2022
ANNUAL
REPORT
Annual General Meeting
Boom Logistics will hold its
2022 Annual General Meeting at
11.00am on Friday, 25th November
2022. Details will be provided in
the Notice of Meeting.
boomlogistics.com.au
45 Consolidated Statement of
Changes in Equity
46 Notes to the Consolidated
Financial Statements
73 Directors’ Declaration
74 Independent Auditor’s Report
CONTENTS
1 2022 Highlights
2 Chair’s Report
26 Financial Report
27 Directors’ Report
4 Business Overview
41 Auditor’s Independence
6 Managing Director’s Report
10 Our Value Proposition
12 Operating and Financial Review
Declaration
42 Consolidated Statement of
Comprehensive Income
43 Consolidated Statement of
79 ASX Additional Information
18 Health, Safety & Wellbeing
Financial Position
81 Company Directory
20 Our People
22 Board of Directors and
Executive Team
44 Consolidated Statement of
Cash Flows
AT BOOM, we deliver safe lifting solutions,
with scale and precision, every time. Managing risk and
complexity with confidence – that’s the promise we
make to our customers.
1
2022 HIGHLIGHTS
Revenue $m
EBITDA $m
215.8
185.5
173.3
41.6
36.3
Operating Cash Flow
before Tax $m
37.6
23.8
25.9
24.3
2020
2021
2022
2020
2021
2022
2020
2021
2022
EBIT $m
7.1
4.5
(3.4)
Return on Capital
Employed %
NPAT $m
4.1
3.8
1.2
(17.0)
2.5
(1.4)
2020
2021
2022
2020
2021
2022
2020
2021
2022
Boom Logistics Annual Report 2022 CHAIR’S
REPORT
2
It is a pleasure to report to shareholders a
solid result in this, my first year as chair
of Boom Logistics.
Melanie Allibon
Chair
Our people and operations delivered
high‑quality revenue growth as we
expanded our market positions across the
renewables, mining maintenance, energy and
infrastructure sectors. I would like to thank
our people, who have persevered despite
the necessary health constraints, delays
and border closures associated with the
COVID‑19 pandemic.
Net profit increased to $3.8 million from
$1.2 million in the previous year, the most
significant profit in the past decade and
continuing the positive trend of growth.
This demonstrated the continued strength
of the company’s strategy, which is focused
on developing revenue streams with
acceptable margins in growth sectors and
investing in assets to capitalise on new
business opportunities.
Some of the company’s successful projects
during the year included providing lifting
assets and engineering solutions for the
SCM21 BHP Olympic Dam shutdown, the
$3.8m
NET PROFIT
UP FROM $1.2m LAST YEAR
Boom Logistics Annual Report 2022 3
Bango wind farm project and the
Snowy 2.0 nation‑building renewable
energy project.
for shareholders while prioritising
growth opportunities that strengthen
the business.
Although we cannot with certainty
predict the effects of global inflation
and geopolitical challenges on the
Australian economy, the opportunities
in the markets that we serve
are significant.
The renewables sector is a key
growth area for the company and we
have proven expertise in wind farm
installation. Growth in renewables is
expected to accelerate as concerns
for climate change and cleaner energy
drive market segments and Boom
intends to leverage this.
The company has continued to invest
in assets to rejuvenate its fleet and
support growth, taking advantage of
its capital recycling program to manage
investment in new assets to service
existing contracts and new projects. A
strong pipeline of tender opportunities
across our most significant markets
provides optimism for the continued
expansion of the business.
We also recognise the importance
of sound environmental, social and
governance (ESG) practices as part
of our responsibility to shareholders
and clients and have commenced the
process of transitioning toward an
overarching ESG framework.
Capital management
To take advantage of the
opportunities and create enduring
value for our shareholders we are
balancing investment in existing
and new business with profit and
dividend growth.
In FY22, the company paid $6.4 million
in dividends. While we understand
that investors appreciate receiving
income from dividends, we have
consistently received feedback from
our shareholders that the Board
should focus on maximising returns
We have taken the decision not to pay
a final dividend this year as we perceive
that the company is at an inflexion
point of growth and needs to invest in
assets and maintain sufficient capital
in order to seize the opportunities that
are ahead. The Board will continue
to consider all capital management
initiatives including future dividends.
The company has delivered a good
result and now requires assets to
consolidate its growth opportunities
and strengthen its position. We have
focused on investing in new assets and
capabilities to generate medium‑ to
long‑term shareholder value. As well
as organic growth, we may consider
selective acquisitions where they
complement our growth strategy.
Gearing continues to be in the range
approved by the Board and the
company has a sound balance sheet
which allows flexibility.
Board composition
During the year, there have been
significant changes to the composition
of the Board. I succeeded Max Findlay
as independent, non‑executive chair
immediately following the 2021 Annual
General Meeting, and I would like to
acknowledge and thank him for his
years of service. I would also like to
thank Jack Hebiton, who retired from
the Board in November 2021. He was
the first chief executive officer of Boom
Logistics and served as a director for
more than twenty years.
We have continued to deepen the
sector and experience skill sets of the
Board and in November 2021 welcomed
Damian Banks and James Scott as non‑
executive directors.
Mr Banks brings to the Board
substantial financial services, health
and employment sector expertise.
He is a non‑executive director of
ASX‑listed IMEXHS Limited and ICS
Global Limited. Prior, he was managing
director and CEO of Konekt Limited
and his previous experience includes a
15‑year career and several leadership
positions with Westpac Banking
Corporation. His experience includes the
development and profitable expansion
of business, a strong track record in
customer‑focused culture development
and M&A experience.
Mr Scott joins the Board with over
26 years’ media, telecommunications
and technology sector experience. He is
a non‑executive director of ASX‑listed
Integrated Research Limited, chairman
of MerchantWise Group, chairman
of Seisma Pty Ltd and non‑executive
director of Orbx. His prior roles include
managing director of Accenture Digital,
partner in KPMG’s Advisory division and
Chief Operating Officer of Seven Group
Holdings Limited. He was a founder
and director of Imagine Broadband
Limited and was a director of WesTrac
and Coates Hire during his time with
Seven Group.
In closing
I thank our shareholders for their
continued support. We have worked
hard to improve the company, building
on the successful delivery of projects
and services in existing contracts and
actively developing a strong pipeline of
new growth opportunities.
It has been a good year for Boom
Logistics under the leadership of Tony
Spassopoulos and his committed
management team. Our operations are
in good shape, performance has been
strong with significant revenue growth
and we have a sound balance sheet.
The company is diversifying, securing
market share, harnessing benefits from
more effective allocation of assets,
disposing of older assets and focusing
on streams of profitable business
growth. The company is poised to make
the most of the opportunities before it
and we look forward to creating future
value for our shareholders.
I would like to thank our people, who have persevered
despite the necessary health constraints, delays and
border closures associated with the COVID-19 pandemic.
Melanie Allibon
Chair
Boom Logistics Annual Report 2022 BUSINESS
OVERVIEW Delivering lifting solutions,
with scale and precision.
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CRANE SERVICES
Key Operations
■ Mining maintenance services
Achievements
■ 37% revenue growth
■ Engineered specialised lifts
■ BHP Olympic Dam Smelter
■ Shutdown, industrial and
programmed maintenance
services
■ Major clients are in the
mining sector
Campaign Maintenance (SCM21)
project completed
■ Strong growth in central
Queensland and Western Australia
TRAVEL TOWERS
Key Operations
■ High‑voltage transmission line
Achievements
■ High‑voltage transmission
maintenance
■ Telecommunications – 5G and
data network upgrades and
connections
■ Transmission ‘string‑line’
installation works on
wind farms
■ Interconnector and energy
infrastructure projects
line work in Pilbara extended
with installation of 285 high‑
voltage towers
■ Continued activity on
mining and maintenance,
telecommunications and wind
farm work
PROJECTS
Key Operations
■ Wind farm installation
■ Bridge installations, rail and
infrastructure installation
■ Energy and high‑voltage
powerline installation
■ Wind farm maintenance
programs
Achievements
■ Coopers Gap wind farm installation
completed and Bango wind farm
installation commenced
■ Extended Snowy 2.0 heavy lift
services scope of work
■ Completed infrastructure projects
including Martinus Rail and
Armadale Road Bridge
$215.8m
REVENUE
UP FROM $173.3 pcp
Outlook
■ Expansion opportunities in central
Revenue $m
127.0
Queensland and WA
■ New South Australian energy
94.4 92.9
project to commence
■ Strong demand for mining and
industrial maintenance
Revenue not including readi labour hire
of $16.5m.
2020 2021 2022
Outlook
■ New wind farm and
interconnector projects secured
■ Telecommunications work
consistent at current levels
■ New travel towers delivered to
work on energy projects in FY23
Revenue $m
26.8
25.3
22.5
2020 2021 2022
Outlook
■ Snowy 2.0 project to continue
Revenue $m
49.8
in FY23
■ Significant new infrastructure
38.0 37.5
projects secured including Sydney
Gateway, Waterloo Station, Parkes
project (NSW), Cross River Rail
(QLD) and Western Australia
■ Ongoing wind farm maintenance
work with opportunities for
new value‑added maintenance
services in pipeline
2020 2021 2022
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DIVERSIFIED
REVENUE STREAM
REVENUE
UP FROM pcp
25%
$87m
$81m
$48m
$18m
$32m
$39m
$23m
$29m
$116m
$43m
$31m
$26m
MINING &
RESOURCES
WIND, ENERGY,
UTILITIES
INFRASTRUCTURE
INDUSTRIAL
MAINTENANCE &
TELECOMMUNICATIONS
FY20FY21FY22Boom Logistics Annual Report 2022
MANAGING DIRECTOR’S
REPORT
6
FY22 was a year in which our strategy to grow in
diverse market sectors with our crane services,
project work, travel towers and engineering
solutions delivered a stronger result.
Tony Spassopoulos
Managing Director
Developing a strong
Environmental, Social and
Governance culture
Boom is committed to building a proactive
safety culture across the business. We
maintain our focus on safety by ensuring
everyone understands and builds risk
awareness into their everyday work
activity and by encouraging the active
involvement of our managers and
$41.6m
EBITDA
15% INCREASE ON LAST YEAR
supervisors with employees on site. Our
Safe Act Observations Frequency Rate
(SAOFR), which measures the number of
safety‑related interactions in the field,
increased to 10,039 in FY22, up from
8,242 in the previous year, an increase of
22%. This highlights the health, safety and
wellbeing culture within Boom is evolving.
This year the total recordable injury
frequency rate (TRIFR) was 8.7 per
million hours worked, above the record
of 5.1 per million hours worked set in the
previous year. We consider safety to be a
Snowy 2.0 Renewables Infrastructure project
Boom Logistics Annual Report 2022 7
key performance indicator for the
company and remain committed
to our ultimate goal of zero
injuries. COVID Safe practices are
implemented across our business.
Environmental, Social and Governance
(ESG) is a significant focus going
forward and we are transitioning to
an overarching ESG framework in
order to drive meaningful progress
as part of Boom’s ESG strategy. We
have developed an ESG Charter and
we are formalising our commitment
to climate change and emission
reduction targets.
Financial overview
This was a stronger result, tripling
the net profit of the previous year
while delivering improvements in
service quality for our customers.
Earnings before interest and tax
(EBIT) was $7.1 million, an increase of
58% on $4.5 million in the previous
year. We performed well despite the
constraints of the COVID‑19 pandemic
including labour shortages, increased
supply chain costs and fluctuating
project start times which led to higher
costs. Earnings before interest,
tax, amortisation and depreciation
(EBITDA) was $41.6 million, up 15% in
the previous year.
Revenue increased to $215.8 million,
an increase of 25% on the previous
year, as we benefited from several
large shutdowns including the
Smelter Campaign Maintenance 2021
Project (SCM21) BHP Olympic Dam
shutdown, and major wind farm and
infrastructure projects. Importantly,
we were successful in winning new
projects and gained incremental
work from existing customers,
and operational cash flow before
tax increased to $37.6 million from
$25.9 million in the previous year.
Return on capital employed
improved to 4.1% from 2.5% in the
previous year.
Capital recycling
We have focused on reinvesting
capital to rejuvenate our fleet as
well as using a flexible asset rental
model to fund growth. This is a key
component of our growth strategy.
The Boom values are an uncompromising foundation
of our organisation, guiding our decisions, our
behaviours and the way we do business.
We implemented rental agreements
to service short‑term projects, with
leased assets to support contracted
work and can sustain a high rate of
utilisation. The flow of project work
does not occur evenly through the
year and our rental model provides
flexibility and reduces significant
capital employed on major projects.
Net capital expenditure was
$16.8 million, up from $14.7 million
in the previous year, continuing the
company’s investment in new assets
to facilitate new growth opportunities
and build a portfolio of sustainable
work. The new large travel towers
ordered in late FY21 were delayed
in transit and will commence being
deployed in early FY23. Total asset
utilisation was 81%, continuing our
track record of improvement, up from
77% in the previous year.
Our newer fleet also provides a range
of benefits such as higher operational
efficiency, lower maintenance costs,
22%
IMPROVEMENT IN
SAOFR
Safe Act Observation
Frequency Rate (SAOFR)
2020
2021
2022
6,450
8,242
10,039
Total Recordable Injury
Frequency Rate (TRIFR)
2020
2021
2022
5.1
8.0
8.7
CUSTOMERFOCUSEverything begins with the customerSAFETY ALWAYSContinue our journeytowards zero harmDEVELOPING OUR PEOPLECommitment toour futureRESPECTFor each other andall stakeholdersto do thingsLooking for new waysINNOVATIONto achieve our bestWorking togetherTEAMWORKBoom Logistics Annual Report 2022 MANAGING DIRECTOR’S
REPORT (CONTINUED)
lower carbon emissions and improved
safety systems associated with
new technology.
Diversification
Our strategy to broaden services
is focused on strong, diversified
and growing markets that provide
opportunities for our installation,
engineering services and
project management expertise.
Diversification enables us to
capitalise on growth opportunities
in the renewable energy and
infrastructure markets while building
recurring revenue streams with our
mining maintenance programs.
8
350+
ASSETS
ACROSS AUSTRALIA
During the year, we experienced
strong revenue growth in the energy
and renewables sectors ($43 million,
up 10%), mining sector ($116 million,
up 43%) and infrastructure sector
($31 million, up 34%). Industrial
maintenance work was steady and
telecommunications activity declined
due to pandemic and weather‑related
constraints.
Crane services
We have developed significant
engineering expertise providing lifting
solutions, cranes and crews, and
management on mine sites supporting
recurring revenue streams including
maintenance and shutdowns.
In FY22 this included the SCM21
shutdown in South Australia, a major
project which contributed $17.9 million
in revenue, and maintenance
works and shutdowns for various
contracted customers.
Our portfolio increased with contract
renewals and growing demand
from mining clients, particularly in
Queensland and Western Australia.
Projects
Another sector where we have gained
expertise is renewable energy, where
we completed the Coopers Gap
wind farm installation and are well
advanced on the Bango wind farm
project. At Bango we have carried
out the lifting to construct 46 wind
turbine generators. This included a
hub height of 121 metres. The height
of wind turbines is increasing with
the amount of power that they
generate, requiring the specialised
assets and skills that we provide.
We are also experiencing growth in
wind farm maintenance works such
as replacing blades, gearboxes and
pitch bearings.
Infrastructure services work increased
significantly, with works continuing
at Snowy 2.0 where we increased
our scope of work, and bridge
Boom Logistics Annual Report 2022 installations and rail construction
at Parramatta Light Rail, Martinus
Rail, Armadale Road Bridge were
completed. New and high‑quality
projects secured included sections
of the Sydney Gateway project,
Waterloo station, Parkes Special
Activation Precinct, Cross River Rail
and Western Australian works.
Travel Towers
Our travel towers business
supports the power transmission,
telecommunications and wind energy
sectors. We have improved the
performance and capability of these
operations with the divestment of
older assets and the acquisition of
new large‑scale assets.
Our travel towers undertook the
installation of the 220kv transmission
line in the Western Australia Pilbara
region which will integrate port
and mining operations across a
single network. Our work has been
extended to include installation of
285 high‑voltage towers. We also
secured lifting work associated
with South Australian high‑voltage
interconnector project which will link
with the New South Wales power grid.
Telecommunications sector work
slowed with state government
lockdowns, east coast wet weather
and rescheduling of works. While
some constraints have lifted, work is
expected to ramp up in early 2023.
Management systems
Ongoing COVID restrictions such as
site and state border closures which
restricted travel, required thorough
planning to maintain productivity
and meet our customer needs.
We continued to use cloud‑based
technologies to manage projects and
maintain workplace flexibility.
The company was targeted in a cyber
security incident which involved
unauthorised access to its IT systems.
Immediate action was taken,
activating business continuity plans
and processes. Our systems proved
resilient and were restored safely as
we acted to ensure the safety and
security of our people, customers and
supply partners. Total incident‑related
support costs of $320,000 were
incurred in this year’s result.
People
Our people are our strength, and
throughout the year we prioritised
and ensured our teams were safe
despite pandemic‑related business
disruptions and restrictions, which
increased costs. Boom Logistics’
employees include dedicated and
skilled people with substantial field
and industry experience. We are
focused on employee retention and
initiatives include leadership training
programs, apprenticeships and
development of Indigenous programs.
We are committed to retaining and
recruiting the best talent to ensure
business growth and performance
and to advance diversity across
our business.
Outlook
We operate in diversified and growing
markets. We have a strong tender
pipeline of opportunities across the
renewables, mining maintenance,
energy and infrastructure sectors
over the next three years.
While the mining maintenance
shutdowns we expect in FY23 are
smaller than those we serviced in
FY22 (which included the SCM21
project), we are well positioned to win
new contracted maintenance work.
We have a number of wind farm
projects and maintenance services
tenders underway, and demand
for mining sector services remains
strong, particularly in Queensland
and Western Australia. Work from
the interconnector and energy
$7.1m
EBIT
58% INCREASE ON LAST YEAR
9
infrastructure sectors is continuing
and we remain positive that our
growth supporting civil engineering
road and rail bridge projects will
continue. Telecommunications sector
work is expected to remain steady.
As the SCM21 major shutdown
serviced in the first half of FY22
will not repeat in FY23, and due to
deferred project start dates and
supply chain challenges, we expect
that 1H FY23 revenue and earnings
will be below 1H FY22.
The markets in which we operate
are expected to continue long‑term
sustained growth. We anticipate new
projects to ramp up resulting in a
stronger 2H FY23, with the delivery
of new assets and improvement in
skilled labour availability. On this basis,
the group expects continued profit
growth in FY23.
We are reinvesting in the business to
increase our competitive advantage,
tender for significant projects and
grow our pipeline of new work. We
are confident this will drive long‑term
value creation for our shareholders.
I take this opportunity to welcome
Melanie Allibon as the new Chair of
Boom Logistics Limited and thank
the Board for their ongoing support
during FY22.
In closing, I would like to thank
our customers in trusting Boom
in providing safe lifting solutions
and services, and finally, our
valued employees for their hard
work, dedicated customer service,
responsiveness and resilience over
the past year.
The markets in which we operate
are expected to continue long-term
sustained growth.
