Cryosite Limited
Appendix 4E
Preliminary final report
1. Company details
Name of entity:
Cryosite Limited
ABN:
86 090 919 476
Reporting period:
For the year ended 30 June 2024
Previous period:
For the year ended 30 June 2023
Reporting Currency:
Australian Dollars
2. Results for announcement to the market
$'000
Revenues from ordinary activities
up
5.7% to
12,612
Profit from ordinary activities after tax attributable to the owners
of Cryosite Limited
up
30.6% to
1,840
Profit for the year attributable to the owners of Cryosite Limited
up
30.6% to
1,840
Dividends
On 20 August 2024 the Board of Cryosite Limited declared an unfranked dividend of 2 cents per share will be
paid to shareholders for the year ending 30 June 2024. This compares with a 1.5 cents unfranked final
dividend, paid to shareholders, for the year ending 30 June 2023.
The profit for the Group after providing for income tax amounted to $1,840,000 (30 June 2023: $1,409,000).
Commentary on the results to the market
Results for the year ending 30 June 2024 reflect a strengthening of trading conditions in the second half of the
financial year.
●
Revenue of $ 12,612,000 from ordinary activities up 5.7%.
●
Net profit of $ 1,840,000 up 30.6%.
●
Earnings per share of 3.77 cents, up 30.6%.
●
2 cents per share unfranked final dividend declared for the year ending 30 June 2024, up 33%.
●
5 cents per share capital returned to shareholders in February 2024.
●
Cash and cash equivalents of $4,703,000, down $28,000 from prior year’s cash on hand of $4,731,000.
●
No bank borrowings.
A further explanation of the result of the current period is set out in the Directors' Report contained in the
attached Annual Financial report
3. Net tangible assets backing
Reporting
period
Previous
period
Cents
Cents
Net tangible assets per ordinary security
3.34
5.86
The calculation of net tangible assets excludes right-of-use assets, intangible assets, and lease liabilities.
Cryosite Limited
Appendix 4E
Preliminary final report
4. Dividends
Current period
Final dividend for the year ended 30 June 2023
Previous period
Final dividend for the year ended 30 June 2022
5. Audit qualification or review
0cryosite&
Amount
Franked
per amount per
security
security
Cents
Cents
1.50
Amount
Franked
per amount per
security
security
Cents
Cents
1.00
The financial statements have been audited and an unmodified opinion has been issued.
6. Attachments
The Annual Report of Cryosite Limited for the year ended 30 June 2024 is attached.
7. Signed
Signed Mod/_(
,7
Mark Kerr
Non-Executive Chairman
Date: 20 August 2024
Annual Report - June 2024
Cryosite Limited
Contents
30 June 2024
1
Corporate directory
2
Chairman's message
3
Directors' report
5
Auditor's independence declaration
19
Consolidated statement of profit or loss and other comprehensive income
20
Consolidated statement of financial position
21
Consolidated statement of changes in equity
22
Consolidated statement of cash flows
23
Notes to the consolidated financial statements
24
Consolidated entity disclosure statement
51
Directors' declaration
52
Independent auditor's report to the members of Cryosite Limited
53
Shareholder information
56
Cryosite Limited
Corporate directory
30 June 2024
2
Directors
Mark Kerr (Non-Executive Chairman)
Andrew Kerr (Non-Executive Director)
Scott Thomas (Non-Executive Director)
Company secretary
Dray Andrea
Notice of annual general
meeting
The details of the annual general meeting of Cryosite Limited are yet to be
announced.
Registered office
13a Ferndell Street
South Granville
NSW 2142
Tel: +61 2 8865 2000
Email: corporate@cryosite.com
Principal place of business
13a Ferndell Street
South Granville
NSW 2142
Share register
Link Market Services Limited
Level 12, 680 George Street Sydney NSW, 2000
Sydney NSW, 2000
Auditor
Forvis Mazars Risk & Assurance Pty Limited
Level 12, 90 Arthur Street
North Sydney NSW, 2060
Stock exchange listing
Cryosite Limited shares are listed on the Australian Securities Exchange
(ASX code: CTE)
Website
www.cryosite.com
www.cryosite.com.au
Corporate Governance
Statement
The Directors and management are committed to conducting the business
of Cryosite Limited in an ethical manner and in accordance with the highest
standards of corporate governance. Cryosite Limited has adopted and
substantially complied with the ASX Corporate Governance Principles and
Recommendations (Fourth Edition) (`Recommendations') to the extent
appropriate to the size and nature of its operations.
The Corporate Governance Statement, which sets out the corporate
governance practices that were in operation during the financial year and
identifies and explains any Recommendations that have not been followed,
was approved by the Board of Directors at the same time as the Annual
Report and can be found on the Company's website at:
https://www.asx.com.au/markets/company/CTE
Cryosite Limited
Chairman's message
30 June 2024
3
20 August 2024
Dear Shareholders,
FY24 has been an exceptional year for Cryosite.
With one of the largest single site liquid nitrogen tank farms in Australia, a skilled scientific team,
and extensive specialised industry knowledge that underpin Cryosite's strength in biological and
clinical trials logistics, we are well positioned for strong industry growth.
We expect these segments to generate increased revenue and profit in the coming years as
Australia continues to be a sought-after destination for pharma and biotech firms seeking high-
quality clinical trials.
I am delighted to present to you the following highlights from the financial year 2024:
•
NPAT of $1.8m - an increase of 31% on prior year
•
EBITDA of $2.8m – an increase of 28% on prior year
•
Revenue from ordinary activities $12.6m - an increase of 6% on prior year
•
Earnings per share of 3.77 cents - an increase of 31% from prior year (on a fully diluted
basis)
•
A dividend declared for FY24 of 2 cents per share – an increase of 33% on FY23 –
payable in October 2024
•
A capital return of 5 cents per share paid in February 2024
•
Cryosite has no external borrowings
It is pleasing to see that Cryosite’s cash balance of $4.7m at 30 June 2024 has remained steady
on prior year. This is following $3.1m returned to shareholders in FY24 in the form of:
•
A capital return of 5 cents per share paid to shareholders on 29 February 2024 ($2.4m)
•
A dividend paid for FY23 of 1.5 cents per share ($0.7m) – an increase of 50% from FY22
In addition to the funds returned to shareholders in FY24, we have utilised our cash flow to
undertake an extension to the footprint of our state-of-the-art facility in South Granville, NSW.
This additional space will be utilised to, approximately, double Cryosite’s number of minus 80-
degree freezers and minus 192-degree liquid nitrogen tanks to support future anticipated growth.
This will increase the footprint at site by 17%.
I am pleased to advise that the works to increase the footprint at our current site are near
completion and ahead of the December 2024 scheduled date. In addition, Cryosite continues to
look at options for additional premises to help meet anticipated future growth.
After several years of significant investment in our facility, plant and equipment, Cryosite is in a
position to leverage these assets. To facilitate this growth, we have appointed an experienced
market professional in the role of Business Development Manager.
Cryosite Limited
Directors' report
30 June 2024
5
The directors present their report, together with the financial statements, on the consolidated entity (referred
to hereafter as the 'Group') consisting of Cryosite Limited (referred to hereafter as 'Cryosite', the 'Company' or
'parent entity') and the entity it controlled at the end of, or during, the year ended 30 June 2024.
Directors
The following persons were directors of Cryosite Limited during the whole of the financial year and up to the
date of this report, unless otherwise stated:
Mark Kerr (appointed on 8 December 2023)
Non-Executive Chairman
Andrew Kerr (appointed on 22 February 2024)
Non-Executive Director
Scott Thomas (appointed on 9 May 2024)
Non-Executive Director
Andrew Kroger (resigned on 25 June 2024)
Former Non-Executive Director
John Hogg (appointed on 8 December 2023 and
resigned on 22 February 2024)
Former Managing Director
Steven Waller (resigned on 8 December 2023)
Former Non-Executive Chairman
Nicola Swift (resigned on 8 December 2023)
Former Non-Executive Director
Luis Antonio (resigned on 8 December 2023)
Former Non-Executive Director
Dividends
Dividends paid during the financial year were as follows:
Consolidated
2024
2023
$'000
$'000
Final unfranked dividend for the year ended 30 June 2023 of 1.5 cents (2022: 1.0
cents) per ordinary share
732
488
Principal activities
During the financial year the principal continuing activities of the Group consisted of:
(1) Clinical trials and biological services logistics: Specialist temperature-controlled storage, sourcing.
labelling, status management, secondary packaging, schedule drug distribution, destruction, returns,
biological services and cell gene therapies depot services.
(2) Cord Blood and tissue storage: Storage of cord blood and tissue samples.
Review of operations
The profit for the Group after providing for income tax amounted to $1,840,000 (30 June 2023: $1,409,000).
Earnings per share
Cents
2024
2023
Basic earnings per share
3.77
2.89
Diluted earnings per share
3.77
2.89
Overview
The financial result for the year ended 30 June 2024 was strong. The Group posted a net profit of $1,840,000
which exceeded the previous financial year’s result for the year ended 30 June 2023 by 31% (prior
corresponding period).
There has been a return of year-on-year positive momentum at Cryosite in the financial year of 2024 as
customers' trading patterns emerge from the aftermath of the pandemic.
●
Revenue from ordinary activities $12,612,000. An increase of 6% on prior year.
●
Net profit after tax of $1,840,000. An increase of 31% on prior year.
●
Earnings per share: 3.77 cents. An increase of 31% on a fully diluted basis from prior year.
●
$4,703,000 of cash and cash equivalents as at 30 June 2024. No external borrowings.
●
Net cash from operations of $2,743,000 up by 14% from the reported $1,408,000 adjusted by $1,000,000
put into term deposit in the prior year.
Cryosite Limited
Directors' report
30 June 2024
6
The Group generated revenues from ordinary activities of $12,612,000 (30 June 2023: $11,935,000) and
delivered a net profit after tax of $1,840,000 (30 June 2023: $1,409,000), a 6% growth in revenue from ordinary
activities in 2024.
