2023 ANNUAL
REPORT
BOOM IS LOOKING TO THE FUTURE
WITH NEW LEADERSHIP, A NEW
STRATEGY, AND A FOCUS ON
KEY MARKETS IN RESOURCES,
RENEWABLES, INFRASTRUCTURE
& INDUSTRIALS.
Our core business remains a full service (wet
hire) delivery of safe lifting solutions, with
scale and precision, every time. Managing
risk and complexity with confidence – that’s
the promise we make to our customers.
STRATEGY FOR GROWTH
CONTENTS
ESG and People Expertise
Lead introduction of new hybrid cranes into the
Australian market. Focus on safety and staff.
Sector-focused Profitable Growth
Right customer relationships and right capability to
ensure sustainable financial returns.
Asset Regeneration & Labour Proficiency
Investment in right assets for key markets and key
locations to maximise mix & efficiency.
Shareholder Value
Strengthen balance sheet and shareholder returns
through efficient use of capital.
1 Strategy for Growth
2 Chair’s Report
4 Managing Director’s Report
9 Our People
10 Developing a strong
Environmental, Social
and Governance Culture
12 Operating and Financial
Review
16 Board of Directors and
Executive Team
20 Financial Report
21 Directors’ Report
34 Auditor’s Independence
Declaration
35 Consolidated Statement of
Comprehensive Income
36 Consolidated Statement of
Financial Position
37 Consolidated Statement of
Cash Flows
38 Consolidated Statement of
Changes in Equity
39 Notes to the Consolidated
Financial Statements
63 Directors’ Declaration
64 Independent Audit Report
68 ASX Additional Information
70 Company Directory
Annual General Meeting
Boom Logistics will hold its
2023 Annual General Meeting at
11.00am on Friday 24 November
2023. Details will be provided in
the Notice of Meeting.
boomlogistics.com.au
Boom Logistics Annual Report 2023 1
CHAIR’S REPORT
Melanie Allibon Non-Executive Chair
The 2023 financial year has been a year of consolidation, refreshment and
strategic clarity for Boom Logistics ahead of our expectation for a profitable
FY24 and beyond.
Dear shareholders,
Under our new leadership team, we launched a refreshed
business strategy in June 2023 with the implementation
of number of key initiatives to improve cash flow and
sustainable returns, with the aim of lifting return on capital
employed to more than 10%.
These initiatives include a focus on generating high-margin
revenues across our core market segments of Resources,
Renewables, Infrastructure and Industrials. With an
increased focus also on strategic asset management and
resource value, I am confident we will deliver increased
returns to shareholders.
In FY23 we took steps to review and optimise our asset
base with the aim of reducing our fleet age, disposing of
old and obsolete assets and renewing our investment in
new assets to drive customer growth and improve return on
invested capital.
Operationally, we faced some challenges, with delays in the
commencement of several large projects including a major
wind farm project in central Queensland and the Queensland
Interconnector project, due to the impacts of wet weather
and supply chain issues, accentuated by specialised labour
shortages. These projects have now commenced in 1Q FY24.
While we cannot with certainty predict the effects of
weather, rising interest rates and geopolitical challenges on
the Australian economy, the opportunities in the markets
that we serve are significant. There continues to be strong
demand across all key segments as demonstrated with
recent contract wins and a healthy pipeline of opportunities.
At Boom, we continue to recognise the importance of
sound environmental, social and governance (ESG) practices
as part of our responsibility to shareholders and clients,
and we have completed the work we commenced in FY22
to transition our business to having an overarching ESG
framework. We continue to progress our efforts to formalise
our commitment to ethical and sustainable initiatives to
reduce our carbon footprint and achieve emissions targets.
We are also expanding work in the renewable energy sector,
installing wind turbines and maintaining wind farm assets.
In addition, our first crane with an electric power option
(“E-Power Pack”) was delivered in 2H FY23 as we continue
to work closely with key suppliers to introduce new hybrid
cranes into Australia.
Capital Management
During the year, we revised our capital management
strategy in line with our goal of delivering consistent
investor returns in an efficient manner to best service our
shareholder base.
The strategy contemplates the return of 40% – 60% of
the previous two years’ rolling average operating Net Profit
After Tax (NPAT), through share buy-backs, or as determined
by the Board on an annual basis.
This capital management strategy aims to strengthen the
Boom Logistics share price by returning capital value to
shareholders. This will be further strengthened by delivering
sustainable profitability and cash generation over the
coming years.
Management Changes
During the financial year, there were a number of changes to
our leadership team.
On 15 February 2023, Boom’s Chief Operating Officer (COO)
Ben Pieyre assumed the role of interim Chief Executive
Officer (CEO), replacing Mr Tony Spassopoulos who stepped
down from the roles of CEO and Managing Director (MD).
Mr Spassopoulos joined Boom in October 2008 and was the
COO from 2017 before being appointed as CEO and MD in
September 2018.
On behalf of the Board, I would like to thank Tony for his
service to Boom over the past 14, including his four and a
half years as CEO. Tony has contributed greatly to Boom
through his leadership during a period of restructuring and
rebuilding (including amid the COVID-19 pandemic) while
significantly reducing debt. On 10 July 2023, Mr Pieyre was
appointed as CEO and MD. Ben joined Boom in 2019 and was
most recently the Company’s COO prior to being appointed
interim CEO. The Board has been particularly impressed
with Ben’s leadership and operational expertise through
the transition period in which he demonstrated excellent
management skills, future planning capabilities, effective
2 Boom Logistics Annual Report 2023
FY23 has been a year of consolidation, refreshment and
strategic clarity.
decision-making, adaptability, and most importantly, a clear
vision for our business. These skills will be invaluable as we
look to further grow our Company.
On 28 December 2022, we appointed Mr. Emmanuel (Manny)
Bikakis as Chief Financial Officer following the resignation
of Andrew Bendall. Manny has widespread experience across
the property development and major projects industries,
petrochemicals internationally (both at BP & PPG) and
the agricultural sector, where he has driven key financial
and cultural turnarounds. Manny brings extensive finance
and business services skills, as well as broad commercial,
strategic, and operational knowledge that will help drive
Boom to deliver our growth objectives.
In Closing
Looking ahead, we expect continued strong demand and
tender activity across all key segments. The circa $200m in
contract wins this financial year are expected to contribute
to improved performance in FY24 and beyond.
Our Company will deliver on our strategy via our ongoing
focus on our key sectors, securing opportunities in our core
markets, optimal asset allocation and a continued focus on
the bottom line, profitable growth and enhanced returns
to shareholders.
750 People – Nationally
350 Assets – The largest fleet
of its kind in Australia
I would like to thank our dedicated staff and 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.
Our Company is poised to make the most of the
opportunities before it and we look forward to creating
future value for our shareholders.
Melanie Allibon
Chair
Boom Logistics Annual Report 2023 3
MANAGING DIRECTOR’S REPORT
Ben Pieyre Chief Executive Officer & Managing Director
It is a pleasure to be addressing you in my first Annual Report as CEO and
Managing Director of Boom Logistics.
Dear shareholders,
While the 2023 financial year has been challenging, it has
also been a period of strategic renewal for our Company.
We focused our efforts on a refreshed corporate strategy, a
detailed portfolio profitability assessment and reviewed our
future fleet requirements.
Refreshed Strategic Focus
During FY23, we implemented a number of key strategic
initiatives to:
■ create sustainable future returns by focusing on key
segments and customers;
■ continue to strengthen our balance sheet through
improved asset investments; and
■ improve cash flow and create value for our shareholders.
The specific initiatives undertaken included:
ESG and People Expertise: We continued to improve
our environmental, social and safety culture. We worked
closely with key suppliers to introduce a new electric power
optioned crane into our fleet.
Sector-focused Profitable Growth: We reviewed key
segments and customers we want to partner with, drove
sustainable pricing and cost efficiencies, asset and resource
optimisation and improved cash flow management across
all businesses.
Asset Regeneration and Labour Proficiency: We improved
the health of our balance sheet through asset renewals. This
ensures we have the right assets in the right location with
the right customers to maximise our returns on capital.
Shareholder Value: We are focusing on customer, asset and
geographic profitability through resource optimisation and
bottom line NPAT accountability.
4 Boom Logistics Annual Report 2023
Boom’s safety performance continues to be a key operational
focus, with an emphasis on risk management, leadership and
assurance. Zero LTIs for over 2 years.
BOOM’S VALUES
These are the uncompromising foundation of our
organisation, guiding our decisions, behaviours and
the way we do business to maximise returns for our
shareholders while maintaining safety for our staff.
Total Recordable Injury Frequency
Rate (TRIFR) improved to
3.8 per million hours worked
Zero Lost Time Injuries (LTIs) for
over 2 years
ESG – Our Safety Record
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.
In FY23, the Total Recordable Injury Frequency Rate (TRIFR)
was 3.8 per million hours worked, well below the 8.7 per
million hours worked set in the previous year.
ESG continues to be a significant ongoing focus and we
have completed our transition to an overarching ESG
framework. Under this overarching framework we are
taking steps to formalise our ESG commitments by taking
implementation and reporting guidance from the Task
Force on Climate-related Financial Disclosures. We intend
to report voluntarily against the TCFD framework and to
track our progress against baseline metrics using an ESG
scorecard system.
Asset Regeneration
In line with the above initiatives, we undertook a thorough
review of all assets including cranes, travel towers and other
equipment, taking into account the age and utilisation of
$200m + New contracts signed
over the last 12 months
$39.3m EBITDA
each asset. The aim of the review is to deliver on Boom’s
objectives of:
■ Reducing our fleet age and sale of old assets to improve
our balance sheet.
■ Disposing of underperforming and obsolete assets.
■ Continued investment in new assets to drive growth and
improved returns on invested capital.
The program achieved circa $7.6m in sales proceeds in FY23,
with a loss on sales of ($0.5m). Once complete in FY24,
this initiative is anticipated to generate over $12m in free
cash. These funds are being used to reinvest into our future
fleet requirements.
Boom Logistics Annual Report 2023 5
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 togetherTEAMWORK MANAGING DIRECTOR’S REPORT
continued
FY23 Financial Overview
The Company reported a net loss of $5.2m for FY23, having
taken the opportunity in FY23 to reflect the new strategic
direction of the organisation.
The underlying result for the year was an operating Net
Profit After Tax of $0.7m, The FY23 reported result included
an impairment charge of $3.9m (non-cash), a loss on sale of
assets of $0.5m and a one-off restructuring cost of $1.4m
resulting from the execution of our new strategy.
FY23 was hampered by the timing of our major projects
and wet weather impacts in Queensland and northern NSW
during 2H FY23. These factors resulted in the delay in the
commencement of several large projects, including a major
wind farm project in central Queensland, the Queensland
Interconnector project and various large mining and resource
shutdowns. It is highly expected that these projects which
were originally scheduled for 2H FY23 will now commence in
1Q FY24, with many of the works scheduled to span over the
next 12 months.
