JCURVE SOLUTIONS LIMITED
ABN 63 088 257 729
Level 8, 9 Help St, Chatswood NSW 2067, Australia
info@jcurvesolutions.com
https://www.jcurvesolutions.com/
14 October 2021
2021 Annual Report
JCURVE SOLUTIONS LIMITED (ASX: JCS), the business transformation technology company,
attaches its FY2021 Annual Report.
This announcement has been authorised for release by the Board of JCURVE SOLUTIONS
LIMITED.
About Jcurve
Jcurve works collaboratively with ambitious organisations to drive growth through the effective
use of technology. Serving as a trusted guide in an on-demand world, Jcurve helps build growing
and resilient organisations to withstand market disruption.
From business management solutions and consulting services to field service management and
digital marketing services – Jcurve is uniquely positioned to help organisations on their business
transformation journey.
For more information, please visit www.jcurvesolutions.com.
"Jcurve works collaboratively with ambitious organisations
to drive growth through the effective use of technology.
Serving as a trusted guide in an on-demand world, we help
build growing and resilient organisations to withstand
market disruption."
JCurve Solutions Limited
C O N T E N T S
Chairman and CEO Message
Directors’ Report Including Remuneration Report
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Independence Declaration
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Contents to the Notes to the Consolidated
Financial Statements
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholders Information
Corporate Information
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CHAIRMAN and CEO Message
JCurve Solutions Limited
8 October 2021
Dear Fellow Shareholders,
COVID-19 has challenged us all - as individuals, families, communities and as Executives overseeing your business. To the
great credit of your management and employees, JCurve Solutions achieved a profitable result in FY2021. Your agile,
resilient business is ready to meet the challenges and to take opportunities in an ever-changing world.
Financial Strength – positioning for growth
JCurve Solutions returned to profitability for the year ended 30 June 2021 (FY2021) by generating a statutory pre-tax profit of
$0.3 million and a normalised EBITDA of $1.2 million. This result reflects a significant improvement in the statutory pre-tax loss of
$0.2 million and normalised EBITDA of $0.7 million generated in the twelve months ended 30 June 2020 (FY2020). While our
revenue levels were down, we implemented several cost-saving initiatives at the start of the COVID-19 pandemic to further
strengthen the company’s financial position in the face of uncertain economic times.
JCurve Solutions achieved a cash flow positive result for FY2021 with operating cash inflows of $1.8 million, which compares
favourably to the $0.3 million of cash inflows generated in FY2020. The 30 June 2021 cash balance was $5.1 million, an increase
from the reported $4.2 million as of 30 June 2020.
Your company continues to be well-positioned for value opportunities with strong cash reserves and no debt.
Strategic priorities – driving growth
We remain resolute in our strategy of accelerating growth. With this in mind, our strategic priorities for the next twelve months
are to:
Profitably grow JCurve Solutions in Asia Pacific from our existing operations as well as through acquisition.
Rapidly grow our Quicta (formerly Riyo) subscriber numbers and focus on product enhancements.
Expand our Business Consulting and Advisory service (Vyzeri).
Markedly increase shareholder value.
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In early 2021, we saw changes at the Board level, as I, Mark Jobling, took on the role of Chairman and Martin Green joining the
Board. Further, we bolstered our Executive team, appointing James Butler as Chief Marketing Officer and Arthur Fernandez to
the new role of Chief Growth Officer.
4
CHAIRMAN and CEO Message (continued)
JCurve Solutions Limited
Rebranding - reflecting our growth
On 4 October 2021, JCurve Solutions launched its new branding. This new
branding includes a fresh, modern take on the JCurve logo, a refreshed
colour scheme, alongside a new tagline of ‘Advancing Ambition’. The new
tagline perfectly encapsulates the mission, which is to work collaboratively
with ambitious organisations to drive growth through the effective use of
technology.
The solutions and services we offer as part of a diversified portfolio will be
reported moving forward under their refreshed brands of Optyc, Quicta,
Vyzeri and Dygiq.
Outlook
Assuming the economies of Southeast Asia and Australia recover quickly
from the COVID-19 pandemic, we are forecasting strong growth from our
existing business operations.
We continue to focus on identifying and evaluating complementary
technology business merger and acquisition opportunities. We have
successfully purchased and integrated two smaller businesses, Creative
Quest and Rapid E-Suite Thailand, over the past six months. Our focus is
now on more significant opportunities that will result in a step-change in
our revenue and profitability moving forward.
Final Remarks
Mark Jobling
Chairman
Thank you to our employees, customers and shareholders for their
ongoing support. Despite the challenging times that COVID-19 has
presented, JCurve Solutions has evolved
into a full-service digital
transformation partner for businesses seeking to meet the challenges of
today’s business environment and assist in Advancing Ambition.
Stephen Canning
Chief Executive Officer
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JCurve Solutions Limited
DIRECTORS’ REPORT
Your directors present the annual financial report of the consolidated entity (referred to hereafter as ‘JCurve Solutions’ or ‘the
Group’) consisting of JCurve Solutions Limited and the entities it controlled at the end of, or during, the year ended 30 June 2021.
In order to comply with the provisions of the Corporations Act 2001, the Directors’ Report is as follows:
Directors and Company Secretary
The names of directors who held office during or since the end of the year and until the date of this report are as follows.
Directors were in office for the entire year unless otherwise stated.
Mr Mark Jobling
Mr Bruce Hatchman
Mr Graham Baillie
Mr David Franks was a Non-Executive
Director from the beginning of the
financial year until his resignation on 18
January 2021.
Mr Martin Green was appointed as a
Non-Executive Director on 18 January
2021 and continues in that position as
at the date of this report.
Names, qualifications, experience, and special responsibilities
The following information is current as at the date of this report.
Experience and expertise
Mark Jobling joined the company on 8 April 2015 as a Non-Executive Director.
Mark is a substantial shareholder of the Company and holds a Bachelor of
Economics and Bachelor of Laws (Hons) from Monash University. Mark manages
investments in a diverse range of industries including power technology and
angel investing in Asian start-up companies and is currently based in Hong
Kong. He began his career as a commercial lawyer with Mallesons Stephen
Jaques in Australia and went on to hold senior executive roles in multi-billion
dollar companies, including Managing Director of South East Asia and Taiwan for
CLP Holdings Limited, and CEO of OneEnergy Limited, a CLP/Mitsubishi
Corporation
Entertainment Holdings Pte Ltd.
in Asia. Mark
joint venture
is the Chairman of Tomorrow
Mark Jobling
B. Eco, B Laws (Hons)
(Non-Executive Chairman)
Directorships of other listed companies
None
Former directorships of other listed companies
None
Special responsibilities
Chairman of the Remuneration Committee.
Experience and expertise
Bruce Hatchman was appointed to the Board of JCurve Solutions on
27 November 2014 and acted as Chairman from 27 November 2014 until
8 January 2021. Bruce is an experienced and successful finance professional. As
the former Chief Executive of Crowe Horwath, Bruce has over 40 years’
listed
experience
companies and other consulting services to large private enterprises. Bruce is a
qualified Chartered Accountant and a member of the Australian Institute of
Company Directors.
in providing audit and assurance, and M&A services to
Directorships of other listed companies
None
Former directorships of other listed companies
Non-Executive Director of Consolidated Operations Group Limited (change of
name post-resignation from the Company to COG Financial Services Limited).
Special responsibilities
Chairman of the Audit & Risk Management Committee and Member of the
Remuneration Committee.
6
Bruce Hatchman
FCA MAICD JP (Non-Executive
Director)
DIRECTORS’ REPORT (continued)
Names, qualifications, experience, and special responsibilities
Experience and expertise
Graham Baillie rejoined the Group as a Non-Executive Director on 26 August 2019. Graham
originally joined the Company in September 2007 as a Non-Executive Director and was
appointed Chairman in May 2012, briefly serving as Managing Director for period December
2013 to June 2014 before returning to position of Chairman in July 2014. During this time, he
saw the listing of JCurve Solutions Limited through Stratatel Limited.
Graham is JCS’s majority shareholder through shares held by his family’s superannuation
fund.
In 1994, Graham established Outsource Australia Pty Ltd (OSA) to provide “white collar”
business process outsourcing (BPO) services to both the private and public market sectors
in Australia. In his capacity as majority shareholder and Chief Executive Officer he developed
the company nationally and internationally. Today OSA is known as Converga. Prior to this,
Graham was with AUSDOC during its formative years through to its ultimate ASX listing in
September 1993. In this time he was not only integral to the development of the company
throughout Australia but was also involved in establishing similar business operations in New
Zealand, USA and United Kingdom.
Directorships of other listed companies
None
Former directorships of other listed companies
None
Special responsibilities
Member of the Audit & Risk Management Committee.
Experience and expertise
Martin Green joined the Group on 18 January 2021 as a Non-Executive Director. He has a
strong corporate background having played a significant role in the private investment
arm of Consolidated Press Holdings Pty Limited (CPH) for more than 10 years and
subsequently Hong Kong where he set up CPH’s operations. After leaving CPH, Martin has
assisted in building and monetising technology and other businesses in Asia through his
extensive corporate network. Martin is based in Hong Kong and holds a BA (Hons) in
Accounting and Finance.
Directorships of other listed companies
None
Former directorships of other listed companies
None.
Special responsibilities
Member of the Audit & Risk Management Committee and Member of the Remuneration
Committee.
Experience and expertise
David Franks joined JCurve Solutions on 15 September 2014 as Company Secretary and a
Non-Executive Director. He is a Chartered Accountant, Fellow of the Financial Services
Institute of Australia, Fellow of the Governance Institute of Australia, Justice of the Peace,
Registered Tax Agent and holds a Bachelor of Economics (Finance and Accounting) from
Macquarie University. With over 20 years in finance and accounting, initially qualifying with
Price Waterhouse in their Business Services and Corporate Finance Divisions, David has
been CFO, Company Secretary and/or Director for numerous ASX-listed and unlisted public
and private companies, in a range of industries covering energy retailing, transport, financial
services, mineral exploration, technology, automotive, software development and healthcare.
David is currently the Company Secretary for the following public entities: AUB Group
Limited, Aumake International Limited, Noxopharm Limited, Nyrada Inc, Consolidated
Operations Group Limited, White Energy Company Limited, White Energy Technology
Limited and ZIP Co Limited. David is also a Director and Principal of Automic Group Pty Ltd.
Directorships of other listed companies
None
Former directorships of other listed companies
None.
Special responsibilities
Chairman of the Audit & Risk Management Committee and Member of the Remuneration
Committee until his resignation.
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JCurve Solutions Limited
Graham Baillie
FAICD (Non-Executive Director)
Martin Green
BA (Hons) in Accounting and
Finance (Non-Executive Director)
from 18 January 2021
David Franks
B.Ec, CA, F Fin, FGIA, JP.
(Non-Executive Director until his
resignation on 18 January 2021
and Company Secretary)
DIRECTORS’ REPORT (continued)
Interests in the shares and options of the group and related bodies corporate
As at the date of this report, the interests of the directors in the shares and options of JCurve Solutions were:
Ordinary Shares
Options over Ordinary Shares
JCurve Solutions Limited
Mark Jobling
Bruce Hatchman
Graham Baillie
Martin Green
50,704,301
3,500,000
83,124,215
-
137,328,516
-
-
-
-
-
A new equity incentive plan was approved by shareholders at the Annual General Meeting held on 19 November 2019.
In accordance with that plan, on the 16th of March 2021, 4,100,000 performance rights were issued to employees under this plan.
The Performance Rights under this plan vest in three tranches in January 2022, June 2022 and January 2023 and have both a
performance and service condition before converting into shares.
Dividends and shareholder returns
No dividends were declared or paid during the financial year ended 30 June 2021.
Principal activities
The principal activities of JCurve Solutions during the year ended 30 June 2021 consisted of:
1) the sale, implementation and support of Enterprise Resource Planning (ERP) solutions, which consisted of:
(i) the exclusively licensed small business edition of Oracle NetSuite, JCurveERP (in Australia and New Zealand);
(ii) the Oracle NetSuite mid-market and enterprise editions (in Australia, New Zealand and South East Asia);
2) the sale and support of proprietary Telecommunications Expense Management Solutions;
3) the continued development of Riyo, the Group’s proprietary owned Service Management Platform including the sale and
support of the platform to paying customers;
4) the sale of digital marketing services.
Review of Operations - Operating financial review
Financial Results for the Year
The Group recognised a profit after tax of $0.2 million for year ended 30 June 2021 (2020: $0.3 million loss).
The ‘Normalised EBITDA’ for the full year ended 30 June 2021 was $1.2 million (2020: $0.7 million), which has been determined as follows:
Total profit/(loss) after tax for the year
Add Back: Non-cash expenses:
Depreciation / amortisation
Total non-cash expenses
Income tax expense
Interest income/finance costs
Normalised EBITDA
Consolidated ($)
2020
(298,804)
817,201
817,201
153,585
(1,481)
670,501
2021
152,255
864,271
864,271
143,391
75,037
1,234,954
Normalised EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (AAS) and represents the
profit under AAS adjusted for specific significant items. The table above summarises key items between the statutory profit/(loss)
after tax and normalised EBITDA. The directors use normalised EBITDA to assess the performance of the Group.
8
DIRECTORS’ REPORT (continued)
Normalised EBITDA has not been subject to any specific
review procedures by our auditor but has been extracted
from the accompanying audited financial report.
The Group has the following risk management controls
embedded
in the Group’s management and reporting
system:
JCurve Solutions Limited
implementation revenue
The Group’s total revenue for the year ended 30 June 2021
was $10.6 million (2020: $11.2 million), which includes revenue
licenses and
from the sale of JCurveERP/NetSuiteERP
accompanying support and
in
Australia of $7.7 million (2020: $8.0 million), revenue from the
sale of NetSuiteERP licenses and accompanying support and
implementation revenue in Asia $1.0 million (2020: $1.0 million),
revenue from the sale of Telecommunications Expense
Management Solutions $1.6 million (2020: $2.1 million) and
implementation of the Riyo
revenue from the sale and
solution $0.2 million (2020: $0.1 million).
Total expenses including depreciation for the full year ended
30 June 2021 was $9.1 million (2020: $11.7 million). The largest
expense during the year ended 30 June 2021 was amounts
paid to employees with $5.5 million being paid or accrued
(2020: $6.2 million).
Financial Position as at 30 June 2021
The Group generated cash inflows for FY2021 of $1 million,
with a 30 June 2021 cash balance of $5.1 million, which was an
increase from the $4.2 million as at 30 June 2020, with $0.2
million paid during the year for the Creative Quest business
acquisition.
Despite the exceptionally challenging market conditions
associated with the COVID-19 pandemic, JCurve Solutions
remains in a strong financial position, supported by annual
recurring revenue streams exceeding $7 million, a cash
balance of $5.1 million as at 30 June 2021 and no external
debt.
The increase in assets from $14.0 million as at 30 June 2020
to $14.4 million as at 30 June 2021, is primarily the result of the
stronger financial result achieved in FY2021.
The liabilities balance increased from $9 million as at 30 June
2020 to $9.4 million as at 30 June 2021 which is primarily the
result of the project delivery status of a large contract won in
November 2020. The Group recognizes revenue in the Statement
Income on completion of nominated
of Comprehensive
performance obligations at which point the liability for any
pre-billed services work is recognized as revenue.