Despite of the pressures of persistently high inflation, the Group has seen an increase of gross profit margin
and operating profit margin. The Group tightly controls costs but purposefully invests in facilities, systems and
staff, to optimally position the Group for continued growth.
The Group has continued its positive year-on-year growth. As at 30 June 2024, the Group has utilised all
carried-forward tax losses and is now in a tax payable position. This means that the Group may be able to
issue a partially-franked or a fully-franked dividend to shareholders in future years. Franked dividends, provide
a tax benefit to shareholders.
Based on past business performance, the Group paid 5 cents per share as a capital return to shareholders on
29 February 2024. Net tangible assets per ordinary share have decreased by 2.52 cents, from 5.86 cents on
30 June 2023 to 3.34 cents on 30 June 2024.
The Board declared a 33% increase in the final unfranked dividend to 2.0 cents per share for 2024, following
a final unfranked dividend of 1.5 cent per share declared for 2023.
Cashflow
The Group continues to hold $4,703,000 cash on hand as at 30 June 2024. This cash balance was after the 5
cents per share, $2,400,000 return of capital to shareholders on 29 February 2024.
The reported net cash from operations of the Group during the financial year 2024 was $2,743,000 (2023:
$1,408,000, including a $1,000,000 term deposit for comparison purpose). The 14% increase of $333,000 was
driven by the increased collections in the year of 2024.
Cashflow from investing activities was $727,000 (2023: -$1,223,000). To make a meaningful comparison, the
figures of both years need be adjusted by the $1,000,000 term deposit. Then the adjusted cashflow from
investing activities was -$272,000 (2023: -$224,000). The $48,000 increase represented increased cash
outflows for capex payments in 2024.
Cashflow from financing activities was -$3,498,000 (2023: -$796,000), which include the dividend payment of
-$732,000 (2023: -$488,000) and the return of capital -$2,441,000 (2023: $nil) in 2024.
Environmental, social and governance
Our facility improvements reflect decisions to improve the design, construction, and operations of the site to
reduce our environmental impact. Past and current investments in new capital equipment contribute to our
GHG reduction strategy. Our unwavering commitment to sustainability has resulted in our recent achievement
of a silver medal from EcoVadis in February 2024. Our updated Governance Policies reflect our commitment
to ethical, transparent, and responsible business practices.
Stability in the state of affairs
Our stability in a changing industry landscape reflects effective strategic planning and execution. It highlights
our ability to maintain a steady course while adapting to the evolving needs of our clients and the market.
Governance and Management
In Governance and Management, our Board steadfastly upholds the highest standards of corporate
governance and ethical behaviour. We significantly enhanced our ESG policies in the last quarter, integrating
environmental guidelines, a robust supplier code of conduct, and stringent modern slavery policies. These
updates are designed to align with and reinforce our Group's strategic objectives while enhancing transparency
and accountability at all levels.
Further demonstrating our commitment to continuous improvement, we actively engage in external
assessments through the EcoVadis platform. These assessments not only provide valuable insights but also
serve as a crucial benchmark against industry standards, guiding our ongoing efforts to elevate our operational
practices and ethical standards.
Cryosite Limited
Directors' report
30 June 2024
7
Material business risks
We remain vigilant in the face of macroeconomic risks, climate change and regulatory compliance challenges.
We continue to update and invest in the latest HVAC technology and equipment to manage and monitor the
impact of the climate on our operations. Our diverse customer base and strategic partnerships are key in
helping us manage these risks.
Macroeconomic
Despite our strong position in the specialist clinical trials storage and logistics sector, we recognise that we are
not immune to external economic factors such as inflation, supply chain disruptions and new competitors. Our
strategy involves monitoring economic indicators, maintaining strict internal controls, and diversifying our
customer base into the new growth sectors such as biological storage and cell & gene therapies storage and
depot services leveraging our 22 years of cryogenic cord blood expertise.
Regulatory compliance
The Group's purpose-built, modern facility is licensed by the Therapeutic Goods Administration (TGA) of
Australia and is Good Manufacturing Practice (GMP) certified to support the specialised needs of highly
regulated, temperature-sensitive products. We take our quality obligations and responsibilities seriously.
Cryosite maintains accreditations, has thorough knowledge of regulatory systems and utilises best-in-class
management systems to ensure our quality processes.
Cryosite employs regular and extensive audits to mitigate our risk and ensure our storage facilities meet TGA
and our customers' standards. Additionally, the Group maintains sufficient internal controls to ensure continued
compliance with its regulatory obligations as well as all Australian laws and regulations.
Privacy and cybersecurity
In an era where data security is paramount, the Group has continuously invested in staff training and
infrastructure to protect sensitive information and maintain cybersecurity. Cryosite has initiated its journey to
align with the Australian Signals Directorate (ASD) Essential Eight Maturity Model.
Work, health and safety (‘WHS’)
The Group has a zero-risk tolerance for serious safety incidents. The Group deploys a continuous improvement
process to its WHS practices, emphasising its established safety culture throughout the organisation, and
providing scheduled training for the workforce.
Operating risks
●
Supply Chain disruption: The Group is part of a global supply chain facilitating the conduct of clinical trials
in Australia. Disruption to this supply chain, as we saw during Covid, brings both challenges and
opportunities requiring the Group to remain agile in its response.
●
Commercial Partners: The Group is aware of the importance of global pharmaceutical and bio-tech
companies within its Clinical Trials division and mitigates risk through consistently high levels of customer
service, the attraction of new clients, and expansion of its licenses and services.
●
Competition: The Group is vigilant regarding the possibility of a new market entrant or a change in the
delivery model for Clinical Trials in Australia. It mitigates this risk by holding a number of licenses and
certifications, investing in its facilities, services and people and by remaining closely connected to its
customers. The Group continually invests in its brand and enjoys a high reputation in Australia and
internationally.
Employees and diversity
As at 30 June 2024, the Group employed 25 full-time equivalent employees (2023: 25 employees). We are
proud that our staff have a rich mix of backgrounds, experiences and perspectives, giving the Group a unique
culture and a competitive advantage.
The Group strives to create an inclusive environment that empowers everyone to contribute and make a real
difference. This enables our teams to support the success of our clients, and helps our people reach their full
potential.
The Group recognises the value of diversity in the workplace. With over ten different ethnic backgrounds, our
staff create a culturally and linguistically diverse workplace. There are numerous religions and cultures. Where
possible the Group endeavours to offer flexible work practices. Work life balance is seen as a key retention
tool.
Cryosite Limited
Directors' report
30 June 2024
8
The Group is committed to providing equal opportunity for all its staff. An overall staff mix of 48% females and
52% males, is also reflected in the direct reports to the CEO with 50% female. Cryosite is committed to
providing a workplace free from any form of harassment, bullying and discrimination.
30 June 2024
All employees
Management
Team lead Age range
Board of Directors
Male
13
3
2
31-69
3
Female
12
3
2
34-63
-
Total
25
6
4
3
30 June 2024
All employees
Management
Team lead
Average
age
Board of Directors
%
%
%
%
Male
52
50
50
45
100
Female
48
50
50
42
-
Total
100
100
100
100
Significant changes in the state of affairs
On 15 February 2024, the Company approved a return of capital of 5 cents per share by way of an equal
reduction in accordance with sections 256B and 256C of the Corporations Act 2001 (Cth).
There were no other significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly
affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial
years.
Likely developments and expected results of operations
Information on likely developments in the operations of the Group and the expected results of operations have
not been included in this report because the directors believe it would be likely to result in unreasonable
prejudice to the Group.
Environmental regulation
The Group provides a range of services that require compliance with legislation and regulations administered
by government authorities and statutory bodies, including the Therapeutic Goods Administration (TGA), the
Office of Drug Control, the Australian Government Department of Agriculture Fisheries and Forestry and the
New South Wales Department of Health. The Group holds and maintains a Good Manufacturing Practice
(GMP) Certification. Additionally, the Group must comply with environmental guidance within the quality
system requirements of many of its customers.
Cryosite has a Group-wide quality management system to ensure that it meets or exceeds the requirements
of all these interests.
There have been no significant known breaches of Cryosite's license conditions or any regulations to which it
is subject. The Group, to the best of its knowledge, is not subject to any specific environmental regulations.
Cryosite Limited
Directors' report
30 June 2024
9
Information on directors
Name:
Mark Kerr (appointed on 8 December 2023)
Title:
Non-Executive Chairman
Qualifications:
LLB (The University of Melbourne)
Experience and expertise:
Mark Kerr has a long and successful career with public companies. He is the
founding Chairman of Nido Education Ltd, an ASX listed company (ASX:
NDO). Mark was also the founding Chairman of Think Childcare Group which
was sold to Busy Bees in 2021.
Other current directorships:
Chairman – Nido Education Ltd
Former directorships (last 3
years):
Managing Director – Hawthorn Resources Ltd
Special responsibilities:
None
Interests in shares:
9,000,000 ordinary shares
Interests in options:
None
Name:
Andrew Kerr (appointed on 22 February 2024)
Title:
Non-Executive Director
Qualifications:
CPA, GAICD, BCom (The University of Melbourne)
Experience and expertise:
Andrew is an experienced financial services professional in both the
Australian and international markets. Andrew has previously worked at
Macquarie Bank (Green Investment Group & Commodities and Global
Markets divisions), Bank of America Merrill Lynch, and Meridian Energy
Australia (Powershop Australia).
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
Chair of Audit and Risk Committee; Member of the Remuneration and
Nominations Committee
Interests in shares:
None
Interests in options:
None
Name:
Scott Thomas (appointed on 9 May 2024)
Title:
Non-Executive Director
Qualifications:
Diploma of Financial Strategy (Oxford University), Master of Applied Finance
(Macquarie University), Bachelor of Commerce (The University of
Melbourne)
Experience and expertise:
Scott has strong experience in the financial services profession both in
Australia and the United Kingdom having held senior roles at ANZ and
Vanguard Investments.
