:
Director
Mr M Logan
Mr B Talbot2
Mr B Budiman
Mr A Gan
Mr M Crichton1
1
Mr Crichton resigned on 31 December 2021
2
Mr Talbot appointed on 1 January 2022
DIRECTORS’ MEETINGS
Shares
3,200,000
-
1,000,001
8,500,000
-
The number of Directors’ meetings held and the number of meetings attended by each of the Directors of the
Company during the year are:
Director
Held
Attended
Board Meetings
Mr M Logan
Mr B Talbot
Mr B Budiman
Mr A Gan
Mr M Crichton1
1
Mr Crichton resigned on 31 December 2021
2
Mr Talbot appointed on 1 January 2022
PRINCIPAL ACTIVITY
5
3
5
5
2
5
3
4
5
2
The principal activity of the Consolidated Entity during the year included, but was not limited to:
Supply of industrial products, including plastic material handling unit load devices;
Supply of building products, including premium volcanic natural stones;
Sourcing, procurement and end-to-end supply chain services; and
-
-
-
- Managed services.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no ordinary fully paid shares issued during the year.
There were no other significant changes in the state of affairs of the Consolidated Entity during the financial year.
Total shares on issue at 30 June 2022 were 144,744,757 fully-paid ordinary shares.
LIKELY DEVELOPMENTS
The Consolidated Entity will continue to develop its principal activities as described above, apart from the supply
of plastic materials handling unit load products, which will cease after the completion of the sale of Eco Pallets.
DIVIDENDS
No dividend has been declared or paid by the Company to the date of this report.
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D I R E C T O R S ’ R E P O R T
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
ENVIRONMENTAL REGULATION
The Directors are not aware of any particular and significant environment regulation under a law of the
Commonwealth, State or Territory relevant to the Consolidated Entity.
CORPORATE GOVERNANCE
The Company’s 2022 Corporate Governance Statement can be
www.baumart.com.au.
found on
the Company’s website:
EVENTS SUBSEQUENT TO REPORTING DATE
Other than the matters described in Notes 28 and 30 to the financial statements, there has not arisen in the interval
between the end of the year and the date of this report any item, transaction or event of a material and unusual
nature likely, in the opinion of the Directors, to affect significantly the operations of the Consolidated Entity, the
results of these operations, or the state of affairs of the Consolidated Entity in future financial years.
SHARE OPTIONS
Options granted, exercised or lapsed
No options have been granted, exercised or lapsed since the end of the previous financial year and to the date of
this report.
Unissued shares under option
There were no options to subscribe for ordinary fully paid shares at the end of the year or at the date of this report.
INDEMNIFICATION AND INSURANCE OF OFFICERS
Indemnification
The Company has agreed to indemnify the current Directors and Company Secretary of the Company against all
liabilities to another person (other than the Company or a related body corporate) that may arise from their position
as officers of the Company, except where the liability arises out of conduct involving a lack of good faith. The
agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and
expenses.
Insurance
The Company paid a premium during the year in respect of a director and officer liability insurance policy, insuring
the Directors of the Company, the Company Secretary, and all executive officers of the Company against a liability
incurred as such a director, secretary or executive officer to the extent permitted by the Corporations Act 2001.
The Directors have not included details of the nature of the liabilities covered in respect of the directors’ and officers’
liability and legal expenses’ insurance contracts, as such disclosure is prohibited under the terms of the contract.
The Company has not, during or since the year indemnified or agreed to indemnify the auditor of the Company or
any related entity against liability incurred by the auditor. During the year, the Company has not paid a premium in
respect of a contract to insure the auditor of the Company or any related entity.
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D I R E C T O R S ’ R E P O R T
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
NON-AUDIT SERVICES
The Company’s auditor, Stantons International, did not provide any non-audit services during the year.
30 June
2022
$
30 June
2021
$
Stantons International Audit and Consulting Pty Ltd
Amounts paid for audit services provided during the year are set out below:
Audit and review of financial reports
65,045
57,770
Total remuneration for audit services
65,045
57,770
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is
set out on page 59.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purposes of
taking responsibility on behalf of the Company for all or part of those proceedings.
REMUNERATION REPORT - AUDITED
The remuneration report, which has been audited, outlines the key management personnel remuneration
arrangements for the Consolidated Entity, in accordance with the requirements of the Corporations Act 2001 and
its Regulations.
For the purposes of this report, key management personnel of the Consolidated Entity are defined as those persons
having authority and responsibility for planning, directing and controlling the major activities of the Consolidated
Entity, directly or indirectly, including any director (whether executive or otherwise) of the Company.
Key management personnel
The following were key management personnel of the Consolidated Entity at any time during the year and unless
otherwise indicated were key management personnel for the entire year:
Name
Position held
Mr M Logan
Mr B Talbot
Mr B Budiman
Mr A Gan
Mr M Crichton
Executive Director (appointed 8 August 2016)
Executive Director (appointed 1 January 2022)
Non-Executive Director (appointed 31 October 2014) (transitioned from Executive
Director to Non-Executive Director on 1 February 2022)
Non-executive Director (appointed 19 March 2015)
Non-Executive Director (appointed 19 March 2015) (resigned on 31 December 2021)
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
REMUNERATION REPORT – AUDITED (continued)
Principles of remuneration
The remuneration structures explained below are competitively set to attract, motivate and retain suitably qualified
and experienced candidates, reward the achievement of strategic objectives and achieve the broader outcome of
creation of value for shareholders.
The remuneration structures take into account:
•
•
•
the capability and experience of the key management personnel;
the key management personnel’s ability to control the achievement of strategic objectives;
the Consolidated Entity’s performance including:
the growth in share price; and
the amount of incentives within each key management person’s compensation.
o
o
Remuneration structure
In accordance with best practice corporate governance, the structure of non-executive directors’ remuneration is
clearly distinguished from that of executives and senior managers. Remuneration is determined by the Board as a
whole as the Company has not yet established a remuneration committee.
Non-executive director remuneration
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors
shall be determined from time to time by shareholders in general meeting. Total remuneration for all non-executive
directors, last voted upon by shareholders at a meeting held in February 2015, is not to exceed $300,000 per
annum. Directors’ fees cover all main board activities and membership of committees if applicable.
Non-executive directors do not receive any retirement benefits, other than statutory superannuation, nor do they
receive any performance-related compensation.
Non-executive directors’ fees as at the reporting date are as follows:
Name
Mr B Budiman
Mr A Gan
Mr M Crichton1
Non-executive directors’ fees
excluding superannuation
$20,000 per annum
$20,000 per annum
$20,000 per annum
1
Mr Crichton resigned on 31 December 2021
Please note the above directors are entitled to superannuation on top of the above directors’ fees.
Executive remuneration
Remuneration for executives is set out in employment agreements. Details of the employment agreement with the
Executive Director are provided below.
Executive directors may receive performance related compensation but do not receive any retirement benefits,
other than statutory superannuation.
Fixed remuneration
Fixed remuneration consists of base compensation (which is calculated on a total cost basis and includes any FBT
charges related to employee benefits including motor vehicles) as well as employer contributions to superannuation
funds.
Fixed remuneration is reviewed annually by the Board through a process that considers individual and overall
performance of the Consolidated Entity.
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REMUNERATION REPORT – AUDITED (continued)
Long-term incentive
Long-term incentives (LTI) may be provided to key management personnel in the form of options over ordinary
shares of the Company. LTI are considered to promote continuity of employment and provide additional incentive
to recipients to increase shareholder wealth. Options may only be issued to directors subject to approval by
shareholders in general meeting.
There were no options issued as LTI during the year.
The Company has introduced a policy that prohibits employees and Directors of the Company from entering into
transactions that operate or are intended to operate to limit the economic risk or are designed or intended to hedge
exposure to unvested Company securities. This includes entering into arrangements to hedge their exposure to
LTI granted as part of their remuneration package. This policy may be enforced by requesting employees and
Directors to confirm compliance.
Consolidated Entity performance and link to remuneration
There were no performance related remuneration transactions during the year.
The earnings of the Consolidated Entity for the year are summarised below:
Net profit for the year attributable to owners of the Company
Dividends paid
Change in share price
Share price at beginning of the year
Share price at end of the year
Earnings per share
30 June
2022
30 June
2021
$350,784
Nil
$0.20
$0.19
0.24 cents
$3,316,069
Nil
$0.20
$0.20
2.29 cents
Use of remuneration consultants
The Consolidated Entity did not engage the services of a remuneration consultant during the year.
Employment agreement
Executive Directors
The Company has entered into an employment agreement with its Executive Director, Mr Ben Talbot, effective
from 1 January 2022 (Employment Agreement). The Employment Agreement outlines the components of
remuneration paid to Mr Talbot and will be reviewed on an annual basis. The Employment Agreement specifies
the duties and obligations to be fulfilled by Mr Talbot in the role of Executive Director. As of 1 January 2022, the
Company currently pays to Mr Talbot $100,000 per annum (exclusive of statutory superannuation) for his services.
In addition, the company has another Executive Director, Mr Matthew Logan, effective from 8 August 2016
(Agreement). The Agreement outlines that remuneration paid to Mr Logan will be reviewed on an annual basis.
Furthermore, the Agreement states that the duties and obligations to be fulfilled by Mr Logan is in the role of
Executive Director, focusing towards the operational side of the company. As of 1 July 2021, the Company currently
pays to Mr Logan an annual salary of $125,000 per annum (exclusive of statutory superannuation) for his services.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
REMUNERATION REPORT – AUDITED (continued)
Either Executive Director or BauMart Holdings may terminate the agreement at any time by giving three months’
written notice to the Company. Executive Directors have no entitlement to termination payment should they
terminate the agreement by written notice. BauMart Holdings may, by giving written notice to either Executive
Directors, immediately terminate the agreement should a number of specified occurrences happen, including a
serious breach of the agreement or serious misconduct. Executive Directors have no entitlement to termination
payment in the event of removal for misconduct.
Termination benefits are within the limits set by the Corporations Act 2001 such that they do not require shareholder
approval.
Remuneration of key management personnel
2022
Short-term
employment benefits
Salary &
fees1
$
Other
$
Post-
employment
benefits
Superannuation
benefits
$
Share-
based
payments
Options
$
Total
$
Proportion of
remuneration
performance
related %
Executive Directors2
Mr M Logan
2022
2021
Mr B Budiman3 2022
2021
Mr B Talbot
2022
2021
Non-Executive Directors2
Mr B Budiman3 2022
2021
Mr M Crichton4 2022
2021
Mr A Gan
Total
Total
2022
2021
2022
125,000
100,000
58,333
80,000
50,000
-
8,333
-
10,000
20,000
20,000
20,000
-
-
14,0865
-
-
-
-
-
-
-
-
-
271,666
14,086
2021
220,000
-
12,500
9,500
7,242
7,600
5,000
-
833
-
1,000
1,900
2,000
1,900
28,575
20,900
-
-
-
-
-
-
-
-
-
-
-
-
-
-
137,500
109,500
79,661
87,600
55,000
-
9,166
-
11,000
21,900
22,000
21,900
314,327
240,900
-
-
-
-
-
-
-
-
-
-
-
-
1. Salary & fees include employee benefits paid during the year.
2. The Company paid $19,200 as a premium during the year in respect of a director and officer liability insurance policy.
