CPT Global Limited
ABN 16 083 090 895
Annual Report
For the year ended 30 June 2022
+61 3 9684 7900
Info@cptglobal.com
www.cptglobal.com
1
Chairman’s Review
Dear Fellow CPT Global Shareholder,
While CPT was unable to repeat last year’s record performance, 2022 has been a year of significant change for the Company
during which the foundations for the next phase of a strong and prosperous future have been put in place. On 1 November
2021 CPT’s founder and CEO Gerry Tuddenham handed over the reins of the company he established almost 30 years ago
to his son Luke. Gerry’s vision, expertise and tireless energy has built CPT into a successful, highly regarded specialist IT
adviser with many significant clients around the globe. Furthermore Gerry has developed a loyal team of specialist technical
consultants who continue to solve the complex IT problems of some of the world’s largest companies. After thirty years at
the helm Gerry has earned the right to step back from the day to day demands of CPT’s business especially the unrelenting
travel that is once again building in a post-Covid world. However we are delighted that as CPT’s founder and largest
shareholder Gerry will remain actively involved with the company as a director and an important mentor for all CPT’ers. He
will also oversee our exciting initiative to develop a suite of tools and software for clients that will automate and enhance
our consulting services.
As CPT’s new CEO Luke Tuddenham has already established a strong rapport with our team and the respect of our clients
through his boundless energy, enthusiasm and initiative. Prior to taking over as CEO Luke lead the strong growth of our
international business based in the USA and is well placed to drive CPT’s next phase of development. Much work has
already been done on establishing CPT’s future vision, building the appropriate structure, attracting new talent and aligning
our teams. While the benefits of these initiatives will take time to emerge the early signs are very positive.
The Australian business had a more difficult year in 2022 as a major project in the Southern region concluded and work at
a Federal Government client neared completion. Furthermore, being Melbourne based, CPT was subject to amongst the
longest and most restrictive lockdowns of any place in the world. This resulted in a fall in revenue and some pressure on
margins. However activity during the second half increased through the addition of some new clients which have shown
strong growth and has resulted in the deployment of additional consultants. Also as Covid restrictions have relaxed our
salesforce has been better able to more actively engage in new business development. In 2022 five of our ten largest clients
were based in Australia.
During 2022 CPT’s international business maintained its strong growth and now generates around half of CPT’s total
revenue at attractive margins. While most of this growth was again driven by our USA operations we have more recently
re-engaged with a client in Canada and are continuing to pursue some good prospects in Europe where we have many
former clients. During the year we bolstered our international sales team to maintain the growth in revenue and the sales
pipeline remains healthy. For the fourth year in a row CPT’s largest client was in the USA and five of our top ten clients in
2022 were based in North America.
In 2022 our revenue fell by 10% to $29.9m with the continuing strong increase in the USA insufficient to offset the reduction
in revenue from the Australian operations. Net profit after tax was $1.5m as against the exceptional result of $3.4m in the
prior year. Our 2022 performance was impacted by the fall in revenue, lower margins in Australia and additional costs
relating to positioning the business for future growth. CPT will pay a final fully franked dividend of 1.0 cents per share in
addition to the interim dividend of 1.5 cents. Total dividends of 2.5 cents per share compare to last year’s dividend of 5.0
cents per share but represent a higher payout ratio of 71% as against 59% last year. At financial year-end CPT maintained
a healthy cash position of $4.1m as against $4.3m in the prior year.
During 2022 CPT has established a solid platform across its operations from which to build for the future. With the transition
of CPT’s leadership to Luke Tuddenham and the pursuit of a new strategic initiative in software the company is well placed
to grow the scope and scale of our global business. As the impact of Covid recedes our strengthened sales force is actively
marketing our services to many existing and past clients and establishing new client relationships to build a strong pipeline
of new business.
CPT Global Limited – Annual Report
2
Chairman’s Review
After a year of transition CPT is well placed to increase our revenue and profitability both in Australia and offshore. Going
forward shareholders will continue to be rewarded via attractive dividends based on a healthy payout of earnings balanced
against the cash demands of growing our business. At this exciting time of transition I would like to thank our founder and
former Managing Director Gerry Tuddenham for his drive and energy in building CPT into a successful listed company with
a global presence and a strong reputation for solving its clients’ complex technical challenges. After yearend Nigel
Sandiford retired as a director and I would like to thank him for his dedicated service to CPT during a challenging time. In
addition I am pleased to thank CPT’s staff together with my fellow directors including our new Managing Director, Luke
Tuddenham, for their ongoing commitment and significant dedication in serving our clients while positioning CPT for a
very exciting and prosperous future.
Fred S. Grimwade
Chairman
CPT Global Limited – Annual Report
3
Managing Director’s Review
Dear Shareholders,
We have concluded another successful year at CPT. I’m delighted to present the Operating and Financial review for CPT
Global Limited (the Company) and its controlled entities (the Group) for the year ended 30 June 2022.
FY2022 has been a period of consolidation after the record FY2021 results and the start of a period of change as the next
chapter in the Company’s life began under my leadership, as the new CEO. The transition has brought considerable energy
and drive with a bold vision to grow the business. During my first 7 months as CEO, the focus was on building greater
structure, new talent attraction and forming key executive and management committees to strategically align the team,
towards the new vision.
During the year, we have seen high growth in our North American business, whilst the Australian business has experienced
contracts coming to an end after successful completion, impacting revenue. We have invested in systems, business
development, marketing, structure and most importantly on people during the year.
Our focus this year has been on new modernisation partnerships, enhanced service offerings and expanding into
proprietary software. To that effect, we are building our solution by harnessing the IP from our pool of consultants, to build
a unique market proposition to productise our services into tools and repeatable solutions.
Our objective is to deliver long term, sustainable, profitable growth.
To achieve this we are:
•
commercialising our IP to:
substantially scale our delivery capacity; and
o
o drive repeatable and annuity revenue;
•
•
•
•
•
focusing on our core competencies and technical expertise as a differentiator and niche provider;
partnering with global leaders in the modernisation space to drive growth;
enhancing our service offerings with end-to-end solutions under our service lines of Optimisation, Modernisation
and Assurance;
building the platform to facilitate and support growth
pursuing opportunities that could fast-track our growth targets or complement our existing capabilities and
expertise by initiating a structured mergers and acquisition plan; and
•
becoming the trusted advisor that our clients are looking for and value
CPT Global Limited – Annual Report
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Managing Director’s Review
OPERATING AND FINANCIAL REVIEW
The net profit for FY2022 is $1.5m on revenue of $29.9m. After the record profit in FY2021 it was important for us to
consolidate the gains we made and provide a platform to build upon. This has been achieved.
The table below shows the performance of the business over the last three reporting periods.
Revenue
Profit before tax
Tax expense
Net profit
FY2022
HY2022
FY2021
m’s
29.9
2.1
0.6
1.5
m’s
15.9
1.7
0.5
1.2
m’s
33.3
4.5
1.1
3.4
In comparison to FY2021 we have seen a steady growth in North America revenue and a decline in Australia revenue,
resulting in a net decline in revenue in FY2022. We have seen a similar trend with regards to margin between the two years.
Second half of FY2022 saw the same trends continuing with regards to revenue, with North America performing well. We
have made some investments as a part of our build strategy in the second half of FY2022, and also incurred one-off
expenses increasing the cost base in the second half. This resulted in a profit before tax of approx. $300k in the second half
of FY2022.
The highlights of our performance in FY2022 were:
•
•
revenue up 19% in North America in FY 2022 as we continued to expand our footprint in our two largest clients;
revenue decreased 25% in Australia in FY2022 as a major project came to an end and our second largest client
began scaling back head count as its major project nears completion in 2022;
•
•
• margins in North America continue to hold up despite pressure from clients and the market for talent tightening.
Overall the margins in FY2022 were down due to high margin Australian customers slowing down their projects;
direct costs for commercialising IP amounted to $120k;
financing costs continued to decline as we have been able to fund the business from free cash flow and limit the
use of our debtor financing facility. Finance costs are down 52% compared to FY2021;
the effective tax rate increased from 24% to 29%. The USA business contributed an increasing proportion of profit
to the business and is taxed at approximately 30% (including state taxes) while the Australian business is taxed at
25%. In addition, tax losses in other regions have not been booked as deferred tax assets as the criteria for
recognition has not been met.
•
• we have made investments in resources and systems, where ROI will be in future years
•
•
tight control over discretionary costs;
travelling costs have increased, particularly for the North American sales team, however, we are yet to see clients
mandate a return to office work on a part-time or full-time basis, especially for external consultants; and
there were one-off employment related costs in second half of FY2022
•
Basic earnings per share amounted to 3.54 cents per share (diluted earnings 3.49 cents per share).
CPT Global Limited – Annual Report
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Managing Director’s Review
Financial Position
CPT Global’s performance over the last 2 years has resulted in a strengthening of the balance sheet with net tangible assets
of more than $5m as at 30 June with no external debt.
Movements in the balance sheet:
•
•
Trade and other receivables (Current) increased $2.1m which is due to strong invoicing in North America in May
and June and previously non-current tax receivable moving to current trade and other receivables.
Trade and other payables increased by $1.6m. This is due to timing differences for recurrent monthly payments
and other payable items that were settled post year end.
Cash Flow
CPT had $4.1 million in cash as at 30 June 2022 ($4.3 million 30 June 2021).
Our cash position provides the business the ability to fund our growth strategies
Capital Management
A fully franked final dividend of 1.00 cents per share has been declared for the year to 30 June 2022. This brings the total
dividend for FY2022 to 2.50 cents per share. This is an annualised yield of 6.76% (9.01% including franking credits) on a
share price of $0.37 as at 30 June 2022.
The total value of the final dividend is $416,071 and will be paid on 11 November 2022.
This represents an annual payout ratio of 71%. The payout ratio for the FY2021 dividends was 59%.
The dividend reinvestment plan will apply to the dividend. The DRP discount will be 2.5%.
No funds were drawn against our debtor funding at 30 June 2022 and $0.8 million was available to draw on.
OUTLOOK
At CPT Global, we are committed to helping our clients improve their technology, delivery, performance, and capabilities.
To achieve this, we have identified growth opportunities, and created both short and long term strategies to invest in our
people, software, solutions, as well as our clients to enable us to achieve long term success.
Revenue is currently split approximately 50/50 between the Northern Hemisphere and Australia. Given the higher margins
and geographical footprint of the Northern Hemisphere, we plan to invest in doubling our sales force to increase our reach
within the industries we currently work with, which present our greatest opportunities for growth. Our strategy of investing
in growing our current sales team will not only increase revenue and profits, but further establish CPT as an industry leader
by allowing us to grow our client base and showcase our skills.
CPT has identified and understands the unique advantages, complexities, and limitations of the mainframe. We see the
untapped potential of how the cloud will continue to present opportunities for more agile and efficient processes and
insights.
We use this deep mainframe knowledge to inspire our Fortune 1,000 clients to trust us in assessing the most optimal
solutions for them, which includes moving away from their legacy footprint and adapting to cloud-based technologies. Our
extensive and in-depth experience has enabled our experts to identify gaps, issues and unforeseen challenges that may
arise during the modernization process. We are extremely well positioned to provide those looking to modernize with the
most optimal opportunities and cost-effective approaches.
For nearly three decades, our clients have trusted us as the “go to” independent partner for many of their most critical IT
strategic initiatives which include legacy as well as modernization efforts. Our unbiased assessment of their unique needs
enables us to create roadmaps that can be acted upon with confidence, knowing that we have no agenda other than their
CPT Global Limited – Annual Report
6
Managing Director’s Review
most optimal outcomes.
There is a huge opportunity to assist in reducing risk and increasing resiliency due to cyber-risks as companies transition
to the cloud. We are actively engaged in discussions with potential partners to optimize our role and growth in this area.
Along with such security partners, we will utilize our deep mainframe and testing knowledge to further demonstrate our
commitment to be “the” trusted advisors that will ensure low risk coupled with high levels of comfort, reliability, and
resiliency for those looking to modernize.
CPT has a team of 140 plus, with decades of experience. We pride ourselves on having top tier talent. Most of our technical
team has high tenure and has been with us for at least a decade. We are actively engaged in capturing the IP and knowledge
from our consultant base to ensure that we retain and build upon it. We are taking this knowledge and putting it into
repeatable processes and solutions.
This knowledge and software will play a critical role as we continue to recruit younger talent to CPT. In addition to our
efforts of utilizing software, we have invested in a mentoring program, enabling new hires to learn first-hand from our
experts. This mentoring program will continue to be a key strategic initiative as we continue to hire to meet the ever-
growing needs of our current and prospective clients.
We have found that a barrier young talent faces in many other companies is that they are siloed in one area of their
institution. Under CPT’s mentoring and talent program, we are providing them with the tools and guidance they need to
succeed by exposing them to multiple areas within the field. This is consistent with CPT’s tradition and history. We have
consistently cultivated diversity in our consultants to become true experts. By strategically focusing on our mentoring and
talent programs, we are helping to ensure that our future consultants and leaders will possess the same unique “value
proposition” that we currently offer to our clients.
As stated, for nearly three decades, we have been succeeding within this industry by establishing ourselves as a trusted
partner for our clients. We will continue this strategy by investing in and growing our team as well as developing and
acquiring new skills, software, and partners in high growth areas. We are positioning ourselves for great growth while
strategically ensuring that we adapt to operating and business risks.