Our Key Market Segments
Resources
Revenue in mining and resources was down, due primarily
to a non-recurring shutdown (c. $18m revenue in FY22). The
underlying business grew by $11m through increased activity
in Northern Western Australia and the Hunter Valley in
New South Wales.
New contracts were secured in Queensland and north-west
Western Australia which began in 2H FY23. Contract
extensions were also secured with a large customer in
Queensland and the Hunter Valley in New South Wales.
The Company successfully negotiated several contract
improvements to enhance recovery of labour cost increases
and skills shortages within existing contracts.
Renewables
Revenue was down $7m in FY23 as a result of the timing
of major projects. Two wind farm projects were completed
in FY22, while the major Queensland wind farm contract
which was executed in December 2022 was delayed. Works
commenced in 1Q FY24.
Other contract wins included the interconnector works
(South Australia to New South Wales and Queensland).
This segment is seeing significant market growth as the
Australian economy transitions to new energy sources.
Infrastructure
Revenue was up $4m thanks to new works being secured.
This included the Cross River Rail project in Queensland,
the Olive Downs wash plant build and the Mitchell Freeway
Extension in Western Australia. There were some delays
at a southern New South Wales project in FY23; however,
this has been a positive project for Boom and is expected to
return to full capacity and be extended in FY24.
Boom also secured new infrastructure projects including
sections of the Sydney Gateway project, Waterloo station
and the Parkes Special Activation Precinct in New South
Wales and various new Western Australia contracts in FY23.
The Company enjoys a strong tender pipeline across road
infrastructure, civil engineering, rail and tunnel projects.
Industrials
Revenue was up $1m in FY23 on the back of stronger demand
from the existing customers. A large Victorian crane hire
and maintenance contract worth c. $25m was successfully
re-signed for a further 5 years.
FY24 Outlook
Strong demand and tender activity across all key segments
and circa $200m in contract wins over the last 12 months are
expected to contribute to an improved performance in FY24
and beyond.
Boom will continue to execute on its revised strategy via:
■ an ongoing focus on key sectors of resources,
renewables, infrastructure and industrials which provide
large and growing addressable markets
■ top-line revenue growth opportunities and asset
utilisation with a program in place to ensure optimal
asset allocation
■ continuing to secure opportunities in growing core
markets and executing contracts secured in FY23
■ continuing to focus on bottom-line profitable NPAT
growth, debt management, cash flow generation and
enhanced returns to shareholders.
I’d like to thank the Board for their leadership and trust
over the past financial year as we have progressed our new
strategy and set Boom up for growth in FY24 and beyond.
I’d also like to thank our shareholders for their continued
support and our people for continuing to provide safe and
dedicated services to our customers.
Ben Pieyre
Chief Executive Officer & Managing Director
6 Boom Logistics Annual Report 2023
Boom Logistics Annual Report 2023 7
BOOM IS A FULL SERVICE
WET HIRE LIFTING
SOLUTIONS BUSINESS
As a large-scale lifting project specialist, we deliver innovative solutions for our
customers, build shareholder value and ensure safety excellence. We continue
to build our leading reputation in the market as a trusted lifting, construction
and maintenance solutions partner for large-scale infrastructure.
EQUIPMENT
■ A comprehensive and diverse fleet aligned 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.
OPERATIONAL CAPABILITY
■ Highly experienced and trained workforce 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
■ 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, installation and maintenance.
SAFETY & QUALITY SYSTEMS
■ Cultural alignment with our customer base, with an uncompromising safety focus.
■ Transition to international safety standard ISO 45,001:2018 achieved.
■ Confirmed certification to AS/NZS ISO 9001:2015.
■ Investment to drive 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.
8 Boom Logistics Annual Report 2023
OUR PEOPLE
Boom’s total full-time and flexible workforce exceeded 750 people during FY23.
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 350 staff outside of our full-time employees enabled the company to effectively flex our labour
requirements to support a variety of projects and maintenance shutdowns.
We recognise and reward performance, create opportunities for our people to develop and provide support so they continue
to thrive.
INDIGENOUS
COMMITMENT
Boom recognises the traditional
rights of Indigenous peoples and
acknowledge their right to maintain
their cultures, identities, traditions
and customs.
We will continue to support communities and 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 to be complemented by a formal Reconciliation Action
Plan, currently under creation, which will further define our
commitment to reconciliation.
DIVERSITY AND INCLUSION
In FY23, Boom maintained a 10.7%
female representation average and, while
just below our 12.5% target, the Company
is progressing towards further gender
equality targets through a formalised
Gender Equality Plan.
This is in line with our commitment 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.
Boom Logistics Annual Report 2023 9
DEVELOPING A STRONG, ENVIRONMENTAL,
SOCIAL AND GOVERNANCE CULTURE
OUR ENVIRONMENTAL &
SOCIAL COMMITMENT
OUR SAFETY
RECORD
At Boom, we are proud of our commitment
to the transition to a low-carbon future and
continue to work towards our goal of becoming
a zero-emission business. We are also very
proud of the substantial work we do in the wind,
solar and transmission line sectors, helping
Australia transition to new clean power sources.
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.
In FY23, the Total Recordable Injury Frequency Rate (TRIFR)
was 3.8 per million hours worked, below the 8.7 per million
hours worked set in the previous year.
Our Safe Act Observations Frequency Rate (SAOFR), which
measures the number of safety-related interactions in the
field, increased to 12,870 in FY23, up from 10,039 in the
previous year. This highlights that the health, safety and
wellbeing culture within Boom is strong.
In FY23, we completed our transition to an overarching
Environmental Social and Governance (ESG) framework
governed by an ESG Charter. Under this overarching
framework we are taking steps to formalise our ESG
commitments by taking implementation guidance from
the Task Force on Climate-related Financial Disclosures. We
intend to report voluntarily against the TCFD framework and
to track our progress against baseline metrics using an ESG
scorecard system.
Our company continues to work closely with key suppliers to
introduce new hybrid cranes into Australia and we purchased
our first electric power optioned “E-Power Pack” mobile crane
which was delivered in 2H FY23. We are also expanding work
in the renewable energy sector, installing wind turbines and
maintaining wind farm assets.
We also continue to meet legal and community obligations
in environmental management. Our environmental
impact is managed through procedures mostly directed at
waste management.
Disposal of waste oil, batteries and tyres is undertaken by
licensed disposal agents and Boom has procedures and
equipment to manage runoff and spills. Onsite work is
conducted in accordance with client procedures and regulations.
Energy usage minimisation initiatives are also in place.
Safe Act Observation
Frequency Rate (SAOFR)
Total Recordable Injury
Frequency Rate (TRIFR)
Lost Time Injuries (LTIs)
2021
2022
2023
8,242
10,039
12,870
2021
2022
2023
5.1
3.8
8.7
2022
2023
0
0
10 Boom Logistics Annual Report 2023
In FY23, we completed our transition to an overarching
ESG framework governed by an ESG Charter.
OUR CORPORATE
GOVERNANCE STATEMENT
Good corporate governance underpins the way Boom conducts its business.
The Company is committed to the highest level of governance and strives to foster a culture that values and rewards
exemplary ethical standards, personal and corporate integrity and respect for others.
Our Corporate Governance Statement sets out the corporate governance framework currently in place for the Group, including
the key policies and practices.
A copy of our Corporate Governance Statement can be found on our website at
https://www.boomlogistics.com.au/about-us/corporate-governance/
Boom Logistics Annual Report 2023 11
OPERATING AND
FINANCIAL REVIEW
The Company reported a net loss after tax of $5.2m for the year ended
30 June 2023 (FY22: net profit after tax of $3.8m). The underlying operating result
for FY23 was a net profit after tax (NPAT) of $0.7m.
Overview
The FY23 reported result included an impairment non-cash charge of $3.9m and a loss on sale of assets of $0.5m
following Boom’s asset review and disposal of underperforming and obsolete assets. The Company also incurred a one-off
restructuring charge of $1.5m following the approval of Boom’s revised strategy.
The underlying performance of FY23 was affected by the timing of several large projects, including the Central Queensland
Wind Farm project and the Queensland Interconnector which was delayed due to wet weather in Queensland in 2H FY23.
The results were further impacted by the postponement of key mining and resource maintenance works and shutdowns in
Western Australia and Queensland.
These deferred major projects have now commenced in 1Q FY24.
Note: In comparison, FY22 included the completion of three major projects, as opposed to no major projects starting in FY23.
Income Statement
FY23 operating net profit after tax of $0.7m before restructuring and impairment costs. Reported net loss after tax
of $5.2m.
Revenue
Operating costs
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)
Depreciation and Amortisation
Earnings Before Interest and Tax
Net Borrowing Costs
Operating Net Profit After Tax (NPAT)
Impairment, Loss on Asset Sales & Restructuring Costs
Reported Net Profit After Tax (NPAT)
30 June 2023
$’m
30 June 2022
$’m
%
change
205.9
(166.6)
39.3
(33.7)
5.6
(4.9)
0.7
(5.9)
(5.2)
215.8
(174.2)
41.6
(34.5)
7.1
(3.3)
3.8
–
3.8
(9.9)
(4.4)
(2.3)
0.8
(1.5)
(1.6)
(3.1)
(5.9)
(9.0)
Revenue
Reported revenue was $205.9m (FY22: $215.8m), representing a $9.9m decline on the prior year primarily due to the timing
in major project commencements in FY23 versus FY22 which included 3 major projects.
EBITDA
Earnings before interest expense, tax, depreciation and amortisation (EBITDA) was $39.3m down by $2.3m on the prior year
(FY22: $41.6 million). Earnings before interest expense and tax (EBIT) fell $1.5m to $5.6m (FY22: $7.1m).
Borrowing costs were $4.9m as a result of higher interest rates and increased debt used to fund new crane acquisitions.
12 Boom Logistics Annual Report 2023
Strategic clarity, putting Boom in a good position to benefit from the significant
growth and opportunities in the renewables and infrastructure markets over the
next 10+ years as Australia transitions to new energy sources.
The Company has implemented a number of key strategic
initiatives to improve sustainable returns with a continued
focus on:
■ Improved margin management across its core market
segments of resources, renewables, infrastructure
and industrials
■ Cost optimisation across its assets and key resources
■ Asset regeneration to maximise efficiency and returns.
Taxation
Income tax expense in the year was zero given the reported
net loss position. Boom is in a strong tax credit position,
facilitating minimal tax liabilities for a number of years
moving forward.
$31.1m Cash from Operating
Activities
$5.6m EBIT
$0.7m Operating NPAT
Boom Logistics Annual Report 2023 13
OPERATING AND FINANCIAL REVIEW
continued
Balance Sheet
Net assets as at 30 June 2023 were $105.5m, down from
$110.2m as at 30 June 2022. The key movement is related to
the restructuring and impairment non-cash costs incurred
during FY23.