3. Mr Budiman was transitioned to Non-Executive Director on 1 February 2022.
4. Mr Crichton resigned on 31 December 2021.
5. The Company paid $14,086 to Mr Budiman for leave entitlement payout.
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REMUNERATION REPORT – AUDITED (continued)
Share-based remuneration
There were no share-based remuneration transactions during the year.
Loans to key management personnel
There were no loans provided to key management personnel of the Consolidated Entity or their close family
members or entities related to them during the year.
Key management personnel equity holdings
Fully paid ordinary shares
The movement during the year in the number of ordinary shares in BauMart Holdings Limited held, directly,
indirectly or beneficially by each key management person, including their related parties, is as follows:
Held at date
of
resignation
-
-
-
-
Held at
30 June 2022
3,200,000
-
1,000,001
8,500,000
1,000,000
N/A
Held at date
of
resignation
Held at
30 June 2021
-
-
-
-
3,200,000
1,000,001
8,500,000
1,000,000
-
-
-
-
-
-
-
-
-
Key management
person
Held at
30 June 2021
Held at date of
appointment
Granted as
remuneration
Other
changes
Mr M Logan
Mr B Talbot2
Mr B Budiman
Mr A Gan
Mr M Crichton1
3,200,000
-
1,000,001
8,500,000
1,000,000
N/A
Nil
N/A
N/A
N/A
-
-
-
-
-
1
2
Mr Crichton resigned on 31 December 2021
Mr Talbot appointed on 1 January 2022
Key management
person
Held at
30 June 2020
Held at date of
appointment
Granted as
remuneration
Other
changes
Mr M Logan
Mr B Budiman
Mr A Gan
Mr M Crichton1
3,200,000
1,000,001
8,500,000
1,000,000
N/A
N/A
N/A
N/A
-
-
-
-
1
Mr Crichton resigned on 31 December 2021
Share options
Directors did not hold any options at the beginning or end of the financial year.
This concludes the remuneration report, which has been audited.
This Directors’ Report is made out in accordance with a resolution of the Directors:
Dated at Perth, Western Australia this 31st day of August 2022
Ben Talbot
Executive Director
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C O N S O L I D A T E D S T A T E M E N T O F P R O F I T O R L O S S A N D O T H E R
C O M P R E H E N S I V E I N C O M E
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
Note
8 (e)
8 (a)
8 (b)
8 (c)
12 & 13 & 16 (c)
7 (a)
28
21
Revenue and other income
Sale of goods
Total revenue
Cost of sales
Total cost of sales
Gross profit
Other revenue
Net finance income
Expenses
Corporate and administrative expenses
Operational expenses
Occupancy expenses
Marketing expenses
Depreciation and amortisation expenses
Other expenses
Total expenses
Loss / profit before income tax
Income tax (expense) / benefit
Net loss / profit from continuing operations for the year
Net profit from discontinuing operations for the year
Net profit for the year
Other comprehensive income
Items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
Other comprehensive income for the year, net of tax
Total comprehensive profit
Profit attributable to:
Owners of the Company
Total comprehensive profit attributable to:
Owners of the Company
Basic and diluted earnings / loss per share attributable
to the ordinary equity holders of the Company
Basic and diluted earnings per share (cents) for continuing
operations
Basic and diluted earnings per share (cents) for
discontinuing operations
27
27
30 June
2022
$
Restated 30 June
2021
$
214,014
214,014
(173,224)
(173,224)
40,790
915,772
244,916
(704,378)
(57,953)
(40,121)
(495)
(767,798)
(33,286)
(1,604,031)
(402,553)
-
(402,553)
753,337
350,784
(233,334)
628
(232,706)
118,078
350,784
350,784
118,078
118,078
(0.28)
0.52
562,389
562,389
(504,856)
(504,856)
57,533
4,362,739
219,147
(761,404)
(94,290)
(65,584)
(44,478)
(784,033)
-
(1,749,789)
2,889,630
-
2,889,630
426,439
3,316,069
816,667
-
816,667
4,132,736
3,316,069
3,316,069
4,132,736
4,132,736
2.00
0.29
The Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the
accompanying notes.
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C O N S O L I D A T E D S T A T E M E N T O F F I N A N C I A L P O S I T I O N
A S A T 3 0 J U N E 2 0 2 2
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other current assets
Inventories
Finance lease receivable
Assets held for sale
Total current assets
NON-CURRENT ASSETS
Property, plant and equipment
Intangibles
Financial assets
Right of use assets
Finance lease receivable
Total non-current assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Employee benefits
Current tax liabilities
Lease liabilities
Loans & borrowings
Liabilities directly associated with assets held for sale
Total current liabilities
NON-CURRENT LIABILITIES
Lease liabilities
Total non-current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Accumulated losses
Reserves
TOTAL EQUITY
Note
26 (c)
9
10
11
22
28
12
13
21
12 & 16 (a)
22
14
15
16 (b)
17 (a)
28
16 (b)
18
19
20
30 June
2022
$
110,544
198,807
8,637
1,038,088
-
1,787,801
3,143,877
2,679
-
4,083,333
735,220
-
4,821,232
30 June
2021
$
750,505
854,883
112,589
327,361
1,139,302
-
3,184,640
219,183
9,657
4,316,667
1,520,086
177,315
6,242,908
7,965,109
9,427,548
308,788
14,127
2,943
723,386
183,152
1,300,875
2,533,271
-
-
2,298,231
42,419
2,943
788,420
132,647
-
3,264,660
849,128
849,128
2,533,271
4,113,788
5,431,838
5,313,760
8,251,219
(3,403,368)
583,987
5,431,838
8,251,219
(3,754,152)
816,693
5,313,760
The Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes.
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C O N S O L I D A T E D S T A T E M E N T O F C H A N G E S I N E Q U I T Y
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
Issued
Capital
$
Accumulated
Profit (Losses)
$
Reserves
$
Total
Equity
$
Balance at 30 June 2021
8,251,219
(3,754,152)
816,693
5,313,760
Loss for the year from continuing operations
Profit for the year from discontinuing operations
Fair value reserve
Foreign currency translation reserves
Total comprehensive profit for the year
Transaction with equity holders, in their
capacity as equity holders
Issue of ordinary shares, net of transaction costs
-
-
-
-
-
-
(402,553)
753,337
-
-
(402,553)
753,337
-
-
(233,334)
(233,334)
628
628
350,784
(232,706)
118,078
-
-
-
Balance at 30 June 2022
8,251,219
(3,403,368)
583,987
5,431,838
Balance at 30 June 2020
8,251,219
(7,070,221)
Profit for the year from continuing operations
Profit for the year from discontinuing operations
Fair value reserves
Foreign currency translation reserves
Total comprehensive profit for the year
Transaction with equity holders, in their
capacity as equity holders
Issue of ordinary shares, net of transaction costs
-
-
-
-
-
-
2,889,630
426,439
-
-
-
1,180,998
2,889,630
426,439
-
-
816,667
816,667
26
26
3,316,069
816,693
4,132,762
-
-
-
Balance at 30 June 2021
8,251,219
(3,754,152)
816,693
5,313,760
The Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes.
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C O N S O L I D A T E D S T A T E M E N T O F C A S H F L O W S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
Cash flows from operating activities
Receipts in the course of operations
Government grants and tax incentives received
Payments in the course of operations
Interest received
Interest paid
Note
30 June
2022
$
30 June
2021
$
7,901,106
293,901
(9,182,580)
327,605
(25,823)
7,042,808
362,468
(7,523,835)
564,907
(67,079)
Net cash (outflow) / inflow from operating activities
26
(685,791)
379,269
Cash flows from investing activities
Purchase of property, plant, and equipment and intangibles
Lease payments received
Payment on mining-equipment acquired and leased to a third party
(2,710)
1,315,676
(361,815)
(12,940)
895,758
(838,389)
Net cash (outflow) / inflow from investing activities
951,151
44,429
Cash flows from financing activities
Proceeds from borrowings
Repayments of borrowings
50,505
(837,637)
132,647
-
Net cash (outflow) / inflow from financing activities
(787,132)
132,647
Net (decrease) / increase in cash and cash equivalents
(521,772)
556,345
Cash and cash equivalents as at beginning of year
Effect of movement in exchange rates on cash held
750,505
268,504
8,572
(74,344)
Cash and cash equivalents as at end of year
26 (c) & 28
237,3051
750,505
1The cash and cash equivalents includes amounts classified as held for sale, represented by:
Cash and cash equivalents – ongoing operations $110,544
Cash and cash equivalents – assets held for sale $126,761
The Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying notes.
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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
1. REPORTING ENTITY
BauMart Holdings Limited (“BauMart”, “Company” or “Parent Entity”) is a public company limited by shares,
whose shares are publicly traded on the Australian Securities Exchange. The financial statements cover
BauMart Holdings Limited as a consolidated entity consisting of BauMart and its subsidiaries (together referred
to as the “Consolidated Entity” or “Group”) for the year ended 30 June 2022.
A description of the nature of the Consolidated Entity's operations and its principal activities are included in the
Directors' Report, which is not part of the financial statements. The financial statements were authorised for
issue, in accordance with a resolution of directors, on 31 August 2022. The directors have the power to amend
and reissue the financial statements.
The following is a summary of the material accounting policies adopted by the Consolidated Entity in the
preparation of the financial statements. The accounting policies have been consistently applied, unless
otherwise stated.
2. BASIS OF PREPARATION
Statement of compliance
These consolidated financial statements are general purpose financial statements which have been prepared
in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting
Standards Board (AASB) and the Corporations Act 2001. These consolidated financial statements also comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board
(IASB).
Basis of measurement
The financial report is prepared on the accruals basis and the historical cost basis, modified, where applicable,
by the measurement at fair value of selected financial assets and financial liabilities. The functional currency
of the Company and subsidiaries are measured using the currency of the primary economic environment in
which the Company and subsidiaries operate; being Australian Dollars and New Zealand Dollars. However,
the financial statements are presented in Australia dollars and all values are rounded to the nearest dollar
unless otherwise stated.
Transactions in foreign currencies are initially recorded in the functional currency by applying exchange rates
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated at the rate of exchange ruling at the balance date. All exchange differences in the consolidated
financial statements are taken to profit or loss. During the year, comparative figures have been adjusted and/or
reclassified where necessary to conform to changes in presentation for the current year.
Significant accounting policies
Except as noted below, the same accounting policies and methods of computation have been applied by each
entity in the Group and are consistent with those adopted and disclosed in the most recent annual financial
report.
New and revised Accounting Standards and Interpretations adopted by the Group
AASB 2021-3: Amendments to Australian Accounting Standards – COVID-19 Related Rent
Concessions beyond 30 June 2021
The Group has applied AASB 2021-3: Amendments to Australian Accounting Standards – COVID-19-Related
Rent Concessions beyond 30 June 2021 this reporting period.