Luke Tuddenham
Managing Director
Aspen Colorado, 30 September 2022
CPT Global Limited – Annual Report
7
Content
Directors’ Report
Auditors Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report
Corporate Information
ASX Additional Information
9
19
20
21
22
23
24
58
59
64
65
CPT Global Limited – Annual Report
8
Directors’ Report
Your directors submit their report for the year ended 30 June 2022.
DIRECTORS
The names and details of the Company's directors in office during the financial year and until the date of this report
are as follows. Directors were in office for this entire period unless otherwise stated.
Names, qualifications, experience, and special responsibilities
Fred S Grimwade
(Non-executive
Chairman)
Luke Tuddenham
(Managing Director &
CEO)
Fred chairs CPT’s Finance and Audit Committee and is a member of the Remuneration
Committee. He is a director of specialist corporate advisory and investment firm Fawkner
Capital and is also a non-executive director of ASX listed companies Select Harvests Limited,
and Australian United Investment Company Limited and chairs XRF Scientific Limited.
Fred was a commercial lawyer and later worked with Goldman, Sachs & Co. in New York and
Sydney. He also served as Company Secretary and General Manager of Shareholder Relations
at Western Mining Corporation. In 1996, he joined Colonial Mutual as Group Company
Secretary and General Manager for Legal Affairs and subsequently became Head of Private
Capital for Colonial First State Investments. He was Managing Director of the Colonial
Agricultural Company from 1998 to 2006 and a non-executive director of AWB Limited from
2008 to 2010. Fred is a senior fellow and life member of the Financial Services Institute of
Australasia (Finsia), and a Fellow of the Australian Institute of Company Directors and
Chartered Secretaries Australia.
In his position as CEO, Luke brings a wealth of tech experience and enterprise knowledge to
CPT Global, where he’s played an instrumental role in the company’s growth.
Luke started his career in Melbourne with Andersen in 2000 and joined CPT Global in 2005
from PricewaterhouseCoopers. Luke joined CPT overseeing the company’s Australian and US
markets, before becoming Vice President in 2011. In 2016, Luke was named President of the
Americas and Europe, where he played a critical role in helping the company generate record-
breaking revenue and profit margins in FY2021. Luke has been helping Fortune 500 technology
leaders drive performance and efficiency in their organisations. He has strategically and
successfully grown and expanded CPT’s services offerings and delivery across the globe to
include Australia, Canada, Europe & the USA.
Luke holds a Bachelor of Business Information Systems, earned his Certificate in Business
Excellence at Columbia University’s Business School, is a member of the Australian Computer
Society and a member of the Australian Institute of Company Directors.
Gerry Tuddenham
(Executive Director)
Gerry is the founder of and a major shareholder in CPT. He has more than 40 years experience
in IT consulting and is a hands-on technologist with a reputation for delivering practical
solutions. Gerry is widely known as a technical specialist in performance tuning, capacity
planning and testing in IBM mainframes, with additional expertise in expert systems,
transaction processors, middleware and database management systems. Gerry was the lead
developer of the Expetune and Expetest utilities, which automate a number of intricate tuning
and testing activities. He has worked internationally in a broad range of industries, with a focus
on financial services and telecommunications. Gerry is a member of the Australian Institute of
Company Directors. Gerry is a member of the Finance and Audit Committee.
Nigel Sandiford
(Non-executive Director)
Resigned 1 August 2022. Nigel was a member of CPT’s Finance and Audit Committee and
chaired the Remuneration Committee.
CPT Global Limited – Annual Report
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Directors’ Report
Mark Licciardo
(Company Secretary)
Appointed on 22 June 2022. Mark is the founder of Mertons Corporate Services, now part of
Acclime Australia and is responsible for Acclime Australia’s Listed Services Division.
He is also an ASX-experienced director and chair of public and private companies, with
expertise in the listed investment, infrastructure, bio-technology and digital sectors. He
currently serves as a director on a number of Australian company boards as well as foreign
controlled entities and private companies.
During his executive career, Mark held roles in banking and finance, funds management,
investment and infrastructure development businesses, including being the Company
Secretary for ASX:100 companies Transurban Group and Australian Foundation Investment
Company Limited.
Mark holds a Bachelor of Business degree in accounting, a Graduate Diploma in Governance
and is a Fellow of the Chartered Governance Institute, the Governance Institute of Australia
and the Australian Institute of Company Directors
INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE
As at the date of this report, the interests of the directors in the shares and performance rights of the Company
were:
Nigel Sandiford (resigned 1 August 2022)
Fred S Grimwade
Luke Tuddenham
Gerry Tuddenham
EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share
DIVIDENDS
Ordinary
Shares
309,058
718,200
1,066,848
14,396,829
Performance Rights
-
-
1,000,000
-
Cents
3.54
3.49
A fully franked final dividend of 1.00 cents per share has been declared for the year to 30 June 2022. This brings the
total dividend for FY2022 to 2.50 cents per share. This is an annualised yield of 6.76% (9.01% including franking credits)
on a share price of $0.37 as at 30 June 2022. The total value of the final dividend is $416,071 and will be paid on 11
November 2022.
The financial effect of the dividend will be recognised in the 2023 financial year as it was declared after the end of the
2022 financial year. Based on the existing participation rate in the dividend reinvestment plan, 14.59% of the dividend
will be satisfied by the issue of shares.
CORPORATE INFORMATION
Nature of operations and principal activities
The principal activities of the Group during the financial year were the provision of specialist IT consultancy services.
There have been no significant changes in the nature of those activities during the year.
Employees
The Group employed 138 employees and contractors as at 30 June 2022 (2021: 160 employees and contractors).
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
No significant changes in the state of affairs of the Company occurred during the financial year.
CPT Global Limited – Annual Report
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Directors’ Report
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in future financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
Likely developments, future prospects and business strategies of the operations of the Group are detailed in the
Chairman’s Statement and Managing Director’s Review on pages 2 and 4 respectively.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Company's operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a State or Territory.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has paid premiums to insure the current directors and officers against liabilities for costs and expenses
incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of
director and officer of the Company, other than conduct involving a wilful breach of duty in relation to the Company.
The total premium paid was $81,400.
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 were as follows:
Directors’ Meetings
Finance and Audit Committee
Meetings
Remuneration and
Nomination Committee
Meetings**
Number
eligible to
attend
Number
attended
Number
eligible to
attend
Number
attended
Number
eligible to
attend
Number
attended
Fred S Grimwade
Nigel Sandiford*
Gerry Tuddenham
Luke Tuddenham
11
11
11
7
11
11
11
7
2
2
2
0
2
2
2
0
0
0
0
0
0
0
0
0
*Nigel Sandiford resigned on 1 August 2022
** due to the composition of the Board, the remuneration and nomination functions were dealt with by the Board
for the reporting period
Committee membership
As at the date of this report, the Company had a Finance and Audit Committee and a Remuneration and Nomination
Committee of the Board of Directors.
Members acting on the committees of the Board during the year were:
Finance and Audit
Fred Grimwade (Chair)
Remuneration and Nomination
Nigel Sandiford (Chair) (resigned 1 August
2022)
Nigel Sandiford (resigned 1 August 2022) Fred Grimwade
Gerry Tuddenham
CPT Global Limited – Annual Report
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Directors’ Report
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the company for
all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
The Board of Directors, in accordance with advice from the Finance and Audit Committee, is satisfied that the
provision of non-audit services during the year is compatible with the general standard of independence for auditors
imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed below did not
compromise the external auditor’s independence for the following reasons:
•
•
all non-audit services are reviewed and approved by the Finance and Audit Committee prior to
commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided do not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting
Professional & Ethical Standards Board.
The following fees for non-audit services were paid/payable to SW Audit during the year ended 30 June 2022:
•
Taxation compliance services $22,392
CPT Global Limited – Annual Report
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Directors’ Report
REMUNERATION REPORT
The Remuneration Report for the year ended 30 June 2022 outlines the Director and executive remuneration
arrangements of CPT Global in accordance with the requirements of the Corporations Act 2001 and its regulations.
For the purposes of this Report, key management personnel (KMP) of CPT Global are defined as those persons
having authority and responsibility for planning, directing, and controlling the major activities of CPT Global,
directly or indirectly, including any Director of the parent Company.
Persons to who the report applies
The remuneration disclosures in this Report cover the following persons:
Key Management Person
Fred S Grimwade
Nigel Sandiford
Luke Tuddenham
Gerry Tuddenham
Grant Sincock
Remuneration policy
Position
Non-executive Chairman
Non-executive Director (resigned 1 August 2022)
CEO and Managing Director
Executive Director
Company Secretary and Chief Financial Officer (resigned 13 May 2022)
The Remuneration and Nomination Committee of the Board of Directors is responsible for determining and
reviewing compensation arrangements for the directors, the managing director and the executive team. The
Remuneration and Nomination Committee assesses the appropriateness of the nature and amount of
remuneration of such officers on a periodic basis by reference to relevant employment market conditions with the
overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and
executive team. The outcomes of the remuneration structure are expected to comply with Executive Share and
Option Scheme Guidelines. The payment of bonuses, performance rights and other incentive payments are
reviewed by the Remuneration and Nomination Committee annually as part of the review of executive
remuneration and a recommendation is put to the Board for approval. All bonuses, performance rights and
incentives must be linked to pre-determined performance criteria. The Board can exercise its discretion in relation
to approving the incentives, bonuses and performance rights and can recommend changes to the Committee's
recommendations. Any changes must be justified by reference to measurable performance criteria. Details of such
incentives awarded during the year are detailed below.
To assist in achieving these objectives, the Remuneration and Nomination Committee links the nature and amount
of executive directors' and officers' remuneration to the Company's financial and operational performance and
shareholders’ value.
Performance-based remuneration
Executives have short-term ‘at risk’ cash bonuses, the payment of which depends on the executive meeting their
KPIs. Additional bonuses for exceptional performance in relation to the pre-agreed KPIs may be paid up to a
maximum of three times the target bonus. The KPIs are set annually after consultation with the directors and
executives. The measures are specifically tailored to the areas where each executive has a level of control. The
KPIs target areas the Board believes hold the greatest potential for expansion and profit, covering financial and
non-financial goals, for both the short and long-term. They can include financial, people, client, strategy and risk
measures.
Executive directors can receive performance rights with vesting conditions tied to the cumulative ordinary EPS of
the Company over a three-year period.
The performance-based remuneration does not include any clawback provisions.
Company performance, shareholder wealth and director and executive remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, directors and
executives. There have been two methods applied in achieving this aim, the first being annual salary reviews based
on key performance indicators, and the second being the issue of shares and options to selected directors and
executives to encourage the alignment of personal and shareholder interests. During this financial year, Mr Luke
Tuddenham obtained his USA Green Card and was promoted to CEO to take effect on 1 November 2021. His
package was amended from an expat package to a USA executive package commensurate with the change in role
and responsibilities.
CPT Global Limited – Annual Report
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Directors’ Report
Of the 450,000 performance rights issued to Directors at the 2018 AGM only 50,000 vested as the profit hurdle for
FY2021 was met, and as a result 50,000 shares were issued during FY2022. The balance of the performance rights
have lapsed.
During FY2022 executive bonuses increased in line with the performance of the business as sales, margin and net
profit targets in incentive plans were outperformed.
The following table shows the net profit and dividends for the last five years for the listed Company, as well as the
share price at the end of the respective financial years. The analysis reflects the steady improvement in
performance since 2018 with 2021 being a record performance for CPT. The net loss in 2020 includes the write
down in goodwill of $4.2m. The board believes the remuneration policy is effective and can be linked to current
years result.
Net profit/(loss)
Share price at year end
Dividends paid and declared
2018
$0.8m
$0.12
0.25c
2019
$1.0m
$0.20
0.75c
2020
($3.3m)
$0.115
1.25c
2021
$3.4m
$0.50
5.0c
2022
$1.5m
$0.37
2.5c
During the year, no shares were purchased as part of the share buyback. The share price during the year ranged
from a low of $0.37 to a high of $0.68.
Remuneration of Non-executive Directors
Non-executive Directors are entitled to a fixed fee per annum for acting as a Director of CPT Global. No additional
fees are paid for membership of an active committee.
Under CPT Global’s Constitution, Non-executive Director’s fees cannot exceed the aggregate cap approved by
shareholders by an ordinary resolution. The current cap is $300,000 and was adopted at the 2018 AGM. The
aggregate fees paid to non-Executive directors in the 2022 financial year do not exceed the cap.
There has been no change to the fees paid to individual Non-executive Directors during or after the year end.
Remuneration of Senior Executives
The executive directors and the executives specified in this remuneration report, have their employment conditions
formalised in contracts of employment and are permanent employees of CPT Global Limited.
The employment contracts are for a fixed term of one year and contain the following common features:
•
•
•
•
•
•
•
an annual review of the Base Salary which is dependent upon CPT Global’s performance, the individual’s
performance, and market changes. Any increase has to be approved by the Managing Director and the
Remuneration and Nomination Committee;
short term performance incentive payments are paid, dependent upon CPT Global achieving its objectives
and the individual achieving their KPIs;
at CPT Global’s discretion, allowances and adjustments to Base Salary may be paid when an Executive is
required to travel on CPT Global business. Any adjustments must be agreed in advance, documented in
writing and signed by the Executive and the Company;
post-employment restraints covering non-solicitation of employees, contractors and clients and non-
competition;
CPT Global may at its discretion elect to make payment in lieu of notice when the contract is terminated by
the employee or the Company;
a contract can be terminated immediately without notice by CPT Global for serious misconduct; and
any options not vested as at the date of termination will lapse.