Tony Spassopoulos
Managing Director
Boom Logistics Annual Report 2022
OUR VALUE
PROPOSITION
10
As a large-scale lifting project specialist, we seek to deliver innovation
for our customers, build shareholder value and ensure safety
excellence. We continue to build our leading reputation in the market
as a trusted lifting, specialised labour services and maintenance
solutions partner.
EQUIPMENT
OPERATIONAL
CAPABILITY
■ A comprehensive and diverse fleet aligned
■ Highly experienced and trained workforce
to customer requirements in mining
and resources, wind, energy, utilities,
infrastructure, industrial maintenance and
telecommunications.
■ Well maintained fleet with maintenance
records and Key Performance Indicator
reporting for customers.
of supervisors, crane operators, riggers and
travel tower operators.
■ Operational resources and infrastructure to
support customers in our core markets.
■ Planned and configured services involving
operators, cranes, transport, travel towers
and other assets to meet complex customer
requirements.
ENGINEERING
EXPERTISE
SAFETY & QUALITY
SYSTEMS
■ Pre‑lift customer site survey and analysis.
■ Detailed engineering lift studies to drive
safety, efficiency and cost effectiveness.
■ Project planning and project management.
■ Wind farm construction including lifting,
mechanical and electrical installation and
maintenance.
■ Cultural alignment with our customer base,
with an uncompromising safety focus.
■ Transition to new international safety
standard ISO 45,001:2018 achieved.
■ Confirmed certification to AS/NZS ISO
9001:2015.
■ Investment to drive continuous improvement
in our safety systems, processes and
organisation.
Boom’s customer value proposition is based on total lifting
solutions and specialised labour service and provides a solid
platform for future growth to maximise returns to shareholders.
Boom Logistics Annual Report 2022 BANGO WIND FARM
PROJECT
121m
HUB HEIGHT
IS THE TALLEST BOOM
HAS LIFTED
11
The Bango Wind Farm is located in Ngunnawal
Country, 30km north of Yass in NSW and will operate
46 x GE 5.3 MW turbines.
Boom provides all lifting required to build each wind turbine
generator. The 121 metre hub height is the tallest turbine
Boom has lifted to date and the 5.3 MW platform is also the
largest wind turbine lifted by Boom. The work required using
two Liebherr LG 1750 (SX) model cranes, including lifts of up
to 133‑tonne components to a height of 121 metres.
Boom Logistics Annual Report 2022 OPERATING AND
FINANCIAL REVIEW
Overview
12
The Group reported a net profit after tax of $3.8 million for the year ended
30 June 2022 (FY21: net profit after tax of $1.2 million). The result builds on last
year’s return to profitability for the Group despite the ongoing headwinds caused
by COVID‑19. The ability to transit labour across state borders was significantly
disrupted, along with delays to mining maintenance shutdown work and infrastructure projects.
$37.6m
OPERATING CASH FLOW
UP 45%
FROM LAST YEAR
Delivering an improved net profit further confirms that the Group’s strategy of focusing on its key markets with robust
pipelines and revenue opportunities is effective. The Group continues to have access to debt funding and utilises its flexible
rental model to deliver improved returns on capital and target further profitably in the coming years.
Income Statement
The FY22 result of a net profit after tax of $3.8 million represents the Group’s strongest profit result since FY12.
Revenue
Operating Costs
Earnings Before Interest, Tax, Depreciation and Amortisation
Depreciation and Amortisation
Earnings Before Interest and Tax
Net Borrowing Costs
Net Profit Before Tax
Net Profit After Tax
30 June 22
$’m
30 June 21
$’m
Change
$’m
215.8
(174.2)
41.6
(34.5)
7.1
(3.3)
3.8
3.8
173.3
(137.0)
36.3
(31.8)
4.5
(3.3)
1.2
1.2
42.5
(37.2)
5.3
(2.7)
2.6
0.0
2.6
2.6
Boom Logistics Annual Report 2022 $37.6m
Revenue
Reported revenue was $215.8 million (FY21: $173.3 million),
representing a 25% improvement on the prior year. Multiple
wind farm installation projects, mining maintenance
shutdowns, and continued Snowy 2.0 infrastructure work
contributed to revenues during the period. The SCM21 BHP
Olympic Dam major shutdown project also occurred during
FY22, which delivered strong sales of $17.9 million.
Earnings
On the back of the improved revenue, earnings before
interest expense, tax, depreciation and amortisation
(EBITDA) of $41.6 million (FY21: $36.3 million) was a 15%
improvement. Earnings before interest expense and tax
(EBIT) improved 58% to $7.1 million (FY21: $4.5 million).
All up borrowing costs were held constant at $3.3 million
despite higher average net debt levels. This allowed all the
EBIT upside to translate into a profit after tax of $3.8 million
(FY21: $1.2 million).
The Group maintains a positive outlook and expects
continued successful execution of its strategy to increase
profitability further and generate improved returns on
capital based on:
■ Building on the recurring revenue in mining maintenance
by continuing to secure market share in the Central
Queensland and Western Australian markets.
■ Participating in the growing opportunity in high‑voltage
and energy projects associated with improvements and
upgrades to the electricity grid.
13
■ Winning installation contracts of new wind farms being
planned to start in the 2H FY23.
■ Capitalising on the major infrastructure pipeline which
has been somewhat delayed due to COVID‑19 impacts
but is now likely to ramp up over the coming years.
■ The return of travel tower work in the metropolitan cities
to pre‑COVID‑19 levels.
The business has continued to invest in new capital
equipment to deliver the organic growth we have enjoyed
during FY22 with the expectation this will continue. The
Group will also continue to seek opportunities to diversify its
earnings through aligned services that will complement the
capital‑intensive nature of its core operations.
Taxation
Income tax expense in the year was zero as the Group
utilised franking deficit tax paid to offset income tax
payable. In FY20, a tax expense of $4.45 million was
incurred related to a historic franking deficit tax liability.
Boom Logistics Annual Report 2022 OPERATING AND
FINANCIAL REVIEW (CONTINUED)
Only the final instalment of $0.185 million due in July 22 was
outstanding at the reporting date.
14
Twelve payments under this plan were made this year, with
repayments being available to offset against future taxable
profits, in addition to the $31.2 million (net), $104 million
(gross) of tax losses that are also available to offset against
future taxable profits.
Cash Flow
Cash flow provided by operating activities before tax and
rental costs was $37.6 million (FY21: $25.9 million). This was
a solid cash flow result.
Given the improving profitability of the Group and the strong
outlook in key markets, the Group applied operating cash
primarily to fund increased investment in new crane assets
to support growth.
The Group also funded one and half cents of dividend
payments during the year. The first payment, made in
November 2021, was the FY21 final dividend of one cent. The
second payment, the FY22 interim dividend of a half a cent
was paid in April 2022. Dividend payments of $6.4 million
were paid to shareholders during FY22.
In light of various growth opportunities before the
company, the Board has resolved to reinvest in the
company to support its strategy for growth and creation of
shareholder value.
Balance Sheet
Net assets at 30 June 2022 were $110.2 million, down from
$112.7 million at 30 June 2021. The movement reflects the
profit generated in the period offset by $6.4 million of
dividends paid to shareholders in the year.
Return on capital employed was 4.1%, compared with 2.5%
in the prior year. The return has improved as the Group has
strictly allowed reinvestment in capital only where there is
enhanced payback.
Returns are forecast to further improve in FY23 as the
capital investment in assets made towards the end of FY22
delivers a full‑year impact.
The increased net capital expenditure in FY22 of
$16.8 million has raised the balance sheet gearing net debt
(interest bearing borrowings plus finance lease liabilities less
cash)/ total equity] to 29% (30 June 2021: 26%), allowing
capacity for further growth.
Capital Management
Boom is committed to delivering efficient capital
management outcomes that provide value to our
shareholders, support our customers, bring innovation
to our service offering and maintain the highest levels of
safety performance.
Our strategy of diversifying revenue streams and increasing
our portion of recurring revenue in maintenance work is
producing enhanced profits. To continue improving results,
Boom is reinvesting in its fleet of operating assets to meet
the highest customer service standards. Investment in
the fleet is essential to maintain existing contracts and
importantly to deliver growth in our key markets:
■ Mining Maintenance – Boom continues to win market
share with mining and resources customers in key
geographies, being both major resource companies
and other mining services suppliers. These customers
often have specific requirements for assets deployed
on contracts, being equipment age or particular safety
systems. Boom must continue to invest in its fleet,
upholding the highest standards of safety for our people
and our customers.
■ Energy Sector – The opportunities available in the
energy sector is a significant growth market for Boom.
Access to new equipment and additional capacity will
allow Boom to grow revenue in the energy market as
significant electricity grid upgrade projects are required
over the coming years.
■ Renewables – Boom utilises its low capital rental
model to access large cranes suitable for the wind farm
installation and maintenance markets. The wind farm
installation pipeline remains strong over the next three
years with the maintenance market providing a growing
opportunity as more turbines are commissioned. The
Group is also expanding its service offering in the
maintenance market by adding low capital value‑added
maintenance services.
■ Infrastructure – The Group’s asset rental model plays
a central role in capturing growth in this market with
rented assets supported by smaller assets and people
sourced from Boom’s national depot footprint.
The increase in capital expenditure during the year was
targeted to deliver growth and improve returns on capital in
Boom’s key markets. Capital was invested during the year
in assets to support Olympic Dam’s SCM21 FY22 program
of works and to deliver growth in Western Australia and
Central Queensland, where new revenue and contracts are
being targeted. New large Bronto travel tower assets were
ordered and arrived in June 22. The delivery of these assets
was impacted by international shipping delays. These travel
towers will help underpin growth in the high‑voltage energy
sector in FY23.
Boom Logistics Annual Report 2022 Debt Facilities
FY22 Review of Operations
The Group had a solid year in an environment that continues
to be impeded by the ongoing impacts of COVID‑19. State
border and site restrictions hampered operations across
the customer base. Major impacts felt in the mining and
infrastructure sectors, with telecommunications work in the
metro areas also affected during periods of lockdown and
recent wet weather events on the east coast.
15
Mining and Resources
Revenue in mining and resources was up $34.8 million
in the year. The occurrence of the SCM21 major smelter
shutdown project at Olympic Dam contributed $17.9 million
of revenue in addition to the Group’s on‑going long‑term
maintenance contract for the site. Despite the significant
headwinds created by COVID‑19 delays, site restrictions and
labour shortages caused by border closures, the project was
successfully completed.
Regular maintenance work in Central Queensland was
strong, with Boom building on its excellent relationship
with customers in the region. Extending and expanding
our relationship with Anglo American, a major project was
undertaken in 1H FY22 at Anglo’s Aquila mine site to partner
with Fenner Dunlop in constructing a new stacker conveyor.
The investments in new equipment during the year were
supported by a combination of the finance arrangements
that the Group entered into with ScotPac in December 2020,
combined with long‑standing facilities with Equipment
Financer De Lage Landen Pty Limited.
Balance Sheet Gearing
To maintain the equipment fleet, the Group considered the
gearing range of between 20‑35% to be appropriate for
the reporting period. Gearing is defined as group interest‑
bearing loans and borrowings plus finance lease liabilities
divided by total equity. At 30 June 2022, the gearing ratio
was 29% (30 June 2021: 26%). The increase to gearing was
appropriate given the availability of long‑term committed
debt facilities and the strong pipeline of work in FY22
(including the SCM21 major shutdown contract award) and
growth opportunities in FY23.
The Group will target gearing within the existing Board
approved range, although it may seek approval for deviation
from this having consideration to:
■ Outlook for the Group’s key markets and wider
economic circumstances;
■ Customer requirements and opportunities to invest
in new equipment for growth that will provide an
appropriate return on capital invested;
■ Acquisition opportunities that will complement and
grow the Group’s core activities in key markets;
■ On‑going requirement to replace and maintain the core
fleet. The current average fleet age is 10.7 years. The
Group’s long‑term target is to maintain a fleet with an
average age below 10 years;
■ Proceeds realised from ongoing capital recycling of older,
less productive equipment to reinvest in new assets with
enhanced technology and safety systems, reduce fleet
maintenance costs, improve fuel efficiency and increase
overall fleet utilisation;
■ Operating free cash flow1 generated by the Group in any
period; and
The Group may deviate from the guidelines above to
capitalise on opportunities that deliver strong returns on
capital. Over the short and medium term this approach will
ensure that Boom is well positioned to deliver sound risk
adjusted returns to investors through capital appreciation,
maintain a fleet of equipment to service our customers
through market cycles and contribute to a safe working
environment for our people and customers.
1 Operating free cash flow is defined as net cash provided by operating
activities less net repayment of lease liabilities (included in cash
flows from financing activities).
Boom Logistics Annual Report 2022 OPERATING AND
FINANCIAL REVIEW (CONTINUED)
The Group also won a significant shutdown project for BMA
that was undertaken in the first half. Upon successfully
completing this project, Boom was then able to secure
ongoing recurring revenue with this customer. The Group
continued to support Glencore with maintenance works
during the year.
16
In the Western Australian region, the Group benefited
from a full year of revenue under the maintenance contract
signed with FQM Australia (Nickel) in FY21, Alcoa and the
Boddington Gold Mine. The Group continues its expansion in
the North West from the Port Hedland branch, working on
mining maintenance and new infrastructure projects.
Work on contracts in the Hunter Valley region of NSW
remained relatively consistent. New work was won at
the BHP Mt Arthur site. Multiple events of unusually
large rainfalls in the region impacted our ability to get
onto customer’s sites to perform the normal operating
maintenance cycle. However, the market in the Hunter Valley
remains challenging with low margins as customers seek to
reduce costs notwithstanding the region’s high labour costs.
The Group remains confident that the market share gains
made in Central Queensland and Western Australia are
sustainable and will continue in FY23.
Wind, Energy and Utilities
Revenue in the Wind, Energy and Utilities segment was up
$3.5m on the prior year.
The Group supplied lifting services to undertake an
installation project at Bango wind farm. The timing of this
project was extended and is planned to be completed in Q1
FY23. The pipeline of wind farm installation remains strong,
albeit the commencement of some new projects have
been deferred to 2H FY23 due to global supply chain issues
impacting materials access.
In addition to the installation work, Boom continued to
grow its revenue in the wind farm maintenance sector.
Boom completed significant maintenance work in the year
that involved supplying large mobile assets and specialist
crews to replace blades, gearboxes, and pitch bearings.
Our large mobile heavy crane fleet is well placed to service
the growing number of wind farms requiring regular
maintenance activities. The maintenance sector is a growing
opportunity for the Group, with an expanding range of
services offered to clients to complement the core services
that utilise Boom’s skilled wind farm crews, large cranes,
and travel towers.
There is also a strong pipeline of work in energy projects
that typically utilise Boom’s fleet of large travel towers.
During the year, Boom continued to work with Powerlines
Plus to install a 220kv transmission line in the Pilbara
region of Western Australia. Boom is well placed to secure
additional work in FY23 and similar major projects on the
east coast.
The energy market is a growing opportunity, and the Group
purchased large‑scale Bronto travel towers through FY22
to enhance its capabilities to service this market. Due to
international shipping delays, some of these travel towers
only arrived in June 2022. Several projects are planned for
FY23 and beyond as work to upgrade the electricity grid
progresses nationally, and new renewable energy projects
are completed, which require works to connect them into
substations and the grid.
Infrastructure
Revenue in the infrastructure segment was up $7.9 million.
The Group continued to work on different elements of the
Snowy 2.0 project assisting with both general craneage
and the build and positioning of the major tunnel boring
machines used to construct 27 kilometres of tunnels that
will link the Tantangara and Talbingo dams.
Projects were also completed during the year on rail works
in Queensland for Martinus Rail and bridge works on the
Armadale Road project in WA.
Delays were experienced in the infrastructure sector across
the eastern seaboard, particularly in metropolitan areas
where COVID‑19 related site closures were frequent. Boom
has a pipeline of opportunities in FY23 and is well placed
to capitalise on the growing infrastructure segment as
new major projects commence. Boom’s flexible rental
model provides access to new equipment to deploy on
infrastructure projects as these opportunities arise.
Industrial Maintenance
Revenue in the industrial maintenance segment was
down $1.3m on the prior year. Revenue was impacted
by a reduction of activity in the Group’s contracts in the
Latrobe Valley in Victoria, somewhat offset by the offshore
maintenance contract with Esso in the Bass Strait that
remained strong through most of the year.
Telecommunications
Revenue in the telecommunications segment was down
$2.4m on the prior year. Works in this area were again
significantly impacted by state government COVID‑19
lockdowns and restrictions. Heavy rainfall events in Sydney
and Brisbane throughout the year also negatively impacted
this sector, comprised of transactional and discrete
work packages that can be cancelled or rescheduled on
short notice.
Boom Logistics Annual Report 2022 BHP OLYMPIC DAM
SMELTER SHUTDOWN
(SCM21)
120
BOOM
WORKFORCE ON SITE
17
The SCM21 (Smelter Campaign Maintenance shut down) was undertaken
at BHP’s Olympic Dam site. Shutdowns are an essential part of mining
maintenance, contributing to safe and effective production and
productivity improvements.
Boom Logistics provided all lifting services across
site for SCM21. This included over 23 assets,
120 personnel, 142,000 actual worked hours and
150 detailed engineering lift studies to drive safety,
efficiency and cost‑effectiveness for the project.
Boom Logistics Annual Report 2022 HEALTH, SAFETY &
WELLBEING
TRANSITIONING
HSEQ INTO AN OVERARCHING
ESGFRAMEWORK
OUR HSEQ GOALS
18
Boom’s three-year HSEQ strategic plan was reviewed in FY22 and sets out the
following goals for the company:
■ To exceed client and other stakeholders’ HSEQ
■ To continue to develop and use excellent HSEQ
expectations by consistently providing benchmarked
high quality and incident‑free services.
■ To establish a positive and proactive safety
culture with well‑trained and competent people
who demonstrate Boom’s values and exceptional
safety leadership.
processes and systems.
■ To uphold best practice environmental standards.
Safety
Boom’s safety performance continues to be a key
operational focus, with emphasis on risk management,
leadership and assurance. Our goal is to ensure employees,
customers and the general public are free from harm
when delivering lifting solutions in complex and diverse
operating environments.
The company’s ongoing emphasis on safety leadership,
best practice safety systems and “Safety Always” culture
builds confidence and trust with our customers and
employees around the predictable, reliable and consistent
delivery of high value lifting solutions.
The focus of the three‑year HSEQ Strategic Plans
(2021‑2023) is on leadership, safe operation of plant
and equipment to ensure safety of our people and avoid
damage to our plant and employee wellbeing. The “One
BOOM” HSEQ Management System continues to be
developed and enhanced.
■ Develop tools for the management of ground
conditions risks.
■ Seek opportunities to introduce digital
transformation technology.
■ Improved use of the hazard module in the myosh
incident management software.
■ Review overall approach to sustainability.
Environment
■ Boom continues to meet its legal and community
obligations in environmental management.
■ Boom’s environmental impact is managed through
procedures mostly directed at waste management.
Disposal of waste oil, batteries and tyres is undertaken
by licensed disposal agents.