Risk management
The Group recognises the need to proactively manage the
risks and opportunities associated with both day-to-day
operations of the Group and
objectives and has developed a risk management policy.
its
longer-term strategic
The Board is responsible for the establishment, oversight and
approval of the Group’s risk management strategy, internal
compliance and controls. The Board is also responsible for
defining the “risk appetite” of the Group so that the strategic
direction of the Group can be aligned with its risk management
policy.
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1) A comprehensive annual insurance program facilitated by
an external broker;
2) A monthly risk register which is reviewed by the Executive
Management Team and reported to the Board;
3) Annual strategic and operational business plans; and
4) Annual budgeting and forecasting and monthly reporting
systems which enable the monitoring of performance
against expected targets and the evaluation of trends.
The Chief Executive Officer and Chief Financial Officer
through monthly Board papers, report to the Board as to
whether all identified material risks are being managed
effectively across the Group.
During the year, ongoing monitoring, mitigation and
reporting on material risks was conducted by the Executive
Management Team, the Audit and Risk Committee and the
Board and took place
in accordance with the process
disclosed above.
A copy of the Risk Management Policy can be found on the
Group’s website:
https://www.jcurvesolutions.com/corporate-governance/
Significant changes in the state of affairs
There were no significant changes in the state of affairs of
JCurve Solutions during the financial year.
Events since the end of the financial year
Since the end of the financial year, the following events have
occurred which have impacted the operations of the Group:
1) Acquisition of the Thailand assets of Rapid E-Suite Pte Ltd
On the 9th of July 2021, the Group completed the acquisition
of the Thailand business assets of Rapid E-Suite Pte Ltd, an
Oracle NetSuite Member Status Solution Provider with 20
existing customers and which for the year ended 30 April
2021, generated S$0.6 million of revenue and an EBITDA of
S$0.1 million from its Thailand operations. The purchase price
for the acquisition was S$250,000 cash paid on completion,
S$50,000 cash payable on reaching an agreed non-sales
milestone by 9 October 2021 and a further cash earnout
component capped at S$500,000 dependent on the sales
level for the Thailand operations in the 12 months immediately
post-completion of the acquisition.
2) Lockdowns in key operating locations
Lockdown restrictions first announced on the 25th of June
2021, in New South Wales have been extended until the end
of September 2021. Our office in Chatswood remains closed
and the Group continues to operate under its business
continuity plan in all locations which includes all employees
lockdowns have been
working
announced
in Queensland, Victoria, Singapore and the
Philippines.
from home. Shorter
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
With the exception of the acquisition of the Thailand assets
of Rapid E-Suite and the lockdowns outlined above, no other
matters or circumstances have arisen since 30 June 2021
that significantly affect, or may significantly affect:
(a) the Group’s operations in future financial years, or
(b) the results of those operations in future financial years, or
(c) the Group’s state of affairs in future financial years.
Retirement, election and continuation in office of Directors
It is the Board’s policy to consider the appointment and
retirement of Non-Executive Directors on a case-by-case
basis. In doing so, the Board must take into account the
requirements of the Australian Securities Exchange Listing
Rules and the Corporations Act 2001.
Likely developments and expected results of
operations
The Group’s likely developments and expected results of
operations are summarised through its four core strategic
priorities for FY2022:
• Profitably Grow JCurve Solutions in Asia Pacific;
• Accelerate Riyo Go-To-Market;
• Seize adjacent Digital Transformation Opportunities;
• Increase Shareholder Value.
The COVID-19 has accelerated business change and the
Group is expecting that as the economies recover we will see
increasing numbers of Companies further embracing Cloud
Technology.
Environmental regulation
The Group is not subject to any significant environmental
legislation. The Group does not meet either the facility or
the corporate group threshold for registration under the
National Greenhouse and Energy Reporting Act 2007.
The Group continues to improve work practices in its pursuit
of reducing paper usage as much as possible and work
electronically.
Indemnification of Directors, Officers and Auditors
The Group has agreed to indemnify all the directors and
officers for any breach of laws and regulations arising from
their role as a director and officer. The contract of insurance
prohibits disclosure of the nature of the liability and the
amount of the premium.
JCurve Solutions has not indemnified or agreed to indemnify
an auditor of the Group or any related body corporate against
liability incurred as an auditor.
Meetings of Directors
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:
Clause 13.4 of the JCurve Solutions Constitution allows the
Directors to at any time appoint a person to be a Director,
either to fill a casual vacancy or as an addition to the existing
Directors, but so that the total number of Directors does not
at any time exceed the maximum number specified by the
JCurve Solutions Constitution. Any Director so appointed
holds office only until the next following annual general
meeting and is then eligible for re-election but shall not be
taken into account in determining the Directors who are to
retire by rotation (if any) at that meeting. Martin Green was
appointed during the year and must stand for election at the
first Annual General Meeting following his appointment under
Clause 13.4 of the JCurve Solutions Constitution.
Clause 13.2 of the JCurve Solutions Constitution requires that
no director who is not the Chief Executive Officer may hold
office without re-election beyond the third AGM following the
meeting at which the director was last elected or re-elected.
The current board was re-elected by shareholders at the
following prior AGMs:
2020: Bruce Hatchman and Mark Jobling;
2019: David Franks and Graham Baillie;
Therefore, under clause 13.4 of the JCurve Solutions
Constitution, Graham Baillie and Martin Green are due for
election at the Next Annual General Meeting.
Proceedings on behalf of the company
No person has applied for leave of the 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.
Auditor Independence and Non-Audit Services
Section 307C of the Corporations Act 2001 requires our
auditors, BDO Audit Pty Ltd, to provide the directors of the
Company with an Independence Declaration in relation to the
audit of the annual report.
Directors’ Meetings
Attended/(Eligible)
Number of meetings:
Mark Jobling
Bruce Hatchman
Graham Baillie
Martin Green (from 18
January 2021)
David Franks (until 18
January 2021)
7 (7)
7 (7)
7 (7)
4 (4)
3 (3)
Audit & Risk Management
Committee Attended/
Remuneration Committee
Attended /(Eligible)
(Eligible)
0 (0)
4 (4)
4 (4)
2 (2)
2 (2)
2 (2)
2 (2)
0 (0)
1 (1)
1 (1)
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DIRECTORS’ REPORT (continued)
This Independence Declaration is set out on page 21 and
forms part of this Directors’ Report for the year ended
30 June 2021.
Non-Audit Services
There were no non-audit related activities carried out by the
Company’s auditors during the year ended 30 June 2021.
Corporate Governance Statement
In fulfilling its obligations and responsibilities to its various
stakeholders, the Board is a strong advocate of corporate
governance. The Board supports a system of corporate
governance to ensure that the management of JCurve
Solutions is conducted to maximise shareholder wealth in a
proper and ethical manner.
The Corporate Governance Statement and other corporate
governance practices which outline the principal corporate
governance procedures of JCurve Solutions can be found on
the company’s website at:
https://www.jcurvesolutions.com/corporate-governance/
Remuneration report (Audited)
The directors are pleased to present JCurve Solutions
Limited’s (“the Company’s”) remuneration report for the year
ended 30 June 2021. The remuneration report is prepared in
accordance with section 300A of the Corporations Act 2001
and has been audited as required by section 308(3C) of the
Corporations Act 2001.
JCurve Solutions Limited
1) Directors and other Key Management Personnel
Non-Executive Directors
Mark Jobling
Non-Executive Director (Not Independent)
until 17 January 2021 before transitioning to the
Non-Executive Chairman role (Not Independent)
from 18 January 2021
Bruce Hatchman
Non-Executive Chairman (Independent)
until 17 January 2021 before transitioning to
a Non-Executive Director role (Independent)
from 18 January 2021
David Franks
Non-Executive Director – Independent (until 18 January 2021),
resigned 18 January 2021
Graham Baillie
Non-Executive Director – Not Independent
Martin Green
Non-Executive Director – Independent (appointed 18 January 2021)
Executive Management Team (Executives)
Stephen Canning
Chief Executive Officer
The remuneration report outlines the key aspects of JCurve
Solutions remuneration policy, framework and remuneration
awarded for JCurve Solutions directors and executives. The
Executives
Management Personnel who are not Non-Executive
Directors.
for the purpose of this
report are Key
James Aulsebrook
Chief Financial Officer
Kate Massey
Chief Marketing Officer including Sales Director responsibilities
until resignation effective from 4 September 2020
The Remuneration Report is structured as follows:
1) Directors and other Key Management Personnel
2) Remuneration Governance
3) Remuneration Structure
4) Remuneration of key management personnel
5) Relationship between remuneration and JCurve
Solutions performance
6) Voting and comments made at the Company’s 2020
Annual General Meeting
7) Details of share-based compensation
8) Shareholdings of Key Management Personnel
9) Transactions with Directors and Key Management
Personnel
Katrina Doring
Chief Operating Officer
Peter Choo
Product Strategy Director until resignation effective from
26 January 2021
Arthur Fernandez
General Manager – JCurve Solutions Asia
and General Manager of Riyo
James Butler
Chief Marketing Officer (appointed 8 March 2021)
Key Management Personnel are defined as those persons
having the authority and responsibility for planning, directing
and controlling the activities of the Company directly or
indirectly (and include the directors of the Company). The
Executive Management team are responsible for preparing the
Group’s 3 year Strategic Plan and evaluating the Company’s
progress against that Strategic Plan.
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DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
2) Remuneration governance
Remuneration philosophy
The performance of the Company depends upon the quality
of the directors and executives employed by JCurve
Solutions. The philosophy of the Company in determining
remuneration levels is to:
(i) set competitive remuneration packages to attract and
retain high calibre employees;
(ii) link executive rewards to shareholder value creation; and
(iii)establish appropriate performance hurdles for variable
executive remuneration.
Nomination and Remuneration committee
JCurve Solutions Limited
(i) Ensuring maximum stakeholder benefit from the
retention of a high-quality Board and executive team;
(ii) Aligned to the Company’s strategic business priorities
which have been set to achieve shareholder value;
(iii) Ensuring that the remuneration structure is transparent
and easily understood;
(iv) Acceptable to all shareholders.
The Company’s Corporate Governance Statement which
can be found on the Company’s website:
http://www.jcurvesolutions.com/corporate-governance,
provides further information on the role of the Nomination
and Remuneration Committee and its composition and
structure.
A copy of the Nomination and Remuneration Committee’s
charter is included on the Company’s website.
The Nomination and Remuneration Committee
responsible for determining and reviewing compensation
arrangements
for
management team.
the directors and
the executive
is
3) Remuneration Structure
In accordance with best practice Corporate Governance, the
structure of non-executive director and executive remunera-
tion is separate and distinct.
Non-executive director remuneration
The Board seeks to set aggregate remuneration at a level
that provides JCurve Solutions with the ability to attract and
retain directors of the highest calibre, whilst incurring a cost
that is acceptable to shareholders.
JCurve Solutions’ constitution adopted at the AGM on 9
November 2010 specifies that the aggregate remuneration of
non-executive directors shall be a maximum of $400,000 per
year, and can be varied by ordinary resolution of the share-
holders in a General Meeting. There have been no changes to
the constitution of JCurve Solutions since this date.
The amount of aggregate remuneration sought to be
approved by shareholders and the manner in which it is
apportioned amongst directors is reviewed annually.
Non-executive directors are paid their director fees in cash,
including statutory superannuation contributions. They do
not receive any bonus payments nor are they entitled to any
payment upon retirement or resignation.
The current remuneration structure for the directors is as
follows:
(i) Chairman: $90,000 including superannuation per annum;
(ii) Resident non-executive directors: $65,700 including
compulsory superannuation per annum;
(iii)Non-resident non-executive directors: $60,000
including superannuation per annum;
(iv)Chair of the Audit Committee: $10,000 including
compulsory superannuation per annum.
The remuneration of non-executive directors for the year
ended 30 June 2021 and comparative year is detailed in
Section 4, Table 1 of the Remuneration report.
The composition of the Nomination and Remuneration
Committee during the year ended 30 June 2021 was as
follows:
(1) For the period 1 July 2020 until 17 January 2021
(i) Bruce Hatchman (Chairman)
(Non Executive Director - Independent);
(ii) Mark Jobling (Non Executive Director –
Not Independent); and
(iii) David Franks (Non Executive Director - Independent).
In relation to the above, all are non-executive directors, with
an independent Chairman and the majority of whom are
independent.
(2) For the period 18 January 2021 until 30 June 2021
(i) Mark Jobling (Chairman)
(Non Executive Director – Not Independent);
(ii) Bruce Hatchman
(Non Executive Director - Independent); and
(iii) Martin Green (Non Executive Director - Independent).
In relation to the above, all are non-executive directors, the
majority of members are
Chairman is not independent.
independent however the
in compliance with the ASX Corporate Governance
On this basis, the Nomination and Remuneration Committee
is
Principles and Recommendations until 17 January 2021, and
partially compliant from 18 January 2021.
Members of the Nomination and Remuneration Committee
are appointed, removed and/or replaced by the Board.
The Nomination and Remuneration Committee assesses the
appropriateness of the nature and amount of remuneration
which the directors and executives receive on a periodic
basis by reference to relevant employment market conditions
with overall objectives of:
12
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
Executive remuneration
The Company’s Executive remuneration structure consists
of three components:
Fixed components
(i) Base salary and benefits, including
superannuation.
Variable ‘at-risk’ components
(ii) Short-term incentives in the form of cash
bonuses; and
(iii) Long-term incentives, through participation
in the JCurve Solutions Equity Incentive Plan
(EIP).
(i) Base salary and benefits
Executives are given the opportunity to receive their fixed
(primary) remuneration in a variety of forms including cash,
superannuation and fringe benefits. It is intended that the
manner of payment chosen will be optimal for the recipient
without creating undue cost for the Group.
JCurve Solutions Limited
The potential value of the short-term incentive schemes as
a proportion of each Executive’s base salary was as follows:
Executives
Stephen Canning
James Aulsebrook
Kate Massey (***)
Katrina Doring
Peter Choo
Arthur Fernandez
James Butler
FY2021 STI
Potential (*) (**)
FY2020 STI
Potential (*) (**)
0%
0%
24%
0%
0%
0%
0%
32%
27%
55%
29%
29%
27%
Not applicable
(*) STI bonus potential as a proportion of the Executive’s
base contracted salary excluding superannuation and other
benefits.
(**) With the impact of the Covid-19 pandemic significantly
affecting the Company’s results in April 2021, all members of
the Executive Management Team with the exception of
commissions for the CMO, Kate Massey, elected to waive all
eligible bonuses under the FY2020 and FY2021 short term
incentive schemes.
(***) Sales Director responsibilities from 5 February 2020
which included the commission scheme previously provided
to the Sales Director on top of the STI as the Chief Marketing
Officer. Commission scheme was uncapped.
The FY2022 KPI targets for the Short-term incentive plan
were determined by the Board based on Key Result Areas
(KRA’s) which the Board believes will affect the performance
of JCurve Solutions during the financial year. The KRA for the
year ended 30 June 2022 is a total revenue metric. The metric
is determined with reference to JCurve Solutions strategic
goals and objectives and is measured based on the audited
statutory financial results. This short-term incentive scheme
takes the form of a cash bonus payable once the results for
the year have been determined.
Each executive’s remuneration is reviewed annually by the
Nomination and Remuneration Committee. The process
consists of a review of relevant comparative remuneration in
the market, internally and, where appropriate, external
advice on policies and practices. The Nomination and
Remuneration committee has access
independent advice if required.
to external,
With the uncertainty associated with the impacts of the
COVID-19 pandemic on the Company’s performance and
position, the decision was made in June 2020 for Executive
pay to be frozen for the year ended 30 June 2021.