CPT Global Limited – Annual Report
14
Directors’ Report
Specific details of each Senior Executive’s contract of employment which applied at the end of the financial year
ending 30 June 2022 are summarised in the tables on the following pages.
Summary of Contracts of Employment Applicable at 30 June 2022
Position
Fixed Remuneration
Luke Tuddenham
CEO and Managing Director
Base Salary excl statutory on-costs US$350,000
401K (incl. matching)
US$42,000
Medical Insurance
Non-monetary benefits
US$33,612
Mobile telephone, car park, road
tolls, petrol, motor vehicle lease,
education expenses and other
miscellaneous expenses
Performance Based Remuneration
Annual target bonus
USD$125,000
Other benefits
Post-employment benefits
Nil
Nil
Post-employment restraint
12 months
Termination
4 weeks notice
Termination benefits
Nil
Position
Fixed Remuneration
Base Salary
Superannuation
Non-monetary benefits
Gerry Tuddenham
Executive Director
Grant Sincock
Chief Financial Officer & Company
Secretary (resigned 13 May 2022)
$387,385
$27,500
$265,000
$26,500
Mobile telephone, car park, road
tolls and superannuation.
Mobile telephone, road tolls and
salary sacrifice arrangements for
motor vehicle and superannuation.
Performance Based Remuneration
Annual target bonus
Other benefits
Post-employment benefits
N/a
Nil
Nil
Post-employment restraint
6 months
Termination
4 weeks notice
Termination benefits
Nil
$30,000
Nil
Nil
6 months
4 weeks notice
Nil
CPT Global Limited – Annual Report
15
Directors’ Report
Details of remuneration for the year ended 30 June 2022
Details of the nature and amount of each element of the remuneration of each director of the Company and
executive officers of the company and the Group receiving the highest remuneration for the financial year and its
comparative year are as follows:
Notes
1. The elements of remuneration have been determined based on the cost to the group.
2.
In FY2021 other Benefits for Mr Luke Tuddenham include expatriate costs. Mr Luke Tuddenham and CPT
entered a new arrangement applicable from 1 April 2021 which did not include certain expatriate costs.
The terms of that arrangement are disclosed on page 15
3. Mr Luke Tuddenham and CPT are currently negotiating a new contract which will not include any
expatriate costs, and his role as Managing director his annual target bonus will be increased to USD
250,000
4. Grant Sincock resigned on 13 May 2022.
CPT Global Limited – Annual Report
16
Post Emp’t BenefitsTotalPerformance relatedOtherBenefits$$$$$$$$$DirectorsFred Grimwade202278,647 - - 7,798 - - 86,4450.0%202182,546 - - 7,408 - - 89,9540.0%Nigel Sandiford202250,228 - - 5,023 - - 55,2510.0%202152,739 - - 4,772 - - 57,5110.0%Luke Tuddenham2022 - Managing Director524,79641,492205,510149,038- - 130,0921,050,92919.56%2021 - VP N: America340,22128,234280,985254,34547,289 - - 951,07429.54%Gerry Tuddenham2022 - Managing Director134,66018,856 - 2,1489,167 - 164,8310.0%2022 - Executive Director 131,330(48,622) - 4,29518,333 - 105,3370.0%Total 2022265,991(29,766) - 6,44327,500 - - 270,1680.0%2021243,66114,172 - 10,12525,000 - - 292,9590.0%Total Remuneration2022919,66211,726205,510155,48140,321 - 130,0921,462,79214.05%2021719,16842,406280,985264,47084,468 - - 1,391,49720.19%Executive OfficersGrant Sincock2022302,0898,37044,00068828,34914,508 - 398,00411.06%2021253,668(1,727)70,0001,09725,000- - 348,03820.11%Total Remuneration2022302,0898,37044,00068828,34914,508 - 398,00411.06%2021253,668(1,727)70,0001,09725,000- - 348,03820.11%OtherShort-Term BenefitsOther Long-SalaryShort-term BonusSuperShare Based PaymentsAnnual & Long Service Leave
Directors’ Report
Performance income as a proportion of total remuneration
Executive directors and executives are paid performance related bonuses based on set monetary figures, rather
than proportions of salary since these payments are discretionary. This has led to the proportions of remuneration
related to performance varying between individuals.
Performance Rights granted as remuneration
Granted
No.
Grant Date
Vested
No.
Value per
Share at
Grant Date
Exercise
Price
$
Last
Exercise
Date
Luke Tuddenham
1,000,000
29/11/21
Total
1,000,000
$
-
-
$0.66
$0.00
29/11/24
Further details on the service and performance criteria attached to these rights can be found in note 20.
Balance at
beginning
of Period
Granted
as
Remun
eration
Rights
Exercised
Rights
Lapsed
/Cancelled
Balance at
End of
Period
Exercisable
at End of
Period
Vested and
Unexercise
d at End of
Period
Luke Tuddenham
1,000,000
Total
1,000,000
-
-
-
-
-
-
1,000,000
1,000,000
-
-
-
-
Shareholdings of Key Management Personnel
Shares held by key management personnel directly, indirectly or beneficially including their related parties:
Granted as
Remuneration
On Exercise of
Options
Net Change
Other
Ord
Ord
Shares held in CPT Global
Limited
Fred S Grimwade
Nigel Sandiford (resigned 1 August
2022)
Gerry Tuddenham
Luke Tuddenham
Balance 1
July 2020
Ord
718,200
229,836
12,946,902
891,254
-
-
-
-
Specified Executives
Grant Sincock (resigned 13 May
2022)
Total
196,310
14,982,502
35,928
35,928
Balance 30
June 2021
Ord
718,200
240,817
13,839,606
991,335
Ord
-
10,981
892,704
100,081
22,044
254,282
1,025,810
15,052,905
-
-
-
-
-
-
CPT Global Limited – Annual Report
17
Directors’ Report
Shares held in CPT Global
Limited
Fred S Grimwade
Nigel Sandiford (resigned 1 August
2022)
Gerry Tuddenham
Luke Tuddenham
Specified Executives
Grant Sincock (resigned 13 May
2022)
Total
Balance 30
June 2021
Ord
718,200
240,817
13,839,606
991,335
254,282
15,052,905
Ord
-
-
-
-
-
-
Granted as
Remuneration
On Exercise of
Options
Net Change
Other
Ord
-
-
50,000
-
Ord
-
68,241
470,467
75,513
Balance 30
June 2022
Ord
718,200
309,058
14,360,073
1,066,848
-
-
-
254,282
700,977
16,745,217
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the year ended 30 June 2022 has been received and can be found
on page 19 of the directors’ report.
ROUNDING
The amounts contained in this report and in the financial statements have been rounded to the nearest $1,000
(where rounding is applicable) under the option available to the Company under ASIC Corporations (Rounding in
Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which the Class Order applies.
Signed in accordance with a resolution of the directors.
Luke Tuddenham
Managing Director
Aspen Colorado, 30 September 2022
CPT Global Limited – Annual Report
18
Take the lead
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF CPT GLOBAL LIMITED
As lead auditor, I declare that, to the best of my knowledge and belief, during the year ended 30 June
2022 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.
SW Audit (formerly ShineWing Australia)
Chartered Accountants
R Blayney Morgan
Partner
Melbourne, 30 September 2022
Brisbane
Level 15
240 Queen Street
Brisbane QLD 4000
T + 61 7 3085 0888
Melbourne
Level 10
530 Collins Street
Melbourne VIC 3000
T + 61 3 8635 1800
Perth
Level 25
108 St Georges Terrace
Perth WA 6000
T + 61 8 6184 5980
Sydney
Level 7, Aurora Place
88 Phillip Street
Sydney NSW 2000
T + 61 2 8059 6800
SW Audit ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards
Legislation. SW Audit is an independent member of ShineWing International Limited.
sw-au.com
19
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
YEAR ENDED 30 JUNE 2022
Notes
Revenue
Other income
Salaries and employee benefits
Consultants benefits
Depreciation and amortisation
Insurance
Finance costs
Occupancy costs
Other expenses
Foreign currency gains/(losses)
PROFIT BEFORE INCOME TAX
INCOME TAX EXPENSE
PROFIT AFTER INCOME TAX
Other Comprehensive Income:
2
2
2022
$’000
29,941
16
(2,768)
(21,741)
(16)
(355)
(92)
(266)
(2,689)
23
2,053
2021
$’000
33,256
153
(2,328)
(24,011)
(130)
(310)
(191)
(193)
(1,720)
(50)
4,478
4
(581)
(1,073)
1,472
3,405
Items that may be subsequently reclassified to comprehensive income
Exchange differences on translating foreign controlled entities
(463)
(289)
Total Other Comprehensive Loss for the year, net of tax
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
PROFIT ATTRIBUTABLE TO MEMBERS OF CPT GLOBAL LIMITED
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO MEMBERS OF CPT
GLOBAL LIMITED
(463)
(289)
1,009
3,116
1,472
3,405
1,009
3,116
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
23
23
3.54
3.49
8.77
8.76
The Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with
the Notes to the Financial Statements.
CPT Global Limited – Annual Report
20
Consolidated Statement of Financial Position
AT 30 JUNE 2022
Notes
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Contract Assets
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Trade and other receivables
Deferred tax assets
Property, plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Current tax liabilities
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liability
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
6
7
8
9
7
15
12
13
15
16
15
16
17
18
2022
$’000
4,087
5,119
1,318
639
11,163
2,262
1,200
14
3,476
14,639
8,355
52
760
9,167
121
32
153
9,320
5,319
13,818
709
(9,208)
5,319
2021
Restated
$’000
4,264
2,954
1,321
634
9,173
2,768
1,017
17
3,801
12,975
6,717
46
760
7,523
158
62
220
7,743
5,232
13,033
1,049
(8,850)
5,232
The Consolidated Statement of Financial Position is to be read in conjunction with the Notes to the Financial
Statements.
CPT Global Limited – Annual Report
21
Consolidated Statement of Changes in Equity
YEAR ENDED 30 JUNE 2022
$’000
$’000
$’000
$’000
$’000
Issued
Capital
Ordinary
Accumulated
Losses
Employee
Compensation
Reserve
Foreign
Currency
Translation
Reserve
Total
12,396
(10,990)
1,706
(369)
2,743
-
-
-
-
637
637
3,405
-
3,405
(1,264)
-
(1,264)
-
-
-
-
-
-
(289)
(289)
3,405
(289)
3,116
-
-
-
(1,264)
637
(627)
Balance at 1 July 2020
Comprehensive Income
Profit for the year
Other comprehensive loss
Total comprehensive income for the year
Transactions with owners, in their capacity
as owners
Dividends paid or provided for
Issue of shares
Total transactions with owners, in their
capacity as owners
Balance at 30 June 2021
13,033
(8,849)
1,706
(658)
5,232
Balance at 1 July 2021
Comprehensive Income
Profit for the year
Other comprehensive loss
Total comprehensive income for the year
Transactions with owners, in their capacity
as owners
Dividends paid or provided for
Issue of shares
Share-based payments
Total transactions with owners, in their
capacity as owners
13,033
(8,849)
1,706
(658)
5,232
-
-
-
1,472
-
1,472
-
-
-
-
(463)
(463)
1,472
(463)
6,241
-
785
-
(1,831)
-
-
-
(7)
130
-
-
-
(1,831)
778
130
785
(1,831)
123
-
(923)
Balance at 30 June 2022
13,818
(9,208)
1,829
(1,121)
5,319
The Consolidated Statement of Changes in Equity is to be read in conjunction with the Notes to the Financial
Statements
CPT Global Limited – Annual Report
22
Consolidated Statement of Cash Flows
YEAR ENDED 30 JUNE 2022
Notes
2022
$’000
2021
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest received
Finance costs
Income tax paid
NET CASH FLOWS FROM OPERATING ACTIVITIES
19
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, software
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/(Repayments) of borrowings
Payment of dividends on ordinary shares
NET CASH FLOWS USED IN FINANCING ACTIVITIES
NET INCREASE IN CASH AND CASH EQUIVALENTS HELD
Opening cash and cash equivalents
Effects of exchange rate changes on cash and cash equivalents
CLOSING CASH AND CASH EQUIVALENTS CARRIED FORWARD
6
29,020
(27,193)
5
(22)
(794)
1,016
(12)
(12)
-
(1,178)
(1,178)
(175)
4,264
(2)
4,087
36,452
(33,668)
13
(59)
(175)
2,563
(10)
(10)
(666)
(695)
(1,361)
1,192
3,133
(62)
4,264
The Consolidated Statement of Cash Flows is to be read in conjunction with the Notes to the Financial Statements.
CPT Global Limited – Annual Report
23
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies
The consolidated financial statements comprise the financial statements of CPT Global Limited (the Company) and
its subsidiaries (the Group). The separate financial statements of the Parent Entity, CPT Global Limited, have not
been presented within this financial statement as permitted by the Corporations Act 2001.
The principal activities of the Group during the financial year were the provision of specialist IT consultancy services.
The registered address and principal place of business is level 3, 818 Bourke Street, Docklands, Victoria.