The current average fleet age is 10.4 years (FY22: 10.7 years).
The Group’s long-term target is to maintain a fleet with an
average age of c. 9 years.
Return on capital employed (EBIT/total assets less cash and
creditors) was 3.0%, compared with 4.1% in the prior year.
■ customer requirements and opportunities to invest
in new equipment for growth that will provide an
appropriate return on capital invested
■ ongoing requirement to replace and maintain the core
fleet. 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 flow generated by the Group in
any period.
Capex
As part of the asset renewal strategy, net capital
expenditure in FY23 was $25.0m (FY22 $16.8m), which was
predominantly funded through finance lease borrowings.
Debt Facilities
The investments were new assets during the year were
supported by the existing finance facilities with ScotPac and
De Lage Landen Pty Limited.
Current debt facilities available total $123.2m, of which
$45.8m has been drawn on 30th June 2023.
Note that no new financing facilities were required
during the year, given the ample headroom available.
This current headroom is sufficient to facilitate all future
growth requirements.
Gearing Ratio
To improve the average age of the equipment fleet, the
Group considers the gearing range of between 30% – 45%
to be appropriate for the reporting period. Gearing is defined
as group interest-bearing loans and lease borrowings less
cash divided by net assets.
On 30 June 2023, the gearing ratio was 41% (FY22: 29%).
The increase to gearing was directly due to the increased
capex, primarily funded through lease borrowings. The
Company considers this increase appropriate given the
availability of long-term committed debt facilities and the
strong/pipeline growth opportunities over the coming years.
Considerations for the Group’s gearing range include:
■ outlook for the Group’s key markets and wider
economic environment
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.
The aim is to maintain a fleet of equipment optimised to
anticipate, respond to and service our customers through
market cycles and contribute to a safe working environment
for our people and customers in the locations and with the
operating teams to support their businesses.
Cash Flow
Net cash provided by operating activities was $31.1m
(FY22 $35.4m). These funds were primarily used to pay
down borrowings.
Capital Management
Boom is committed to delivering consistent investor returns
in an efficient manner to best service our shareholder
base and to be clear in describing our capital management
strategy to investors.
During the year, the Board approved a capital management
strategy that contemplates the return of 40% – 60%
of the previous 2 years’ rolling average NPAT. The group
expects to confirm the level of return for FY24 prior to the
November 2023 Annual General Meeting.
14 Boom Logistics Annual Report 2023
Boom Logistics Annual Report 2023 15
BOARD OF DIRECTORS AND
EXECUTIVE TEAM
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 3 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.
Ben Pieyre
Chief Executive Officer and Managing Director (Director appointed 10 July 2023)
Previously Chief Operating Officer (appointed 4 January 2021) and interim Chief
Executive Officer and Director (appointed 15 February 2023)
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 establishing his role
in senior management. He has extensive
operational experience specialising in
civil construction, industrial services and
maintenance sectors, as well as HR/IR
and engineering. Mr Pieyre is currently the
President of the Crane Industry Council
of Australia board. Mr Pieyre holds an
Advanced Diploma in Leadership and
Management and French qualifications in
business management, human resources,
commerce and marketing. Since the date
of appointment, Mr Pieyre has not held
any other ASX-listed public company
Directorships.
Kieran Pryke – BCom, FCPA
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 9 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 Committee.
16 Boom Logistics Annual Report 2023
Stephen Grove
Non-independent, Non-executive Director (appointed 6 November 2020)
Mr Grove is Executive Chairman of the Grove
Group of Companies which operates in hire
of relocatable buildings in the manufacturing
and construction sectors. The Grove Group
also has businesses in the food and beverage
sector, property development, motorsport
and private investment. He founded the
Grove 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.
Damian Banks – B.Econ.,
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. During the past 3 years,
Mr Banks has held ASX-listed public company
directorships with ICSGlobal Limited
(current), IMEXHS Limited (current) and RPM
Automotive Group Limited (to June 2022).
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, Chair of Simplyai and a
non-executive director of software business
Orbx Pty Ltd. Mr Scott was previously a
non-executive director of Skyfii Ltd and prior
to his director career was the 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. During
the past 3 years, Mr Scott has held ASX-listed
public company directorships with Integrated
Research Limited (current). Mr Scott is Chair
of the Boom Logistics ESG Committee.
Mr Scott is also a Graduate of the Australian
Institute of Company Directors (GAICD) and a
Fellow of Engineers Australia.
Boom Logistics Annual Report 2023 17
BOARD OF DIRECTORS AND EXECUTIVE TEAM
continued
Emmanuel (Manny) Bikakis – B. Bus (Accounting & Business Law),
Post Grad (Management), CPA, MAICD
Chief Financial Officer (appointed December 2022)
Manny has widespread experience across
the property development and major
projects industries, petrochemicals
internationally (both at BP and PPG), and
the Agricultural sector, where he has driven
key financial and cultural turnarounds.
Manny brings extensive finance and
business services skills, as well as broad
commercial, strategic and operational
knowledge. Manny is a Certified
Practising Accountant, holds a Bachelor
of Business (Accounting and Business
Law), post-graduate qualifications in
Management 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 joined Boom Logistics from Orica
Limited where he 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.
Tony Spassopoulos – BBus (Management), MBA
Former Managing Director (appointed 20 September 2018) (stepped down
14 February 2023)
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 Director of Sales and Marketing and 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.
18 Boom Logistics Annual Report 2023
Boom Logistics Annual Report 2023 19
FINANCIAL
REPORT
21 Directors’ Report
Section C: Funding Structures
23 Remuneration Report
48 9
Interest-Bearing Loans
and Borrowings
34 Lead Auditor’s
Independence Declaration
35 Consolidated Statement of
Comprehensive Income
49 10 Financial Risk
Management
53 11 Contributed Equity
36 Consolidated Statement of
Section D: Other Disclosures
Financial Position
37 Consolidated Statement of
Cash Flows
38 Consolidated Statement of
54 12 Leases
55 13 Subsidiaries
56 14 Deed of Cross-Guarantee
Changes in Equity
58 15 Parent Entity
Notes to the Consolidated
Financial Statements
59 16 Key Management
Personnel
39 About this Report
59 17 Share-based Payments
Section A: Financial
Performance
39 1 Segment Reporting
42 2
Revenue from Contracts
with Customers
43 3
Other Income and
Expenses
44 4
Income Tax
45 5 Earnings Per Share
61 18 Commitments
61 19 Contingencies
62 20 Auditor’s Remuneration
62 21 Subsequent Events
62 22 New Accounting Policies
and Standards
62 23 Summary of Other
Significant Accounting
Policies
46 6
Dividends
63 Directors’ Declaration
Section B: Operating Assets
and Liabilities
46 7
Property, Plant and
Equipment
47 8
Impairment Testing of
Non-Financial Assets
64 Independent Audit Report
to Members of Boom
Logistics Limited
68 ASX Additional Information
20 Boom Logistics Annual Report 2023
DIRECTORS’ REPORT
for the year ended 30 June 2023
Your Directors present their report on the consolidated
entity (referred to hereafter as “the Group” or “Boom”)
consisting of Boom Logistics Limited (“Boom Logistics”
or “the Company”) and the entities it controlled for the
financial year ended 30 June 2023.
Directors
The Directors of the Company at any time during or since the
end of the financial year are:
Ben Pieyre
Qualifications and biographies (see previous pages)
Melanie Allibon
Qualifications and biographies (see previous pages)
Stephen Grove
Qualifications and biographies (see previous pages)
Kieran Pryke
Qualifications and biographies (see previous pages)
Damian Banks
Qualifications and biographies (see previous pages)
James Scott
Qualifications and biographies (see previous pages)
Tony Spassopoulos
Qualifications and biographies (see previous pages)
Company Secretary
Reuben David
Qualifications and biographies (see previous pages)
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
B. Pieyre
S.A. Grove
K. Pryke
D. Banks
J. Scott
Shares
Rights
Options
300,000
–
–
–
1,428,611
2,152,500
59,322,639
250,000
2,000,000
200,000
–
–
–
–
–
–
–
–
Directors Meetings
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 Directors
Audit & Risk Committee
Nomination &
Remuneration
Committee
Environment, Social &
Governance Committee
Name of director
Held
Attended
Held
Attended
Held
Attended
Held
Attended
M.J. Allibon
B. Pieyre*
S.A. Grove
K. Pryke
D. Banks
J. Scott
T. Spassopoulos*
13
6
13
13
13
13
7
13
6
12
13
13
13
7
7
3
7
7
7
7
4
7
3
6
7
6
7
4
2
–
2
2
2
2
–
2
–
2
2
2
2
–
4
2
4
4
4
4
2
4
2
4
4
4
4
2
*Includes the number of meetings held during FY23 while the Director was a member of the Board or Committee.
a Mr Grove, Mr Spassopoulos and Mr Pieyre attended the Audit and Risk Committee meetings by invitation.
b Mr Scott attended the Nomination and Remuneration Committee meetings by invitation.
Boom Logistics Annual Report 2023 21
Boom Logistics Annual Report 2023 21
Corporate Structure
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 13 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.
Operating and Financial Review
A review of Group operations and results for the financial
year ended 30 June 2023 is set out in the operating and
financial review section of the annual report and in the
accompanying financial statements.
Information on the Group’s business strategies and
prospects for future financial years that could result
in unreasonable prejudice to the Group (for example,
information that is commercially sensitive, confidential or
could give a third party a commercial advantage) has not
been included in the operating and financial review section
of the annual report.
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. A copy of our Corporate Governance Statement can
be found on our website at https://www.boomlogistics.com.
au/about-us/corporate-governance/.
Significant Changes in the State
of Affairs
During the financial year, there have been no significant
changes in the state of affairs other than that reported in
the Operating and Financial Review section disclosed above.
Significant Events After the
Balance Date
The Directors are not aware of any other matter or
circumstance that has arisen since 30 June 2023 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.
Dividend
There were no interim dividends paid during the year. On
24 August 2023, the Directors of Boom Logistics Limited
declared that no final dividend would be paid for the
financial year ended 30 June 2023.
Likely Developments and
Expected Results
The Directors expect performance to improve as a result of
key project wins and building new revenue and expanding
services in key geographies and markets. Maintaining tight
control of costs will ensure new 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.
Information on likely developments in the Group’s
business strategies, prospects and operations for future
financial years and the expected results that could result
in unreasonable prejudice to the Group (for example,
information that is commercially sensitive, confidential or
could give a third party a commercial advantage) has not
been included in this report.
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 2023 and future periods. There have been
no significant known breaches of any environmental
regulations to which the Group is subject.
22 Boom Logistics Annual Report 2023
DIRECTORS’ REPORTfor the year ended 30 June 2023 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 2023 (“FY23”). This report
outlines the remuneration arrangements in place for
non-executive directors (“NEDs”) and the Managing Director
and Senior Executives (“Executive KMP”).