(iii) Long-term incentive
The long-term equity incentive plan implemented in FY2021
has been designed to align a portion of Executive Remuneration
with long term shareholder value.
(ii) Short-term incentive
the Executive Management
The Short-term incentive (STI) scheme is designed to
reward
contribution to the success of JCurve Solutions in achieving
its financial goals, as well as the individual contribution of
each employee to business goals, as determined by the
Board.
team
for
their
The JCurve Solutions Equity
Incentive Plan (EIP) was
approved by shareholders at the Annual General Meeting
held on 22 November 2016 and reapproved on 19 November
2019. On 16 March 2021 performance rights totalling 4,100,000
performance rights were issued to employees under the EIP.
The performance rights under all three tranches are subject
to a performance condition and a service condition and vest
on 31 January 2022, 30 June 2022 and 31 January 2023.
For all members of the Executive Management Team, with
the uncertainty associated with the
impacts of the
COVID-19 pandemic on the Company’s performance and
position, the decision was made in June 2020 for the
Executive teams entitlement to bonuses for the years
ended 30 June 2020 and 30 June 2021 to be waived.
The 4,100,000 of the performance rights issued were to
Executive team members as follows:
13
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
Vesting Date – 31 January
2022
Vesting Date – 30 June
2022
Vesting Date – 31 January
2023
Executives
Stephen Canning
James Aulsebrook
Katrina Doring
Arthur Fernandez
James Butler
Nil
Nil
Nil
Nil
500,000
1,000,000
600,000
500,000
500,000
500,000
Nil
Nil
Nil
Nil
500,000
As at 30 June 2021, the remaining performance rights issued to Executive team members from the tranches issued on 7 February
2020 are as follows:
Vesting Date – 31 January
2022
Vesting Date – 31 January
2023
Executives
Stephen Canning
James Aulsebrook
Katrina Doring
Arthur Fernandez
1,000,000
600,000
500,000
500,000
1,000,000
600,000
500,000
500,000
4) Remuneration of key management personnel
Table 1: Key Management Personnel remuneration for the year ended 30 June 2021: Directors
Short-term employee benefits
Post-employment
Equity
Total
Director’s
Bonuses /
short-term
Other
Directors
Mark Jobling (1)
Chairman/Director
(non-executive)
Bruce Hatchman (2)
Chairman/Director
(non-executive)
David Franks (3)
Director
(non-executive)
Graham Baillie
Director
(non-executive)
Martin Green (4)
Director
(non-executive)
Total Directors’ Fees
Total Directors’ Fees
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Fees
$
72,500
60,000
69,577
84,646
35,000
60,000
60,000
50,968
30,000
-
267,077
55,614
Commission
benefits
Superannuation
$
$
$
Shares
Total
Performance
$
$
Related %
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,925
13,000
3,325
5,700
5,700
4,842
-
-
27,950
23,542
-
-
-
-
-
-
-
-
-
-
-
-
72,500
60,000
88,502
97,646
38,325
65,700
65,700
55,810
30,000
-
295,027
279,156
-
-
-
-
-
-
-
-
-
-
-
-
(1) Mark Jobling Chairman from 18 January 2021 and remains in this position as at the date of this report.
(2) Bruce Hatchman Chairman from 1 July 2020 to 17 January 2021. Remains a non-executive director as at the date of this report.
(3) Resigned effective 18 January 2021.
(4) Appointed effective 18 January 2021.
14
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
Table 2: Key Management Personnel remuneration for the year ended 30 June 2021: Executives
Short-term
employee benefits
Long-term
Post-
employment
Other
Equity
Total
Other
Bonuses /
short-term
Salary
Commission (7)
benefits (5)
$
$
$
Long
service
leave (6)
$
2021
329,943
-
26,972
-
2020
333,453
50,768
17,195
(2,765)
Superannuation
Other
Performance
Shares/
or CPF
$
(8)
$
Total
Performance
$
Related %
363,478
404,727
2%
13%
Executives
Stephen Canning
Chief Executive
Officer
James Aulsebrook
Chief Financial
Officer
Kate Massey (1)
Chief Marketing
Officer
Katrina Doring
Chief Operating
Officer
Peter Choo (2)
Product Strategy
Director
Arthur Fernandez (3)
GM JCS Asia and GM
Riyo
James Butler (4)
Chief Marketing
Officer
2021
186,000
-
2020
186,000
19,375
2021
2020
31,859
175,000
4,935
25,428
2021
182,500
-
2020
175,000
10,000
2021
99,615
-
2020
175,000
19,375
12,182
6,926
3,216
6,687
8,807
11,983
(941)
5,016
2021
181,171
2020
199,246
-
3,015
14,982
(5,575)
2021
2020
55,565
-
-
-
5,315
-
132
2,643
17,670
19,511
6,842
19,041
17,337
17,575
6,230
1,319
(4,258)
6,709
1,577
993
(3,141)
1,287
9,463
18,466
-
-
-
-
12,119
13,328
4,040
-
-
-
-
-
45,224
-
-
-
-
-
-
-
-
-
Rights
$
6,431
3,433
3,858
1,553
(767)
1,400
225,940
234,684
87,051
234,265
3,215
1,400
213,436
216,951
(767)
1,189
104,229
220,333
3,215
767
211,487
210,781
3,234
68,154
-
-
2%
9%
5%
11%
1%
5%
-1%
9%
2%
2%
5%
-
2%
9%
Total Executive Rem.
2021
1,066,653
Total Executive Rem.
2020
1,243,699
4,935
127,961
70,533
42,232
408
7,543
67,603
90,564
45,224
18,419
1,273,775
-
9,742
1,521,741
(1) Resigned effective 4 September 2020.
(2) Resigned effective 26 January 2021.
(3) Appointed General Manager of Riyo – 1 October 2020. Change of Job Title from 1 July 2021 to Chief Growth Officer.
(4) Appointed as a Key Management Personal (KMP) effective 8 March 2021.
(5) Other short-term benefits include car parking expenses for Stephen Canning, Kate Massey, Katrina Doring, Peter Choo as
well as annual leave accrued for each Executive Team Member as per Corporations Regulation 2M.3.03(1) Item 6.
(6) Other long-term benefits as per Corporations Regulation 2M.3.03(1) Item 8.
(7) The bonuses or commissions included in the above table are those which have been paid during the particular financial
year.
(8) Other benefits include termination benefits paid to Kate Massey.
Table 3: Service Agreements
Remuneration and other terms of employment for the Executive Management Team are formalised in service agreements, in
the form of a contract of employment.
15
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
Arrangements relating to remuneration of the Company’s Executive Management Team currently in place are set out below:
Executive
Title
Term of agreement
Current base salary
excluding superannuation (*)
Contractual
termination benefits (***)
Stephen Canning
Chief Executive Officer
James Aulsebrook
Chief Financial Officer
Katrina Doring
Chief Operating Officer
Arthur Fernandez
Chief Growth Officer
James Butler (**)
Chief Marketing Officer
Commenced 1 August
2019 on a rolling contract
Commenced 18 April 2016
on a rolling contract
Commenced 5 July 2016
on a rolling contract
Commenced 18 December
2018 on a rolling contract
Commenced 8 March 2021
on a rolling contract
S$327,000
6 months base salary
$200,000
$195,000
3 months base salary
3 months and 1 week
base salary
S$195,000
3 months base salary
S$180,000
3 months base salary
(*) Current base salaries excluding superannuation are quoted for the year commencing 1 July 2021 unless otherwise noted
below. They are reviewed annually by the Remuneration Committee. There was a pay freeze for the year ended 30 June 2021
on all staff wages as a result of the Covid-19 pandemic. The salaries recorded in Table 2 are for the years ending 30 June 2021
and 30 June 2020.
(**) Base salary increase to S$189,000 from 8 September 2021.
(***) As at the date the Remuneration Report is approved. The service agreement contracts outlined above may be
terminated in the following circumstances:
(i) Voluntary termination by the Company: the contractual termination benefit outlined in the table above as well as any
statutory entitlements accrued will be paid; or
(ii) Termination by the Company for cause without notice: no contractual termination benefits are payable. Only statutory
entitlements accrued will be paid.
5) Relationship between remuneration and JCurve Solutions performance
Performance in respect of the current year and the previous two years is detailed in the table below:
2021
$
Total profit/(loss) for the year
Normalised EBITDA
Share price at year end ($)
Increase/(decrease) in share price
Dividends paid
152,255
1,234,954
0.058
61%
-
2020
$
(298,804)
670,501
0.036
6%
-
2019
$
338,114
852,589
0.034
10%
-
2018
$
847,267
979,931
0.031
282%
-
2017
$
454,286
801,920
0.011
83%
-
The remuneration of JCurve Solutions Executives outlined in Table 2 has consisted primarily of salaries and superannuation.
Performance related remuneration was 2% of the Key Management Personnel’s remuneration package reflecting the recent
performance levels of the Company outlined in the above table.
6) Voting and comments made at the Company’s 2020 Annual General Meeting
The 2020 JCurve Solutions Remuneration Report resolution was carried by a poll, with the results of 89.70% in favour and
therefore in excess of 75% in favour of the resolution. Comments raised by shareholders during the course of the Annual General
Meeting were responded to by the Directors during the meeting.
7) Details of share-based compensation
With the exception of the following performance rights outlined in tables 1 and 2 below, no other long term incentives have been
issued to employees or Directors of the Company.
16
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
7) Details of share-based compensation (continued)
Table 1:
Performance rights issued to members of the Executive Management Team under the
JCurve Solutions Equity Incentive Plan on 16 March 2021
Executives
Stephen Canning
James Aulsebrook
Katrina Doring
Arthur Fernandez
James Butler
Vesting Date –
31 January 2022
Vesting Date –
30 June 2022
Vesting Date –
31 January 2023
Nil
Nil
Nil
Nil
500,000
1,000,000
600,000
500,000
500,000
500,000
Nil
Nil
Nil
Nil
500,000
Table 2:
Performance rights issued to members of the Executive Management Team under the
JCurve Solutions Equity Incentive Plan on 7 February 2020
Vesting Date –
31 January 2022
Vesting Date –
30 June 2022
Vesting Date –
31 January 2023
Executives
Stephen Canning
James Aulsebrook
Kate Massey
Katrina Doring
Peter Choo
Arthur Fernandez
1,000,000
600,000
500,000
500,000
500,000
500,000
1,000,000
600,000
500,000
500,000
500,000
500,000
1,000,000
600,000
500,000
500,000
500,000
500,000
Table 3:
Performance rights issued to members of the Executive Management Team under the
JCurve Solutions Equity Incentive Plan on 7 February 2020 which expired during the year
Executives
Stephen Canning
James Aulsebrook
Kate Massey (1)
Katrina Doring
Peter Choo (2)
Arthur Fernandez
Table 4:
Executives
Stephen Canning
James Aulsebrook
Katrina Doring
Arthur Fernandez
James Butler
Vesting Date –
31 January 2022
Vesting Date –
30 June 2022
Vesting Date –
31 January 2023
1,000,000
600,000
500,000
500,000
500,000
500,000
Nil
Nil
500,000
Nil
500,000
Nil
Nil
Nil
500,000
Nil
500,000
Nil
Performance rights issued which formed part of remuneration during the year ended 30
June 2021: 2021 Plan
Value of total performance
Value of performance
rights granted
$
13,741
8,245
6,871
6,871
14,498
rights lapsed
$
-
-
-
-
-
Total value of performance
Value of performance rights
%
rights granted,
exercised and lapsed
$
13,741
8,245
6,871
6,871
14,498
included in remuneration
remuneration consisting of
for the year
$
3,093
1,856
1,546
3,234
1,546
shares for the year
0.9%
0.8%
0.7%
0.7%
4.8%
(1) Forfeited 4 September 2020 as the performance condition accompanying the performance rights was not met.
(2) Forfeited 26 January 2021 as the performance condition accompanying the performance rights was not met.
17
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
7) Details of share-based compensation (continued)
The value of each performance right granted under each tranche of the equity incentive plan was as follows:
(1) Tranche one: $0.0058 per performance right;
(2) Tranche two: $0.0137 per performance right
(3) Tranche three: $0.0095 per performance right
For further details on the Employee Share Plan, please refer to Note 26.
Table 5:
Performance rights issued which formed part of remuneration during the year ended 30
June 2021: 2020 Plan
Executives
Stephen Canning
James Aulsebrook
Kate Massey
Katrina Doring
Peter Choo
Arthur Fernandez
Value of total performance
Value of performance
rights granted
$
7,625
4,575
3,812
3,812
3,812
3,812
rights lapsed
$
-
-
-
-
-
-
Total value of performance
Value of performance rights
%
rights granted,
exercised and lapsed
$
7,625
4,575
3,812
3,812
3,812
3,812
included in remuneration
remuneration consisting of
for the year
$
3,338
2,003
(776)
1,669
(776)
1,669
shares for the year
0.9%
0.9%
-0.1%
0.7%
-0.1%
0.8%
The value of each performance right granted under each tranche of the equity incentive plan was as follows:
(1) Tranche one: $0.0013 per performance right;
(2) Tranche two: $0.0026 per performance right
(3) Tranche three: $0.0037 per performance right
For further details on the Employee Share Plan, please refer to Note 26.
Table 6:
Performance rights issued which formed part of remuneration during the year ended 30
June 2020: 2020 Plan
Executives
Stephen Canning
James Aulsebrook
Kate Massey
Katrina Doring
Peter Choo
Arthur Fernandez
Value of total performance
Value of performance
rights granted
$
7,625
4,575
3,812
3,812
3,812
3,812
rights lapsed
$
-
-
-
-
-
-
Total value of performance
Value of performance rights
%
rights granted,
exercised and lapsed
$
7,625
4,575
3,812
3,812
3,812
3,812
included in remuneration
remuneration consisting of
for the year
$
1,533
920
766
766
766
766
shares for the year
0.4%
0.4%
0.3%
0.4%
0.3%
0.4%
For further details on the Employee Share Plan, please refer to Note 26.
Table 7:
Performance rights issued which formed part of remuneration during the year ended 30
June 2020: 2017 Plan
Executives
Stephen Canning
James Aulsebrook
Kate Massey
Katrina Doring
Peter Choo
Value per
performance
right granted
$
0.0055
0.0055
0.0055
0.0055
0.0055
Value of total
performance
rights granted
$
24,750
8,250
8,250
8,250
8,250
Value of
performance
rights lapsed
$
-
-
-
-
-
Total value of performance
rights granted,exercised
and lapsed
$
24,750
8,250
8,250
8,250
5,500
Value of performance
rights included in
remuneration for the year
% remuneration
consisting of shares
for the year
$
1,899
633
633
633
422
0.5%
0.3%
0.3%
0.3%
0.2%
For further details on the Employee Share Plan, please refer to Note 26.
