2021
ANNUAL REPORT
CARLTON INVESTMENTS LIMITED
(A publicly listed company limited by shares, incorporated and domiciled in Australia)
ABN 85 000 020 262
Financial Report
FOR THE YEAR ENDED 30 JUNE 2021
Directors
Alan G Rydge (Chairman)
Anthony J Clark AM
Murray E Bleach
Group Secretary
Peter W Horton
Auditor
Bank
Registered Office
Share Registrar
KPMG
National Australia Bank Limited
Level 15, 478 George Street,
Sydney NSW 2000
Telephone: (02) 9373 6732
Email: info@carltoninvestments.com.au
Website: www.carltoninvestments.com.au
Computershare Registry Services Pty Ltd
Level 3, 60 Carrington Street,
Sydney NSW 1115
Telephone: 1300 855 080
Facsimile: (02) 8235 8150
Home Stock Exchange
The company is listed on the
Australian Securities Exchange (Sydney) Limited
Stock Exchange Code: CIN
Controlled Entities
Carlton Hotel Limited (ACN 000 010 266)
Eneber Investment Company Limited (ACN 000 014 540)
The Manly Hotels Pty Limited (ACN 000 004 473)
Annual General Meeting
The 2021 Annual General Meeting will be held virtually at
10.00am on Tuesday 19th October 2021.
Instructions are included with the Notice of Meeting.
1
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 chairman’s report to shareholders
Dividends
On 17 August 2021 the directors declared a final fully
franked dividend of 41 cents per ordinary share, payable
on 20 September 2021. The prior year final dividend paid
in September 2020 was 56 cents per ordinary share. Total
dividends paid and payable in respect of ordinary shares for
the financial year ended 30 June 2021 amount to 67 cents
per share, a decrease of 44 cents per share. Dividends paid
in respect of the year to 30 June 2021 equated to 84.4% of
net profit compared to 77.1% in the prior year.
An interim dividend of 26 cents per ordinary share was
paid in March 2021. The prior year interim dividend paid in
March 2020 was 55 cents per ordinary share.
A final preference share dividend of 7 cents per share fully
franked is also payable on 20 September 2021.
The record date for both the ordinary and preference final
dividends is 1 September 2021.
The Dividend Reinvestment Plan remains suspended.
Net tangible asset backing
The net tangible asset backing for each issued ordinary
share at 30 June 2021, prior to the payment of the final
dividend noted above and before provision for estimated
capital gains tax in respect of unrealised investment
portfolio gains, was $38.53 (2020: $28.50). Although the
Board has no present intention of disposing of any of the
Group’s equity investments, the net tangible asset backing
per share after provision for tax on unrealised capital gains
was $31.99 (2020: $24.65). The relevant figures as at 31
July 2021 were $38.61 and $32.07 respectively.
I present to you the Group’s consolidated results for the
year ended 30 June 2021.
Group’s operations and results
Profit for the year ended 30 June 2021 was $21,029,000
compared to $38,115,000 for the prior 2020 financial year,
a decrease of $17,086,000 or 44.8%.
Dividends and distributions received, before special
dividends, decreased by 18,219,000 (47.1%) from
$38,661,000 to $20,442,000. The businesses of
the Group’s largest investment, Event Hospitality &
Entertainment, have been greatly impacted by public health
restrictions to suppress the spread of COVID-19 and no
dividends were received for this investment during the year
to 30 June 2021. The dividends received by the Group
from Event in the 2020 financial year were $16,009,000.
There were also reductions in the dividends received from
most other companies and in particular the banks, AGL,
Perpetual and Sydney Airports. These reductions were
partially offset by an increase in dividends received from
mining companies.
Interest income decreased from $360,000 in the prior to
$50,000 in the year to 30 June 2021, with continuing low
interest rates and less funds held in term deposits. The
weighted average interest rate on term deposits decreased
from 1.88% in the prior year to 0.54%.
A low income tax expense of $49,000 has resulted from the
reversal of a provision for deferred income tax amounting
to $697,000, a previously anticipated liability which is no
longer expected to eventuate. The income tax expense
before this reversal was $746,000.
Administration expenses were $870,000 compared to
$916,000 in the previous year. The management expense
ratio (MER) for the year ended 30 June 2021 has remained
unchanged from the prior year at 0.10%.
Earnings per ordinary share
Basic and diluted earnings were $0.794 per ordinary share
for the year to 30 June 2021 compared to $1.440 per share
for the 2020 financial year.
2
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 Investments
The market value of the equity investment portfolio as
at 30 June 2021 was $1,000,907,000 compared to
$731,517,000 at the prior year end. Short term cash
holdings and term deposits totalled $17,235,000 at 30 June
2021 (2020: $23,581,000).
The Board’s policy is to acquire additional investments in
equities that meet the criteria of providing high levels of
income through predominantly fully franked dividends and
have the potential for long term capital growth. The cost of
equity investments purchased during the year to 30 June
2021 totalled $9,358,000 (2020: $10,554,000). Acquisitions
above $400,000 during the year were:
Outlook
The economic impact of health restriction to contain the
spread of COVID-19, on a number of market sectors,
continues and with the current slow vaccine roll out it
is difficult predict dividend income over the next twelve
months, however it is anticipated that dividend income for
the 2022 financial year will remain well down on the pre-
COVID levels received in the 2020 financial year.
We remain confident, given the quality of the businesses in
the investment portfolio, that those businesses impacted by
COVID-19 restrictions will recover quickly once vaccination
levels increase to required levels and we see an end to
COVID restrictions.
A G RYDGE
Chairman
17 August 2021
Bank of Queensland
Deterra Royalties
Macquarie Group
Tassal Group
Rio Tinto
NEXTDC
IPH
$4,253,000
$1,501,000
$1,000,000
$999,000
$507,000
$503,000
$499,000
In June 2021, Woolworths demerged its drinks and hotel
business, Endeavour Group Limited, and the Group
received shares in this new listed entity, which had a market
value of $906,000 at 30 June 2021.
There was only one investment disposal in the year, with
the Group’s holding in Coca-Cola Amatil being subject to
a takeover offer and was disposed of for consideration of
$6,084,000. Prior year consideration received on disposals
totalled $5,106,000. There were no capital returns received
during the year (2020: $301,000).
Following the COVID-19 pandemic outbreak and a 25% fall
in the market value of the Group’s investments during the
second six months of the prior financial year, we have seen
market values for most of the Group’s investments recover
over the year to 30 June 2021. The market value of the
Group’s investment portfolio, after adjusting for investment
acquisitions and disposals, increased during the year by
$266 million or 36%. The S&P/ASX 200 Index increased
by 24.0% over the financial year. On a total portfolio return
basis (measured by the movement in NTA per share
assuming dividends are reinvested), the return for the twelve
months was 38.9% compared with an increase in the S&P
ASX 200 Accumulation Index over the period of 27.8%.
The Group continues to hold its equity investments for the
long term and does not act as a share trader nor does it
invest in speculative stocks.
3
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
50
45
40
35
30
25
20
15
10
5
0
140
120
100
80
60
40
20
0
$m
TEN YEAR SUMMARY OF NET PROFITS
37.42
35.26
31.58
32.40
41.81
39.67
41.66
45.53
38.12
21.03
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
CPS
FULLY FRANKED DIVIDENDS PER ORDINARY SHARE
7
114
116
121
8
125
111
108
100
92
84
67
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Ordinary dividend
Special dividend
90.0
%
DIVIDENDS PAID AS A PERCENTAGE OF NET PROFIT
76.4
76.6
77.4
76.9
77.3
77.1
75.2
75.1
70.5
84.4
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
85.0
80.0
75.0
70.0
65.0
60.0
4
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
The directors present their report together with the
consolidated financial report of Carlton Investments Limited
(“the Company”) and its controlled entities for the year
ended 30 June 2021 and the auditor’s report thereon.
Mr Murray E Bleach CA, GAICD, BA(Fin), MApFin.
Member of the Institute of Chartered Accountants in
Australia and Graduate of the Australian Institute of
Company Directors.
Directors
The directors of the Company in office at any time during or
since the end of the financial year are:
Mr Alan G Rydge
Chairman of Directors since 1980. Non-Executive director.
Broad experience as a director of various listed and private
entities, formerly Deputy Chairman of Australia Post.
Director (since 1978) and Chairman (since 1980) of Event
Hospitality & Entertainment Limited. Also a director of
Enbeear Pty Limited, Alphoeb Pty Limited, and Aygeear Pty
Limited.
Mr Anthony J Clark AM, FCA, FAICD.
Fellow of the Institute of Chartered Accountants in Australia
and Fellow of the Australian Institute of Company Directors.