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
■ 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.
The Company prohibits participants in its equity-based plans
from entering into transactions (e.g. hedging arrangements)
that limit the economic risk of participating in the plan.
In FY23, neither the Board nor the Nomination and
Remuneration Committee received any remuneration
recommendations from remuneration consultants.
Key management personnel (“KMP”) encompassing the
NEDs and Executive 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 while ensuring
remuneration is appropriate. The Executive KMP
remuneration framework and KMP remuneration is reviewed
annually by the Board with the assistance of the Nomination
and Remuneration Committee.
In conducting the Executive KMP remuneration review, the
following principles are applied:
■ 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
■ reward for performance represents a balance of annual
and longer term targets
■ NED fees are determined by reference to extended
survey data
■ NEDs are not provided any incentive-based
remuneration.
Boom Logistics Annual Report 2023 23
Details of Key Management Personnel
The tables below set out the KMP and their movements during FY23.
Key Management Personnel (Executive)
Name
Current KMP
Ben Pieyre1
Manny Bikakis
Former KMP
Title
Period as a KMP
Chief Operating Officer
1 July 2022 – 14 February 2023
Interim Chief Executive Officer & Managing Director
15 February 2023 – 30 June 2023
Chief Financial Officer
28 December 2022 – 30 June 2023
Tony Spassopoulos
Chief Executive Officer & Managing Director
1 July 2022 – 14 February 2023
Andrew Bendall
Chief Financial Officer
1 July 2022 – 27 December 2022
1 Ben Pieyre was appointed to the role of Chief Executive Officer & Managing Director on 10 July 2023.
Key Management Personnel (Non-executive Directors)
Name
Positiona
Period
Audit & Risk
Committees
Nomination &
Remuneration
Environment,
Social &
Governance
Melanie Allibon
Chair
Stephen Grove
Non-executive Director
Kieran Pryke
Non-executive Director
Damian Banks
Non-executive Director
James Scott
Non-executive Director
All of FY23
All of FY23
All of FY23
All of FY23
All of FY23
Member
Member
Chair
Member
Member
Member
Member
Member
Chair
Member
Member
Member
Member
Member
Chair
a All non-executive directors were directors for the full financial year and are independent, except for Stephen Grove who is not independent.
Remuneration Arrangements of Executive Key
Management Personnel
In the normal course of business, remuneration comprises
fixed remuneration (fixed annual reward (FAR)) and
variable or “at risk” remuneration incentives. The Group’s
remuneration structure for the Executive KMP comprises
2 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. As this is a voluntary salary sacrifice plan,
no performation conditions apply to the grant and is not
considered variable remuneration.
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 immediately prior to the grant date.
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
12 months of the Annual General Meeting (“AGM”).
Rights will have a 12 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.
There is no amount payable by the Executive KMP on
exercise of the rights.
If the Executive KMP ceases employment with the Company
after the rights have been granted, but prior to exercising
them, the Executive KMP will be entitled to keep the rights.
The 12 month exercise restriction will be lifted on the date of
termination and the rights must be exercised within 30 days
following cessation.
24 Boom Logistics Annual Report 2023
DIRECTORS’ REPORTfor the year ended 30 June 2023
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. Of the STIP outcome
achieved for the financial year, 50% 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 12 months of the AGM. Rights
will have a 6 month exercise restriction commencing from
the grant date. There is no amount payable by the Executive
KMP on exercise of the rights.
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
■ align reward with the Group’s values, safety and
financial target.
c) Long-term incentive plan
Eligible executives will be granted rights to acquire ordinary
shares in the Company, subject to performance hurdles, and
some or all may vest at the end of the 3 year period if the
performance hurdles are met.
Each right is a right to acquire one ordinary share in the
Company (or an equivalent cash amount). The exact number
of rights to be granted is based on the long-term incentive
plan (LTIP) opportunity divided by the 5-day volume
weighted average price following the AGM. Rights do not
carry any dividend or voting rights. Rights will be granted
within 12 months of the AGM.
Rights are subject to performance hurdles based on
2 independent measures comprising absolute earnings
per share (EPS) (50% weighting), and net profit after tax
(NPAT) (50% weighting), which are measured at the end of
the 3 year performance period with both tranches subject
to and conditional on meeting a safety gateway hurdle.
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). There is no amount payable by the Executive
KMP on exercise of the rights.
The following table shows the potential annual
remuneration packages for Executive KMP during the
financial year.
Name
Ben Pieyrea
Ben Pieyreb
Title
Interim Chief Executive Officer & Managing Director
Chief Operating Officer
Manny Bikakis
Chief Financial Officer
Tony Spassopoulos
Former Chief Executive Officer & Managing Director
Andrew Bendall
Former Chief Financial Officer
Fixed
Variable
FAR
500,000
400,000
400,000
618,000
350,000
STIP % of
FAR
LTIP % of
FAR
40%
30%
40%
40%
30%
30%
20%
30%
50%
20%
a Ben Pieyre’s FAR disclosed was during his role as interim Chief Executive Officer & Director which comprises $400,000 base salary and $100,000
higher duties allowance.
b Ben Pieyre was Chief Operating Officer up to 14 February 2023.
Boom Logistics Annual Report 2023 25
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.
2023
$’000
2022
$’000
2021
$’000
2020
$’000
2019
$’000
Net (loss)/profit attributable to member of Boom
Logistics Limited
Dividends paid
Share price at financial year enda
(Loss)/earnings per share
Return on capital employed
(Trading EBIT/capital employed)
$(5,161)
$–
$0.12
$(0.01)
$3,791
$6,417
$0.15
$0.01
$1,230
$(16,959)
$(5,330)
$4,278
$0.14
$0.00
$–
$0.11
$(0.04)
$–
$0.15
$(0.01)
3.0%
4.1%
2.5%
(1.4%)
1.5%
a Opening share price in FY2019 was $0.24.
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 and Managing Director Remuneration
The following is Mr. Pieyre’s employment contract while
he was acting Interim Chief Executive Officer and Director
appointed 15 February 2023. Mr. Pieyre became Chief
Executive Officer and Managing Director on 10 July 2023 and
the employment contract under that role will be disclosed
next year.1
Mr. Pieyre has an employment contract that has no fixed
term. Both the Company and Mr. Pieyre are entitled to
terminate the employment contract on three 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. Pieyre’s remuneration package as at 30 June 2023
comprised the following components:
■ FAR of $400,000 per annum, inclusive of allowances
and superannuation contributions in line with the
Superannuation Guarantee legislation. Mr. Pieyre’s FAR
is reviewed annually effective 1 October each year taking
into account the Group’s performance, industry and
economic conditions and personal performance
■ higher duties allowance of $100,000 per annum,
inclusive of superannuation, for the period in the interim
CEO role;
■ STIP equivalent to 40% of his FAR upon achievement of
performance conditions set by the Board of Directors on
an annual basis. Of the STIP outcome achieved for the
financial year, 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
■ LTIP equivalent to 30% of his FAR is allocated in rights
of the Company with a performance hurdle based on
safety performance as a gate-opener, absolute EPS
(50% weighting), and NPAT (50% weighting) measured
at the end of the 3 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. Pieyre will be entitled to receive:
■ the maximum amount permitted by the Corporations
Act 2001 (the Corporations Act) at the date of
redundancy or diminution
1 Mr. Pieyre’s remuneration package as CEO and MD from 10 July 2023 comprise FAR of $525,000, STIP equivalent to 50% of FAR, and LTIP
equivalent to 50% of FAR.
26 Boom Logistics Annual Report 2023
DIRECTORS’ REPORTfor the year ended 30 June 2023 ■ 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.
■ 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. Pieyre was to be summarily dismissed,
he would be paid for the period served prior to dismissal
and any accrued leave entitlements. Mr. Pieyre would not be
entitled to the payment of any bonus under the STIP or LTIP.
Mr. Pieyre 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
3 months written notice or providing payment in lieu of
the notice period (based upon the fixed component of the
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 6 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 and 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.
Boom Logistics Annual Report 2023 27
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28 Boom Logistics Annual Report 2023
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DIRECTORS’ REPORTfor the year ended 30 June 2023
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 other than statutory contributions. The maximum aggregate sum for non-executive
Director remuneration of $750,000 (2022: $750,000) was approved by shareholders at the 2021 Annual General Meeting.
Details of non-executive Directors’ remuneration for the year ended 30 June 2023 are as follows:
Short Term
Post-
Employment
Share-
based
Payments
Cash salary
Cash bonus
Other
Super-
annuation
All
Long-term
Annual &
long service
leave
Non-Executive Directors
Melanie Allibon
2023
2022
Stephen Grove
2023
2022
Kieran Prykea
2023
2022
Damian Banks
2023
2022
James Scott
2023
2022
142,727
108,356
79,091
70,284
140,682
75,587
83,636
46,253
83,636
46,253
Total Remuneration: non-executive Directors
2023
2022
529,772
346,733
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
14,986
10,836
8,305
7,028
14,772
7,559
8,782
4,625
8,782
4,625
55,627
34,673
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
157,713
119,192
87,396
77,312
155,454
83,146
92,418
50,878
92,418
50,878
585,399
381,406
Total Remuneration: non-executive Directors and Executive KMP
2023
2022
1,564,508
31,835
1,372,805
170,256
11,216
18,248
127,814
(104,197)
62,178
1,693,354
112,590
421,188
62,337
2,157,424
a Kieran Pryke received additional director fees of $15,000 per month for increased involvement in the business during the CEO transition period.
Boom Logistics Annual Report 2023 29
Equity Instruments Held by KMP
Summary of equity instruments held by KMP at reporting date are as follows:
Name
Melanie Allibon
Ben Pieyre
Stephen Grove
Kieran Pryke
Damian Banks
James Scott
Manny Bikakis
Shares
300,000
–
59,322,639
250,000
2,000,000
200,000
200,000
SSRP
Rights STIP Rights
LTIP Rights
LTIP
Options
–
–
–
–
–
–
–
–
–
–
584,729
843,882
2,152,500
–
–
–
–
–
–
–
–
–
421,941
–
–
–
–
–
Shareholdings of Directors and Executive KMP
Ordinary shares held in Boom Logistics Limited (number)
30 June 2023
Non-executive & Executive Directors
Melanie Allibon
Ben Pieyre
Stephen Grove(ii)
Kieran Pryke
Damian Banks(ii)
James Scott
Tony Spassopoulos
Executives
Manny Bikakis
Andrew Bendall
Total
Balance
at start of
year
300,000
–
59,322,639
Net change
other(i)
Balance at
end of year
–
–
–
300,000
–
59,322,639
200,000
50,000
250,000
600,000
1,400,000
2,000,000
–
200,000
200,000
1,500,000
n/a
n/a
–
–
200,000
200,000
n/a
n/a
61,922,639
1,850,000
62,272,639
(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.