■ Boom has procedures and equipment to manage
runoff and spills. Onsite work is conducted in
accordance with client procedures and regulations.
The HSEQ Strategic Plan actions include:
■ Energy usage minimisation initiatives are in place.
■ System improvements in the areas of lifting
operations, verification of competency, training, and
contractor management.
Quality
■ The Company has continued Certification to
■ Improve systems / procedures in line with actions
AS/NZS ISO 9001:2015.
taken during the COVID‑19 pandemic.
■ A cultural improvement and leadership program
consistent with Boom’s belief that excellent leadership
improves all aspects of our business including
HSEQ performance.
■ A wellbeing program aimed at improving and
maintaining the health of employees.
■ Review of the life‑saving rules program and the Boom
approach to risk management.
Boom Logistics Annual Report 2022
TRANSITIONING
HSEQ INTO AN OVERARCHING
ESGFRAMEWORK
SAFETY LEADERSHIP STRUCTURE
The company takes a four-tiered approach to safety leadership:
HEALTH, SAFETY,
ENVIRONMENT &
QUALITY (HSEQ)
COMMITTEE
The HSEQ Committee, a sub‑committee of the
Board, meets quarterly and considers all aspects
of Boom’s safety environment. A summary of
the committee’s responsibilities is set out in the
Corporate Governance Statement.
The Board has commenced the process of
transitioning towards an overarching ESG
framework and is committed to establishing a
standalone ESG Committee which will encompass
the existing HSEQ Committee.
SAFETY
LEADERSHIP
TEAM
The Safety Leadership Team is chaired by Boom’s
chief executive officer and includes the general
managers from each business unit, senior
management and the HSEQ leadership team.
The SLT prioritises and monitors the safety
environment and safety improvement activities. The
SLT is supported by the Safety Management Team
of safety professionals who operate nationally.
TRAINING
19
Boom’s operational training program contains a
significant safety leadership element for frontline
supervisory personnel and management which works to
embed good workplace safety as an operational discipline.
The training emphasises the importance of sustained and
visible leadership through employee engagement and
safety interactions.
Key metrics are measured and recorded in the
corporate HSEQ management database and included in
the monthly HSEQ Report to the Board.
Measurable activities include:
■ Safe Act Observations and Safety Interactions
which are an informal risk management and
assurance activity which generates positive safety
related discussions with employees in the field.
■ HSEQ Internal Audits, which include consultation
and discussion with employees.
■ Involvement in consultative meetings (such as
safety committees), delivering toolbox talks and
pre‑start meetings.
PERSONAL
COMMITMENT
All operational managers commit to a range of
consultative and interactive activities which reinforce
their personal commitment and our corporate
commitment to Health and Safety.
OVERVIEW
■ Boom reported a Lost Time Injury Frequency Rate
(LTIFR) of 0.8 at the end of FY22.
■ Boom reported a Total Recordable Injury Frequency
Rate (TRIFR) of 8.7 at the end of FY22.
■ Boom has continued a strong focus on Safety
Leadership and increased the Safe Act Observation
Frequency Rate (SAOFR) performance to 10,039 from
8,242 in the prior year.
■ The company has continued Certification to ISO
45001:2018.
■ BOOM has developed a platform for the deck of
Bronto Travel Towers in conjunction with the OEM
and an engineering firm to reduce the potential for a
fall from heights.
■ BOOM has installed telematics monitoring devices
in parts of the fleet for live capture of information
(speed, hook loading etc.) direct from assets
in operation.
■ Compliance with environmental management
obligations continues.
Boom Logistics Annual Report 2022 OUR PEOPLE
20
Boom’s total workforce exceeded 800 people during FY22.
A vital element of our company culture and drive for responsible
growth is ensuring that Boom is a safe place to work.
We have 400 full‑time employees, 80% of
whom provide in‑field services to customers
– including operators, supervisors, safety
professionals, engineers and sales
personnel, while the remainder comprise
management and functional support to
the business.
Our flexible workforce of over 400 employees
enabled the company to support projects
and maintenance shutdowns.
We recognise and reward performance,
create opportunities for our people to
develop and provide support so they
continue to thrive.
Training and development
Boom recognises that people are critical to
its success and continues to invest to deliver
efficiencies and develop leadership capability
across the organisation through internal
and external training and development
activities. Our workforce is well‑trained so all
employees work in a safe and professional
manner to the standard and expectations of
Boom and its customers.
The company invests in the development
of its business leaders to maximise their
management potential. Training and
development of operational staff ensures
operating tickets are maintained, safety
800
EMPLOYEES
ACROSS AUSTRALIA
standards are upheld, customer site
inductions are current and verification of
competency is undertaken to meet the
needs of our customers.
Indigenous commitment
We recognise the traditional rights of
Indigenous peoples and acknowledge their
right to maintain their cultures, identities,
traditions and customs.
Boom will continue to support communities
and its customers in developing Indigenous
programs in remote locations of Australia.
Our National Indigenous Employment
Framework provides a basis for localised
strategies to generate work opportunities
and support Indigenous communities and
is currently being complemented by the
creation of a Reconciliation Action Plan
which will further define our commitment
to reconciliation.
Apprenticeship programs
Boom has strengthened its commitment
to training of employees through offering
traineeships and apprenticeships within
operational roles.
Boom’s e‑Learning Centre provides online
induction and on‑boarding through its life
saving rules and compliance training.
Gender equality
Boom is dedicated to growing a rich culture,
diverse workforce and a work environment
in which every employee is treated fairly
and respectfully and given the opportunity
to contribute to business success.
As part of our ongoing commitment, Boom
reviewed its gender equality plan this year
and continues to promote gender equality
throughout the business.
Boom Logistics Annual Report 2022 21
We are committed to retaining and recruiting the best
talent to ensure business growth and performance and to
advance diversity across our business.
Boom Logistics Annual Report 2022 BOARD OF DIRECTORS AND
EXECUTIVE TEAM
22
Melanie Allibon
MAICD
Independent, Non-executive Chair (appointed 19 June 2019)
Ms. Allibon has an extensive background
in human resources and operating risk,
primarily in the manufacturing, FMCG,
mining and industrial services sectors.
Ms. Allibon has held non‑executive
director positions with the Australian
Mines and Metals Association, and
Melbourne Water Corporation. She is
currently a member of World Vision’s
Business Advisory Council, Chief
Executive Women and the International
Women’s Forum. During the past three
years, Ms. Allibon has held ASX listed
public company Directorships with Acrow
Formwork and Construction Services
(current). Ms. Allibon was appointed
Chair of the Board on 27 November 2021.
Tony Spassopoulos
BBus, MBA, MAICD
Managing Director (appointed 20 September 2018)
Mr. Spassopoulos has over 30 years
experience in the equipment hire,
industrial services, and the pallet/
container pooling industries. Prior to
joining the Company, Mr. Spassopoulos
was Director/General Manager of
CHEP Asia Pacific – Reusable Plastics
Containers business and held other
senior management positions during
his 19 years in the Brambles Group.
He joined the Company in 2008 and
served as Chief Operating Officer
prior to his appointment as Managing
Director. During the past four years,
Mr. Spassopoulos has not held any other
ASX listed public company Directorships.
Stephen Grove
Non-independent, Non-executive Director (appointed 6 November 2020)
Mr. Grove is Executive Chairman of
the Grove Group of companies which,
among other activities, manufactures
and hires more than 2,300 portable and
relocatable buildings and other assets to
clients across Australia, primarily in the
construction and educational classroom
facilities sectors. He founded the group
in 1997 and owns 100% through related
entities. Mr. Grove brings considerable
experience in the plant hire sector,
together with general business, strategy
and management expertise to the Board.
Since the date of appointment, Mr. Grove
has not held any other ASX listed public
company Directorships.
Boom Logistics Annual Report 2022 Kieran Pryke
BCom, FCPA
23
Independent, Non-executive Director (appointed 8 February 2021)
Mr. Pryke has over 25 years’ experience in
the property industry. He has been Chief
Financial Officer of General Property
Trust, following nine years in Lendlease
Corporation’s construction, development
and investment management divisions,
and of Australand Property Group and
Grocon Group. Currently he is chair of
Aura Medical Group Pty Limited, and a
director of GFM Investment Management
Limited. He is also a director of Ozharvest
Limited, the not‑for‑profit organisation
which distributes surplus food to the
needy. Since the date of appointment,
Mr. Pryke has held ASX listed public
company Directorships with Aventus
Holdings Limited (to March 2022).
Mr. Pryke is Chair of the Boom Logistics
Audit and Risk Committees.
Damian Banks
BEc., MAICD
Independent, Non-executive Director (appointed 29 November 2021)
Mr. Banks has extensive experience
in the financial services, health and
employment sectors. He has proven
experience in the development and
profitable expansion of businesses
with a focus on financial management,
technology and people. He has a strong
track record in customer‑focused culture
development, and considerable M&A
experience. Mr. Banks’ most recent
executive role was as Managing Director
and CEO of Konekt Limited, a technology
focused health and employment
company. Mr. Banks previously had
a 15‑year career, including several
leadership positions with Westpac
Banking Corporation. Since the date of
appointment, Mr. Banks has held ASX
listed public company Directorships with
ICSGlobal Limited (current), IMEXHS
Limited (current), RPM Automotive
Group Limited (to June 2022) and Konekt
Limited (2019). Mr. Banks is Chair of
the Boom Logistics Nomination and
Remuneration Committee.
James Scott
BEng Hons, GAICD, FIEAust, CPEng EngExec
Independent, Non-executive Director (appointed 29 November 2021)
Mr. Scott is a seasoned professional
with over 26 years’ experience in
the media, telecommunications and
technology sector with industry and
advisory businesses at a local and
international level. Mr. Scott is currently
a non‑executive director of ASX‑listed
Integrated Research Limited, an
operational advisor to private equity
firm, Liverpool Partners, is Chair of
MerchantWise Group, Chair of technology
services business Seisma Pty Ltd, and
a non‑executive director of software
business Orbx Pty Ltd. He was previously
Managing Director of Accenture Digital,
a Partner in KPMG’s Advisory division
and was the Chief Operating Officer
of Seven Group Holdings. Mr. Scott
was a founder and director of Imagine
Broadband Limited and was a director
of WesTrac and Coates Hire during his
time with Seven Group Holdings. Since
the date of appointment, Mr. Scott
has held ASX listed public company
Directorships with Integrated Research
Limited (current) and Skyfii Limited
(2019). Mr. Scott is Chair of the Boom
Logistics Health, Safety, Environment &
Quality Committee.
Boom Logistics Annual Report 2022 BOARD OF DIRECTORS AND
EXECUTIVE TEAM (CONTINUED)
24
Maxwell John Findlay
BEcon, FAICD
Independent, Non-executive Chair (appointed 18 July 2016;
retired 26 November 2021)
Mr. Findlay was Managing Director and
Chief Executive of industrial services
company Programmed Group from 1990
until his retirement from executive life
in 2008. Since retiring as an executive,
Mr. Findlay has engaged in various
non‑executive roles in industrial
services, engineering and government.
He is currently Chairman of the Snowy
Mountains Engineering Corporation and
was previously Director of EVZ Limited
and The Royal Children’s Hospital. During
the past three years, Mr. Findlay has held
ASX listed public company Directorship
with EVZ Limited (2008 to 2017). Mr.
Findlay was Chair of the Boom Logistics
Risk Committee.
Terence Alexander Hebiton
Independent, Non-executive Director (appointed 22 December 2000;
retired 26 November 2021)
Mr. Hebiton commenced his commercial
career in the rural sector. In 1989, he
acquired various business interests
associated with land and property rental
developments. He is currently a Director
of a number of private companies. He
was a principal of Alpha Crane Hire,
one of the founding entities of Boom
Logistics. Mr. Hebiton was the CEO of
Boom Logistics at its formation and
ceased being an Executive Director in
2004. During the past three years, Mr.
Hebiton has not held any other ASX
listed public company Directorships.
Mr. Hebiton was Chair of the Health,
Safety, Environment & Quality
Committee.
Boom Logistics Annual Report 2022 Ben Pieyre
Chief Operating Officer (appointed 4 January 2021)
Mr. Pieyre joined Boom in September
2019. He has worked in the crane hire
industry since 2006 commencing
his career as a fleet controller before
promotions into senior management.
He has extensive operational experience
specializing in Civil Construction,
Industrial Services and Maintenance
Sectors, as well as HR/IR and
Engineering. Mr. Pieyre is currently
the Vice president of the CICA board
and Vice Chair for the WA committee.
Mr. Pieyre holds an Advance Diploma
in Leadership and Management and
French qualifications in Business
Management, Human Resources,
Commerce and Marketing.
25
Andrew Bendall
B.Comm. (Melb.), CPA, GAICD
Chief Financial Officer (appointed 30 August 2021)
Mr. Bendall has extensive CFO
experience at Orora Limited (Fibre
Packaging Group) and ITC Limited.
He has also led numerous finance
functions across a range of industries,
including within businesses of
Whirlpool Australia, Incitec and Orica
Limited. Mr. Bendall is a Certified
Practicing Accountant, and he holds
a Bachelor of Commerce degree
(Melbourne) and is a member of the
Australian Institute of Company
Directors.
Reuben David
B.Comm, LLB(Hons) (Melb), FGIA
Company Secretary (appointed 10 January 2022)
Mr. David joins Boom Logistics from Orica
Limited where he most recently served
as Acting General Counsel and Company
Secretary for Orica’s West Australian Joint
Ventures. Previously, Mr. David served as
Senior Legal Counsel at Bluescope Steel
Limited, and before that he worked as
a commercial lawyer with Minter Ellison
and K&L Gates. He holds a Bachelor of
Commerce and Bachelor of Law (Honours)
degree from the University of Melbourne
and is a Fellow of the Governance
Institute of Australia.
Boom Logistics Annual Report 2022 26
FINANCIAL REPORT
27 Directors’ Report
50 3 Other Income and Expenses
29 Remuneration Report
51 4 Income Tax
41 Lead Auditor’s Independence
52 5 Earnings Per Share
53 6 Dividends
Section B: Operating Assets
and Liabilities
54 7 Property, Plant and Equipment
55 8 Impairment Testing of
Non‑Financial Assets
Section D: Other Disclosures
63 14 Leases
65 15 Subsidiaries
65 16 Deed of Cross Guarantee
68 17 Parent Entity
68 18 Key Management Personnel
69 19 Share‑based Payments
71 20 Commitments
71 21 Contingencies
56 9 Reconciliation of the Net Cash
Flows from Operations with Net
Profit After Tax
72 22 Auditor’s Remuneration
72 23 Subsequent Events
56 10 Other Provisions and Liabilities
72 24 New Accounting Policies
Section C: Funding Structures
57 11 Interest Bearing Loans
and Borrowings
60 12 Financial Risk Management
62 13 Contributed Equity
and Standards
73 Directors’ Declaration
74 Independent Auditor’s Report
79 ASX Additional Information
Declaration
42 Consolidated Statement of
Comprehensive Income
43 Consolidated Statement of
Financial Position
44 Consolidated Statement of
Cash Flows
45 Consolidated Statement of
Changes in Equity
Notes to the Consolidated
Financial Statements
46 About This Report
46 COVID‑19 Impact on the Group
Section A: Financial Performance
46 1 Segment Reporting
49 2 Revenue from Contracts
with Customers
Boom Logistics Annual Report 2022 DIRECTORS’ REPORT
for the year ended 30 June 2022
Your Directors present their report on the consolidated
entity (referred to hereafter as “the Group”) consisting
of Boom Logistics Limited (“Boom Logistics” or “the
Company”) and the entities it controlled for the financial
year ended 30 June 2022.
Directors
The Directors of the Company at any time during or since the
end of the financial year are:
Melanie Allibon
Qualifications and biographies (see previous page)
Tony Spassopoulos
Qualifications and biographies (see previous page)
Stephen Grove
Qualifications and biographies (see previous page)
Kieran Pryke
Qualifications and biographies (see previous page)
Damian Banks
Qualifications and biographies (see previous page)
James Scott
Qualifications and biographies (see previous page)
27
Maxwell John Findlay
Qualifications and biographies (see previous page)
Terence Alexander Hebiton
Qualifications and biographies (see previous page)
Company Secretary
Reuben David
Qualifications and biographies (see previous page)
Directors’ Interests in the Shares and Options of the Company
As at the date of this report, the interests of the Directors in the shares, rights and options of Boom Logistics Limited were:
Name
M.J. Allibon
T. Spassopoulos
S.A. Grove
K. Pryke
D. Banks
J. Scott
Shares
Rights
Options
300,000
–
–
1,500,000
3,920,319
16,891,667
59,322,639
200,000
600,000
–
–
–
–
–
–
–
–
–
Boom Logistics Annual Report 2022 Directors Meetings
28
The number of meetings of Directors (including meetings of committees of Directors) held during the year and the number of
meetings attended by each Director was as follows:
Board of Directorsc Audit Committee
Nomination and
Remuneration
Committee
Health, Safety,
Environment &
Quality Committee Risk Committee
Name of Director
Held Attended Held Attended Held Attended Held Attended Held Attended
M.J. Allibon
T. Spassopoulosa
S.A. Groveb
K. Pryke
D. Banksc
J. Scottc
M.J. Findlayd
T.A. Hebitond
13
13
13
13
7
7
6
6
13
13
12
13
7
7
6
6
5
5
5
5
2
2
3
3
5
5
5
5
2
2
3
1
2
2
2
2
1
1
1
1
2
2
2
2
1
1
1
1
4
4
4
4
3
3
1
1
4
4
3
4
3
3
1
1
2
2
2
2
1
1
1
1
2
2
1
2
1
1
1
1
a Mr Spassopoulos attended Audit Committee meetings by invitation.
b Mr Grove attended Audit Committee and Risk Committee meetings by invitation.
c Attended meetings eligible to attend from date of appointment.
d Attended meetings eligible to attend prior to retirement.
Corporate Structure
Operating and Financial Review
Boom Logistics is a company limited by shares that is
incorporated and domiciled in Australia. Boom Logistics
Limited has prepared a consolidated financial report
incorporating the entities that it controlled during
the financial year, which are listed in note 15 to the
financial statements.
Indemnification and Insurance
The Company has entered into Deeds of Access, Indemnity
and Insurance with each of the Directors and the Company
Secretary, under which the Company indemnifies, to the
extent not precluded by law from doing so, those persons
against any liability they incur in or arising out of discharging
their duties. No indemnity has been granted to an auditor of
the Group in their capacity as auditor.
During the financial year, the Company has paid an insurance
premium for the benefit of the Directors and officers of the
Company in accordance with common commercial practice.
The insurance policy prohibits disclosure of the liability
insured and the amount of the premium.
Nature of Operations and
Principal Activities
During the year, the principal activity of the Group was the
provision of lifting solutions and specialised labour services.
A review of Group operations and results for the financial
year ended 30 June 2022 is set out in the operating and
financial review section of the Annual Report and in the
accompanying financial statements.
Corporate Governance
The Group recognises the need for the highest standards
of corporate behaviour and accountability. The Directors
of Boom Logistics have accordingly followed the
recommendations set by the ASX Corporate Governance
Council. For further information on corporate governance
policies adopted by Boom Logistics Limited, refer to our
website: www.boomlogistics.com.au/about‑us/corporate‑
governance and annual reports.