The amendment amends AASB 16 to extend by one year, the application of the practical expedient added to
AASB 16 by AASB 2020-4: Amendments to Australian Accounting Standards – COVID-19-Related Rent
Concessions. The practical expedient permits lessees not to assess whether rent concessions that occur as a
direct consequence of the COVID-19 pandemic and meet specified conditions are lease modifications and
instead, to account for those rent concessions as if they were not lease modifications. The amendment has not
had a material impact on the Group’s financial statements.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
2. BASIS OF PREPARATION (continued)
AASB 2020-8: Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform –
Phase 2
The Group has applied AASB 2020-8 which amends various standards to help listed entities to provide financial
statement users with useful information about the effects of the interest rate benchmark reform on those
entities’ financial statements. As a result of these amendments, an entity:
• will not have to derecognise or adjust the carrying amount of financial statements for changes required by
the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark
rate;
• will not have to discontinue its hedge accounting solely because it makes changes required by the reform,
if the hedge meets other hedge accounting criteria; and
• will be required to disclose information about new risks arising from the reform and how it manages the
transition to alternative benchmark rates. The amendment has not had a material impact on the Group’s
financials.
New and Amended Accounting Policies Not Yet Adopted by the Group
AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or
Non-current
The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-
current. The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The
amendment is not expected to have a material impact on the financial statements once adopted.
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and
Other Amendments
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and
Other Amendments is an omnibus standard that amends AASB 1, AASB 3, AASB 9, AASB 116, AASB 137
and AASB 141. The Group plans on adopting the amendment for the reporting period ending 30 June 2023.
The impact of the initial application is not yet known.
AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and
Definition of Accounting Estimates
The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2.
These amendments arise from the issuance by the IASB of the following International Financial Reporting
Standards: Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and
Definition of Accounting Estimates (Amendments to IAS 8). The Group plans on adopting the amendment for
the reporting period ending 30 June 2024. The impact of the initial application is not yet known.
AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax related to Assets and
Liabilities arising from a Single Transaction
The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not
applicable to leases and decommissioning obligations – transactions for which companies recognise both an
asset and liability and that give rise to equal taxable and deductible temporary differences. The Group plans
on adopting the amendment for the reporting period ending 30 June 2024. The impact of the initial
application is not yet known.
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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
3. USE OF JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements and estimates on historical experience and on other various factors it
believes to be reasonable under the circumstances, the result of which form the basis of the carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised and
in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amount recognised in the financial statements
are outlined below:
Provision for impairment of receivables
The provision for impairment of receivables assessment requires a degree of estimation and judgement. The
level of provision is assessed by taking into account the recent sales experience, the ageing of receivables,
historical collection rates and specific knowledge of the individual debtors’ financial position.
Estimation of useful lives of assets
The estimation of the useful lives of assets has been based on historical experience. The condition of the
assets is assessed at least once per year and considered against the remaining useful life. Depreciation
charges are included in Note 12.
Carrying value of assets
The plastic injection mould generates income from the units produced, which has a direct effect on the carrying
value of the asset.
Business combinations
Business combinations are initially accounted for on a provisional basis. The fair value of assets acquired,
liabilities and contingent liabilities assumed are initially estimated by the Consolidated Entity taking into
consideration all available information at the reporting date. Fair value adjustments on the finalisation of the
business combination accounting is retrospective, where applicable, to the period the combination occurred
and may have an impact on the assets and liabilities, depreciation and amortisation reported cash flows.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been applied consistently by the Consolidated Entity throughout the year presented in
these financial statements.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the
Consolidated Entity only. Supplementary information about the parent entity is disclosed in Note 25.
Basis of consolidation
The consolidated financial statements comprise the financial statements of BauMart Holdings Limited and its
subsidiaries (together referred to as the Consolidated Entity) as at 30 June each year.
Subsidiaries are all those entities over which the Consolidated Entity has control. The Consolidated Entity
controls an entity when the Consolidated Entity is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated
Entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Consolidated
Entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the Consolidated Entity.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity of
the Consolidated Entity. Profit / (Losses) incurred by the Consolidated Entity are attributed to the non-controlling
interest in full, even if that results in a deficit balance.
Where the Consolidated Entity loses control over a subsidiary, it derecognises the assets including goodwill,
liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences
recognised in equity. The Consolidated Entity recognises the fair value of the consideration received and the
fair value of any investment retained together with any gain or loss in profit or loss.
Business combinations
Business combinations are accounted for using the acquisition method. The consideration transferred in a
business combination shall be measured at fair value, which shall be calculated as the sum of the acquisition
date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners
of the acquiree, the equity issued by the acquirer, and the amount of any non-controlling interest in the acquiree.
For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair
value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are
expensed as incurred.
When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic conditions, the Consolidated
Entity’s operating or accounting policies and other pertinent conditions as at the acquisition date.
If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously
held equity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition
date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or
liability will be recognised in accordance with AASB 139 either in profit or loss or in other comprehensive
income. If the contingent consideration is classified as equity, it shall not be remeasured.
The excess of the cost of the business combination over the net fair value of the Consolidated Entity’s share
of the identifiable net assets acquired is recognised as goodwill. If the cost of acquisition is less than the
Consolidated Entity’s share of the net fair value of the identifiable net assets of the subsidiary, the difference
is recognised as a gain in the Consolidated Statement of Comprehensive Income, but only after a
reassessment of the identification and measurement of the net assets acquired.
Going Concern
The financial report has been prepared on a going concern basis, which assumes continuity of normal business
activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
The Consolidated Entity recorded a net profit attributable to the owners of the Company of $350,784 for the
year (2021: $3,316,069 net profit). The ability of the Consolidated Entity to pay its debts as and when they fall
due and to continue as a going concern is dependent upon the Consolidated Entity’s ability to generate positive
cash flows through its existing business and/or raise further equity. The sale of the materials handling division
will result in additional cashflow of $1m for the Consolidated Entity to be received.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 22
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Directors believe there are reasonable grounds to believe the Consolidated Entity will be able to pay its
debts as and when they become due and payable, and therefore continue as a going concern after
consideration of the following factors:
•
•
•
The Consolidated Entity has a net surplus in working capital of $610,606 including cash reserves of
$237,305 at 30 June 2022;
The directors are confident that the trade receivables’ amounts of $198,807 referred to in Note 9 are
fully recoverable following discussions with the debtors;
The budgets and forecasts reviewed and approved by the Directors for the next 12 months anticipate
the business will continue to produce improved results;
• While it is the Consolidated Entity’s intention to be cash flow positive through operations, the
Consolidated Entity may be required to raise additional capital either through equity or debt in order to
continue as a going concern. The Directors are confident that the Consolidated Entity will be able to
raise further working capital either through debt or equity as and when required to continue to support
the business.
Income tax
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences:
(a) except where the deferred income tax liability arises from the initial recognition of an asset or liability in
a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
(b)
in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses
can be utilised:
(a) except where the deferred income tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
(b)
in respect of deductible temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, deferred tax assets are only recognised to the extent that it is probable
that the temporary differences will reverse in the foreseeable future and taxable profit will be available
against which the temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted
or substantively enacted at the reporting date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the Consolidated
Statement of Profit or Loss and Other Comprehensive Income.
Deferred tax assets in respect of tax losses have not been brought to account as it is not considered probable
that future taxable profits will be available against which they could be utilised.
Current and non-current classification
Assets and liabilities are presented in the Consolidated Statement of Financial Position based on current and
non-current classification.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating
cycle; it is held primarily for the purpose of trading; it is expected to be realised within twelve months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to
settle a liability for at least twelve months after the reporting period. All other assets are classified as non-
current.
A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the
purpose of trading; it is due to be settled within twelve months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.
Cash and cash equivalents
Cash and cash equivalents in the Consolidated Statement of Financial Position comprise cash at bank and in
hand that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash
and cash equivalents as defined above, net of outstanding bank overdrafts. Bank overdrafts are included in
current liabilities in the statement of financial position.
Trade and other receivables
Trade receivables, which generally have 30-90 day terms, are recognised and carried at original invoice amount
less an allowance for impairment. Trade receivables are generally due for settlement no more than 90 days
from the date of recognition. Please refer to Note 9 for the ageing of the past due but not impaired.
As per AASB 9, an expected loss model is applied, not an incurred credit loss as per the previous standard
applicable (AASB 139). To reflect changes in credit risk, this expected credit loss model require the Group to
account for expected credit loss since initial recognition. The Group recognises a loss allowance for expected
credit losses on trade and other receivables using simplified approach, which does not require tracking of
changes in credit risk at every reporting period, but instead requires the recognition of lifetime expected credit
loss at all times. In measuring the expected credit loss, a provision matrix for trade receivables was used taking
into consideration various data to get to an expected credit loss.
Provisions and employee benefits
Provisions are recognised when the Consolidated Entity has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the present value of management's best estimate of the expenditure required to
settle the present obligation at the reporting date.
Employee leave benefits
(i) Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including annual leave expected to be settled within 12 months of the
reporting date are recognised in respect of employees' services up to the reporting date. They are measured
at the amounts expected to be paid when the liabilities are settled. Expenses for sick leave are recognised
when the leave is taken and are measured at the rates paid or payable.
(ii) Long service leave
The liability for long service leave is recognised and measured as the present value of expected future
payments to be made in respect of services provided by employees up to the reporting date. Consideration is
given to expected future wage and salary levels, experience of employee departures, and periods of service.
Expected future payments are discounted using market yields at the reporting date on national government
bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash
outflows.
(iii) Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(iv) Share-based payments
The Consolidated Entity may provide benefits to employees (including Directors) and consultants of the
Consolidated Entity in the form of share based payment transactions, whereby services are rendered in
exchange for shares or rights over shares (“equity-settled transactions”). The cost of these equity-settled
transactions with employees and consultants is measured by reference to the fair value at the date at which
they are granted. The fair value is determined by an internal valuation using Black-Scholes or Binomial option
pricing models.
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 recipients
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 Consolidated Entity, 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 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.
Trade and other payables
Trade and other payables are carried at amortised cost. They represent liabilities for goods and services
provided to the Consolidated Entity prior to the end of the year that are unpaid and arise when the Consolidated
Entity becomes obliged to make future payments in respect of the purchase of these goods and services. The
amounts are unsecured and are usually paid within 30 days of recognition.
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 Tax Office (ATO). In these
circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable
from, or payable to, the ATO is included as a current asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a net basis. The GST components of cash flows
arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified
as operating cash flows.
Property, plant and equipment
Items of property, plant and equipment are measured at historical cost less accumulated depreciation and
impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Plant and equipment is depreciated using the straight line and units of production methods over the estimated
useful lives.
Depreciation rates used for each class of assets vary to the estimated useful lives at the time of acquisition,
and are typically:
Class of fixed asset
Depreciation rates
Method
Plant and equipment
-
Plastic Injection Mould
Motor vehicles
Office equipment
Pooled equipment
Fixtures and fittings
Variable
33%
20% - 50%
20%
20% - 25%
Units of production
Straight line
Straight line
Straight line
Straight line
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the Consolidated Entity. Gains and losses between the carrying amount and the disposal proceeds
are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly
to retained earnings.
Impairment of assets
At the end of each reporting period, the Consolidated Entity 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. 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, in accordance with AASB 136: Impairment of Assets 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 Consolidated Entity
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.