18
JCurve Solutions Limited
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
8) Shareholdings of Key Management Personnel
Ordinary shares held in JCurve Solutions Limited (number)
Balance
01 Jul 20
Granted as
remuneration
Bought back
under employee
share plan
Net Change
Other
Balance
30 Jun 21
30 June 2021
Directors
Bruce Hatchman
Mark Jobling (1)
Graham Baillie
Martin Green
David Franks (2)
Executives
Stephen Canning
James Aulsebrook
Katrina Doring
Arthur Fernandez
James Butler
30 June 2020
Directors
Bruce Hatchman
David Franks
Mark Jobling
Graham Baillie (3)
Executives
Stephen Canning
James Aulsebrook
Kate Massey
Katrina Doring
Peter Choo
Arthur Fernandez
3,500,000
51,204,301
83,124,215
-
4,206,174
3,233,418
-
1,975,534
600,000
-
3,500,000
4,206,174
51,204,301
-
3,233,418
-
665,000
1,975,534
455,000
600,000
-
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(500,000)
-
-
(4,206,174)
-
-
-
800,000
-
3,500,000
50,704,301
83,124,215
-
-
3,233,418
-
1,975,534
1,400,000
-
(3,906,174)
143,937,468
-
-
-
-
-
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
83,124,215
-
-
-
-
-
-
3,500,000
4,206,174
51,204,301
83,124,215
3,233,418
-
665,000
1,975,534
455,000
600,000
83,124,215
148,963,642
Total
147,843,642
Balance
01 Jul 19
Granted as
remuneration
Bought back
under employee
share plan
Net Change
Other (*)
Balance
30 Jun 20
Total
65,839,427
(1) The 500,000 net change in shares for Mark Jobling was an allocation from the settlement of the Estate of Ian Jobling.
(2) David Franks resigned as a Non Executive Director on 18 January 2021. The 4,206,174 shares outlined as a net change other is
reflective of David Franks no longer being a Director of the Company.
(3) Graham Baillie became a Non Executive Director on 26 August 2019. The 83,124,215 shares outlined above were held before
Graham Baillie became a Non Executive Director.
All equity transactions with key management personnel other than those arising from the exercise of remuneration options have
been entered into under terms and conditions no more favourable than those the company would have adopted if dealing at arm’s
length.
19
DIRECTORS’ REPORT (continued)
Remuneration report (Audited) (continued)
JCurve Solutions Limited
9) Transactions with Directors and Key Management Personnel
The following table provides the total amount of transactions that were entered into with related parties for the relevant
financial year.
Purchases from Related Parties
Automic
Company secretarial services (1)
Directors Fees (included in Table 1 and including Superannuation)
Share registry fees
2021
$
26,200
38,325
4,153
68,678
2020
$
54,201
65,700
7,091
126,992
(1) Company secretarial service fees, director fees and share registry fees for the period while David Franks was a Director
(1 July 2020 to 18 January 2021) amounted to $68,678 net of GST excluding out of pocket expenses (2020: $126,992) and
were provided on commercial terms. Automic Group invoices JCurve Solutions for David Franks’ Directors fees and
superannuation, which has been included in Section 4, Table 1 of the Remuneration Report. The share registry fees were
provided on commercial terms.
Sales to Related Parties
Tomorrow Entertainment (1)
Customer purchases
2021
$
-
-
2020
$
35,419
35,419
(1) Tomorrow Entertainment Holdings Pte Ltd (Tomorrow Entertainment), a Company which Mark Jobling is a Director, was a
customer of the Group until 27 July 2020. The Group did not invoice Tomorrow Entertainment in the year ended 30 June 2021
(2020: $35,419 invoiced during the year ended 30 June 2020). The services sold to Tomorrow Entertainment were at
commercial rates and on commercial terms.
Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on
normal commercial terms. Outstanding balances at year-end are unsecured, interest free and settlement occurs in cash.
End of Remuneration Report
This report is made in accordance with a resolution of the directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
Mark Jobling
Chairman
24 August 2021
20
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
DECLARATION OF INDEPENDENCE BY GARETH FEW TO THE DIRECTORS OF JCURVE SOLUTIONS
LIMITED
As lead auditor of JCurve Solutions Limited for the year ended 30 June 2021, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of JCurve Solutions Limited and the entities it controlled during the
period.
Gareth Few
Director
BDO Audit Pty Ltd
Sydney
24 August 2021
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
JCurve Solutions Limited
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Consolidated ($)
Revenue
Cost of goods sold
Gross profit
Other income
Employee benefits expenses
Other employee related expenses
IT and communications expenses
Advertising and marketing expenses
Professional fees
Occupancy expenses
Travel expenses
Depreciation and amortisation expenses
Bad debt expenses
Finance income/(expense)
Due diligence costs
Other expenses
Profit/(loss) before income tax
Income tax expense
Profit/(loss) for the year
Other comprehensive income (exchange
differences on translation of foreign operations)
Total comprehensive profit/(loss) for the year
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
Notes
3
3
4
4
4
5
6
6
2021
10,635,680
(1,561,183)
9,074,497
339,805
(5,466,726)
(484,945)
(490,450)
(96,039)
(1,169,462)
(111,407)
(12,078)
(864,271)
(1,182)
(81,997)
(27,840)
(312,259)
295,646
(143,391)
152,255
(53,812)
2020
11,213,413
(1,707,326)
9,506,087
385,907
(6,220,837)
(558,685)
(524,792)
(56,849)
(933,900)
(85,342)
(165,405)
(817,201)
(193,888)
(44,349)
(54,604)
(381,361)
(145,219)
(153,585)
(298,804)
(2,806)
98,443
(301,610)
0.05
0.05
(0.09)
(0.09)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
22
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
JCurve Solutions Limited
Consolidated ($)
Notes
2021
2020
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Other current assets
Total Current Assets
Non-Current Assets
Property, plant and equipment
Intangible assets
Right-of-use assets
Deferred tax asset
Total Non-Current Assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Unearned income
Current tax liability
Lease liabilities
Provisions
Total Current Liabilities
Non-Current Liabilities
Unearned income
Deferred tax liabilities
Lease liabilities
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Share capital
Reserves
Accumulated losses
Total Equity
7
8
10
9
11
12
13
5
14
15
16
17
15
5
16
17
18
19
5,101,831
1,930,098
26,760
909,717
7,968,406
133,942
3,057,735
1,719,227
1,568,848
6,479,752
14,448,158
2,318,443
2,682,868
502,422
524,391
445,877
6,474,001
136,027
1,373,385
1,253,181
137,138
2,899,731
9,373,732
5,074,426
17,586,326
1,689,266
(14,201,166)
5,074,426
4,152,349
2,265,193
10,460
866,441
7,294,443
38,988
3,129,266
1,977,341
1,510,368
6,655,963
13,950,406
2,245,754
2,076,493
270,383
468,913
437,219
5,498,762
220,443
1,646,765
1,533,509
91,443
3,492,160
8,990,922
4,959,484
17,588,248
1,825,051
(14,453,815)
4,959,484
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
23
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
JCurve Solutions Limited
Consolidated ($)
Inflows / (Outflows)
2021
2020
Notes
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Interest received
Interest (paid)/refunded
Income tax received/(paid)
Net cash provided by operating activities
7
Cash flows used in investing activities
Payments for property, plant and equipment
Cash paid for the purchase of the Creative Quest
business and assets
Cash paid for the purchase of the Spectrum business
and assets
Net cash used in investing activities
Cash flows used in financing activities
Repayment of principal of leases
Net cash used in investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 July
Effects of exchange rate changes on cash and cash
equivalents
12,992,900
(10,866,805)
5,390
(4,137)
(279,826)
1,847,522
12,806,601
(12,489,748)
7,051
(3,413)
(39,914)
280,577
(92,697)
(28,339)
(243,969)
-
(336,666)
(552,231)
(552,231)
958,625
4,152,349
(9,143)
-
(352,383)
(380,722)
(512,845)
(512,845)
(612,990)
4,765,339
-
Cash and cash equivalents at 30 June
7
5,101,831
4,152,349
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
24
JCurve Solutions Limited
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Consolidated ($)
Share
Capital
Accumulated
Losses
Equity Benefits
Reserve
Total
17,588,248
-
(14,155,011)
(298,804)
1,818,117
-
5,251,354
(298,804)
-
-
-
-
-
(2,806)
(2,806)
(298,804)
(2,806)
(301,610)
-
-
9,741
9,741
9,741
9,741
As at 1 July 2019
Loss after tax for the year
Other comprehensive income
(exchange differences on
translation of foreign
operations)
Transactions with owners in
their capacity as owners:
Issued rights under employee
incentive scheme
Balance at 30 June 2020
17,588,248
(14,453,815)
1,825,051
4,959,484
As at 1 July 2020
Total comprehensive profit for
the year
Other comprehensive income
(exchange differences on
translation of foreign operations)
Transactions with owners in
their capacity as owners:
Shares issued
Issued rights under employee
incentive scheme
Reclassification of expired
options and performance
rights
17,588,248
-
(14,453,815)
152,255
1,825,051
-
4,959,484
152,255
-
-
-
(53,812)
(53,812)
152,255
(53,812)
98,443
(1,922)
-
-
-
-
18,421
-
100,394
(100,394)
(1,922)
18,421
-
(1,922)
100,394
(81,973)
16,499
Balance at 30 June 2021
17,586,326
(14,201,166)
1,689,266
5,074,426
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
25
CONTENTS TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JCurve Solutions Limited
Note Number
Note Title
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Significant changes in the current reporting period
The financial statement numbers
Segment reporting
Revenue and other income
Expenses
Income tax
Earnings per share
Cash and cash equivalents
Trade and other receivables
Other current assets
Other financial assets
Plant and equipment
Intangible assets
Right of use assets
Trade and other payables
Unearned income
Lease liabilities
Provisions
Share capital
Reserves
Risk
Critical judgements, estimates and assumptions
Financial instruments and risk management
Unrecognised items
Contingencies
Events occurring after the reporting period
Other information
Commitments
Statement of significant accounting policies
Share-based payment plans
Business combinations
Renumeration of auditors
Related party transactions
Parent entity financial information
26
27
27
28
30
31
34
34
36
36
37
37
38
40
41
41
42
42
43
44
45
45
49
49
49
50
51
52
53
53
54
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD
The financial position and performance of the group was particularly affected by the following factors, events and transactions
during the reporting period:
1) The expansion of territories into the Philippines for the sale of Enterprise Resource Planning (ERP) solutions;
2) Further development of the Riyo Service Management Platform and building up a recurring customer base;
3) The purchase of Creative Quest to provide digital marketing capabilities.
A more detailed outline about the Group’s performance and financial position is outlined in the Directors Report operating and
financial review on page 8.
NOTE 2: SEGMENT REPORTING
(a) Accounting policy
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Board of Directors and Executive Management Team of JCurve Solutions.
(b) Description of segments
AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about the
components of the Group that are reviewed by the chief operating decision maker in order to allocate resources to the segment
and assess its performance.
JCurve Solutions sells a portfolio of solutions and derives its revenues and profits from a variety of sources.
The Board and Executive Management Team for the year ended 30 June 2021, considered the business from a product
perspective and identified five reportable segments:
• ERP – AU: ERP cloud-based Business Management solutions and associated consulting services sold to Australian and
New Zealand customers;
• ERP – Asia: ERP cloud-based Business Management solutions and associated consulting services sold to South East Asian
customers;
• TEMS - The development and marketing of Telecommunications Expense Management Solutions (JTEL and Full Circle Group)
sold to Australian customers;
• Riyo – The development and sale of service management and scheduling software; and
• Creative Quest – Providing digital marketing services
The group/head office is a cost centre and is not a reportable operating segments. The results of these operations are included
in the unallocated column in the segment information below.
The Group operates in two geographical segments being Australasia (Australia and New Zealand) along with South East Asia.
The Group reports internally on the assets and liabilities of the Group on a consolidated basis.
No customers comprise more than 10% of the Group’s total recognized revenue in FY2021.
27
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 2: SEGMENT REPORTING (continued)
( c ) Segment information provided to the chief operating decision maker
The segment information provided to the Board and the Executive Management Team for the reportable segments for the year
ended 30 June 2021 (including the comparative period) is as follows:
Year ended 30 June 2021
Total revenue
Total cost of sales
Gross profit
Other income
ERP - AU
TEMS
Riyo (*)
ERP - Asia
Creative
Quest
Unallocated
Total
7,743,183
1,629,449
(1,226,511)
-
6,516,672
1,629,449
-
311,259
153,940
(5,161)
148,779
1,402
1,002,403
106,705
(245,731)
(83,780)
756,672
22,925
-
-
-
201
-
26,943
10,635,680
(1,561,183)
9,074,497
339,805
Total expenditure excluding
(4,168,468)
(869,676)
(1,087,798)
(1,188,632)
(22,029)
(1,782,053)
(9,118,656)
cost of sales
Total profit/(loss) before tax
2,348,204
1,071,032
(937,617)
(431,759)
896
(1,755,110)
295,646
Year ended 30 June 2020
Total revenue
Total cost of sales
Gross profit
Other income
ERP - AU
TEMS
Riyo (*)
ERP - Asia
8,070,453
(1,375,892)
6,694,561
3,591
2,064,551
-
2,064,551
277,443
75,117
(11,116)
64,001
104,589
1,003,292
(320,318)
682,974
284
All other
segments
-
-
-
-
Total
11,213,413
(1,707,326)
9,506,087
385,907
Total expenditure excluding
(5,210,941)
(1,065,107)
(928,680)
(1,167,919)
(1,664,566)
(10,037,213)
cost of sales
Total profit/(loss) before tax
1,487,211
1,276,887
(760,090)
(484,661)
(1,664,566)
(145,219)
(*) All costs associated with the Riyo development of the platform and solution have been expensed with a small portion eligible
research and development, with research and development incentive income recognised for the year ended 30 June 2020.
NOTE 3: REVENUE AND OTHER INCOME
Revenue (*)
Enterprise Resource Planning (ERP) solutions – JCurve ERP and NetSuite
(Australasia)
Enterprise Resource Planning (ERP) solutions – NetSuite (South East Asia)
Enterprise Resource Planning (ERP) solutions - MYOB Advanced
Telecommunications expense management solutions
Riyo solutions
Digital marketing services
Other Income
Research and Development incentive
JobKeeper subsidy
Interest income
Sundry Income
(*) Reflects revenue in accordance with AASB 15.
28
Consolidated ($)
2021
7,743,183
1,002,403
-
1,629,449
153,940
106,705
2020
8,015,698
1,003,292
54,755
2,064,551
75,117
-
10,635,680
11,213,413
-
304,500
6,960
28,345
104,589
273,000
8,062
256
339,805
385,907
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
1) Accounting policy
Revenue recognition
The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to
customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or
services. Revenue is recognised by applying a five-step process outlined in AASB 15 which is as follows:
Step 1: Identify the contract with a customer;
Step 2: Identify the performance obligations in the contract and determine at what point they are satisfied;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations;
Step 5: Recognise revenue as the performance obligations are satisfied.
The Group’s revenue recognition accounting policy is that:
The performance obligation for the implemented ERP software is satisfied when the ERP software has been installed and is operating
materially as contractually required. Rather than recognising the contracted revenue evenly over the contract period which ranges from 12 to
60 months in the case of license revenue or evenly over an implementation period for service revenue (generally 2 to 3 months), under the
new accounting policy, both license and implementation revenue for the contracted period is recognised at the point in time when the ERP
software has been installed and is operating materially as contractually required;
The performance obligation for providing ERP software customers with technical support is satisfied over the contracted period;
The performance obligation for providing Telecommunication Expense Management Solutions is satisfied over the contracted period;
The performance obligation for the implemented Riyo software is satisfied when the Riyo software has been installed and is operating
materially as contractually required; and
The performance obligation for providing digital marketing services is satisfied as the services are delivered over the contracted period.
In addition to contracts with customers, the Group receives interest income from monies held in its bank accounts. Interest
income is recognised on an accruals basis based on the interest rate, deposited amount and time which lapses before the
reporting period end date.