The financial statements were authorised for issue on 30 September 2022 by the Board of Directors.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with the Corporations Act 2001,
Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board and
International Financial Reporting Standards as issued by the International Accounting Standards Board. The Group
is a for-profit entity for financial reporting purposes under Australian Accounting Standards.
Material accounting policies adopted in the preparation of this financial statements are presented below and have
been consistently applied unless otherwise stated.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and is based
on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets,
financial assets and financial liabilities. All amounts are in Australian dollars unless otherwise stated.
Accounting Policies
(a) Principles of consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (CPT Global
Limited) and all of the subsidiaries (including any structured entities). Subsidiaries are entities the parent controls.
The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided
in Note 10.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group
from the date on which control is obtained by the Group. Intercompany transactions, balances and unrealised gains
or losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting
policies adopted by the Group.
The financial statements of the subsidiaries used in the preparation of these consolidated financial statements have
been prepared as of the same reporting date as the parent.
CPT Global Limited – Annual Report
24
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
(b) Income Tax
The income tax expense for the year comprises current income tax expense/(benefit) and deferred tax
expense/(benefit).
Current income tax expense/(benefit) charged to the profit or loss is the tax payable/(receivable) on taxable
income/(loss) for the current period. Current tax liabilities/ (assets) are therefore measured at the amounts expected
to be paid to/(recovered from) the relevant taxation authority using tax rates (and tax laws) that have been enacted
or subsequently enacted by the end of the reporting period.
Deferred income tax expense/(benefit) reflects movements in deferred tax asset and deferred tax liability balances
during the year as well as unused tax losses.
Current and deferred income tax expense/(benefit) is charged or credited directly to equity instead of the profit or
loss when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions are available. No deferred income tax will be
recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no
effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the
reporting period. Their measurement also reflects the manner in which management expects to recover or settle
the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that
it is probable that future taxable profits will be available against which the benefits of the deferred tax asset can be
utilised.
Deferred tax assets and liabilities are not recognised for temporary differences between the carrying amount and
tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal
of the temporary differences, and it is probable that the differences will not reverse in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred
tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and
liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective
asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are
expected to be recovered or settled.
(c) Contract Assets
Contract assets are revenue that has not been invoiced at period end and is measured and recognised in accordance
with the policies set out in note 1(p).
CPT Global Limited – Annual Report
25
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
(d) Property, Plant & Equipment
Each class of property, plant and equipment is carried at cost less accumulated depreciation and, where applicable
impairment losses.
Property, Plant and equipment
The carrying amount of property, plant and equipment is reviewed annually by directors to ensure it is not in excess
of the recoverable amount from these assets. When there are indications of any impairment, the recoverable amount
is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and
subsequent disposal. The expected net cash flows have been discounted to their present values in determining
recoverable amounts. An asset’s carrying amount is written down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated recoverable amount.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of
the item can be measured reliably. All other repairs and maintenance are recognised in profit or loss during the
financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset’s useful life to the
Group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over
the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Leasehold improvements
Fixtures Fittings and Equipment
Motor Vehicles
Depreciation Rate
20% to 50%
33% to 50%
12% to 20%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
Gains and losses on disposals are determined by comparing net proceeds with the carrying amount. These gains
and losses are recognised in profit and loss.
(e) Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. A right-of-use asset and
a corresponding lease liability is recognised on the balance sheet for all lease arrangements in which CPT is the
lessee, except for leases with a term of 12 months or less and leases of low value assets. The lease payments for
these leases are recognised as an operating expense on a straight-line basis over the term of the lease unless
another systematic basis is more representative of the time pattern in which economic benefits from the leased
asset are consumed.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined,
the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
▪
▪
fixed lease payments less any lease incentives receivable;
variable lease payments that depend on an index or rate which are initially measured using the index or rate
at the commencement date;
CPT Global Limited – Annual Report
26
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
▪
▪
▪
the amount expected to be paid under residual guarantees;
the exercise price of purchase options if it is reasonably certain that the option will be exercised; and
payments of penalties for terminating a lease if the lease term reflects the exercise of an option to terminate
a lease.
Lease liabilities are presented in the borrowings line item in the consolidated statement of financial position.
Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease
liability and reducing the carrying amount for lease payments made.
The lease liability is remeasured whenever:
▪
▪
the lease term has changed or there has been a change in the assessment of the exercise of a purchase option
as a result of a significant event or change in circumstances;
the lease payments change due to a change in an index or a change in expected payment under a guaranteed
residual value;
▪
a lease contract is modified and the modification is not accounted for as a separate lease.
Corresponding adjustments to the right-of-use asset are made whenever the lease liability is remeasured. No
adjustments to the lease liability were required during this financial period.
Right-of use assets comprise the initial measurement of the lease liability, lease payments made at or before the
commencement date, less any lease incentives received and any initial direct costs. Subsequent measurement is
at cost less accumulated depreciation and impairment losses.
Right-of use assets are depreciated over the lease term or the useful life of the underlying asset, whichever is the
shorter. Depreciation starts from the commencement date of the lease.
Right-of-use assets are presented as a separate line in the consolidated statement of financial position.
(f) Financial Instruments
Recognition and measurement
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions
to the instrument. For financial assets, this is equivalent to the date that the Group commits itself to either the
purchase or sale of the asset (i.e. trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is
classified ‘at fair value through profit or loss’, in which case transaction costs are expensed to profit or loss
immediately.
Classification of financial assets
Financial assets recognised by the Group are subsequently measured at either amortised cost or fair value subject
to their classification. Financial assets, other than those designated and effective as hedging instruments, are
classified into the following categories:
(i)
(ii)
(iii)
measured at amortised cost
fair value through profit or loss; and
fair value through other comprehensive income.
(iii)
The classification of financial assets is based on both the business model for managing the financial asset and the
contractual cash flow characteristics of the financial asset.
CPT does not have any financial assets categorised as fair value through other comprehensive income.
CPT Global Limited – Annual Report
27
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
Classification of financial liabilities
Financial liabilities classified as held-for-trading, contingent consideration payable by the Group for the acquisition
of a business and financial liabilities designated at fair value through profit or loss are subsequently measured at
fair value.
All other financial liabilities recognised by the Group are subsequently measured at amortised cost.
Impairment of Financial Assets
At the end of each reporting period, the Group tests financial assets for impairment by applying the expected credit
loss impairment model.
The Group has adopted the simplified approach under AASB 9 Financial Instruments to measure the allowance for
credit losses for receivables from contracts with customers and contract assets. The allowance for credit losses is
determined based on the lifetime expected credit losses of the financial asset. Lifetime expected credit losses
represent the credit losses that are expected to result from default events over the life of the financial asset. The
Group has no other financial assets subject to impairment testing under AASB 9.
In applying the simplified approach under AASB 9, the Group uses a provision matrix based on historical experience
at the client and segment level, adjusted for factors that are specific to the financial asset, as well as current and
future expected economic conditions relevant to the financial asset. The time value of money is incorporated into
the measurement of expected credit losses if it is material. There has been no change in the estimation techniques
or significant assumptions made during the reporting period.
Contractual payments more than 180 days past due are considered default events for the purpose of measuring
expected credit losses based on the historical experience of the Group.
The measurement of expected credit losses reflects the Group’s expected rate of loss and is measured as the
difference between all contractual cash flows due and all contractual cash flows expected based on the Group’s
exposure at default, discounted at the financial asset’s effective interest rate, where appropriate.
Financial assets are considered credit impaired when one or more events has occurred that provides objective
evidence that there has been a detrimental impact on the estimated future cash flows of the financial asset.
Indicators that a financial asset is credit impaired include observable data that: the debtor has significant financial
difficulties; the debtor is likely to enter bankruptcy or financial reorganisation; breaches of contract have occurred;
and the debtor has defaulted or there is delinquency in payments. Financial assets which are not collectible are
written off by reducing the carrying amount directly when CPT has no realistic expectation of recovery of the financial
asset. Financial assets written off remain subject to enforcement action by CPT. Any financial assets that have been
written off but subsequently recovered in whole or in part are recognised in profit or loss.
Financial guarantees
Where material, financial guarantees issued, which require the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due, are recognised as a financial
liability at fair value on initial recognition.
The guarantee is subsequently measured at the higher of the best estimate of the obligation and the amount initially
recognised less, when appropriate, cumulative amortisation in accordance with AASB 15: Revenue. Where the Group
gives guarantees in exchange for a fee, revenue is recognised under AASB 15.
The fair value of financial guarantee contracts has been assessed using a probability weighted discounted cash flow
approach. The probability has been based on:
•
•
•
the likelihood of the guaranteed party defaulting in a year period;
the proportion of the exposure that is not expected to be recovered due to the guaranteed party defaulting;
and
the maximum loss exposed if the guaranteed party were to default.
CPT Global Limited – Annual Report
28
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the Group no longer has any significant continuing involvement in the risks
and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either
discharged, cancelled or expired. The difference between the carrying value of the financial liability extinguished or
transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or
liabilities assumed, is recognised in profit or loss.
(g) Receivables
Trade receivables are a part of financial instruments (loans and receivables) and are initially recognised at transaction
price and are subsequently measured at amortised cost less any impairment allowance. Trade receivables are
generally due for settlement within 30 days.
(h) Impairment of non-financial assets
At the end of each reporting period, the Group reviews the carrying values of its tangible and intangible assets to
determine whether there is any indication that those assets have been impaired. If such an indication exists, the
recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is
compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is
recognised as an expense in the profit and loss.
Impairment testing is performed annually for goodwill and other intangible assets with indefinite lives.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Non-financial assets, other than goodwill that suffered impairment, are reviewed for possible reversals of the
impairment at the end of each reporting period.
(i) Intangibles
Goodwill
Goodwill is initially recorded at the amount by which the purchase price for a business combination exceeds the fair
value attributed to the interest in the net fair value of identifiable assets, liabilities and contingent liabilities at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition
of associates is included in investments in associates. Goodwill is tested annually for impairment and carried at cost
less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
Intellectual Property
Intellectual property is recognised at the cost of acquisition and has an indefinite useful life. Intellectual property is
tested annually for impairment and carried at cost less accumulated impairment losses.
Computer Software
Computer software is recognised at the cost of acquisition. Computer software costs have a finite useful life and are
carried at cost less accumulated amortisation and any impairment losses. Computer software costs are amortised
on a straight-line basis over their useful life. The amortisation rate used for software costs varies from 14% to 50%.
CPT Global Limited – Annual Report
29
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
(j) Foreign Currency Transactions and Balances
Functional and presentation currency
The functional currency of each of the Group’s entities is the currency of the primary economic environment in
which that entity operates. The consolidated financial statements are presented in Australian dollars which is the
Company’s functional and presentation currency.
Transaction and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date
of the transaction. Foreign currency monetary items are re-translated at the year-end exchange rate. Non-monetary
items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-
monetary items measured at fair value are reported at the exchange rate at the date when fair values were
determined.
Exchange differences arising on the translation of monetary items are recognised in the profit or loss, except where
deferred in equity as a qualifying cash flow or net investment hedges. Exchange differences arising on the translation
of non-monetary items are recognised directly in equity to the extent that the underlying gain or loss is directly
recognised in equity, otherwise the exchange difference is recognised in the profit or loss.
Group companies
The financial results and position of foreign operations whose functional currency is different from the Group’s
presentation currency are translated as follows:
— assets and liabilities are translated at year-end exchange rates prevailing at the end of the reporting period;
—
—
income and expenses are translated at average exchange rates for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
On consolidation, exchange differences arising from translation of transactions considered to be net investment in
foreign operations are transferred directly to the Group’s foreign currency translation reserve in the statement of
financial position. These differences are recognised in the profit or loss in the period in which the operation is
disposed.
(k) Trade and other payables
Trade and other payables are a part of financial instruments (non-derivative financial liabilities). These amounts
represent liabilities for goods and services provided to the Group prior to the end of the financial year which are
unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables
are initially measured at fair value and subsequently measured at amortised cost using the effective interest method.
(l) Employee Benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to
balance date. Employee benefits that are expected to be wholly settled within one year have been measured at the
amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been
measured at the present value of the estimated future cash outflows to be made for those benefits. Those cashflows
are discounted using market yields on corporate bonds with terms to maturity that match the expected timing of
cashflows.
Wages and salaries, annual leave and sick leave
(i)
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled wholly
within 12 months of the end of the reporting period are recognised in other payables in respect of employees’
services up to the end of the reporting period and are measured at the undiscounted amounts expected to be paid
when the liabilities are settled. When measuring sick leave entitlement, only the unutilised entitlement that is likely
to be utilised over and above the leave entitlement that continues to accrue in the future periods is taken into
account.
CPT Global Limited – Annual Report
30
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
Long service leave
(ii)
The liability for long service leave is recognised in the provision for employee benefits and measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the
reporting period. Consideration is given to expected future wage and salary levels, experience of employee
departures and periods of service. Expected future payments are discounted using market yields at the end of the
reporting period on corporate bonds with terms to maturity and currency that match, as closely as possible, the
estimated future cash outflows.
(iii)
Contributions to defined contributions superannuation funds are recognised as an expense as they become payable.
Retirement benefit obligations
(iv)
Share-based payments
Share-based compensation benefits are provided to certain directors and employees via the CPT Employee Equity
Plan. Information relating to this scheme is set out in note 20.