Goodwill
Goodwill acquired in a business combination is initially measured at cost, being the excess of the cost of the
business combination over the Consolidated Entity’s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is
not amortised. Goodwill is reviewed for impairment, annually or more frequently if events or changes in
circumstances indicate that the carrying value may be impaired.
As at the acquisition date, any goodwill acquired is allocated to each of the cash-generating units expected to
benefit from the combination’s synergies. Impairment is determined by assessing the recoverable amount of
the cash generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating
unit is less than the carrying amount, an impairment loss is recognised. Impairment losses for goodwill are not
subsequently reversed.
Inventory
Finished goods are stated at the lower of cost and net realisable value. Cost in relation to finished goods
comprises delivery costs, direct labour and import duties or other taxes. Costs of purchased inventory are
determined after deducting rebates and discounts received or receivable.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make the sale.
Leases
The Company as a lessee
At inception of a contract, the Company assesses if the contract contains or is a lease. If there is a lease
present, a right-of-use asset and a corresponding lease liability is recognised by the Group where the Group
is a lessee. However, all contracts that are classified as short-term leases (lease with remaining lease term of
12 months or less) and leases of low-value assets are recognised as an operating expense on a straight-line
basis over the term of the lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease, If this rate
cannot be readily determined, the Group uses the incremental borrowing rate.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Lease payments included in the measurement of the lease liability are as follows:
-
-
-
-
-
-
fixed lease payments less any lease incentives;
variable lease payments that depend on an index or rate, initially measured using the index or rate at
the commencement date;
the amount expected to be payable by the lessee under residual value guarantees;
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options;
lease payments under extension options if lessee is reasonable certain to exercise the options; and
payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned
above, any lease payments made at or before the commencement date as well as any initial direct costs. The
subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment
losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset whichever is the
shortest. Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects
that the Group anticipates to exercise a purchase option, the specific asset is depreciated over the useful life
of the underlying asset.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds
(net of transaction costs) and the redemption amount is recognised in profit and loss over the period of
borrowings using the effective interest method. Borrowings are removed from the statement of financial position
when the obligation specified in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or assumed, is recognised in profit and loss
as other income or finance costs. Where there is an unconditional right to defer settlement of the liability for at
least 12 months after the reporting date, the loans or borrowings are classified as non-current.
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred.
Fair value measurement
A number of the Consolidated Entity’s accounting policies and disclosures require the determination of fair
value, for both financial and non-financial assets and liabilities. Fair values have been determined for
measurement and/or disclosure purposes based on the following methods. Where applicable, further
information about the assumptions made in determining fair values is disclosed in the notes specific to that
asset or liability.
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings per share is calculated by dividing the net earnings attributable to members of the Company for
the reporting period by the weighted average number of ordinary shares of the Company.
Financial instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument. Financial instruments (except for trade receivables) are measured initially
at fair value adjusted by transactions costs, except for those carried “at fair value through profit or loss”, in
which case transaction costs are expensed to profit or loss. Where available, quoted prices in an active market
are used to determine the fair value. In other circumstances, valuation techniques are adopted. Subsequent
measurement of financial assets and financial liabilities are described below.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Trade receivables are initially measured at the transaction price if the receivables do not contain a significant
financing component in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at
the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments, are classified into the following categories upon initial recognition:
•
•
•
amortised cost;
fair value through other comprehensive income (FVOCI); and
fair value through profit or loss (FVPL).
Classifications are determined by both:
•
•
The contractual cash flow characteristics of the financial assets; and
The entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•
•
they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows; and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting
is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and
most other receivables fall into this category of financial instruments.
Financial assets at fair value through other comprehensive income (OCI)
The Group measures debt instruments at fair value through other comprehensive income if both of the following
conditions are met:
•
•
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding; and
The financial asset is held within a business model with the objective of both holding to collect
contractual cash flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment
losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for
financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under AASB 132 Financial
Instruments: Presentation and are not held for trading.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as
appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for
derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains
or losses recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised
in profit or loss.
Impairment
From 1 July 2018, the Group assesses on a forward-looking basis the expected credit losses associated with
its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. For trade receivables, the Group applies the
simplified approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.
Measurement of fair values
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities. The Group has an established control framework with respect
to the measurement of fair values. The board has overall responsibility for overseeing all significant fair value
measurements, including Level 2 and level 3 fair values.
Management reviews significant unobservable inputs and valuation adjustments. If third party information, such
as off-market trades is available, then management assesses the evidence obtained to support the conclusion
that these valuations meet the requirements of the Standards, including the level in the fair value hierarchy in
which the valuations should be classified.
When measuring the fair value of an asset, the Group uses observable market data as much as possible. Fair
values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows.
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
In order to estimate the fair value of the equity investments held in AG1, management have assessed that the
share price on the NSX has not changed as there have been no trades in AG1 shares since 7 December 2020.
As such management have applied Level 2 inputs, being the off-market trades of the AG1 shares during the
year.
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Revenue recognition
The Consolidated Entity generates its revenue from the following streams:
Sale of goods
The Group generates revenue from the sale of goods, which is recognised at a point in time when the goods
are delivered, the legal title has passed and/or the customer has accepted the goods. The amount of revenue
recognised for goods delivered is adjusted by expected returns.
The Group does not provide or offer any warranties for sale of goods.
Service revenue
Revenue from the provision of services is recognised in the period in which the services are rendered. The
performance obligation is the supply of services over the contractual terms. The terms represent distinct
contracted services that are substantially the same with the same pattern of transfer, such that they would be
recognised over time.
Non-current assets (or disposal groups) held-for-sale and discontinued operations
Non-current assets (or disposal groups) are classified as assets held-for-sale and carried at the lower of
carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale
transaction rather than through continuing use. The assets are not depreciated or amortised while they are
classified as held-for-sale. Any impairment loss on initial classification and subsequent measurement is
recognised as an expense. Any subsequent increase in fair value less costs to sell (not exceeding the
accumulated impairment loss that has been previously recognised) is recognised in profit or loss.
A discontinued operation is a component of an entity that either has been disposed of, or that is classified as
held-for-sale and:
(a) represents a separate major line of business or geographical area of operations; or
(b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area
of operations; or
(c) is a subsidiary acquired exclusively with a view to resale.
Significant accounting judgements and estimates
The preparation of financial statements in conformity with financial reporting standards at times requires
management to make subjective judgements and estimates regarding matters that are inherently uncertain.
These judgements and estimates affect reported amounts and disclosures; and actual results could differ from
these estimates. Significant judgements and estimates are as follows:
Fair value of financial instruments
In determining the fair value of financial instruments that are not actively traded and for which quoted market
prices are not readily available, management exercises judgement, using a variety of available information,
including valuation techniques and models. The input to these models is taken from observable markets and
includes off-market trades for shares in listed investments with low or no share price movements, consideration
of credit risk, liquidity, correlation and longer-term volatility of financial instruments. Change in assumptions
about these factors could affect the fair value and disclosures of fair value hierarchy.
Property, plant and equipment and depreciation
In determining depreciation of plant and equipment, management is required to make estimates of the useful
lives of machinery, the estimated production units (OzCrate Mould) and to review estimate useful lives and
residual values when there are any changes. In addition, management is required to review plant and
equipment for impairment on a periodical basis and record impairment loss when it is determined that the
recoverable amount is lower than the carrying value. This requires judgement regarding forecasts of future
cash flows relating to the assets subject to the review.
Determining the lease term of contracts with renewal and termination options
In determining the lease term, management is required to use judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease considering all relevant facts and
circumstances that create an economic incentive for it to exercise either the renewal or termination.
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5. FINANCIAL RISK MANAGEMENT
Overview
Risk management is carried out under policies approved by the Board of Directors. The Board provides written
principles for overall risk management, as well as policies covering specific areas such as foreign exchange
risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financials
instruments and investment of excess liquidity.
Financial risk management objectives
The Board monitors and manages the financial risk relating to the operations of the Consolidated Entity. The
Consolidated Entity’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk
(interest rate risk, and currency risk). The overall risk management strategy focuses on managing these risks
and seeks to minimise potential adverse effects on the financial performance of the Consolidated Entity. Risk
management is carried out under the direction of the Board.
The Consolidated Entity holds the following financial instruments as at the reporting date:
Financial assets
Cash and cash equivalents
Cash and cash equivalents held for sale
Restricted cash
Restricted cash held for sale
Finance lease receivable
Finance lease receivable held for sale
Financial assets @ FVOCI
Financial assets @ FVOCI held for sale
Trade receivables1
Trade receivables held for sale2
Financial liabilities
Trade payables
Trade payables held for sale
Trade finance facility
Trade finance facility held for sale
Lease liabilities
Lease liabilities held for sale
1.
2.
Refer to Note 9
Refer to Note 28
Market risk
30 June
2022
$
30 June
2021
$
110,544
126,761
-
-
-
-
4,083,333
-
198,807
520,793
750,505
-
-
-
1,316,617
-
4,316,667
-
854,883
-
5,040,238
7,238,672
308,788
1,266,067
183,152
-
723,386
-
2,298,231
-
132,647
-
1,637,548
-
2,481,393
4,068,426
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices will affect the Consolidated Entity’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.
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FINANCIAL RISK MANAGEMENT (CONTINUED)
Currency risk
The Consolidated Entity is exposed to currency risk on overseas purchases that are denominated in a currency
other than the functional currency of the Consolidated Entity, being the Australian dollar. The Consolidated
Entity had the following exposures as at the reporting date:
30 June 2022
Currency Receivables
Sensitivity
Payables
Sensitivity
+10%
-10%
+10%
-10%
USD
NZD
30 June 2021
$10,168
$11,185
$9,151
-
-
-
-
-
-
-
-
-
Currency Receivables
Sensitivity
Payables
Sensitivity
+10%
-10%
+10%
-10%
USD
NZD
$1,165,175
$1,281,693
$1,048,658
$185,594
$204,153
$167,035
$19,123
$21,035
$17,211
$3,502
$3,852
$3,152
The Consolidated Entity does not have any overseas borrowings. The Consolidated Entity does not currently
hedge any of its estimated foreign currency exposure in respect of forecast sales and purchases.