Significant Changes in the State
of Affairs
There have been no significant changes in the state of
affairs other than that reported in the Operating and
Financial Review section disclosed above.
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Significant Events After the
Balance Date
The Directors are not aware of any other matter or
circumstance that has arisen since 30 June 2022 that
has significantly affected or may significantly affect the
operations of the Group in subsequent financial years, the
results of those operations or the state of affairs of the
Group in future financial years.
Likely Developments and
Expected Results
The Directors expect performance to continue to improve as
a result of building new revenue and expanding services in
key geographies and markets. Maintaining control of costs
will ensure revenue is delivered at improved margins and
increase profit and return on capital.
The Directors are cognisant of the requirement to
continuously disclose material matters to the market. At
this time, other than the matters addressed in this financial
report there are no matters sufficiently advanced or at a
level of certainty that would require disclosure.
Environmental Regulation and
Performance
The Board confirms that the Group has adequate systems
and processes in place to manage and comply with
environmental regulations as they apply to the Group. This
includes the National Greenhouse and Energy Reporting Act
2007 which requires the Group to report energy consumption
and greenhouse gas emissions for the 12 months ended
30 June 2022 and future periods. There have been
no significant known breaches of any environmental
regulations to which the Group is subject.
Remuneration Report – Audited
The Directors of Boom Logistics Limited present the
Remuneration Report for the Company and the Group for
financial year ended 30 June 2022 (“FY22”). This report
outlines the remuneration arrangements in place for
non‑executive directors (“NEDs”) and the Managing Director
and Senior Executives (“Executive KMP”).
Key management personnel (“KMP”) are those persons who,
directly or indirectly, have authority and responsibility for
planning, directing and controlling the major activities of the
Company and Group.
Principles of Remuneration Practices
The Group’s remuneration practices are designed to
maintain alignment with business strategy, shareholder
interests and business performance whilst ensuring
remuneration is appropriate. The Executive KMP
remuneration framework and KMP remuneration is reviewed
annually by the Board with the assistance of the Nomination
& Remuneration Committee.
In conducting the Executive KMP remuneration review, the
following principles are applied:
29
■ Monitoring against external competitiveness, as
appropriate using independent market survey data
comparing the Group’s remuneration levels against
industry peers in terms of comparable job size
and responsibility;
■ Internal equity, ensuring Executive KMP remuneration
across the Group is based upon a clear view
of the scope of individual positions and the
respective responsibilities;
■ A meaningful “at risk” component with entitlement
dependent on achieving Group and individual
performance targets set by the Board of Directors and
aligned to the Group’s strategy; and
■ Reward for performance represents a balance of annual
and longer term targets.
Nomination and Remuneration Committee
The Group is committed to ensuring remuneration is
informed by market data and linked to the Group’s
strategy and performance. In doing so, the Board of
Directors rely on the advice provided by the Nomination
and Remuneration Committee including their review and
making recommendations:
■ With regard to remuneration policies applicable to the
Directors, Executive KMP and employees generally;
■ In relation to the remuneration of Directors and
Executive KMP;
■ Of general remuneration principles, including incentive
schemes, bonuses and share plans that reward individual
and team performance;
■ With regard to termination policies and procedures for
Directors and Executive KMP;
■ In relation to the Group’s superannuation
arrangements; and
■ To the Board of Directors for the inclusion of the
Remuneration Report in the Group’s annual report.
The Nomination and Remuneration Committee comprises
a majority of independent directors. From time to time, the
Nomination and Remuneration Committee also draws upon
advice and market survey data from external consultants in
discharging its responsibilities.
Boom Logistics Annual Report 2022 Details of Key Management Personnel
The tables below set out the KMP and their movements during FY22.
30
Key Management Personnel (Executive)
Name
Title
Tony Spassopoulos
Chief Executive Officer & Managing Director
Andrew Bendall
Chief Financial Officer
Ben Pieyre
Tim Rogersa
Malcolm Rossb
Chief Operating Officer
Former Chief Financial Officer
Former General Counsel & Company Secretary
a Tim Rogers resigned as Chief Financial Officer on 27 August 2021.
b Malcolm Ross resigned as General Counsel and Company Secretary on 29 October 2021.
Key Management Personnel (Non-executive Directors)
Period as a KMP
All of FY22
From 30 August 2021
All of FY22
To 27 August 2021
To 29 October 2021
Name
Melanie Allibona
Stephen Groveb
Kieran Pryke
Damian Banks
James Scott
Maxwell Findlayc
Terence Hebitonc
Positiona
Chair
Non‑executive Director
Non‑executive Director
Non‑executive Director
Non‑executive Director
Chair
Non‑executive Director
Nomination &
Remuneration
Health, Safety,
Environment
& Quality
Member
Member
Member
Chair
Member
Member
Member
Member
Member
Member
Member
Chair
Member
Chair
Audit
Member
–
Chair
Member
Member
Member
Member
Risk
Member
–
Chair
Member
Member
Chair
Member
a Melanie Allibon was appointed Chair of the Board on 27 November 2021.
b All non‑executive directors are independent, except for Stephen Grove who is not independent.
c Maxwell Findlay and Terence Hebiton retired from the Board and all Committees on 26 November 2021.
Remuneration Arrangements of Executive Key
Management Personnel
In the normal course of business, remuneration comprises
fixed remuneration (fixed annual reward) and variable or “at
risk” remuneration incentives. The Group’s remuneration
structure for the Executive KMP comprises two
main components:
Fixed annual reward
This element comprises base salary, any fringe benefits
(e.g. motor vehicle allowance) and employer contributed
superannuation. Executive KMP have scope to vary the
components that make up their FAR and can tailor their
salary package to suit individual requirements.
a) Salary sacrifice rights plan
Eligible executives will be permitted to salary sacrifice a
portion of their pre‑tax fixed annual remuneration to acquire
equity in the form of rights to fully paid ordinary shares in
the Company.
Each right is a right to acquire one ordinary share in the
Company. The exact number of rights to be granted is based
on the amount of salary sacrificed and the 5 day volume
weighted average price prior each month. Rights do not
carry any dividend or voting rights. Rights will be granted
twice a year following the announcement of the half‑year
and full‑year results or in any event, within twelve months
of the Annual General Meeting (“AGM”).
Rights will have a twelve month exercise restriction
commencing from the relevant grant dates. The rights to
ordinary shares equivalent to the amount salary sacrificed in
the period from the most recent grant date will be granted
following the announcement of the full‑year results.
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022
Variable remuneration
The Group has a number of variable remuneration
arrangements as follows:
b) Short term incentive plan
Eligible executives will have the opportunity to receive short
term incentives subject to meeting performance hurdles
over the financial year. 50% of the STIP outcome achieved
for the financial year will be delivered in cash and 50% will
be delivered in equity in the form of rights to ordinary shares
in the Company.
Each right is a right to acquire one ordinary share in the
Company. The exact number of rights to be granted is
based on 50% of the STIP outcome divided by the 5 day
volume weighted average price after the release of full year
results. Rights do not carry any dividend or voting rights.
Rights will be granted following the announcement of the
full‑year results or in any event, within twelve months of
the AGM. Rights will have a six month exercise restriction
commencing from the grant date.
The objectives of this plan are to:
■ Focus Executive KMP on key annual business goals and
reinforce the link between performance and reward;
■ Allow scope to recognise exceptional performance
through a sliding scale of reward;
■ Reward individual performance in meeting annual
goals; and
■ Align reward with the Group’s values, safety and
financial target.
c) Long term incentive plan
Eligible executives will be granted options to acquire
ordinary shares in the Company, subject to performance
hurdles and some or all may vest at the end of the three
year period if the performance hurdles are met.
31
Each option is a right to acquire one ordinary share in
the Company (or an equivalent cash amount) subject to
payment of the exercise price. The exact number of options
to be granted will be the LTIP award divided by the option
valuation using a Binomial valuation methodology prior to
grant date. The option exercise price is calculated based on
the 5 day volume weighted average price prior to the grant
date. Options do not carry any dividend or voting rights.
Options will be granted within twelve months of the Annual
General Meeting.
Options are subject to performance hurdles based on four
independent measures comprising absolute earnings per
share (“EPS”), return on capital employed, sales revenue
growth and key safety performance metrics, which are
measured at the end of the three year performance period.
The Board of Directors retains a discretion to adjust the
performance hurdles as required to ensure plan participants
are neither advantaged nor disadvantaged by matters
outside management’s control that materially affect the
performance hurdles (for example, by excluding one‑off
non‑recurrent items or the impact of significant acquisitions
or disposals).
The following table shows the potential annual remuneration packages for Executive KMP during the financial year.
Name
Title
Tony Spassopoulos
Chief Executive Officer & Managing Director
Andrew Bendall
Chief Financial Officer
Ben Pieyre
Chief Operating Officer
Fixed
Variable
FAR
618,000
350,000
360,500
STIP %
of FAR
LTIP %
of FAR
40%
30%
40%
50%
20%
20%
Boom Logistics Annual Report 2022 32
Consequences of Performance on Shareholder Wealth
In considering the Group’s performance and benefits for shareholder wealth, the Nomination and Remuneration Committee
have regard to the following indices in respect of the current and previous financial years.
Net profit/(loss) attributable to members of
Boom Logistics Limited
Dividends paid
Share price at financial year end
Earnings per share
Return on capital employed (Trading EBIT/
Capital Employed
2022
$’000
2021
$’000
2020
$'000
2019
$’000
2018
$’000
$3,791
$6,417
$0.15
$0.01
$1,230
$4,278
$0.14
$0.00
($16,959)
($5,330)
($1,547)
$–
$0.11
$–
$0.15
($0.04)
($0.01)
$–
$0.24
($0.00)
4.1%
2.5%
(1.4%)
1.5%
1.6%
Remuneration Review
The review of KMP and general staff remuneration is
conducted annually through a formal process.
KMP remuneration is reviewed by the Nomination and
Remuneration Committee of the Board of Directors with
input from the Chief Executive Officer (“CEO”). Market
survey data combined with individual performance
appraisals determine recommendations that go to the Board
of Directors for approval. This process occurs in September
of each year and remuneration adjustments take effect
from October of that year.
The Nomination and Remuneration Committee has direct
responsibility for reviewing CEO performance against
targets set by the Board of Directors and recommending
to the Board of Directors appropriate adjustments to his
remuneration package.
Staff reviews are similarly conducted by the relevant
Executives and General Managers, with overview from
the CEO.
CEO & Managing Director Remuneration
Mr. Spassopoulos has an employment contract that has
no fixed term. Both the Company and Mr. Spassopoulos
are entitled to terminate the employment contract on
six month’s written notice, except in the case of serious
misconduct or neglect of duty. Contractual arrangements
relating to a redundancy event are set out below.
Mr. Spassopoulos’ remuneration package as at 30 June 2022
comprised the following components:
■ FAR of $618,000 per annum, inclusive of allowances
and superannuation contributions in line with the
Superannuation Guarantee legislation. Mr. Spassopoulos’
FAR is reviewed annually effective 1 October each year
taking into account the Group’s performance, industry
and economic conditions and personal performance.
■ Mr. Spassopoulos has elected to salary sacrifice for
rights to ordinary shares in the Company equating to
an annual value of $120,000;
■ STIP equivalent to 40% of his FAR upon achievement of
performance conditions set by the Board of Directors on
an annual basis. 50% of the STIP outcome achieved for
the financial year will be delivered in cash and 50% will
be delivered in equity in the form of rights to ordinary
shares in the Company. The cash payment of any bonus
under the STIP will take place after the annual audit
of the Group’s financial report which typically occurs in
the first half of the following financial year. No STIP is
awarded if performance conditions are not met; and
■ LTIP equivalent to 50% of his FAR is allocated in options
of the Company with a performance hurdle based on
absolute EPS, return on capital employed, sales revenue
growth and key safety performance metrics measured
at the end of the three year performance period subject
to shareholder approval at the Company’s Annual
General Meeting.
If his employment is terminated on the grounds of
redundancy or where a diminution in responsibility occurs,
Mr. Spassopoulos will be entitled to receive:
■ The lesser of the maximum amount permitted by
the Corporations Act and 12 months pay calculated in
accordance with his FAR at the date of redundancy
or diminution;
■ Vested employee entitlements;
■ STIP rights that have vested and if not exercised the
exercise restrictions will be lifted. Where employment
ceased prior to the STIP outcome being determined,
the Board of Directors may at its discretion determine
a pro‑rated STIP based on the proportion of the
performance period that has elapsed at the time of
cessation. To the extent the relevant performance
conditions are satisfied, the STIP award will be paid in
cash and no rights will be allocated;
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022 33
Executive KMP remuneration). If employment is terminated
on the grounds of redundancy, in addition to the notice
period, all other Executive KMP will be entitled to receive up
to six months pay calculated in accordance with their FAR.
On termination by notice of the Company or the Executive
KMP, any STIP and LTIP that have vested will be awarded.
Where employment ceased prior to the STIP outcome being
determined or LTIP options vest, the treatment will be the
same as that disclosed in the CEO & Managing Director
Remuneration section above.
The Company may terminate the contract at any time
without notice if serious misconduct has occurred. Where
termination with cause occurs, the Executive KMP is only
entitled to that proportion of remuneration that is fixed,
and only up to the date of termination. On termination with
cause, any unvested STIP rights and LTIP shares or options
will lapse.
■ LTIP options that have vested. Where employment
ceased before the options vest, unvested options will
continue “on‑foot” and will be tested following the
end of the original vesting date, and vesting to the
extent that the relevant conditions have been satisfied
(ignoring any service related conditions);
■ In the event a termination payment is made, no
payment in lieu of notice will be made.
The Board of Directors also have a broader discretion to
apply any other treatment that it deems appropriate in
the circumstances.
In the event that Mr. Spassopoulos was to be summarily
dismissed, he would be paid for the period served prior
to dismissal and any accrued leave entitlements. Mr.
Spassopoulos would not be entitled to the payment of any
bonus under the STIP or LTIP. Mr. Spassopoulos is subject to
restrictive covenants upon cessation of his employment for
a maximum period of one year.
Other Executive KMP (standard contracts)
All other Executive KMP have contracts with no fixed term.
Either the Company or the Executive KMP may terminate
the Executive KMP employment agreement by providing
three months written notice or providing payment in lieu of
the notice period (based upon the fixed component of the
Boom Logistics Annual Report 2022 %
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DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022
Non-executive Director Fees
Non‑executive Director fees are determined by reference to external survey data, taking account of the Group’s relative size
and business complexity. In addition, non‑executive Directors have no entitlement to STIP, no equity incentives are offered
and no retirement benefits are payable. The maximum aggregate sum for non‑executive Director remuneration of $750,000
(2021: $400,000) was approved by shareholders at the 2021 Annual General Meeting.
35
Details of non‑executive Directors’ remuneration for the year ended 30 June 2022 are as follows:
Short Term
Post
Employment
Share-
based
Payments
Salary &
fees
Cash bonus
Other
Super-
annuation
All
Long Term
Annual &
long service
leave
Non-Executive Directors
Melanie Allibon
2022
2021
Stephen Grove
2022
2021
Kieran Pryke
2022
2021
Damian Banks
2022
James Scott
2022
Maxwell Findlay
2022
2021
Terence Hebiton
2022
2021
108,356
65,000
70,284
42,302
75,587
25,729
46,253
46,253
52,722
130,000
26,361
65,000
–
–
–
–
–
–
–
–
–
–
–
–
Total Remuneration: Non–Executive Directors
2022
2021
425,816
328,031
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
10,836
6,175
7,028
4,019
7,559
2,444
4,625
4,625
5,272
12,350
2,636
6,175
42,581
31,163
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
119,192
71,175
77,312
46,321
83,146
28,173
50,878
50,878
57,994
142,350
28,997
71,175
468,397
359,194
Total Remuneration: Non–Executive Directors and Executive KMP – Group
2022
2021
1,614,909
170,256
25,948
136,269
389,720
20,996
2,358,098
1,423,581
97,413
61,732
118,663
245,208
60,903
2,007,500
Boom Logistics Annual Report 2022 Equity Instruments Held by KMP
Summary of equity instruments held by KMP at reporting date are as follows:
36
Name
Melanie Allibon
Tony Spassopoulos
Stephen Grove
Kieran Pryke
Damian Banks
James Scott
Andrew Bendall
Ben Pieyre
Shareholdings of Directors and Executive KMP
Ordinary shares held in Boom Logistics Limited (number)
30 June 2022
Non–executive & Executive Directors
Melanie Allibon
Tony Spassopoulos
Stephen Grove(ii)
Kieran Pryke
Damian Banks(ii)
James Scott
Maxwell Findlay
Terence Hebiton
Executives
Andrew Bendall
Ben Pieyre
Total
Shares
300,000
SSRP
Rights
–
STIP
Rights
–
LTIP
Options
–
1,500,000
2,995,020
925,299
16,891,667
59,322,639
200,000
600,000
–
–
–
–
–
–
–
55,612
–
–
–
–
–
–
–
–
–
1,750,000
–
282,316
3,885,833
Balance at
start of year
Net change
other(i)
Balance at
end of year
100,000
200,000
300,000
1,500,000
–
1,500,000
23,942,297
35,380,342
59,322,639
150,000
50,000
200,000
–
–
250,000
547,995
–
–
600,000
600,000
–
n/a
n/a
–
–
–
n/a
n/a
–
–
26,490,292
36,230,342
61,922,639
(i) These amounts represent ordinary shares purchased or sold directly or indirectly by the directors and executives during the financial year. These
transactions have no connection with their roles and responsibilities as employees of the Group.
(ii) Includes shares held under a nominee or a related party.
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022 SSRP Outcomes of the Executive KMP
The following table shows the rights to ordinary shares granted to Executive KMP during the financial year under the salary
sacrifice rights plan.
Name
Year
Grant date
Grant
number
Fair value
per right at
grant date
Exercise
date
Expiry
date
Value of rights
granted during
the year
37
Tony Spassopoulos
Andrew Bendall
Tim Rogers
2022
2021
2022
2021
28 Feb 22
328,774
$0.1825
28 Feb 23
28 Feb 32
25 Aug 21
390,986
$0.1535
25 Aug 22
25 Aug 31
28 Feb 22
25 Aug 21
55,612
110,594
$0.1888
28 Feb 23
28 Feb 32
$0.1535
25 Aug 22
25 Aug 31
$60,000
$60,000
$10,500
$16,972
SSRP rights are granted twice per annum during the trading window following the release of the half‑year and full year
results. Amounts are salary sacrificed monthly and are held until granting of rights during a trading window.
Rights to ordinary shares (number)
30 June 2022
Salary Sacrifice Rights
Balance at start of year
Granted during year:
Exercised during year
Balance at end of year
Number of rights not yet granted
Grant date
Tony
Spassopoulos
Andrew
Bendall
Tim Rogers
Total
25 Aug 21
28 Feb 22
2,275,260
390,986
328,774
–
–
903,787
3,179,047
110,594
501,580
55,612
–
384,386
–
–
(1,014,381)
(1,014,381)
2,995,020
227,734
55,612
79,707
–
–
3,050,632
307,441
Number of rights not yet granted shows the potential rights to ordinary shares equivalent to the amount of salary sacrificed
to 30 June 2022 since the most recent granting of rights under the salary sacrifice rights plan on 28 February 2022.