The fair value of performance rights granted under the CPT Employee Equity Plan is recognised as an employee
benefit expense with a corresponding increase in equity in the period the rights are granted. The fair value is
measured at grant date and recognised over the period during which the employees become unconditionally
entitled to the rights.
The fair value at grant date is determined using a Black-Scholes option pricing model that takes into account the
exercise price, the term of the right, the impact of dilution, the share price at grant date and expected price volatility
of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the right.
The fair value of the rights granted is adjusted to reflect market vesting conditions but excludes the impact of any
non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions
are included in assumptions about the number of rights that are expected to become exercisable. At the end of
each reporting period, the Group revises its estimate of the number of rights that are expected to become
exercisable. The employee benefit expense recognised each period takes into account the most recent estimate.
The impact of the revision to the original estimates, if any, is recognised in the profit and loss with a corresponding
adjustment to equity.
(m) Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. A provision
for dividends is not recognised as a liability unless the dividends are declared, determined or publicly recommended
on or before the end of the reporting period.
(n) Issued Capital
Issued and paid-up capital is recognised at the fair value of the consideration received by the Group.
Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the
share proceeds received.
(o) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the statement of financial position.
CPT Global Limited – Annual Report
31
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
(p) Revenue and Other Income
The Group recognises revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the Group expects to be entitled in exchange for the goods or services.
The Group enters contracts with clients to provide IT consulting services on a time and materials, fixed price,
milestone based and risk/reward basis, or variations thereof. The performance obligations in each contract are
identified and the total transaction price for each contract is allocated against the various performance obligations
based on their stand-alone selling prices. The transaction price excludes any amounts collected on behalf of third
parties.
The Group determines the stand-alone selling price by direct reference to contracts and pricing schedules for the
services being delivered.
Revenue is recognised either at a point in time or over time as performance obligations are satisfied by transferring
the goods or services to the client. Revenue is recognised over time if:
▪
▪
▪
the client simultaneously receives and consumes the benefits as the Group performs;
the client controls the asset as the Group creates or enhances it; or
the Group’s performance does not create an asset for which the client has an alternative use and there is a
right to payment for performance to date.
If the criteria above are not met, revenue is recognised at a point in time.
When revenue is recognised over time the progress towards complete satisfaction of the performance obligations
as the services are delivered is measured using the stage of completion method, except for risk/reward contracts as
discussed below. Stage of completion is measured by reference to the labour hours incurred to date as a percentage
of total estimated hours for each performance obligation. Clients are invoiced monthly in arrears unless the contract
specifies otherwise. Payment terms are generally 30 days. Any amounts that remain unbilled at the end of a reporting
period are presented in the statement of financial position as contract assets. Only the passage of time is required
before these amounts are invoiced and collected.
Risk/reward revenue is recognised by measuring the progress towards complete satisfaction of the performance
obligations. The method of measuring progress is determined using an output method as the Group has determined
that an output method best reflects the pattern of transfer of value to the customer. The output is measured in
either MIPS or MSUs saved for the customer and the progress is measured by reference to the MIPS or MSUs saved
to date as a percentage of total estimated MIPS or MSUs for each performance obligation. The MIPS or MSUs saved
to date is determined by identifying all opportunities identified at a point in time and weighting the likelihood of
the client realising the savings based on fixed and measurable stages in a risk/reward project. The weighting at each
stage is based on the Group’s experience completing risk/reward projects. Clients are invoiced in accordance with
the contract terms which generally stipulate that invoices can be submitted when the savings have been measured
and confirmed by the client and the Group. Payment terms are generally 30 days. Any amounts that remain unbilled
at the end of a reporting period are presented in the statement of financial position as contract asset.
Clients may be invoiced in advance for the provision of services and this is recognised as a liability until the Group
provides, and the client consumes, the benefits of the service.
Interest revenue is recognised on a proportional basis considering the effective interest rates applicable to the
financial assets.
All revenue is stated net of the amount of goods and services tax (GST).
(q) Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready for their intended use of those assets, until
such time as the assets are substantially ready for their intended use or sale.
CPT Global Limited – Annual Report
32
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
(r) Earnings per share
Basic EPS is calculated as net profit attributable to members, adjusted to exclude costs of servicing equity (other
than dividends) and preference share dividends, divided by the weighted average number of ordinary shares,
adjusted for any bonus element.
Diluted EPS is calculated as net profit attributable to members, adjusted for:
▪
▪
▪
▪
costs of servicing equity (other than dividends) and preference share dividends;
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses;
other non-discretionary changes in revenues or expenses during the period that would result from the dilution
of potential ordinary shares; and
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted
for any bonus element.
(s) Consumption Taxes (GST and VAT)
Revenues, expenses and assets are recognised net of the amount of GST and VAT, except where the amount of GST
and VAT incurred is not recoverable from the taxation authority. In these circumstances the GST and VAT is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST and VAT.
Cash flows are presented in the statement of cash flows inclusive of GST and VAT. The GST and VAT components of
cash flows arising from investing or financing activities which are recoverable from, or payable to, the taxation
authority are presented as operating cash flows included in receipts from customers or payments to suppliers.
(t) Government Grants
Government grants are recognised at fair value where there is reasonable assurance that the grant will be received
and all grant conditions will be met. Grants relating to expense items are recognised as income over the periods
necessary to match the grant to the costs they are compensating.
(u) Prior Period Restatement
During the year ended 30 June 2022 the Group identified a classification error in the receivables due from the
Canada Revenue Agency being classified as offsetting trade and other payables. The impact of adjusting the
classification of these balances is shown below:
CPT Global Limited – Annual Report
33
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
STATEMENT OF FINANCIAL POSITION
As previously presented
Adjustment
As Restated
$
$
$
30 June 2021
Assets
Current assets
Trade and other receivables
Total current assets
Non-current assets
Trade and other receivables
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Total Current liabilities
Total liabilities
Net assets
2,954
9,173
-
1,035
10,208
3,950
4,765
4,976
5,232
-
-
2,898
2,898
2,898
2,898
2,898
2,898
-
2,954
9,173
2,898
3,933
13,106
6,848
7,654
7,874
5,232
There was no impact on profit or loss, statement of changes in equity or the cash flow statement.
(v) Rounding of Amounts
The parent entity has applied the relief available to it under ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 and accordingly, amounts in the financial statements and directors’ report have been
rounded off to the nearest $1,000, or in certain cases the nearest dollar.
(w) Critical Accounting Estimates & Judgements
The directors evaluate estimates and judgements incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the Group.
CPT Global Limited – Annual Report
34
Notes to the Financial Statements
Year Ended 30 June 2022
1. Summary of Significant Accounting Policies (continued)
Key estimates and judgements
(i)
Impairment losses on trade and other receivables, and contract assets
An impairment loss is recognised based on an expected credit loss model. The Group assesses the expected credit
loss of trade receivables and contract assets based on individual debtor level expectations relative to credit terms.
The Group assesses the expected credit loss on receivables due from tax authorities based on the expected recovery.
There is a high degree of judgement in estimating whether these receivables require an impairment provision.
(ii)
Contract asset
The Group measures contract assets based on information available at the time of recognition. This information
includes historical trends, data analysis, significant judgments from key management personnel as to the reasonable
expectations of future events and completion of projects in progress. See Note 8 for further details.
(iii) Deferred taxes
In assessing whether future taxable amounts will be available to utilise temporary differences and losses,
management review the past performance of the relevant company, the budgets for the forthcoming financial year,
forecasts and sales pipelines.
(x) Accounting standards issued but not yet effective
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2022
reporting periods and have not been early adopted by the group. These standards are not expected to have a
material impact in the current or future reporting periods.
CPT Global Limited – Annual Report
35
Notes to the Financial Statements
Year Ended 30 June 2022
2. REVENUE
REVENUE
Services Revenue – recognised over time
Total Revenue
OTHER INCOME
Interest Income
Government grants received
Other income
Total Other Income
3. PROFIT OR LOSS FOR THE YEAR
Profit or loss for the year also includes the following specific expense
items:
Finance costs:
Interest expense on borrowings
Interest on lease liabilities
Total finance costs
Foreign currency translation losses
Occupancy expenses
Depreciation of property plant and equipment
Depreciation of right of use assets
Defined superannuation contribution expense – Others
Defined superannuation contribution expense – KMP
2022
$'000
2021
$'000
29,941
29,941
33,256
33,256
5
11
-
16
13
137
2
153
2022
$'000
2021
$'000
92
-
92
(23)
301
16
-
958
129
153
38
191
49
243
15
115
1,155
108
CPT Global Limited – Annual Report
36
Notes to the Financial Statements
Year Ended 30 June 2022
4.
INCOME TAX EXPENSE
Tax expense comprises:
Current tax
Deferred tax
Under/(over) provision of previous year
The prima facie tax on profit before income tax is reconciled to the
income tax as follows:
Prima facie tax on profit before income tax at 25% (2021: 26%)
Tax effect of
▪ Change in tax rate
▪ Tax on overseas income at a different rate
▪ Other non-allowable items
▪ Current year tax losses not brought to account
▪ Tax losses utilised that were not previously recognised
▪ Government grants
▪ Under/(over) provision of previous year
▪ Non-deductible interest expense
Income tax expense attributable to the entity
2022
$'000
764
(182)
-
581
2021
$'000
895
147
31
1,073
513
1,164
24
73
105
65
(314)
-
33
82
581
21
11
(5)
63
(267)
(23)
31
78
1,073
The applicable weighted average effective tax rates are as follows:
28%
24%
5.
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES
2022
2021
$'000
$'000
(a) Dividends paid during the year
• Current year interim
Franked dividends (1.5c per share) (2021: 2.0c per share)
621
786
•
Prior year final
Franked dividends (3.00c per share) (2021: 1.25c per share)
1,209
1,830
478
1,264
(b) Dividends proposed and not recognised as a liability
•
Franked dividends (1.00c per share) (2021: 3.00c per share)
416
1,209
(c) Franking credit balance
Balance of franking account at year end adjusted for:
•
Franking debits arising from payment of proposed dividends
2,291
2,291
2,022
2,022
CPT Global Limited – Annual Report
37
Notes to the Financial Statements
Year Ended 30 June 2022
6.
CASH AND CASH EQUIVALENTS
Cash at bank
Reconciliation of cash
Cash at the end of the financial year as shown in the statement of cash
flows is reconciled to items in the statement of financial position as
follows:
Cash and cash equivalents
7.
TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables
Provision for impairment
Other receivables
GST/ HST receivables
NON-CURRENT
Employee withholding tax receivables
GST/ HST receivables
2022
$'000
2021
$'000
4,087
4,264
4,087
4,087
4,264
4,264
2022
$'000
4,336
-
4,336
147
636
5,119
2022
$'000
-
2,262
2,262
2021
$'000
2,784
-
2,784
170
2,954
2021
$'000
607
-
607
Notes
7(a)
7(c)
Notes
7(b)
7(c)
a) Trade receivables are non-interest bearing and generally on 30-day terms. The average credit period on
rendering of services is 53 days (2021: 30.6 days).
b) Employee withholding tax receivables are refunds expected from the Canada Revenue Agency relating to
tax payments made on behalf of employees.
c) GST/HST receivables are refunds expected from the Canada Revenue Agency relating to payments made in
2017 – 2020 associated with GST/HST that are expected to be refunded.
CPT Global Limited – Annual Report
38
Notes to the Financial Statements
Year Ended 30 June 2022
7.
TRADE AND OTHER RECEIVABLES (Cont.)
Before accepting new customers, the Group assesses the creditworthiness of the potential client using information
provided by independent rating agencies, publicly available information and its own trading record. The Group’s client
portfolio consists of leading blue chip companies, Fortune Global 500 companies and Government departments within
Australia. The profile of the trade receivable balance as at the reporting date is as follows:
Of the trade receivable balance at the end of the reporting period:
•
•
•
•
•
•
$960k (2021: $886k) was due from a leading banking institution in Australia with an S&P credit rating of AA-;
$290k (2021: $0) was due from a leading Australian online recruitment platform;
$340k (2021: $0) was due from a Victorian government agency;
$254k (2021: $0) was due from an Australian federal government agency;
$212k (2021: $13k) was due from a leading insurance company in the USA; and
$1.060m (2021: $47k) was due from a leading healthcare company in the USA
There are no other customers who represent more than 5% of the total balance of trade receivables.
Of the trade receivables balance at the end of the reporting period, a concentration of $2.5m (58%) relates to Australia
(2021: $2.4m (86%) and $1.6m relates to US (2021: $299k (11%). The remaining amounts are not individually
significant. All these receivables were collected subsequent to year end
Trade receivables that are past due and are impaired
There are no provision for impairments during the year.
Trade receivables that are past due but not impaired
Included in the trade receivable balance are debtors with a carrying amount of $491k (2021: $82k) in the Group
which are past due at the end of the reporting period but have not been provided for as there has not been a
significant change in credit quality and the amounts are still considered recoverable. The balance relates to two USA
clients and one for Australia. Since the end of year we have collected payments for some invoices and are in the
process of collecting the balance payments. At this stage no risk is foreseen in collecting all the outstanding
payments.
The ageing analysis of trade receivables is:
1-3 months
Within initial trade terms
2022
$'000
491
3,845
4,336
2021
$'000
82
2,702
2,784
The carrying value of trade and other receivables approximates its fair value. Trade and other receivables are
recoverable within 12 months, hence the effects of discounting is immaterial.