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
Chair of the Remuneration and Nominations Committee; Member of Audit
and Risk Committee
Interests in shares:
None
Interests in options:
None
Cryosite Limited
Directors' report
30 June 2024
10
Name:
Andrew Kroger (resigned on 25 June 2024)
Title:
Former Non-Executive Director
Qualifications:
BEc., LLB (Monash)
Experience and expertise:
Andrew Kroger had a career in stockbroking, law and general management
including two years running Forsayth Group in 1990 which was Australia’s
ninth largest gold producer at that time. Andrew is the owner of Process
Wastewater Technologies LLC, a company with its major business being in
wastewater in the United States. Andrew has a Bachelor of Economics and
a Bachelor of Laws from Monash University. Andrew was appointed to the
Cryosite Limited board in November 2011.
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
None
Interests in shares:
Not applicable as no longer a director
Interests in options:
Not applicable as no longer a director
Name:
John Hogg (appointed on 8 December 2023 and resigned on 22 February
2024)
Title:
Former Managing Director
Qualifications:
Logistics and Supply Chain Management
Experience and expertise:
John has strong experience in the supply chains both in Australia and the
United States having held senior roles at Allegan, Johnson & Johnson, and
Philips
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
None
Interests in shares:
Not applicable as no longer a director
Interests in options:
Not applicable as no longer a director
Name:
Steven Waller (resigned on 8 December 2023)
Title:
Former Non-Executive Chairman
Qualifications:
B Pharm (Sydney), MBA (Macq), GAlCD.
Experience and expertise:
Steven Waller was appointed as a Non-Executive Director of Cryosite Limited
as of 19 November 2021. On 10 March 2022, Steven replaced Bryan
Dulhunty as Non-Executive Chairman. Steven has extensive experience with
large pharmaceutical companies, both in Australia and internationally. In
Australia Steven held senior management roles at Sigma Healthcare Limited
and Aspen Pharmacare Australia Pty Limited. Between 1996 and 2007,
Steven held several international roles in sales, marketing and general
management with Johnson and Johnson in the Middle East, Europe, the US
and Asia-Pacific. Steven also owns a consulting business which provides
services to the pharmaceutical industry and the broader health care industry
in Australia, including government agencies. Steven is a registered
pharmacist, has Master of Business from Macquarie University, and is a
graduate of the Australian Institute of Company Directors.
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
Former Member of Nomination and Remuneration Committee
Interests in shares:
Not applicable as no longer a director
Interests in options:
Not applicable as no longer a director
Cryosite Limited
Directors' report
30 June 2024
11
Name:
Nicola Swift (resigned on 8 December 2023)
Title:
Former Non-Executive Director
Qualifications:
BA (Mod) Legal Science (TCD), MA (TCD), CFA, GAICD.
Experience and expertise:
Nicola Swift has an extensive background in the international investment
management and securities industry as a research director, portfolio
manager and equity analyst in London, Sydney and Boston with various
global institutional investors. Nicola is a Chartered Financial Analyst, a
graduate of the Australian Institute of Company Directors and holds an
Honours Law degree and a Master of Arts from Trinity College Dublin. Nicola
was appointed to the Board on 3 November 2016.
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
Former Chair of the Remuneration and Nominations Committee and Former
Chair of Audit and Risk Committee
Interests in shares:
Not applicable as no longer a director
Interests in options:
Not applicable as no longer a director
Name:
Luis Antonio (resigned on 8 December 2023)
Title:
Former Non-Executive Director
Qualifications:
BA (UNSW), BA (CSU), MBA (Curtin), CPA, GAICD.
Experience and expertise:
Luis Antonio brings more than 20 years’ experience in the pharmaceutical
and medical device industries to this role. He is an accomplished finance
professional who, over the last 6 years, has held senior sales, marketing, and
general management roles in international medical device companies. His
experience and expertise complement Cryosite’s logistics and storage
business. Luis has professional interests in operations and finance
excellence, new information systems and analytics, commercial collaboration
and business strategy. Previously, Luis has held positions as Head of
Finance for Johnson & Johnson Medical Asia-Pacific, Vice-president of
International Finance at Wright Medical, Vice-president Sales and Marketing
Europe, MEA and Canada at Wright Medical, and Vice-president Asia-Pacific
and MEA at Wright Medical. Luis is currently Area Vice-president Asia Pacific
for Paragon28.
Other current directorships:
None
Former directorships (last 3
years):
None
Special responsibilities:
Former Member of Audit and Risk Committee
Interests in shares:
Not applicable as no longer a director
Interests in options:
Not applicable as no longer a director
'Other current directorships' quoted above are current directorships for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities
only and excludes directorships of all other types of entities, unless otherwise stated.
Company secretary
Dray Andrea (appointed on 18 January 2023)
Dray is a member of the Company Matters Pty Ltd team (part of Link Group, including Link Market Services
share registry). Dray has over 8 years of experience in registry management, general meetings and
shareholder communications. Dray holds membership of Governance Institute of Australia and the Chartered
Governance Institute (UK).
Cryosite Limited
Directors' report
30 June 2024
12
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June
2024, and the number of meetings attended by each director were:
Full Board
Nomination and
Remuneration Committee
Audit and Risk
Committee
Attended
Held
Attended
Held
Attended
Held
Mark Kerr
6
6
-
-
-
-
Andrew Kerr
4
4
1
1
2
2
Scott Thomas
2
2
1
1
2
2
Andrew Kroger
12
12
-
-
-
-
John Hogg
2
2
-
-
-
-
Steven Waller
6
6
1
1
3
3
Nicola Swift
6
6
1
1
3
3
Luis Antonio
6
6
-
-
3
3
Held: represents the number of meetings held during the time the director held office or was a member of the
relevant committee.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel (KMP) are those persons having authority and responsibility for planning, directing
and controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The Group aims to ensure a competitive level and mix of remuneration to enable the Group attract, motivate
and retain high quality personnel, to help the Group achieve its objectives and advance shareholder returns.
While the Board maintains the authority and responsibility for the oversight of the Group’s remuneration policy
and the principles and processes which underpins the policy, the Nominations and Remuneration committee
provides advice and recommendations to the Board on the structure and level of remuneration for the directors
and senior executives, and on the design and award of all executive incentive plans.
On 3 June 2024, non-executive director, Andrew Kerr was appointed as the Chair of the Audit and Risk
Committee and non-executive director, Scott Thomas was appointed as the Chair of Nominations and
Remuneration Committee.
In accordance with best practice corporate governance, the structure of non-executive director and executive
remuneration is separate.
Non-executive directors' remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role and are
set to attract a requisite skill set required to govern the Group.
The Group has three non-executive directors as at 30 June 2024. Mark Kerr is deemed not to be independent,
due to his substantial shareholding of the Group with a relevant interest at the date of this report of 9,000,000
ordinary shares.
Cryosite Limited
Directors' report
30 June 2024
13
The remuneration of non-executive directors including the Chairman consists of fixed annual fees which are
reviewed annually by the Nomination and Remuneration Committee. The Nomination and Remuneration
Committee may, from time to time, receive advice from independent remuneration consultants to ensure non-
executive directors' fees and payments are appropriate and in line with the market. The chairman's fees are
determined independently to the fees of other non-executive directors based on comparative roles in the
external market. The chairman is not present at any discussions relating to the determination of his own
remuneration.
Fixed annual fees for the 2024 year are as follows and are unchanged from 2023:
Non-Executive Chairman: $75,000 maximum per annum, plus superannuation.
Non-Executive Director: $60,000 maximum per annum, plus superannuation.
Chair of Remuneration and Nomination Committee: $7,500 maximum per annum, plus superannuation.
Chair of Audit and Risk Committee: $7,500 maximum per annum, plus superannuation.
The current maximum aggregate remuneration, approved by shareholders, for non-executive directors is
$350,000. During 2024 total aggregate remuneration paid to non-executive directors was $218,000 (2023:
$290,000).
Apart from reimbursement of expenses incurred on the Group’s behalf, non-executive directors are not eligible
for any additional payments. Performance based compensation is not part of the remuneration structure
offered to non-executive directors.
Executive remuneration
The Group aims to reward executives based on their position, responsibility, experience and qualifications with
a competitive level and mix of remuneration which has both fixed and variable components.
Executive remuneration and reward can consist of the following components:
●
fixed remuneration
●
short-term performance incentives, cash-based payments
●
long-term performance incentives, share-based payments
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed
annually by the Nomination and Remuneration Committee based on individual and business unit performance,
the overall performance of the Group and comparable market remunerations. There is no guaranteed annual
increase.
Short-term incentives ('STI') are at risk cash payments granted to executives based on the achievement of
Group wide budgets as well as specific annual targets and key performance indicators ('KPI's') being achieved
by the executive. KPI's include profit contribution, customer satisfaction, leadership contribution and product
management. All STI payments are approved by the Board, on the recommendation of the Nominations and
Remuneration Committee.
Long-term incentives ('LTI') are at risk equity-based payments. They provide the opportunity, on invitation, for
executives to receive an equity-based payment if the financial performance hurdles associated with each
invitation are met. These awards are governed by the Cryosite Employee Incentive Plan, (CEIP) established,
and approved by shareholders in 2017. The aim of the CEIP is to align executive long-term variable at risk
remuneration with the interest of shareholders. All LTI invitations and awards are approved by the Board, on
the recommendation of the Nominations and Remuneration Committee. There were no invitations, under the
CEIP, made in 2023 or the prior corresponding period.
Performance reviews are conducted annually for all Senior Executives.
Use of remuneration consultants
During the financial year ended 30 June 2024, the Group did not engage a remuneration consultant to advise
on the remuneration package awarded to the directors and KMPs.
Voting and comments made at the Company's 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 100% of the votes received supported the adoption of the remuneration report for the year
ended 30 June 2023. The Company did not receive any specific feedback at the AGM regarding its
remuneration practices.