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FINANCIAL RISK MANAGEMENT (CONTINUED)
Interest rate risk
The following table sets out the interest rates applicable to financial instruments that are exposed to interest
rate risk:
Consolidated
Financial assets
Cash and cash equivalents
Cash and cash equivalents held for sale
Finance lease receivable
Finance lease receivable held for sale
Financial assets @FVOCI
Financial assets @FVOCI held for sale
Trade receivables
Trade receivables held for sale
Total financial assets
Financial liabilities
Trade payables
Trade payables held for sale
Trade finance facility
Trade finance facility held for sale
Lease liabilities
Lease liabilities held for sale
Total financial liabilities
Consolidated
Financial assets
Cash and cash equivalents
Finance lease receivable
Financial assets @FVOCI
Trade receivables
Total financial assets
Financial liabilities
Trade payables
Trade finance facility
Lease liabilities
Total financial liabilities
Fixed
interest
rate
30 June
2022
$
14
50
-
-
-
-
-
-
64
-
-
183,152
-
723,386
-
906,538
Fixed
interest
rate
30 June
2021
$
1,358
1,316,617
-
-
1,317,975
356,937
132,647
1,637,548
2,127,132
Non-
interest
bearing
30 June
2022
$
110,530
126,711
-
-
4,083,333
-
198,807
520,793
5,040,174
308,788
1,266,067
-
-
-
-
1,574,855
Non-
interest
bearing
30 June
2021
$
749,147
-
4,316,667
854,883
5,920,697
1,941,294
-
-
1,941,294
Total
30 June
2022
$
110,544
126,761
-
-
4,083,333
-
198,807
520,793
5,040,238
308,788
1,266,067
183,152
-
723,386
-
2,481,393
Total
30 June
2021
$
750,505
1,316,617
4,316,667
854,883
7,238,672
2,298,231
132,647
1,637,548
4,068,426
Weighted
average
interest rate
30 June
2022
%
0.01%
0.01%
14.32%
-
-
-
-
-
-
-
4.68%
-
5.00%
-
Weighted
average
interest rate
30 June 2021
%
0.05%
14.32%
-
-
8.00%
4.68%
5.00%
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FINANCIAL RISK MANAGEMENT (CONTINUED)
There is no interest rate applicable on trade receivables or trade and other payables. The Consolidated Entity
has a bank overdraft facility with interest of 8% and trade finance facility with interest of 4.68%. Management
believes a change of 5% in the interest rate will not have a material effect on the result of operations or equity
of the Consolidated Entity.
Credit risk
Credit risk is the risk of financial loss to the Consolidated Entity if a customer or counterparty to a financial
instrument fails to meet its contractual obligations and arises principally from the Consolidated Entity’s
receivables from customers.
Trade and other receivables
The Consolidated Entity’s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The Consolidated Entity regularly assesses customers’ creditworthiness. The Consolidated Entity is
reliant on one customer in respect of the Equipment Investments segments.
The Consolidated Entity’s maximum exposure to credit risk at the reporting date was:
Financial assets
Cash and cash equivalents
Accounts finance lease receivable
Financial assets @FVOCI
Trade receivables
The credit quality is assessed and monitored as follows:
Credit quality of financial assets
At 30 June 2022
Cash and cash equivalents
Cash and cash equivalents held for sale
Finance lease receivable
Finance lease receivable held for sale
Financial assets @FVOCI
Financial assets @FVOCI held for sale
Trade receivables – current
Trade receivables – current held for sale
At 30 June 2021
Cash and cash equivalents
Finance lease receivable
Financial assets @FVOCI
Trade receivables – current
30 June 2022
$
30 June 2021
$
237,305
-
4,083,333
719,600
5,040,238
Other
No default
-
-
-
-
4,083,3333
-
198,8072
520,793
4,802,933
-
1,316,617
4,316,667
854,883
6,488,167
750,505
1,316,617
4,316,667
854,883
7,238,672
Total
110,544
126,761
-
-
4,083,333
-
198,807
520,793
5,040,238
750,505
1,316,617
4,316,667
854,883
7,238,672
Equivalent
S&P rating1
AA-
110,544
126,761
-
-
-
-
-
-
237,305
750,505
-
-
-
750,505
The Consolidated Entity receives interest on its cash management deposits based on daily balances and
at balance date was exposed to a variable interest rate of 0.01% per annum (2021: 0.05% per annum).
The Consolidated Entity’s operating accounts do not attract interest.
1. The equivalent S&P rating of the financial assets represents that rating of the counterparty with whom the financial asset is held rather
than the rating of the financial asset itself.
2. Trade and other receivables represent sale of goods and rental income receivables (Refer Note 9)
3. Listed investment AG1 shares valued at 30 June 2022 per last off-market traded share price. This is a Level 2 valuation.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
5. FINANCIAL RISK MANAGEMENT (continued)
Allowance for impairment loss
A provision for impairment loss is recognised when there is objective evidence that an individual receivable is
impaired.
There were no balances within trade and other receivables containing amounts that were impaired during
30 June 2022. The Consolidated Entity considered balances within trade and other receivables as impaired
after reviewing credit terms of customers based on collection practices. Refer to Note 9 for details of past due
receivables.
Fair value measurement of financial instruments
Note 4 outlines the Consolidated Entity’s approach to fair value assessment of its assets and liabilities. The
carrying amounts of the Consolidated Entity’s financial instruments are assumed to approximate their fair value
due to either their short term nature or their terms and conditions.
Liquidity risk
Liquidity risk arises from the financial liabilities of the Consolidated Entity and the Consolidated Entity’s
subsequent ability to meet their obligations to repay their financial liabilities as and when they fall due.
Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Board has
determined an appropriate liquidity risk management framework for the management of the Consolidated
Entity’s short, medium and long-term funding and liquidity management requirements. The Consolidated Entity
manages liquidity risk by maintaining adequate reserves and continuously monitoring budgeted and actual
cash flows and matching the maturity profiles of financial assets, expenditure commitments and liabilities.
Financing arrangements
Unused borrowing facilities (see Note 17) with the bank at the reporting date:
Bank overdraft facility
Trade finance facility
6. AUDITOR’S REMUNERATION
30 June
2022
$
Facility
amount
50,000
250,000
300,000
Unused
portion
49,950
66,848
116,798
30 June
2021
$
Facility
amount
50,000
250,000
300,000
Unused
portion
49,946
117,353
167,299
30 June
2022
$
30 June
2021
$
During the year, the following fees were paid or payable for services
provided by the auditor of the Company and its related practices:
Audit services – Stantons International Audit and Consulting Pty Ltd
Audit and review of financial statements
65,045
57,770
65,045
57,770
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 22
7.
INCOME TAX
(a)
Income tax expense - current
(b) Numerical reconciliation between tax benefit and pre-tax
net profit / (loss)
30 June
2022
$
-
30 June
2021
$
-
Profit / (Loss) before income tax benefit
350,784
3,316,069
Income tax calculated at 25% (30 June 2021: 26%)
87,696
862,178
Tax effect of:
Non-deductible expenses and temporary differences
Section 40-880 deduction
Future tax benefit not brought to account
Prior year tax losses utilised
Effect of higher foreign tax rate
Income tax expense
(c) Tax losses
(50,522)
(75)
-
(337,863)
(6,730)
5,070
(37,289)
(522,293)
190
-
(362)
-
Unused tax losses for which no deferred tax asset has been
recognised (as recovery is currently not probable)
Potential at 25% (30 June 2021: 25%)
-
173,960
(d) Unrecognised temporary differences
Temporary differences for which deferred tax assets have not
been recognised at 25% (30 June 2021: 25%):
Provisions and other timing differences
Section 40-880 deduction
-
-
Unrecognised deferred tax assets relating to the above temporary
differences
(e) Tax rates
The potential tax benefit at 30 June 2022 in respect of tax losses
not brought into account has been calculated at 25% (30 June
2021: 25%). The balance at 30 June 2022 is nil.
28,542
298
28,840
26,373
-
26,373
The income tax expense has been computed on the group basis as the Group is a consolidated tax entity. There
is no income tax expense on the discontinuing operation.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 22
8. REVENUE AND EXPENSES
Note
(a) Other revenue
Rental from sublet of leased property
R&D refund
Other income
ATO cashflow boost
(b) Net finance income / (expense)
Interest income
Interest income from finance lease
Interest expense
Interest expense from finance lease
Interest expense from unwinding of interest per
AASB16
22
16 (d)
(c) Occupancy expenses
Rental expense for warehouse
Rental expense for office premises
(d) Disposal of assets
Proceed from sale of asset for AG1 shares
Carrying value at date of disposal
21
12
(e) Sale of goods
Building materials supply
Source & procurement supply
30 June
2022
$
630,641
69,665
215,466
-
915,772
60
254,394
(8,300)
39,427
(40,665)
Restated
30 June
2021
$
616,864
68,021
3,648,053
29,801
4,362,739
17,079
396,489
(1,654)
(114,559)
(78,208)
244,916
219,147
-
40,121
40,121
-
-
-
122,554
91,460
214,014
10,564
55,020
65,584
3,500,000
(42,834)
3,457,166
147,079
415,310
562,389
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
9. TRADE AND OTHER RECEIVABLES
Current
Trade receivables – normal activities
30 June
2022
$
198,807
198,807
30 June
2021
$
854,883
854,883
The Consolidated Entity’s exposure to credit risk related to trade and other receivables is disclosed in Note 5.
Past due but not impaired
Customers with balances past 90 days due but without provision for impairment of receivables amount to $961
as at 30 June 2022 (30 June 2021: $29). This amount is immaterial, as a result management has assessed
that no provision for impairment will be provided.
The Consolidated Entity did not consider a credit risk on the aggregate balances after reviewing credit terms
of customers based on recent collection practices.
The ageing of the past due but not impaired receivables are as follows:
1-30 days
31-60 days
61-90 days
90+ days
10. OTHER CURRENT ASSETS
Current
Deposits to suppliers
Prepaid insurance
Prepaid inventory
Prepaid services
Interest yet to be paid
11. INVENTORIES
Materials handling supply
Building materials supply
Source and procure supply
109,064
88,782
-
961
198,807
-
5,451
-
3,186
-
8,637
736,054
118,407
393
29
854,883
130,236
7,194
109
6,979
(31,929)
112,589
-
38,902
999,186
1,038,088
287,163
39,179
1,019
327,361
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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 22
1 2 . PROPERTY, PLANT & EQUIPMENT
Plant &
equipment
Furniture &
fittings
Office
equipment
$
$
$
Pooled
assets
$
Subtotal
$
Right of use
asset
$
Assets held
for sale
$
At 30 June 2022
Cost
Additions
Accumulated depreciation
Disposals
Net book amount
At 30 June 2021
Cost
Accumulated depreciation
Disposals
Net book amount
-
-
-
-
-
271,745
(27,626)
(42,834)
201,285
19,743
-
20,940
272
(18,607)
(19,669)
-
1,136
22,706
(15,187)
-
7,519
-
1,543
38,405
(28,851)
-
9,554
-
-
-
-
-
2,285
(73)
(1,387)
825
40,683
272
(38,276)
-
2,679
335,141
(71,737)
(44,221)
219,183
1,520,086
12,106
(761,768)
(35,204)
735,220
2,281,854
(761,768)
-
1,520,086
Movement in the carrying amounts for each class of plant and equipment between the beginning and the end of the current financial year.