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
Tony Spassopoulos
Andrew Bendall
2023
2022
2022
28 Feb 23
30 Aug 22
30 Aug 22
Grant
number
419,684
356,068
124,624
Fair value
per right at
grant date
Exercise
date
Expiry date
Value of rights
granted during
the year
$0.1435
28 Feb 24
28 Feb 33
$0.1697
30 Aug 23
30 Aug 32
$0.1697
30 Aug 23
30 Aug 32
$60,000
$60,000
$21,000
30 Boom Logistics Annual Report 2023
DIRECTORS’ REPORTfor the year ended 30 June 2023 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 2023
Grant date
Tony
Spassopoulos
Andrew
Bendall
Total
Salary Sacrifice Rights
Balance at start of year
Granted during year:
Exercised during year
Balance at end of year
Number of rights exercisable
Number of rights not exercisable
2,995,020
55,612
3,050,632
30 Aug 22
28 Feb 23
356,068
124,624
480,692
419,684
–
419,684
–
(180,236)
(180,236)
3,770,772
2,995,020
775,752
–
–
–
3,770,772
2,995,020
775,752
Determining the STIP Outcomes of the Executive KMP
For the FY2022 STIP, the following table shows the rights to ordinary shares granted to Executive KMP during the year.
Name
Ben Pieyre
Tony Spassopoulos
Andrew Bendall
Year
Grant date
2022
2022
2022
5 Sep 22
5 Sep 22
5 Sep 22
Grant
number
302,413
490,574
202,637
Fair value
per right at
grant date
$0.1509
$0.1509
$0.1509
Exercise
date
5 Mar 23
5 Mar 23
5 Mar 23
Expiry date
5 Sep 32
5 Sep 32
5 Sep 32
Value of rights
granted during
the year
$45,640
$74,036
$30,582
For the FY2023 STIP, the Nomination and Remuneration Committee conducted a review of the Executive KMP performance
against their set targets which resulted in no STIP being awarded to the Executive KMP.
Rights to ordinary shares (number)
30 June 2023
Grant date
Ben Pieyre
Tony
Spassopoulos
Andrew
Bendall
Total
STIP Rights
Balance at start of year
Granted during year:
Exercised during year
Balance at end of year
Number of rights exercisable
Number of rights not exercisable
5 Sep 22
282,316
302,413
–
925,299
–
1,207,615
490,574
202,637
995,624
–
(202,637)
(202,637)
584,729
1,415,873
–
2,000,602
584,729
1,415,873
–
–
–
–
2,000,602
–
Boom Logistics Annual Report 2023 31
Determining the LTIP Outcomes of the Executive KMP
Set out below are rights and 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
Type
Fair
value per
equity
at grant
date
Exercise
price
Expiry
date
Value of
equity
granted
during
the year
Vesting
bench-
mark
Ben Pieyre
2023 8 Dec 22
rights 843,882 31 Aug 25
$0.1422
n/a 31 Aug 27
(i) $120,000
2022
6 Dec 21
options 1,802,500 31 Aug 24 $0.0400
$0.179 30 Sep 24
$72,100
Manny Bikakis
2023 8 Dec 22
rights
421,941 31 Aug 25
$0.1422
n/a 31 Aug 27
(i) $60,000
Tony
Spassopoulos
2022
6 Dec 21
options 7,725,000 31 Aug 24 $0.0400
$0.179 30 Sep 24
$309,000
(i) The 2023 LTIP vesting benchmark consists of 3 independent vesting hurdles, each of which is measured at the end of the three year performance
period. The three performance hurdles are Safety Performance as gate opener, EPS of $0.04 or more (50% weighting), and NPAT of $16.9m or
more (50% weighting).
Of the FY2021 options allocated to the Executive KMP, only the safety performance hurdle was achieved and vested at 20%.
The remaining vesting conditions were not met. In accordance with the LTIP rules, 80% of the FY2021 options were treated
as lapsed at the reporting date.
Held in Boom Logistics
Limited (number)
30 June 2023
Type
Grant
date
Balance
at start of
year
Unvested
Granted
Lapsed
Forfeited
Balance
at end of
year
Unvested
Balance
at end of
year
Vested
Ben Pieyre
rights
8 Dec 22
–
843,882
options
6 Dec 21
1,802,500
–
–
–
options
4 Dec 20 1,750,000
– (1,400,000)
–
–
–
843,882
1,802,500
–
–
–
350,000
3,552,500
843,882 (1,400,000)
–
2,646,382
350,000
Manny Bikakis
rights
8 Dec 22
–
421,941
–
–
421,941
Tony Spassopoulos
options
6 Dec 21
7,725,000
–
–
(7,725,000)
options
4 Dec 20 7,500,000
– (6,000,000)
–
–
–
–
–
1,500,000
Andrew Bendall
options
6 Dec 21
1,750,000
–
– (1,750,000)
–
–
Total
20,527,500 1,265,823 (7,400,000) (9,475,000) 3,068,323 1,850,000
15,225,000
– (6,000,000) (7,725,000)
– 1,500,000
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 34 and forms part of the directors’ report for the financial year
ended 30 June 2023.
32 Boom Logistics Annual Report 2023
DIRECTORS’ REPORTfor the year ended 30 June 2023 Non-audit Services
No non-audit services were provided by Grant Thornton, the Company’s auditor.
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.
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, 25 August 2023
Ben Pieyre
Managing Director
Boom Logistics Annual Report 2023 33
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Auditor’s Independence Declaration
To the Directors of Boom Logistics Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit
of Boom Logistics Limited for the year ended 30 June 2023, I declare that, to the best of my knowledge and
belief, there have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
A C Pitts
Partner – Audit & Assurance
Melbourne, 25 August 2023
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
w
34 Boom Logistics Annual Report 2023
LEAD AUDITOR’S INDEPENDENCE DECLARATIONfor the year ended 30 June 2023
Revenue
Other income
Salaries and employee benefits expense
Equipment service and supplies expense
Operating lease expense
Other expenses
Restructuring expense
Depreciation and amortisation expense
Depreciation expense – right-of-use assets
Impairment expense
(Loss)/profit before financing expense and income tax
Financing expense
Financing expense – lease liabilities
(Loss)/profit before income tax
Income tax
Net (loss)/profit attributable to members of Boom Logistics Limited
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss
Cash flow hedges recognised in equity, net of tax
Other comprehensive (loss)/income for the year, net of tax
Total comprehensive (loss)/income for the year attributable to members of
Boom Logistics Limited
Basic (losses)/earnings per share (cents per share)
Diluted (losses)/earnings per share (cents per share)
Note
2
3(a)
2023
$’000
2022
$’000
205,872
215,844
63
(103,574)
3(b)
(49,439)
(979)
228
(96,592)
(63,492)
(187)
3(b)
(13,180)
(14,245)
7
12
7(a)
9(d)
12
4(a)
(1,611)
(14,009)
(19,678)
(3,699)
(234)
(1,847)
(3,080)
(5,161)
–
(5,161)
–
(16,597)
(17,876)
–
7,083
(1,922)
(1,370)
3,791
–
3,791
–
–
33
33
(5,161)
3,824
(1.2)
(1.2)
0.9
0.9
5
5
The accompanying notes form an integral part of the Consolidated Statement of Comprehensive Income.
Boom Logistics Annual Report 2023 35
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEfor the year ended 30 June 2023 CURRENT ASSETS
Cash and cash equivalents
Trade receivables, contract assets and other receivables
Inventories, prepayments and other current assets
Assets classified as held for sale
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
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
Income tax payable
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
Employee provisions
Other provisions and liabilities
Deferred tax liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Retained losses
Reserves
TOTAL EQUITY
Note
2023
$’000
2022
$’000
2,445
47,658
4,002
8,706
62,811
82,546
61,928
144,474
207,285
19,138
11,834
31,790
9,267
5,948
–
2(b)
7(a)
7
12
9
12
4(c)
2,414
41,469
2,994
–
46,877
107,693
36,214
143,907
190,784
14,912
17,375
14,920
9,929
4,709
185
77,977
62,030
12
19,989
4(b)
330
3,453
3
23,775
101,752
105,533
15,112
368
3,043
3
18,526
80,556
110,228
11(a)
310,327
310,327
(208,395)
(203,234)
3,601
3,135
105,533
110,228
The accompanying notes form an integral part of the Consolidated Statement of Financial Position.
36 Boom Logistics Annual Report 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONas at 30 June 2023 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 provided by/(used in) investing activities
Cash flows from financing activities
Payment of dividends
Repayment of borrowings
Repayment of borrowings – Lease liabilities
Receipts from finance leases as lessor
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
2023
$’000
2022
$’000
222,885
239,995
(186,898)
(199,321)
12
12
6
12
(1,729)
(3,080)
63
–
(185)
31,056
(6,879)
7,614
735
–
(5,657)
(1,682)
(1,370)
8
9
(2,224)
35,415
(5,160)
2,913
(2,247)
(6,417)
(6,836)
(26,103)
(20,725)
–
877
(31,760)
(33,101)
31
2,414
2,445
67
2,347
2,414
The accompanying notes form an integral part of the Consolidated Statement of Cash Flows.
Boom Logistics Annual Report 2023 37
CONSOLIDATED STATEMENT OF CASH FLOWSfor the year ended 30 June 2023 Contributed
Equity
$’000
Retained
Losses
$’000
Retained
Profits
$’000
Note
At 1 July 2021
Profit for the year
Other comprehensive income
Total comprehensive income
Transactions with owners in
their capacity as owners:
Cost of share based payments
17(b)
Dividends paid
At 30 June 2022
Loss for the year
Other comprehensive loss
Total comprehensive loss
Transactions with owners in
their capacity as owners:
Cost of share based payments
17(b)
Dividends paid
At 30 June 2023
310,327
(201,838)
–
–
–
–
–
–
–
–
–
(6,417)
1,230
3,791
–
3,791
–
–
310,327
(208,255)
5,021
–
–
–
–
–
(5,161)
–
(5,161)
–
–
–
–
–
–
–
310,327
(213,416)
5,021
Cash Flow
Hedge
Reserve
$’000
Employee
Equity
Benefits
Reserve
$’000
Total
Equity
$’000
(33)
3,049
112,735
–
33
33
–
–
–
–
–
–
–
–
–
–
–
–
3,791
33
3,824
86
–
86
(6,417)
3,135
110,228
–
–
–
(5,161)
–
(5,161)
466
–
466
–
3,601
105,533
The accompanying notes form an integral part of the Consolidated Statement of Changes in Equity.
38 Boom Logistics Annual Report 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the year ended 30 June 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2023
$11.676 million which falls due under existing arrangements
in December 2023 (refer to note 11). The Directors are
confident that a suitable renewal will be achieved before the
loan falls due.