Cryosite Limited
Directors' report
30 June 2024
14
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
The key management personnel of the Group consisted of the following non-executive directors of Cryosite
Limited:
●
Andrew Kroger – Former Non-Executive Director (resigned on 25 June 2023)
●
Mark Kerr - Non-Executive Chairman (appointed on 8 December 2023)
●
Andrew Kerr – Non-Executive Director (appointed on 22 February 2024)
●
Scott Thomas – Non-Executive Director (appointed on 9 May 2024)
●
John Hogg – Former Managing Director (appointed on 8 December 2023 and resigned on 22 February
2024)
●
Steven Waller – Former Non-Executive Chairman (resigned on 8 December 2023)
●
Nicola Swift – Former Non-Executive Director (resigned on 8 December 2023)
●
Luis Antonio – Former Non-Executive Director (resigned on 8 December 2023)
And the following persons:
●
John Hogg - Chief Executive Officer
●
Jane Hao - Chief Financial Officer
Short-term benefits
Post-
employme
nt benefits
Long-term
benefits
Share-
based
payments
Other
Cash
salary
Cash
Non-
Super-
Long
service
Equity-
and fees
benefits
monetary annuation
leave
settled
Total
2024
$
$
$
$
$
$
$
Non-Executive Directors:
Andrew Kroger
26,385
-
-
2,902
-
-
29,287
Mark Kerr(1)
42,115
-
-
4,633
-
-
46,748
Andrew Kerr(2)
22,010
-
-
2,424
-
-
24,434
Scott Thomas(3)
9,548
-
-
1,053
-
-
10,601
Steven Waller(4)
35,179
-
-
3,870
-
-
39,049
Nicola Swift(4)
32,298
-
-
3,553
-
-
35,851
Luis Antonio(4)
29,266
-
-
3,219
-
-
32,485
Executive Directors:
John Hogg(5)
-
-
-
-
-
-
-
Other Key Management
Personnel:
John Hogg(6)
259,620
14,316
-
26,540
11,194
-
311,670
Jane Hao
159,428
10,000
-
40,460
2,941
-
212,829
615,849
24,316
-
88,654
14,135
-
742,954
(1) Represents remuneration from 8 December 2023 to 30 June 2024.
(2) Represents remuneration from 22 February 2024 to 30 June 2024.
(3) Represents remuneration from 9 May 2024 to 30 June 2024.
(4) Represents remuneration from 1 July 2023 to 8 December 2023.
(5) Represents remuneration as a Managerial Director from 8 December 2023 to 22 February 2024.
(6) Represents remuneration as a CEO for the entire year.
Cryosite Limited
Directors' report
30 June 2024
15
Short-term benefits
Post-
employme
nt benefits
Long-term
benefits
Share-
based
payments
Cash
salary
Cash
Non-
Super-
Long
service
Equity-
and fees
benefits
monetary annuation
leave
settled
Total
2023
$
$
$
$
$
$
$
Non-Executive Directors:
Steven Waller
75,000
-
-
7,875
-
-
82,875
Andrew Kroger
60,000
-
-
6,300
-
-
66,300
Nicola Swift
75,000
-
-
7,875
-
-
82,875
Bryan Dulhunty(2)
40,000
-
-
4,200
-
-
44,200
Luis Antonio(1)
12,500
-
-
1,313
-
-
13,813
Other Key Management
Personnel:
John Hogg(3)
211,724
13,033
-
24,436
5,143
-
254,336
Jane Hao(3)
167,066
10,000
-
16,800
1,475
-
195,341
641,290
23,033
-
68,799
6,618
-
739,740
(1) Represents remuneration from 17 April 2023 to 30 June 2023.
(2) Represents remuneration from 1 July 2022 to 28 February 2023.
(3) Other cash benefits were bonus accrued but not yet paid as at 30 June 2023.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
Andrew Kroger
100.00%
100.00%
-
-
-
-
Mark Kerr
100.00%
-
-
-
-
-
Andrew Kerr
100.00%
-
-
-
-
-
Scott Thomas
100.00%
-
-
-
-
-
Steven Waller
100.00%
100.00%
-
-
-
-
Nicola Swift
100.00%
100.00%
-
-
-
-
Luis Antonio
100.00%
100.00%
-
-
-
-
Bryan Dulhunty
-
100.00%
-
-
-
-
Other Key Management
Personnel:
John Hogg
95.41%
94.88%
4.59%
5.12%
-
-
Jane Hao
95.30%
94.88%
4.70%
5.12%
-
-
Cash bonuses are dependent on meeting defined performance measures. The amount of the bonus is
determined having regard to the satisfaction of performance measures as described above in the section
'Consolidated entity performance and link to remuneration'. The maximum bonus values are established at the
start of each financial year and amounts payable are determined by the board and paid in the final month of
the financial year.
The proportion of the cash bonus paid/payable or forfeited is as follows:
Cash bonus paid/payable Cash bonus forfeited
Name
2024
2023
2024
2023
Other Key Management Personnel:
John Hogg
14,316
13,033
-
-
Jane Hao
10,000
10,000
-
-
Cryosite Limited
Directors' report
30 June 2024
16
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service
agreements. Details of these agreements are as follows:
Name:
John Hogg
Title:
Chief Executive Officer
Agreement commenced:
15 October 2020
Term of agreement:
Permanent
Details:
Base Salary $286,327 plus superannuation. John Hogg can receive $13,000
bonus annually on his base salary subject to individual and Group
performance.
John Hogg or the Group may terminate this agreement by providing the other
with three months written notice.
Name:
Jane Hao
Title:
Chief Financial Officer
Agreement commenced:
08 January 2021
Term of agreement:
Permanent
Details:
Base Salary $176,000 plus superannuation. Jane Hao can receive $10,000
bonus annually on her base salary subject to individual and Group
performance.
Jane Hao or the Group may terminate this agreement by providing the other
with three months written notice.
The Group may terminate the employee’s contract without notice if serious misconduct has occurred. Where
termination with cause occurs, the executive is only entitled to that portion of remuneration that is fixed, and
only up to the date of termination. On termination with cause, any options that have granted but not vested will
be forfeited.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during
the year ended 30 June 2024.
Options and Performance Rights
There were no options and performance rights over ordinary shares issued, granted, or vested to directors and
other key management personnel as part of compensation that were outstanding as at 30 June 2024.
Cryosite Limited
Directors' report
30 June 2024
17
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of
key management personnel of the Group, including their personally related parties, is set out below:
Balance at
Received
Balance at
the start of
as part of
Disposals/
the end of
the year remuneration
Additions
other
the year
Ordinary shares
Mark Kerr
4,654,494
-
4,500,000
(154,494)
9,000,000
Andrew Kerr
-
-
-
-
-
Scott Thomas
-
-
-
-
-
Andrew Kroger(1)
22,543,702
-
-
(9,500,000) 13,043,702
John Hogg(2)
650,000
-
-
-
650,000
Steven Waller(3)
-
-
-
-
-
Nicola Swift(3)
-
-
-
-
-
Luis Antonio(3)
-
-
-
-
-
Jane Hao
-
-
-
-
-
27,848,196
-
4,500,000
(9,654,494) 22,693,702
(1) Resigned on 25 June 2024.
(2) Resigned as managerial director on 22 February 2024.
(3) Resigned on 8 December 2023.
Option holding
There were no options held by directors and key management personnel at the beginning of the year, at any
time during the year, or at the end of the year.
Loans to key management personnel and their related parties
There were no loans to key management personnel at the beginning of the year, at any time during the year,
or at the end of the year.
Other transactions with key management personnel and their related parties
N/A
This concludes the remuneration report, which has been audited.
Shares under option
There were no unissued ordinary shares of Cryosite Limited under option outstanding at the date of this report.
Shares under performance rights
There were no unissued ordinary shares of Cryosite Limited under performance rights outstanding at the date
of this report.
Shares issued on the exercise of options
There were no ordinary shares of Cryosite Limited issued on the exercise of options during the year ended 30
June 2024 and up to the date of this report.
Shares issued on the exercise of performance rights
There were no ordinary shares of Cryosite Limited issued on the exercise of performance rights during the
year ended 30 June 2024 and up to the date of this report.
Indemnity and insurance of officers
The Group holds insurance for all the Directors and Officers against liability, except wilful breach of duty, of a
nature that is required to be disclosed under section 300(8) of the Corporations Act 2001. In accordance with
commercial practice, further details of the nature of the liabilities insured against and the amount of the
premium have not been disclosed.
PO Box 1994
North Sydney NSW 2059
Australia
Tel: +61 2 9922 1166
Fax: +61 2 9922 2044
https://www.forvismazars.com/au/en
Forvis Mazars Risk & Assurance Pty Ltd
ABN: 39 151 805 275
Liability limited by a scheme approved under
Professional Standards Legislation
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS
ACT 2001 TO THE DIRECTORS OF CRYOSITE LIMITED AND CONTROLLED ENTITY
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Cryosite Limited.