Independent Non-Executive Director since 2000.
Chairman of the Nominations and Remuneration Committee
and Chairman of the Audit and Risk Committee (from
December 2014).
Broad experience as a director of listed companies and
previously practised as a Chartered Accountant retiring as a
partner of KPMG in 1998.
Former directorships include Ramsay Health Care Limited,
Telstra Corporation Limited, Amalgamated Holdings Limited
(now known as Event Hospitality & Entertainment Limited)
and Sphere Minerals Limited.
Independent Non-Executive Director since 2014.
Over 40 years’ experience in accounting and financial
services, with extensive experience in infrastructure and
start-up investment. He was previously in charge of
Macquarie Group’s North American operations and was the
CEO of Intoll Group, the Chairman of Suicide Prevention
Australia and a Non-Executive Director and the Chairman
of the Board Investment Committee at IFM Investors for 9
years.
He is Chairman and co-founder of start-up investment
group, AddVenture/Tidal Ventures. Other directorships
include Energy Action Ltd, of which he is Chairman, and
GreenCollar Group.
Company Secretary and Chief Financial Officer
Mr Peter W Horton was appointed Company Secretary
and Chief Financial Officer in October 2011. He practised
as a Chartered Accountant for over 20 years prior to his
retirement as a partner of KPMG in 2001. Immediately
prior to joining the Company, Mr Horton was the Director
of Finance and Accounting for a public company engaged
in the hospitality and leisure industries, a position which he
held for almost 10 years.
Officers who were previously partners of the audit
firm
AJ Clark and PW Horton were officers of the Company
during the year and were previously partners of the current
audit firm, KPMG, at a time when the audit firm undertook
an audit of the Company. The most recent that any of these
officers previously worked with KPMG was more than 19
years ago.
Directors’ meetings
The number of directors’ meetings and meetings of committees of directors held during the year together with the number of
meetings attended by each director during the financial year were:
Name of Director
Directors’ Meetings
Audit and Risk
Committee
Nominations and
Remuneration Committee
No. of meetings held:
No. of meetings attended:
Mr A G Rydge
Mr A J Clark
Mr M E Bleach
6
6
6
6
3
3
3
3
1
1
1
1
5
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
Corporate Governance
For the year ended 30 June 2021, the Board applied where
practicable, the guidelines set out in the 4th Edition of ASX
Corporate Governance Principles and Recommendations
issued by the ASX Corporate Governance Council. The
Company has disclosed its current 2021 Corporate
Governance Statement in the Governance and Policies
section on the Carlton Investments website at:
https://www.carltoninvestments.com.au/AboutUs/
GovernanceandPolicies.aspx
The Group has also lodged the 2021 Corporate
Governance Statement and Appendix 4G with the ASX.
Companies listed on the Australian Securities Exchange
are required, under the ASX Listing Rules, to detail the
principles and recommendations with which they have not
complied and provide reasons as to why they have not
done so. As disclosed in the 2021 Corporate Governance
Statement, the Company complies, to the extent
appropriate for an organisation of its size, with the ASX
Corporate Governance Principles and Recommendations,
with the exception of:
• Recommendation 2.5, as the Chairman is not
considered to be an independent director due to
his related interests in the Company. The remaining
members of the Board do not consider that this in any
way diminishes the effective conduct of the Board’s
functions; and
• Recommendation 3.3, as the Company does not have
a whistleblower policy. Given the size of the Company
and also taking into account compensating procedures
undertaken, the Board does not consider that this
exception impacts on the effectiveness of the Board’s
governance processes.
Principal activities
The principal activity of the Group is the acquisition and
long term holding of shares and units in entities listed on
the Australian Securities Exchange. There have been no
significant changes in the activity of the consolidated entity
during the year under review.
Environmental regulation
The Group’s operations are not subject to any significant
environmental regulations under either Commonwealth or
State legislation.
Events subsequent to balance date
Other than noted elsewhere in this report, there has not
arisen in the interval between the end of the financial year
and the date of this report any item, transaction or event
of a material and unusual nature likely, in the opinion of
the directors of the company, to affect significantly the
operations of the Group, the results of those operations,
or the state of affairs of the Group, in subsequent financial
years.
6
Results and review of operations
The consolidated profit for the year attributable to the
members of Carlton Investments Limited was:
2021
$000
2020
$000
Operating revenue
21,960
40,159
Administration and finance costs
(882)
(928)
Profit before income tax expense
21,078
39,231
Income tax expense
(49)
(1,116)
Net profit for the year
21,029
38,115
Dividends and distributions received, before special
dividends decreased by $18,219,000 from $38,661,000
in 2020 to $20,442,000 in 2021, representing a 47%
decrease. The businesses of the Group’s largest
investment, Event Hospitality & Entertainment (Event),
have been greatly impacted by public health restrictions to
suppress the spread of COVID-19 and no dividends were
received for this investment during the year to 30 June
2021. In the prior year dividends totalling $16,009,000 were
received from Event. There was also a general decrease
in dividends received across most of the Group’s other
investments, with the largest reductions in dividends
received being from the banks, Sydney Airports, AGL and
Perpetual. These decreases in dividends received were
partially offset by the increase in dividends received from
investments in mining companies amounting to $1,768,000.
Interest income totalled only $50,000, compared to
$360,000 in the prior year. The weighted average interest
rate on term deposits decreased from 1.88% in the prior
year to 0.54%. During the financial year, given investment
market uncertainties, a greater proportion of funds were
held in “at call” deposits rather than term deposits.
Administration expenses for the year were $870,000
compared to $916,000 in the prior year. The management
expense ratio (MER) for the year remained at 0.10%.
The low income tax expense for the year of $49,000 has
resulted from the reversal of a provision for deferred income
tax amounting to $697,000, a previously anticipated liability
which is no longer expected to eventuate. The income
tax expense before this reversal was $746,000 (2020:
$1,116,000).
Equity investments purchased during the year to 30 June
2021 totalled $9,358,000 (2020: $10,554,000). Major
additions to the portfolio included Bank of Queensland,
Deterra Royalties, Macquarie Group, Tassal Group, Rio
Tinto, NEXTDC, and IPH. The Group continued to invest
in Australian listed entities that are considered to be well
managed and are anticipated to provide attractive levels
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
of sustainable income through predominantly franked
dividends and also long term capital growth. Details of
investment acquisitions over $400,000 during the year to 30
June 2021 are given in the Chairman’s Report.
The only disposal of an equity investment during the
financial year resulted from the takeover of Coca-Cola
Amatil, with total consideration of $6,084,000 being
received for this disposal (2020: disposals consideration
$5,106,000) . There were no capital returns received during
the year (2020: $301,000).
The investment portfolio held by the Group is valued
at market values. Increments and decrements in the
market value of equity investments are recognised as
other comprehensive income and taken to the revaluation
reserve. In the prior year to 30 June 2020, with the outbreak
of COVID-19, the market value for the Group’s investment
portfolio fell by $219 million or 23% for that year. During the
year to 30 June 2021 we have seen the market values for
most of the Group’s investments increase throughout the
year. The market value of the Group’s investment portfolio,
after adjusting for investment acquisitions and disposals,
increased during the year by $266 million or 36%. The S&P/
ASX 200 Index increased by 24.0% over the financial year.
On a total portfolio return basis (measured by the movement
in NTA per share assuming dividends are reinvested), the
return for the twelve months was 38.9% compared with an
increase in the S&P ASX 200 Accumulation Index over the
period of 27.8%.
With the current market values appearing high in these
uncertain times, the Group will continue to take a cautious
approach in identifying long term investment opportunities.
Dividends
• Paid during the year in respect of the prior financial year:
(i) As proposed in last year’s report, a final ordinary share
dividend of 56 cents per share, fully franked, amounting
to $14,826,000 was paid on 21 September 2020.
(ii) As proposed in last year’s report, a final preference share
dividend of 7 cents per share, fully franked, amounting to
$6,000 was paid on 21 September 2020.
• In respect of the current financial year:
(i) An interim ordinary share dividend of 26
cents per share, fully franked, was declared
and paid on 22 March 2021.
(ii) A final ordinary dividend of 41 cents per
ordinary share in respect of the year ended
30 June 2021 has been declared. The
dividend will be fully franked.
Total ordinary share dividends paid or payable
in respect of the year ended 30 June 2021
(iii) An interim preference share dividend of 7
cents per share, fully franked, was paid on
22 March 2021.
(iv) A final preference share dividend of 7 cents
per share, fully franked, has been declared.
$000
6,883
10,855
17,738
6
6
Total dividends paid or payable in respect of
the year ended 30 June 2021
17,750
In the financial statements preference share dividends are
recorded as a finance cost, refer note 3-4 to the financial
statements.