Determining the STIP Outcomes of the Executive KMP
For the FY2021 STIP, the following table shows the rights to ordinary shares granted to Executive KMP during the year.
Name
Year
Grant date
Tony Spassopoulos
Ben Pieyre
Malcolm Ross
2021
2021
2021
8 Sep 21
8 Sep 21
8 Sep 21
Grant
number
205,670
57,588
68,557
Fair value
per right at
grant date
$0.1823
$0.1823
$0.1823
Exercise
date
8 Mar 22
8 Mar 22
8 Mar 22
Expiry date
8 Sep 31
8 Sep 31
8 Sep 31
Value of rights
granted during
the year
$37,500
$10,500
$12,500
For the FY2022 STIP, the Nomination and Remuneration Committee conducted a review of the Executive KMP performance
against their set targets which resulted in the following potential maximum STIP being awarded to the Executive KMP.
The STIP will be settled 50% in cash and 50% in rights to ordinary shares in the Company. The STIP will be paid after the
announcement of the full year results and approval by the Board of Directors.
Boom Logistics Annual Report 2022 Name
Title
38
Tony Spassopoulos
Chief Executive Officer &
Managing Director
Andrew Bendall
Chief Financial Officer
Ben Pieyre
Chief Operating Officer
Maximum
STIP
$
Weightinga
%
Settled in
Cash
$
Settled in
Rights
$
Total Cost
$
247,200
105,000
144,150
59.9%
58.3%
77.2%
74,036
30,581
65,639
74,037
30,582
46,640
148,073
61,163
111,279
a Weighting represents the percentage of total STIP entitlement awarded to Executive KMPs based on their financial, safety and individual
performance targets.
Rights to ordinary shares
(number)
30 June 2022
STIP Rights
Balance at start of year
Granted during year:
Exercised during year
Balance at end of year
Grant date
Tony
Spassopoulos
Ben Pieyre
Tim Rogers
Malcolm
Ross
Total
719,629
224,728
367,967
354,903
1,667,227
8 Sep 21
205,670
57,588
–
68,557
331,815
–
–
(367,967)
(423,460)
(791,427)
925,299
282,316
–
–
1,207,615
Determining the LTIP Outcomes of the Executive KMP
Set out below are options granted to the Executive KMP under the LTIP during the year including those granted in previous
years that have not yet vested.
Name
Year
Grant
date
Grant
number
Vesting
date
Fair
value per
option
at grant
date
Exercise
price
Expiry
date
Value of
options
granted
during
the year
Vesting
bench-
mark
Tony
Spassopoulos
2022
6 Dec 21 7,725,000 31 Aug 24
$0.0400
$0.179 30 Sep 24
2021
4 Dec 20 7,500,000 31 Aug 23
$0.0400
$0.159 30 Sep 23
Andrew Bendall
Ben Pieyre
2022
2022
6 Dec 21 1,750,000 31 Aug 24
$0.0400
$0.179 30 Sep 24
6 Dec 21 1,802,500 31 Aug 24
$0.0400
$0.179 30 Sep 24
2021
4 Dec 20 1,750,000 31 Aug 23
$0.0400
$0.159 30 Sep 23
(i) $309,000
(i) $300,000
(i) $70,000
(i)
(i)
$72,100
$70,000
(i) The 2022 LTIP vesting benchmark consists of four independent vesting hurdles, each of which is measured at the end of the three year
performance period. The four performance hurdles are Earnings per Share of $0.04 or more (25% of eligible options), Return on Capital Employed
of 10% (25% of eligible options), Sales Revenue Growth of 10% (25% of eligible options), and Safety Performance: LTIFR < 1 and SAOFR > 8,500
(25% of eligible options) (2021 LTIP: Earnings per Share of $0.04 or more (50% of eligible options), Return on Capital Employed of 10% (25% of
eligible options), Safety Performance: LTIFR < 1 and SAOFR > 6,500 (25% of eligible options)).
Of the FY2020 options allocated to the Executive KMP, only the safety performance hurdle was achieved and vested at 25%.
The remaining vesting conditions were not met. In accordance with the LTIP rules, 75% of the FY2020 options were treated
as lapsed at the reporting date.
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Options held in
Boom Logistics
Limited (number)
30 June 2022
Grant date
Balance
at start of
year
Unvested
Granted
Lapsed
Forfeited
Balance at
end of year
Unvested
Balance at
end of year
Vested
39
Tony Spassopoulos
6 Dec 21
–
7,725,000
4 Dec 20
7,500,000
29 Nov 19
6,666,667
–
–
–
–
(5,000,000)
14,166,667
7,725,000
(5,000,000)
Andrew Bendall
Ben Pieyre
6 Dec 21
6 Dec 21
–
–
1,750,000
1,802,500
4 Dec 20
1,750,000
29 Nov 19
1,333,333
–
–
–
–
–
(1,000,000)
3,083,333
1,802,500
(1,000,000)
–
–
–
–
–
–
–
–
–
Malcolm Ross
4 Dec 20
1,417,335
29 Nov 19
1,259,853
2,677,188
–
–
–
–
–
–
(1,417,335)
(1,259,853)
(2,677,188)
7,725,000
7,500,000
–
–
–
1,666,667
15,225,000
1,666,667
1,750,000
1,802,500
1,750,000
–
3,552,500
–
–
–
–
–
–
333,333
333,333
–
–
–
Total
19,927,188
11,277,500
(6,000,000)
(2,677,188)
20,527,500
2,000,000
Share Trading Policy
The Group Securities Trading Policy applies to all NEDs and Executive KMP. The policy prohibits KMP from dealing in the
Company securities while in possession of material non‑public information relevant to the Group.
Lead Auditor’s Independence Declaration to the Directors
The auditor’s independence declaration is set out on page 41 and forms part of the directors’ report for the financial year
ended 30 June 2022.
Non-audit Services
The following non‑audit services were provided by KPMG Australia, the Company’s auditor. The Directors are satisfied that
the provision of non‑audit services is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001. The nature and scope of each type of non‑audit service provided means that auditor independence
was not compromised.
KPMG Australia received or are due to receive the following amounts for the provision of non‑audit services:
Other assurance services
Taxation services
Other services
Total remuneration for non-audit services
$36,225
$17,336
$0
$53,561
Boom Logistics Annual Report 2022 Proceedings on the Behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on
behalf of the Company for all or part of those proceedings.
40
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of
the Corporations Act 2001.
Rounding
The amounts contained in this report and in the financial report are presented in Australian dollars and have been rounded to
the nearest $1,000 (where rounding is applicable) under the option available under ASIC Corporations Instrument 2016/191.
The Group is of a kind to which the Corporations Instrument applies.
Signed in accordance with a resolution of the Directors.
Melanie Allibon
Chair
Melbourne, 16 September 2022
Tony Spassopoulos
Managing Director
DIRECTORS’ REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022
41
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Boom Logistics Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Boom Logistics Limited
for the financial year ended 30 June 2022 there have been:
i.
ii.
no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Andrew Hounsell
Partner
Melbourne
16 September 2022
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional
Standards Legislation.
41
LEAD AUDITOR’S INDEPENDENCE DECLARATIONfor the year ended 30 June 2022Boom Logistics Annual Report 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June 2022
42
Revenue
Other income
Salaries and employee benefits expense
Equipment service and supplies expense
Operating lease expense
Other expenses
Depreciation and amortisation expense
Depreciation expense – Right‑of‑use assets
Profit before financing expense and income tax
Financing expense
Financing expense – Lease liabilities
Profit before income tax
Income tax
Net profit attributable to members of Boom Logistics Limited
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Cash flow hedges recognised in equity, net of tax
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to members of
Boom Logistics Limited
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
Note
2
3(a)
2022
$’000
2021
$’000
215,844
173,255
228
714
(96,592)
(87,731)
3(b)
(63,492)
(37,890)
(187)
3(b)
(14,245)
(16,597)
(436)
(11,536)
(16,189)
7
14
11(d)
14
4(a)
(17,876)
(15,667)
7,083
(1,922)
(1,370)
3,791
–
3,791
4,520
(2,055)
(1,235)
1,230
–
1,230
33
33
130
130
3,824
1,360
0.9
0.9
0.3
0.3
5
5
The accompanying notes form an integral part of the Consolidated Statement of Comprehensive Income.
Boom Logistics Annual Report 2022 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
CURRENT ASSETS
Cash and cash equivalents
Trade receivables, contract assets and other receivables
Inventories, prepayments and other current assets
Lease receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Right‑of‑use assets
Deferred tax asset
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Interest bearing loans and borrowings
Lease liabilities
Employee provisions
Other provisions and liabilities
Derivative financial instruments
Income tax payable
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Interest bearing loans and borrowings
Lease liabilities
Employee provisions
Other provisions and liabilities
Income tax payable
Deferred tax liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Retained losses
Reserves
TOTAL EQUITY
43
Note
2022
$’000
2021
$’000
2(b)
14
7
14
4(b)
11
14
10
4(c)
11
14
10
4(c)
4(b)
2,414
41,469
2,994
–
2,347
42,915
2,639
437
46,877
48,338
107,693
122,654
36,214
25,619
–
11
143,907
148,284
190,784
196,622
14,912
17,375
14,920
9,929
4,709
–
185
62,030
–
15,112
368
3,043
–
3
18,526
80,556
110,228
15,570
23,609
15,733
9,122
5,762
93
2,224
72,113
361
8,483
497
2,248
185
–
11,774
83,887
112,735
13(a)
310,327
310,327
(203,234)
(200,608)
3,135
110,228
3,016
112,735
The accompanying notes form an integral part of the Consolidated Statement of Financial Position.
Boom Logistics Annual Report 2022 CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June 2022
44
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest paid
Interest paid – Lease liabilities
Interest received
Interest received – Lease receivables
Income tax (paid)
Net cash provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from the sale of property, plant and equipment
Net cash (used in) investing activities
Cash flows from financing activities
Payment of dividends
Proceeds from borrowings
Repayment of borrowings
Repayment of borrowings – Lease liabilities
Receipts from finance leases as lessor
Payment of transaction costs related to share buy‑back and borrowings
Net cash (used in) financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Note
2022
$’000
2021
$’000
239,995
184,349
(199,321)
(155,471)
(1,682)
(1,370)
8
9
(1,763)
(1,235)
8
59
(2,224)
(2,038)
35,415
23,909
14
14
9
(5,160)
2,913
(2,247)
6
(6,417)
–
(6,836)
(20,725)
877
–
14
(14,711)
4,820
(9,891)
(4,278)
11,821
(5,964)
(16,114)
1,176
(443)
(33,101)
(13,802)
67
2,347
2,414
216
2,131
2,347
The accompanying notes form an integral part of the Consolidated Statement of Cash Flows.
Boom Logistics Annual Report 2022 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2022
Contributed
Equity
$’000
Retained
Losses
$’000
Retained
Profits
$’000
Notes
Cash Flow
Hedge
Reserve
$'000
Employee
Equity
Benefits
Reserve
$’000
Total
Equity
$’000
45
310,327
(197,560)
–
(163)
2,670
115,274
At 1 July 2020
Profit for the year
Other comprehensive income
Total comprehensive income
Transactions with owners in
their capacity as owners:
Cost of share based payments
19(b)
Dividends paid
At 30 June 2021
Profit for the year
Other comprehensive income
Total comprehensive income
Transactions with owners in
their capacity as owners:
Cost of share based payments
19(b)
Dividends paid
At 30 June 2022
–
–
–
–
–
–
–
–
–
(4,278)
310,327
(201,838)
–
–
–
–
–
–
–
–
–
(6,417)
1,230
–
1,230
–
–
1,230
3,791
–
3,791
–
–
310,327
(208,255)
5,021
–
130
130
–
–
–
–
–
1,230
130
1,360
379
–
379
(4,278)
(33)
3,049
112,735
–
33
33
–
–
–
–
–
–
3,791
33
3,824
86
–
86
(6,417)
3,135
110,228
The accompanying notes form an integral part of the Consolidated Statement of Changes in Equity.
Boom Logistics Annual Report 2022 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2022
About This Report
46
The financial report of Boom Logistics Limited and its
subsidiaries (“the Group”) for the year ended 30 June 2022
was authorised for issue in accordance with a resolution of
the Board of Directors on 25 August 2022.
During FY2022, the Group has continued to work with
customers to ensure that all health requirements are met
including restrictions on staff travel, maintaining cleaning
processes for equipment, maintaining social distancing
protocols and observing state government work from home
orders for non‑essential staff.
Boom Logistics Limited is a company domiciled in Australia
and limited by shares incorporated in Australia whose shares
are publicly traded on the Australian Stock Exchange.
Whilst the pandemic and ongoing uncertainty has
created challenges during the year, the Group’s financial
performance improved significantly in the period.
The Group is a for‑profit entity and the nature of its
operations and principal activities are described in note 1.
The financial report is a general purpose financial report
which has been prepared in accordance with Australian
Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations
Act 2001. The consolidated financial report complies with
International Financial Reporting Standards (IFRSs) and
interpretations adopted by the International Accounting
Standards Board (IASB).
The financial report has been prepared in accordance
with the historical cost convention rounded to the
nearest thousand dollars ($’000) in accordance with
ASIC Corporations Instrument 2016/191 unless otherwise
stated, except for derivative financial instruments
which are measured at fair value. The financial report is
presented in Australian dollars which is the Company’s
functional currency.
Boom’s Directors have included information in this
report that they deem to be material and relevant to the
understanding of the financial report. Disclosure may be
considered material and relevant if the dollar amount is
significant due to size or nature, or the information is
important to understand the:
■ Group’s current year results;
■ impact of significant changes in Boom’s business; or
■ aspects of the Group’s operations that are important to
future performance.
Disclosure of information that is not material may
undermine the usefulness of the financial report by
obscuring important information.
COVID-19 Impact on the Group
Since the onset of the COVID‑19 global pandemic, which was
declared by the World Health Organisation on 11 March 2020,
the Group has been able to effectively manage its
operations to minimise disruption to the business.
The Group derives the majority of its revenue from the
following sectors: mining and resources; infrastructure
and construction; wind, energy and utilities; industrial
maintenance; and telecommunications which are designated
as essential services and have continued to operate
throughout the year.
The pandemic has also had continued impact on
international shipping. Significant delays from Europe
impacted the arrival of a number of new large travel tower
assets that were ordered during the FY2021 year to service
growth opportunities in the energy sector. These assets
arrived in June 2022.
Whilst the uncertainty created by the pandemic has
fluctuated through FY2022, it has not materially impacted
the Group nor its assessment of going concern. The Group
has long term debt facilities committed to December 2023
with significant undrawn capacity. Further growth in cash
flow and earnings are forecast for FY2023.
The directors believe that it remains appropriate to prepare
the accounts on a going concern basis.
Section A: Financial Performance
This section provides the information that is most relevant
to understanding the financial performance of the Group
during the financial year.
1.
Segment Reporting
Description of operating segments
Management has determined the operating segments
based on the reports reviewed by the Chief Operating
Decision Maker (“CODM”) to make decisions about resource
allocation and to assess performance. The CODM who
is responsible for allocating resources and assessing
performance of the operating segments is the Managing
Director and CEO.
The business is considered from a product perspective and
has two reportable segments:
■ “Lifting Solutions”, which consists of all lifting activities
including the provision of cranes, travel towers, access
equipment and all associated services; and
■ “Labour Hire”, which includes the provision of skilled
labour with a wide range of trades, such as, electricians,
boiler makers, mechanics, plus the traditional crane and
travel tower operators, riggers, truck drivers.
The segment information provided to the CODM is
measured in a manner consistent with that of the
financial statements.
All inter‑segment sales are carried out at arm’s
length prices.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Segment information
Year ended 30 June 2022
Segment revenue
Total external revenue
Inter‑segment revenue
Total segment revenue
Other income
Total revenue and other income
Segment result
Operating result
Net profit on disposal of property,
plant and equipment
Depreciation and amortisation
Profit before net interest and tax
Net interest
Income tax
Profit from continuing
operations
Segment assets and liabilities
Segment assets
Segment liabilities
Additions to non‑current assets
Lifting
Solutions
$’000
Labour
Services
$'000
Other*
$’000
Elimination
$’000
Consolidated
$’000
47
215,577
–
215,577
267
13,224
13,491
–
–
–
47,109
125
(5,906)
211
(34,010)
13,310
(3,261)
–
(51)
74
(1)
–
(412)
(6,318)
(13)
–
215,844
(13,224)
(13,224)
–
–
–
–
–
–
215,844
228
216,072
41,328
211
(34,473)
7,066
(3,275)
–
3,791
193,934
77,113
33,231
408
332
–
962
3,111
–
(4,520)
190,784
–
–
80,556
33,231
* Other represents centralised costs including national office and shared services.
Boom Logistics Annual Report 2022 Section A: Financial Performance (continued)
1.
Segment Report (continued)
48
Year ended 30 June 2021
Segment revenue
Total external revenue
Inter‑segment revenue
Total segment revenue
Other income
Total revenue and other income
Segment result
Operating result
Net profit on disposal of property,
plant and equipment
Depreciation and amortisation
Profit before net interest and tax
Net interest
Income tax
Profit from continuing
operations
Segment assets and liabilities
Segment assets
Segment liabilities
Additions to non‑current assets
Lifting
Solutions
$’000
Labour
Services
$'000
Other*
$’000
Elimination
$’000
Consolidated
$’000
172,445
–
172,445
810
15,457
16,267
–
–
–
38,914
1,314
(4,566)
647
(31,178)
8,383
(3,190)
–
(53)
1,261
(5)
–
(625)
(5,191)
(28)
–
173,255
(15,457)
(15,457)
–
–
–
–
–
–
173,255
714
173,969
35,662
647
(31,856)
4,453
(3,223)
–
1,230
196,833
77,937
33,440
416
864
–
1,033
5,086
–
(1,660)
196,622
–
–
83,887
33,440
* Other represents centralised costs including national office and shared services.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 2. Revenue from Contracts with Customers
(a) Disaggregation of revenue from contracts with customers
Boom Logistics Limited is domiciled in Australia and all core revenue is derived from customers within Australia. The Group
derives revenue from the transfer of services over time in the following industry segments:
49
Industry segment
Year ended 30 June 2022
Mining & resources
Wind, energy, & utilities
Infrastructure & construction
Industrial maintenance
Telecommunications
Other
Total revenue from contracts with customers
Timing of revenue recognition
Services transferred over time
Year ended 30 June 2021
Mining & resources
Wind, energy, & utilities
Infrastructure & construction
Industrial maintenance
Telecommunications
Other
Total revenue from contracts with customers
Timing of revenue recognition
Services transferred over time
(b) Contract balances
Trade and other receivables
Contract assets
Total trade receivables, contract assets and other receivables
Lifting
Solutions
$’000
Labour
Services
$'000
Consolidated
$’000
116,279
42,904
31,012
16,720
7,465
1,197
215,577
–
–
124
57
25
61
267
116,279
42,904
31,136
16,777
7,490
1,258
215,844
215,577
267
215,844
81,480
39,403
23,105
17,984
9,894
579
172,445
–
26
106
331
–
347
810
81,480
39,429
23,211
18,315
9,894
926
173,255
172,445
810
173,255
Note
(i)
2022
$’000
38,450
3,019
41,469
2021
$'000
35,595
7,320
42,915
(i) Contract assets relate to the Group’s right to consideration for work completed but not billed at the reporting date. The contract assets are
transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues the invoices to the customers.