The expected future Research and Development incentive, for past qualifying Research and Development expenditure is
accrued as other income when it is established that the conditions of the Research and Development incentive have been met
and that the expected amount of the incentive can be reliably measured.
2) Significant accounting judgments, estimates and assumptions: Revenue recognition
(i) Identification of performance obligations
The Group has determined that for new ERP software sales, while licenses and implementation services are quoted as separate
line items and have separate list prices they are not distinct performance obligations as the customer is purchasing customisable
ERP software which requires not only the licenses to be provisioned but the software to be installed by a qualified JCurve
Solutions implementation consultant. As such a combined implemented ERP software performance obligation is presented.
A separate performance obligation exists when a customer has purchased business consulting or initial process design advice
in the form of a business requirements document.
Technical support which is purchased by ERP software customers to assist with their ongoing use of the ERP software and is
separate from the combined ERP software/implementation performance obligation.
(ii) Satisfaction of performance obligations
The performance obligation for the implemented ERP software is satisfied at the point in time when the ERP software has been
installed and is operating materially as contractually required. It is when the customer has full access to and control of the ERP
software. The performance obligation for providing ERP software customers with technical support remains throughout the
contract period so is satisfied over the contract period. The performance obligation for business consulting is when the advice is
delivered.
The performance obligation for providing Telecommunication Expense Management solutions remains throughout the contract
period so is satisfied over the contract period.
The performance obligation for the implemented Riyo software is satisfied at the point in time when the Riyo software has been
installed and is operating materially as contractually required. It is when the customer has full access to and control of the Riyo
software.
The performance obligation for providing digital marketing services is satisfied as the services are delivered.
29
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 4: EXPENSES
Consolidated ($)
2021
315,055
169,890
484,945
51,278
532,851
280,142
864,271
295,027
723,659
92,263
58,513
1,169,462
2020
437,978
120,707
558,685
42,850
500,247
274,104
817,201
279,156
507,279
87,579
59,886
933,900
Other employee related expense – superannuation
Other employee related expense – excluding superannuation
Depreciation of plant and equipment
Depreciation of right of use asset
Amortisation of intangibles
Directors’ Fees (includes superannuation)
Consultancy Fees
Audit Fees
Company Secretarial Fees (includes fees paid to
non-related parties overseas)
1) Accounting policy
• Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be
settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the
reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for
non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.
• Long service leave
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 reporting date using the
projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee
departures, and period of service. Expected future payments are discounted using market yields at the reporting date on national
government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
30
NOTES TO THE FINANCIAL STATEMENTS (continued)
JCurve Solutions Limited
NOTE 5: INCOME TAX
Income tax recognised in profit or loss
The major components of tax benefit/(expense) are:
Current tax benefit/(expense) (i)
Origination and reversal of temporary differences
Under/(over) provision from prior years - current tax
Total tax benefit/(expense) (i)
The prima facie income tax (benefit)/expense on pre-tax accounting profit
from continuing operations reconciles to the income tax (benefit)/expense
in the financial statements as follows:
Accounting profit/(loss) before tax
Income tax expense calculated at 26% (2020: 27.5%)
Tax effect of amounts which are not taxable/(deductible) in calculating
taxable income:
Permanent differences
Temporary differences
Adjustments for current tax of prior periods
Research and development incentive
Differences in overseas tax rates
Tax losses not recognised
Carried forward capital losses previously not brought to account now
recognised and realised on the sale of capital assets
Carried forward tax losses previously not brought to account now recognised
Reduction in net deferred tax liabilities due to change in company
income tax rate (to 26% from 1 July 2020)
Under/(over) provision in prior years
Income tax benefit/(expense) reported in the Statement of Profit or
Loss and other Comprehensive Income
Deferred Taxes (Non-Current)
Analysis of deferred tax assets:
Deductible temporary differences available to offset against
future taxable income
Deferred expenditure
Lease liabilities
Accruals and provisions
Tax losses available to offset against future taxable income
Analysis of deferred tax liabilities:
Plant and equipment
Deferred license revenue
Right-of-use asset
Other
Net Deferred Tax Asset/(Liability)
31
Consolidated ($)
2021
2020
(529,197)
331,860
53,946
(143,391)
(374,969)
224,278
(2,894)
(153,585)
295,646
(76,868)
(12,027)
(8,696)
-
(20,723)
-
(88,684)
(5,036)
-
25,633
10,705
11,582
(145,219)
39,935
(3,339)
(17,936)
-
(21,275)
(37,357)
(90,361)
-
(125,556)
60,483
23,440
(2,894)
(143,391)
(153,585)
Consolidated ($)
2021
2020
200,974
444,393
327,266
596,215
286,054
520,630
430,585
273,099
1,568,848
1,510,368
15,532
787,428
429,807
140,618
1,373,385
(195,463)
4,238
1,015,297
514,109
113,121
1,646,765
(136,397)
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 5: INCOME TAX (continued)
(1) Accounting policy
(i) Income tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted by the balance date.
Deferred income tax is provided on all temporary differences at the balance date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
that is not a business combination and that, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss; or
when the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint
ventures, and the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except:
when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint
ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary
difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can
be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
balance date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
(ii) Other taxes
Revenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST) except:
when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the
GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the
Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from
investing and financing activities, which is recoverable from, or payable to the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
32
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 5: INCOME TAX (continued)
(2) Significant accounting judgments, estimates and assumptions: Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences as management considers that it is probable that
sufficient future tax profits will be available to utilise those temporary differences. Significant management judgement is required
to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits over future years together with future tax planning strategies.
(3) Unrecognised deferred tax assets and deferred tax liabilities
The balance of carried forward tax losses that have not been recognised in the Financial Statements amount to $413,556
(2020: $386,351 unrecognised). The deductible temporary differences and tax losses do not expire under current legislation.
Deferred tax assets totaling $103,389 (2020: $106,247) have not been recognised in respect of these items at this stage because
it is not probable that future tax profits will be available against which the Group can utilise the benefits thereof.
There are no unrecognised deferred tax liabilities.
(4) Tax Consolidation
JCurve Solutions and its 100% owned Australian resident subsidiaries have implemented the tax consolidation legislation.
Current and deferred tax amounts are accounted for in each individual entity as if each entity continued to act as a taxpayer on its own.
JCurve Solutions Limited recognises its own current and deferred tax amounts and those current tax liabilities, current tax assets
and deferred tax assets arising from unused tax credits and unused tax losses which it has assumed from its controlled entities
within the tax consolidated Group.
Assets or Liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts payable
or receivable from or payable to other entities in the Group. Any difference between the amounts receivable or payable under the
tax funding agreement are recognised as a contribution to (or distribution from) controlled entities in the tax consolidated Group.
JCurve Solutions Asia Pte Ltd is a tax resident entity of Singapore and current and deferred tax amounts are accounted for the
company based on JCurve Solutions Asia Pte Ltd as a taxpayer on its own in Singapore.
JCurve Solutions Philippines Inc. is a tax resident entity of the Philippines and current and deferred tax amounts are accounted
for the company based on JCurve Solutions Philippines Inc. as a taxpayer on its own in the Philippines.
JCurve Solutions and its 100% owned Australian resident subsidiaries implemented the tax consolidation legislation from
1 January 2014. The accounting policy for the implementation of the tax consolidation legislation is set out in note 5 (1) and 5 (4).
The Australian entities in the tax consolidated group have entered into a tax sharing agreement on adoption of the
tax consolidation legislation which, in the opinion of the directors, limits the joint and several liability of the controlled entities in
the case of a default by the head entity, JCurve Solutions.
JCurve Solutions and its controlled entities have entered into a tax funding agreement under which the 100% owned
Australian resident subsidiaries compensate JCurve Solutions for all current tax payable assumed and are compensated by
JCurve Solutionsfor any current tax receivable and deferred tax assets which relate to unused tax credits or unused tax losses
that, under the tax consolidation legislation, are transferred to JCurve Solutions. These amounts are determined by reference to
the amounts which are recognised in the financial statements of each entity in the tax consolidated Group.
The amounts receivable/payable under the tax funding agreement are due on receipt of the funding advice from JCurve
Solutions, which is issued as soon as practicable after the financial year end. JCurve Solutions may also require payment of
interim funding amounts to assist with obligations to pay tax instalments. These amounts are recognised as current
intercompany receivables or payables.
33
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 6: EARNINGS PER SHARE
Consolidated
JCurve Solutions Limited
Earnings used for calculation of basic and diluted earnings per share
Profit/(loss) from operations - basic earnings per share
Profit/(loss) from operations - diluted earnings per share
Weighted average number of shares used for calculation of
basic and diluted EPS
Weighted average number of shares
2021
$
152,255
152,255
2020
$
(298,804)
(298,804)
Number
Number
328,094,174
327,856,900
Cents per share
Cents per share
Earnings used for calculation of basic and diluted earnings per share
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
0.05
0.05
(0.09)
(0.09)
(1) Accounting policy
Basic earning per share is calculated as net profit/loss attributable to members of the parent, adjusted to exclude any 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 earning per share is calculated as net profit/loss attributable to members of the parent, 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; and
• other non-discretionary changes in revenues or expenses during the period that would result from the dilution of
ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares,
adjusted for any bonus element.
(4) Tax Consolidation
JCurve Solutions and its 100% owned Australian resident subsidiaries have implemented the tax consolidation legislation.
Current and deferred tax amounts are accounted for in each individual entity as if each entity continued to act as a taxpayer on its own.
JCurve Solutions Limited recognises its own current and deferred tax amounts and those current tax liabilities, current tax assets
and deferred tax assets arising from unused tax credits and unused tax losses which it has assumed from its controlled entities
within the tax consolidated Group.
Assets or Liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts payable
or receivable from or payable to other entities in the Group. Any difference between the amounts receivable or payable under the
tax funding agreement are recognised as a contribution to (or distribution from) controlled entities in the tax consolidated Group.
JCurve Solutions Asia Pte Ltd is a tax resident entity of Singapore and current and deferred tax amounts are accounted for the
company based on JCurve Solutions Asia Pte Ltd as a taxpayer on its own in Singapore.
JCurve Solutions Philippines Inc. is a tax resident entity of the Philippines and current and deferred tax amounts are accounted
for the company based on JCurve Solutions Philippines Inc. as a taxpayer on its own in the Philippines.
JCurve Solutions and its 100% owned Australian resident subsidiaries implemented the tax consolidation legislation from
1 January 2014. The accounting policy for the implementation of the tax consolidation legislation is set out in note 5 (1) and 5 (4).
NOTE 7: CASH AND CASH EQUIVALENTS
The Australian entities in the tax consolidated group have entered into a tax sharing agreement on adoption of the
tax consolidation legislation which, in the opinion of the directors, limits the joint and several liability of the controlled entities in
the case of a default by the head entity, JCurve Solutions.
JCurve Solutions and its controlled entities have entered into a tax funding agreement under which the 100% owned
Australian resident subsidiaries compensate JCurve Solutions for all current tax payable assumed and are compensated by
JCurve Solutionsfor any current tax receivable and deferred tax assets which relate to unused tax credits or unused tax losses
that, under the tax consolidation legislation, are transferred to JCurve Solutions. These amounts are determined by reference to
the amounts which are recognised in the financial statements of each entity in the tax consolidated Group.
The amounts receivable/payable under the tax funding agreement are due on receipt of the funding advice from JCurve
Solutions, which is issued as soon as practicable after the financial year end. JCurve Solutions may also require payment of
interim funding amounts to assist with obligations to pay tax instalments. These amounts are recognised as current
intercompany receivables or payables.
Consolidated ($)
2020
2021
2020
Cash at bank and on hand
5,101,831
5,101,831
4,152,349
4,152,349
866,441
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying
periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest
at the respective short-term deposit rates.
At 30 June 2021, the Group has no committed borrowing facilities (2020: Nil).
34
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 7: CASH AND CASH EQUIVALENTS (continued)
JCurve Solutions Limited
Reconciliation of profit/(loss) for the year after tax
to net cash flows from operating activities
Profit/(loss) for the year
Non-cash flows in operating profit:
Depreciation and amortisation from continuing operations
Equity settled share based payment
(Increase)/decrease in assets:
Trade and other receivables
Other current assets
Other financial assets
Current tax receivable/payable
Deferred tax assets
Increase/(decrease) in liabilities:
Trade and other payables – Current
Unearned income
Provisions – Current
Provisions – Non-current
Deferred tax liabilities
Net cash provided by or from operating activities
(1) Accounting policy
Consolidated ($)
2021
2020
152,255
(298,804)
864,271
18,421
335,096
(43,275)
(16,300)
232,040
(58,480)
60,563
521,958
8,658
45,695
(273,380)
1,847,522
817,201
9,741
124,191
59,200
(7)
233,362
(792,975)
(631,705)
82,852
105,793
3,032
568,696
280,577
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
35
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 8: TRADE AND OTHER RECEIVABLES
JCurve Solutions Limited
Current:
Trade receivables (i)
Allowance for doubtful debts (2)
Accrued revenue/commissions receivable (ii)
Consolidated ($)
2021
2020
1,135,335
(44,779)
839,542
1,347,273
(94,679)
1,012,599
1,930,098
2,265,193
(i)
(ii)
the average credit period on sales of goods and rendering of services is 30 days. An allowance has been made for
estimated irrecoverable trade receivable amounts arising from the past sale of goods and rendering of services,
determined by reference to past default experience. Refer to note 21(6) for ageing of receivables.
The recognition of a contract asset and contract liability on a large ERP customer contract which remains in its
implementation stage has been netted off in accordance with AASB 15. The impact from netting off the contract asset is
a reduction in accrued revenue of $368,533 and a reduction in unearned income of $368,533.
(1) Accounting policy
Trade receivables, which generally have 30-day terms, are recognised and carried at original invoice amount less an allowance for
any uncollectible amounts. An allowance for doubtful debts is made when there is objective evidence that the Group will not be
able to collect the debts. Bad debts are written off when identified.
The Group’s accounting policy includes the recognition of credit losses in the allowance for doubtful debts under an expected
credit loss (ECL) model. ECLs are a probability weighted estimates of credit losses which are discounted at the effective interest
rate of the financial asset. Credit losses are measured as the present value of all cash shortfalls.
(2) Allowance for doubtful debts reconciliation
At 30 June 2021, trade receivables of the Group with a nominal value of $44,779 (2020: $94,679) were impaired. The allowance for
doubtful debts was $44,779 (2020: $94,679). The movement in the allowance for doubtful debts is as follows:
At 1 July
Provision for impairment recognised during the year
Receivables written of during the year as uncollectable
Trade receivables provided for but collected
Consolidated ($)
2021
94,679
69,613
(39,599)
(79,914)
44,779
2020
71,952
164,512
(128,405)
(13,380)
94,679
NOTE 9: OTHER CURRENT ASSETS
Consolidated ($)
Prepayments
Term deposit
Deferred expenditure
Sundry debtors
2021
599,179
217,835
70,729
21,974
909,717
2020
437,640
217,276
81,284
130,241
866,441
36
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 10: OTHER FINANCIAL ASSETS
Security Deposits
Consolidated ($)
2021
2020
26,760
26,760
10,460
10,460
NOTE 11: PLANT AND EQUIPMENT
Consolidated ($)
Plant and equipment, at cost
Less accumulated depreciation
Net carrying amount
Leasehold improvements, at cost
Less accumulated depreciation
Net carrying amount
Make good assets, at cost
Less accumulated depreciation
Net carrying amount
2021
422,234
(316,265)
105,969
2,740
(2,740)
-
55,462
(27,489)
27,973
2020
314,927
(278,975)
35,952
2,740
(2,728)
12
16,299
(13,275)
3,024
Total net carrying amount
133,942
38,988
Consolidated ($)
Plant &
Equipment
Leasehold
Improvements
Make Good
Assets
Total
46,536
-
28,286
49
(38,919)
35,952
-
110,506
(3,438)
(37,051)
105,970
588
-
-
-
(576)
12
-
-
-
(12)
-
6,380
53,504
-
-
-
(3,356)
3,024
-
39,163
-
(14,214)
27,973
-
28,286
49
(42,851)
38,988
-
149,669
(3,438)
(51,277)
133,942
Reconciliations:
Movements:
Net carrying amounts as at 30 June 2019
Disposals
Additions
Foreign currency revaluation
Depreciation charges
Net carrying amounts as at 30 June 2020
Disposals
Additions
Foreign currency revaluation
Depreciation charges
Net carrying amounts as at 30 June 2021
(1) Accounting policy
(i) Cost
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost
includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
37
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
(ii) Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets.