Outlook and likely developments
As stated in the Chairman’s Report it is anticipated that the
Group’s dividend income, for the 2022 financial year, will
remain well down on pre-COVID levels.
The Board remains confident, given the quality of
the businesses in the investment portfolio, that those
businesses impacted by COVID- 19 restrictions will recover
quickly once vaccination levels increase to those required
and we see an end to COVID restrictions.
The Group will continue to pursue its policy of holding
equity investments on a long term basis and reinvesting
dividends and other income in entities listed on the
Australian Securities Exchange.
7
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
Remuneration Report - Audited
The Company has a Board of three directors and employs two staff, one of whom is the company secretary/ chief financial
officer. The Board reviews the performance of the company secretary / chief financial officer and determines the appropriate
remuneration after having reference to current market rates. Directors’ fees for the non-executive directors (there are no
executive directors) are recommended to the Board each year by the Nominations and Remuneration Committee and,
after reference to current market rates, are based on the nature of each director’s work and responsibilities. Directors do
not receive additional fees for Committee participation. These fees are within the maximum amount of $350,000 that was
approved by the shareholders at the 2014 annual general meeting. Performance evaluation and remuneration reviews are
carried out in May each year, with any remuneration increases being effective from 1 July. No director or the company
secretary/chief financial officer has a service agreement.
Directors and the company secretary/chief financial officer do not receive any remuneration subject to performance
conditions including bonuses or options over shares in the Company. There were no non-monetary benefits given to
directors or the company secretary/chief financial officer. Their only remuneration is by way of fees and salary respectively,
together with superannuation contributions which are paid to defined contribution funds.
Directors’ and officer’s remuneration
Short term base
emolument
Post
employment
superannuation
contributions
Leave
entitlements
movements
Directors
Mr A G Rydge
Mr A J Clark
Mr M E Bleach
2021
2020
2021
2020
2021
2020
2021
2020
Company Secretary/Chief Financial Officer
Mr P W Horton
2021
2020
$
90,411
90,411
79,452
79,452
79,452
79,452
249,315
249,315
170,000
170,000
$
8,589
8,589
7,548
7,548
7,548
7,548
23,685
23,685
25,000
25,000
Total
$
99,000
99,000
87,000
87,000
87,000
87,000
273,000
273,000
$
-
-
-
-
-
-
-
-
7,664
14,948
202,664
209,948
The table below sets out the Group’s performance indices in respect of the current year and the previous four years.
Net profit for year ($000)
21,029
38,115
45,526
41,665
39,666
Dividends cents per ordinary share#
67
111
133*
121
116
2021
2020
2019
2018
2017
$38.53
$30.01
0.10%
$28.50
$22.97
0.10%
$36.68
$31.60
0.09%
$37.09
$33.08
0.09%
$36.65
$31.50
0.08%
Net tangible asset backing before capital gains
tax at 30 June
Share price at 30 June
Management Expense Ratio
# Interim, final and special dividends in respect of year
* 2019 includes a special dividend of 8 cents per share
8
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
Directors’ equity holdings and transactions
The movement during the reporting period in the number of ordinary shares of the Company held, directly, indirectly or
beneficially, by each key management person, their spouses and their personally-related entities is as follows:
Held at
Purchases/(Sales)
Held at
1 July 2020
1 July 2019
2021
2020
30 June 2021
30 June 2020
Mr A G Rydge
16,084,540
16,084,540
Mr A J Clark
Mr M E Bleach
5,000
6,120
5,000
6,120
-
-
-
-
-
-
16,084,540
16,084,540
5,000
6,120
5,000
6,120
The 16,084,540 ordinary shares disclosed above as being held directly, indirectly or beneficially by Mr A G Rydge includes
13,351,639 ordinary shares held by Enbeear Pty Limited representing 50.4% of the Company’s issued ordinary shares.
End of Remuneration Report
Directors’ interests
The relevant interest of each director in the share capital of the Group, as notified by the directors to the Australian Securities
Exchange in accordance with section 205G(1) of the Corporations Act 2001, at the date of this report is as follows:
Shares held in Carlton Investments Limited
Held Directly
Other Relevant Interests
Aggregate Relevant
Interests
Ordinary Shares
Ordinary Shares
Ordinary Shares
2021
2020
2021
2020
2021
2020
1,214,360
1,214,360
14,852,116
14,852,116
16,066,476
16,066,476
5,000
-
5,000
-
-
6,120
-
6,120
5,000
6,120
5,000
6,120
Mr A G Rydge
Mr A J Clark
Mr M E Bleach
None of the directors or entities in which the directors have
a beneficial interest, hold preference shares. Mr Rydge
also has a non-beneficial interest in 37,941 (2020: 37,941)
preference shares by virtue of his directorship of Event
Hospitality & Entertainment Limited.
No options were granted over unissued ordinary shares in
the Company to any officer of the Company during or since
the end of the financial year and at the date of this report
there are no unissued ordinary shares under option.
Indemnification of officers
The Company has agreed to indemnify the current directors
and company secretary of the Company and its controlled
entities for all liabilities to another person (other than the
Company or a related body corporate) that may arise
from their position, except where the liability arises out of
conduct involving a lack of good faith. The agreements
stipulate that the Company will meet the full amount of any
such liabilities, including costs and expenses.
No premium has been paid, or agreed to be paid, for
insurance against a current or former officer’s or auditor’s
liability for legal costs.
Non-audit services
During the year KPMG, the Company’s auditor, has
performed certain other services in addition to its statutory
duties. The Directors are satisfied that:
(a) the non-audit services provided during the financial
year by KPMG as the external auditor were compatible
with the general standard of independence for auditors
imposed by the Corporations Act 2001; and
(b) any non-audit services provided during the financial year
by KPMG as the external auditor did not compromise
the auditor independence requirements of the
Corporations Act 2001 for the following reasons:
(i)
the nature and scope of any non-audit service
provided is reviewed and approved by the Audit and
Risk Committee to ensure that they do not adversely
affect the integrity and objectivity of the auditor; and
(ii) the amount of non-audit fees paid to KPMG
in comparison to the amount of audit fees are
considered to be significantly within an appropriate
threshold to maintain auditor independence.
9
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 directors’ report
FOR THE YEAR ENDED 30 JUNE 2021
Non-audit services (continued)
Details of amounts paid to KPMG for audit and non-audit
services provided during the year are:
Statutory Audit
- Audit and review of financial reports
Services other than statutory audit
- Taxation compliance services
2021
$
2020
$
63,089
63,089
14,190
77,279
30,800
93,889
Lead auditor’s independence declaration
A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is included
after the financial statements.
Parent entity financial statements
The Group has applied amendments to the Corporations Act (2001) that remove the requirement for the Group to lodge
parent entity financial statements. Parent entity financial statements have been replaced by the specific parent entity
disclosures detailed in note 6-6 to the consolidated entity’s financial statements.
Rounding off
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191
and in accordance with that legislative instrument amounts in the financial report and Directors’ Report have been rounded
off to the nearest thousand dollars, unless otherwise stated.
Signed in accordance with a resolution of the Directors at Sydney on 17 August 2021.
A G RYDGE
Director
A J CLARK AM
Director
10
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 consolidated income statement
FOR THE YEAR ENDED 30 JUNE 2021
Dividends and distributions received
2-3
21,794
39,799
Note
2021
$000
2020
$000
Interest income
Other income
Operating revenue
Administration expenses
Finance costs
Profit before income tax expense
Income tax expense
Profit for the year
50
116
360
-
21,960
40,159
(870)
(12)
(916)
(12)
21,078
39,231
(49)
(1,116)
21,029
38,115
2-4
3-4
2-5
Basic and diluted earnings per ordinary share
2-1
$0.794
$1.440
The consolidated income statement is to be read in conjunction with the notes to the financial statements set out on pages
16 to 29.
11
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
consolidated statement of comprehensive income
FOR THE YEAR ENDED 30 JUNE 2021
Net profit for the year
Other comprehensive income:
Items that will not be reclassified to the income statement in the future:
2021
$000
2020
$000
21,029
38,115
Increase/(decrease) in fair value of investments
266,116
(219,076)
Decrease/(increase) in deferred tax liability relating to change in fair value of investments
(70,947)
56,970
Total other comprehensive income/(loss)
Total comprehensive income/(loss) for the year
195,169
(162,106)
216,198
(123,991)
The consolidated statement of comprehensive income is to be read in conjunction with the notes to the financial statements
set out on pages 16 to 29.