Recognition and measurement
Revenue from the hire of lifting/access equipment, labour and other services provided is recognised when the performance
obligation is satisfied. This typically occurs when the job dockets or timecards are approved by the customers. If the services
under a single arrangement are rendered in different reporting periods, then the consideration is allocated on a relative fair
value basis.
Revenue from the installation of wind towers is recognised by using either the equipment hire and labour rate models
(schedule of rates) or the stage of completion of the contract, as specified in the contracts. The stage of completion is
Boom Logistics Annual Report 2022 Section A: Financial Performance (continued)
50
2. Revenue from Contracts with Customers (continued)
measured by reference to work completed on each stage of a wind tower unit calculated as a percentage of the total wind
towers included under the contract.
The total consideration in the services above is allocated based on their standalone selling prices. The stand‑alone selling
prices are determined based on the list prices at which the Group sells the services in separate transactions. The fair value
and the stand‑alone selling prices of both types of services are considered broadly similar.
Key estimate and judgement
Determining the stage of completion requires an estimate of the wind tower units completed to date as a percentage of the
total wind tower units under the contract. Where variations and claims are made to the contract, assumptions are made
regarding the probability that the customer will approve the variations and claims and the amount of revenue that will arise.
Changes in these estimation methods could have a material impact on the financial statements.
3. Other Income and Expenses
(a) Other income
Profit on disposal of plant and equipment
(Loss)/profit on disposal of plant and equipment – Right‑of‑use assets
Interest income
Interest income – Lease receivables
Total other income
(b) Expenses
External equipment hire
External labour hire
Maintenance
Fuel
External transport
Employee travel and housing
Other reimbursable costs (on‑charged to customers)
Other equipment services and supplies
Total equipment services and supplies expense
Employee related
Insurance and compliance
IT and communications
Occupancy
Other overheads
Total other expense
2022
$’000
2021
$'000
235
(24)
8
9
228
16,867
17,722
11,706
3,234
5,982
1,942
1,169
4,870
583
64
8
59
714
10,376
2,855
9,383
2,176
6,336
1,949
1,440
3,375
63,492
37,890
2,772
4,646
2,864
1,211
2,752
1,876
3,501
2,367
1,057
2,735
14,245
11,536
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 4.
Income Tax
(a) Income tax expense
A reconciliation between tax expense and accounting profit before income tax
is as follows:
Accounting profit before tax from continuing operations
At the Group's statutory income tax rate of 30% (2021: 30%)
Expenditure not allowable for income tax purposes
Previously unrecognised tax credits now recouped to reduce current
tax expense
Derecognition of tax losses recognised in previous years
Income tax
2022
$’000
2021
$'000
51
3,791
1,137
71
(2,309)
1,101
–
1,230
369
52
(421)
–
–
(b) Deferred income tax
Year ended 30 June 2022
– Employee leave provisions
– Allowance for impairment on financial assets
– Liability accruals
– Restructuring provisions
– Tax losses
– Plant and equipment
– Derivative financial instruments
Net deferred tax asset / (liabilities)
Year ended 30 June 2021
– Employee leave provisions
– Allowance for impairment on financial assets
– Liability accruals
– Restructuring provisions
– Tax losses
– Plant and equipment
– Derivative financial instruments
Net deferred tax asset / (liabilities)
Opening
Balance
$’000
Recognised
in Income
Statement
$'000
Recognised
in Equity
$’000
Closing
Balance
$'000
2,886
285
1,006
17
3,900
(8,097)
14
11
2,657
334
1,606
12
4,272
(8,884)
70
67
203
27
161
(17)
(1,101)
727
–
–
229
(49)
(600)
5
(372)
787
–
–
–
–
–
–
–
–
(14)
(14)
–
–
–
–
–
–
(56)
(56)
3,089
312
1,167
–
2,799
(7,370)
–
(3)
2,886
285
1,006
17
3,900
(8,097)
14
11
Boom Logistics Annual Report 2022 Section A: Financial Performance (continued)
52
Income tax (continued)
Income tax payable
4.
(c)
Income tax payable represents the remaining franking
deficit tax that is being paid in twenty four interest‑free
equal monthly instalments from August 2020 to July 2022.
As at 30 June 2022, of the $4.262 million of income tax
instalments paid to date, $3.166 million was utilised to
offset the income tax payable arising from the financial
year results.
(d) Tax losses
The Group has total tax losses of $31.165 million tax effected
(2021: $31.165 million). $2.799 million of these losses have
been recognised on balance sheet and $28.366 million
has not been recognised as a deferred tax asset based on
an assessment of the probability that sufficient taxable
profit will be available to allow the tax losses to be utilised
in the near future. The unused tax losses remain available
indefinitely and are in addition to the franking deficit tax
payments that can also be used to offset future tax payable.
Recognition and measurement
Current tax assets and liabilities for the current and prior
periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted by the
reporting date.
Deferred 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 tax assets and liabilities are recognised
for all deductible / taxable temporary differences except
where they arise 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. The carrying
amount of deferred 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 tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at each reporting
date and are recognised to the extent that it has become
probable that future taxable profit will allow the deferred
tax asset to be recovered.
Income tax is recognised as an expense or income in the
consolidated income statement unless it relates to other
items recognised directly in other comprehensive income
in which case the tax is also recognised directly in other
comprehensive income.
Tax consolidation legislation
Boom Logistics Limited and its wholly‑owned Australian
controlled entities have implemented the tax consolidation
legislation. The head entity, Boom Logistics Limited, and
the controlled entities in the tax consolidated group have
entered into tax funding and sharing agreements such that
each entity in the tax consolidated group recognises the
assets, liabilities, revenues and expenses in relation to its
own transactions, events and balances only.
Key estimate and judgement
Deferred tax assets are recognised for deductible temporary
differences and unused tax losses only if it is probable
that future taxable profits will be available to utilise those
temporary differences and losses, and the losses continue
to be available having regard to their nature and timing of
origination. Judgement is required to determine the amount
of deferred tax assets that can be recognised based upon
the likely timing and the level of future taxable profits.
Utilisation of tax losses also depends on the ability of
the Group to satisfy certain tests at the time the losses
are recouped.
Earnings Per Share
5.
Basic earnings per share amounts are calculated by dividing
net profit or loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of
ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by
dividing the net profit or loss for the year attributable
to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares
that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 The following reflects the income and share data used in the calculation of basic and diluted earnings per share:
Net profit after tax
Weighted average number of ordinary shares used in calculating basic
earnings per share
Effect of dilutive securities:
– employee share awards
Adjusted weighted average number of ordinary shares used in calculating
diluted earnings per share
Number of ordinary shares at financial year end
Note
2022
$’000
3,791
2021
$'000
1,230
53
No. of shares
427,774,207
427,774,207
(i)
2,220,457
–
429,994,664
427,774,207
427,774,207
427,774,207
(i) Dilutive securities are options granted to employees under the long term incentive plan and included in the calculation of diluted earnings per
share assuming all vesting conditions are met.
6. Dividends
The Company paid unfranked dividends of 1.0 cent per share on 5 November 2021 and 0.5 cents per share on 6 April 2022
totalling $6.417 million.
Boom Logistics Annual Report 2022 Section B: Operating Assets and Liabilities
This section provides information relating to the key operating assets used and liabilities incurred to support delivering the
financial performance of the Group.
7.
Property, Plant and Equipment
54
Year ended 30 June 2022
Opening carrying amount
Additions
Disposals
Transfers
Depreciation charge for the year
Closing carrying amount
At cost
Accumulated depreciation
Closing carrying amount
Year ended 30 June 2021
Opening carrying amount
Additions
Disposals
Transfers
Depreciation charge for the year
Closing carrying amount
At cost
Accumulated depreciation
Closing carrying amount
Rental
Equipment
$’000
Motor
Vehicles
$'000
Machinery,
Furniture,
Fittings &
Equipment
$’000
Freehold
Land &
Buildings
$’000
Total
$’000
118,863
1,926
422
1,443
122,654
3,636
(2,175)
9
(15,520)
104,813
284,469
(179,656)
104,813
119,031
14,695
(744)
715
(14,834)
118,863
294,871
(176,008)
118,863
186
(15)
(15)
(660)
1,422
18,590
(17,168)
1,422
10
(6)
6
(298)
134
6,148
(6,014)
134
–
–
–
3,832
(2,196)
–
(119)
(16,597)
1,324
3,120
107,693
312,327
(1,796)
(204,634)
1,324
107,693
2,648
955
1,562
124,196
7
(34)
1
(696)
1,926
19,113
(17,187)
1,926
9
(3)
1
(540)
422
6,203
(5,781)
422
–
–
–
14,711
(781)
717
(119)
(16,189)
1,443
3,120
122,654
323,307
(1,677)
(200,653)
1,443
122,654
Property, plant and equipment with a carrying amount
of $107.693 million (2021: $122.654 million) is pledged as
securities for current and non‑current interest bearing loans
and borrowings as disclosed in note 11.
Assets classified as held for sale
There were no assets classified as held for sale at
30 June 2022.
Recognition and measurement
Property, plant and equipment are measured at cost less
accumulated depreciation and any accumulated impairment
losses. Cost includes expenditure that is directly attributable
to the acquisition of the asset. Land is measured at cost less
any accumulated impairment losses.
When a major overhaul is performed on an asset, the cost
is recognised in the carrying amount of property, plant and
equipment only if the major overhaul extends the expected
useful life of the asset or if the continuing operation of
the asset is conditional upon incurring the expenditure.
Similarly, when each major inspection is performed, its
cost is recognised in the carrying amount of property, plant
and equipment as a replacement only if it is eligible for
capitalisation. The cost of the day‑to‑day servicing or the
replacement of consumable parts of property, plant and
equipment is recognised in profit or loss as incurred.
Depreciation is recognised in the statement of
comprehensive income on a straight line basis over the
estimated useful life of each part of an item of property,
plant and equipment as follows:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 55
to their present value using a post‑tax discount rate that
reflects current market assessments of the time value of
money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of
an asset, cash‑generating unit or a group of cash‑generating
units exceeds its recoverable amount. Impairment losses
are recognised in the statement of comprehensive income.
Impairment losses recognised in respect of cash‑generating
units are allocated first to reduce the carrying amount of
any goodwill allocated to the units and then to reduce the
carrying amount of the other assets in the unit (group of
units) on a pro rata basis.
Key estimate and judgement
The carrying values of the CGU’s fixed assets were tested
at 30 June 2022 by reference to management’s assessment
of their fair value less costs of disposal. Fair value was
determined after considering information from a variety
of sources including a valuation of all cranes and travel
tower assets obtained from an independent valuer dated
21 June 2022. The independent valuer concluded a fair
value of $137.033 million (2021: $125.265 million) for the
Group’s cranes and travel tower assets. The Group did not
make any allowance for costs to sell as they were deemed
immaterial given the Group’s in house expertise and track
record of successful asset sales. The Group has classified
the assessment as Level 2 in the fair value hierarchy (as per
AASB 13) where “inputs other than quoted prices in active
markets that are observable for the asset either directly
or indirectly”.
The independent valuation supported the carrying value
of the CGU’s crane and travel tower assets as stated in the
consolidated statement of financial position. The evaluation
is consistent with the Group’s assessment of the economic
environment, lengthening lead times for new equipment
and second hand asset values. Consequently, no impairment
adjustment to the carrying value of operating fleet was
considered necessary at 30 June 2022.
Buildings
Mobile Cranes
Travel Towers
Access and Ancillary Equipment
Vehicles
Office and Workshop Equipment
Leasehold Improvements
Computer Equipment
20 Years
10 to 15 Years
10 to 20 Years
10 Years
5 to 10 Years
3 to 10 Years
Lease term
3 to 5 Years
Depreciation methods, useful lives and residual values
are reviewed at each reporting date and at more regular
intervals when there is an indicator of impairment or when
deemed appropriate.
Gains or losses on sale of property, plant and equipment are
included in the statement of comprehensive income in the
year the asset is disposed of.
Key estimate and judgement
The Group determines the estimated useful lives of assets
and related depreciation charges for its property, plant and
equipment based on the accounting policy stated above.
These estimates are based on projected capital equipment
lifecycles for periods up to twenty years based on useful
life assumptions.
Residual values are determined based on the value the
Group would derive upon ultimate disposal of the individual
piece of property, plant and equipment at the end of its
useful life. The achievement of these residual values is
dependent upon the second hand equipment market at any
given point in the economic cycle.
Management will increase the depreciation charge where
useful lives are less than previously estimated lives or there
is indication that residual values cannot be achieved.
8.
Impairment Testing of Non-Financial Assets
Recognition and measurement
The carrying amounts of the Group’s non‑financial assets,
other than deferred tax assets and inventories, are reviewed
at each reporting date to determine whether there is any
indication of impairment. If any such indication exists then
the asset’s recoverable amount is estimated.
For the purpose of impairment testing, assets are
grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely
independent of the cash inflows from other assets or groups
of assets (the “cash‑generating unit”).
The recoverable amount of an asset or cash‑generating unit
or a group of cash‑generating units is the greater of its value
in use and its fair value less costs of disposal. In assessing
value in use, the estimated future cash flows are discounted
Boom Logistics Annual Report 2022 Section B: Operating Assets and Liabilities (continued)
9. Reconciliation of the Net Cash Flows from Operations with Net Profit/(Loss) After Tax
56
Net profit after tax
Non cash items
Depreciation and amortisation of non‑current assets
Borrowing costs – amortisation
Net profit on disposal of non‑current assets
Share based payments
Changes in assets and liabilities
Decease/(increase) in trade receivables, contract assets and other receivables
(Increase) in inventories, prepayments and other assets
(Increase) in current and deferred tax balances
(Decrease)/increase in trade and other payables
(Decrease) in provisions and other liabilities
Net cash flow from operating activities
Note
11(d)
3
19(b)
2022
$’000
3,791
2021
$'000
1,230
34,473
31,856
240
(211)
86
1,446
(837)
(2,213)
(658)
(702)
292
(647)
379
(8,363)
(75)
(1,982)
3,618
(2,399)
35,415
23,909
10. Other Provisions and Liabilities
Other provisions and liabilities include accruals for PAYG, GST, wages, superannuation and payroll tax. The balance also
includes provision for make good costs on leases of $0.793 million (2021: $1.145 million) which principally relates to shipment
costs of returning leased equipment, including onshore transportation costs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 57
Section C: Funding Structures
This section provides information relating to the Group’s funding structure and its exposure to financial risk, how they affect
the Group’s financial position and performance and how the risks are managed.
11.
Interest Bearing Loans and Borrowings
Current
Other loans
Prepaid borrowing costs
Total current interest bearing loans and borrowings
Non current
Other loans
Total non-current interest bearing loans and borrowings
Total interest bearing loans and borrowings
Note
2022
$’000
2021
$'000
(i)
17,493
23,967
(118)
(358)
17,375
23,609
(i)
–
–
361
361
17,375
23,970
(i) Other loans include an amortising loan of $0.361 million disclosed as current. The loan expires in July 2022.
Other current loans also include the receivables finance facility that has a committed facility limit to December 2023. The drawings made under
the committed facility limit are however revolving in nature and accordingly, the debt of $17.132 million outstanding under the facility at year end
has been disclosed as a current liability. Amounts outstanding under the facility are not required to be repaid until December 2023 at the end of
the facility term.
(a) Covenant position
The Group is not subject to any financial covenants under existing facilities.
(b) Assets pledged as security
Fixed and floating charges are held over all of the Group’s assets, including cash at bank, trade receivables, contract assets
and other receivables, and property, plant and equipment.
(c) Terms and debt repayment schedule
Currency
AUD
AUD
Weighted
average
interest rate
Carrying Amount
Year of
maturity
2022
$’000
2021
$'000
7.17% December 2023
17,132
19,349
5.92%
July 2022*
361
(118)
4,979
(358)
17,375
23,970
Trade receivables loan
Finance arrangement
Prepaid borrowing costs
Total interest bearing liabilities
*Extended to February 2024 subsequent to reporting date.
Boom Logistics Annual Report 2022 Section C: Funding Structures (continued)
11.
Interest Bearing Loans and Borrowings (continued)
58
(d) Financing expense
Interest expense
Borrowing costs – amortisation (non‑cash)
Borrowing costs – other
Total financing expense
(e) Financing facilities available
At reporting date, the following financing facilities had been negotiated and were available:
Total facilities:
– bank loans and borrowings
Facilities drawn at reporting date:
– bank loans and borrowings
Facilities undrawn at reporting date:
– bank loans and borrowings
2022
$’000
1,278
240
404
1,922
2021
$'000
1,178
292
585
2,055
113,000
113,000
113,000
113,000
35,116
35,116
67,221
67,221
31,759
31,759
67,907
67,907
Total facilities consist of $56 million receivables finance
facility, $22 million chattel mortgage facility, and $35 million
asset finance facility.
The fair value of all borrowings approximates their carrying
amount at the reporting date as the impact of any market
discounting is not significant.
Of the $56 million receivables finance facility, $17.1 million
was drawn with a further $1.3 million utilised by bank
guarantees. $37.6 million of the undrawn facility was
available subject to the availability of eligible debtors which
was $2.0 million at the reporting date.
The $22 million chattel mortgage facility was undrawn at
the reporting date.
Of the $35 million asset finance facility, $18.0 million was
drawn including $17.6 million of finance leases. A further
$9.4 million was utilised by operating leases. $7.6 million
was undrawn at the reporting date.
Recognition and measurement
All loans and borrowings are initially recognised at fair
value of the consideration received less directly attributable
transaction costs. After initial recognition, interest bearing
loans and borrowings are subsequently measured at
amortised cost using the effective interest method which is
way of allocating interest expense evenly and consistently
over the life of loans and borrowings.
Gains and losses are recognised in the statement of
comprehensive income when the liabilities are derecognised.
12. Financial Risk Management
The Board of Directors has overall responsibility for the
oversight of the Company’s risk management framework
including the identification and management of material
business, financial and regulatory risks. Management
reports regularly to the Risk Committee and the Board of
Directors on relevant activities.
Risk management guidelines have been further developed
to identify and analyse the risks faced by the Group, to set
appropriate risk limits and controls, and to monitor risks
and adherence to limits. Risk management guidelines are
regularly reviewed to reflect changes in market conditions
and the Group’s activities.
The Group has exposure to the following risks from its use
of financial instruments:
■ Credit risk;
■ Liquidity risk; and
■ Market risk.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 (a) Credit risk
Credit risk arises from the financial assets of the
Group, which comprise cash and cash equivalents, trade
receivables, contract assets and other receivables, and
derivative instruments. The Group’s exposure to credit risk
arises from potential default of the counter party, with a
maximum exposure equal to the carrying amount of these
instruments. Exposure at reporting date is addressed in
each applicable note.