Year ended 30 June 2022
Opening net book amount
201,285
Additions / reclassification
Depreciation charges
Disposals
Closing net book amount
Year ended 30 June 2021
Opening net book amount
Additions
Depreciation charges
Disposals
Closing net book amount
-
-
(201,285)
-
7,519
-
(3,420)
(2,963)
1,136
263,227
11,126
-
(19,108)
(42,834)
201,285
-
(3,607)
-
7,519
9,554
272
(2,610)
(5,673)
1,543
9,056
6,756
(6,258)
-
9,554
825
-
-
219,183
272
(6,030)
(825)
(210,746)
-
2,679
1,520,086
12,106
(761,768)
(35,204)
735,220
2,677
286,086
2,281,854
-
(465)
(1,387)
825
6,756
(29,438)
(44,221)
219,183
-
(761,768)
-
1,520,086
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38 | P a g e
Total
$
1,855,227
20,738
(892,546)
(41,126)
942,293
2,616,995
(833,505)
(44,221)
1,739,269
1,739,269
231,484
(776,588)
(251,872)
942,293
2,567,940
6,756
(791,206)
(44,221)
1,739,269
294,458
8,360
(92,502)
(5,922)
204,394
-
-
-
-
-
219,106
(8,790)
(5,922)
204,394
-
-
-
-
-
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 22
12. PROPERTY, PLANT & EQUIPMENT (continued)
Impairment Test for Plant & Equipment
At each reporting date, the Consolidated Entity assesses whether there is any indication that an asset may be
impaired. Where an indicator of impairment exists, the Consolidated Entity makes a formal estimate of the
recoverable amount.
Where the carrying value of an asset exceeds its recoverable amount, the asset is considered to be impaired
and is written down to its recoverable amount. The impairment loss is recognised in profit or loss in the reporting
period in which the write-down occurs.
The Consolidated Entity has assessed the plant and equipment of plastic injection mould and impairment will
be considered if the present value of the expected cash flows is less than the carrying amount. Using the low
and high estimate discount factor, the recoverable amount has exceeded the carrying amount of the equipment.
Therefore, there will be no impairment of the plant and equipment of plastic injection mould for the year ended
30 June 2022.
13. INTANGIBLES
At 30 June 2022
Cost
Additions / reclassification
Accumulated depreciation
Net book amount
At 30 June 2021
Cost
Additions
Accumulated depreciation
Net book amount
Year ended 30 June 2022
Opening net book amount
Additions / reclassification
Depreciation charges
Closing net book amount
Year ended 30 June 2021
Opening net book amount
Additions
Depreciation charges
Closing net book amount
Intangibles
$
Assets held
for sale
$
16,631
(16,631)
-
-
8,412
8,219
(6,974)
9,657
9,657
(9,657)
-
-
3,583
8,219
(2,145)
9,657
-
16,631
(8,672)
7,959
-
-
-
-
-
9,657
(1,698)
7,959
-
-
-
-
Total
$
16,631
-
(8,672)
7,959
8,412
8,219
(6,974)
9,657
9,657
-
(1,698)
7,959
3,583
8,219
(2,145)
9,657
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
14. TRADE AND OTHER PAYABLES
Current
Trade payables – normal activities
Trade payables – supplier of mining equipment
Other payables
Other payables – accrued interest mining equipment
supplier
22
22
The ageing of the past due trade payables – normal activities are as follows:
1-30 days
31-60 days
61-90 days
90+ days
30 June
2022
$
327,760
-
(18,972)
-
30 June
2021
$
1,367,106
356,937
540,297
33,891
308,788
2,298,231
162,561
117,961
35,777
11,461
327,760
909,820
338,294
60,619
58,373
1,367,106
The Consolidated Entity’s exposure to liquidity risk related to trade and other payables is disclosed in Note 5.
15. EMPLOYEE BENEFITS
Current
Liability for annual leave and other entitlements
14,127
42,419
16. LEASES
(a) Right-of-use assets (ROU)
Rental property opening balance
Additions
Adjustment to ROU
Depreciation
Rental property closing balance
(b) Lease liabilities
Current
Non-current
1,520,086
12,106
(35,204)
(761,768)
735,220
2,281,854
-
-
(761,768)
1,520,086
723,386
-
723,386
788,420
849,128
1,637,548
(c) Depreciation charge of right-of-use asset
Depreciation expense per AASB 16
12
761,768
761,768
761,768
761,768
(d) Interest expense on lease liabilities (under net finance
income)
Interest expense from the unwinding of interest per AASB 16
8 (b)
(e) Other AASB 16 adjustments
Total yearly cash outflows for leases
16 (c) & (d) & (e)
40,665
40,665
35,204
35,204
837,637
78,208
78,208
-
-
839,976
The sublet of the leased property has been treated as an operating lease and as a result of the above, the
Group receives rental income as per Note 8 (a).
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
17. LOANS AND BORROWINGS
This note provides information about the contractual terms of The Consolidated Entity’s interest-bearing loans and
borrowings. For more information about The Consolidated Entity’s exposure to interest rate and liquidity risk, see Note
5.
30 June
2022
$
30 June
2021
$
Facility
drawdown
Facility
available
Facility
drawdown
Facility
available
183,152
183,152
66,848
66,848
132,647
117,353
132,647
117,353
50
50
49,950
49,950
54
54
49,946
49,946
(a) Trade finance
NAB facility - $250,000 limit
(b) Bank overdraft
NAB facility - $50,000 limit
Terms of loans and borrowings
Details
Trade finance facility
Bank overdraft
Facility provider
National Australia Bank
National Australia Bank
$50,000
8.00% p.a.
No limit
$50 per month
$600 once off
Facility limit
Interest rate
Term of drawings
$250,000
4.68% p.a.
120 days
Services fees
1.00% p.a. on trade finance limit
$1,000 once off
Application fees
Expiry date
Assets pledged as security
31 May 2023
Revolving term, subject to annual review
The finance facilities provided by NAB comprises of trade refinance facility and an overdraft facility. Should
The Consolidated Entity fail to make on-time repayments on these facilities and breaching the covenants, NAB
are deemed as secured creditors and are first in line to The Consolidated Entity’s cash & cash equivalents and
any income from trade receivables received as securities totalling the amounts owed to the limit of drawdown.
18. ISSUED CAPITAL
30 June
2022
$
30 June
2021
$
144,744,757 fully paid ordinary shares (30 June 2021: 144,744,757)
8,251,219
8,251,219
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
18. ISSUED CAPITAL (continued)
(a) Ordinary shares
The following movements in ordinary share capital occurred during the year:
30 June
2022
number
30 June
2021
number
30 June
2022
$
30 June
2021
$
Balance at beginning of the year
144,744,757
144,744,757
8,251,219
8,251,219
Share issues
Balance at the end of the year
-
-
-
-
144,744,757
144,744,757
8,251,219
8,251,219
Ordinary shares entitle the holder to participate in dividends and the proceeds from winding up of the Company
in proportion to the number and amounts paid on the shares held.
On a show of hands every holder of ordinary securities present at a shareholder meeting in person or by proxy,
is entitled to one vote, and upon a poll each share is entitled to one vote.
(b) Options
Options granted, exercised or lapsed
No options have been granted, exercised or lapsed since the end of the previous financial year and to the date
of this report.
Unissued shares under option
There were no options to subscribe for ordinary fully paid shares at the end of the year or at the date of this
report.
(c) Capital risk management
The Consolidated Entity's objectives when managing capital is to safeguard its ability to continue as a going
concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an
optimum capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Consolidated Entity may adjust the amount of dividends
paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of
borrowings and the advantages and security afforded by a sound capital position although there is no formal
policy regarding gearing levels.
There were no changes in the Consolidated Entity’s approach to capital management during the year. The
Consolidated Entity is not subject to any externally imposed capital requirements.
19. ACCUMULATED LOSSES
Accumulated losses at the beginning of the year
Net profit for the year
30 June
2022
$
30 June
2021
$
(3,754,152)
350,784
(7,070,221)
3,316,069
Accumulated losses at the end of the year
(3,403,368)
(3,754,152)
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
20. RESERVES
Fair value reserve opening balance (i)
Foreign currency translation
Total reserves
(i) Fair Value Reserve
Opening Balance
Movement in fair value reserve
Fair value as at 30 June 2022
21. FINANCIAL ASSETS
Long Term Equity Investments
Fair value as at 30 June 2021
Sale of glass processing equipment for 11,666,667 AG1 shares at $0.30
each on 24/07/2020
Movement in fair value (to adjust to $0.35 per share)
Fair value as at 30 June 2022
30 June
2022
$
583,333
654
583,987
30 June
2021
$
816,667
26
816,693
816,667
(233,334)
583,333
-
816,667
816,667
4,316,667
-
-
3,500,000
(233,334)
4,083,333
816,667
4,316,667
The Company holds 11,666,667 ordinary fully paid shares in Australia Sunny Glass Group Limited (AG1). The
fair value of the investment has been determined based on the last off-market transaction price of the securities
being $0.35 as of 30 June 2022. The last on-market trading of AG1 shares on the National Stock Exchange of
Australia (NSX) was on 7 December 2020 and there have been no trades since to the balance date of this
report.
NSX is a principal market and the only one in which AG1 transacts, representing an orderly market with directly
observable inputs. AG1’s shares are tightly held with ~97% held by the Top 20 shareholders (refer AG1 Annual
Report for year ended 30 June 2021). This tightly held nature of AG1 shares has resulted in trading volumes
being impacted on NSX.
The Company thus has considered off-market trading activity in its valuation of AG1 shares as of 30 June 2022.
During the year, AG1 processed off market transfers totalling 21,117,773 shares with sales prices ranging from
$0.30 to $0.42 per share. The last off-market trade was at $0.35 per share. It is this price that has been used
to value the investment in AG1 as at 30 June 2022. This is a Level 2 valuation technique.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
22. FINANCE LEASE RECEIVABLE
Current Finance Lease Receivable
Non-Current Finance Lease Receivable
Total
30 June
2022
$
-
-
-
30 June
2021
$
1,139,302
177,315
1,316,617
In October 2019, the Consolidated Entity secured a finance lease contract with Newfield Resources Limited
(ASX:NWF) (Newfield) to supply various underground mining equipment, including 2x Drill Rig Jumbos, 2x
Haul trucks and 2x LHD Loaders. The Consolidated Entity’s wholly owned subsidiary, Buildmart Services Pty
Ltd (Buildmart) has sourced and financed the purchase of mining equipment with a total value of ~AUD$3.6m.
As at 31 December 2021, Buildmart has fully paid all amounts owing to the manufacturer.
For accounting purposes, the transaction was recorded as a finance lease. As at 30 June 2022, Newfield has
fully paid all amounts owing to Buildmart. The Consolidated Entity has not recognised an asset since all risks
and rewards have been transferred to Newfield at the commencement of the lease.
The Consolidated Entity recognised interest income from the finance lease of $254,394 as at 30 June 2022.
23. KEY MANAGEMENT PERSONNEL DISCLOSURES
Compensation
The aggregate compensation made to Directors and other members of Key Management Personnel of the
Consolidated Entity during the year is set out below:
Short-term employee benefits
Post-employment benefits
285,752
28,575
314,327
220,000
20,900
240,900
24. RELATED PARTY TRANSACTIONS
(a) Parent entity
BauMart Holdings Limited is the parent entity (Company).
(b) Subsidiaries
The Company’s interests in its subsidiaries for the year are set out below. Unless otherwise stated, the
subsidiaries have share capital consisting solely of ordinary shares that are held directly by the Company, and
the proportion of ownership interest held equals the voting rights held by the Company. The country of
incorporation is also its principal place of business.