Leasehold improvements are amortised over the period of the lease or the estimated useful life, whichever is the shorter, using
the straight-line method. The following estimated useful lives are used in the calculation of depreciation and amortisation:
Plant and equipment: 2 – 4 years
Leasehold improvements: 1 – 6 years
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year end.
(iii) De-recognition and disposal
An item of property, plant and equipment is de-recognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in profit or loss in the year the asset is de-recognised.
NOTE 12: INTANGIBLE ASSETS
Licences (i)
Riyo
Platform
Goodwill
Customer
relationships
(ii)
NetSuite
customer
contracts
Pistachio
connector
Total
2,302,857
470,000
247,208
143,172
139,262
100,000
3,402,499
-
-
-
-
(120,000)
-
-
-
(1,645)
-
(68,408)
3,209
-
(69,703)
3,314
-
(20,000)
-
-
(278,112)
4,879
Year ended 30 June 2020
At 1 July 2019, net of
accumulated amortisation
and impairment
Additions
Amortisation
FX Revaluation
At 30 June 2020, net of
accumulated amortisation
and impairment
2,302,857
350,000
245,563
77,973
72,873
80,000
3,129,266
Year ended 30 June 2021
At 1 July 2020, net of
accumulated amortisation
and impairment
Additions (ii)
Amortisation
FX Revaluation
At 30 June 2021, net of
accumulated amortisation
and impairment
2,302,857
350,000
245,563
-
-
-
-
(120,000)
-
-
-
(13,359)
77,973
226,159
(71,109)
(2,263)
72,873
-
(66,990)
(3,969)
80,000
-
(20,000)
-
3,129,266
226,159
(278,099)
(19,591)
2,302,857
230,000
232,204
230,760
1,914
60,000
3,057,735
(i) License intangible asset
The licenses intangible asset reflects the carrying value of the unimpaired amount paid for the purchase of the exclusive reseller
agreement with NetSuite for the JCurve ERP edition of the NetSuite software. This Agreement with NetSuite provides JCurve
Solutions with the exclusive selling rights for the JCurve ERP edition of the NetSuite business software for an indefinite period
and was the basis on which Interfleet Pty Ltd immediately became a five-star NetSuite partner on becoming a NetSuite Solution
Provider in August 2016. The agreement was the basis from which the Company has built its ERP practice. The NetSuite JCurve
ERP reseller agreement provides that in the event of cancellation of the Agreement, the customers of JCurve would be assigned
to NetSuite and NetSuite would be required to pay JCurve Solutions a royalty of 30% of the future revenue stream to NetSuite for
a 3-year period which along with an increasing level of license commission and service revenue which is generated from the sale
of NetSuite editions indicates that it is unlikely that there will be an impairment in future periods.
38
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
(ii) Purchase of Creative Quest
On 4 June 2021, JCurve Solutions Philippines Inc, a 100% owned subsidiary of JCurve Solutions Limited, purchased the whole
of business and assets of Creative Quest Events and Marketing Services, a Philippines-registered company that provides
digital marketing services. The purchase price was allocated to property, plant and equipment and customer relationships. The
customer relationships intangible asset was assessed to have a useful life of 3 years, the period in which the intangible asset is
being amortised on a straight-line basis.
Refer to Note 27 for further details on the acquisition.
(1) Accounting policy
(i) Intangible assets – Licenses and other intangible assets
Intangible assets acquired separately or in a business combination are initially measured at cost. The cost of an intangible asset
acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible
assets, excluding capitalised development costs, are not capitalised and expenditure is charged against profits in the year in
which the expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are
amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least
at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic
benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, which is a
change in accounting estimate. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the
expense category consistent with the function of the intangible asset.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit
level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed each reporting
period to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment
from indefinite to finite is accounted for as a change in an accounting estimate and is thus accounted for on a prospective basis.
(2) Significant accounting judgments, estimates and assumptions
(i) Impairment of intangibles with indefinite useful lives
The Group determines whether goodwill and intangibles with indefinite useful lives are impaired at least on an annual basis. This
requires an estimation of the recoverable amount of the cash generating units to which the goodwill and intangibles with
indefinite useful lives are allocated.
(ii) Useful life of the Riyo Platform
The Group has determined that the useful life of the Riyo Platform is five years with the useful life to be amortised on a
straight-line basis over the five-year period.
(3) Impairment testing of intangible assets with indefinite lives
(i) Licenses – ERP Australia
The licenses intangible asset reflects the carrying value of the ERP relationship with Oracle NetSuite.
The recoverable amount of the Australian ERP Cash Generating Unit has been determined based on a value in use calculation
using cash flow projections covering a 5-year period. The discount rate applied to the value in use calculations was 11.5%
(2020: 17%). A long-term growth rate of 7.5% has been assumed as has a terminal value. Based on these value in use calculations,
there is no impairment for the year ended 30 June 2021 (2020: Nil).
The carrying value of the NetSuite License remains $2,302,857. The carrying value of the ERP Cash Generating Unit includes the
licenses intangible asset, the pistachio connector intangible asset and an allocation of group non-current assets.
If the discount rate applied was 10% higher the recoverable amount would decrease by $3,215,169 and if the discount rate applied
was 10% lower the recoverable amount would increase by $3,935,379. If the long-term growth rate projection applied was 10%
lower than the amount forecast, the recoverable amount would decrease by $1,688,882 and if the long-term growth rate
projection applied was 10% higher the recoverable amount would increase by $1,721,738.
Based on the value in use calculations prepared, even in the instance of a higher discount rate or lower long-term growth rate,
the recoverable amount of the Cash Generating Unit exceeds the carrying value.
39
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 12: INTANGIBLE ASSETS (continued)
(ii) Goodwill
The goodwill balance was recognised on the acquisition of the Spectrum business in December 2018.
The recoverable amount of the Asia ERP Cash Generating Unit has been determined based on a value in use calculation using
cash flow projections covering a 5-year period. The discount rate applied to the value in use calculations was 12.5% (2020: 18%).
A long-term growth rate of 20% has been assumed as has a terminal value. Based on these values in use calculations, there is no
impairment for the year ended 30 June 2021 (2020: Nil).
The carrying value of the Goodwill balance reduced to $234,398 after revaluation from exchange rate movements. The carrying
value of the Asia ERP Cash Generating Unit includes goodwill, the NetSuite customer contracts intangible asset, the customer
relationships intangible asset in addition to an allocation of group non-current assets.
If the discount rate applied was 10% higher the recoverable amount would decrease by $1,136,720 and if the discount rate applied
was 10% lower the recoverable amount would increase by $1,395,273. If the long-term growth rate projection applied was 10%
lower than the amount forecast, the recoverable amount would decrease by $1,588,303 and if the long-term growth rate projection
applied was 10% higher the recoverable amount would increase by $1,663,830.
Based on the value in use calculations prepared, even in the instance of a higher discount rate or lower long-term growth rate,
the recoverable amount of the Cash Generating Unit exceeds the carrying value.
NOTE 13: RIGHT-OF-USE ASSETS
Buildings, at cost
Less accumulated depreciation
Net carrying amount
Office equipment, at cost
Less accumulated depreciation
Net carrying amount
Total net carrying amount
Reconciliations:
Consolidated ($)
2021
2,648,414
(1,000,971)
1,647,443
88,981
(17,197)
71,784
2020
2,430,876
(470,124)
1,960,752
46,712
(30,123)
16,589
1,719,227
1,977,341
Movements:
Buildings
Office equipment
Net carrying amounts as at 1 July 2019
2,430,876
Disposals
Additions
Depreciation charges
Net carrying amounts as at 30 June 2020
Net carrying amounts as at 1 July 2020
Disposals
Additions
Depreciation charges
Net carrying amounts as at 30 June 2021
-
-
(470,124)
1,960,752
1,960,752
-
217,538
(530,847)
1,647,443
40
46,712
-
-
(30,123)
16,589
16,589
-
64,929
(9,734)
71,784
Total
2,477,588
-
-
(500,247)
1,977,341
1,977,341
-
282,467
(540,581)
1,719,227
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 13: RIGHT-OF-USE ASSETS (continued)
(1) Accounting policy
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost
of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the
site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the
asset, whichever is shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term,
the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any re-measurement
of lease liabilities.
The Group has elected not to recognise a right-of-use asset for all short-term leases with terms of 12 months or less and leases of
low-value assets. Where applicable, lease payments on these assets are expensed to profit or loss as incurred.
NOTE 14: TRADE AND OTHER PAYABLES
Current:
Trade payables (*)
Other payables
Accrued expenses
Consolidated ($)
2021
2020
1,268,183
272,421
777,839
2,318,443
962,809
279,033
1,003,912
2,245,754
(*) Trade payables are non-interest bearing and are normally settled on 30-day terms. Information regarding the effective
interest rate and credit risk of current payables is set out in Note 21.
(1) Accounting policy
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services provided to
the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments
in respect of the purchase of these goods and services. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months.
NOTE 15: UNEARNED INCOME
Current:
Enterprise Resource Planning (ERP) solutions
- JCurve ERP and NetSuite (Australasia) (1)
Enterprise Resource Planning (ERP) solutions
- NetSuite (South East Asia)
Telecommunications Expense Management solutions (TEMs)
Riyo solutions
Non-Current:
Enterprise Resource Planning (ERP) solutions
- JCurve ERP and NetSuite (Australasia)
Total Unearned Income
Consolidated ($)
2021
2020
1,713,301
1,336,109
720,067
367,364
182,066
67,434
2,682,868
253,638
119,382
2,076,493
136,027
136,027
220,443
220,443
2,818,895
2,296,936
(i)
The recognition of a contract asset and contract liability on a large ERP customer contract which remains in its implementation
stage has been netted off in accordance with AASB 15. The impact from netting off the contract asset is a reduction in
accrued revenue of $368,533 and a reduction in unearned income of $368,533.
41
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 15: UNEARNED INCOME (continued)
(1) Accounting policy
Unearned income is carried at amortised cost and represents amounts billed to customers in advance of the revenue being
recognised in accordance with the revenue recognition policy outlined in Note 3. Unearned income is presented as a current liability
unless the performance obligations associated with the revenue will be satisfied in greater than 12 months.
NOTE 16: LEASE LIABILITIES
Current:
Lease liabilities
Non-Current:
Lease liabilities
Total Lease Liabilities
(1) Accounting policy
Consolidated ($)
2021
524,391
2020
468,913
1,253,181
1,533,509
1,777,572
2,002,422
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value
of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Group’s incremental borrowing rate. Lease payments comprise fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated
termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period
in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is
a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term;
certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the
corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
The Group has elected not to recognise a lease liability for all short-term leases with terms of 12 months or less and leases of
low-value assets. Where applicable, lease payments on these assets are expensed to profit or loss as incurred.
NOTE 17: PROVISIONS
Current:
Annual leave
Long service leave
Non-current:
Long service leave
Make good provision
Total Provisions
Consolidated ($)
2021
2020
425,480
20,397
347,235
89,984
445,877
437,219
60,564
76,574
137,138
583,015
64,350
27,093
91,443
528,662
42
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 17: PROVISIONS (continued)
(1) Accounting policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Provisions are not recognised for future operating losses.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the Statement of Profit or Loss and Other Comprehensive Income net of any eimbursement.
Provisions are measured at the present value or management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks
specific to the liability. The current pre-tax rate used for discounting purposes is 2.73% (2020: 2.73%).
When discounting is used, the increase in the provision due to the passage of time is recognised as an interest expense.
NOTE 18: SHARE CAPITAL
Ordinary shares issued and fully paid (i)
Unissued shares
Consolidated ($)
2021
17,380,969
205,357
17,586,326
2020
17,382,891
205,357
17,588,248
(i)
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
Movement in ordinary shares on issue
At 1 July 2019
Movement
At 30 June 2020
Movement
At 30 June 2021
(1) Accounting policy
Number
327,856,900
-
327,856,900
486,539
328,343,439
$
17,382,891
-
17,382,891
(1,922)
17,380,969
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for
the acquisition of a new business are not included in the cost of acquisition as part of the purchase consideration.
43
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 19: RESERVES
JCurve Solutions Limited
(1) Accounting policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Provisions are not recognised for future operating losses.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the Statement of Profit or Loss and Other Comprehensive Income net of any eimbursement.
Provisions are measured at the present value or management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period.
Equity Benefits Reserve
Balance at the start of the year
Shares cancelled under Employee Share Plan
Reclassification of expired options and performance rights
Issued rights under Employee Incentive Scheme
Balance at the end of the year
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks
Foreign Currency Translation Reserve
specific to the liability. The current pre-tax rate used for discounting purposes is 2.73% (2020: 2.73%).
When discounting is used, the increase in the provision due to the passage of time is recognised as an interest expense.
Balance at the start of the year
Currency translation differences arising during the year
Balance at the end of the year
Total Reserves
(1) Accounting policy
Consolidated ($)
2021
1,828,928
-
(100,394)
18,421
1,746,955
2020
1,819,187
-
-
9,741
1,828,928
Consolidated ($)
2021
(3,877)
(53,812)
(57,689)
1,689,266
2020
(1,070)
(2,807)
(3,877)
1,825,051
The Group provides benefits to employees (including senior executives) of the Group in the form of share-based payments,
whereby employees render services in exchange for shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at
the date at which they are granted. The fair value is determined by an external valuer using the Black-Scholes model, further
details of which are given in Note 26(i).
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the
price of the shares of JCurve Solutions Limited (market conditions) if applicable.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which
the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled
to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent
to which the vesting period has expired and (ii) the Group’s best estimate of the number of equity instruments that will ultimately
vest. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is
included in the determination of fair value at grant date. The Statement of Profit or Loss and Other Comprehensive Income charge
or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a market
condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised
for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement
award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as
described in the previous paragraph.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per
share (see Note 6).
(2) Significant accounting judgments, estimates and assumptions: Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by an external valuer using a Black-Scholes model,
using the assumptions as detailed in the notes to the financial statements.
44
(i)
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
NOTE 18: SHARE CAPITAL
Ordinary shares issued and fully paid (i)
Unissued shares
Movement in ordinary shares on issue
At 1 July 2019
Movement
At 30 June 2020
Movement
At 30 June 2021
(1) Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for
the acquisition of a new business are not included in the cost of acquisition as part of the purchase consideration.
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 20: CRITICAL JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events.