12
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 consolidated statement of financial position
AS AT 30 JUNE 2021
CURRENT ASSETS
Cash
Receivables
Investments - term deposits
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Investments - equities
Deferred tax assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Payables
Current tax liabilities
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities
Other financial liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Share capital
Revaluation reserve
Retained profits
TOTAL EQUITY
Note
2021
$000
2020
$000
6-1
3-2
3-1
3-1
2-5
3-3
2-5
2-5
3-4
4-1
4-1
11,235
2,602
6,000
19,837
21,581
1,219
2,000
24,800
1,000,907
731,517
26
22
1,000,933
731,539
1,020,770
756,339
132
392
524
119
778
897
173,076
102,761
166
166
173,242
102,927
173,766
103,824
847,004
652,515
20,146
20,146
458,687
263,518
368,171
368,851
847,004
652,515
The consolidated statement of financial position is to be read in conjunction with the notes to the financial statements set out
on pages 16 to 29.
13
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 consolidated statement of changes in equity
FOR THE YEAR ENDED 30 JUNE 2021
Year to 30 June 2021
Equity as at 30 June 2020
On Market share buy-back
Dividends paid
Profit for the year
Other comprehensive income:-
Increase in fair value of investments
Decrease in deferred tax liability relating to
change in fair value of investments
Other comprehensive income
Total comprehensive income/(loss)
Total equity as at 30 June 2021
Year to 30 June 2020
Equity as at 30 June 2019
On Market share buy-back
Dividends paid
Profit for the year
Other comprehensive income:-
Decrease in fair value of investments
Decrease in deferred tax liability relating to
change in fair value of investments
Other comprehensive (loss)
Total comprehensive income/(loss)
Share
capital
$000
Revaluation
reserve
$000
Retained
earnings
$000
Total
$000
20,146
263,518
368,851
652,515
-
-
-
-
20,146
263,518
-
-
-
-
-
20,146
Share
capital
$000
-
266,116
(70,947)
195,169
195,169
458,687
Revaluation
reserve
$000
20,146
425,624
-
-
-
-
20,146
425,624
-
-
-
-
-
-
(219,076)
56,970
(162,106)
(162,106)
263,518
-
(21,709)
347,142
21,029
-
-
-
21,029
368,171
Retained
earnings
$000
365,947
-
(35,211)
330,736
38,115
-
-
-
38,115
368,851
-
(21,709)
630,806
21,029
266,116
(70,947)
195,169
216,198
847,004
Total
$000
811,717
-
(35,211)
776,506
38,115
(219,076)
56,970
(162,106)
(123,991)
652,515
Total equity as at 30 June 2020
20,146
The consolidated statement of changes in equity is to be read in conjunction with the notes to the financial statements set
out on pages 16 to 29.
14
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
consolidated statement of cash flows
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends and distributions received
20,395
42,199
Note
2021
$000
2020
$000
Interest received
Other income
Cash paid for operating expenses
Income tax paid
Income tax refunds
66
116
(857)
(1,092)
21
387
-
(892)
(981)
27
NET CASH PROVIDED BY OPERATING ACTIVITIES
6-1
18,649
40,740
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from capital returns and disposal of investments
Payments for acquisition of investments
Term deposits (increase)/reduction
6,084
5,407
(9,358)
(10,554)
(4,000)
18,900
NET CASH FROM/(USED IN) INVESTING ACTIVITIES
(7,274)
13,753
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid
Finance costs
NET CASH USED IN FINANCING ACTIVITIES
Net increase/(decrease) in cash held
CASH AT BEGINNING OF FINANCIAL YEAR
(21,709)
(35,211)
(12)
(12)
(21,721)
(35,223)
(10,346)
19,270
21,581
2,311
CASH AT END OF FINANCIAL YEAR
6-1
11,235
21,581
The consolidated statement of cash flows is to be read in conjunction with the notes to the financial statements set out on
pages 16 to 29.
15
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 SECTION 1 – BASIS OF PREPARATION
(e) New and Revised Accounting Standards
1-1 Reporting Entity
Carlton Investments Limited (The Company) is a company
domiciled in Australia. The address of the Company’s
registered office is Level 15, 478 George Street, Sydney,
NSW. The consolidated financial report of the Company
as at and for the year ended 30 June 2021 comprises the
Company and its subsidiaries (collectively referred to as
the “Group”). The Group is a for-profit entity and operates
predominately in the acquisition and long term holding of
shares and units in entities listed on the Australian Securities
Exchange and solely within Australia.
The consolidated financial statements were authorised for
issue by the Board of Directors on 17 August 2021.
A number of new accounting standards and interpretations
became mandatory for the current financial year ended
30 June 2021. These new accounting standards and
interpretations have not had a material effect on the
Group’s consolidated financial statements.
There are also a number of new accounting standards,
amendments to accounting standards and interpretations,
which are not yet mandatory, which have not been adopted
in preparing these consolidated financial statements. From
an initial assessment, it is not expected that these new
and amended accounting standards and interpretations
will have a significant effect on the consolidated financial
statements of the Group when they are adopted.
1-2 Basis of preparation
(a) Statement of compliance
The consolidated financial statements are general
purpose financial statements which have 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 statements also comply with International Financial
Reporting Standards (IFRSs) and interpretations adopted by
the International Accounting Standards Board (IASB).
(b) Basis of measurement
The consolidated financial statements have been prepared
on the historical cost basis except that investments in
equities have been stated at their market values at balance
date.
(c) Functional currency and presentation
These consolidated financial statements are presented in
Australian dollars which is the Group’s functional currency.
The ASIC Corporations (rounding in Financial/Directors’
Reports) Instrument 2016/191 is applicable to the Group
and therefore the amounts in the financial report and
Directors’ Report have been rounded off to the nearest
thousand dollars, unless otherwise stated.
(d) Changes in accounting policies
The accounting policies adopted by the Group are
consistent with those adopted during the previous
corresponding financial year.
16
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 SECTION 2 – EARNINGS AND COSTS
2-1 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary
shares outstanding during the period. Diluted EPS is the same as basic EPS as there are no dilutive potential ordinary shares
on issue by the Company.
Basic and diluted earnings per ordinary share
Reconciliation of earnings used in the calculation of earnings per share:
Profit as per the consolidated statement of profit
2021
$0.794
$000
21,029
Number
2020
$1.440
$000
38,115
Number
Weighted average number of ordinary shares used in the calculation of basic
and diluted earnings per share
26,474,675
26,474,675
2-2 Timing of recognition of income
Revenues from dividends and trust distributions are recognised in the profit or loss when the right to receive payment is
established, which is the date that the investment trades “ex-dividend”. Interest income comprising interest on short term
deposits is recognised as it accrues.
2-3 Dividends and distributions received
Note
2021
$000
2020
$000
Dividends and distributions received
Dividends and distributions received from
listed entities:
Dividends – ordinary
Dividends – special
Distributions from trusts
Dividends from:
Investments held at year end
Investments disposed of during the year
2-4 Administration expenses
Directors’ fees and employee remuneration
Auditor’s remuneration
Rent and office service charges
Other administration costs
2-5 Income tax
Accounting policy
19,610
1,352
832
21,794
21,671
123
21,794
551
77
24
218
870
37,501
1,138
1,160
39,799
39,799
-
39,799
558
94
22
242
916
6-5
Income tax expense comprises current and deferred tax. Current or deferred income tax is recognised in the profit or loss for
the year except to the extent that it relates to items recognised through other comprehensive income, when it is recognised
into the revaluation reserve or directly in equity.
Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
17
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 2-5 Income tax (continued)
Deferred tax, being predominantly capital gains tax, is provided using the balance sheet liability method, providing for
temporary differences between the carrying amounts of assets for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets, using tax rates enacted or substantially enacted at the balance date. Deferred tax assets are
reviewed at each reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
Income tax expense
Prima facie income tax expense calculated at 30%
(2020: 30%) on operating profit
Increase/(decrease) in income tax expense due to:
Imputation gross up on dividends received
Franking credits on dividends received
Difference in timing of recognition of franked dividends receivable
Other adjustments
Over provision in previous year
Reversal of prior year deferred income tax provision no longer required
Income tax expense
Income tax expense in the statement of profit or loss comprises:
Current income tax expense
Over provision current income tax prior year
Deferred income tax expense adjustments
Current tax liability
Balance at beginning of year
Income tax paid
Current year's income tax provision
Over provision in previous year
Balance at end of year
Deferred tax liability
Balance at beginning of year
Increase/(decrease) in deferred tax liability on change in market value of investments
recognised directly in equity
Origination and reversal of timing differences
Balance at end of year
Represented by:
Capital gains tax on unrealised investment gains
Temporary differences on timing of recognition of dividend and distribution income
Deferred tax asset
Balance at beginning of year
Origination and reversal of temporary differences
Balance at end of year
Represented by:
Temporary differences - employee entitlements accrued
18
2021
$000
2020
$000
6,323
11,769
2,135
(7,117)
(414)
(95)
(86)
746
(697)
49
832
(86)
(697)
49
778
(1,071)
741
(56)
392
4,872
(16,241)
595
194
(73)
1,116
-
1,116
1,014
(73)
175
1,116
476
(954)
1,313
(57)
778
102,761
159,865
70,947
(632)
173,076
173,011
65
173,076
22
4
26
26
(57,369)
265
102,761
102,027
734
102,761
16
6
22
22
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 SECTION 3 – ASSETS AND LIABILITIES
3-1 Investments
Current
Term deposits
Note
2021
$000
2020
$000
6,000
2,000
Term deposits are carried at cost. They have been placed with major financial institutions and at 30 June 2021 had maturity
periods of 49 to 78 days (2020: 50 days) with interest rates of 0.30% to 0.32% (2020: 1.50%). The weighted average
effective interest rate on term deposits for the year ended 30 June 2021 was 0.54% (2020: 1.88%). Credit risk represents
the loss that would be recognised if counterparties failed to perform as contracted. Credit risk on term deposits is minimised
as deposits are only made with major Australian financial institutions with acceptable credit ratings determined by a
recognised rating agency.