Name of entity
Country of
incorporation
Equity
holding 2022
Equity
holding 2021
Ownership interest as at 30
June 2022
Buildmart Services Pty Ltd
Australia
100%
100%
Principal activities
Project management, source and
procure services
Eco Pallets Pty Ltd
Australia
Eco Pallets NZ Limited
New Zealand
100%
100%
100%
Materials handling product supply
100%
Materials handling product supply
Loans made by the Company to its wholly-owned subsidiaries are contributed to meet required expenditure
payable on demand and are not interest bearing.
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24. RELATED PARTY TRANSACTIONS (continued)
The intercompany loan between Eco Pallets Pty Ltd and the Company as at 30 June 2022 was $1.602,679. In
accordance with the terms of the share sale agreement, this loan will be fully forgiven with the sale of the
division. The terms are outlined in the notice of meeting, which was released on 18 July 2022.
(a) Key management personnel compensation
The following were key management personnel of the Consolidated Entity at any time during the year and
unless otherwise indicated were key management personnel for the year:
Mr Matthew Logan (Executive Director)
Mr Ben Talbot (Executive Director) – appointed 1 January 2022
Mr Berthus Budiman (Non-Executive Director)
Mr Anson Gan (Non-Executive Director)
Mr Michael Crichton (Non-executive Director) – resigned on 31 December 2021
Disclosures relating to key management personnel are set out in Note 23 and the remuneration report.
25. PARENT ENTITY INFORMATION
Set out below is the supplementary information about the parent entity for year ended 30 June 2022.
Statement of profit or loss and other comprehensive income
Profit / (Loss) after income tax
Total comprehensive profit / (loss)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Accumulated losses
Reserves
Total equity
30 June
2022
$
30 June
2021
$
697,511
2,828,332
697,511
2,828,332
248,425
164,480
5,907,947
6,293,820
1,314,919
1,315,842
1,314,919
2,164,969
8,251,219
(4,241,524)
583,333
8,251,219
(4,939,035)
816,667
4,593,028
4,128,851
(a) Guarantees entered into by the parent entity
The parent entity did not have any guarantees at year end.
(b) Contingent liabilities of the parent entity
The parent entity did not have any contingent liabilities at year end.
(c) Contractual commitments for capital expenditure
The parent entity did not have any commitment in relation to capital expenditure contracted but not recognised as
liabilities as at balance date.
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F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 2
26. RECONCILIATION OF CASH FLOWS USED IN OPERATING ACTIVITIES
(a) Cash flows from operating activities
Profit for the year
Adjustments of non-cash/non-operating items:
Depreciation and amortisation
Net foreign exchange (gain)
Gain on sale of asset
Operating profit before changes in working capital and provisions
Change in trade and other receivables
Change in trade and other receivables classified to held for sale
Change in inventories
Inventories classified as held for sale
Prepayments and other current assets held for sale
Change in prepayments and other current assets
Change in trade and other payables
Trade and other payables held for sale
Change in employee benefits
Employee benefits held for sale
Net cash (used in) / provided by operating activities
(b) Non-cash investing and financing activities
30 June
2022
$
350,784
778,286
(89,443)
-
1,039,627
656,076
(520,793)
(710,727)
(836,081)
(91,813)
103,952
(1,598,615)
1,266,067
(28,292)
34,808
(685,791)
30 June
2021
$
3,316,069
793,351
84,532
(3,457,166)
736,786
(41,863)
-
44,942
-
-
26,068
(392,114)
-
5,450
-
379,269
Sale of glass processing equipment for 11,666,667 AG1 shares at $0.30 each during the year ended 30 June 2021.
There were no non-cash investing and financing activities during the year ended 30 June 2022.
(c) Cash and cash equivalents
Cash on hand
Cash in bank
Bank overdraft
Cash and cash equivalents
17 (b)
1,016
109,578
(50)
110,544
1,192
749,367
(54)
750,505
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27. EARNINGS/(LOSS) PER SHARE
Basic and diluted earnings/(loss) per share
The calculation of basic loss per share at 30 June 2022 was based on the following:
Earnings / (Loss) attributable to ordinary shareholders
Profit / (loss) from continuing operations
Profit / (loss) from discontinuing operations
Net profit for the year attributable to owners of the Company
Weighted average number of ordinary shares
30 June
2022
$
30 June
2021
$
(402,553)
753,337
350,784
2,889,630
426,439
3,316,069
Number
Number
Balance at beginning of year
144,744,757
144,744,757
Balance at end of year
144,744,757
144,744,757
Diluted earnings/(loss) per share must be calculated where potential ordinary shares on issue are dilutive.
There are no potential ordinary shares outstanding as set out in Note 18.
28. ASSETS HELD FOR SALE
In the later part of FY2021, the Group commenced a strategic business review of its operations and considered
acquisition and divestment opportunities for its business divisions. As a result, BauMart entered into a conditional
share sale agreement with APX Holdings Pty Ltd to sell its wholly owned subsidiary Eco Pallets Pty Ltd (Eco
Pallets) (including Eco Pallets’ subsidiary, Eco Pallets NZ) for a cash consideration of $1 million in June 2022
(see announcement dated 23 June 2022), and shareholders subsequently approved the sale at a general meeting
on 18 August 2022. Please refer to Note 31 for more information.
A decision has been made by the Board to classify the division as an asset held for sale as at 30 June 2022 in
accordance with AASB 5: Non-current Assets Held for sale and Discontinued Operations.
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28. ASSETS HELD FOR SALE (continued)
The assets and liabilities classified as current assets and liabilities held for sale are presented in the table below:
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other current assets
Inventories
Total current assets
NON-CURRENT ASSETS
Property, plant and equipment
Intangibles
Total non-current assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Employee benefits
Total current liabilities
TOTAL LIABILITIES
NET ASSETS
30 June
2022
$
126,761
520,793
91,813
836,081
30 June
2021
$
342,550
692,176
99,149
287,163
1,575,448
1,421,038
204,394
7,959
212,353
210,746
9,657
220,403
1,787,801
1,641,441
1,266,067
34,808
1,300,875
1,299,942
24,340
1,324,282
1,300,875
1,324,282
486,926
317,159
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28. ASSETS HELD FOR SALE (CONTINUED)
The net profit from discontinuing operations is presented in the table below:
Statement of comprehensive income for discontinuing
operations
Revenue and other income
Sale of goods
Total revenue
Cost of sales
Total cost of sales
Gross profit
Other revenue
Net finance (expense)
Expenses
Corporate and administrative expenses
Operational expenses
Occupancy expenses
Marketing expenses
Depreciation and amortisation expenses
Total expenses
Profit before income tax
Net profit for the year
30 June
2022
$
30 June
2021
$
6,091,370
6,091,370
4,921,059
4,921,059
(5,033,660)
(4,165,770)
(5,033,660)
(4,165,770)
1,057,710
755,289
256,030
(3,700)
237,318
(538)
(101,047)
(108,599)
(190,256)
(146,313)
(10,488)
(556,703)
753,337
753,337
(120,964)
(100,442)
(199,145)
(135,761)
(9,318)
(565,630)
426,439
426,439
Eco Pallets Pty Ltd, the subsidiary has agreed to write off the loan receivable of $1,602,679 from the parent
company. In the consolidated statement of profit and loss and other comprehensive income, this has been
eliminated.
29. COMMITMENTS AND CONTINGENT LIABILITIES
The Consolidated Entity has no commitments or contingent liabilities as at 30 June 2022 other than salary
obligations per the employee contracts with its employees.
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30. SEGMENT INFORMATION
The Consolidated Entity has identified its operating segments based on the internal reports that are reviewed and
used by the Board of Directors (chief operating decision makers) in assessing performance and determining the
allocation of resources. The Consolidated Entity is managed primarily on the basis of product category and service
offerings since the diversification of the Consolidated Entity’s operations inherently have notably different risk
profiles and performance assessment criteria. Operating segments are therefore determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered
to have similar economic characteristics and are also similar with respect to the products sold and/or services
provided by that segment.
Types of products and services by segment
Materials Handling Supply
The Materials Handling Supply division is focused on the Australia and New Zealand wide supply of plastic
materials handling unit load devices, such as plastic pallets and plastic crates.
Building Materials Supply
The Building Materials Supply division is focused on the supply of building products and materials procured from
local and offshore suppliers to both the residential and commercial property construction markets.
Source & Procurement Supply
The Sourcing and Procurement division is focused on providing specialised procurement solutions to a broad range
of sectors.
Basis of accounting for purposes of reporting by operating segments
Equipment Investments
The Equipment Investments division is focused on acquiring specialised equipment. The business model
contemplates the acquisition of specialised equipment with the intention of leasing the equipment to specialised
operators, providing the Consolidated Entity with lease income. This segment was amended in FY21 as the glass
processing equipment was sold.
Accounting policies adopted
Unless stated otherwise, all amounts reported to the Board of Directors as the chief decision maker with respect to
operating segments are determined in accordance with accounting policies that are consistent to those adopted in
the annual financial statements of the Consolidated Entity.
All inter-segment loans payable and receivable are eliminated on consolidation for the Consolidated Entity’s
financial statements.
Segment Assets
Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority
of economic value from the asset. In the majority of instances segment assets are clearly identifiable on the basis
of their nature and physical location.
Segment Liabilities
Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the
operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Consolidated
Entity and are not allocated. Segment liabilities include trade and other payables and certain borrowings.
Unallocated items
Items of revenue, expenses, assets and liabilities which are not considered part of the core operations of any
segment are allocated to Corporate and Administrative:
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30. SEGMENT INFORMATION (continued)
Segment Revenue1
Segment Results
Segment Assets
Segment Liabilities
30 June
2022
$
30 June
2021
$
30 June
2022
$
30 June
2021
$
30 June
2022
$
30 June
2021
$
30 June
2022
$
30 June
2021
$
$6,091,370
$4,921,059 ($1,105,373)
$189,120 $1,787,801 $1,707,478 $1,300,875 $1,324,282
$122,554
$147,079
($821,360)
($619,414) $4,860,085 $5,818,279 $1,314,869 $2,164,915
$345,854
$811,798
$502,614
$388,563 $1,107,699 $1,776,489
($85,416)
$621,647
-
$3,457,166
- $3,384,683
-
-
-
-
$1,158,624
$965,012
$1,774,903
($26,883)
$209,524
$125,302
$2,943
$2,944
$7,718,402 $10,302,114
$350,784 $3,316,069 $7,965,109 $9,427,548 $2,533,271 $4,113,788
Materials
Handling
Supply2
Building
Materials
Supply
Source &
Procurement
Supply
Equipment
Investment
Corporate &
Administrative
Consolidated
Entity (Total)
1 Segment revenue includes sale of goods, income from delivery of services and other revenue earned during the year.
2 Discontinuing operations.
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31. EVENTS SUBSEQUENT TO REPORTING DATE
As outlined above in note 28, the Company entered into a binding share sale agreement with APX Holdings Pty Ltd
(APX Holdings) in June 2022, in respect of its wholly owned subsidiary, Eco Pallets Pty Ltd (Eco Pallets) and
Eco Pallets’ subsidiary, Eco Pallets NZ. APX Holdings agreed to purchase Eco Pallets by way of share purchase
for $1 million in cash and the proposed sale was subject to shareholder approval under ASX Listing Rule 10.1.5. A
notice of meeting was subsequently released to the ASX and shareholders on 18 July 2022.