As lead audit partner for the audit of the financial statements of Cryosite Limited for the financial year
ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
— the auditor independence requirements as set out in the Corporations Act 2001 in relation to the
audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
Forvis Mazars Risk & Assurance Pty Limited
Rose Megale
Director
Sydney, 20 August 2024
19
Cryosite Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$'000
$'000
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
20
Revenue
5
12,612
11,935
Expenses
Administration expenses
6
(4,439)
(4,248)
Cost of providing services
(4,618)
(4,761)
Depreciation and amortisation expense
6
(787)
(696)
Marketing expenses
(47)
(55)
Occupancy expenses
(667)
(651)
Total expenses
(10,558)
(10,411)
Operating profit
2,054
1,524
Interest revenue calculated using the effective interest method
195
116
Finance costs
(163)
(65)
Profit before income tax expense
2,086
1,575
Income tax expense
7
(246)
(166)
Profit after income tax expense for the year attributable to the owners
of Cryosite Limited
1,840
1,409
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income for the year attributable to the owners
of Cryosite Limited
1,840
1,409
Cents
Cents
Basic earnings per share
8
3.77
2.89
Diluted earnings per share
8
3.77
2.89
Cryosite Limited
Consolidated statement of financial position
As at 30 June 2024
Consolidated
Note
2024
2023
$'000
$'000
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes
21
Assets
Current assets
Cash and cash equivalents
9
4,703
4,731
Term deposit maturing after three months
-
1,000
Trade and other receivables
10
1,406
1,727
Inventories - stock on hand
59
60
Customer acquisition and fulfilment costs
11
1,126
1,195
Other assets
12
443
468
Total current assets
7,737
9,181
Non-current assets
Property, plant and equipment
13
1,451
1,516
Right-of-use assets
14
2,259
2,520
Intangible assets
4
8
Deferred tax assets
7
1,030
1,059
Customer acquisition and fulfilment costs
11
7,030
8,156
Other assets
12
202
207
Total non-current assets
11,976
13,466
Total assets
19,713
22,647
Liabilities
Current liabilities
Trade and other payables
15
1,150
1,254
Contract liabilities
16
2,096
2,040
Lease liabilities
179
161
Provision for income tax
7
217
-
Employee benefits
17
284
262
Other liabilities
19
64
60
Total current liabilities
3,990
3,777
Non-current liabilities
Trade and other payables
15
442
442
Contract liabilities
16
10,925
12,539
Lease liabilities
2,266
2,445
Employee benefits
17
137
95
Provisions
18
209
209
Other liabilities
19
295
358
Total non-current liabilities
14,274
16,088
Total liabilities
18,264
19,865
Net assets
1,449
2,782
Equity
Issued capital
20
3,538
5,979
Accumulated losses
(2,089)
(3,197)
Total equity
1,449
2,782
Cryosite Limited
Consolidated statement of changes in equity
For the year ended 30 June 2024
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes
22
Issued
Accumulated
capital
Reserve
losses Total equity
Consolidated
$'000
$'000
$'000
$'000
Balance at 1 July 2022
5,979
-
(4,118)
1,861
Profit after income tax expense for the year
-
-
1,409
1,409
Other comprehensive income for the year, net of
tax
-
-
-
-
Total comprehensive income for the year
-
-
1,409
1,409
Transactions with owners in their capacity as
owners:
Dividends paid (note 21)
-
-
(488)
(488)
Balance at 30 June 2023
5,979
-
(3,197)
2,782
Issued
Accumulated
capital
Reserve
losses Total equity
Consolidated
$'000
$'000
$'000
$'000
Balance at 1 July 2023
5,979
-
(3,197)
2,782
Profit after income tax expense for the year
-
-
1,840
1,840
Other comprehensive income for the year, net of
tax
-
-
-
-
Total comprehensive income for the year
-
-
1,840
1,840
Transactions with owners in their capacity as
owners:
Return of capital
(2,441)
-
-
(2,441)
Dividends paid (note 21)
-
-
(732)
(732)
Balance at 30 June 2024
3,538
-
(2,089)
1,449
Cryosite Limited
Consolidated statement of cash flows
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$'000
$'000
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
23
Cash flows from operating activities
Receipts from customers (inclusive of GST)
11,872
10,086
Payments to suppliers and employees (inclusive of GST)
(9,129)
(8,678)
Net cash from operating activities
30
2,743
1,408
Cash flows from investing activities
Payments for property, plant and equipment
13
(452)
(301)
Payments for security deposits
-
(30)
Investment of cash in short-term deposits
1,000
(1,000)
Interest received
179
108
Net cash from/(used in) investing activities
727
(1,223)
Cash flows from financing activities
Return of capital
(2,441)
-
Interest and other finance costs paid
(25)
(28)
Dividends paid
21
(732)
(488)
Repayment of lease liabilities
(300)
(280)
Net cash used in financing activities
(3,498)
(796)
Net decrease in cash and cash equivalents
(28)
(611)
Cash and cash equivalents at the beginning of the financial year
4,731
5,341
Effects of exchange rate changes on cash and cash equivalents
-
1
Cash and cash equivalents at the end of the financial year
9
4,703
4,731
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
24
Note 1. General information
The financial statements cover Cryosite Limited as a Group consisting of Cryosite Limited and the entity it
controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which
is Cryosite Limited's functional and presentation currency.
Cryosite Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its
registered office and principal place of business is:
13a Ferndell Street
South Granville
NSW 2142
A description of the nature of the Group's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 20 August
2024. The directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policies
The accounting policies that are material to the Group are set out either in the respective notes or below. The
accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The
adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the Group.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board
('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the Group's accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates
are significant to the financial statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group
only. Supplementary information about the parent entity is disclosed in note 28.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Cryosite
Limited ('Company' or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then
ended. Cryosite Limited and its subsidiaries together are referred to in these financial statements as the
'Group'.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policies (continued)
25
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the Group. They are de-consolidated from the date that control
ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment
of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any cumulative translation differences recognised in
equity. The Group recognises the fair value of the consideration received and the fair value of any investment
retained together with any gain or loss in profit or loss.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities
and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in
accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest
dollar.
Comparatives
Certain comparatives have been reclassified to conform with current year presentation. This has not had any
impact on the financial position of the Group at 30 June 2024 or the results for the year then ended.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not
yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2024.
The Group has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual
results. The judgements, estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Determining the timing of satisfaction of performance obligations
The Group concluded that a portion of the revenue from collection, processing and storage of cord blood and
tissue should be recognised over time because the customer simultaneously receives and consumes the
benefits provided by the Group. The Group determined that the contract term of multi-year contracts,
(historically as long as 18 or 25 years in duration) is the best method to determine the timing of satisfaction of
performance obligations.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 3. Critical accounting judgements, estimates and assumptions (continued)
26
Allowance for expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e.,
the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability
of default and loss given default is based on historical data adjusted by forward-looking information. The
allowance for expected credit losses, as disclosed in note 10, is calculated based on the information available
at the time of preparation.
As for the exposure at default, for financial assets, this is represented by the assets' gross carrying amount at
the reporting date. The expected credit loss is estimated as the difference between all contractual cash flows
that are due to the Group in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at the original effective interest rate.
Consideration of significant financing component in a contract
Historically, the storage contract for cord blood and cord tissue was either 18 or 25 years and the payment
options available to the customers were:
●
Upfront payment of the full contract price at inception of the contract;
●
Instalment payment of either 12 or 24 months; and
●
Partial upfront settlement with the remaining balance paid in instalment throughout the life of the contract
(referred to by the Group as “Annual plans”).
Management determined that there is a significant financing component included in these 'Annual plans'
because the total amount paid under this plan is significantly higher than the upfront cash payment. The
amount of financing component attributed to the contract is determined as the difference between the total
'Annual plan' payments and the upfront cash payment.
Income tax
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws and the
amount and timing of future taxable income. The group’s accounting policy for taxation requires management’s
judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost.
Judgement is also required in assessing whether deferred tax assets and certain deferred tax liabilities are
recognised in the statement of financial position. Deferred tax assets, including those arising from carry forward
tax losses, capital losses and temporary differences, are recognised only where it is considered more likely
than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits.
The Group has utilised all carried forward tax losses $1,308,799 during the financial year ending 30 June 2024.
Nil balance as on date. Assumptions about the generation of future taxable profits and repatriation of retained
earnings depend on management’s estimates of future cash flows. Judgements are also required about the
application of income tax legislation. These judgements and assumptions are subject to risk and uncertainty,
hence there is a possibility that changes in circumstances will alter expectations, which may impact on the
amount of deferred tax liabilities or assets recognised on the statement of financial position and the amount of
other tax losses and temporary differences not yet recognised. In such circumstances, some or all of the
carrying amounts of recognised deferred tax assets and liabilities may require adjustment, resulting in a
corresponding credit or charge to the statement of comprehensive income.
Employee benefits provision
As discussed in note 2, the liability for employee benefits expected to be settled more than 12 months from
the reporting date are recognised and measured at the present value of the estimated future cash flows to be
made in respect of all employees at the reporting date. In determining the present value of the liability,
estimates of attrition rates and pay increases through promotion and inflation have been taken into account.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 3. Critical accounting judgements, estimates and assumptions (continued)
27
Lease make good provision
A provision of $209,000 has been made for the present value of anticipated costs for future restoration of
leased premises (2023: $209,000). The provision includes future cost estimates associated with closure of the
premises. The calculation of this provision requires assumptions such as application of closure dates and cost
estimates. The provision recognised for each site is periodically reviewed and updated based on the facts and
circumstances available at the time. Changes to the estimated future costs for sites are recognised in the
statement of financial position by adjusting the asset and the provision. Reductions in the provision that exceed
the carrying amount of the asset will be recognised in profit or loss.
Note 4. Operating segments
Identification of reportable operating segments
The Group is organised into two operating segments: Clinical trials and biological services logistics and Cord
blood and tissue storage. These operating segments are based on the internal reports that are reviewed and
used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in
assessing performance and in determining the allocation of resources. There is no aggregation of operating
segments.
Clinical trials and
biological services
logistics
Specialist temperature-controlled storage, sourcing, labelling, status
management, secondary packaging, schedule drug distribution, destruction,
returns and biological services.
Cord blood and tissue
storage
Storage of cord blood and tissue samples.
The CODM review EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting
policies adopted for internal reporting to the CODM are consistent with those adopted in the financial
statements.
The information reported to the CODM is on a monthly basis.