In addition, the Directors have considered the following:
■ the Group maintains a positive net assets/total equity
position of $105.533 million
■ net cash provided by operating activities generated
$31.056 million during the period
■ forecast results for the next financial year are expected
to be positive based on best-estimate assumptions at
the time;
After making enquiries and considering the matters
described above, the Directors have a reasonable
expectation that the Group will have adequate resources to
continue to meet its obligations as they fall due. For these
reasons, the Directors continue to adopt the going-concern
basis in preparing the financial report.
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 one reportable segment:
■ “Lifting Solutions”, which consists of all lifting activities
including the provision of cranes, travel towers, access
equipment and all associated services.
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.
About This Report
The financial report of Boom Logistics Limited and its
subsidiaries (“the Group”) for the year ended 30 June 2023
was authorised for issue in accordance with a resolution of
the Board of Directors on 25 August 2023.
Boom Logistics Limited is a company domiciled in Australia
and limited by shares incorporated in Australia whose shares
are publicly traded on the Australian Securities Exchange.
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
■ 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.
Going concern assumption
In preparing the financial report, the Directors have made
an assessment of the ability of the Group to continue as
a going concern, which contemplates the continuity of
business operations, realisation of assets and settlement
of liabilities in the ordinary course of business and at the
amounts stated in the financial report.
At 30 June 2023, the Group had a net current asset
deficiency (current assets less current liabilities) of
$15.166 million. The current asset deficiency is impacted
by the classification of the trade receivables loan of
Boom Logistics Annual Report 2023 39
Section A: Financial Performance (continued)
1.
Segment Reporting (continued)
Segment information
Year ended 30 June 2023
Segment revenue
Total external revenue
Other income
Total revenue and other income
Segment result
Operating result
Net loss on disposal of property, plant and equipment
Depreciation and amortisation expense
Depreciation expense – right-of-use assets
Restructuring expense
Impairment expense
Loss before net interest and tax
Net interest
Non-segment centralised costs
Income tax
Loss from continuing operations
Year ended 30 June 2023
Lifting Solutions
Non-segment centralised costs
Total
Lifting
Solutions
$’000
205,872
63
205,935
43,939
(537)
(14,005)
(19,453)
(1,106)
(3,699)
5,139
(4,830)
(5,470)
–
(5,161)
Segment assets and liabilities
Additions
to non-
current
assets
$’000
Segment
liabilities
$’000
96,701
5,051
55,344
–
Segment
assets
$’000
204,872
2,413
207,285
101,752
55,344
40 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 Year ended 30 June 2022
Segment revenue
Total external revenue
Other income
Total revenue and other income
Segment result
Operating result
Net profit on disposal of property, plant and equipment
Depreciation and amortisation expense
Depreciation expense – right-of-use assets
Profit before net interest and tax
Net interest
Non-segment centralised costs
Income tax
Profit from continuing operations
Year ended 30 June 2022
Lifting Solutions
Non-segment centralised costs
Total
Lifting
Solutions
$’000
215,844
228
216,072
47,234
211
(16,430)
(17,631)
13,384
(3,262)
(6,331)
–
3,791
Segment assets and liabilities
Segment
assets
$’000
189,822
962
Segment
liabilities
$’000
77,445
3,111
Additions
to non-
current
assets
$’000
33,231
–
190,784
80,556
33,231
Boom Logistics Annual Report 2023 41
Section A: Financial Performance (continued)
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:
Industry segment
Year ended 30 June 2023
Mining and resources
Wind, energy, and utilities
Infrastructure and construction
Industrial maintenance, telecommunications and other
Total revenue from contracts with customers
Timing of revenue recognition
Services transferred over time
Year ended 30 June 2022
Mining and resources
Wind, energy, and utilities
Infrastructure and construction
Industrial maintenance, telecommunications and other
Total revenue from contracts with customers
Timing of revenue recognition
Services transferred over time
(b) Contract balances
Trade and other receivables
Allowance for impairment
Contract assets
Total trade receivables, contract assets and other receivables
Lifting
Solutions
$’000
109,354
35,468
35,167
25,883
205,872
205,872
116,279
42,904
31,136
25,525
215,844
215,844
Note
2023
$’000
2022
$’000
42,041
39,490
(362)
5,979
(1,040)
3,019
47,658
41,469
(i)
(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 equipment, labour and other services provided to the industry segments disclosed above
is recognised when the performance obligation is satisfied. Performance obligation is satisfied over a period of time as 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
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.
42 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 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
Loss on disposal of plant and equipment
Total other expense
2023
$’000
2022
$’000
–
–
63
–
63
11,108
9,560
11,219
4,010
4,554
1,880
1,578
5,530
235
(24)
8
9
228
16,867
17,722
11,706
3,234
5,982
1,942
1,169
4,870
49,439
63,492
2,530
4,603
2,755
1,436
1,319
537
2,772
4,646
2,864
1,211
2,752
–
13,180
14,245
Boom Logistics Annual Report 2023 43
Section A: Financial Performance (continued)
4.
Income Tax
(a)
Income tax expense
A reconciliation between tax expense and accounting (loss)/profit before
income tax is as follows:
Accounting (loss)/profit before tax from continuing operations
At the Group's statutory income tax rate of 30% (2022: 30%)
Expenditure not allowable for income tax purposes
Current year losses for which no deferred tax asset is recognised
Previously unrecognised tax credits now recouped to reduce current
tax expense
Derecognition of tax losses recognised in previous years
Income tax
Note
2023
$’000
2022
$’000
(5,161)
(1,548)
36
1,512
–
–
–
3,791
1,137
71
–
(2,309)
1,101
–
(b) Deferred income tax
Year ended 30 June 2023
– Employee leave provisions
– Allowance for impairment on financial assets
– Liability accruals
– Restructuring provisions
– Tax losses
– Plant and equipment
Net deferred tax asset/(liabilities)
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)
Opening
Balance
$’000
Recognised
in Income
Statement
$’000
Recognised
in Equity
$’000
Closing
Balance
$’000
3,089
312
1,167
–
2,799
(7,370)
(3)
2,886
285
1,006
17
3,900
(8,097)
14
11
(210)
(203)
129
154
(219)
349
–
203
27
161
(17)
(1,101)
727
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(14)
(14)
2,879
109
1,296
154
2,580
(7,021)
(3)
3,089
312
1,167
–
2,799
(7,370)
–
(3)
(c) Tax losses
The Group has total tax losses of $32.458 million tax effected (2022: $31.165 million). $2.580 million of these losses
have been recognised on balance sheet and $29.878 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 credits of
44 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023
$1.281 million 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 loss per share of 1.2 cents (2022: earnings of 0.89 cents) amount is 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 loss per share of 1.2 cents (2022: earnings of 0.88 cents) amount is 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.
The following reflects the income and share data used in the calculation of basic and diluted earnings per share:
Net (loss)/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
2023
$’000
(5,161)
2022
$’000
3,791
No. of shares
427,774,207
427,774,207
(i)
–
2,220,457
427,774,207 429,994,664
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.
Boom Logistics Annual Report 2023 45
Section A: Financial Performance (continued)
6. Dividends
There were no dividends paid or proposed during the year (2022: unfranked dividends totalling $6.417 million).
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
Year ended 30 June 2023
Opening carrying amount
Additions
Disposals
Transfers from right-of-use assets
Transfers to assets classified as held for sale
Depreciation charge for the year
Closing carrying amount
At cost
Accumulated depreciation
Closing carrying amount
Year ended 30 June 2022
Opening carrying amount
Additions
Disposals
Transfers to right-of-use assets or between classes
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
104,813
1,422
134
1,324
107,693
6,876
(7,749)
1,856
(12,405)
(13,240)
80,151
217,648
346
(39)
(107)
–
(540)
1,082
17,301
(137,497)
(16,219)
25
–
58
–
(122)
95
6,085
(5,990)
–
–
1
–
7,247
(7,788)
1,808
(12,405)
(107)
(14,009)
1,218
3,120
82,546
244,154
(1,902)
(161,608)
80,151
1,082
95
1,218
82,546
118,863
1,926
422
1,443
122,654
3,636
(2,175)
9
(15,520)
104,813
284,469
(179,656)
104,813
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
Property, plant and equipment with a carrying amount
of $80.738 million (2022: $107.693 million) is pledged as
securities for current and non-current interest bearing loans
and borrowings as disclosed in note 9.
(a) Assets classified as held for sale
Assets are classified as held for sale if their carrying amount
will be recovered principally through a sale transaction rather
than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset
is available for immediate sale in its present condition.
Management must be committed to the sale, which should
be expected to qualify for recognition as a completed sale
within one year from the date of execution.
Assets classified as held for sale are measured at the lower
of their previous carrying amount and fair value less costs to
sell. No depreciation is recognised whilst an asset is held for
sale. Interest and other expenses attributable to the assets
held for sale continue to be recognised.
The balance in the Group’s assets classified as held for sale
account at 30 June 2023 is $8.706 ($12.405 million before
impairment) (2022: $nil). Assets classified as held for sale
consists of underutilised cranes, travel towers and access
46 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023
equipment that are no longer required and are targeted
for sale. Assets transferred to held for sale were subject to
an impairment of $3.699 million which is reflective of the
expected auction value.
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:
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
being the difference between the disposal proceeds less the
carrying value of the assets, 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 20 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
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 assets were tested at
30 June 2023 by reference to management’s assessment
of their value in use. 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 30 June 2023. The Group
did not make any allowance for costs to sell as they were
deemed immaterial given the Group’s experience 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”.
Boom Logistics Annual Report 2023 47
Section B: Operating Assets and Liabilities (continued)
8.
Impairment Testing of Non-Financial Assets (continued)
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 2023.
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.
9.
Interest-Bearing Loans and Borrowings
Current
Loans
Prepaid borrowing costs
Total current interest-bearing loans and borrowings
Non current
Loans
Total non-current interest-bearing loans and borrowings
Total interest-bearing loans and borrowings
Note
2023
$’000
2022
$’000
(i)
11,834
–
11,834
–
–
(i)
17,493
(118)
17,375
–
–
11,834
17,375
(i) Loans include an amortising loan of $0.158 million which expires in February 2024.
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 $11.676 million
outstanding under the facility at year end has been disclosed as a current liability. As at reporting date, the refinancing of
this facility is in progress.
(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
2023
$’000
2022
$’000
Year of
maturity
Carrying amount
8.67% December 2023
11,676
17,132
6.34% February 2024
158
–
361
(118)
11,834
17,375
Trade receivables loan
Finance arrangement
Prepaid borrowing costs
Total interest-bearing liabilities
48 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 (d) Financing expense
Interest expense
Borrowing costs – amortisation (non-cash)
Borrowing costs – other
Total financing expense
(e) Financing facilities available
At the 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
2023
$’000
1,345
118
384
1,847
2022
$’000
1,278
240
404
1,922
2023
$’000
2022
$’000
138,400
138,400
113,000
113,000
57,662
57,662
80,738
80,738
35,116
35,116
67,221
67,221
At 30 June 2023, total facilities consist of $56 million
receivables finance facility (2022: $56 million), $22 million
chattel mortgage facility (2022: $22 million), and
$60.4 million asset finance facility (2022: $35 million).