8.
CONTRACT ASSETS
Contract asset
Total
2022
$'000
1,318
1,318
2021
$'000
1,321
1,321
Contract asset represents amounts relating to revenue recognised in accordance with the accounting policies detailed
in Note 1(c) that had not been invoiced to the customer as at the end of the reporting period. There is no amount of
the contract asset that was initially recognised more than 12 months prior to the end of the reporting period.
CPT Global Limited – Annual Report
39
Notes to the Financial Statements
Year Ended 30 June 2022
9.
OTHER CURRENT ASSETS
Prepayments
2022
$'000
639
639
2021
$'000
634
634
Prepayments consists of insurance policies, licence fees, subscriptions and other expenses.
10.
INTERESTS IN SUBSIDIARIES
Name
Country of
incorporation
Percentage of equity & voting interest
held by the economic entity
CPT Global Ltd
CPT Global GmbH
CPT Global Inc
CPT Global Consulting Corp
CPT Global France
CPT Global Australia Pty Ltd
CPT Global International Pty Ltd
CPT Global Pte Ltd
CPT Global SRL
CPT Consultoria Global Em Informatica Ltda
CPT Global Software Pty Ltd
United Kingdom
Germany
USA
Canada
France
Australia
Australia
Singapore
Italy
Brazil
Australia
2022 %
2021 %
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
There are no known restrictions on the transfer of cash or assets within the group. No subsidiaries were acquired or
sold during the financial year.
11. PARENT INFORMATION
The following information has been extracted from the books and records of the parent and has been prepared in
accordance with Accounting Standards.
STATEMENT OF FINANCIAL POSITION
ASSETS
Current Assets
Non-Current Assets
Total Assets
LIABILITIES
Current Liabilities
Non-Current Liabilities
Total Liabilities
EQUITY
Issued Capital
Reserves
Accumulated losses
Total Deficit
2022
$'000
1,587
449
2,036
8,557
198
8,755
2021
$'000
1,584
446
2,030
5,912
206
6,118
13,818
1,731
(22,267)
(6,718)
13,033
1,608
(18,728)
(4,087)
CPT Global Limited – Annual Report
40
Notes to the Financial Statements
Year Ended 30 June 2022
STATEMENT OF COMPREHENSIVE INCOME/(LOSS)
Total profit/(loss)
Total comprehensive profit/(loss)
Guarantees
(6,341)
(6,341)
(1,540)
(1,540)
The parent has not entered into any guarantees, in the current or previous financial year, in relation to the debts of
its subsidiaries. Refer to Note 21 for details of bank guarantees in relation to leased offices.
12.
PROPERTY, PLANT AND EQUIPMENT
Motor vehicles
At cost
Accumulated depreciation
Office equipment
At cost
Disposals
Purchases
Accumulated depreciation
Furniture, fixtures and fittings
At cost
Accumulated depreciation
Right of Use Assets
At cost
Disposals
2022
$'000
2021
$'000
36
(36)
-
148
-
16
(150)
14
6
(6)
-
11
(11)
-
36
(36)
-
139
(4)
13
(131)
17
6
(6)
-
11
(11)
-
Total property, plant and equipment
14
17
(a) Reconciliations
Reconciliations of the carrying amounts of property, plant and
equipment at the beginning and end of the current financial year.
Motor vehicles
Cost at beginning of year
Movements in exchange rate
Cost at end of year
Accumulated depreciation at beginning of year
Depreciation and effects of movements in exchange rate
Write back of accumulated amortisation on disposals
Accumulated depreciation at end of year
2022
$'000
2021
$'000
35
1
36
(35)
(1)
-
(36)
35
1
36
(35)
(1)
-
(36)
Carrying amount
-
-
CPT Global Limited – Annual Report
41
Notes to the Financial Statements
Year Ended 30 June 2022
12.
PROPERTY, PLANT AND EQUIPMENT (Cont.)
Office Equipment
Cost at beginning of year
Purchases
Disposals
Cost at end of year
Accumulated depreciation at beginning of year
Depreciation and effects of movements in exchange rate
Accumulated depreciation at end of year
Carrying value
Furniture, fixtures and fittings
Cost at beginning of year
Cost at end of year
Accumulated depreciation at beginning of year
Depreciation
Accumulated depreciation at end of year
Carrying amount
Right of use assets
Cost at beginning of year
Early termination of lease
Cost at end of year
Depreciation
Accumulated depreciation at end of year
Carrying amount
2022
$'000
148
16
-
164
(131)
(19)
(150)
2021
$'000
139
13
(4)
148
(119)
(12)
(131)
14
17
5
5
(4)
(1)
(5)
-
-
-
-
-
-
-
5
5
(4)
(1)
(5)
-
681
(670)
11
(11)
(11)
-
On initial recognition of right of use assets in FY2020 it was assumed that a 3 year option in the lease of our head
office would be exercised in FY2021. The lease was only extended for 1 year till the end of June 2023. Therefore, the
right of use asset was derecognised.
CPT Global Limited – Annual Report
42
Notes to the Financial Statements
Year Ended 30 June 2022
13.
TRADE AND OTHER PAYABLES
CURRENT
Trade and other payables
Accruals
Annual leave provision
Contract liabilities
2022
$'000
6,563
837
653
302
8,355
2021
$'000
5,055
872
563
227
6,717
Due to the short-term nature of these payables, their carrying value is assumed to approximate to their fair value.
There are no financial guarantees in place other than the bank guarantee for the head office lease as disclosed in
Note 21.
Contract liabilities are recorded as a current liability as the underlying performance obligations are expected to be
completed within 12 months. The balance of unearned revenue at 30 June 2021 was recognised as revenue in FY2022.
14.
BORROWINGS
CURRENT
Secured borrowings
Lease liabilities
Total current borrowings
NON-CURRENT
Lease liabilities
Total non-current borrowings
Unutilised financing facilities
Credit facility available
Amount secured utilised
Note
14(a)
14(b)
14(b)
14(a)
2022
2021
$'000
$'000
-
-
-
-
-
-
-
-
-
-
5,000
-
5,000
5,000
-
5,000
(a) The parent entity has a debtors financing facility in place. The facility is secured by a first registered company
charge (mortgage debenture) over the carrying value of the total assets of the parent entity, which totalled
$2.0m at the end of the reporting period. Interest is charged at a 5.5% margin above the 90 day Bank Bill
Swap Rate. The maximum facility is $5m with the available facility based on the value of the Australian debtor
book. At 30 June 2022, the available funding under the facility was $0.8m.
(b) Lease liabilities were initially recognised at the beginning of FY2020 under AASB 16. At 31 May 2021 the
lease liability relating to the Head Office was derecognised as the option in the contract was not exercised.
A lease for a photocopier ended in FY2021. CPT had no contracts at 30 June 2022 that would require
recognition as leases on the balance sheet.
CPT Global Limited – Annual Report
43
Notes to the Financial Statements
Year Ended 30 June 2022
15.
TAX
LIABILITIES
Non Current
Deferred tax liabilities comprise:
Prepayments
Unrealised foreign exchange gain
Reconciliation of deferred tax liabilities
Opening balance
Debited/(Credited) to the statement of comprehensive income as
current tax
Closing balance
ASSETS
Non Current
Deferred tax assets comprise:
Foreign currency losses
Employee entitlements
Accruals
Income losses
Other
Reconciliation of deferred tax assets
Opening balance
(Debited)/Credited to the statement of comprehensive income
5
Closing balance
2022
$'000
2021
$'000
34
35
69
158
(89)
69
628
376
37
123
36
42
116
158
86
72
158
505
360
27
88
37
1,200
1,017
1,017
183
1,200
1,092
(75)
1,017
The future income tax benefit of the deferred tax assets will only be realised if the conditions of deductibility set out
in Note 1(b) occur. Deferred tax assets not brought to account for which the benefits will only be realised if the
conditions for deductibility set out in Note 1(b) occur amount to $712,313 (2021: $807,886). CPT Global’s tax losses
that have not been brought to account are generally not subject to restrictions. Of the losses not brought to account
in FY2021 66% relate to the UK.
CPT Global Limited – Annual Report
44
Notes to the Financial Statements
Year Ended 30 June 2022
16.
PROVISIONS
Current
Employee benefits – Long Service Leave
Total Current Provisions
Non-Current
Employee benefits – Long Service Leave
Total Non-Current Provisions
2022
$'000
760
760
32
62
2021
$'000
760
760
62
62
Total Provision
792
822
A provision has been recognised for employee entitlements relating to long service leave. In calculating the present
value of future cash flows in respect of long service leave, the probability of long service leave being taken is based
on historical data. The measurement and recognition criteria relating to employee benefits have been included in
Note 1(l) to these financial statements.
Analysis of Total Provisions
Long Service Leave
Total
Opening balance at 1 July 2021
Provided for during the year
Taken during the year
Balance at 30 June 2022
17.
ISSUED CAPITAL
(a) Issued and paid up capital
41,607,143 (2021: 40,306,551)
fully paid ordinary shares
$'000
822
(4)
(26)
$'000
822
(4)
(26)
792
792
2022
$’000
2021
$’000
13,818
13,033
13,033
13,033
(b) Movements in shares on issue
2022
2021
Beginning of the financial year
New shares issued
End of the financial year
Number of
shares
40,306,551
1,300,592
41,607,143
$’000’
13,033
735
13,818
Number of
shares
38,260,251
2,046,300
40,306,551
$’000’
12,396
637
13,033
(i) Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to
the number of shares held. At shareholders’ meetings each ordinary share is entitled to one vote when a poll is
called, otherwise each shareholder has one vote on a show of hands. During the year ended 30th June 2020 no
ordinary shares were bought back under the on market buyback (2021: 0). Ordinary shares have no par value.
(ii) The on market buyback commenced on the 27th August 2020 with 3,000,000 shares being the maximum to be
bought back of which 2,385,106 were outstanding as at 30 June 2022.
CPT Global Limited – Annual Report
45
Notes to the Financial Statements
Year Ended 30 June 2022
ISSUED CAPITAL (Cont.)
17.
(c) Options
For information relating to the CPT Global Limited employee option plan, including details of options issued, exercised
and lapsed during the financial year and the options outstanding at year-end, refer to Note 20 Share-based payments.
For information relating to share options issued to key management personnel during the financial year, refer to the
Note 20 Share-Based Payments.
(d) Capital Management
Management controls the capital of the Group in order to maintain an appropriate debt to equity ratio, provide
shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going
concern.
The Group does not currently have significant debt capital employed in the business as indicated in the following
table. Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusts its
capital structure in response to changes in these risks and in the market. These responses include the management
of debt levels, distributions to shareholders, share buy-backs and share issues.
There have been no changes in the strategy adopted by management to control the capital of the group since the
prior year. This strategy is to ensure that the Group’s gearing ratio remains at an appropriate level between 0% and
50%.
The gearing ratios for the year ended 30 June 2022 and 30 June 2021 are as follows:
Borrowings
Lease liabilities
Less cash and cash equivalents
Net Debt
Total equity
Total capital employed
Gearing ratio
2022
$’000
-
-
(4,087)
(4,087)
5,319
5,319
0%
2021
$’000
-
-
(4,264)
(4,339)
5,232
5,232
0%
A bank guarantee facility provided by the Company’s banker is cash backed in the amount of $191k. The cash is not
available for CPT Global to utilise until the bank guarantee is returned to our Banker at the end of the lease. The lease
expires in June 2023.
CPT Global Limited – Annual Report
46
Notes to the Financial Statements
Year Ended 30 June 2022
RESERVES
18.
(a) Foreign currency translation
The foreign currency translation reserve records exchange differences arising on translation of the financial statements
of foreign subsidiaries.
(b) Equity reserve
The equity reserve is a non-distributable reserve used to record share-based payment expense.
(c) Analysis of items of other comprehensive income by each class of reserve
2022
$’000
2021
$’000
Foreign currency translation reserve
Exchange difference on translating foreign controlled entities
Movement in foreign currency translation reserve
(463)
(463)
(289)
(289)
Total other comprehensive income for the year
(463)
(289)
19.
CASH FLOW INFORMATION
(a) Reconciliation of the profit after tax to the net cash flows
from operations
Net profit/(loss)
Non-Cash Items
Depreciation and amortisation of non-current assets
Share-based payments
Changes in assets and liabilities
Decrease in trade and term receivables
(Increase) in prepayments
Decrease/(Increase)/ in contract asset
(Increase)/decrease in deferred tax asset
Increase/(decrease) in trade payables and accruals
Increase) in income taxes payable
(Decrease) in deferred tax liabilities
Increase in employee entitlements
Net cash flow from operating activities
There were no acquisitions or disposals of subsidiaries in the 2022 financial year.