Non-Current
Investments and equities
Shares and units held in listed entities - at fair value
6-10
1,000,907
731,517
Shares and units in listed entities are valued continuously at fair value. Inputs used to determine fair value are the unadjusted
last-sale price, last-bid price and last-sell price quoted on the Australian Securities Exchange at balance date. Fair value
is determined at a value within the quoted bid/sell price spread with most investments being valued at the quoted last-
sale price. As the inputs used to determine the fair value of shares and units in listed entities are prices quoted in an
active market, being the Australian Securities Exchange, values are categorised within Level 1 of the fair value hierarchy of
measurement under Accounting Standards AASB 13.
Any change in fair value of shares and units in listed entities is recognised, through the Statement of Comprehensive Income,
directly in equity.
During the year to 30 June 2021 investments were acquired for consideration of $9,358,000 (2020: $10,554,000).
Proceeds from disposal of investments in the year to 30 June 2021 totalled $6,084,000 (2020: $5,106,000). There were no
proceeds from capital returns during the year to 30 June 2021 (2020: $301,000).The prior year market value for the Group’s
investment portfolio was following a rapid fall in market values in the second six months to 30 June 2020, with the outbreak
of the COVID-19 pandemic impacting on the global and Australian investment markets. During the twelve months to 30 June
2021, we has seen market values for most of the group’s investments recover, with the Group’s portfolio market value, after
adjusting for investment acquisitions and disposals, increasing by 36.2%.
The group is not directly exposed to interest or currency risk through its equity investments.
The only individual, material investment in a listed equity, that is neither a subsidiary nor an interest in an associate or joint
venture accounted for using the equity method, is:
Name
Principal Activities
Ownership
Carrying Amount
Dividends Received
2021
%
2020
%
2021
$000
2020
$000
2021
$000
2002
$000
Event Hospitality
& Entertainment
Limited
Entertainment,
hospitality, tourism
and leisure
19.1
19.1
389,144
258,916
-
16,009
19
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 3-2 Receivables
Current
Dividends and interest receivable
3-3 Payables
Current
Other creditors and accruals
The consolidated entity’s exposure to liquidity risk related to creditors is disclosed in note 5-2.
3-4 Other financial liabilities
Non-Current
Cumulative preference shares
2021
$000
2020
$000
2,602
1,219
132
119
166
166
82,978 (2020: 82,978) 7% cumulative preference shares fully paid
Holders of preference shares are entitled to receive a fixed cumulative preferential dividend at the rate of 7% per annum on
capital paid up of $2 per existing preference share. In the event of a winding up of the Company, preference shareholders
are entitled to the capital and all arrears of dividends up to the date of the commencement of the winding up paid off in
priority to any payment of capital on the ordinary shares. Holders of preference shares may attend and speak at general
meetings but do not have a right to vote except where at the date of the meeting any dividend or part of a dividend is in
arrears or on matters which directly or indirectly affect the rights attaching to the preference shares. The preference shares
when issued were not classified as redeemable.
Dividends on these preference shares are recorded as a finance cost for accounting purposes.
Final dividend (7 cents per preference share paid on 21 September 2020)
Interim dividend (7 cents per preference share paid on 22 March 2021)
Dividends paid were franked at a tax rate of 30%.
6
6
12
6
6
12
20
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021
SECTION 4 – SHARE CAPITAL, RESERVES AND DIVIDENDS PAID
4-1 Share capital and reserves
Issued and paid up capital
26,474,675 (2020: 26,474,675) ordinary shares fully paid
20,146
20,146
2021
$000
2020
$000
Movements in ordinary share capital
Balance at the beginning of the financial year
On market share buy-back – nil
Balance at the end of the financial year
20,146
-
20,146
20,146
-
20,146
On 14 November 2001 the Company announced an On Market Buy Back of up to 2,500,000 of the Company’s ordinary
shares. This Buy-Back has been extended until 28 November 2021. There were no shares bought back during the year
ended 30 June 2021 (2020: Nil). At 30 June 2021 the cumulative number of shares bought back since 14 November 2001 is
806,612 at a cost of $10,700,000.
The Company does not have authorised capital or par value in respect of its issued shares. All issued shares are fully paid.
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
ordinary share at shareholders’ meetings. In the event of a winding up of the Company, ordinary shareholders rank after
preference shareholders and creditors and are fully entitled to any proceeds of liquidation.
Revaluation reserve
Revaluation reserve
458,687
263,518
The revaluation reserve comprises the cumulative change in the fair value of equity investments net of the estimated capital
gains tax relating thereto.
4-2 Dividends
The following dividends were declared and paid by the Company:
Declared and paid during the year
2020
Final – ordinary share
2021
Interim – ordinary share
Total
Cents
per share
Total amount
$000
Franked/
unfranked
Date of payment
56.0
14,826
Franked
21 September 2020
26.0
6,883
21,709
Franked
22 March 2021
Franked dividends declared or paid during the year were franked at the tax rate of 30%.
Declared after the end of the financial year:
Final – ordinary share
41.0
10,855
Franked
20 September 2021
The financial effect of the final dividend has not been brought to account in the financial statements for the year ended 30
June 2021 and will be recognised in subsequent financial reports.
21
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021
4-2 Dividends (continued)
Dividend franking account
30% franking credits available to shareholders of Carlton Investments
Limited for subsequent financial years
2021
$000
2020
$000
65,581
68,772
The above available amount is based on the balance of the dividend franking account at year-end adjusted for franking
credits that will arise from the payment of the current tax liability.
In addition to the above amount, there are franking credits available in subsidiary entities at 30 June 2021 totalling
$6,897,000 (2020: $7,673,000).
The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare dividends. The
impact on the dividend franking account of dividends proposed after the balance date but not recognised as a liability is to
reduce it by $4,654,000 (2020: $6,356,000).
4-3 Capital management
The Board manages the Group’s capital base so as to maintain investors’ value, market confidence and to sustain future
growth of the business. In addition to endeavouring to achieve an increase in the value of capital invested by ordinary
shareholders, the Board aims to be able to pay dividends which can be increased over future years. The actual level of
dividends payable is dependent upon the level of income the Group receives from its investments. Capital management
initiatives undertaken when appropriate from time to time include a share purchase plan, a dividend reinvestment plan and
on market share buy-backs. The Group’s capital consists of total shareholders’ equity. Changes in the capital base are
shown in the Consolidated Statement of Changes in Equity.
SECTION 5 – RISK
5-1 Critical accounting estimates and judgements
The preparation of the financial report requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and reported amounts of assets and liabilities, income and expenses. Actual results may
differ from these estimates.
A deferred tax liability has been recognised, in accordance with the requirements of Accounting Standards, in respect of
Capital Gains Tax calculated on the unrealised gains applicable to listed equity investments. It is the intention of Group
entities to hold these investments for the long term and not to dispose of them. Accordingly, the deferred tax liability may
not be realised at the amount disclosed in the financial statements and may also be affected by subsequent changes in tax
legislation in regard to capital gains.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
5-2 Financial risk management
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework.
Risk management policies are established 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 policies and systems are reviewed regularly to
reflect changes in market conditions and the Group’s activities. The risks associated with the Group’s assets fall into three
categories, namely, credit risk, liquidity risk and market risk. Market risk includes interest rate risk, currency risk and other
price risk. The Group is not currently materially exposed to interest rate risk as its cash and term deposits are short term and
for a fixed interest rate. There is no material direct exposure to currency risk as almost all financial assets and liabilities are
denominated in Australian dollars.