Of the $56 million receivables finance facility, $11.7 million
was drawn with a further $3.5 million utilised by bank
guarantees. $40.8 million of the undrawn facility was
available subject to the availability of eligible debtors.
The $22 million chattel mortgage facility was drawn to
$7.3 million with $14.7 million undrawn at reporting date.
Of the $60.4 million asset finance facility, $35.2 million was
drawn including $25.2 million of finance leases. A further
$10.0 million was utilised by operating leases. $25.2 million
was undrawn at 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.
The fair value of all borrowings approximates their carrying
amount at the reporting date as the impact of any market
discounting is not significant.
10. 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.
Boom Logistics Annual Report 2023 49
Section C: Funding Structures (continued)
10. Financial Risk Management (continued)
(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.
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 2023
0 – 30 days
31 – 60 days
61 – 90 days
91 – 120 days
+120 days
Year ended 30 June 2022
0 – 30 days
31 – 60 days
61 – 90 days
91 – 120 days
+120 days
Trade
Receivales*
$’000
Contract
Assets*
$’000
Total
$’000
Loss
Allowance
$’000
ECL Rate
0.20%
0.25%
0.75%
7.50%
20.00%
0.20%
0.25%
0.75%
7.50%
20.00%
19,767
15,183
4,650
1,740
700
5,979
25,746
–
–
–
–
15,183
4,650
1,740
700
42,040
5,979
48,019
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
48
34
32
119
127
360
43
16
50
138
390
637
* Trade receivables and contact assets are net of specific transactions totalling $0.002 million (2022: $0.285 million) that have been fully provided
and excluded from above general provision calculation.
50 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023
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
(i)
2023
$’000
1,040
47
(725)
362
2022
$’000
949
101
(10)
1,040
(i) The allowance for impairment of $0.362 million comprises a specific provision of $0.002 million (2022: $0.285 million), $0.360 million calculated
from the provision matrix (2022: $0.637 million), and an additional allowance of $nil in excess (2022: $0.118 million in excess) of the allowance
calculated using the provision matrix above.
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 3-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 2023, the Group’s balance sheet gearing ratio was 41% (interest
bearing loans and borrowing plus finance lease liabilities less cash/total equity) (2022: 29%). Allowing for the additional
operating lease liabilities recognised in accordance with AASB 16, the Group’s balance sheet gearing ratio was 58%
(2022: 41%).
Boom Logistics Annual Report 2023 51
Section C: Funding Structures (continued)
10. Financial Risk Management (continued)
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.
Year ended 30 June 2023
Trade and other payables
Other loans
Lease liabilities
Year ended 30 June 2022
Trade and other payables
Income tax payable
Other loans
Lease liabilities
Carrying
amount
$’000
Contractual
cash flows
$’000
6 mths
or less
$’000
6-12 mths
$’000
1-2 years
$’000
2-5 years
$’000
19,138
11,834
51,779
82,751
(19,138)
(12,262)
(19,138)
(12,219)
(56,983)
(14,272)
(88,383)
(45,629)
14,912
(14,912)
(14,912)
185
17,493
30,032
62,622
(185)
(18,870)
(31,718)
(185)
(9,393)
(6,487)
(65,685)
(30,977)
–
(43)
(11,518)
(11,561)
–
–
(9,030)
(6,487)
(15,517)
–
–
–
–
(14,678)
(14,678)
(16,515)
(16,515)
–
–
(447)
(11,917)
(12,364)
–
–
–
(6,827)
(6,827)
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
Note
2023
$’000
2022
$’000
(34,151)
(34,151)
(17,984)
(17,984)
9(c)
2,445
(11,676)
(9,231)
2,414
(17,132)
(14,718)
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.
52 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023
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 $0.528 million
(2022: $0.440 million).
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.
11. Contributed Equity
2023
No. of
shares
$’000
2022
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 10(b).
Boom Logistics Annual Report 2023 53
Section D: Other Disclosures
This section provides additional financial information that is required by the Australian Accounting Standards and
management considers relevant for shareholders.
12. Leases
Group as a lessee
The Group has commercial leases on certain plant and equipment, motor vehicles and property. Plant and equipment leases
generally have 1 to 5-year lease terms, while motor vehicles and other property leases generally have 1 to 4-year lease terms.
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:
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
Statement of Financial
Position
Year ended 30 June 2023
Opening carrying amount
Additions
Terminations
Right-of-use Assets
Rental
Equipment
$’000
Motor
Vehicles
$’000
Other
Equipment
$’000
Land &
Buildings
$’000
Total
$’000
28,149
40,701
(549)
3,512
2,181
–
12
51
–
4,541
5,164
(348)
36,214
48,097
(897)
Depreciation expense
(13,491)
(2,140)
(48)
(3,999)
(19,678)
Transfer to property, plant
and equipment
Receipts/payments
(1,808)
–
–
–
Closing carrying amount
53,002
3,553
Year ended 30 June 2022
Opening carrying amount
Additions
Terminations
18,015
22,156
(711)
4,747
1,236
(46)
–
–
15
12
37
–
–
–
(1,808)
–
5,358
61,928
2,845
5,970
(171)
25,619
29,399
(928)
Depreciation expense
(11,311)
(2,425)
(37)
(4,103)
(17,876)
2023
$’000
2022
$’000
(19,678)
(3,080)
–
(6)
(979)
(17,876)
(1,370)
9
(24)
(187)
(23,743)
(19,448)
26,103
19,848
(26,103)
(19,848)
Lease
Receiv-
ables
$’000
Lease
Liabilities
$’000
–
–
–
–
–
–
–
437
440
–
–
30,032
48,382
(532)
–
–
(26,103)
51,779
24,216
27,444
(903)
–
Receipts/payments
–
–
Closing carrying amount
28,149
3,512
–
12
–
–
(877)
(20,725)
4,541
36,214
–
30,032
54 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023
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
■ 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.
13. Subsidiaries
Name
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
2023
%
2022
%
Australia
Australia
Australia
Australia
Australia
Australia
100
100
100
100
100
100
100
100
100
100
100
100
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.
Boom Logistics Annual Report 2023 55
Section D: Other Disclosures (continued)
14. 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.
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
Restructuring expense
Depreciation and amortisation expense
Depreciation expense – right-of-use assets
Impairment expense
Financing expense
Financing expense – lease liabilities
(Loss)/profit before income tax
Income tax benefit
Net/(loss) 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/(loss)/profit for the year
Other comprehensive (loss)/income
Cash flow hedges recognised in equity
Other comprehensive (loss)/income for the year, net of tax
Total comprehensive (loss)/income for the year
56 Boom Logistics Annual Report 2023
Closed Group
2023
$’000
2022
$’000
195,778
204,167
63
228
(96,507)
(87,915)
(47,507)
(62,238)
6,451
(176)
(20,617)
(13,903)
(1,611)
(13,379)
(19,543)
(3,353)
(1,847)
(3,071)
(5,143)
146
(4,997)
–
(15,971)
(17,733)
–
(1,922)
(1,364)
3,173
41
3,214
(210,367)
(207,164)
–
(6,417)
(215,364)
(210,367)
(4,997)
3,214
–
–
33
33
(4,997)
3,247
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 Consolidated Statement of Financial Position
Current assets
Cash and cash equivalents
Trade receivables, contract assets and other receivables
Inventories, prepayments and other current assets
Assets classified as held for sale
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
Income tax payable
Total current liabilities
Closed Group
2023
$’000
2022
$’000
2,429
46,241
3,980
7,629
2,402
39,506
2,970
–
60,279
44,878
599
509
79,684
61,326
599
509
103,030
36,126
142,118
140,264
202,397
185,142
18,588
11,834
31,790
8,669
5,768
–
13,993
17,375
14,920
9,453
4,487
185
76,649
60,413
Boom Logistics Annual Report 2023 57
Section D: Other Disclosures (continued)
14. Deed of Cross Guarantee (continued)
Non-current liabilities
Payables
Lease liabilities
Employee provisions
Other provisions and liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Retained losses
Reserves
Total equity
15. Parent Entity
The individual financial statements for the parent entity show the following
aggregate amounts:
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Equity
Contributed equity
Reserves
Retained losses
Total equity
Net (loss)/profit after tax for the year
Dividends provided for or paid
Total comprehensive (loss)/income for the year
Closed Group
2023
$’000
2022
$’000
3,585
19,854
314
3,432
27,185
103,834
3,212
15,031
368
3,023
21,634
82,047
98,563
103,095
310,327
310,327
(215,364)
(210,367)
3,600
3,135
98,563
103,095
2023
$’000
2022
$’000
55,412
42,505
244,478
229,681
75,583
141,850
64,737
115,746
310,327
310,327
3,600
3,135
(211,299)
(199,527)
102,628
113,935
(11,772)
–
(11,772)
2,127
(6,417)
2,160
58 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 16. 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
2023
$
1,607,559
127,814
62,178
2022
$
1,811,113
136,269
20,996
(104,197)
389,720
1,693,354
2,358,098
Refer to the Remuneration Report in the Directors’ Report for detailed compensation disclosure on key
management personnel.
There were no other related-party transactions with key management personnel during the financial year (2022: $709,763 for
the provision of mobile cranes, transport and labour services to companies related to Mr. Stephen Grove.)
17. 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
■ long-term incentive plan.
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
Average
fair value
per right
Average
fair value
per right
No. of
rights
No. of
rights
Long-term Incentive Plan
Average
exercise
price per
option
No. of
options
Average
fair value
per right
No. of
rights
At start of period
$0.1237 3,050,632
$0.1611
2,180,615
$0.1678 32,566,714
–
–
Granted during the period
$0.1566
900,376
$0.1509 2,627,769
Exercised during the period
$0.1403
(180,236)
$0.1314
(622,251)
–
–
–
–
$0.1422 3,588,027
–
–
Lapsed during the period
Forfeited during the period
–
–
–
–
–
–
–
–
$0.1553 (11,513,371)
$0.1422
(450,070)
$0.1757 (14,074,125)
–
–
At end of period
$0.1308 3,770,772
$0.1591
4,186,133
$0.1726 6,979,218
$0.1422 3,137,957
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 12 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.
Boom Logistics Annual Report 2023 59
Section D: Other Disclosures (continued)
17. Share-based Payments (continued)
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 rights to acquire ordinary shares in the Company, subject to performance hurdles and some
or all may vest at the end of the 3-year period if the performance hurdles are met.
Each right is a right to acquire one ordinary share in the Company (or an equivalent cash amount). The exact number of
rights to be granted is based on the LTIP opportunity divided by the 5 day volume weighted average price following the AGM.