Major customers
The Group services a highly specialised and often concentrated market segment, of which during the year
ended 30 June 2024, approximately 69% of the Group's external revenue was derived from sales to three
major global clients.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 4. Operating segments (continued)
28
Operating segment information
Clinical trials
and
biological
services
logistics
Cord blood
and tissue
storage Unallocated
Total
Consolidated - 2024
$'000
$'000
$'000
$'000
Revenue
Sales to external customers
10,319
2,293
-
12,612
Total revenue
10,319
2,293
-
12,612
EBITDA
4,733
589
(2,481)
2,841
Depreciation and amortisation expense
(449)
(5)
(333)
(787)
Interest revenue
-
-
195
195
Finance costs
-
-
(163)
(163)
Profit/(loss) before income tax expense
4,284
584
(2,782)
2,086
Income tax expense
(246)
Profit after income tax expense
1,840
Assets
Segment assets
2,726
9,271
7,716
19,713
Total assets
19,713
Liabilities
Segment liabilities
1,265
13,054
3,945
18,264
Total liabilities
18,264
Clinical trials
and
biological
services
logistics
Cord blood
and tissue
storage Unallocated
Total
Consolidated - 2023
$'000
$'000
$'000
$'000
Revenue
Sales to external customers
9,599
2,336
-
11,935
Total revenue
9,599
2,336
-
11,935
EBITDA
4,615
660
(3,055)
2,220
Depreciation and amortisation expense
(392)
(5)
(299)
(696)
Interest revenue
-
-
116
116
Finance costs
-
-
(65)
(65)
Profit/(loss) before income tax expense
4,223
655
(3,303)
1,575
Income tax expense
(166)
Profit after income tax expense
1,409
Assets
Segment assets
3,072
10,627
8,948
22,647
Total assets
22,647
Liabilities
Segment liabilities
1,237
14,767
3,861
19,865
Total liabilities
19,865
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 4. Operating segments (continued)
29
Geographical information
The sales to external customers for both operating segments are from Australia.
Note 5. Revenue
Consolidated
2024
2023
$'000
$'000
Revenue from contracts with customers
Revenue from clinical trials, logistics and biological services
10,319
9,599
Revenue from cord blood and tissue storage (i)
2,293
2,336
Revenue
12,612
11,935
Consolidated
2024
2023
$'000
$'000
(i) Cord blood and tissue storage is comprised of:
Cord blood and tissue storage revenue
457
397
Cord blood historical contract revenue
1,836
1,939
Total cord blood and tissue storage revenue
2,293
2,336
Consolidated
2024
2023
* Cord blood deferred revenues and costs are comprised of:
Cord blood historical contract liabilities
1,836
1,939
Cord blood historical contract assets
(1,195)
(1,253)
Cord blood historical deferred income tax expense
(161)
(172)
Total cord blood historical deferred net income
480
514
*
Refer to note 4 'Operating segments'.
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Consolidated
2024
2023
$'000
$'000
Geographical regions
Australia*
12,612
11,935
Timing of revenue recognition
Goods transferred at a point in time
1,992
2,442
Services transferred over time
10,620
9,493
12,612
11,935
*
The geographical regions are determined based on the place where the services occur.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 5. Revenue (continued)
30
Accounting policy for revenue recognition
The Group recognises revenue as follows:
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the
goods, which is generally at the time of delivery.
Rendering of services
The Group provides the following services:
●
specialist temperature-controlled storage, sourcing, labelling, status management, secondary packaging,
schedule drug distribution, destruction, returns and biological services; and
●
long term storage for cord blood and tissue samples.
Revenue from clinical trials and biological services logistics services
Revenue from clinical trials pertain to processing and distribution of samples for clinical testing. The Group
has assessed that each sample processed is distinct from each other and that asset is transferred to the
customer either at the completion of the service or over time. Accordingly, the Group assessed that the
performance obligation is both satisfied at that point in time and over time and revenue is recognised as and
when the customer obtains control of the asset.
Revenue from cord blood and cord tissue storage
The collection, processing and storage services for cord blood and tissue samples constitute a single
performance obligation because none of the services are distinct and marketed independently of the others.
Therefore, this single performance obligation is performed over time (i.e., throughout the storage contract
period of 18 or 25 years). Deferred revenue and deferred costs are consequently recognised in the statement
of financial position, and these are unwound to the statement of profit or loss for the remaining contract period.
Note 6. Expenses
Consolidated
2024
2023
$'000
$'000
Profit before income tax includes the following specific expenses:
Depreciation and amortisation expense
Depreciation - Property plant and equipment
522
464
Depreciation - Right-of-use assets
261
227
Amortisation - Intangibles assets
4
5
Total depreciation and amortisation
787
696
Finance costs
Interest portion of monies owed to ACCC
23
27
Interest and finance charges paid/payable on lease liabilities
140
38
Finance costs expensed
163
65
Superannuation expense
Defined contribution superannuation expense
302
275
Employee benefits expense excluding superannuation
Employee benefits expense excluding superannuation
2,523
2,489
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
31
Note 7. Income tax
Consolidated
2024
2023
$'000
$'000
Income tax expense
Current tax
217
-
Deferred tax - origination and reversal of temporary differences
29
166
Aggregate income tax expense
246
166
Deferred tax included in income tax expense comprises:
Decrease in deferred tax assets
29
166
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense
2,086
1,575
Tax at the statutory tax rate of 25%
522
394
Prior year tax losses not recognised now recouped
(327)
(230)
Other item
51
2
Income tax expense
246
166
The estimate takes into account the unutilised tax losses and anticipated tax payable.
Consolidated
2024
2023
$'000
$'000
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
-
1,040
Potential tax benefit at statutory tax rates
-
260
The above potential tax benefit for tax losses has not been recognised in the statement of financial position.
These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that,
the same business test is passed.
Consolidated
2024
2023
$'000
$'000
Deferred tax asset
Deferred tax asset comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Historical deferred revenue cord blood*
3,081
3,540
Historical deferred cost cord blood**
(2,039)
(2,338)
Other items
(12)
(143)
Deferred tax asset
1,030
1,059
Movements:
Opening balance
1,059
1,225
Charged to profit or loss
(29)
(166)
Closing balance
1,030
1,059
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 7. Income tax (continued)
32
Consolidated
2024
2023
$'000
$'000
Provision for income tax
Provision for income tax
217
-
Consolidated
2024
2023
$'000
$'000
*Historical deferred revenue cord blood
Opening balance
3,540
4,025
Movement
(459)
(485)
Closing balance
3,081
3,540
**Historical deferred cost cord blood
Opening balance
(2,338)
(2,651)
Movement
299
313
Closing balance
(2,039)
(2,338)
Deferred tax asset (net)
1,042
1,202
Accounting policy for income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and
liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior
periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or
substantively enacted, except for:
●
when the deferred income tax asset or liability arises from the initial recognition of goodwill or 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 nor taxable profits; or
●
when the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits
will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are
recognised to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to
the same taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
Cryosite Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax
consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated
group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of
taxes to allocate to members of the tax consolidated group.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 7. Income tax (continued)
33
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities
(or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from
each subsidiary in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as
amounts receivable from or payable to other entities in the tax consolidated group. The tax funding
arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax
consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a
distribution by the subsidiaries to the head entity.
An income tax benefit will arise for the financial year where an income tax loss is incurred and, where permitted
to do so, is carried-back against a qualifying prior period’s tax payable to generate a refundable tax offset.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
34
Note 8. Earnings per share
Consolidated
2024
2023
$'000
$'000
Profit after income tax attributable to the owners of Cryosite Limited
1,840
1,409
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings
per share
48,809,563
48,809,563
Weighted average number of ordinary shares used in calculating diluted earnings
per share
48,809,563
48,809,563
Cents
Cents
Basic earnings per share
3.77
2.89
Diluted earnings per share
3.77
2.89
There have been no other transactions involving ordinary shares or potential ordinary shares since the
reporting date and before completion of these financial statements.
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Cryosite Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the
financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no
consideration in relation to dilutive potential ordinary shares.
Note 9. Cash and cash equivalents
Consolidated
2024
2023
$'000
$'000
Current assets
Cash at bank and on hand
703
731
Short-term deposits
4,000
4,000
4,703
4,731
Cash at bank and on hand earns interest at floating rates based on daily bank deposit rates. Short-term deposit
is made for varying periods of between one day and six months depending on the immediate cash
requirements of the Group and earn interest at the respective short-term deposit rates.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
35
Note 10. Trade and other receivables
Consolidated
2024
2023
$'000
$'000
Current assets
Trade receivables
1,441
1,679
Accrued receivables
30
-
Less: Allowance for expected credit losses
(110)
(68)
1,361
1,611
Other receivables
45
116
1,406
1,727
Allowance for expected credit losses
The Group has recognised a loss of $4,000 (2023: $26,000) in profit or loss in respect of the expected credit
losses for the year ended 30 June 2024.
The ageing of the receivables and allowance for expected credit losses provided for above are as follows:
Expected credit loss
rate
Carrying amount
Allowance for expected
credit losses
2024
2023
2024
2023
2024
2023
Consolidated
%
%
$'000
$'000
$'000
$'000
Not overdue
1.7%
1.2%
1,271
1,426
22
17
0 to 30 days overdue
16.0%
12.4%
116
162
19
20
31 to 60 days overdue
23.8%
17.2%
14
65
3
11
61 to 90 days overdue
18.7%
60.7%
5
16
1
10
91 to 120 days overdue
100.0%
100.0%
4
4
4
4
121 days and above
overdue
100.0%
100.0%
61
6
61
6
1,471
1,679
110
68
Movements in the allowance for expected credit losses are as follows:
Consolidated
2024
2023
$'000
$'000
Opening balance
68
42
Additional provisions recognised
46
52
Provision used
(4)
(26)
Closing balance
110
68
Accounting policy for trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due
for settlement within 30 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue. Based on historical credit losses, the Group determined the presumption that default occurs
later than when a trade receivable is 91 days past due.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 10. Trade and other receivables (continued)
36
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Note 11. Customer acquisition and fulfilment costs
Consolidated
2024
2023
$'000
$'000
Current assets
Deferred costs - cord blood
1,126
1,195
Non-current assets
Deferred costs - cord blood
7,030
8,156
8,156
9,351
Reconciliation of historical deferred cost cord blood
Opening balance
9,351
10,604
Recognised in the current year
(1,195)
(1,253)
Closing balance
8,156
9,351
Deferred costs represent upfront costs, such as laboratory fees, attributable for the collection and processing
of cord blood and tissue samples.
Accounting policy for Customer acquisition and fulfilment costs assets
Costs to fulfil a contract are recognised as a contract asset if costs relate directly to a contract, generate or
enhance resources that will be used in satisfying performance obligations and are expected to be recovered.