Credit risk
Credit risk is the risk of financial loss to the Group if a counter-party to a financial instrument fails to meet its contractual
obligations and arises principally from the Group’s receivables from investment securities and term deposits. For the
Company it arises from receivables due from subsidiaries. The credit risk with respect to term deposits is referred to in note
3-1. None of these assets are considered to be impaired.
22
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 5-2 Financial risk management (continued)
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another asset.
The only financial liabilities the Group has are for tax payable from time to time to the Australian Taxation Office,
administration cost payables and payables for the purchases of investments. Cash flow forecasts are prepared on a
monthly basis allowing for dividends and interest to be received, movements in term deposits, investments to be purchased,
dividends to be paid and other outgoings. If the level of dividends or interest to be received were to reduce significantly the
Group can reduce its planned acquisition of investments so that adequate liquid funds are available to meet any liabilities.
Investments in listed entities could readily be sold on the Australian Securities Exchange to generate required funds.
Market risk
Market risk is the risk that changes in market prices, such as interest rates and equity prices will affect the Group’s income
or the value of its holdings of financial instruments. The objective of market risk management is to manage and control
market risk exposures within acceptable parameters, while optimising the return.
As the Group invests in equities listed on the Australian Securities Exchange there will always be a market risk as the price of
the equities is subject to fluctuation. Equity investments represent 98.0% of total assets at 30 June 2021 (2020: 96.7%). If
the market prices applicable to the listed equity portfolio were to fall by 5% or 10%, and if this fall was spread equally over all
assets in the portfolio at 30 June 2021, total equity represented by share capital, reserves and retained profits would reduce
by $37,295,000 and $69,078,000 respectively after tax.
A major part of the Group’s income consists of dividends and distributions received from its investments. The level of these
dividends and distributions fluctuates depending on the profits earned by the entities in which investments are held. There
is a risk that in downturns in the economy the level of these profits will fall and consequently may affect dividends and
distributions received.
The portfolio of listed equity investments is spread over a number of market sectors so as to reduce the market risk of a
major fall in a particular sector. Details of investments held and the relevant market sectors are included in note 6-10.
SECTION 6 – OTHER INFORMATION
6-1 Cash flow information
(i) Reconciliation of cash
For the purposes of the Statements of Cash Flows, cash comprises of cash on hand and call bank deposits with original
maturities of three months or less. Cash at the end of the financial year as shown on the Statements of Cash Flows is
reconciled to the items in the consolidated statement of financial position as follows:
Cash
(ii) Reconciliation of profit after income tax to net cash provided by operating activities
Profit for the year as per the consolidated statement of profit or loss
Finance costs
Net cash provided by operating activities before changes in assets and liabilities
(Decrease)/increase in current tax payable
(Decrease)/increase in deferred income tax
Increase/(decrease) in other creditors and provisions
(Increase)/decrease in receivables
Net cash provided by operating activities
2021
$000
11,235
21,029
12
21,041
(385)
(637)
13
(1,383)
18,649
2020
$000
21,581
38,115
12
38,127
268
(106)
24
2,427
40,740
23
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 6-2 Related parties
(a) Key management personnel compensation
Directors and the company secretary / chief financial officer do not receive any bonuses, non-cash benefits or the granting
of options over shares in the Company. Their only remuneration is by way of fees and salary respectively, together with the
Superannuation Guarantee levy.
The key management personnel compensation comprised:
Short-term:
- Base emolument
- Leave entitlements movements
Post-employment:
- Superannuation relating to base emoluments
2021
$
2020
$
419,315
7,664
48,685
475,664
419,315
14,948
48,685
482,948
Apart from details disclosed in this note, no director has entered into a material contract with the Company or the Group
since the end of the previous financial year, and there were no material contracts involving directors’ interests existing at
30 June 2021.
(b) Other related party transactions in respect of the Company
Investments in controlled entities
Class of Share
Interest Held
Controlled Entities
Carlton Hotel Limited
Carlton Hotel Limited
Eneber Investment Company Limited
The Manly Hotels Pty Limited
Amounts receivable from controlled entities
Inter-Company loans receivable
Non-Current
Preference
Ordinary
Ordinary
Ordinary
2021
%
100
100
100
100
The Company
2021
$000
2020
%
100
100
100
100
2020
$000
227,990
219,715
The amounts due to the Company are non-interest bearing and are at call. Receipt of payment is not expected within
twelve months and therefore the balance due is disclosed as non-current in the parent entity disclosure in note 6-6. Carlton
Investments Limited has undertaken not to require repayment of all or part of the amounts owing to it by the controlled
entities before 31 July 2025 if repayment would result in the controlled entities not having sufficient funds to pay their other
debts as and when they fall due.
Rent of premises
Rent and office service charges totalling $23,870 (2020: $21,675) were paid to an entity which is controlled by a listed
public company of which a director of the Company is also a director. Rent and office service charges are paid monthly at
commercial rates.
24
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 6-2 Related parties (continued)
Management fees
The Company provided accounting, administrative and other services during the year to its controlled entities for a
management fee of $954,000 (2020: $1,004,000). The management fees are determined using costs incurred by the
Company, plus a mark-up of 10%, and are apportioned between each controlled based upon investment portfolio market
values. These management fees eliminate on group consolidation.
Transactions eliminated on consolidation
The balances and effects of transactions between controlled entities have been eliminated in the consolidated financial
statements.
6-3 Financing facilities
The Company has not negotiated any financing facilities.
6-4 Investment transactions
The total number of transactions in securities that occurred during the financial year was 17 (2020: 18). The total brokerage
paid on these transactions was $15,354 (2020: $30,670).
6-5 Auditor’s remuneration
Amounts paid or due and payable for:
Audit services: KPMG
Audit and review of financial reports
Other services: KPMG
Taxation services - Compliance
2021
$
2020
$
63,089
63,089
14,190
77,279
30,800
93,889
6-6 Parent entity disclosures
As at, and throughout, the financial year ended 30 June 2021 the immediate parent entity of the Group was Carlton
Investments Limited.
Result of Parent Entity
Profit for the year
Other comprehensive income
Total comprehensive income for the year
Financial position of parent entity at year end
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Total equity of parent entity comprising of:
Share capital
Retained profits
Total equity
2021
$000
2020
$000
20,078
-
20,078
11,235
244,726
167
333
34,630
-
34,630
21,581
246,793
603
769
244,393
246,024
20,146
224,247
244,393
20,146
225,878
246,024
25
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021
6-7 Operating segments
The Group operates only in Australia, investing predominantly in Australian listed securities and has no reportable segments.
6-8 Deed of cross guarantee
Pursuant to ASIC Class Order 98/1418 (as amended) dated 13 August 1998, the wholly-owned controlled entities named
below are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports
and directors’ reports.
It is a condition of the Class Order that the Company and each of the controlled entities enter into a Deed of Cross
Guarantee. The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event
of winding up of any of the controlled entities under certain provisions of the Corporations Act 2001. If a winding up occurs
under other provisions of the Act, the Company will only be liable in the event that after six months any creditor has not been
paid in full. The controlled entities have also given similar guarantees in the event that the Company is wound up.
The controlled entities subject to the Deed are Carlton Hotel Limited, The Manly Hotels Pty Limited and Eneber Investment
Company Limited. There are no controlled entities that are not party to the Deed.
The consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement
of financial position, comprising the Company and controlled entities which are party to the Deed, after eliminating all
transactions between those entities at 30 June 2021, are set out on pages 11, 12 and 13 of the financial statements.
6-9 Events subsequent to reporting date
For final dividends declared after 30 June 2021 refer note 4-2.