The Group’s policy is to trade with recognised, creditworthy
third parties. It is the Group’s practice that all customers
who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivable balances
are monitored on an ongoing basis with the result that the
Group’s exposure to bad debts is not significant.
Trade receivables and contract assets
The Group applies the simplified approach to measuring
expected credit losses (“ECL”) which uses a lifetime expected
loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables
and contract assets have been grouped based on shared
credit risk characteristics and the days past due. The
contract assets relate to unbilled work in progress and have
substantially the same risk characteristics as the trade
receivables for the same types of contracts. The Group has
therefore concluded that the expected loss rates for trade
receivables are a reasonable approximation of the loss rates
for the contract assets.
59
The Group established a provision matrix based on the
historical credit loss experience and adjusted for forward
looking factors specific to the debtors and the economic
environment. The Group considers trade receivables and
contract assets are at risk when contractual payments
are 120 days past invoice date, subject to other internal or
external information that indicate otherwise.
Collectability is reviewed on an ongoing basis. Debts which
are known to be uncollectible are written off by reducing
the carrying amount directly. An allowance for impairment
is used when there is objective evidence that the Group
will not be able to collect all amounts due according to the
original terms of the receivables.
At the reporting date, the credit risk exposure on the Group’s
trade receivables and contract assets using a provision
matrix is as follows:
Year ended 30 June 2022
0 – 30 days
31 – 60 days
61 – 90 days
91 – 120 days
+120 days
Year ended 30 June 2021
0 – 30 days
31 – 60 days
61 – 90 days
91 – 120 days
+120 days
Trade
Receivables*
$'000
Contract
Assets*
$’000
ECL Rate
Total
$’000
Loss
Allowance
$’000
0.20%
0.25%
0.75%
7.50%
20.00%
0.20%
0.25%
0.75%
7.50%
20.00%
20,325
3,019
23,344
7,029
7,299
2,024
2,143
–
–
–
–
7,029
7,299
2,024
2,143
38,820
3,019
41,839
22,323
7,320
29,643
6,663
4,960
1,840
470
–
–
–
–
6,663
4,960
1,840
470
36,256
7,320
43,576
43
16
50
138
390
637
56
15
34
125
85
315
* Trade receivables and contact assets are net of specific transactions totalling $0.285 million (2021: $0.234 million) that have been fully provided
and excluded from above general provision calculation.
Boom Logistics Annual Report 2022 Section C: Funding Structures (continued)
60
12. Financial Risk Management (continued)
The movement in the allowance for impairment in respect of trade receivables and contract assets during the financial year
is as follows:
Balance at 1 July
Impairment loss recognised
Amounts written‑off and/or written back
Balance at 30 June
Note
2022
$’000
949
101
(10)
(i)
1,040
2021
$'000
1,114
378
(543)
949
(i) The allowance for impairment of $1.040 million comprises a specific provision of $0.285 million (2021: $0.234 million), $0.637 million calculated
from the provision matrix (2021: $0.315 million), and an additional allowance of $0.118 million in excess (2021: $0.400 million in excess) of the
allowance calculated using the provision matrix above. The additional amount is to allow for a perceived temporary increase in the risk profile as
a result of the uncertain economic environment at 30 June 2022.
Recognition and measurement
Trade receivables and contract assets are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less any allowance for impairment. Trade receivables are generally due for settlement
within 30 – 90 days.
The amount of the impairment loss is recognised in the statement of comprehensive income within other expenses. When
a trade receivable or contract asset for which an allowance for impairment had been recognised becomes uncollectible in a
subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off
are credited against other expenses in the statement of comprehensive income.
(b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its financial
obligations as they fall due under both normal and stressed conditions without incurring unacceptable losses or damage
to the Group’s reputation. In order to meet these requirements management estimates the cash flows of the Group on a
weekly, monthly and three‑year rolling basis.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of operating
leases, finance leases and trade receivables loan. At 30 June 2022, the Group’s balance sheet gearing ratio was 29%
(interest bearing loans and borrowing plus finance lease liabilities less cash / total equity) (2021: 26%). Allowing for the
additional operating lease liabilities recognised in accordance with AASB 16, the Group’s balance sheet gearing ratio was 41%
(2021: 41%).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 The table below represents the undiscounted contractual settlement terms for financial liabilities based on the remaining
period at the reporting date to the contractual maturity date.
Carrying
amount
$’000
Contractual
cash flows
$’000
6 mths
or less
$'000
6-12 mths
$’000
1-2 years
$’000
2-5 years
$’000
61
Year ended 30 June 2022
Trade and other payables
Income tax payable
Other loans
Lease liabilities
Year ended 30 June 2021
Trade and other payables
Derivatives
Income tax payable
Other loans
Lease liabilities
14,912
(14,912)
(14,912)
(185)
(18,870)
(31,718)
(185)
(9,393)
(6,487)
–
–
–
–
(9,030)
(6,487)
(447)
(11,917)
(65,685)
(30,977)
(15,517)
(12,364)
15,570
(15,570)
(15,570)
(93)
(2,409)
(26,914)
(25,455)
(73)
(1,112)
–
(20)
(1,112)
(12,555)
(12,555)
(7,734)
(7,734)
(70,441)
(37,044)
(21,421)
–
–
(185)
(1,335)
(5,752)
(7,272)
185
17,493
30,032
62,622
93
2,409
24,328
24,216
66,616
–
–
–
(6,827)
(6,827)
–
–
–
(469)
(4,235)
(4,704)
Recognition and measurement
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year
which are unpaid. The amounts are unsecured and are usually payable within 60 days of recognition.
(c) Market risk
Market risk is the risk that changes in interest rates and foreign exchange rates will affect the Group’s income or the value of
its holdings of financial instruments.
Interest rate risk
At the reporting date, the interest rate profiles of the Group’s interest bearing financial instruments were:
Fixed rate instruments
Financial liabilities
Variable rate instruments
Financial assets – cash at bank and on hand
Financial liabilities
Carrying amount
2022
$’000
2021
$'000
(17,984)
(17,984)
(12,410)
(12,410)
2,414
(17,132)
(14,718)
2,347
(19,349)
(17,002)
The Group’s main interest rate risk arises from short and long‑term borrowings. Borrowings issued at variable rates expose
the Group to cash flow interest rate risk. This risk is managed by taking into consideration the current and expected future
debt profile, expectations regarding future interest rate movements, the mix between variable and fixed rate borrowings and
the potential to hedge against negative outcomes by entering into interest rate swaps.
Boom Logistics Annual Report 2022 62
Section C: Funding Structures (continued)
12. Financial Risk Management (continued)
Foreign exchange rate risk
Foreign exchange risk arises when future commercial
transactions and recognised liabilities are denominated
in a currency that is not the entity’s functional currency.
The Group has transactional currency exposures arising
from operating lease of plant and equipment denominated
in Euros.
In order to protect against exchange rate movements,
the Group has entered into forward exchange contracts to
purchase Euros. These contracts are hedging highly probable
forecasted transactions and are timed to mature when
payments are scheduled to be made. The forward exchange
contracts are considered to be fully effective cash flow
hedges and any gain or loss on the contracts is taken directly
to equity.
The Group’s exposure to foreign exchange rate risk at
the reporting date, expressed in Australian dollars, was
$0.440 million (2021: $0.596 million) and the forward
exchange contracts had a fair value of $nil payable at
30 June 2022 (2021: $0.047 million payable).
Sensitivity
Movements in the Australian dollar against the Euro would
not result in a material difference to the balances stated
in the consolidated statements of changes in equity and
comprehensive income.
13. Contributed Equity
Recognition and measurement
Derivatives designated as hedging instruments are classified
as cash flow hedges.
At the inception of each hedging transaction, the Group
documents the relationship between the hedging
instruments and hedged items, its risk management
objectives and its strategy for undertaking the hedge
transactions. The Group also documents its assessment,
both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions have
been and will continue to be highly effective in offsetting
changes in fair value or cash flows of hedged items.
The effective portion of changes in the fair value of the
derivatives that are designated and qualify as cash flow
hedges is recognised in other comprehensive income and
accumulated in the cash flow hedge reserve in equity. The
gain or loss relating to the ineffective portion is recognised
immediately in profit or loss.
The Group does not speculate in the trading of
derivative instruments.
Derivatives are carried at fair value and categorised as
level 2 in the fair value hierarchy under AASB 13 where
“inputs other than quoted prices in active markets that are
observable for the asset either directly or indirectly”.
2022
No. of
shares
$'000
2021
No. of
shares
$'000
(a) Issued and paid up capital
Beginning and end of the financial year
427,774,207
310,327
427,774,207
310,327
All issued shares are fully paid. Fully paid ordinary shares carry one vote per share and carry the right to dividends.
(b) Capital management
For the purposes of capital management, capital includes issued capital and all other equity reserves attributable to the
equity holders of the parent. The primary objective of the Group’s capital management policy is to maximise shareholder
value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and
impacts on the Group’s budgets and forecasts. The Group monitors capital on the basis of the balance sheet gearing ratio.
This ratio is calculated as net debt divided by total equity as disclosed in note 12(b).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Section D: Other Disclosures
This section provides additional financial information that is required by the Australian Accounting Standards and
management considers relevant for shareholders.
14. Leases
Group as a lessee
The Group has commercial leases on certain plant and equipment, motor vehicles and property. These lease contracts have
typically fixed terms of 1 to 5 years but may have extension options. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions.
The impact of leases on the financial statements for the period is as follows:
63
Statement of Comprehensive Income
Depreciation expense of right‑of‑use assets
Interest expense on lease liabilities
Interest income on sublease of right‑of‑use assets
Gains or (losses) on termination of leases
Rent expense – short‑term leases and leases of low value assets
Total amounts recognised in profit or loss
Statement of Cash Flows
Net cash flows from operating activities
Net cash flows from financing activities
2022
$’000
2021
$'000
(17,876)
(15,667)
(1,370)
(1,235)
9
(24)
(187)
(19,448)
59
64
(436)
(17,215)
19,848
14,938
(19,848)
(14,938)
Right-of-use Assets
Rental
Equipment
$’000
Motor
Vehicles
$’000
Other
Equipment
$’000
Land &
Buildings
$’000
Lease
Receivables
$’000
Lease
Liabilities
$'000
Total
$'000
Statement of Financial
Position
Year ended 30 June 2022
Opening carrying amount
Additions
Terminations
18,015
22,156
(711)
4,747
1,236
(46)
12
37
–
2,845
5,970
(171)
25,619
29,399
(928)
Depreciation expense
(11,311)
(2,425)
(37)
(4,103)
(17,876)
Impairment expense
Receipts / payments
–
–
–
–
Closed carrying amount
28,149
3,512
Year ended 30 June 2021
Opening carrying amount
Additions
Terminations
10,436
16,063
–
5,637
1,649
(39)
–
–
12
70
–
(5)
Impairment expense
Receipts / payments
–
–
–
–
Closed carrying amount
18,015
4,747
–
–
12
Depreciation expense
(8,484)
(2,500)
(53)
(4,630)
(15,667)
437
440
–
–
–
24,216
27,444
(903)
–
–
(877)
(20,725)
–
–
–
–
4,541
36,214
–
30,032
6,645
1,017
(187)
22,788
18,729
(231)
–
–
–
–
1,613
–
–
–
–
23,123
17,503
(295)
–
–
(1,176)
(16,114)
2,845
25,619
437
24,216
Boom Logistics Annual Report 2022 64
Section D: Other Disclosures (continued)
14. Leases (continued)
Recognition and measurement
Leases are recognised as a right‑of‑use asset and a
corresponding lease liability at the date at which the
leased asset is available for use. The right‑of‑use asset is
depreciated over the lease term on a straight‑line basis. The
lease payment is allocated between the lease liability and
interest expense. The interest expense is charged to profit
or loss over the lease term.
Right‑of‑use assets are measured at cost comprising
the following:
■ the amount of the initial measurement of lease liability;
■ any initial direct costs; and
■ restoration costs.
Lease liabilities are measured at the present value of lease
payments to be made over the lease term discounted using
the interest rate implicit in the lease. If that rate cannot be
determined, the Group’s incremental borrowing rate is used,
being the rate that the Group would have to pay to borrow
the funds necessary to obtain an asset of similar value in
a similar economic environment with similar terms and
conditions. The present value of lease payments include:
■ fixed payments;
■ variable lease payments that are based on an index or
a rate;
■ amounts expected to be payable under residual
value guarantees;
■ the exercise price of a purchase option if reasonably
certain to exercise the option; and
■ payments of penalties for terminating the lease.
In determining the lease term, management considers all
facts and circumstances that create an economic incentive
to exercise an extension option. Extension options are only
included in the lease term if the lease is reasonably certain
to be extended.
Payments associated with short‑term leases and leases of
low‑value assets are recognised on a straight‑line basis as
an expense in profit or loss.
Group as a lessor
The Group has several property, plant and equipment leases
that were sub‑let and classified as finance leases and
recognised as Lease receivables. The sub‑leases have terms
of between 2 to 3 years.
The maturity analysis of lease receivables showing the undiscounted lease payments to be received after the reporting date
is a follows:
– within one year
– after one year but not more than five years
Total undiscounted lease receivable
– future finance income
Net lease receivable
2022
$’000
2021
$'000
–
–
–
–
–
443
–
443
(6)
437
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 15. Subsidiaries
AKN Pty Ltd
Boom Logistics Constructions Pty Ltd*
Shutdown Staffing Pty Ltd
Boom Logistics (VIC) Pty Ltd
Boom Logistics Projects Pty Ltd
Boom Renewables Pty Ltd
Equity interest
Country of
incorporation
2022
%
2021
%
65
Australia
Australia
Australia
Australia
Australia
Australia
100
100
100
100
100
100
100
100
100
100
100
100
*Boom Logistics Constructions Pty Ltd changed its name from Sherrin Hire Pty Ltd on 4 November 2021.
Boom Logistics Limited is the ultimate parent company.
Recognition and measurement
The consolidated financial statements comprise the financial statements of Boom Logistics Limited and its subsidiaries as
at 30 June each year.
Subsidiaries are entities controlled by the Group. Control exists when the Group 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. The financial statements of subsidiaries are included in the consolidated financial statements from
the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been
changed when necessary to align them with the policies adopted by the Group.
In the parent company financial statements, investments in subsidiaries are carried at cost less impairments.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.
Intra‑group balances, and any unrealised income and expenses arising from intra‑group transactions, are eliminated in
preparing the consolidated financial statements.
16. Deed of Cross Guarantee
Pursuant to ASIC Corporations Instrument 2016/785 (“Corporations Instrument”), the wholly owned subsidiaries listed below
are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports and
Directors’ report.
It is a condition of the Corporations Instrument that Boom Logistics Limited and each of the subsidiaries enter into a Deed
of Cross Guarantee. The effect of the Deed is that Boom Logistics Limited guarantees to each creditor payment in full of
any debt in the event of winding up of any of the subsidiaries under certain provisions of the Corporations Act 2001. The
subsidiaries have also given similar guarantees in the event that Boom Logistics Limited is wound up.
The subsidiaries subject to the Deed are:
■ Boom Logistics Constructions Pty Ltd (party to the Deed on 6 December 2005);
■ AKN Pty Ltd (party to the Deed on 3 November 2006 by virtue of a Deed of Assumption);
■ Shutdown Staffing Pty Ltd (party to the Deed on 23 November 2007 by virtue of a Deed of Assumption);
and together with Boom Logistics Limited, represent a “Closed Group” for the purposes of the Corporations Instrument.
Boom Logistics Annual Report 2022 Section D: Other Disclosures (continued)
66
16. Deed of Cross Guarantee (continued)
The consolidated statements of comprehensive income and financial position of the entities that are members of the
“Closed Group” are as follows:
Consolidated Statement of Comprehensive Income
Revenue
Other income
Salaries and employee benefits expense
Equipment service and supplies expense
Operating lease expense
Other expenses
Depreciation and amortisation expense
Depreciation expense – Right‑of‑use assets
Financing expense
Financing expense – Lease liabilities
Profit before income tax
Income tax benefit
Net profit for the year
Retained losses at the beginning of the year
Dividends provided for or paid
Retained losses at the end of the year
Net profit for the year
Other comprehensive income / (loss)
Cash flow hedges recognised in equity
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Closed Group
2022
$’000
2021
$'000
204,167
163,790
228
(87,915)
(62,238)
(176)
(13,903)
(15,971)
(17,733)
(1,922)
(1,364)
3,173
41
3,214
406
(78,220)
(38,737)
(401)
(11,527)
(15,507)
(15,518)
(2,146)
(1,226)
914
27
941
(207,164)
(203,827)
(6,417)
(4,278)
(210,367)
(207,164)
3,214
941
33
33
130
130
3,247
1,071
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Consolidated Statement of Financial Position
Current assets
Cash and cash equivalents
Trade receivables, contract assets and other receivables
Inventories, prepayments and other current assets
Lease receivables
Total current assets
Non-current assets
Investments
Deferred tax asset
Property, plant and equipment
Right‑of‑use assets
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Interest bearing loans and borrowings
Lease liabilities
Employee provisions
Other provisions and liabilities
Derivative financial instruments
Income tax payable
Total current liabilities
Non-current liabilities
Payables
Interest bearing loans and borrowings
Lease liabilities
Employee provisions
Other provisions and liabilities
Income tax payable
Total non-current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Retained losses
Reserves
Total equity
Closed Group
2022
$’000
2021
$'000
67
2,402
39,506
2,970
–
2,329
40,896
2,430
437
44,878
46,092
599
509
103,030
36,126
140,264
599
523
117,851
25,540
144,513
185,142
190,605
13,993
17,375
14,920
9,453
4,487
–
185
14,934
23,609
15,733
8,628
5,647
93
2,224
60,413
70,868
3,212
–
15,031
368
3,023
–
21,634
82,047
103,095
1,899
361
8,407
492
2,214
185
13,558
84,426
106,179
310,327
310,327
(210,367)
(207,164)
3,135
103,095
3,016
106,179
Boom Logistics Annual Report 2022 Section D: Other Disclosures (continued)
17. Parent Entity
The individual financial statements for the parent entity show the following aggregate amounts:
68
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Equity
Contributed equity
Reserves
Retained losses
Total equity
Net profit / (loss) after tax for the year
Dividends provided for or paid
Total comprehensive income / (loss) for the year
18. Key Management Personnel
Summary of key management personnel compensation in the following categories is as follows:
Short‑term employee benefits
Post employment benefits
Other long term benefits
Share based payments
Total compensation
2022
$’000
2021
$'000
42,505
43,842
229,681
234,581
64,737
115,746
72,611
116,475
310,327
310,327
3,135
3,016
(199,527)
(195,237)
113,935
118,106
2,127
(6,417)
2,160
(1,911)
(4,278)
(1,781)
2022
$
2021
$
1,811,113
1,609,809
136,269
20,996
121,751
60,903
389,720
245,208
2,358,098
2,037,671
Refer to the Remuneration Report in the Directors’ Report for detailed compensation disclosure on key
management personnel.