2022
$'000
2021
$'000
1,472
3,405
16
133
130
68
(1,878)
(44)
3
(182)
1,344
6
(36)
182
1,016
191
(141)
(206)
75
(1,931)
752
70
150
2,563
CPT Global Limited – Annual Report
47
Notes to the Financial Statements
Year Ended 30 June 2022
20. SHARE-BASED PAYMENTS
The following share-based payment arrangements existed at 30 June 2022:
Directors
Performance
Rights
Issue
date
Expiry
date
Exercise
Price
Granted
As at 1
July
2021
Forfeited/
Exercised/
transferred
/ expired
As at 30 June
2022
29/11/21 28/11/24
$0.00
-
-
1,000,000
1,000,000
-
-
1,000,000
1,000,000
On 29 November 2021, at the Company’s Annual General Meeting, 1,000,000 performance rights were granted to
Luke Tuddenham to take up ordinary shares at an exercise price of $0.00 per share. The fair value of these
performance rights at the date of grant was $616,346. The fair value has been calculated using a Black Scholes pricing
methodology using the following inputs:
Weighted average exercise price
Maximum life of right
Underlying share price
$0.00
3 years
$0.660
As the exercise price is $0.00, share price volatility, risk free interest rate and dividend yield do not have a material
impact on the fair value of the performance rights.
The exercise of the performance rights related to FY2022 was contingent upon the following conditions being met:
No of Shares
to be Issued
Conditions to be met
at least 10% of the Company’s revenue, as reported in the Company’s 30 June 2024 Annual Report is
earned from the sale, subscription or licensing of software and intellectual property; and
1,000,000
the cumulative earnings per share (EPS) as reported in the Company’s Annual Report for the 3 financial
years ending on 30 June 2022, 30 June 2023 and 30 June 2024 is equal to or greater than the
cumulative basic EPS target over the 3-year period from 1 July 2021 to 30 June 2024.
The performance rights hold no voting or dividend rights, are not transferrable and will lapse in the event of the
resignation of the director.
CPT Global Limited – Annual Report
48
Notes to the Financial Statements
Year Ended 30 June 2022
20. SHARE-BASED PAYMENTS (continued)
An amount of $130,092 pertaining to these entitlements has been included in the statement of comprehensive income
for the period.
Information with respect to the number of performance rights granted is as follows:
2022
2021
Number of
options
Weighted
average exercise
price
Number of
options
Weighted
average exercise
price
50,000
1,000,000
50,000
-
1,000,000
$
-
-
-
-
-
450,000
-
-
400,000
50,000
$
-
-
-
-
-
Outstanding at the
beginning of the year
Granted
Exercised
Expired
Outstanding at year end
There are no other options or performance rights granted by CPT Global Limited to any other party. Options do not
confer on the holder any right to vote or participate in the dividends of the Company and are not transferable.
21.
CONTINGENT LIABILITIES
Guarantees
CPT Global Limited has provided a guarantee of $124k (2021: $124k) to third parties in relation to its performance
and obligations in respect of property lease rentals. The guarantee is secured against a term deposit equal to the
value of the guarantee. The guarantee is for the term of the lease. The guarantee for lease covers the next 12 months.
22.
EVENTS AFTER THE REPORTING PERIOD
On 31st August 2022, a fully franked final dividend of 1.00 cent per share was declared for the 2022 financial year.
CPT Global Limited – Annual Report
49
Notes to the Financial Statements
Year Ended 30 June 2022
23.
EARNINGS PER SHARE
(a) The following reflects the income and share data used in the
calculations of basic and diluted earnings per share:
2022
$'000
2021
$'000
Net (loss)/profit & earnings used in calculating basic and diluted
earnings per share
1,472
3,404
Weighted average number of ordinary shares used in calculating basic
earnings per share
Weighted average number of options outstanding
Adjusted weighted average number of ordinary shares used in
calculating diluted earnings per share
24. AUDITORS' REMUNERATION
Amounts received or due and receivable by ShineWing Australia and
Mazars London for:
•
an audit or review of the financial statements of the Company and
any other entity in the Group
other services in relation to the Company and any other entity in
the Group
- tax compliance
- other services
•
Services relate to accounting and taxation services.
Number of
shares
Number of
shares
41,607,143 40,306,551
50,000
594,521
42,201,664 40,356,551
2022
$'000
2021
$'000
143
123
13
-
156
20
1
144
25.
KEY MANAGEMENT PERSONNEL COMPENSATION
(a) Names and positions held of economic entity key management personnel in office at any time during the
financial year are:
Key Management Person
Fred S Grimwade
Nigel Sandiford
Luke Tuddenham
Grant Sincock
Gerry Tuddenham
Position
Non-executive Chairman
Non-executive Director (resigned 1 August 2022)
Chief Executive Officer
Company Secretary and Chief Financial Officer (resigned 13 May 2022)
Executive Director
CPT Global Limited – Annual Report
50
Notes to the Financial Statements
Year Ended 30 June 2022
25.
KEY MANAGEMENT PERSONNEL COMPENSATION (continued)
b) Key Management Personnel Compensation
Refer to the Remuneration Report contained in the Director’s Report for details of the remuneration paid to each
member of the Group’s key management personnel for the year ended 30 June 2022.
The totals of remuneration paid to key management personnel of the Company and the Group during the year are as
follows:
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Share based payments
26.
RELATED PARTY DISCLOSURES
(a) Controlling Relationships
2022
$000
1,780
69
24
130
2021
$000
1,675
109
24
-
2,003
1,809
Interests in subsidiaries are set out in note 10. The parent entity and the ultimate controlling party of the group is
CPT Global Limited.
(b) Key management personnel
Disclosures relating to key management personnel are set out in the Remuneration Report and note 25. Key
management personnel include the board of directors and key executives who are accountable and responsible for
the operational, management and strategic direction of the Group.
(c) Transactions with related parties
During the financial year there were no transactions with related parties.
27.
OPERATING SEGMENTS
Identification of Reportable Segments
CPT Global Limited has identified its operating segments based on the internal reports that are reviewed and used by
the Board of Directors (chief operating decision makers) in assessing the performance and determining the allocation
of resources. The reportable segments disclosed are based on a geographical basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered
to have similar economic characteristics and are also similar with respect to the following:
-
-
-
services provided by the segment;
the type of customer for the services provided; and
external regulatory requirements
CPT Global Limited – Annual Report
51
Notes to the Financial Statements
Year Ended 30 June 2022
27.
OPERATING SEGMENTS (continued)
Types of Services by Segment
Below outlines the major lines of services provided to customers for each reportable segment:
Australia
-
-
Transformation and Modernisation services
Program Governance and Assurance Services
- Quality Assurance Services
- Mainframe and Midrange Optimisation and Cost Reduction Services
-
Capacity Management Services
Europe
- Mainframe & Midrange performance
-
Technical Support services
North America
- Mainframe & Midrange performance
- Management, Functional & Automation Testing
-
-
-
Technical Support services
Cost Reduction
Capacity Planning
Basis of accounting for purposes of reporting by reportable segments
Accounting policies adopted
Unless stated otherwise, all amounts reported to the Board of Directors with respect to operating segments are
determined in accordance with accounting policies that are consistent to those adopted in the annual financial
statements of the Company.
Inter-segment transactions
Segment revenues, expenses and results exclude transfers between segments. The prices charged on intersegment
transactions are the same as those charged for similar services to parties outside of the Group on an arm’s length
basis. These transfers are eliminated on consolidation.
Segment Assets and Liabilities
Segment assets and liabilities reported are based on the internal reports reviewed by the Board of Directors. Assets
include trade debtors and contract asset balances. Liabilities include trade creditors and accruals.
Unallocated items
The Board of Directors review segment performance to the gross profit level. All other items of revenue and expenses
are not allocated to operating segments as they are not considered part of the core operations of any segment.
Liabilities are not reported by segment for internal reporting purposes for the Board of Directors and therefore have
been treated as unallocated items.
CPT Global Limited – Annual Report
52
Notes to the Financial Statements
Year Ended 30 June 2022
OPERATING SEGMENTS (continued)
27.
Segment Performance
Australia
Europe
North America
Consolidated
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
REVENUE
External Sales recognised over time 14,937
19,989
44
740
14,960
12,527
29,941
33,256
Total Group Revenue
-
-
-
-
-
-
29,941
33,256
Segment Gross Profit before tax
3,671
5,467
(16)
285
7,604
6,202
11,276
12,107
Reconciliation of segment result to
group profit/loss before tax
Goodwill impairment
Unallocated Items
- Overheads
-
-
-
-
-
-
(9,223)
(7,629)
Profit/ (Loss) before tax
2,053
4,478
Segment Assets
Australia
Europe
North America
Consolidated
(restated)
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
Segment Assets
2,674
2,658
(29)
105
5,907
4,110
8,552
6,873
Segment asset increases for the
period:
-
Capital Expenditure
-
-
-
-
-
-
-
-
2,674
2,658
(29)
105
5,907
4,110
8,552
6,873
Reconciliation of segment assets to
group assets
Unallocated assets:
-
Property, plant & equipment
- Other Assets
-
-
-
-
-
-
-
-
-
-
-
-
14
17
6,015
6,009
Total Group Assets
14,581
12,900
CPT Global Limited – Annual Report
53
Notes to the Financial Statements
Year Ended 30 June 2022
OPERATING SEGMENTS (Continued)
27.
Segment Liabilities
Australia
Europe
North America
Consolidated
(restated)
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
Segment Liabilities
5,250
4,594
1,095
589
2,005
1,505
8,349
6,688
5,250
4,594
1,095
589
2,005
1,505
8,349
6,688
Reconciliation of segment
liabilities to group liabilities
Unallocated liabilities:
-
Provisions
826
863
-
-
87
117
913
980
Total Group Liabilities
Major Customers
9,262
7,668
CPT Global Limited provides services to a range of clients in the financial services, superannuation, healthcare and
government industries. CPT’s top 10 clients account for 90% of the Group’s global revenue (2021: 89%), totalling
$26.9m (2021: $29.5m). Four of CPT’s clients contributed more than 10% of the annual revenue (28% - a major
American bank, 17% - a major Australian Bank, 13% - a major healthcare provider in US and 11% - an Australian
government department).
28.
FINANCIAL INSTRUMENTS
Financial Risk Management
The group’s financial instruments consist mainly of deposits with banks, accounts receivable and payable.
The main purpose of non-derivative financial instruments is to raise finance for Group operations.
Derivatives may be used by the Group for hedging purposes. Such instruments include forward exchange and currency
option contracts. The Group does not speculate in the trading of derivative instruments.
The board of directors is responsible for monitoring and managing financial risk exposures of the Group. The board
reviews the effectiveness of internal controls relating to interest rate risk and foreign currency risk. The overall risk
management strategy seeks to assist the Group in meeting its financial targets, while minimising potential adverse
effects on financial performance from financial and currency rate risk.
The main risks the Group is exposed to through its financial instruments are interest rate risk, foreign currency risk,
liquidity risk and credit risk.
(a) Interest rate risk
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value and cash flows will
fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes
of financial assets and financial liabilities, is as follows:
CPT Global Limited – Annual Report
54
Notes to the Financial Statements
Year Ended 30 June 2022
28.
FINANCIAL INSTRUMENTS (Continued)
Economic Entity
Floating interest
rate
Fixed interest
rate maturing in
1 to 5 years
Non-interest
bearing
Total carrying
amount as per
statement of
financial
position
Weighted
average effective
interest rate
2022
$'000
2021
$'000
2022
$'000
2021
2022
2021
$'000 $'000 $'000
2022
$'000
2021
$'000
2022
%
2021
%
(i) Financial assets
Cash and cash equivalents
Trade receivables
Total financial assets
(ii) Financial liabilities at
amortised cost
Bank overdrafts
Trade and sundry payables
Borrowings
Total financial liabilities
4,087
-
4,087
4,264
-
4,264
-
-
(57)
(57)
-
-
(76)
(75)
-
-
-
-
-
-
-
-
-
- 5,119
- 5,119
-
2,954
2,954
4,087
4,425
9,206
4,264
2,954
7,218
0.10
0.03
-
-
- 6,563
-
-
- 6,563
-
5,055
-
5,055
-
6,563
(57)
6,466
-
5,055
(76)
4,998
8.0
8.6
Interest rate risk arises on cash and cash equivalents, debtor funding facilities and bank overdrafts. Interest rate risk
is managed by monitoring and reviewing cash flow forecasts and the trade receivables balance of the Group.
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates for cash and cash
equivalents as this is the only financial instrument materially exposed to floating interest rates. The analysis is based
on actual monthly borrowing amounts throughout the year, as reported to management, with the stipulated change
taking place at the beginning of the financial year and held constant throughout the reporting period. A 100 basis
point increase or decrease has been used and represents management’s assessment of the possible changes in
interest rates. At the reporting date, if interest rates had been 100 basis points higher or lower and all other variables
were held constant, the Group’s profit before income tax would increase by $46k and decrease by $46k (2021:
increase by $29k and decrease by $29k).
(b) Foreign currency risk
The group is exposed to fluctuations in foreign currencies arising from the sale and purchase of services in currencies
other than the group’s functional currency, and the translation of foreign subsidiary results, financial position and
borrowing between the group on consolidation.
CPT Global Limited – Annual Report
55
Notes to the Financial Statements
Year Ended 30 June 2022
28.
FINANCIAL INSTRUMENTS (Continued)
The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities at the
end of the reporting period is as follows:
US dollars
Euro
Liabilities
Assets
2022
$'000
136
-
2021
$'000
131
-
2022
$'000
256
38
2021
$'000
267
22
The amounts disclosed above in relation to Australian dollars relate to intercompany payables and receivables in
each of the foreign subsidiaries whose functional currency is not Australian dollars.
Foreign currency sensitivity analysis
The Group is mainly exposed to US dollars, Sterling, Euros and Canadian dollars.