26
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 6-10 Investments in listed equities valued at fair value through other comprehensive
income
SECTOR
CONSUMER DISCRETIONARY
Media
Event Hospitality & Entertainment Ltd
Seven West Media Ltd
Nine Entertainment Co Holdings Ltd
HT & E Limited
NZME Limited
Consumer Services
Tabcorp Holdings Ltd
The Star Entertainment Group Limited
G8 Education Limited
Ardent Leisure Group Limited
Crown Resorts Limited
FINANCIALS
Banks
National Australia Bank Limited
Commonwealth Bank of Australia Ltd
Westpac Banking Corporation Limited
ANZ Banking Group Limited
Bank of Queensland Limited
Bendigo & Adelaide Bank Limited
Virgin Money UK plc
Capital Markets
Perpetual Limited
Multi-Sector Holdings
Gowing Bros Limited
Insurance
Suncorp Group Limited
Medibank Private Limited
AMP Limited
Diversified Financial Services
Macquarie Group Limited
ASX Limited
Milton Corporation Limited
WAM Capital Limited
Australian United Investments Limited
Australian Foundation Co. Limited
Pendal Group Limited
Challenger Limited
Argo Investments Limited
Real Estate Management & Development
Lend Lease Corporation Ltd
Real Estate Investment Trusts (REITS)
Mirvac Group
Cromwell Property Group
Stockland
2021
2020
No of shares
or units
$000
% No of shares
or units
$000
%
30,786,687
1,040,000
72,540
41,027
29,630
776,541
369,000
361,000
386,224
48,804
389,144
484
211
70
21
389,930 38.96
30,786,687
1,040,000
72,540
41,027
29,630
4,023
1,362
363
379
581
6,708
0.67
776,541
369,000
361,000
386,224
48,804
258,916
95
100
49
7
259,167 35.43
2,625
1,048
319
151
472
4,615
0.63
396,638 39.63
263,782 36.06
2,201,067
573,183
1,784,093
1,004,298
2,010,338
1,117,147
549,206
57,712
57,243
46,047
28,271
18,314
11,719
2,021
2,201,067
573,183
1,784,093
1,004,298
1,431,667
1,117,147
549,206
40,103
39,790
32,024
18,720
8,833
7,831
909
221,327 22.12
148,210 20.26
424,964
17,020
1.70
423,973
12,579
1.72
4,701,144
11,001
1.10
4,701,144
6,817
0.93
194,459
185,000
170,000
29,905
55,916
599,060
1,322,000
210,938
245,167
74,364
60,451
18,118
2,160
585
191
2,936
4,678
4,345
3,774
2,895
2,143
1,917
599
327
162
20,840
0.29
2.08
194,459
185,000
170,000
23,270
55,916
599,060
1,322,000
210,938
245,167
69,952
60,451
18,118
1,795
553
315
2,663
2,760
4,774
2,450
2,406
1,698
1,493
418
267
130
16,396
0.37
2.24
498,039
5,708
0.57
498,039
6,161
0.84
426,575
1,302,253
96,053
1,245
1,139
448
2,832
0.28
281,664 28.14
426,575
1,302,253
96,053
926
1,172
318
2,416
0.33
195,242 26.69
27
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 6-10 Investments in listed equities valued at fair value through other comprehensive
income (continued)
SECTOR
MATERIALS
Diversified Metals & Mining
BHP Group Limited
Fortescue Metals Group Limited
Rio Tinto Limited
South32 Limited
Deterra Royalties Limited
Iluka Resources Limited
Steel
Bluescope Steel Limited
Sims Metal Management Limited
Gold
Newcrest Mining Limited
Chemicals
Orica Limited
Construction Materials
James Hardie Industries plc
Boral Limited
Fletcher Building Limited
CSR Limited
Adbri Limited
Containers & Packaging
Amcor plc
Orora Limited
CONSUMER STAPLES
Food, Beverage & Tobacco
Treasury Wine Estates Limited
Inghams Group Limited
Tassal Group Limited
Graincorp Limited
United Malt Group Limited
Coca-Cola Amatil Limited
Food & Staples Retailing
Wesfarmers Limited
Coles Group Limited
Woolworths Limited
Endeavour Group Limited
Household & Personal Products
Blackmores Limited
2021
2020
No of shares
or units
$000
% No of shares
or units
$000
%
884,146
938,000
160,860
800,446
502,308
164,057
471,711
100,000
42,943
21,893
20,371
2,345
2,260
1,501
91,313
10,359
1,660
12,019
9.12
1.20
884,146
938,000
156,760
800,446
-
164,057
471,711
100,000
31,670
12,991
15,356
1,633
-
1,401
63,051
5,514
793
6,307
8.62
0.86
8,508
215
0.02
8,508
268
0.04
541,764
7,195
0.72
541,764
9,015
1.23
625,362
1,163,826
298,415
235,000
280,000
853,133
1,258,507
274,795
280,000
270,000
112,000
112,000
-
609,410
609,410
144,000
144,000
17,000
28,310
8,554
2,101
1,354
972
41,291
4.13
12,908
4,191
17,099
1.71
169,132 16.90
3,210
1,114
967
578
502
-
6,371
36,016
10,415
5,491
906
52,828
0.64
5.28
1,249
60,448
0.12
6.04
11,304
5,829
5,139
2,821
25,093
2.51
625,362
1,163,826
298,415
235,000
280,000
853,133
1,258,507
274,795
280,000
-
112,000
112,000
456,761
609,410
609,410
144,000
-
17,000
1,594,352
262,428
1,139,489
100,000
17,210
4,411
1,030
865
890
24,406
3.34
12,353
3,197
15,550
2.12
118,597 16.21
2,880
896
-
461
460
3,956
8,653
27,320
10,464
5,368
-
43,152
1.18
5.90
1,325
53,130
0.18
7.26
8,450
5,682
6,654
2,932
23,718
3.24
ENERGY
Oil, Gas & Consumable Fuels
Santos Limited
Woodside Petroleum Limited
Origin Energy Limited
Ampol Limited (formerly Caltex Australia Limited)
1,594,352
262,428
1,139,489
100,000
28
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 6-10 Investments in listed equities valued at fair value through other comprehensive
income (continued)
SECTOR
UTILITIES
Gas Utilities
APA Group
Multi-Utilities
AGL Energy Limited
INFORMATION TECHNOLOGY
Software & Services
Computershare Limited
Link Administration Holdings Limited
NextDC Limited
Domain Holdings Australia Limited
TELECOMMUNICATION SERVICES
Telecommunication Services
Telstra Corporation Limited
INDUSTRIALS
Capital Goods
Seven Group Holdings Limited
CIMIC Group Limited
Commercial & Professional Services
IPH Limited
Brambles Limited
Ovato Limited
Left Field Printing Group Limited
Transportation
Sydney Airport Limited
Transurban Group
Atlas Arteria
HEALTH CARE
Health Care Equipment & Services
Ansell Limited
Sonic Healthcare Limited
Healius Limited
Estia Health Limited
Japara Healthcare Limited
Regis Healthcare Ltd
2021
2020
No of shares
or units
$000
% No of shares
or units
$000
%
959,991
8,544
0.86
959,991
10,685
1.46
1,627,757
13,348
21,892
1.33
2.19
1,627,757
27,753
38,438
3.80
5.26
22,273
207,000
40,500
20,000
376
1,043
480
103
2,002
0.20
20,000
207,000
-
20,000
265
849
-
67
1,181
0.16
4,333,600
16,294
1.63
4,333,600
13,564
1.86
100,000
60,765
222,500
45,758
1,193,000
9,072
632,029
179,635
131,776
222,854
82,370
303,945
160,000
240,000
113,000
2,035
1,202
3,237
1,736
524
4
1
2,265
3,659
2,556
839
7,054
12,556
9,696
3,163
1,407
395
307
220
15,188
0.32
0.22
0.70
1.24
1.52
100,000
60,765
141,000
45,758
100,000
9,072
632,029
179,635
131,776
222,854
82,370
303,945
160,000
240,000
113,000
1,718
1,466
3,184
1,052
497
1
1
1,551
3,584
2,538
872
6,994
11,729
8,179
2,507
927
246
118
159
12,136
0.44
0.21
0.95
1.60
1.66
TOTAL
1,000,907 100.00
731,517 100.00
29
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021notes to the consolidated financial statementsFOR THE YEAR ENDED 30 JUNE 2021 declarations
DIRECTORS’ DECLARATION
1. In the opinion of the Directors of Carlton Investments Limited (“the Company”):
(a)
the consolidated financial statements and notes that are set out on pages 11 to 29, and the Remuneration Report
on pages 8 to 9, are in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its performance for the
financial year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001;
(b)
(c)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable;
there are reasonable grounds to believe that the Company and the Group entities identified in note 6-2 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 Class Order 98/1418.
2. The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief
financial officer for the financial year ended 30 June 2021.
3. The directors draw attention to note 1-2 to the consolidated financial statements, which include a statement of
compliance with International Financial Reporting Standards.
Signed in accordance with a resolution of the Directors
A G RYDGE
Director
A J CLARK AM
Director
Dated at Sydney 17 August 2021
30
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
declarations
LEAD AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C
OF THE CORPORATIONS ACT 2001
To the Directors of Carlton Investments Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Carlton Investments Limited for the financial
year ended 30 June 2021 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the
audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Duncan McLennan
Partner
Sydney, Australia
17 August 2021
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited
by a scheme approved under Professional Standards Legislation.
31
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
Independent Auditor’s Report
To the shareholders of Carlton Investments Limited
Report on the audit of the Financial Report
Opinion
We have audited the Financial Report of Carlton
Investments Limited (the Company).