The capitalised contract assets are amortised over a period on a systematic basis that is consistent with the
entity’s transfer of the related goods or services to the customer.
Note 12. Other assets
Consolidated
2024
2023
$'000
$'000
Current assets
Prepayments
443
468
Non-current assets
Security deposits
198
198
Other non-current assets
4
9
202
207
645
675
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
37
Note 13. Property, plant and equipment
Consolidated
2024
2023
$'000
$'000
Non-current assets
Leasehold improvements - at cost
149
140
Less: Accumulated depreciation
(97)
(70)
52
70
Fixtures and fittings - at cost
156
156
Less: Accumulated depreciation
(123)
(115)
33
41
Information technology - at cost
263
255
Less: Accumulated depreciation
(202)
(159)
61
96
Office furniture and equipment - at cost
68
95
Less: Accumulated depreciation
(33)
(48)
35
47
Warehouse equipment - at cost
4,203
4,110
Less: Accumulated depreciation
(3,129)
(2,848)
1,074
1,262
Tangible assets under construction - at cost
196
-
1,451
1,516
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year
are set out below:
Leasehold
improvements
Fixtures and
fittings
Information
technology
Office
furniture and
equipment
Warehouse
equipment
Tangible
assets under
construction
- at cost
Total
Consolidated
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance at 1
July 2022
77
47
109
43
1,370
-
1,646
Additions
18
2
35
14
265
-
334
Depreciation
expense
(25)
(8)
(48)
(10)
(373)
-
(464)
Balance at 30
June 2023
70
41
96
47
1,262
-
1,516
Additions
9
-
14
-
238
196
457
Depreciation
expense
(27)
(8)
(49)
(12)
(426)
-
(522)
Balance at 30
June 2024
52
33
61
35
1,074
196
1,451
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 13. Property, plant and equipment (continued)
38
Accounting policy for property, plant and equipment
Each item of property, plant and equipment (excluding land) is depreciated over their expected useful lives as
follows:
Leasehold improvements
5 years
Fixtures and fittings
5-10 years
Information technology
2.5-5 years
Office furniture and equipment
2.5-8 years
Warehouse equipment
4-10 years
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of
the assets, whichever is shorter.
Note 14. Right-of-use assets
Consolidated
2024
2023
$'000
$'000
Non-current assets
Land and buildings - right-of-use
3,430
3,430
Less: Accumulated depreciation
(1,171)
(910)
2,259
2,520
The Group leases land and buildings for its offices and warehouses under agreement 5 years, with the option
to extend with 5 years.
For other AASB 16 lease related disclosures refer to the following:
●
note 6 for details of interest on lease liabilities and other lease payments;
●
note 22 for lease liabilities at the end of the reporting period;
●
note 26 for undiscounted future lease commitments; and
●
consolidated statement of cash flows for repayment of lease liabilities.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year
are set out below:
Land and
buildings
Consolidated
$'000
Balance at 1 July 2022
758
Additions
1,989
Depreciation expense
(227)
Balance at 30 June 2023
2,520
Additions
-
Depreciation expense
(261)
Balance at 30 June 2024
2,259
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 14. Right-of-use assets (continued)
39
Accounting policy for right-of-use assets
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 the 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 short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
Note 15. Trade and other payables
Consolidated
2024
2023
$'000
$'000
Current liabilities
Trade payables
657
632
Other payables
493
622
1,150
1,254
Non-current liabilities
Client deposits
442
442
1,592
1,696
Refer to note 22 for further information on financial instruments.
Accounting policy for trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of
the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost
and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
40
Note 16. Contract liabilities
Consolidated
2024
2023
$'000
$'000
Current liabilities
Contract liabilities
2,096
2,040
Non-current liabilities
Contract liabilities
10,925
12,539
13,021
14,579
Reconciliation
Reconciliation of the written down values at the beginning and end of the current
and previous financial year are set out below:
Opening balance
14,579
16,404
Payments received in advance
934
463
Transfer to revenue - included in the opening balance
(2,039)
(2,100)
Transfer to revenue - other balances
(453)
(188)
Closing balance
13,021
14,579
Unsatisfied performance obligations
The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied at
the end of the reporting period was $13,021,000 as at 30 June 2024 ($14,579,000 as at 30 June 2023) and is
expected to be recognised as revenue in future periods as follows:
Consolidated
2024
2023
$'000
$'000
Within 1 year
2,096
2,040
2 to 3 years
3,285
3,424
4 to 5 years
2,634
2,870
over 5 years
5,006
6,245
13,021
14,579
Accounting policy for contract liabilities
Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are
recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its
unconditional right to consideration (whichever is earlier) before the Group has transferred the goods or
services to the customer.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
41
Note 17. Employee benefits
Consolidated
2024
2023
$'000
$'000
Current liabilities
Annual leave
188
163
Long service leave
96
99
284
262
Non-current liabilities
Long service leave
137
95
421
357
Amounts not expected to be settled within the next 12 months
The current provision for employee benefits includes all unconditional entitlements where employees have
completed the required period of service and also those where employees are entitled to pro-rata payments in
certain circumstances. The entire amount is presented as current, since the Group does not have an
unconditional right to defer settlement. However, based on past experience, the Group does not expect all
employees to take the full amount of accrued leave or require payment within the next 12 months.
The following amounts reflect leave that is not expected to be taken within the next 12 months:
Consolidated
2024
2023
$'000
$'000
Employee benefits obligation expected to be settled after 12 months
188
163
Accounting policy for employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave
expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected
to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using
market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that
match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
42
Note 18. Provisions
Consolidated
2024
2023
$'000
$'000
Non-current liabilities
Lease make good
209
209
Lease make good
The provision represents the present value of the estimated costs to make good the premises leased by the
Group at the end of the respective lease terms.
On 1 July 2023 the current lease agreement with Allsup Pty Limited for the premises in Granville, was extended
until 30 June 2028. The lease make good provision was increased by $9,000 to $209,000 in respect of the
Group’s obligation to reflect this arrangement regarding the leased premises. Because of the long-term nature
of the liability, there is uncertainty in estimating the actual cost that may ultimately be incurred and any impacts
on this of renegotiated terms at the time of lease expiry.
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set
out below:
Lease make
good
Consolidated - 2024
$'000
Carrying amount at the start of the year
209
Additional provisions recognised
-
Carrying amount at the end of the year
209
Accounting policy for provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past
event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of
the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the reporting date, taking into account the risks and uncertainties
surrounding the obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is
recognised as a finance cost.
Note 19. Other liabilities
Consolidated
2024
2023
$'000
$'000
Current liabilities
Other liabilities
64
60
Non-current liabilities
Other liabilities
295
358
359
418
As at 30 June 2024, an amount of $359,000 remains payable to the Australian Competition and Consumer
Commission ('ACCC') under deferred settlement arrangement commencing in 2019. An amount of $85,000 is
payable per year, with the final payment due in 2029.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
43
Note 20. Issued capital
Consolidated
2024
2023
2024
2023
Shares
Shares
$'000
$'000
Ordinary shares - fully paid
48,809,563
48,809,563
3,538
5,979
Movements in ordinary share capital
Details
Date
Shares Issue price
$'000
Balance
1 July 2022
48,809,563
5,979
Balance
30 June 2023
48,809,563
5,979
Return of capital
-
$0.00
(2,441)
Balance
30 June 2024
48,809,563
3,538
Ordinary shares
Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to
shareholders should the Company be wound up, in proportions that consider both the number of shares held
and the extent to which those shares are paid up. The fully paid ordinary shares have no par value and the
Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon
a poll each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so
that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum
capital structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt
is calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current Company's share price at the time of the investment.
The Group's approach to capital risk management remains unchanged from the 30 June 2023 Annual report.
Accounting policy for issued capital
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.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
44
Note 21. Dividends
Dividends
Dividends paid during the financial year were as follows:
Consolidated
2024
2023
$'000
$'000
Final unfranked dividend for the year ended 30 June 2023 of 1.5 cents (2022: 1.0
cents) per ordinary share
732
488
Note 22. Financial instruments
Financial risk management objectives
The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price
risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses
on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Group. The Group uses different methods to measure different types of risk to which it is
exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other
price risks, and ageing analysis for credit risk.
Risk management is carried out by senior finance executives ('finance') under policies approved by the Board
of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the Group
and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks
within the Group's operating units. Finance reports to the Board on a monthly basis.
Market risk
Foreign currency risk
The Group is not exposed to significant foreign currency risk.
Price risk
The Group is not exposed to any significant price risk.
Interest rate risk
The Group is not exposed to significant interest rate risk as it does not have borrowings.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group has a strict code of credit, including obtaining agency credit information,
confirming references and setting appropriate credit limits. The Group obtains guarantees where appropriate
to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets
is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of
financial position and notes to the financial statements. The Group does not hold any collateral.
The Group trades with a number of types of customers, the main ones being:
●
Incorporated companies;
●
Research institutes; both private and academic; and
●
Cord Blood customers.
Incorporated Companies
The Group trades with recognised, publicly listed companies and large unlisted proprietary companies and as
such collateral is not requested nor is it the Group's policy to securitise its trade and other receivables.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 22. Financial instruments (continued)
45
Research institutes both private and academic
The Group also trades with research institutes that are either publicly, privately or government owned along
with recognised universities. Such customers are subject to credit search and collateral is not requested nor
is it the Group’s policy to securitise its trade and other receivables.
Cord Blood and Tissue customers
All cord blood and tissue customers sign a formal agreement and prepay for their storage charges.
The Group does not offer individuals a trade on credit term. Credit risk limits are remote and regularly
monitored. There are no transactions that are not denominated in the functional currency of the Group.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of
this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure
to make contractual payments for a period greater than 1 year.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash
equivalents) and available borrowing facilities to be able to pay debts as and when they become due and
payable.
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets
and liabilities.
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the financial liabilities are required to be paid. The tables include both interest and principal cash
flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying
amount in the statement of financial position.