The following table details the Group’s sensitivity to a 10% increase and decrease in the Australian dollar against
the relevant foreign currencies. 10% is the sensitivity rate used as it represents management’s assessment of the
possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency
rates. The sensitivity analysis includes external assets and liabilities as well as loans, receivables and payables
balances with foreign subsidiaries where the denomination of the balance is in a currency other than the functional
currency of the lender or borrower. A positive number indicates an increase in profit or loss and other equity where
the Australian dollar strengthens against the respective currency. For a weakening of the Australian dollar against
the respective currency there would be an equal and opposite impact on the profit and other equity, and the
balances below would be negative.
USD Impact
Sterling Impact
Euro Impact
CAD Impact
2022
$'000
70
(95)
2021
$'000
10
(155)
2022
$'000
24
(200)
2021
$'000
-
(235)
2022
$'000
(34)
(134)
2021
$'000
20
(103)
2022
$'000
(26)
(23)
2021
$'000
1
3
Profit or loss
Other equity
The above impacts are mainly attributable to the exposure of intercompany payables, receivables and loan balances
at the end of the reporting period.
CPT Global Limited – Annual Report
56
Notes to the Financial Statements
Year Ended 30 June 2022
28.
FINANCIAL INSTRUMENTS (Continued)
(c) Liquidity risk
Liquidity risk is the risk the group will not be able to meet its financial obligations as they fall due. The group
manages liquidity risk by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities
are maintained. Included in Note 14 is a listing of additional undrawn facilities that the Group has at its disposal to
further reduce liquidity risk. The borrowing facilities may be drawn at any time and may be terminated by the
financing provider with three months’ notice. All facilities are subject to annual review.
Maturity analysis
The table below represents the undiscounted contractual settlement terms for financial instruments and
management’s expectations for settlement of undisclosed maturities.
<12 months
2022
$'000
2021
$'000
4,087
4,483
1,318
(5,457)
57
4,264
2,878
1,321
(3,950)
75
Cash and cash equivalents
Receivables
Contract asset
Payables
Borrowings
Net maturities
4,488
4,588
(d) Credit risk
1-5 years
2020
2021
$'000 $'000
-
-
-
-
-
-
-
-
-
-
-
-
Total contractual
cash flows
2022
$'000
4,087
4,483
1,318
(5,457)
57
2021
$'000
4,264
2,878
1,321
(3,950)
75
Carrying amount
2021
$'000
2022
$'000
4,087
4,483
1,318
(5,457)
57
4,264
2,878
1,321
(3,950)
75
4,488
4,588
4,488
4,588
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Group and essentially arises from holdings of cash and deposits and trade receivables as well as from the
parent’s potential obligations under the indemnity guarantee provided to banks. The risk is largely managed
through a policy of only dealing with creditworthy counterparties. Periodic assessments of debtor balances are
undertaken and provisions for impairment are recognised where appropriate.
The maximum credit risk exposure is the carrying value of cash and deposits and trade receivables as disclosed in
notes 6 and 7.
Information of the Group’s credit risk exposure to any single debtor or group of debtors under financial instruments
entered into by the Group are included in note 7.
The Group minimises concentrations of credit risk in relation to trade receivables by undertaking transactions with
a large number of clients.
i.
ii.
Cash deposits
Credit risk for cash deposits is managed by holding all cash deposits with major Australian and global
banks.
Trade receivables
Credit risk for trade receivables is managed by setting credit limits and completing credit checks for
new customers. Outstanding receivables are regularly monitored for payment in accordance with
credit terms.
The ageing analysis of trade and other receivables is provided in note 7. As the Group undertakes
transactions with a large number of customers and regularly monitors payments in accordance with
credit terms, the financial assets that are neither past due nor impaired, are expected to be received
in accordance with the credit terms. The Group assess the expected credit loss based on individual
debtor level expectations relative to credit terms.
The Group does not have any material credit risk exposure for other receivables or other financial
instruments.
CPT Global Limited – Annual Report
57
Directors’ Declaration
The directors of the company declare that:
1.
the financial statements and notes, as set out on pages 20 to 57, are in accordance with the Corporations Act 2001
and:
a.
b.
comply with Australian Accounting Standards, which, as stated in accounting policy Note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards
(IFRS); and
give a true and fair view of the financial position as at 30 June 2022 and of the performance for the year
ended on that date of the company and economic entity.
2.
the Chief Executive Officer and Chief Financial Officer have each declared that:
a.
b.
c.
the financial records of the company for the financial year have been properly maintained in accordance with
section 286 of the Corporations Act 2001;
the financial statements and notes for the financial year comply with Accounting Standards; and
the financial statements and notes for the financial year give a true and fair view.
3.
in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Luke Tuddenham
Managing Director
Aspen Colorado, 30 September 2022
CPT Global Limited – Annual Report
58
Take the lead
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF CPT GLOBAL LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of CPT Global Limited (the Company) and its subsidiaries (the Group) which
comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of profit
or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
a. giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial performance
for the year then ended, and
b. complying with Australian Accounting Standards and the Corporations Regulations 2001.
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 & 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.
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.
Brisbane
Level 15
240 Queen Street
Brisbane QLD 4000
T + 61 7 3085 0888
Melbourne
Level 10
530 Collins Street
Melbourne VIC 3000
T + 61 3 8635 1800
Perth
Level 25
108 St Georges Terrace
Perth WA 6000
T + 61 8 6184 5980
Sydney
Level 7, Aurora Place
88 Phillip Street
Sydney NSW 2000
T + 61 2 8059 6800
SW Audit ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards
Legislation. SW Audit is an independent member of ShineWing International Limited.
sw-au.com
59
1. Revenue Recognition
Key audit matter
Refer to Note 2 Revenue and Note 8 Contract
Assets
The Group earned revenue of $29,941,000 during
the year and recognised contract assets of
$1,318,000 at reporting date. Revenue is earned
from variable (risk/reward) and fixed price contracts
and is recognised in accordance with AASB 15
Revenue from Contracts with Customers.
Recognition of revenue is a key audit matter due to
the revenue from contracts being based on
management’s estimates. Given the level of
estimation there is significant audit effort to test
revenue and as a result it is a key audit matter.
2. Recognition of income tax related balances
Key audit matter
Refer to Note 15 Tax
The Group operates in multiple tax jurisdictions with
differing tax laws and regulations increasing the
potential for misstatement of tax related balances
and transactions.
The tax balances have significant complexity and
as a result they are a key audit matter.
Take the lead
How our audit addressed the key audit matter
Our procedures included:
Documenting and assessing the internal control
environment and performing tests of controls
Testing a sample of revenue to supporting
documentation and assessing whether revenue has
been accurately recorded in accordance with
contractual terms
Confirming new contracts executed during the year
have been accounted for in accordance with AASB
15 Revenue from Contracts with Customers
Performing trend analysis and other analytic
techniques on revenue to validate amounts recorded
during the year
Ensuring estimated savings detailed in project status
reports and recognised as revenue have been
acknowledged and approved by the Group’s
customers
Ensuring all estimated savings reflected in project
status reports were recognised as revenue in the
correct accounting period
Ensuring contract assets have been invoiced after
year end, and
Assessing the adequacy of revenue related
disclosures in the financial statements.
How our audit addressed the key audit matter
Our procedures included:
Engaging tax experts to assess management’s
calculations and application of relevant tax laws and
regulations
Reviewing income tax provision calculations for
each jurisdiction
Reconciling income tax expense to prima facie
expense for the year, and
Assessing the adequacy of the disclosures in
relation to tax related balances.
60
Take the lead
3. Recognition of indirect tax related balances
Key audit matter
How our audit addressed the key audit matter
Refer to Note 7 Trade and other receivables
Our procedures included:
The Group has $2,898,000 of other receivables
comprising:
$636,000 of employee withholding taxes
relating to tax payments made on behalf of
employees, and
$2,262,000 of GST/HST receivables relating to
payments made associated with GST/HST.
These are expected refunds from the Canadian
Revenue Agency (CRA), there is significant
judgement in the estimation of the recoveries of
these balances and as a result it is a key audit
matter.
Documenting and assessing the work performed by
the advisors engaged by the Group to recover these
amounts
Reviewing and assessing the adequacy of expected
credit loss provisions associated with employee
withholding tax receivables and GST/HST
receivables
Considering the expected time frame of recovery
and ensuring the classification of the receivables
was in accordance with the accounting standards
Assessing the qualifications and experience of
experts relied on by management, and
Assessing the adequacy of the disclosures in
relation to CRA receivable balances.
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 2022 but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report, or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can
61
Take the lead
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them, all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
62
Take the lead
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 13 to 18 of the directors’ report for the year ended 30
June 2022.
In our opinion, the Remuneration Report of CPT Global Limited for the year ended 30 June 2022 complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
SW Audit (formerly ShineWing Australia)
Chartered Accountants
R Blayney Morgan
Partner
Melbourne, 30 September 2022
63
Corporate Information
ACN 083 090 895
ABN 16 083 090 895
Directors
Fred Grimwade
(Non-executive Chairman)
Luke Tuddenham
(Managing Director & CEO)
Gerard (Gerry Tuddenham
(Executive Director)
Company Secretary
Mark Licciardo
Principal Registered Office
Level 3, 818 Bourke Street
Docklands VIC 3008
Telephone:
Internet:
+61 (0)3 9684 7900
www.CPTglobal.com
Auditors
SW Audit (formerly ShineWing Australia)
Level 10, 530 Collins Street
Melbourne VIC 3000
Share Register
Boardroom Pty Ltd
Level 12, 225 George Street
Sydney NSW 2000
Telephone: 1300 737 760
Facsimile: +61 (0)2 9290 9600
Solicitors
Nicholson Ryan Lawyers
Bankers
ANZ Banking Group Limited
ASX Code
CGO
2022 Annual General Meeting
The Annual General Meeting of CPT Global Limited
members will be held on Tuesday, 15 November 2022
at 11.00am at CPT Global’s head office 818
Bourke Street, Docklands, Victoria.
CPT Global on the Web
For an introduction to the company and access to
company announcements, descriptions of our core
business, services and careers, and our corporate
governance policies and procedures visit our
website at www.CPTglobal.com
CPT Global Limited – Annual Report
64
ASX Additional Information
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows. The
information is current as at 28th of September 2022.
(a) Distribution of equity securities
The number of shareholders, by size of holding, in each class of share are:
Ordinary shares
Number of holders
1
1,001
5,001
10,001
100,001
- 1,000
- 5,000
- 10,000
- 100,000
and over
The number of shareholders holding less than a marketable parcel of shares are:
93
369
164
274
50
951
124
Units
50,443
998,933
1,263,308
8,592,984
30,701,475
41,607,143
87,057
(b) Twenty largest shareholders
The names of the twenty largest holders of quoted shares are:
Ordinary Fully paid Shares
LUKE TUDDENHAM & ASSOC.
TUDDY SUPER PTY LTD
GNP NOMINEES PTY LTD
1
2
3 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
4 WESTFERRY OPERATIONS PTY LTD
5
6 MR PHILIP ADAM & MRS SANDRA ADAM
7
8
9 MR PAWEL REJ & MRS MIROSLAWA REJ
10 CLAPSY PTY LTD
11 FRED GRIMWADE AND ASSOC.
12 MR KEVIN STEVEN AKOM AND ASSOC.
BENJAMIN TUDDENHAM & ASSOC.
TEN TALENTS (2020) LIMITED
MR NEVILLE WINSTON ANDREW HASKETT & MRS VICKI PAULINE HASKETT
13
14 BNP PARIBAS NOMS PTY LTD
15 MRS ALISON BOLGER
16
17 MRS JULIE ANN CAREY
18 MR MICHAEL LAZORIK
19 GRANT SINCOCK
20 CITICORP NOMINEES PTY LIMITED
INVIA CUSTODIAN PTY LIMITED
Number of
shares
10,854,618
2,709,046
2,664,993
2,325,290
1,015,877
916,255
828,702
805,667
758,641
744,308
718,200
593,014
501,000
363,442
362,550
309,058
306,000
300,000
254,282
238,986
Percentage
of ordinary
shares
26.09%
6.51%
6.41%
5.59%
2.44%
2.20%
1.99%
1.94%
1.82%
1.79%
1.73%
1.43%
1.20%
0.87%
0.87%
0.74%
0.74%
0.72%
0.61%
0.57%
27,569,929
66.26%
CPT Global Limited – Annual
Report
65
ASX Additional Information
(c) Shares held in escrow
On 31 December 2021 163,169 ordinary shares were released from escrow. There are no escrowed securities on issue at the
date of this Report.
(d) Substantial shareholders
The names of substantial shareholders who have notified the Company in accordance with section 671B of the
Corporations Act 2001 are:
MR GERRY TUDDENHAM AND HIS ASSOCIATES (EXCLUDING HIS BENEFICIAL
INTEREST IN THE CPT TRUST)
GNP NOMINEES PTY LTD AS TRUSTEE FOR THE CPT TRUST
SONDA FONDO DE INVERSION PRIVADO
WESTFERRY OPERATIONS PTY LTD ATF THE WESTFERRY TRUST
Number of Shares
11,651,027
2,709,046
2,664,993
2,550,500
(e) Voting rights
All ordinary shares (whether fully paid or not) carry one vote per share without restriction. Performance rights do not carry
voting rights.
CPT Global Limited – Annual
Report
66