The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain
assets and liabilities within the next annual reporting period are:
(1) Revenue recognition - Identification of performance obligations – refer to Note 3;
(2) Revenue recognition – Satisfaction of performance obligations – refer to Note 3;
(3) Impairment of intangibles with indefinite useful lives – refer to Note 12;
(4) Useful life of the Riyo Platform - refer to Note 12;
(5) Share-based payment transactions – refer to Note 19; and
(6) Recovery of deferred tax assets – refer to Note 5.
NOTE 21: FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(1) Capital risk management
Capital risk is managed and monitored by liaising with banks and communicating with shareholders. JCurve Solutions considers new
government legislation and monitors the market place by canvassing information from stockbrokers and investors.
When managing capital, management’s objective is to ensure the entity continues as a going concern as well as to maintain optimal
returns to shareholders and benefits for other stakeholders. Management also aims to maintain a capital structure that ensures the
lowest cost of capital available to the entity. Management adjusts the capital structure as necessary to take advantage of favourable
costs of capital or high returns on assets. As the market is constantly changing, management may change the amount of dividends
to be paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
(i) Categories of financial instruments
Financial assets
Cash and cash equivalents
Receivables
Other current assets
Other financial assets
Financial liabilities
Payables
Lease liabilities
Consolidated
2021
5,101,831
1,930,098
217,835
26,760
2020
4,152,349
2,265,193
217,276
10,460
2,318,443
1,777,572
2,245,754
2,002,422
The Group has no derivative instruments in designated hedging relationships.
(2) Financial Risk Management
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial
liability and equity instrument are outlined above in the relevant note.
The Group’s principal financial liabilities are trade payables and unearned income which arise during the course of operations. The
Group has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations.
The Group’s policy throughout 2021 has remained that no trading in derivatives shall be undertaken. The main risks arising from the
Group’s financial instruments are cash flow interest rate risk, liquidity risk, and credit risk. The Board of Directors reviews and agrees
on policies for managing each of these risks which are summarised on the following pages.
45
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 21: FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
(3) Interest Rate Risk
The following table sets out the carrying amount, by maturity, of the Group’s financial instruments including those exposed to
interest rate risk:
Year ended 30 June 2021
Financial assets
Non-interest bearing:
Trade and other receivables
Other Current Assets
Floating rate:
Cash Assets
Other Current Assets
Financial liabilities
Payables
Lease Liabilities
Year ended 30 June 2020
Financial assets
Non-interest bearing:
Trade and other receivables
Other Current Assets
Floating rate:
Cash Assets
Other Current Assets
Financial liabilities
Payables
Lease Liabilities
Consolidated ($)
Within 1 year
1 to 5 years
Total
Weighted average
effective interest rate %
1,930,098
691,882
2,621,980
5,101,831
217,835
5,319,666
7,941,646
2,318,443
524,391
2,842,834
2,265,193
649,165
2,914,358
4,152,349
217,276
4,369,625
7,283,983
2,245,754
468,913
2,714,667
-
-
-
-
-
-
-
-
1,253,181
1,253,181
-
-
-
-
-
-
-
-
1,533,509
1,533,509
1,930,098
691,882
2,621,980
5,101,831
217,835
5,319,666
7,941,646
2,318,443
1,777,572
4,096,015
2,265,193
649,165
2,914,358
4,152,349
217,276
4,369,625
7,283,983
2,245,754
2,002,422
1,533,509
0.08%
0.95%
0.11%
1.52%
For all financial instruments, the net fair value approximates their carrying value.
No financial assets and financial liabilities are readily traded on organised markets in standardised forms.
Interest on financial instruments classified as floating rate is fixed at intervals of less than one year. The other financial instruments
of the Group that are not included in the above tables are non-interest bearing and are therefore not subject to interest rate risk.
46
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 21: FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
Interest rate risk sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and
non-derivative instruments at the reporting date and the stipulated change taking place at the beginning of the financial year and
held constant throughout the reporting period. A 50-basis point increase or decrease is used when reporting interest rate
risk internally to key management personnel and represents management’s assessment of the change in interest rates.
At reporting date, if interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s
net profit before tax would increase by $26,585 and decrease by $4,942 respectively (2020: increase by $21,847 and decrease by
$5,657). This is mainly attributable to the Group’s exposure to interest rates on its variable rate cash deposits.
(4) Price Risk – Equity and Commodity
The Group’s exposure to commodity and equity securities price risk is minimal.
(5) Foreign Currency Risk
The Group is exposed to foreign currency risk from movements in the Australian dollar relative to the Singapore and US Dollar’s as
well as the Philippine Peso. Foreign currency risk arises from future transactions and recognizing assets and liabilities
denominated in a currency that is not the Group’s functional currency.
The Group seeks to limit its exposure to foreign currency risk, by maintaining a bank account denominated in Singapore dollars and
is in the process of setting up a Philippine bank account denominated in Philippine Peso so that income received from Asian
customers is deposited and held in the overseas currency without the need to transact in multiple currencies.
The Group’s exposure to foreign currency risk at the reporting date is as follows (in AUD-translated balances):
Consolidated ($)
Year ended
Cash and cash equivalents
Trade and other receivables
Other financial assets
Other current assets
Total Current Assets
Property, plant and equipment
Intangible assets
Total Non-Current Assets
Total Assets
Trade and other payables
Unearned income
Provisions - current
Total current liabilities
Total Liabilities
Net Assets
2021
255,486
591,239
27,064
76,009
949,798
76,028
488,270
564,298
2020
126,690
398,267
10,460
115,744
651,161
18,318
396,408
414,726
1,514,096
1,065,887
565,380
626,734
155,590
1,347,704
1,347,704
166,392
445,907
422,474
93,743
962,124
962,124
103,763
For the year ended 30 June 2021, if the average exchange rate for AUD:SGD had been 10% lower or higher and all other variables
were held constant, the Group’s net profit before tax would decrease by $78,945 and increase by $64,592 respectively
(2020: decrease by $53,851 and increase by $44,060).
For the year ended 30 June 2021, if the average exchange rate for AUD:PHP had been 10% lower or higher and all other variables
were held constant, the Group’s net profit before tax would decrease by $104,163 and increase by $85,224 respectively
(2020: decrease by $65,819 and increase by $53,852).
47
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 21: FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)
(6) Credit Risk
Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other receivables.
The Group’s exposure to credit risk arises from potential default of the counter party, with a maximum exposure equal to the carrying
amount of these instruments. Exposure at balance date is addressed in each applicable note.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group trades only with recognised, credit-worthy third parties, and as such collateral is not requested nor is it the Group’s policy
to securitise its trade and other receivables.
It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures including an
assessment of their independent credit rating, financial position, past experience and industry reputation. Risk limits are set for each
individual customer in accordance with parameters set by the board. These risk limits are regularly monitored.
Receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant.
At 30 June 2021, the ageing analysis of trade receivables is as follows:
Consolidated
Total
$
0-30
days
$
0-30
days
CI*
$
31-60
days
31-60
days
$
CI*
$
61-90
days
PDNI*
$
2021
2020
1,135,335
1,347,273
700,975
730,398
-
167,506
- 195,426
-
-
69,138
139,337
61-90
days
CI*
$
-
-
+91
days
PDNI*
$
+91
days
CI*
$
197,716
-
238,867 43,244
PDNI
CI
-
Past due not impaired
- Considered impaired
The receivables which are past due but not considered impaired was $266,854 (2020: $378,205).
The provision for doubtful debts as at 30 June 2021 is $44,779 (2020: $94,679).
Other balances within trade and other receivables do not contain impaired assets and are not past due. It is expected that these
other balances will be received when due.
(7) Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity risk
management framework for the management of the Group’s short, medium and long-term funding and liquidity management
requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The impact of the Covid-19 pandemic has seen an increasing level of focus on liquidity risk which has included adjustments to the
Group’s financial modelling and the monthly papers presented to the Board including a 12-month-going concern forecast.
48
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 22: CONTINGENCIES
(1) Contingent Liabilities
The Group does not have any contingent liabilities.
NOTE 23: EVENTS OCCURRING AFTER THE REPORTING PERIOD
Since the end of the financial year, the following events have occurred which have impacted the operations of the Group:
(1) Acquisition of the Thailand assets of Rapid E-Suite Pte Ltd
On the 9th of July 2021, the Group completed the acquisition of the Thailand business assets of Rapid E-Suite Pte Ltd, an Oracle
NetSuite Member Status Solution Provider with existing 20 customers and which for the year ended 30 April 2021, generated A$0.6m
of revenue and an EBITDA of A$0.1m from its Thailand operations. The purchase price for the acquisition was S$250,000 cash paid on
completion, S$50,000 cash payable on reaching an agreed non-sales milestone by 9 October 2021 and a further cash earnout
component capped at S$500,000 dependent on the sales level for the Thailand operations in the 12 months immediately
post- completion of the acquisition.
(2) Lockdowns in key operating locations
Lockdown restrictions first announced on the 25th of June 2021 in New South Wales have been extended until the end of
September 2021. Our office in Chatswood remains closed and the Group continues to operate under its business continuity plan in
all locations which includes all employees working from home. Shorter lockdowns have been announced in Queensland and Victoria,
Singapore and the Philippines.
With the exception of the acquisition of the Thailand assets of Rapid E-Suite and the lockdowns outlined above, no other matters or
circumstances have arisen since 30 June 2021 that significantly affect, or may significantly affect:
(i) the Group’s operations in future financial years, or
(ii) the results of those operations in future financial years, or
(iii) the Group’s state of affairs in future financial years.
NOTE 24: COMMITMENTS
(1) Remuneration Commitments
There are no commitments for the payment of salaries and other remuneration under long-term employment contracts in existence
at the reporting date.
(2) Lease Commitments
Lease commitments are outlined in Note 16.
49
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
(i) Accounting policy - Leases
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of
inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site
or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the
asset, whichever is shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the
depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of
lease liabilities.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for all short-term leases with terms of
12 months or less and leases of low-value assets. Where applicable, lease payments on these assets are expensed to profit or loss
as incurred.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of
the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Group’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated
termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they
are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there
is a change in the following: (a) future lease payments arising from a change in an index or a rate used; (b) residual guarantee;
(c) lease term; (d) certainty of a purchase option; and (e) termination penalties. When a lease liability is remeasured, an adjustment
is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
NOTE 25: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
(1) Basis of Preparation
The financial report is a general-purpose report, which has been prepared in accordance with the requirements of the Corporations
Act 2001, Accounting Standards and Interpretations and complies with other requirements of the law. The financial report also
complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
JCurve Solutions Limited is a for-profit entity for the purposes of preparing the financial statements.
The accounting policies detailed below have been consistently applied to all years unless otherwise stated. The financial report is for
the consolidated entity consisting of JCurve Solutions Limited and its subsidiaries.
The financial report has also been prepared on a historical cost basis.
The financial report is presented in Australian dollars and all values are rounded to the nearest dollar.
(2) Changes to presentation
The classification of some prior period comparatives have been adjusted to reflect an internal reporting change in the
presentation of financial statement line items which the Company believes will assist users with their understanding of the Annual
Report. There was no net overall profit or loss effect from the reclassification.
(3) Changes in accounting policies from new accounting standards and interpretations
The Directors have reviewed all of the new and revised accounting standards and interpretations issued by the Australian
Accounting Standards Board (AASB) for annual reporting periods beginning or after 1 July 2020. It has been determined that none of
the new accounting standards and interpretations adopted have a material impact on the Group’s financial performance, position or
disclosure.
(4) Statement of Compliance
The financial report was authorised for issue on 24 August 2021.
The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial
Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the financial statements
and notes thereto, complies with International Financial Reporting Standards (IFRS).
50
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
(5) Basis of Consolidation
1) Accounting policy
The consolidated financial statements comprise the financial statements of JCurve Solutions Limited and its subsidiaries as at
30 June each year (the Group).
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit
and losses resulting from intra-group transactions have been eliminated in full. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the
Group. Control exists where the company has the power to govern the financial and operating policies of an entity so as to obtain
benefits from its activities.
The acquisition of subsidiaries has been accounted for using the purchase method of accounting. The purchase method of
accounting involves allocating the cost of the business combination to the fair value of the assets acquired and the liabilities and
contingent liabilities assumed at the date of acquisition. Accordingly, the consolidated financial statements include the results of
subsidiaries for the period from their acquisition.
NOTE 26: SHARE-BASED PAYMENT PLANS
(i) Shares issued under Equity Incentive Plan
Performance Rights issued during the year ended 30 June 2020
On 7 February 2020, 10,800,000 performance rights (valued at $27,449) were issued to employees under the equity incentive plan
that was approved by shareholders at the Annual General Meeting held on 19 November 2019. Each performance right has a nil
exercise price and convert into one fully paid ordinary share in JCurve Solutions Limited upon meeting the vesting conditions.
The performance rights vest in three tranches as follows:
(1) Tranche one: 3,600,000 performance rights vests of 31 January 2021;
(2) Tranche two: 3,600,000 performance rights vests of 31 January 2022;
(3) Tranche three: 3,600,000 performance rights vests of 31 January 2023.
The Performance Rights under this plan have both a performance and service condition before converting into shares.
If the vesting conditions are not met the performance right lapses on the vesting date.
During the year ended 30 June 2021, 3,000,000 performance rights (valued at $7,625) were cancelled under the plan when the
performance condition associated with the performance rights were not met.
The share-based payment expense is recognised in the Statement of Profit or Loss and Other Comprehensive Income evenly
over the vesting period.
Performance Rights issued during the year ended 30 June 2021
On 16 March 2021, 4,100,000 performance rights (valued at $50,226) were issued to employees under the equity incentive plan
that was approved by shareholders at the Annual General Meeting held on 19 November 2019. Each performance right has a nil
exercise price and convert into one fully paid ordinary share in JCurve Solutions Limited upon meeting the vesting conditions.
The performance rights vest in three tranches as follows:
(1) Tranche one: 500,000 performance rights vests of 31 January 2022;
(2) Tranche two: 3,100,000 performance rights vests of 30 June 2022; and
(3) Tranche three: 500,000 performance rights vests of 31 January 2023.
The Performance Rights under this plan have both a performance and service condition before converting into shares.
If the vesting conditions are not met the performance right lapses on the vesting date.
The share-based payment expense is recognised in the Statement of Profit or Loss and Other Comprehensive Income
evenly over the vesting period.
51
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 27: BUSINESS COMBINATIONS
Acquisition of the business and assets of Creative Quest
On 4 June 2021, JCurve Solutions Philippines Inc., a 100%-owned subsidiary of the Group purchased the business assets of
Creative Quest Events and Marketing Services (Creative Quest), a full-service digital marketing agency domiciled in the Philippines.
The purchase price of PHP9,000,000 (A$243,969) was paid on completion (4 June 2021). There are annual vendor incentives in
place for a period of three years for the owner of Creative Quest. The annual vendor incentives are contingent on the owner
remaining an employee of JCurve Solutions at the anniversary date of completion of the acquisition.
Acquisition-related costs of PHP117,500 (A$3,185) were included in due diligence costs in the Statement of Profit or Loss and
Other Comprehensive Income for the year ended 30 June 2021.
The fair values of the identifiable assets acquired as part of the acquisition are as follows:
Property, plant and equipment
Customer relationships
Fair value of identifiable net assets
Goodwill arising on acquisition
Consideration
Fair value at
acquisition date
(PHP)
Fair value at
acquisition date
(A$)
656,989
8,343,011
9,000,000
-
9,000,000
17,810
226,159
243,969
-
243,969
No liabilities were assumed as at the date of the acquisition.