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years
Over 5
years
Remaining
contractual
maturities
Consolidated - 2024
%
$'000
$'000
$'000
$'000
$'000
Non-derivatives
Non-interest bearing
Trade payables
-
657
-
-
-
657
Other payables
-
493
-
-
-
493
-
-
-
-
-
-
Interest-bearing - fixed rate
Lease liability
5.50%
180
199
728
1,339
2,446
Total non-derivatives
1,330
199
728
1,339
3,596
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 22. Financial instruments (continued)
46
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years
Over 5
years
Remaining
contractual
maturities
Consolidated - 2023
%
$'000
$'000
$'000
$'000
$'000
Non-derivatives
Non-interest bearing
Trade payables
-
632
-
-
-
632
Other payables
-
622
-
-
-
622
-
-
-
-
-
-
Interest-bearing - fixed rate
Lease liability
5.50%
161
179
660
1,606
2,606
Total non-derivatives
1,415
179
660
1,606
3,860
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually
disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 23. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the
Group is set out below:
Consolidated
2024
2023
$
$
Short-term employee benefits (1)
635,849
641,290
Post-employment benefits
82,789
75,417
Other cash benefits (2)
24,316
23,033
742,954
739,740
(1) Salary and director fees paid and accrued for the financial year ended 30 June 2024
(2) Other cash benefits were bonus accrued but not yet paid as at 30 June 2024
Note 24. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Forvis Mazars Risk
& Assurance Pty Limited, the auditor of the Company:
Consolidated
2024
2023
$
$
Audit services - Forvis Mazars Risk & Assurance Pty Limited
Audit or review of the financial statements
75,000
75,000
Note 25. Contingent liabilities
Bank guarantees of $198,000 (2023: $198,000) exist at year-end in respect of the Group's obligations under
the premises lease arrangements.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
47
Note 26. Commitments
Consolidated
2024
2023
$'000
$'000
Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
Property, plant and equipment
-
200
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
48
Note 27. Related party transactions
Parent entity
Cryosite Limited is the parent entity.
Subsidiary
Interests in subsidiary are set out in note 29.
Key management personnel
Disclosures relating to key management personnel are set out in note 23 and the remuneration report included
in the directors' report.
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting
date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 28. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2024
2023
$'000
$'000
Profit after income tax
1,840
1,409
Total comprehensive income
1,840
1,409
Statement of financial position
Parent
2024
2023
$'000
$'000
Total current assets
7,737
9,181
Total assets
19,714
22,647
Total current liabilities
3,992
3,777
Total liabilities
18,265
19,865
Equity
Issued capital
3,538
5,979
Accumulated losses
(2,089)
(3,197)
Total equity
1,449
2,782
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 and 30 June
2023.
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 28. Parent entity information (continued)
49
Contingent liabilities
The parent entity had contingent liabilities same as mentioned in note 25.
Capital commitments - Property, plant and equipment
The parent entity had capital commitments same as mentioned in note 26.
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2,
except for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt
may be an indicator of an impairment of the investment.
Note 29. Interests in subsidiary
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary
in accordance with the accounting policy described in note 2:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Cryosite Distribution Pty Limited
Australia
100%
100%
Note 30. Cash flow information
Reconciliation of profit after income tax to net cash from operating activities
Consolidated
2024
2023
$'000
$'000
Profit after income tax expense for the year
1,840
1,409
Adjustments for:
Transfer to investing activities
(15)
7
Depreciation and amortisation expenses
787
696
Finance costs considered as financing activity
163
65
Foreign exchange differences
-
4
Interest received
(180)
(116)
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
336
(530)
Decrease in customer acquisition and fulfilment costs
1,195
1,253
Decrease in deferred tax assets
29
479
Decrease in contract liabilities
(1,836)
(1,939)
Decrease/(increase) in lease assets
-
(6)
Decrease/(increase) in other assets
31
(30)
Increase in contract liabilities
277
114
Increase in provision for income tax
217
-
Decrease in deferred tax liabilities
-
(313)
Increase in employee benefits
63
9
Increase/(decrease) in trade and other creditors
(104)
354
Increase in other liabilities
(60)
(48)
Net cash from operating activities
2,743
1,408
Cryosite Limited
Notes to the consolidated financial statements
30 June 2024
Note 30. Cash flow information (continued)
50
Non-cash investing and financing activities
Consolidated
2024
2023
$'000
$'000
Additions to the right-of-use assets
-
1,989
Changes in liabilities arising from financing activities
Lease
liabilities
Consolidated
$'000
Balance at 1 July 2022
850
Net cash used in financing activities
(280)
Acquisition of leases
1,989
Accretion of interest
38
Lease other
8
Balance at 30 June 2023
2,605
Net cash used in financing activities
(300)
Acquisition of leases
-
Accretion of interest
140
Balance at 30 June 2024
2,445
Note 31. Events after the reporting period
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly
affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial
years.
Cryosite Limited
Consolidated entity disclosure statement
As at 30 June 2024
51
Entity name
Entity type
Place formed /
Country of
incorporation
Ownership
interest%
Tax
residency
Cryosite Distribution Pty Limited
Body Corporate
Australia
100% Australia
PO Box 1994
North Sydney NSW 2059
Australia
Tel: +61 2 9922 1166
Fax: +61 2 9922 2044
https://www.forvismazars.com/au/en
Forvis Mazars Risk & Assurance Pty Ltd
ABN: 39 151 805 275
Liability limited by a scheme approved under Professional Standards Legislation
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CRYOSITE LIMITED AND ITS
CONTROLLED ENTITY
Report on the Financial Report
Opinion
We have audited the accompanying consolidated financial report of Cryosite Limited (the “Company”)
and the entity it controlled (the “Group”), which comprises the consolidated statement of financial
position as at 30 June 2024 and the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows
for the year then ended, and notes to the financial statements, including material accounting policy
information, the consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying consolidated financial report of the Group is in accordance with the
Corporations Act 2001, including:
(i)
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and
of its financial performance for the year then ended; 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 auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial report for the current year. We have determined that there are no key
audit matters to communicate in our report.
53
Forvis Mazars Risk & Assurance Pty Ltd
ABN: 39 151 805 275
Liability limited by a scheme approved under Professional Standards Legislation
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the annual report for the year ended 30 June 2024, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we will 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
identified above when it becomes available 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 the other information, we are required to report that fact. We have nothing
to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Group are responsible for the preparation of:
(i)
the financial report (other than the consolidated entity disclosure statement) that gives a
true and fair view in accordance with the Australian Accounting Standards and the
Corporations Act 2001; and
(ii)
the consolidated entity disclosure statement that is true and correct in accordance with he
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
(iii)
the financial report (other than the consolidated entity disclosure statement) that gives a
true and fair view and is free from material misstatement, whether due to fraud or error; and
(iv)
the consolidated entity disclosure statement that is true and correct and is free of material
misstatement, whether doe 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 have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at:
AUASB Auditors Responsibilities Group Listed. This description forms part of our auditor’s report.
54
Forvis Mazars Risk & Assurance Pty Ltd
ABN: 39 151 805 275
Liability limited by a scheme approved under Professional Standards Legislation
Opinion on the Remuneration Report
We have audited the Remuneration Report for the year ended 30 June 2024 as outlined on pages 12
to 15 of the financial report.
In our opinion, the Remuneration Report of Cryosite Limited for the year ended 30 June 2024, 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.
Forvis Mazars Risk & Assurance Pty Limited
Rose Megale
Director
Sydney, 20 August 2024
55
Cryosite Limited
Shareholder information
30 June 2024
56
The shareholder information set out below was applicable as at 1 August 2024.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
Options over ordinary
shares
% of total
% of total
Number
shares
Number
shares
of holders
issued
of holders
issued
1 to 1,000
58
12.06
-
-
1,001 to 5,000
230
47.82
-
-
5,001 to 10,000
56
11.64
-
-
10,001 to 100,000
99
20.58
-
-
100,001 and over
38
7.90
-
-
481
100.00
-
-
Holding less than a marketable parcel
37
7.69
-
-
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number
held
issued
DALTONVALE PROPRIETARY LIMITED
9,731,663
19.94
MR MARK GREGORY KERR & MRS LINDA MARIE KERR
7,000,000
14.34
MR GARY GRIFFITH ROBINS & MR ALLAN JAMES ROBINS
4,266,097
8.74
LAURIE THOMAS FAMILY NOMINEES PTY LTD
4,000,000
8.20
MR ANDREW KROGER
3,165,263
6.48
MR ALISTAIR DAVID STRONG
2,060,000
4.22
PARADYCE PTY LTD
2,000,000
4.10
MARENSA PTY LTD
2,000,000
4.10
BNP PARIBAS NOMINEES PTY LTD
1,190,926
2.44
BFA SUPER PTY LTD
1,000,000
2.05
MUTUAL TRUST PTY LTD
762,808
1.56
MR JOHN HOGG
650,000
1.33
GINGA PTY LTD
563,957
1.16
GINGA PTY LTD
504,000
1.03
THIRTY SIXTH VILMAR PTY LTD
500,000
1.02
H F A ADMINISTRATION PTY LIMITED
480,000
0.98
SUNNYIT PTY LTD
460,000
0.94
THIRTY SIXTH VILMAR PTY LTD
405,000
0.83
MRS JANE SUSAN MILLIKEN
350,917
0.72
BELL POTTER NOMINEES LTD
350,000
0.72
41,440,631
84.90
Unquoted equity securities
There are no unquoted equity securities.
Cryosite Limited
Shareholder information
30 June 2024
57
Substantial holders
Substantial holders in the Company are set out below:
Ordinary shares
% of total
shares
Number
held
issued
ANDREW KROGER and other entities
13,043,702
26.72
MARK GREGORY KERR, LINDA MARIE KERR and other entities
9,000,000
18.44
LAURIE THOMAS FAMILY NOMINEES PTY LTD
4,000,000
8.20
Robins super fund
2,800,000
5.92
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon
a poll each share shall have one vote.
There are no other classes of equity securities.