In our opinion, the accompanying Financial Report of the
Company is in accordance with the Corporations Act 2001,
including:
• giving a true and fair view of the Group’s financial
position as at 30 June 2021 and of its financial
performance for the year ended on that date; and
The Financial Report comprises:
• Consolidated statement of financial position as at 30
June 2021;
• Consolidated income statement, Consolidated statement
of comprehensive income, Consolidated statement of
changes in equity, and Consolidated statement of cash
flows for the year then ended;
• Notes including a summary of significant accounting
• complying with Australian Accounting Standards and the
policies; and
Corporations Regulations 2001.
• Directors’ Declaration.
The Group consists of the Company and the entities it
controlled at the year-end or from time to time during the
financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the
Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in
accordance with the Code.
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.
This matter was 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 this matter.
32
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 Valuation of listed equity investments ($1,000,907,000)
Refer to Note 3-1 to the financial report
The key audit matter
How the matter was addressed in our audit
Valuation of investments in listed equities is a key audit
matter due to the:
• Size of the Group’s portfolio of listed equities. These
investments represent 98% of the Group’s total assets
at year end; and
•
Importance of the performance of these investments
in driving the Group’s operating revenue and capital
performance, as reported in the Financial Report.
As a result, this was the area with the greatest effect on our
overall audit strategy and allocation of resources in planning
and performing our audit.
Our procedures included:
• We assessed the appropriateness of the accounting
policies applied by the Group, including those
relevant to the fair value of investments, against the
requirements of the accounting standards;
• We checked the existence of a sample of investments
being the ownership and quantity held to external
independent share registry electronic records as at 30
June 2021;
• We checked the valuation of a sample of investments,
as recorded in the general ledger, to externally
quoted market prices from relevant stock exchanges
on the 30 June 2021;
• We evaluated the Group’s disclosures of investments,
using our understanding obtained from our testing,
against the requirements of the accounting
standards.
Other Information
Other Information is financial and non-financial information in Carlton Investments Limited’s annual reporting which
is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other
Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit
opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related
assurance opinion.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we
consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in
the audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on
the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have
nothing to report.
Responsibilities of Directors for the Financial Report
The Directors are responsible for:
• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and
the Corporations Act 2001;
• implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
• assessing the Group’s and Company’s ability to continue as a going concern and whether the use of the going concern
basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease
operations, or have no realistic alternative but to do so.
33
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
•
to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement,
whether due to fraud or error; and
•
to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of 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/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our Auditor’s Report.
Report on the Remuneration Report
Opinion
In our opinion, the Remuneration Report of Carlton
Investments Limited for the year ended 30 June 2021,
complies with Section 300A of the Corporations Act
2001.
Director’s responsibilities
The Directors of the Company are responsible for the
preparation and presentation of the Remuneration Report in
accordance with Section 300A of the Corporations Act 2001.
Our responsibilities
We have audited the Remuneration Report included in pages
8 to 9 of the Directors’ report for the year ended 30 June
2021.
Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Duncan McLennan
Partner
Sydney, Australia
17 August 2021
KPMG
34
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 securities exchange requirements
FOR THE YEAR ENDED 30 JUNE 2021
DETAILS OF SHAREHOLDINGS
AS AT 17 AUGUST 2021
SHAREHOLDERS
(Ordinary Shares)
VOTING RIGHTS:
1 Vote for each Ordinary Shareholder
POLL: One vote for each fully paid ordinary share held
SHAREHOLDERS
(7% Cumulative Preference Shares)
VOTING RIGHTS:
Restricted - Subject to Article 9
SUBSTANTIAL SHAREHOLDERS - ORDINARY SHARES
ENBEEAR PTY LIMITED
* Includes associates’ holdings
16,066,476*
SUBSTANTIAL SHAREHOLDERS - PREFERENCE SHARES
EVENT HOSPITALITY & ENTERTAINMENT LIMITED
37,941
DISTRIBUTION OF SHAREHOLDERS
Category
Ordinary
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 & Over
No. of
Shareholders
1,326
982
200
187
12
No. of
Shares
536,654
2,385,276
1,427,736
4,303,755
17,821,254
2,707
26,474,675
Category
Preference
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 & Over
No. of
Shareholders
30
4
3
2
39
18
Number of Ordinary Shareholders
holding less than a marketable parcel
108
Number of Preference Shareholders
holding less than a marketable parcel
TWENTY LARGEST ORDINARY SHAREHOLDERS
TWENTY LARGEST PREFERENCE SHAREHOLDERS
Enbeear Pty Limited
Alphoeb Pty Limited
Rydge A G
1.
2.
3.
4. Milton Corporation Limited
5.
6.
7.
8.
9. Marlen Pty Limited
10. Ravenscourt Proprietary Limited
11. HSBC Custody Nominees (Australia) Limited
12. Charles and Cornelia Goode Foundation Pty
T N Phillips Investments Pty Limited
Somoke Pty Ltd (Pulman Super Fund A/C)
Gowing Bros Limited
A.J Dixon Pty Ltd (Super Fund A/C)
Ltd (CCG Foundation A/C)
13. A & M Dixon Investments Pty Ltd
14. Govett Investments Pty Ltd
15. Hamilton RS
16. Phillips JN
17. A.C.N. 009 757 948 Pty Ltd
18. Aygeear Pty Limited
19. Mythia Pty Ltd (Mythia Family A/C)
20. Bofinger Dr. M
Issued Ordinary Shares
% of
capital
held
50.4
5.4
4.6
1.4
0.9
0.8
0.8
0.7
0.6
0.6
0.6
0.5
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
70.0
No. of
shares held
13,351,639
1,415,231
1,214,360
356,778
245,000
211,349
206,224
194,457
176,785
165,000
148,431
136,000
98,732
98,046
96,523
93,168
86,164
85,246
80,779
77,113
18,537,025
26,474,675
1.
Event Hospitality & Entertainment Ltd
2. Morton IE & DL (Debian Super Fund A/C)
3. Wilcorp No 41 Pty Limited
4.
5. Winpar Holdings Limited
6.
7.
Green A J
Cameron W R
Seven Bob Investments Pty Ltd
(RF Cameron Super Fund A/C)
Neild D R G
8.
9.
Cameron A D
10. Elkington Dr G B
11. Turner A H
12. Fitzharris J M
13. Hallworth G T
14. Cameron K V M
15. Elkington M
16. Crawley D E
17. Lukins N L
18. Lamproglou J
19. Gowing J E
20. Morton I E
Issued Preference Shares
No. of
shares held
37,941
12,516
6,010
5,819
5,746
2,127
1,700
1,500
1,300
1,000
834
833
800
750
585
534
466
350
300
300
81,411
82,978
No. of
Shares
8,319
6,627
17,575
50,457
82,978
% of
capital
held
45.7
15.1
7.2
7.0
6.9
2.6
2.0
1.8
1.6
1.2
1.0
1.0
1.0
0.9
0.7
0.6
0.6
0.4
0.4
0.4
98.1
35
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021
ordinary dividends and share issues
SINCE 1 JULY 2011
Date
Share issue/Dividend
Issue price/ Dividend rate
Franking %
21/09/2011
Cash dividend
22/03/2012
Cash dividend
19/09/2012
Cash dividend
21/03/2013
Cash dividend
18/09/2013
Cash dividend
20/03/2014
Cash dividend
17/09/2014
Cash dividend
19/03/2015
Cash dividend
21/09/2015
Cash dividend
21/03/2016
Cash dividend
26/09/2016
Cash dividend
26/09/2016
Cash dividend – special
20/03/2017
Cash Dividend
25/09/2017
Cash Dividend
20/03/2018
Cash Dividend
24/09/2018
Cash Dividend
25/03/2019
Cash Dividend
23/09/2019
Cash Dividend
23/09/2019
Cash Dividend – special
23/03/2020
Cash Dividend
21/09/2020
Cash Dividend
22/03/2021
Cash Dividend
20/09/2021
Cash Dividend
36
$0.48
$0.32
$0.52
$0.34
$0.58
$0.37
$0.63
$0.43
$0.65
$0.46
$0.68
$0.07
$0.48
$0.68
$0.51
$0.70
$0.55
$0.70
$0.08
$0.55
$0.56
$0.26
$0.41
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
CARLTON INVESTMENTS LIMITED AND ITS CONTROLLED ENTITIES • ANNUAL REPORT 2021 Carlton Investments Limited
ABN 85 000 020 262
Level 15, 478 George Street, Sydney NSW 2000
Telephone: (02) 9373 6732. Email: info@carltoninvestments.com.au
Website: www.carltoninvestments.com.au