On 18 August 2022, the Company’s shareholders voted in favour of the proposed sale at a general meeting and
the Company and APX were able to proceed with the proposed sale under the share sale agreement.
On 29 August 2022, the Company received cash consideration of $1 million from APX Holdings and confirmed that
all conditions precedent to the sale have been satisfied or waived.
Refer ASX announcements dated 23 June 2022, 18 July 2022, 18 August 2022 and 29 August 2022 for additional
details.
Other than what has been disclosed in the accounts, there has not arisen in the interval between the end of the
year and the date of this report any item, transaction or event of a material and unusual nature likely to significantly
affect the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the
Consolidated Entity in future financial years.
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D I R E C T O R S ’ D E C L A R A T I O N
In the opinion of the directors of BauMart Holdings Limited:
(a)
the financial statements and notes, set out on pages 14 to 52, are in accordance with the Corporations
Act 2001, including:
(i)
giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2022 and its
performance for the financial year ended on that date; and
(ii) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(b)
(c)
the financial report also complies with International Financial Reporting Standards as issued by the
International Accounting Standards Board; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
This declaration has been made after receiving the declarations from the Executive Director required by section
295A of the Corporations Act 2001 for the year ended 30 June 2022. In accordance with section 295A, those
declarations were that:
(a)
(b)
(c)
the financial records of the Consolidated Entity have been properly maintained in accordance with section
286 of the Corporations Act 2001;
the financial statements and notes comply with the Australian Accounting Standards (including the
Australian Accounting Interpretations) and the Corporations Regulations 2001 in all material respects; and
the financial statements and notes give a true and fair view, in all material respects, of the financial position
and performance of the Consolidated Entity.
Signed in accordance with a resolution of directors made pursuant to section 295 (5) (a) of the Corporations Act
2001 (Cth).
Dated at Perth, Western Australia this 31st day of August 2022
Ben Talbot
Executive Director
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PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
BAUMART HOLDINGS LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Baumart Holdings Limited (“the Company”), and its subsidiaries (“the
Group”), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
(ii)
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
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Company 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Relating to Going Concern
Without modifying our audit opinion expressed above, attention is drawn to the following matter.
As referred to in Note 4 to the consolidated financial statements, the consolidated financial statements have
been prepared on a going concern basis. At 30 June 2022 the Group had cash and cash equivalents totalling
$110,544 (excluding cash held for sale of $126,761), working capital of $610,606 and has incurred a loss before
tax from continuing operations for the year of $402,553. This indicates that there is a material uncertainty exists
that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
Key Audit Matters
In addition to the Material Uncertainty in relation to Going Concern, we have determined following the matters
described below to be Key Audit Matters to be communicated in our report.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report of the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Key Audit Matters
How the matter was addressed in the audit
Completeness and accuracy of revenue under
the new revenue Standard AASB 15 Revenue
from Contracts with Customers
There is an inherent risk around the accuracy of
revenue recorded given the nature of the Group’s
activities.
of
distinct
identification
the revenue accounting
The application of
standard involves certain key judgements relating
to
performance
obligations, determination of transaction price of
the identified performance obligations and the
appropriateness of the basis used to measure
revenue recognised over a period. The Group’s
policy on revenue recognition is set out in Note 4
to the financial statements.
Revenue recognition is a key audit matter due to
the requirement to evaluate the appropriateness of
management’s judgements and estimates, as well
as the significance of the operating Revenue
balance (excluding other income) to the Group of
$6,305,384, comprising revenues from continuing
operations of $214,014 and from discontinuing
operations of $6,091,370.
Inter alia, our audit procedures included the
following:
i.
ii.
Assessing the Group’s process to identify the
impact of adoption of the new revenue
accounting standard.
Assessing the appropriateness of the Group’s
revenue recognition accounting policies and
the adequacy of their disclosures in the
financial statements;
iii. Testing the operating effectiveness of the key
controls over the revenue process;
iv. Performing tests for accuracy, completeness
and cut-off of customer invoicing on a sample
basis; and
v.
Performing substantive tests and analytical
procedures on revenue and costs of sales
and performed tests of detail on accounts
receivable balances
the
statement of financial position at year-end.
recognised
in
Key Audit Matters
How the matter was addressed in the audit
Accounting for Discontinuing Operations and
Assets Held for Sale
The Company had taken the decision to sell Eco
Pallets Pty Ltd (“Eco Pallets”) and associated
subsidiary. As at 30 June 2022, the Company had
reclassified the assets and liabilities of Eco Pallets as
held for sale. The sale of Eco Pallets was completed
on 29 August 2022.
The results of Eco Pallets are presented as
discontinued operations in the consolidated Income
Statement and
the
related notes,
restatement of the comparative financial information.
The assets and liabilities of Eco Pallets in the
consolidated statement of financial position are
presented as held for sale.
including
We consider the accounting
for discontinuing
operations and classification and disclosure of
Assets Held for Sale to be a key audit matter due to
the following:
i)
Significance Eco Pallets to the Group’s
operations and management’s judgement
applied in classifying the business as held
for sale of the transaction to the Group;
Significance of the disclosures in the
consolidated
financial statements have
been presented in accordance with AASB
5: Non-Current Assets Classified as Held
for Sale and Discontinued Operations
(AASB 5).
ii)
Inter alia, our audit procedures included the
following:
i.
ii.
Reviewing the Share Sale Agreement for the
sale of Eco Pallets;
Reviewing the Directors’ assessment as to
whether, on the basis of facts available, the
requirements of AASB 5 had been met at the
reporting date and evaluating the presentation
of the sale of Eco Pallets in light of AASB5;
iii. Performing audit procedures to ensure that
the assets held for sale are carried at lower of
carrying value and fair value less costs to sell
in terms of AASB 5 as well as the review of the
consolidation to ensure the sale of Eco Pallets
has been appropriately accounted for ; and
iv. Assessing
the adequacy of
the Group’s
disclosures in respect of the asset held for sale
and
with
discontinued
reference to AASB 5.
operations
Refer to note 28 for the disclosure relating to the
non-current assets held for sale and discontinuing
operations.
Audit Matters
Valuation of Financial Assets.
How the matter was addressed in the audit
The Company has an equity investment in Australia
Sunny Glass Group Limited (“AG1”). The Company
holds 11,666,667 ordinary shares in AG1 which is
listed on the National Stock Exchange of Australia
(NSX) and is valued at $0.35 per share totaling
$4,083,333 (refer to Note 21).
The valuation of AG1 shares is a key audit matter
due to:
i)
The value of the shares representing
approximately 51% of the total assets of the
Group; and
ii) The valuation method which required
management’s judgment of the fair value of
the shares based on on-market and off-
market trading in AG1.
Refer to notes 4 and 21 for the disclosures relating
to the valuation of the financial assets.
Inter alia, our audit procedures included the
following:
i.
Assessing whether
significant influence over AG1;
the Company has
ii. Obtained a holding statement confirming the
number of shares held by the Company in
AG1;
iii. Obtained and reviewed the listing of off-market
trades and compared
to management’s
valuation including challenging management’s
assumptions; and
iv. Assessing
the adequacy of
the Group’s
disclosures in respect of the financial asset at
fair value
through other comprehensive
income.
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 opinion 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 has no
realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view
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 entity's internal control.
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.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We 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.
We 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.
We 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.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
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 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
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 9 to 13 of the directors’ report for the year ended
30 June 2022.
In our opinion, the Remuneration Report of Baumart Holdings 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
31 August 2022
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
31 August 2022
Board of Directors
Baumart Holdings Limited
15 McCabe Street,
NORTH FREMANTLE WA 6159
Dear Directors
RE:
BAUMART HOLDINGS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration
of independence to the directors of Baumart Holdings Limited.
As Audit Director for the audit of the financial statements of Baumart Holdings 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)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
A D D I T I O N A L I N F O R M A T I O N
Top holders
The 20 largest registered holders of each class of quoted equity security as at 29 August 2022 were:
Fully paid ordinary shares – quoted
Name
No. of Shares
%
28,333,334
20,872,060
8,500,000
8,000,000
8,000,000
7,500,000
6,850,000
6,715,132
6,577,500
5,000,000
4,000,000
3,650,000
3,200,000
2,476,361
2,250,000
2,000,000
1,800,000
1,100,000
1,050,000
1,010,000
19.57
14.42
5.87
5.53
5.53
5.18
4.73
4.64
4.54
3.45
2.76
2.52
2.21
1.71
1.55
1.38
1.24
0.76
0.72
0.69
128,884,387
89
Wonder Holdings Pty Ltd
Kreo Capital Management Pte Ltd
Mr Tze Fong Gan
Mr Hoong Ngai Christopher Lai
Ms May Ern Gloria Lai
QP & Co Pty Ltd
Mutual Street Pty Ltd
Mr Sumampo Lau
Anrinza Future Pty Ltd
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. Mr Robert Ang
11. Mr Park On Lai
12. Kuswandi Aman
13. Mr Matthew Luke Mark Logan
14. Mr Evan Murray Retallack
15. Willy Masturi
16. Sparkle Capital Pty Ltd
17. Serng Yee Liew
18. Sanny Nanang
19. Mr Xing Min Lee
20. Mr Sok Kiang Teoh
Distribution schedules
A distribution schedule of each class of equity security as at 29 August 2022:
Ordinary fully paid shares
Range
Holders
Units
%
1
1,001
5,001
10,001
100,001
Total
-
-
-
-
-
1,000
5,000
10,000
100,000
Over
5
13
133
25
59
1,599
46,263
1,318,750
771,896
142,606,249
0.001
0.032
0.911
0.533
98.523
235
144,744,757
100.00
Substantial shareholders
The names of substantial shareholders in the Company as at 29 August 2022, and the number of shares to which
each substantial shareholder and their associates have a relevant interest, as disclosed in substantial shareholding
notices given to the Company, are set out below:
Substantial shareholder
Number of Shares
Wonder Holdings Pty Ltd
Kreo Capital Management Pte Ltd
Mr Tze Fong Gan
Mr Hoong Ngai Christopher Lai
Ms May Ern Gloria Lai
QP & Co Pty Ltd
28,333,334
20,872,060
8,500,000
8,000,000
8,000,000
7,500,000
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A D D I T I O N A L I N F O R M A T I O N
Restricted securities or securities subject to voluntary escrow
As at 29 August 2022, the Company had no restricted securities on issue.
As at 29 August 2022, the Company had no securities subject to voluntary escrow.
Unmarketable parcels
Holdings less than a marketable parcel of ordinary shares (being 4,166 shares as at 29 August 2022):
Holders
13
Units
4,166
Voting Rights
The voting rights attaching to ordinary shares are:
On a show of hands, every member present in person or by proxy shall have one vote, and upon a poll, each share
shall have one vote.
Options do not carry any voting rights.
On-Market Buy Back
There is no current on-market buy-back.
Corporate Governance
The Board has adopted and approved the Company’s Corporate Governance Statement, which can be found on
the Company’s website at www.baumart.com.au.
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