Related party transactions
During the year, the Group entered into hire contracts with Grove (Aust) Pty Ltd and Grove Capital Pty Ltd for the provision of
mobile cranes, transport and labour services. Mr. Stephen Grove is Executive Chairman and owner of Grove (Aust) Pty Ltd and
Grove Capital Pty Ltd. The services performed totalled $709,763 (2021: $112,368) and were made on terms equivalent to those
that prevailed in arm’s length transactions.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 19. Share-based Payments
Three employee incentive schemes are in place to assist in attracting, retaining and motivating key employees as follows:
■ Salary sacrifice rights plan;
■ Short term incentive plan; and
■ Long term incentive plan.
69
Information with respect to the number of rights and options allocated under the employee incentive schemes are
as follows:
Salary Sacrifice
Rights Plan
Short Term Incentive Plan
Long Term Incentive Plan
Average
fair value
per right
No. of
rights
Average
fair value
per right
Average
exercise price
per option
No. of
rights
No. of
options
At start of period
$0.1309
3,179,047
$0.1631
2,483,970
$0.1522
29,229,782
Granted during the period
$0.1665
885,966
$0.1823
730,843
$0.1790
16,572,510
Exercised during the period
$0.18
(1,014,381)
$0.1808
(1,034,198)
–
–
Lapsed during the period
Forfeited during the period
–
–
–
–
–
–
–
–
$0.1450
(9,714,640)
$0.1537
(3,520,938)
At end of period
$0.1237
3,050,632
$0.1611
2,180,615
$0.1678
32,566,714
Salary sacrifice rights plan
Eligible executives will be permitted to salary sacrifice a
portion of their pre‑tax fixed annual remuneration to acquire
equity in the form of rights to fully paid ordinary shares in
the Company.
Each right is a right to acquire one ordinary share in the
Company. The exact number of rights to be granted is based
on the amount of salary sacrificed and the 5 day volume
weighted average price prior each month. Rights do not
carry any dividend or voting rights. Rights will be granted
twice a year following the announcement of the half‑year
and full‑year results or in any event, within twelve months
of the Annual General Meeting (“AGM”). Rights will have
a twelve month exercise restriction commencing from
the relevant grant dates. The rights to ordinary shares
equivalent to the amount salary sacrificed in the period from
the most recent grant date will be granted following the
announcement of the full‑year results.
Short term incentive plan
Eligible executives will have the opportunity to receive short
term incentives subject to meeting performance hurdles
over the financial year. 50% of the STIP outcome achieved
for the financial year will be delivered in cash and 50% will
be delivered in equity in the form of rights to ordinary shares
in the Company.
Each right is a right to acquire one ordinary share in the
Company. The exact number of rights to be granted is
based on 50% of the STIP outcome divided by the 5 day
volume weighted average price after the release of full year
results. Rights do not carry any dividend or voting rights.
Rights will be granted following the announcement of the
full‑year results or in any event, within twelve months of
the AGM. Rights will have a six month exercise restriction
commencing from the grant date.
Long term incentive plan
Eligible executives will be granted options to acquire
ordinary shares in the Company, subject to performance
hurdles and some or all may vest at the end of the three
year period if the performance hurdles are met.
Each option is a right to acquire one ordinary share in
the Company (or an equivalent cash amount) subject to
payment of the exercise price. The exact number of options
to be granted will be the LTIP award divided by the option
valuation using a Binomial valuation methodology prior to
grant date. The option exercise price is calculated based on
the 5 day volume weighted average price prior to the grant
date. Options do not carry any dividend or voting rights.
Options will be granted within twelve months of the Annual
General Meeting.
Options are subject to performance hurdles based on four
independent measures comprising absolute earnings per
share (“EPS”), return on capital employed, sales revenue
growth and key safety performance metrics, which are
measured at the end of the three‑year performance period.
The Board of Directors retains a discretion to adjust the
performance hurdles as required to ensure plan participants
are neither advantaged nor disadvantaged by matters
outside management’s control that materially affect the
performance hurdles (for example, by excluding one‑off
non‑recurrent items or the impact of significant acquisitions
or disposals).
Boom Logistics Annual Report 2022 Section D: Other Disclosures (continued)
19. Share-based Payments (continued)
Options granted have the following details and assumptions:
70
Grant date
Vesting date
Expiry date
Share price at grant date
Fair value at grant date
Exercise price
Expected life
Expected price volatility of Boom’s shares
Risk‑free interest rate
Expected dividend yield
(a) Carrying values
Salary Sacrifice Rights Plan
Short Term Incentive Plan
Long Term Incentive Plan
Total employee equity benefits reserve
2022
2021
2020
6 December 2021
4 December 2020
29 November 2019
31 August 2024
31 August 2023
31 August 2022
30 September 2024 30 September 2023 30 September 2022
$0.180
$0.040
$0.179
2.8 years
47%
0.85%
5.40%
$0.155
$0.040
$0.159
2.8 years
47%
0.12%
3.20%
2022
$’000
1,003
989
1,143
3,135
$0.145
$0.045
$0.145
2.8 years
47%
0.65%
0%
2021
$'000
907
856
1,286
3,049
2021
$'000
212
167
379
(b) Expenses arising from share-based payment transactions
Total expenses arising from share‑based payment transactions recognised during the financial year are as follows:
Rights issued under employee rights plans
Options issued under employee option plan
Note
9
2022
$’000
229
(143)
86
(c) Legacy employee incentive schemes
Two existing legacy employee incentive schemes were wound up on 31 August 2021 and proceeds from the sale of shares
were remitted to the beneficiaries.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 (d) Employee share plan share holdings
Information with respect to the number of ordinary shares issued and allocated under the employee share plans is as follows:
At start of period
– issued for nil consideration (including unallocated shares in the employee share schemes
allocated during the year)
– sold / transferred during the year
At end of period
2022
Number
of shares
2021
Number
of shares
1,717,953
1,480,089
71
–
960,321
(1,717,953)
(722,457)
–
1,717,953
At 30 June 2022, the employee share plans also hold 4,645,198 ordinary shares (2021: 6,693,777) that are un‑allocated
to employees.
Recognition and measurement
The cost of these equity settled transactions with employees is measured by reference to the fair value at the date at which
they are granted using an appropriate valuation model.
In valuing equity settled transactions, the performance conditions are all non‑market measures and as such, are not taken
into account in determining the fair values of the options.
The cost of equity settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become
fully entitled to the award (the vesting period).
No expense is recognised for awards that do not ultimately vest.
20. Commitments
(a) Capital commitments
Capital expenditure contracted for at reporting date but not recognised in the financial statements are as follows:
Property, plant and equipment
– within one year
The assets will be delivered progressively over the next 12 months.
21. Contingencies
2022
$’000
2021
$'000
4,158
12,304
Contingent liabilities
Bank guarantees totalling $1.343 million (2021: $2.532 million) have been provided to landlords and work cover authority.
There are no other contingent liabilities identified at the reporting date.
Boom Logistics Annual Report 2022 Section D: Other Disclosures (continued)
22. Auditor’s Remuneration
During the year the following fees were paid or payable for services provided by KPMG Australia:
72
Audit and review services
– audit and review of financial statements
Assurance services
– other assurance services
Other services
– taxation services
– other services
Total other services
Total remuneration of KPMG Australia
2022
$
2021
$
345,690
306,878
36,225
–
17,336
–
17,336
21,602
2,484
24,086
399,251
330,964
23. Subsequent Events
The Directors are not aware of any other matter or circumstance that has arisen since 30 June 2022 that has significantly
affected or may significantly affect the operations of the Group in subsequent financial years, the results of those operations
or the state of affairs of the Group in future financial years.
24. New Accounting Policies and Standards
(a) Changes in accounting policies
The principal accounting policies adopted in the preparation of the financial report are consistent with those of the previous
financial year, with no new accounting standards impacting the Group during the period.
(b) New accounting standards and interpretations not yet adopted
There were no new standards, amendments to standards and interpretations not yet adopted that impacted the Group in
the period of initial application.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2022Boom Logistics Annual Report 2022 1.
In the opinion of the Directors of Boom Logistics Limited (“the Company”):
(a) the Consolidated Financial Statements and notes that are set out on pages 42 to 72, and the Remuneration Report in
the Directors’ Report, set out on pages 29 to 39, 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 of its
performance for the financial year ended on that date; and
73
(ii) complying with Accounting Standards, (including the Australian Accounting Interpretations) and Corporations
Regulations 2001; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
2. The Directors draw attention to page 46 to the Consolidated Financial Statements which includes a statement of
compliance with International Financial Reporting Standards.
3. There are reasonable grounds to believe that the Company and the group entities identified in note 15 will be able to
meet any obligations or liabilities to which they are or may become subject to by virtue of the Deed of Cross Guarantee
between the Company and those group entities pursuant to ASIC Corporations Instrument 2016/785.
4. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief
executive officer and chief financial officer for the financial year ended 30 June 2022.
Signed in accordance with a resolution of the Directors.
Melanie Allibon
Chair
Melbourne, 16 September 2022
Tony Spassopoulos
Managing Director
DIRECTORS’ DECLARATIONfor the year ended 30 June 2022Boom Logistics Annual Report 2022
INDEPENDENT AUDITOR’S REPORT
for the year ended 30 June 2022
74
Independent Auditor’s Report
To the shareholders of Boom Logistics Limited
Report on the audit of the Financial Report
Opinion
We have audited the Financial Report
of Boom Logistics Limited (the
Company).
In our opinion, the accompanying
Financial Report of the Company is in
accordance with the Corporations Act
2001, including:
• 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 ended on
that date; and
The Financial Report comprises:
• Consolidated Statement of financial position as at 30
June 2022
• Consolidated Statement of comprehensive income,
Consolidated Statement of changes in equity, and
Consolidated Statement of cash flows for the year then
ended
• Notes including a summary of significant accounting
policies
• Directors’ Declaration.
•
complying with Australian
Accounting Standards and the
Corporations Regulations 2001.
The Group consists of the Company and the entities it
controlled at the year-end or from time to time during the
financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the Financial Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of
the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with
these requirements.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are
trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme
approved under Professional Standards Legislation.
74
INDEPENDENT AUDITOR’S REPORTfor the year ended 30 June 2022Boom Logistics Annual Report 2022
75
75 Key Audit Matters The Key Audit Matters we identified are: • Valuation of property, plant and equipment • Revenue recognition 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. Valuation of property, plant and equipment (AU$107.7m) Refer to Note 8 Impairment Testing of Non-Financial Assets to the Financial Report The key audit matter How the matter was addressed in our audit A key audit matter for us is the Group's valuation of its property, plant and equipment assets due to the: • Net assets of the Group exceeding the Group's market capitalisation at the year end, which is an indicator of impairment; • Size of the balance (being 56.4% of total assets). The Group's policy is to measure the recoverable amount of its cash generating units (CGUs) using a fair value less costs of disposal model, primarily based on an assessment of fair value of operating assets (cranes and travel towers) received from their external expert. We have focused on the valuation methodology used by the Group's external expert, and the resulting assessment of fair value of operating assets (operating asset valuations) determined by the Group. We involved valuation specialists to supplement our senior audit team members is assessing this key audit matter. Our procedures included: • Considering the appropriateness of the fair value less costs of disposal method applied by the Group to measure the recoverable amount of its CGUs against the requirements of the accounting standards; • Assessing the Group's determination of the CGUs, based on our understanding of the operating structure of the Group's business, how independent cash inflows were generated and the criteria in the accounting standards; • Assessing the scope, competence and objectivity of the Group's external expert involved in the assessment of fair value of the operating assets; • Working with our valuation specialists; - Assessing the valuation methodology utilised by the Group's external expert against the requirements of the accounting standards and industry practice; - Comparing a sample of the operating asset valuations across make, model and ageing categories within the Group's external expert report to recent comparable market transactions; - Comparing a sample of individual operating asset valuations within the external expert report to the proceeds from sales of assets during the year; - Inquiring with the Group's external expert in relation to the condition of the operating asset fleet and general crane and travel tower market conditions; Boom Logistics Annual Report 2022 76
INDEPENDENT AUDITOR’S REPORTfor the year ended 30 June 2022 76 - Comparing the implied EBITDA multiples from available market data, including share market valuations, for comparable companies, to the implied EBITDA valuation multiple for the Group; • Assessing the disclosures in the financial report using our understanding obtained from our testing and against the requirements of the accounting standards. Revenue recognition (AU$215.8 million) Refer to Note 2 Revenue from Contracts with Customers to the Financial Report The key audit matter How the matter was addressed in our audit Revenue recognition is a key audit matter due to: The significant audit effort to test the high volume of individual revenue transactions recorded by the Group. The Group has a number of different contract types, with different sources of evidence for the achievement of the performance obligation. The Group generates revenue from the provision of services to customers. The Group’s policy is to recognise revenue when the performance obligation is satisfied, which usually occurs when job dockets or timecards are approved by the customers. The Group has manual processes, which may increase the risk of potential bias in the recognition of revenue, in particular in the last two weeks of the reporting period. This increased our audit effort to test higher samples of revenue transactions in the last two weeks of the reporting period, including testing a sample of accrued revenue transactions at year end. Our procedures included: Assessing the appropriateness of the Group’s accounting policies against the requirements of AASB 15 Revenue from Contracts with Customers and our understanding of the business. Selecting samples of revenue transactions during the year. For each sample selected, we: o checked the amount of revenue recorded by the Group to the amount of the sales invoice to the customer, agreed rates typically per customer approved contract/quote, and cash receipts obtained from the Group’s bank statements; and o checked the date the revenue was recognised to underlying evidence, such as, customer approved job dockets, timecards or payment certificates. Performed a procedure comparing cash receipts from customers, to revenue recognised by the Group. Selected a sample of accrued revenue transactions. For each sample selected, we: o checked the amount and date of revenue recorded by the Group to underlying evidence, such as, approved contract/quote, customer approved job dockets, timecards or payment certificates. Selected a sample of revenue transactions for the period of two weeks before and two weeks after year end due to the increased risk of potential bias in this period. For each sample selected we: Boom Logistics Annual Report 2022 77
77 o checked the amount of revenue recorded by the Group to the amount of the sales invoice to the customer and agreed rates to underlying evidence, such as, customer approved contract/quote; and o checked the date the revenue was recognised to underlying evidence, such as, customer approved job dockets, timecards or payment certificates, assessing the date at which the performance obligation was satisfied. We assessed the disclosures in the Financial Report using our understanding obtained from our testing and against the requirements of the accounting standards. Other Information Other Information is financial and non-financial information in Boom Logistics Limited’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we 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. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: • preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 • implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error • assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so. Boom Logistics Annual Report 2022 78
INDEPENDENT AUDITOR’S REPORTfor the year ended 30 June 2022 78 Auditor’s responsibilities for the audit of the Financial Report Our objective is: • 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 Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They 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 the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our Auditor’s Report. Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Boom Logistics Limited for the year ended 30 June 2022 complies with Section 300A of the Corporations Act 2001. Directors’ 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 responsibilities We have audited the Remuneration Report included in pages 29 to 39 of the Directors’ report for the year ended 30 June 2022. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. KPMG Andrew Hounsell Partner Melbourne 16 September 2022 Boom Logistics Annual Report 2022 ASX ADDITIONAL INFORMATION
for the year ended 30 June 2022
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows.
The information is current as at 8 August 2022.
(a) Distribution of Equity Securities
The number of shareholders, by size of holding, in each class of share are:
79
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
The number of shareholders holding less than a marketable parcel of shares are:
(b) Substantial Holders
Substantial holders in the Company are set out below:
Grove Investment Group Pty Ltd
Collins St Asset Management
Castle Point Funds Management
Ordinary shares
Number
of holders
Number
of shares
252
661
535
39,365
2,297,356
4,194,116
1,198
43,266,254
350
377,977,116
2,996 427,774,207
562
506,813
Listed ordinary shares
Number
of shares
59,322,639
51,557,123
40,217,191
Percentage
of ordinary
shares
13.9%
12.1%
9.4%
Boom Logistics Annual Report 2022 (c) Twenty Largest Shareholders
The names of the twenty largest holders of quoted shares are:
80
1
2
3
4
5
6
7
8
9
10
11
SANDHURST TRUSTEES LTD
NATIONAL NOMINEES LIMITED
GROVE INVESTMENT GROUP PTY LTD
GROVE INVESTMENT GROUP PTY LTD
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMS PTY LTD
TAVERNERS NO 11 PTY LTD
HORRIE PTY LTD
STANBOX NO 2 PTY LTD
HILLMORTON CUSTODIANS PTY LTD
HORRIE PTY LTD
12 WALLBAY PTY LTD
13
14
LUTON PTY LTD
ACE PROPERTY HOLDINGS PTY LTD
15 MR TROY BENJAMIN INCE + MRS NADINE JULIE MILLER
16 MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED
17
18
19
GRANTULLY INVESTMENTS PTY LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
IRAL PTY LTD
20
NEWECONOMY COM AU NOMINEES PTY LIMITED <900 ACCOUNT>
Top twenty shareholders
Remainder
Total
Listed ordinary shares
Number
of shares
Percentage
of ordinary
shares
51,557,123
39,562,221
35,380,342
23,942,297
10,518,086
9,821,185
7,823,821
7,028,000
5,300,000
5,143,000
5,000,000
4,890,000
4,496,327
4,200,000
12.1%
9.2%
8.3%
5.6%
2.5%
2.3%
1.8%
1.6%
1.2%
1.2%
1.2%
1.1%
1.1%
1.0%
3,600,000
0.8%
3,585,380
3,364,388
3,203,061
3,125,806
3,035,669
234,576,706
193,197,501
0.8%
0.8%
0.7%
0.7%
0.7%
54.8%
45.2%
427,774,207
100.0%
(d) Voting Rights
All ordinary shares (whether fully paid or not) carry one vote per share without restriction.
(e) Unquoted Securities
There are 5,231,247 rights granted under the Executive Remuneration Plan outstanding held by 20 holders.
There are 32,566,714 options granted under the Executive Remuneration Plan outstanding held by 8 holders.
ASX ADDITIONAL INFORMATIONfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Share Registry
Computershare Investor Services Pty Ltd
452 Johnston Street
Abbotsford, Victoria, 3067
Investor Enquiries 1300 850 505
Annual General Meeting
Boom Logistics will hold its 2022 Annual General Meeting
at 11.00am on Friday, 25 November 2022. Details will be
provided in the Notice of Meeting.
81
Directors
Melanie Allibon (Chair)
Tony Spassopoulos
Stephen Grove
Kieran Pryke
Damian Banks
James Scott
Company Secretary
Reuben David
Registered Office
Suite B Level 1,
55 Southbank Boulevard
Southbank VIC 3006
Telephone (03) 9207 2500
Fax (03) 9207 2400
Email: info@boomlogistics.com.au
Internet
www.boomlogistics.com.au
CORPORATE DIRECTORYfor the year ended 30 June 2022Boom Logistics Annual Report 2022 Boom Logistics Limited (ASX: BOL)
Suite B Level 1,
55 Southbank Boulevard
Southbank VIC 3006
Telephone (03) 9207 2500
Fax (03) 9207 2400
Email: info@boomlogistics.com.au
www.boomlogistics.com.au