Net cash outflow arising on acquisition
The cash outflow on acquisition was PHP9,000,000 (A$243,969).
The acquisition of Creative Quest affected the year ended 30 June 2021 consolidated result as follows:
Revenue
Less costs of goods sold
Less expenses
Loss before tax
30 June 2021
A$
106,705
(83,780)
(16,665)
6,260
The Group has not disclosed the revenue or profit or loss as though the acquisition date for business combination occurred at
the start of the financial year as such disclosure would not be reliable with the acquired entities’ financial statements being unaudited.
The useful life of the customer relationships intangible asset was assessed as 3 years, with the intangible asset being amortised
from 4 June 2021 evenly over the 3 year period.
52
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 28: RENUMERATION OF AUDITORS
The auditor of JCurve Solutions Limited (the Group) is BDO Audit Pty Ltd.
Auditors of the Group – BDO and related network firms
Audit and review of financial statements
Group (BDO Audit Pty Ltd)
Controlled entities (related network firms)
Total audit and review of financial statements
Total services provided by BDO and related network firms
Other auditors and their related network firms
Audit and review of financial statements
Controlled entities
Total services provided by other auditors (excluding BDO)
Consolidated ($)
2021
2020
82,000
2,610
84,610
84,610
6,970
6,970
76,000
2,491
78,491
78,491
7,113
7,113
During the year ended 30 June 2021, local auditors in Singapore and the Philippines were appointed to undertake the local subsidiary
audits.
NOTE 29: RELATED PARTY TRANSACTIONS
(1) Subsidiaries
The consolidated financial statements include the financial statements of JCurve Solutions Limited and the subsidiaries listed in
the following table.
Name
Country of Incorporation
JCurve Business Software Pty Ltd
Fleet Manager Pty Ltd
Phoneware Pty Ltd
Interfleet Pty Ltd
The Full Circle Group Pty Ltd
JCS Tech Solutions Pty Ltd
JCurve Solutions Asia Pte Ltd
JCurve Mobile Services Pty Ltd
JCurve Solutions Philippines Inc
Riyo Tech Solutions Pte Ltd
Sumptuous Tech Holdings Pte Ltd
Australia
Australia
Australia
Australia
Australia
Australia
Singapore
Australia
Philippines
Singapore
Singapore
% Equity Interest
2021
2020
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
JCurve Solutions Limited is an Australian entity and the ultimate parent of the Group. JCurve Business Software Pty Ltd, Fleet
Manager Pty Ltd, Phoneware Pty Ltd, Interfleet Pty Ltd, The Full Circle Group Pty Ltd, JCurve Mobile Services Pty Ltd and JCS Tech
Solutions Asia Pte Ltd are all incorporated in Australia. JCurve Solutions Asia Pte Ltd was incorporated on the 22nd of December
2016 and is domiciled in Singapore. Riyo Tech Solutions Pte Ltd and Sumptuous Tech Holdings Pte Ltd were incorporated on the
10th of February and the 5th of February 2020 and are both domiciled in Singapore.
53
JCurve Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (continued)
NOTE 29: RELATED PARTY TRANSACTIONS (continued)
(2) Director and Key Management Personnel Compensation
The aggregate compensation made to directors and other key management personnel of the Group is set out below:
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Share-based payments
Total Compensation
Consolidated ($)
2021
1,409,197
140,778
408
18,419
2020
1,669,506
114,105
7,544
9,741
1,568,802
1,800,896
NOTE 30: PARENT ENTITY FINANCIAL INFORMATION
Financial position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Equity
Issued capital
Accumulated losses
Reserves
Total equity
Financial Performance
Net profit for the year
2021
$
3,365,175
2,632,688
5,997,863
502,391
19,591
521,982
2020
$
4,529,898
2,412,626
6,942,524
1,968,378
14,662
1,983,040
5,475,881
4,959,484
17,586,326
(13,857,401)
1,746,956
5,475,881
17,588,248
(14,457,693)
1,828,929
4,959,484
Year ended
30 June 2021
$
Year ended
30 June 2020
$
600,292
190,486
54
JCurve Solutions Limited
DIRECTORS’ DECLARATION
In the opinion of the directors:
(a) the financial statements and notes set out on pages 22 to 54 are in accordance with the Corporations Act 2001, including:
(i)
complying with the Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(ii)
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its performance for the
financial year ended on that date; and
(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
Note 25(4) confirms that the financial statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by Section 295A
of the Corporations Act 2001.
This declaration is signed in accordance with a resolution of the Board of Directors.
Mark Jobling
Chairman
Dated 24 August 2021
55
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of JCurve Solutions Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of JCurve Solutions Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2021, 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 report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
(ii)
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 Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of
BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member
firms. Liability limited by a scheme approved under Professional Standards Legislation.
56
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.
Carrying Value of Intangible Assets
Key audit matter
How the matter was addressed in our audit
At 30 June 2021, the carrying value of Intangible Assets
Our audit procedures to address the key audit matter
was $3,057,735 as disclosed in Note 12.
included, but were not limited to, the following:
The assessment of the carrying value of Intangible
Assets requires management to make significant
accounting judgements and estimates in producing the
discounted cash flow models used to determine
whether the assets are appropriately carried.
An annual impairment test for Intangible Assets is
required for indefinite life assets or where there are
indicators of impairment under Australian Accounting
Standard (AASB) 136 Impairment of Assets. Refer to
Note 12 for the detailed disclosures, which include the
related accounting policies and the critical accounting
judgements and estimates.
•
•
•
•
•
•
•
Analysing management’s key assumptions
used in the discounted cash flow models to
determine their reasonableness;
Challenging the appropriateness of
management’s discount rates used in the
discounted cash flow models;
Challenging assumptions around timing of
future cash flows;
Checking the mathematical accuracy of the
discounted cash flow model;
Performing sensitivity analysis on key
assumptions to determine if there would be a
significant change to the carrying value of
the asset;
Assessed the adequacy of the Group’s
disclosures in respect of Intangible Assets
carrying values and impairment assessment
assumptions as disclosed in Note 12 of the
financial report; and
Consider any additional impairment
indicators as per AASB 136 Impairment of
Assets and the effects of such on
management’s assumptions.
57
Recognition of License and Implementation Revenue
Key audit matter
How the matter was addressed in our audit
AASB 15 Contracts with Customers uses a five step
Our audit procedures to address the key audit
model to recognise revenue. A number of judgements
matter included, but were not limited to, the
and estimates are made in order to determine the
following:
point at which performance obligations are met and
revenue can be recognised.
Due to the nature of these key estimates and
judgements, and given the financial significance of
revenue to the users of the financial report, revenue
recognition of license and implementation revenue
has been determined as a key audit matter.
The disclosure in connection with the recognition of
license and implementation revenue can be found in
Note 3.
•
•
•
•
Performing testing, on a sample basis, of
management’s judgement in relation to
application of “Go-live” dates during the year
and subsequent to year end to ensure revenue
was recorded in the correct accounting period;
Review the operating effectiveness of internal
controls in relation to the judgements
associated with the satisfaction of identified
performance obligations;
Reviewing a sample of deferred revenue
balances at year end to ensure that revenue
was appropriately deferred in accordance with
the progress of individual projects; and
Selecting a sample of projects during the year
and agreeing them to customer contracts to
ensure that revenue and deferred revenue
were correctly calculated in accordance with
AASB 15 and the Group’s revenue accounting
policies.
Acquisition Accounting
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 27 of the financial report, JCurve
Our audit procedures to address the key audit
Solutions Limited acquired the business and assets of
matter included, but were not limited to, the
the Creative Quest (an entity incorporated in the
following:
Philippines).
AASB 3 Business Combinations requires a number of
judgements to be made in the acquisition accounting
The audit of the acquisition is a key audit matter due
to the significant judgment and complexity involved in
•
•
Reviewing the acquisition agreement to
understand the key terms and conditions,
and confirming our understanding of the
transaction with management;
Assessing the estimation of the contingent
assessing the determination of the fair value of
consideration by challenging the key
identifiable intangible assets and the final purchase
assumptions;
price which included contingent deferred
consideration.
58
Key audit matter
How the matter was addressed in our audit
•
•
•
•
Comparing the assets recognised on
acquisition against the historical financial
information of the acquired businesses;
Obtaining the calculation of the fair value of
net identifiable intangible assets acquired to
critically assess the determination of the fair
values;
Reviewing the recoverability of the
intangible assets recorded as part of the
business combination to ensure they remain
recoverable in light of performance following
acquisition; and
Auditing the disclosures associated with the
acquisition to ensure they are complete and
accurate and reflect the requirements of
AASB 3.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2021, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the 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.
59
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2021.
In our opinion, the Remuneration Report of JCurve Solutions Limited, for the year ended 30 June 2021,
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.
BDO Audit Pty Ltd
Gareth Few
Director
Sydney, 24 August 2021
60
JCurve Solutions Limited
SHAREHOLDER INFORMATION
(a) Distribution of ordinary shareholder numbers
Category
Holders
Total Units
% Issued Share Capital
1
1,001
5,001
10,001
100,001
- 1,000
- 5,000
- 10,000
- 100,000
- and over
71
15
54
169
141
450
6,533
45,433
471,640
7,337,863
320,481,970
328,343,439
There are 154 shareholders that hold less than a marketable parcel as at 8 October 2021.
(b) Substantial shareholders
0.00%
0.01%
0.14%
2.23%
97.61%
100.00%
The names of the substantial shareholders listed in the Group’s register as at 30 June 2021 and 8 October 2021 are outlined
below, based on the shareholders last lodged Substantial Shareholder notice:
30 June 2021
8 October 2021
Number of ordinary
shares held
% held of ordinary
share capital
Number of ordinary
shares held
% held of ordinary
share capital
83,124,215
53,007,816
50,704,301
25.35%
16.14%
15.47%
83,124,215
53,007,816
50,704,301
25.35%
16.14%
15.47%
Graham Baillie
Philip Ewart
Mark Jobling
(c) Voting rights
At members’ meetings, each eligible voter (i.e. eligible member, proxy, attorney or representative of an eligible member) has one
vote on a show of hands; and one vote on a poll (except where a share has not been fully paid, that share will only confer that
fraction of one vote which has been paid, and if the total number of votes does not constitute a whole number, the fractional part
of that total will be disregarded). This is subject to the following:
• Where any calls due and payable have not been paid;
• Where there is a breach of a restriction agreement;
• Where a member and their proxy or attorney are both present at the meeting, or if more than one proxy or attorney is present;
• Where a vote on a particular resolution is prohibited by the Corporations Act 2001, Listing Rules, ASIC or order of a Court.
(d) Company secretary
The name of the company secretary is David Franks.
(e) Registered office
The address of the principal registered office in Australia is:
c/- Automic Pty Ltd
Deutsche Bank Building
Level 5
126 Phillip Street
Sydney NSW 2000
Ph. (02) 8072 1400
(f) Register of securities
The registers of securities are held at the following address:
Automic Registry Services
Level 5/126 Phillip St, Sydney NSW 2000
1300 288 664 or +61 2 9698 5414
61
SHAREHOLDER INFORMATION (continued)
(g) Top 20 Registered Holders – Ordinary Shares as of 8 October 2021
JCurve Solutions Limited
Name
Number of
Ordinary Shares
% of Ordinary
Shares Held
MR GRAHAM ALEXANDER BAILLIE & MRS DARRELL BAILLIE
83,124,215
25.32%
1
2
3
4
5
6
7
8
9
10
11
12
MR MARK CHRISTOPHER JOBLING
DR PHILIP GORDON WILSON EWART & MRS KYLIE EWART
JACANA GLEN PTY LTD
P EWART INVESTMENTS PTY LTD
MR GREGORY PETER WILSON
BENGER SUPERANNUATION PTY LIMITED
ROUND ETERNAL INVESTMENTS PTY LTD
DR PHILIP GORDON WILSON EWART
POTENTATE INVESTMENTS PTY LTD
SHANMAC PTY LTD
MR DAVID JAMES FRANKS & MR WALTER GEORGE FRANKS
13
MS KYLIE LYNETTE NUSKE & MR MATTHEW JAMES COOK
14
15
16
17
18
19
20
MR CHARLES BYRON SMITH
BUFF HOLDINGS PTY LTD
MR STEPHEN CANNING
MR NEIL WILSON EWART
INVIA CUSTODIAN PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD
MR STEVEN GEORGE CARTER & MRS GAIL MAREE CARTER
TOTAL HELD BY TOP 20 HOLDERS
TOTAL HELD BY REMAINING SHAREHOLDERS
48,399,564
37,218,464
16,179,275
10,266,832
6,265,874
6,030,000
6,000,000
5,435,590
4,942,305
4,516,000
4,206,174
4,000,000
3,785,600
3,500,000
3,233,418
3,100,000
2,668,968
2,556,775
2,500,602
14.74%
11.34%
4.93%
3.13%
1.91%
1.84%
1.83%
1.66%
1.51%
1.38%
1.28%
1.22%
1.15%
1.07%
0.98%
0.94%
0.81%
0.78%
0.76%
257,929,656
70,413,783
78.55%
21.45%
(h) Stock exchange listing– ordinary shares (as of 30 June 2021)
Quotation has been granted for all the ordinary shares of the Company on the Australian Securities Exchange.
(i) Restricted securities
As at 30 June 2021 and 8 October 2021 there are no restricted security classes recorded in the Company’s share register.
(j) Unquoted securities
The unquoted securities of the Company as at 8 October 2021 are:
9,300,000 Performance Rights are outlined below:
Number of Performance Rights
Exercise Price
Expiry Date
Number of Holders
3,100,000
3,100,000
3,100,000
$Nil
$Nil
$Nil
31 January 2022
30 June 2022
31 January 2023
5
5
5
(k) Listing Rule 3.13.1 and 14.3
The Company advises that the Annual General Meeting (AGM) of the Company is scheduled for Tuesday, 16 November 2021 at 10.30am (AEDT).
The location of the AGM is subject to COVID-19 restrictions, including regulatory requirements. Further details, including any hybrid or virtual
meeting arrangements, will be confirmed closer to the AGM.
Further to Listing Rule 3.13.1, Listing Rule 14.3, nominations for election of directors at the AGM must be received not less than 30 Business Days
before the meeting, being no later than Tuesday, 5 October 2021.
62
Auditor - For the year ended 30 June 2021
BDO Audit Pty Ltd
Level 11, 1 Margaret Street
Sydney NSW 2000
Australia
Securities Exchange Listings
Australian Securities Exchange
ASX Code: JCS
Website address
www.jcurvesolutions.com
Key Dates
Annual General Meeting: 16 November 2021
JCURVE SOLUTIONS LIMITED
CORPORATE INFORMATION
ABN 63 088 257 729
Directors
Mr Mark Jobling
Mr Bruce Hatchman
Mr Graham Baillie
Mr Martin Green
Company Secretary
Mr David Franks (Automic Pty Ltd)
Registered office
c/- Automic Pty Ltd
Deutsche Bank Building
Level 5
126 Phillip Street
Sydney NSW 2000
Ph. (02) 8072 1400
Principal place of business in Australia
Level 8, 9 Help Street
Chatswood
New South Wales 2067
Share Register
Automic Registry Services
Deutsche Bank Building
Level 5
126 Phillip Street
Sydney NSW 2000
1300 288 664 or +61 2 9698 5414
https://www.automicgroup.com.au/contact-us/
www.jcurvesolutions.com