Rights do not carry any dividend or voting rights. Rights will be granted within 12 months of the AGM.
Rights are subject to performance hurdles based on three independent measures comprising safety performance as a
gate-opener, absolute earnings per share (EPS) (50% weighting), and net profit after tax (NPAT) (50% weighting), which are
measured at the end of the 3-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 long-term incentive plan was changed from options to rights during the year in order to align variable remuneration with
share price growth and shareholders’ interests, while being simple, transparent and in line with market practice.
(a) Carrying values
Salary Sacrifice Rights Plan
Short-term Incentive Plan
Long-term Incentive Plan
Total employee equity benefits reserve
2023
$’000
1,144
1,386
1,071
3,601
(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
2023
$’000
538
(72)
466
2022
$’000
1,003
989
1,143
3,135
2022
$’000
229
(143)
86
60 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 (c) 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
– sold/transferred during the year
At end of period
2023
Number of
shares
2022
Number of
shares
–
–
–
1,717,953
(1,717,953)
–
At 30 June 2023, the employee share plans also hold 3,842,711 ordinary shares (2022: 4,645,198) that are unallocated
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.
18. Commitments
(a) Capital commitments
Capital expenditure contracted for at the reporting date but not recognised in the financial
statements are as follows:
Property, plant and equipment
– within one year
19. Contingencies
2023
$’000
2022
$’000
–
4,158
Contingent liabilities
Bank guarantees totalling $3.498 million (2022: $1.343 million) have been provided to landlords, WorkCover authorities, and a
wind farm project. There are no other contingent liabilities identified at the reporting date.
Boom Logistics Annual Report 2023 61
Section D: Other Disclosures (continued)
20. Auditor’s Remuneration
During the year the following fees were paid or payable for services provided by
Grant Thornton:
Audit and review services
– audit and review of financial statements
2023
$
Grant Thornton
2022
$
KPMG
293,550
345,690
–
–
–
36,225
17,336
17,336
293,550
399,251
23. Summary of Other Significant
Accounting Policies
(a) Cash and cash equivalents
Cash on hand and in banks are stated at nominal value. For
the purposes of the cash flow statement, cash includes cash
on hand and in banks net of outstanding bank overdrafts.
Trade and other payables
(b)
These amounts represent liabilities for goods and services
provided to the Group prior to the end of financial year which
are unpaid. These amounts are unsecured and are usually
payable within 60 days of recognition.
(c) Employee provisions
Short-term obligations
Liabilities for wages and salaries, including non-monetary
benefits, accumulating sick leave and rostered days off that
are expected to be settled wholly within 12 months after the
end of the period in which the employees render the related
service are recognised in respect of employees’ services up
to the end of the reporting period and are measured at the
amounts expected to be paid when the liabilities are settled.
Liabilities for non-accumulating sick leave are recognised
when the leave is taken and are measured at the rates paid
or payable.
Other long-term obligations
The liabilities for long service leave and annual leave that
are not expected to be settled wholly within 12 months after
the end of the period in which the employees render the
related service are recognised in the provision for employee
benefits. Consideration is given to expected future wage
and salary levels, experience of employee departures, and
periods of service.
Assurance services
– other assurance services
Other services
– taxation services
Total other services
Total auditor’s remuneration
21. Subsequent Events
The Directors are not aware of any other matter or
circumstance that has arisen since 30 June 2023 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.
Dividend
On 24 August 2023, the Directors of Boom Logistics Limited
declared that no final dividend would be paid for the
financial year ended 30 June 2023.
22. 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.
62 Boom Logistics Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the year ended 30 June 2023 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 35 to 62, and the Remuneration Report in
the Directors’ Report, set out on pages 23 to 32, 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 2023 and of its
performance for the financial year ended on that date; and
(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 39 note About This Report 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 13 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 2023.
Signed in accordance with a resolution of the Directors.
Melanie Allibon
Chair
Melbourne, 25 August 2023
Ben Pieyre
Managing Director
Boom Logistics Annual Report 2023 63
DIRECTORS’ DECLARATIONfor the year ended 30 June 2023
INDEPENDENT AUDITOR’S REPORT
for the year ended 30 June 2023
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Independent Auditor’s Report
To the Members 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) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2023, the
consolidated statement of profit or loss and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies, and the Directors’
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
a
b
giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its performance
for the year ended on that date; and
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
w
64 Boom Logistics Annual Report 2023
INDEPENDENT AUDITOR’S REPORTfor the year ended 30 June 2023
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Key audit matter
How our audit addressed the key audit matter
Revenue recognition – Note 2
Revenue from contracts with customers amounted to
Our procedures included, amongst others:
$205.872 million for the year ended 30 June 2023.
The Group generates revenue from the provision of lifting
solutions and labour services to customers. Revenue is
recognised over time when the performance obligation is
satisfied in line with AASB 15 Revenue from Contracts with
Customers.
The Group has also recently been granted a significant
contract to be delivered over an extended period, requiring
significant management judgement at the contract level.
This represents a key audit matter given management
judgement is required to determine the appropriate
recognition of revenue and the material nature of revenue to
the Group.
• Documenting revenue processes and reviewing
recognition policies for compliance with AASB 15;
• Assessing significant revenue contracts entered during the
year for appropriateness under AASB 15;
• Performing detailed testing on a sample of revenue
transactions during the year and assessing whether
revenue has been recognised in accordance with AASB
15, including;
-
-
Reviewing relevant contracts with customers;
Assessing management’s determination of
performance obligations within contracts and the
allocation of transaction price to those obligations;
• Selecting a sample of revenue transactions recorded
immediately pre and post year-end to assess whether
revenue is recognised in the correct period; and
• Assessing the adequacy of financial statement disclosures
in relation to revenue.
Valuation of non-financial assets – Note 8
In accordance with AASB 136 Impairment of Assets, the
Our procedures included, amongst others:
Group is required to assess at the end of each reporting
period whether there is any indication that an asset may be
• Documenting and assessing the processes and controls in
relation to valuation of non-financial assets;
impaired.
• Evaluating management’s assessment of impairment
Due to the net assets of the Group exceeding the Group’s
indicators at year-end;
market capitalisation at year end, an impairment indicator
exists and impairment testing is required.
The Group has determined the recoverable amount of each
cash-generating unit, and obtained an independent expert
valuation report to specifically address the fair value of
property, plant and equipment.
This represents a key audit matter given the high degree of
management judgement and estimation required in
determining the recoverable amount of the cash-generating
units.
• Assessing management’s determination of cash-
generating units based on the nature of the business and
how independent cash inflows are generated;
• Assessing the work performed by management’s expert
relating to property, plant and equipment including
evaluating competence, capabilities and objectivity of the
expert;
• Assessing management’s impairment assessment for
compliance with AASB 136 and evaluating the
reasonableness of key assumptions through sensitivity
analysis, including discount rate, growth rate and forecast
assumptions;
•
Involving our valuation specialists to assess the
reasonableness of management’s model; and
• Assessing the adequacy of relevant financial statement
disclosures.
#10135948v1
Grant Thornton Audit Pty Ltd
Boom Logistics Annual Report 2023 65
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2023, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial report
The Directors of the Group are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the Directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 23 to 32 of the Directors’ report for the year
ended 30 June 2023.
In our opinion, the Remuneration Report of Boom Logistics Limited, for the year ended 30 June 2023
complies with section 300A of the Corporations Act 2001.
66 Boom Logistics Annual Report 2023
#10135948v1
Grant Thornton Audit Pty Ltd
INDEPENDENT AUDITOR’S REPORTfor the year ended 30 June 2023
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
Grant Thornton Audit Pty Ltd
Chartered Accountants
A C Pitts
Partner – Audit & Assurance
Melbourne, 25 August 2023
#10135948v1
Grant Thornton Audit Pty Ltd
Boom Logistics Annual Report 2023 67
ASX ADDITIONAL INFORMATION
for the year ended 30 June 2023
Additional information required by the Australian Securities Exchange Ltd and not shown elsewhere in this report is as
follows. The information is current as at 15 August 2023.
(a) Distribution of Equity Securities
The number of shareholders, by size of holding, in each class of share are:
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 Pty Ltd
Castle Point Funds Management Limited
Ordinary shares
Total
holders
249
624
498
Units
37,316
2,174,760
3,913,016
1,076
39,173,581
365
382,475,534
2,812 427,774,207
624
1,074,936
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%
68 Boom Logistics Annual Report 2023
ASX ADDITIONAL INFORMATIONfor the year ended 30 June 2023 (c) Twenty Largest Shareholders
The names of the twenty largest holders of quoted shares are:
1
2
3
4
5
6
7
8
9
SANDHURST TRUSTEES LTD
NATIONAL NOMINEES LIMITED
GROVE INVESTMENT GROUP PTY LTD
GROVE INVESTMENT GROUP PTY LTD
HORRIE PTY LTD
BNP PARIBAS NOMINEES PTY LTD
MR CHRISTIAN JAMES HAUSTEAD
STANBOX NO 2 PTY LTD
HILLMORTON CUSTODIANS PTY LTD
10 WALLBAY PTY LTD
11
12
13
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
LUTON PTY LTD
ACE PROPERTY HOLDINGS PTY LTD
14 MR JIM KOUMIDES + MRS LUCY KOUMIDES
15
16
17
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
SMITHSTOCK PTY LTD
"MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED
"
18
TAVERNERS NO 11 PTY LTD
19 WALLBAY PTY LTD
20 IRAL PTY LTD
Top twenty shareholders
Remainder
Total
Listed ordinary shares
Units
% Units
51,557,123
12.05%
39,562,221
35,380,342
23,942,297
12,028,000
8,065,603
5,850,000
5,500,000
5,143,000
5,083,000
5,014,459
4,746,327
4,400,000
4,376,320
4,281,052
3,980,120
3,487,478
3,464,548
3,414,000
3,125,806
232,401,696
195,372,511
427,774,207
9.25%
8.27%
5.60%
2.81%
1.89%
1.37%
1.29%
1.20%
1.19%
1.17%
1.11%
1.03%
1.02%
1.00%
0.93%
0.82%
0.81%
0.80%
0.73%
54.33%
45.67%
100.0%
(d) Voting Rights
All ordinary shares (whether fully paid or not) carry one vote per share without restriction.
Options do not carry a right to vote or to dividends.
(e) Unquoted Securities
There are 11,017,867 rights granted under the Executive Remuneration Plan outstanding held by 28 holders.
There are 6,979,218 options granted under the Executive Remuneration Plan outstanding held by 5 holders.
Boom Logistics Annual Report 2023 69
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 2023 Annual General Meeting
at 11.00am on Friday, 24 November 2023. Details will be
provided in the Notice of Meeting.
Directors
Melanie Allibon (Chair)
Ben Pieyre
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
70 Boom Logistics Annual Report 2023
CORPORATE DIRECTORYfor the year ended 30 June 2023